Document:

2003 Performance Incentive Plan for Chairman & CEO.

 Exhibit 10.2 
 Performance Incentive Plan for Chairman & CEO 
 Fresh Del Monte 
 2003 
 Revised: March 8, 2005 
  

	I.	Overview 

 Del Monte currently has an annual incentive plan
for the Chairman & CEO, but it: 
  

	 	•	 	 Is based on total shareholder return (TSR) increases (year over year) 

  

	 	•	 	 Based on only one (1) performance metric, which is the TSR 

  

	 	•	 	 For Y2003 and beyond, year over year increases in TSRs may be difficult to sustain, especially given current economic conditions 

 There is a pressing need to be competitive, ensuring that the Company can motivate the Chairman & CEO to continue to make the Company successful. 
  

	II.	Objectives 

 Following are the objectives of this program:

  

	1.	To establish the performance measures for the Chairman & CEO’s Annual Incentive Plan. 

  

	2.	To establish the award levels based on achievement of specific performance objectives. 

  

	III.	Eligibility – Selection Criteria 

 This plan is for the
Chairman & CEO only. 
  

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	IV.	Performance Factors 

  

	 	1.	The performance measures for the Chairman & CEO’s Annual Plan for Y2003 and beyond are as follows: 

  

	 	•	 	 Earnings per share (EPS) : calculation of EPS will be based on US GAAP wherein any one time occurrences will be counted for or against EPS.

  

	 	•	 	 Return on Equity (ROE) : calculation will be based on the average of the beginning of year Shareholders’ Equity and the end of the year Shareholders’
Equity. 

  

	 	•	 	 Revenue Growth (based on total corporate consolidated revenue): any acquisition during the year will be counted as long as there are no material effects on the
overall revenues. For example, although the acquisition of Del Monte Foods is considered a major acquisition and occurred during the last quarter of 2004, the Foods numbers were included in the 2004 performance incentive calculation.

  

	 	2.	The performance measures will be based on the Annual Plan of the Company. This is the Consolidated Annual Forecast for the entire Company. 

  

	 	3.	Each of the above performance measures will be weighted equally and the total average will be used as basis of performance. 

  

	 	4.	The Company will measure performance annually at the end of the fiscal year. Results will be adjusted pro rata for reasons of qualified leave (i.e. disability or new hire).

  

	 	5.	Payment of incentive will be made after the conclusion of the performance period. This will usually occur after the announcement of the Annual Earnings of the Company.

  

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 Performance Levels & Corresponding Award 
 Payment of the incentive will be based on the following formula: 
  

			
	 Performance Levels
	  	 Award

		
	Below 80%	  	No payment
		
	 Threshold Level:
 Achieves 80% of Target
	  	
 80% of target will be paid at 50% of base salary

		
	Between 81% to 99% of target	  	Will be paid based on attached worksheet
		
	 Target Level:
 Achieves 100% of Target
	  	
 Will be paid at 100% of base salary

		
	Between 101% to 119%	  	Will be paid based on attached worksheet
		
	 Maximum Level:
 Achieves 120% of Target
	  	
 Will be paid at 150% of base salary

  

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	Calculation of Chairman’s Bonus	  		  	
			
	 % of Target
	  	Bonus % Amount	  	Payment
	 80
	  	50.00	  	600,000.00
	 81
	  	52.50	  	630,000.00
	 82
	  	55.00	  	660,000.00
	 83
	  	57.50	  	690,000.00
	 84
	  	60.00	  	720,000.00
	 85
	  	62.50	  	750,000.00
	 86
	  	65.00	  	780,000.00
	 87
	  	67.50	  	810,000.00
	 88
	  	70.00	  	840,000.00
	 89
	  	72.50	  	870,000.00
	 90
	  	75.00	  	900,000.00
	 91
	  	77.50	  	930,000.00
	 92
	  	80.00	  	960,000.00
	 93
	  	82.50	  	990,000.00
	 94
	  	85.00	  	1,020,000.00
	 95
	  	87.50	  	1,050,000.00
	 96
	  	90.00	  	1,080,000.00
	 97
	  	92.50	  	1,110,000.00
	 98
	  	95.00	  	1,140,000.00
	 99
	  	97.50	  	1,170,000.00
	 100
	  	100.00	  	1,200,000.00
	 101
	  	102.50	  	1,230,000.00
	 102
	  	105.00	  	1,260,000.00
	 103
	  	107.50	  	1,290,000.00
	 104
	  	110.00	  	1,320,000.00
	 105
	  	112.50	  	1,350,000.00
	 106
	  	115.00	  	1,380,000.00
	 107
	  	117.50	  	1,410,000.00

