Document:

Exhibit 10.30

 

BUNGE
LIMITED EMPLOYEE

DEFERRED
COMPENSATION PLAN

 

1.             Purpose

 

The Plan is intended to provide a select group of
management and highly compensated employees of Bunge North America, Inc.,
Bunge Global Markets and Bunge Management Services Inc. (collectively, referred
to herein as the “Companies”), the opportunity to defer, on an annual
basis, a portion of their Compensation and, if applicable, Other Deferral
Amounts (as such terms are defined below). 
Participation in the Plan is voluntary and is otherwise subject to the
Plan.

 

All amounts credited to Accounts under the Plan shall
be subject to Section 409A and no portion of any Participant’s Account
shall be “grandfathered” for purposes of Section 409A.  The Plan shall be construed and administered
in all respects in a manner that is intended to result in Section 409A
Compliance.

 

All benefits under the Plan shall be paid out of the
general assets of the relevant Company; provided, however, that
Bunge Limited may establish and fund a grantor trust pursuant to Section 9
to provide benefits under the Plan.

 

The Plan is hereby established effective as of January 1,
2008, to merge the deferred compensation plans of Bunge North America, Inc.,
Bunge Global Markets and Bunge Management Services Inc.

 

2.             Defined Terms

 

As used in the Plan, the following terms shall have
the indicated meanings:

 

“Account”
means a bookkeeping account maintained on the books and records of the relevant
Company to record Deferred Amounts and credits and debits thereto in accordance
with the Plan.

 

“Account
Value” means the amount reflected on the books and records of
the relevant Company as the value of a Participant’s Account at any date of
determination, as determined in accordance with the Plan.

 

“Affiliate”
means any corporation which is included in a controlled group of corporations
(within the meaning of Section 414(b) of the Code) which includes
Bunge Limited and any trade or business (whether or not
incorporated) which is under common control with Bunge Limited (within the
meaning of Section 414(c) of the Code), provided that in applying Section 1563(a)(1),
(2), and (3) of the
Code for purposes of
determining a controlled group of corporations under Section 414(b) of
the Code the language “at least 20 percent” shall be used
instead of  “at least 80 percent” each
place it appears in Section 1563(a)(1), (2) and (3) of the Code, and in applying Section 1.414(c)-2 of the Treasury Regulations, for purposes of determining trades or businesses
(whether or not incorporated) that are under common control for purposes of Section 414(c) of the Code, “at least 20 percent” shall be used instead of “at least 80 percent” each place
it appears in Section 1.414(c)-2 of the Treasury Regulations.

 

“Applicable
Maximum” means the maximum amount of Compensation specified by
the Committee, in its sole discretion, from time to time that a Participant may
elect to defer pursuant to a Deferral Election, which Applicable Maximum shall
not include any Other Deferral Amounts.

 

“Beneficiary”
means the beneficiary or beneficiaries designated by a Participant (on such
form and in accordance with such rules and procedures as the Committee
shall approve) to receive payment of the Participant’s Account Value in the
event of the Participant’s death.  A
Participant may revoke or change

 

 

such designation at any time, except that no Beneficiary designation
shall be effective unless it is in writing and received by the relevant Company
prior to the date of the Participant’s death.

 

“Board”
means the Board of Directors of Bunge Limited.

 

“Bunge Limited” means
Bunge Limited, a company organized under the laws of Bermuda or any successor
corporation.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended and any applicable
rulings and regulations promulgated thereunder.

 

“Committee”
means the committee appointed by the Chief Executive Officer of Bunge Limited
to administer the Plan and any other designated deferred compensation plan of
Bunge Limited or any Subsidiary.

 

“Company”
means each of Bunge North America, Inc., a New York corporation, Bunge
Global Markets, a Delaware corporation, and Bunge Management Services Inc., a
Delaware corporation, as applicable.

 

“Compensation”
means the annual base salary and the annual cash bonus paid (or otherwise
payable but for a Deferral Election) to a Participant during the applicable
Plan Year.

 

“Deferral
Election” means (i) a Participant’s annual written election
to defer payment of a portion of his Compensation, subject to the terms and
conditions of the Plan and/or (ii) a Participant’s election to defer
payment of any Other Deferral Amount, in accordance with the terms of the Plan
and any other applicable plan, program or arrangement.  The Committee may, in its sole discretion,
permit a Participant to make a separate Deferral Election with respect to his
base salary, annual cash bonus and Other Deferral Amount (if applicable).  Unless the Committee determines otherwise, a
Deferral Election shall be irrevocable.