  

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	 108
	  	120.00	  	1,440,000.00
	 109
	  	122.50	  	1,470,000.00
	 110
	  	125.00	  	1,500,000.00
	 111
	  	127.50	  	1,530,000.00
	 112
	  	130.00	  	1,560,000.00
	 113
	  	132.50	  	1,590,000.00
	 114
	  	135.00	  	1,620,000.00
	 115
	  	137.50	  	1,650,000.00
	 116
	  	140.00	  	1,680,000.00
	 117
	  	142.50	  	1,710,000.00
	 118
	  	145.00	  	1,740,000.00
	 119
	  	147.50	  	1,770,000.00
	 120
	  	150.00	  	1,800,000.00

  

 52004 Performance Incentive Plan for Senior Executives.

 Exhibit 10.3 
 Performance Incentive Plan for Senior Executives 
 Del Monte Fresh Produce 
 2004 
  

	I.	Overview 

 The Company recognizes the need to develop a
performance incentive program to reward its top executives. Such performance incentive program is designed to support the business goals of the Company. It is important to note that it is not designed to reward key executives for performing their
current responsibilities nor is it designed to reward them for their effective management of their current accountabilities. It is purely designed to reward them for incremental contributions to the Company’s current state based on their
respective areas of responsibilities and accountabilities. 
  

	II.	Objectives 

 Following are the objectives of this program:

  

	1.	To identify the key executives who will be covered by this program by setting up a selection criteria. 

  

	2.	To set up the factors to be considered in evaluating each key executives’ contribution to the Company. 

  

	3.	To set up the different weights and corresponding reward for each performance factors identified. 

  

	III.	Eligibility – Selection Criteria 

 It is necessary to
develop an eligibility or selection criteria so the program is not viewed as discriminatory, that it is fair and equitable to the entire organization. 
 Following are eligibility requirements: 
  

	1.	Key executive is a direct report of the President & Chief Operating Officer. 

  

	2.	Key executive has a position title of Sr. Vice President or Executive Vice President. 

  

	3.	Key executive must have accountability and responsibility for a major business or function of the Company on a global or regional basis. 

  

	4.	Key executive must sign a non-compete agreement with a term of 12 months. 

  

	5.	Key executive must be an active employee at time of payment. No pro-rata payment will be made. 

	IV.	Performance Factors 

 The performance factors must be based
on strategic objectives of the Company. Sample performance factors are as follows: 
  

	•	 	 For Business Executives 

 Profitability (Return on Investment on new business acquisitions or any growth & expansion activities for the year) 
 Business Growth (Percent Increase in Revenue from year to year) 
 Market Share (Percent of sales we have captured in the market)

 Increase in Production Volume (Percent of Increase from year to year) or Increase in productivity yield per acreage or percent of decrease
in production costs 
 Customer Satisfaction (Percent of customers granting a “10” approval rating) based on third party survey.

  

	•	 	 For Functional Executives 

 Decrease costs of delivery of service (e.g. freight costs, costs of loans, reduction of inventory) 
 Decrease turnaround time for
servicing requests or processing information (e.g. number of days closing, numbers of days of accounts payables turnaround time) 
 Identification of ways to cut down costs on a long term basis (e.g. bunker fuel, paper, chemicals, etc.). 
 Implementation of new
systems, processes, procedures to accomplish better efficiency, reduce current costs, provide better management information reports. 
 Implementation of improvements in area of accountability and responsibility that has great impact to the management of the business. 

	V.	Performance Incentive Rates 

 Performance Incentive bonuses
will be paid based on a percent of pay. To start, performance incentive shall be set at 30% of base pay. 
  

	V.	Sample Performance Incentive Plan for SVP of a business region. 

  

					
	 Performance Factor
	  	 Definition
	  	 Percent

	Profitability	  	Return on Investment on new business acquisitions or any growth & expansion activities for the year	  	 30% on 100% based on CAR assumptions
 25% on 95% based on CAR assumptions
 20% on 90% based on CAR assumptions
 15% on 85% based on CAR assumptions

			
	Business Growth	  	Percent Increase in Revenue from year to year	  	 25% on 100% achievement
 20% on 95% achievement
 15% on 90% achievement
 10% on 85% achievement

			
	Market Share	  	Percent of sales we have captured in the market	  	 20% on 100% achievement
 15% on 95% achievement
 10% on 90% achievement
 5% on 85% achievement

			
	Increase in Production Volume or Increase in productivity yield per acreage or percent of decrease in production costs	  	Percent of Increase from year to year	  	 10% on 100%
 8% on 95%
 7% on 90%
 6%
on 85%

			
	Customer Satisfaction based on third party survey.	  	Percent of customers granting a “10” approval rating	  	 10% on 100%
 8% on 95%
 7% on 90%
 6%
on 85%

 Based on above sample, if SVP is able to achieve the following: 
  

			
	 Performance Factor
	  	 Achievement

	 Profitability
	  	15%
		
	 Business Growth
	  	10%
		
	 Market Share
	  	5%
		
	 Increase in Production Volume or Increase in productivity yield per acreage or percent of decrease in production costs
	  	6%
		
	 Customer Satisfaction based on third party survey.
	  	6%
		  	Total : 42%
	 Total Incentive Pay (%)
	  	12.6% (42% of 30%)

 Incentive pay will be equivalent to 12.6% of base pay.Executive Retention and Severance Agreement (Chairman & CEO).

 Exhibit 10.4 
 Executive Retention and Severance Agreement 
 This Executive Retention and Severance Agreement (the
“Agreement”) is made and entered into as of December 9, 2003 (the “Effective Date”), by and between Fresh Del Monte Produce Inc., (the “Company”) and Mohammad Abu-Ghazaleh (the “Executive”). 
 RECITALS 
 The following statements are true and
correct: 
 As of the Effective Date, the Executive serves the Company as its Chairman of the Board of Directors, Board Member (Director) and
Chief Executive Officer. 
 The purpose of this Agreement is (i) to encourage Executive to remain in the employ of the Company,
presently as its Chairman of the Board of Directors, Board Member (Director) and Chief Executive Officer and to continue to devote Executive’s full attention to the success of the Company and (ii) to provide specified benefits to Executive
in the event of a Termination Upon Change of Control or a Termination (Without Cause) in Absence of Change of Control, as such terms are defined in this Agreement. 
 Executive also acknowledges he is employed by the Company in a confidential relationship wherein Executive, in the course of his employment with the Company, has and will continue to become familiar with and aware of
information as to the Company’s specific manner of doing business, including the processes, techniques and trade secrets utilized by the Company and future plans with respect thereto, all of which has been and will be established and maintained
at great expense to the Company. This information is a trade secret and constitutes the valuable goodwill of the Company. The Company desires that Executive maintain the confidentiality of this information. 
 Therefore, in consideration of the mutual promises, terms, covenants and conditions set forth herein and the performance of each, it is hereby agreed as
follows: 
 1. Termination Upon Change of Control. 
 In
the event of Executive’s Termination Upon a Change of Control, provided that Executive complies with the provisions of this Agreement, Executive shall receive the following payments and benefits: 
 1.1 Accrued Salary and Benefits. Executive shall receive all salary earned through the conclusion of the transition period (or termination date if there
is no transition period requested by the Company), and the benefits, if any, under Company benefit plans to which Executive may be entitled pursuant to the terms of such plans. 
  