 

“Deferral
Period” means a period elected in writing by a Participant at
the time of his Deferral Election for the voluntary deferral of the Deferred
Amounts subject to such election.  Unless
the Committee determines otherwise, in its sole discretion, a Deferral Period
shall be a period of not less than thirty-six months commencing immediately
following the first day of the Plan Year to which the Deferral Period relates.

 

“Deferred Amount”
means the U.S. dollar amount of Compensation and Other Deferral Amounts (if
applicable) deferred by a Participant pursuant to a Deferral Election.  For purposes of the payment provisions of the
Plan, Deferred Amount also includes any earnings credited (or debited) thereon.

 

“Election Date” means (i) with
respect to Compensation, the date designated by the Committee prior to the
commencement of a Plan Year as the deadline on which a Deferral Election must
be made and (ii) with respect to Other Deferral Amounts, such date as may
be designated by the Committee in its sole discretion.  In any event, the Election Date must be no
later than the last day of the Plan Year preceding the commencement of the Plan
Year to which the Deferral Election relates.

 

“Eligibility
Limit” means the minimum U.S. dollar amount of annual base
salary specified by the Committee from time to time that an Employee must earn
in order to qualify as an Eligible Employee in accordance with Section 3(a) of
this Plan.  Unless determined otherwise
by the Committee, in its sole discretion, the Eligibility Limit shall be the
maximum compensation limit determined under Section 401(a) (17) of
the Code, as adjusted to reflect increases in the cost of living.  Whether or not a Participant’s annualized
base salary is at least equal to the Eligibility Limit shall be calculated
without regard to Deferral Elections or before-tax contributions made by such
Participant under any plan or program of the Companies.

 

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“Eligible
Employee” means an Employee who satisfies the requirements of Section 3(a) of
the Plan.

 

“Employee”
means any person employed by a relevant Company and treated as such on such
Company’s books and records and shall not include (i) any person treated
by such Company on its books as an independent contractor or consultant or (ii) any
person serving such Company through an agency, consulting firm, payroll
service, sub-contractor or other third-party provider.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any
applicable rulings and regulations promulgated thereunder.

 

“Minimum
Deferral” means the minimum U.S. dollar amount or percentage
determined by the Committee, in its sole discretion, from time to time that
must be deferred pursuant to a Deferral Election.

 

“Newly Eligible Employee” means (i) an individual who is
newly hired by the Companies and, as of the date of hire, qualifies as an
Eligible Employee, or (ii) an individual who becomes an Eligible Employee
after first becoming an employee of the Companies and prior to being eligible
to participate in any “account balance plan”, within the meaning of Section 409A,
of the Company or any Affiliate.

 

“Other
Deferral Amounts” means, as determined by the Committee in its
sole discretion, a payment amount, as determined by the Committee in its sole
discretion, that (i) is not Compensation (which term is defined above to
include only annual base salary and annual cash bonus), (ii) at the
election of a Participant, may be deferred under the Plan pursuant to the terms
of the pertinent plan, agreement or arrangement through which a Participant
becomes entitled to receive such payment, including, without limitation, the
Bunge Limited Equity Incentive Plan, as amended from time to time and (iii) is
otherwise payable to the Participant but for a Deferral Election.

 

“Participant”
means an Eligible Employee selected by the Committee to participate in the Plan
in accordance with Section 3(a) of the Plan.

 

“Payment
Election” means an election as to the form and timing of
distribution of  a Participant’s Deferred
Amounts elected in writing by the Participant at the time of his corresponding
Deferral Election made by the Election Date. 
Unless the Committee determines otherwise, in its sole discretion, the
form of distribution of an Account Value pursuant to a Payment Election may be
in the form of a single sum payment or in twenty-five annual installments over
a period that does not exceed 25 years.

 

“Performance
Options” means the hypothetical investment alternatives
designated by the Committee, in its sole discretion, from time to time among
which a Participant may elect to allocate his Deferred Amount.

 

“Plan
Year” means the calendar year.