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 1.2 Continued Medical Coverage. The Company shall pay 100% of the Executive’s medical premiums for
the same or reasonably equivalent medical coverage he had on the date of his termination for a period that ends upon the earlier of (A) the date that the Executive becomes eligible for medical insurance coverage at a new employer or
(B) the fifth anniversary of the conclusion of the transition period (or termination date if there is no transition period requested by the Company). 
 1.3 Cash Severance Payment. Executive shall receive a lump sum payment equal to three times (3) the sum of: 
  

	 	(A)	annual base salary; plus 

  

	 	(B)	an amount equal to the Executive’s bonus under his Annual Incentive Plan determined as if the Company had achieved 120% of the financial performance targeted for the year in
which such Termination Upon Change of Control occurs; 

 such lump sum payment to be paid within five (5) business days
after the conclusion of the transition period (or after the termination date if there is no transition period requested by the Company). 
 1.4 Cash Bonus Payment. Executive shall receive a payment in an amount equal to the product of Executive’s bonus under his Annual Incentive Plan determined as if the Company had achieved 100% of the financial performance targeted for
the year in which such Termination Upon Change of Control occurs multiplied by a fraction the numerator is the number of days from the first day of the year in which such Termination upon Change of Control occurs through the conclusion of the
transition period (or the termination date if there is no transition period requested by the Company) and the denominator is 365. The Cash Bonus Payment shall be paid within five (5) business days after the conclusion of the transition period
(or after the termination date if there is no transition period requested by the Company). 
  

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 The severance payment and benefits provided for in this Section 1 shall be in lieu of any other severance or
termination pay, compensation or payment to which the Executive may be entitled under any Company severance or termination plan, program, practice or arrangement. The Company shall withhold from any payments under this Section 1 all amounts
required to be withheld pursuant to any applicable law or regulation. 
 2. Termination (Without Cause) in Absence of Change of Control. 

In the event of Executive’s Termination in Absence of Change of Control, and without cause, provided that Executive complies with the provisions of this Agreement
and performs the transition services that the Company may request, Executive shall receive the following payments and benefits: 
 2.1 Basic
Severance Compensation. Executive shall receive all salary earned through the conclusion of the transition period (or termination date if there is no transition period requested by the Company), and the benefits, if any, under Company benefit plans
to which Executive may be entitled pursuant to the terms of such plans. 
 2.2 Continued Medical Coverage. The Company shall pay 100% of the
Executive’s medical premiums for the same or reasonably equivalent medical coverage he had on the date of his termination for a period that ends upon the earlier of (A) the date that the Executive becomes eligible for medical insurance
coverage at a new employer or (B) the fifth anniversary of the conclusion of the transition period (or termination date if there is no transition period requested by the Company). 
 2.3 Cash Severance Payment. Executive shall receive a lump sum payment equal to two (2) times the sum of: 
  

	 	(A)	annual base salary; plus 

  

	 	(B)	an amount equal to the Executive’s bonus under his Annual Incentive Plan determined as if the Company had achieved 100% of the financial performance targeted for the year in
which such Termination (Without Cause) in the Absence of Change of Control occurs, such lump sum payment to be paid within five (5) business days after the conclusion of the transition period (or after the termination date if there is no
transition period requested by the Company). 

  

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 2.4 Cash Bonus Payment. Executive shall receive a payment in an amount equal to the product of
Executive’s bonus under his Annual Incentive Plan determined as if the Company had achieved 100% of the financial performance targeted for the year in which such Termination (Without Cause) in the Absence of Change of Control occurs multiplied
by a fraction the numerator is the number of days from the first day of the year in which such Termination (Without Cause) in the Absence of Change of Control occurs through the conclusion of the transition period (or the termination date if there
is no transition period requested by the Company) and the denominator is 365. The Cash Bonus Payment shall be paid within five (5) business days after the conclusion of the transition period (or after the termination date if there is no
transition period requested by the Company). 
 The severance payment and benefits provided for in this Section 2 shall be in lieu of any other
severance or termination pay, compensation or payment to which the Executive may be entitled under any Company severance or termination plan, program, practice or arrangement. The Company shall withhold from any payments under this Section 2
all amounts required to be withheld pursuant to any applicable law or regulation. 
 3. Termination With Cause. 
 In the event of Executive’s termination for Cause, the Company shall not be obligated to make any severance payments, or provide any severance benefits. 