 

“Section 409A”
means Section 409A of the Code.

 

“Section 409A
Compliance” shall have the meaning set forth in Section 13.

 

“Separation from Service” means a Participant’s “separation from
service” from the Company employing the Participant and each of its Affiliates
as determined under the default provisions in Treasury Regulation Section 1.409A-1(h).

 

“Subsidiary”
means any corporation in which Bunge Limited beneficially owns, directly or
indirectly, 50% or more of the securities entitled to vote in the election of
directors of such corporation.

 

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“Unforeseeable Emergency” means an “unforeseeable emergency” within
the meaning of Section 409A(a)(2)(B)(ii) of the Code.

 

3.             Elections

 

(a)           Eligibility.  (i) Each
Employee shall qualify as an Eligible Employee for a Plan Year if his
annualized base salary for the preceding calendar year is equal to an amount
that is at least equal to the Eligibility Limit for such preceding year.

 

(ii) The Committee may permit a Newly Eligible
Employee to make a Deferral Election for the Plan Year in which such individual
becomes a Newly Eligible Employee.  A
Newly Eligible Employee must file a Deferral Election with the Committee within
30 days of the first date of employment. 
The Deferral Election shall be irrevocable and shall apply to (A) base
salary earned after the date the Deferral Election is filed with the Committee
and (B) a prorated portion of the individual’s annual cash bonus
determined by multiplying such bonus by a fraction, the numerator of which is
the number of days remaining in the performance period after the election is
filed and the denominator of which is 365.

 

(iii) Notwithstanding any provision in the Plan
to the contrary, the Committee may, in its sole discretion, exclude or not
select an Eligible Employee as a Participant if the Committee determines that
excluding such individual from participation in the Plan may be in the best
interests of the Company or necessary or advisable to comply with the
requirements of applicable law including, but not limited to, the exclusion of
individuals to the extent the Committee determines that such action is
necessary or advisable for the Plan to continue to be limited to a select group
of management and highly compensated employees within the meaning of ERISA.

 

(b)           Deferral Elections.  Except as provided in Section 3(a)(ii),
each Participant shall be offered the opportunity to make a Deferral Election
as specified in this Section 3(b). 
A Participant shall make a Deferral Election for a Plan Year (or such
other period pertinent to Other Deferral Amounts) by completing, signing and
submitting, during the enrollment period specified by the Committee ending on
the Election Date, a Deferral Election in the form approved from time to time
by the Committee, in its sole discretion. 
The Committee may require a Participant, as a condition to submitting a
Deferral Election, to make such representations and warranties, and to agree to
such undertakings and conditions, as the Committee shall determine, in its sole
discretion.

 

(c)           Determination of Minimum Deferral and Applicable Maximum.  The Minimum Deferral and Applicable Maximum
for each Plan Year shall be established by the Committee, in its sole
discretion, and either or both may be increased or decreased from one Plan Year
to another.  The Committee may specify a
separate Minimum Deferral and Applicable Maximum applicable to each of a Participant’s
base salary and annual cash bonus and Other Deferral Amounts.  The Minimum Deferral and Applicable Maximum
applicable to any given Participant need not be the same as those applicable to
other Participants.

 

(d)           Timing of Deferrals. 
Unless the Committee determines otherwise, in its sole discretion, (i) the
portion of the Deferred Amount that represents a Participant’s (i) base
salary shall be deferred in equal installments during the payroll periods
applicable to the Plan Year, (ii) annual cash bonus shall be deferred at
the time such bonus would have otherwise been paid but for a Deferral Election
and (iii) Other Deferral Amounts shall be deferred at the time the payment
would have otherwise been paid to the Participant but for the Deferral Election.

 

(e)           Payment Elections.  Subject to the terms of the Plan, at the time
a Participant makes a Deferral Election, the Participant shall also make a
Payment Election in which he shall specify whether payment of the Deferred
Amount shall be made or commence on the (i) fifteenth business day
following the six-month anniversary of the Participant’s Separation from
Service or (ii) earlier of (A) the fifteenth business day following
the six-month anniversary of the Participant’s Separation from Service or (B) within
sixty (60) days following the last day of the applicable Deferral Period.