4. Definitions. 
 Terms used in this Agreement shall have the
meanings set forth in this Section 3. 
 4.1 “Cause” means (a) Executive’s willful and continued failure to perform
substantially his duties with the Company (other than any such failure resulting from incapacity due to documented physical or mental illness) and specifically excluding any failure by Executive, after reasonable efforts to meet performance
expectations, for thirty (30) days after a written demand for substantial performance is delivered to Executive by the Board which specifically identifies the manner in which the Board believes that Executive has not adequately performed his
duties, or (b) a material, willful breach committed in bad faith of the Company’s Code of Conduct and Business Ethics policy, or (c) indictment or conviction of a felony based upon a crime. For purposes of this provision, no act or
failure to act, on the part of Executive, shall be considered as “willful” unless it is done, or 

  

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omitted to be done, by Executive in bad faith without reasonable belief that Executive’s action or omission was in the best interests of the Company.

 4.2 “Change of Control” means (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), other than IAT Group, Inc., a trustee or other fiduciary holding securities of the Company under an employee benefit plan of the Company, becomes the “beneficial owner” (as
defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of (A) the outstanding shares of common stock of the Company or (B) the combined voting power of the
Company’s then-outstanding securities; (b) the Company is party to a merger or consolidation, or series of related transactions, which results in the voting securities of the Company outstanding immediately prior thereto failing to
continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving or another entity) at least fifty (50%) percent of the combined voting power of the voting securities of the Company or such
surviving or other entity outstanding immediately after such merger or consolidation; (c) the sale or disposition of all or substantially all of the Company’s assets (or consummation of any transaction, or series of related transactions,
having similar effect), unless at least fifty (50%) percent of the combined voting power of the voting securities of the entity acquiring those assets is held by persons who held the voting securities of the Company immediate prior to such
transaction or series of transactions; (d) there occurs a change in the composition of the Board of Directors of the Company as of change of control date and within a two-year period therefrom, as a result of which fewer than a majority of the
directors are Incumbent Directors; (e) the dissolution or liquidation of the Company, unless after such liquidation or dissolution all or substantially all of the assets of the Company are held in an entity at least fifty (50%) percent of
the combined voting power of the voting securities of which is held by persons who held the voting securities of the Company immediately prior to such liquidation or dissolution; (f) when the incumbent Chairman ceases to occupy the position of
Chairman of the Board; or (g) any transaction or series of related transactions that has the substantial effect of any one or more of the foregoing. 
 4.3 “Change of Control Window” means a period commencing on or after the date that the Company first publicly announces that it has signed a definitive agreement or that the Company’s board of directors
has endorsed a tender offer for the Company’s stock that in either case when consummated would result in a Change of Control (even though consummation is subject to approval or requisite tender by the Company’s stockholders and other
conditions and contingencies) and ending at the earlier 

  

 5 

 
of the date on which the Company publicly announces that such definitive agreement or tender offer has been terminated without a Change of Control or on the
date which is twelve (12) months following the consummation of any transaction or series of transactions that results in a Change of Control. 
 4.4 “Company” means Fresh Del Monte Produce Inc., any successor thereto and, following a Change of Control, any successor or owner of substantially all the business and/or assets of Fresh Del Monte Produce Inc. 
 4.5 “Good Reason” means the occurrence of any of the following conditions, without Executive’s consent and which condition is not cured by
the Company within thirty (30) days after notice by Executive specifying the condition: (a) a reduction or change by the Company of Executive’s status, title, duties, responsibilities, authority or reporting relationship such that
Executive no longer serves in a substantive, senior executive role for the Company comparable in stature to Executive’s current role as of date of execution of this agreement, or no longer reports solely to the Board of Directors of the Company
or a reduction or change in the composition of executives reporting to him, all of which, in the Executive’s reasonable judgment, represents an adverse change from his status, title, position or responsibilities, authority or reporting
relationship; (b) a reduction in Executive’s base salary or the reduction of the percentage basis of his annual bonus payment, provided that a reduction in base salary that is the result of a general reduction in salary in an amount
similar to reductions for other similarly situated Company executives shall not constitute “Good Reason”; (c) a reduction in benefits (other than future option grants), provided that a reduction in benefits that is the result of a
general reduction in benefits in an amount similar to reductions for other similarly situated Company employees shall not constitute “Good Reason”; or (d) a material breach by the Company of the terms of this Agreement. 
 4.6 “Disability” means the inability to engage in the performance of Executive’s duties by reason of a physical or mental impairment which
constitutes a permanent and total disability in the documented opinion of a qualified physician. 
 4.7 “Incumbent Director” means a
director who either (1) is a director of the Company as of the Effective Date, or (2) is elected, or nominated for election, to the Board of Directors of the Company with the affirmative votes of at least a majority of the Incumbent
Directors at the time of such election or nomination, but (3) was not elected or nominated in connection with an actual or threatened proxy contest relating to the election of directors to the Company. 
  