 

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4.             Accounts

 

(a)           Credits. 
The Deferred Amount elected pursuant to a Deferral Election shall be
credited to a Participant’s Account.  The
Deferred Amounts shall be credited to a Participant’s Account as soon as
practicable after the date on which the corresponding Compensation and/or Other
Deferral Amounts would otherwise have been paid to the Participant but for a
Deferral Election.  In addition to
crediting the Account with the Deferred Amount, the Account shall periodically
be credited (or debited) with a return on such amount, as provided in Section 6.

 

(b)           Debiting for Distributions.  A Participant’s Account shall be debited with
any amount distributed to a Participant or his Beneficiary.

 

(c)           Unforseeable Emergency.  Except as provided in this Section 4(c),
a Participant shall have no rights under the Plan to make withdrawals from an
Account for any reason.  The Committee
may make a partial or total distribution of the 
amounts credited to a Participant’s Account upon the Participant’s
request and demonstration of an Unforeseeable Emergency.  The circumstances that will constitute an
Unforeseeable Emergency in any particular case shall be determined by the
Committee, subject to Section 409A Compliance.  If a Participant demonstrates that an
Unforeseeable Emergency has occurred, the Company shall first cancel the
Participant’s Deferral Election for the balance of the Plan Year in which the Participant
demonstrates that an Unforeseeable Emergency has occurred, and
the Participant shall not be allowed to make a new Deferral Election until the
Deferral Election period for the following Plan Year.  If the Participant demonstrates, and the
Committee shall determine, that a cancellation of the Participant’s Deferral
Election for the balance of the Plan Year will not alleviate or remedy the
Participant’s Unforeseeable Emergency, then, in addition to the cancellation of
the Participant’s Deferral Election, the Committee may authorize a distribution
from the Participant’s Account in the amount deemed necessary by the Committee,
subject to Section 409A Compliance, to alleviate or remedy the Participant’s
Unforeseeable Emergency; provided, however, that the amount of
the distribution shall not exceed the amount needed to satisfy the emergency
plus taxes reasonably anticipated as a result of the distribution.  Distributions shall not be allowed to the
extent that the hardship may be relieved through reimbursement or compensation
by insurance or otherwise, or by liquidation of the Participant’s assets (to
the extent such liquidation would not itself cause a severe financial hardship.

 

5.             Vesting

 

A Participant shall be fully vested in his Deferred
Amounts at all times, as such amounts are adjusted from time to time in
accordance with the terms of the Plan.

 

6.             Return on Deferred Amounts

 

(a)           Election of Investment Options.  For purposes only of determining a
Participant’s Account Value, a Participant shall have the right to designate
the manner in which his Account shall be deemed allocated among one or more
Performance Options specified from time to time by the Committee, in its sole
discretion.  Any minimum and maximum
allocation to any single Performance Option shall be specified from time to
time by the Committee, in its sole discretion. 
The Committee shall have no obligation to actually invest the Deferred
Amounts in investment vehicles corresponding to the Performance Options
selected by a Participant or in any other investment alternative.  A Participant may change his earlier elected
Performance Options applicable to his Account Value subject to the terms and
restrictions established by the Committee from time to time, in its sole discretion,
including, without limitation, terms relating to the date on which the change
of Performance Options shall become effective.

 

(b)           Determination of Account Value.  The relevant Company shall maintain (or cause
to be maintained) such records as shall permit it to determine the Account
Value of each Account.  The relevant
Company shall provide each Participant with a statement reflecting the
Participant’s Account Value as of the end of each calendar year or at such
other intervals as may be specified by the Committee, in its sole
discretion.  Calculation of an Account
Value as provided in this Section 6(b) shall be for informational
purposes only, and shall not confer on a 

 

5

 

Participant any right to receive
the amount reflected as an Account Value as of any given date.  A Participant’s rights to receive
distributions in respect of his Account Value shall be determined in accordance
with Section 7.

 

(c)           Right to Change Performance Options.  The Committee may, in its sole discretion,
from time to time change the Performance Options available under the Plan, and
nothing in the Plan shall be construed to confer on any Participant the right
to continue to have any particular Performance Option available for purposes of
measuring his Account Value.

 

(d)           Committee Determinations to Control.  All
determinations of the amount to be credited (or debited) to an Account with
respect to the Performance Options selected by a Participant shall be made by
the Committee, whose determination shall be final and binding on all parties.