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 4.8 “Termination (Without Cause) in Absence of Change of Control” means any termination of
employment of Executive by the Company without Cause that occurs outside a Change of Control Window; or (b) any resignation by Executive based on “Good Reason” that occurs within one-hundred and eighty (180) days following the
occurrence of one of the conditions that constitutes “Good Reason”, but only where such “Good Reason” occurs outside a Change of Control Window. 
 Notwithstanding anything to the contrary herein, the term “Termination (Without Cause) in Absence of Change of Control” shall not include termination of the employment of Executive (1) by the Company
for Cause; (2) as a result of the voluntary termination of employment by Executive for reasons other than Good Reason; or (3) that is a Termination Upon a Change of Control. 
 4.9 “Termination Upon Change of Control” means (a) any termination of the employment of Executive by the Company without Cause during a
Change of Control Window; or (b) any resignation by Executive based on “Good Reason” where (i) such Diminution of Responsibilities occurs during a Change of Control Window, and (ii) such resignation occurs within one-hundred
and eighty (180) days following such “Good Reason.” 
 Notwithstanding anything to the contrary herein, the term
“Termination Upon Change of Control” shall not include any termination of the employment of Executive (1) by the Company for Cause; (2) as a result of the voluntary termination of employment by Executive other than for Good
Reason; or (3) that is a Termination (Without Cause) in Absence of Change of Control. 
 5. Excise Tax. 
 5.1 Reimbursement of Excise Tax. If, due to the benefits provided under this Agreement, Executive is subject to any excise tax due to characterization of
any amount payable hereunder as excess parachute payments pursuant to Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the Company will “gross-up” the amount payable to Executive (including
gross-ups for additional income tax based on reimbursement of excise taxes) such that the net amount realizable by Executive is the same as if there were no such excise taxes or income taxes applied to such reimbursement; it being understood and
expressly agreed that this Section 5 shall only obligate the Company to reimburse the Executive for income taxes based on income resulting from the reimbursement of excise taxes. 
  

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 5.2 Determination by Independent Public Accountants. Unless the Company and Executive otherwise agree in
writing, any determination required under this Section 5 shall be made in writing by independent public accountants agreed to by the Company and the Executive, (the “Accountants”), whose determination shall be conclusive and binding
upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 5, the Accountants may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the
Code. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make the required determinations. The Company shall bear all fees and expenses the Accountants may
reasonably charge in connection with the services contemplated by this Section 5. 
 6. No Other Benefits; Release; Transition Period; Termination
Under Other Circumstances. 
 6.1 No Other Benefits Payable. Executive shall be entitled to no other compensation, benefits, or other
payments from the Company as a result of any termination of employment other than benefits as defined in this agreement. 
 6.2 Release of
Claims. The Company’s payment of the cash severance, cash bonuses, accelerated vesting of stock awards, and other benefits within this Agreement will be conditioned upon the delivery by Executive of a signed, non-revocable, general release of
known and unknown claims Executive may have against the Company in a form satisfactory to the Company. 
 6.3 Transition Period. In the event
of Executive’s Termination Upon a Change of Control or Termination (Without Cause) in Absence of a Change of Control, the Company shall have the right exercisable by notice to Executive given at any time prior to ten (10) days after the
effective date of such termination to request that Executive remain employed by the Company for such period following such termination as the Company may elect, but in no event longer than 180 days following the effective date of such termination.
Executive has the option to agree or decline to such transition period (by giving notice to the Company within five (5) days after the Company’s notice to Executive), then during such period that Executive agrees to stay, Executive shall
remain a full time employee of the Company at the rate of compensation and with the same benefits as in effect on the date of his termination, shall perform such duties consistent with his prior responsibilities as the Company shall reasonably
request, 

  

 8 

 
including services designed to transition his duties and responsibilities to one or more replacements, and at the conclusion of the transition period shall
receive the benefits provided in this Agreement as the case may be. If the Company requests a transition period as provided above and Executive does not agree to it, Executive shall receive the benefit of Section 1 or 2 (computed through the
date of termination). The Company need not request a transition period, in which case Executive shall receive the benefit of Section 1 or Section 2, as the case may be, and the other provisions of this Agreement based on the date of actual
termination. The Company shall have the right at any time to terminate Executive during the transition period, in which case Executive shall be entitled to the benefits of Section 1 or Section 2, as the case may be. Executive shall have
the right to terminate his employment at any time during the transition period. In the case of Executive’s death or Disability during the transition period, he shall be deemed to have completed the transition period service for the full period
requested. 
 6.4 Termination Under Other Circumstances. In the event of Executive’s termination for Cause, or any resignation by
Executive that does not constitute a Termination Upon a Change of Control as referred to in Section 1 or a Termination (Without Cause) in Absence of Change of Control as referred to in Section 2, the Company’s sole financial
obligations to Executive shall be to pay to Executive all salary, cash bonus and accrued vacation (less applicable withholding) earned through the effective date of Executive’s termination or resignation, to honor Executive’s vested
options (if any), and to provide the benefits, if any, under the Company’s benefit plans to which Executive may be entitled pursuant to the terms of such plans. In the event of a termination of Executive’s employment (1) by the
Company as a result of the Disability of Executive or (2) as a result of the death of Executive, Executive (or Executive’s estate) shall be entitled to the benefits of Section 2. 
 7. Proprietary and Confidential Information. 
 Executive agrees to
continue to abide by the terms and conditions of the Company’s general policies regarding confidentiality and/or proprietary rights. The Executive further agrees that he will not, at any time during and after his employment, make use of or
divulge to any person, firm or corporation, any trade or business secret, process, method or means, or any confidential information concerning the business or policies of the Company, which he may have learned in connection with his employment. For
purposes of this Agreement, a “trade or business secret, process, method or means, or any other confidential information” shall mean and include written information treated as confidential or a trade secret by the Company. The
Executive’s obligation under this Section 7 shall not apply to any information which is known publicly; is in the public domain or hereafter enters the public domain without the fault of the Executive. 
  

 9 

 8. Agreement Not to Solicit. 
 If Company performs its obligations to deliver the severance payments and benefits set forth in Sections 1 or 2 of this Agreement, then for a period of two (2) years after Executive’s termination of employment, Executive will not
solicit or seek to induce any employee, distributor, vendor, representative or customer of the Company to discontinue that person’s or entity’s relationship with or to the Company. 
 9. Nondisparagement. 
 The Executive agrees not to issue, circulate,
publish or utter any false or disparaging statements, remarks or rumors about the Company or its shareholders unless giving truthful testimony under subpoena. 
  

	10.	Conflict in Benefits. 

 This Agreement shall supersede all prior
arrangements, whether written or oral, and understandings regarding Executive’s severance and shall be the exclusive agreement for the determination of any compensation or payment due to Executive from Company as a result of Executive’s
Termination upon Change of Control or Termination (Without Cause) in Absence of Change of Control. In the event of any conflict in the benefits due, the provisions of this Agreement shall control. 
 11. Miscellaneous. 
 11.1 Successors of the Company.
The Company shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. In the event of a Change in Control in which the options granted by the Company to Executive cannot be
assumed by the successor or assign, Company shall give Executive reasonable advance notice of such Change in Control, and all options granted by the Company to Executive shall vest and become exercisable prior to such Change in Control, and Company
shall allow Executive a reasonable opportunity to exercise such options prior to such Change in Control. 
 11.2 Modification of Agreement.
This Agreement may be modified, amended or superceded only by a written agreement signed by Executive and Compensation Committee of the Board of Directors of the Company. 
  

 10 

 11.3 Governing Law. This Agreement shall be interpreted in accordance with and governed by the laws of
the State of Florida with exclusive venue for any action being a Court of Competent jurisdiction in Miami-Dade County, Florida. 
 11.4 No
Employment Agreement. This is not a contract of employment or employment agreement. Executive acknowledges and understands that his employment with the Company is and shall remain at-will and can be terminated by either party for no reason or for
any reason not otherwise specifically prohibited by law. Nothing in this Agreement is intended to alter Executive’s at-will employment status or obligate the Company to continue to employ Executive for any specific period of time, or in any
specific role or geographic location. 
 11.5 Indemnification. In the event Executive is made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by the Company against Executive), by reason of the fact that he was properly performing services for the Company, then the Company
shall indemnify Executive against all expenses (including attorney’s fees), judgments, fines and amounts paid in settlement, as actually and reasonably incurred by Executive in connection therewith. In the event that both Executive and the
Company are made a party to the same third-party action, complaint, suit or proceeding, the Company agrees to engage competent legal representation, and Executive agrees to use the same representation, provided that if counsel selected by the
Company shall have a conflict of interest that prevents such counsel from representing Executive, Executive may engage separate counsel and the Company shall pay all reasonable attorneys’ fees and reasonable expenses of such separate counsel.

 11.6 Notice. Whenever any notice is required hereunder, it shall be given in writing addressed as follows: 
  

					
		 	To the Company:	 	
			
		 		 	Fresh Del Monte Produce, Inc.
		 		 	c/o Del Monte Fresh Produce Company
		 		 	241 Sevilla Avenue
		 		 	Coral Gables, Florida 33134
		 		 	Attention: Bruce Jordan, Esquire

  

 11 

					
		 	To the Executive:	  	
			
		 		  	Mohammad Abu-Ghazaleh
		 		  	7 Circle Abed Alah Ghoseh
		 		  	P.O. Box 140785
		 		  	Amman, Jordan 11814

 Notice shall be deemed given and effective on the earlier of seven days after the
deposit with a recognized worldwide courier service or when actually received. Either party may change the address for notice by notifying the other party of such change. 
 11.7 Dispute Resolution. Neither party shall institute a proceeding in any court or administrative agency to resolve a dispute between the parties before that party has sought to resolve the dispute through
direct negotiation with the other party. If the dispute is not resolved within two weeks after a demand for direct negotiation, the parties shall attempt to resolve the dispute through mediation. The parties agree to submit the matter to a neutral
mediator (chosen by both parties) in Miami-Dade County within two weeks of any party’s demand for mediation. If the mediator is unable to facilitate a settlement of the dispute within a reasonable period of time, as determined by the mediator,
the mediator shall issue a written statement to the parties to that effect and any unresolved dispute or controversy arising under or in connection with this Agreement may be submitted to a court of competent jurisdiction within Miami-Dade County,
Florida. The Company shall bear the costs of the mediator and any other legal costs incurred, including Executive’s legal fees. 
 11.8
Severability. If any portion of this Agreement is held invalid or inoperative, the other portions of this Agreement shall be deemed valid and operative and, so far as is reasonable and possible, effect shall be given to the intent manifested
by the portion held invalid or inoperative. The paragraph headings herein are for reference purposes only and are not intended in any way to describe, interpret, define or limit the extent or intent of the Agreement or of any part hereof.

  

							
	EXECUTIVE	 		 	FRESH DEL MONTE PRODUCE INC.
				
	 /s/ Mohammad Abu-Ghazaleh
	 		 	By:	 	 /s/ Hani El-Naffy

	Mohammad Abu-Ghazaleh	 		 	Name:	 	Hani El-Naffy
		 		 	Title:	 	

  

 12

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