 

7.             Payment

 

(a)           Payment in Cash.  All payments to Participants or their
Beneficiary under the Plan shall be made in cash in U.S. dollars.  No Participant shall have a right to receive
any other form of payment.

 

(b)           Separation from Service Other than Death.  In the event of a Participant’s Separation
from Service for any reason other than death, payment of the Participant’s
Account Value shall be made in accordance with his Payment Election.

 

(c)           Death After Separation from Service. 
In the event of a Participant’s death (occurring on or after the
Participant’s Separation from Service) prior to payment of his entire Account
Value, the entire Account Value of the Participant shall be distributed to his
Beneficiary in a lump sum within sixty (60) days of the Participant’s death.

 

(d)           Default Payout Procedure. 
In the event a Participant does not make a Payment
Election with respect to a Deferred Amount, the Participant (or his
Beneficiary, as the case may be) shall be paid his entire Account Value in a
lump sum on the fifteenth business day following the six-month anniversary of
such Participant’s Separation from Service.

 

(e)           Redeferrals. 
Subject to this Section 7(e), a Participant may elect, prior to his
Separation from Service, to redefer all or a portion of his Deferred
Amount.  A separate redeferral election
may be made with respect to each of the Participant’s deferred base salary,
annual bonus or Other Deferred Amounts. 
The redeferral election may provide for payment in a lump sum or in
annual installments not to exceed twenty-five (25) years.  The date on which a lump sum payment shall be
made, or installments shall commence, will be on the (i) fifteenth
business day following the six-month anniversary of the Participant’s
Separation from Service or (ii) earlier of (a) the fifteenth business
day following the six-month anniversary of the Participant’s Separation from
Service or (b) within sixty (60) days following the last day of the
applicable redeferral period; provided, however, that:

 

(A)          the election to
redefer must be made and become irrevocable (other than in the case of the
death of the Participant) at least one year prior to the original lump sum
payment date or the original initial installment commencement date;

 

(B)           the redeferral
election shall not become effective for at least one year after the redeferral
election is made; and

 

(C)           the new lump sum
payment date or the date of the first installment commencement date shall not
be earlier than the fifth anniversary of the original lump sum date or the
original installment commencement date, as the case may be, elected by the
Participant pursuant to the election in effect immediately prior to the
redeferral election.

 

Notwithstanding
the foregoing provisions of this Section 7(e), no Participant shall be
permitted to redefer any portion of his Deferred Amount following his
Separation from Service.

 

6

 

(f)            Valuation. 
A distribution to a Participant shall be based on the Account Value
of the Participant’s Account determined as of the valuation date specified by
the Committee, in its sole discretion, from time to time, which valuation date
shall be the business day on or prior to the distribution date.  In determining the amount of an installment
payment, the Account Value (as determined in accordance with the previous
sentence) shall be divided by the number of remaining installments (including
the installment with respect to which the payment is being calculated).

 

(i)            No Acceleration of Payments.  Notwithstanding anything to the contrary
herein, this Plan does not permit the acceleration of the time or schedule of
any payments under the Plan, except as would not result in the imposition on any
person of additional taxes, penalties or interest under Section 409A.

 

8.             Transition Rule Election

 

Pursuant to Internal Revenue Service Notice 2005-1,
Q&A-19(c), as extended by the Internal Revenue Service, a Participant, who
has not incurred a Separation from Service prior to December 31, 2008, may
modify or make new elections regarding distribution of his or her Account(s) at
such time and in such form as the Committee shall designate; provided, however,
that no such distribution election may affect payments that the Participant
would otherwise receive in 2008 or cause payments to be made in 2008.

 

9.             Grantor Trust

 

Bunge Limited may establish one or more grantor trusts to fund its
obligations to Participants under the Plan in accordance with the terms of this
Section 9.  Any such grantor trusts
established by Bunge Limited shall meet the requirements of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Code and shall otherwise comply with
applicable law, including, without limitation, Section 409A.

 

10.          Administration

 

The Plan shall be administered, construed and operated
by the Committee (or such person or group of persons to which such duties are
delegated by the Committee), which shall be responsible for the interpretation
of the Plan and the establishment of the rules and regulations governing
the administration thereof.  The
Committee, in its sole discretion, shall have full power and authority to
administer the Plan and to exercise all the powers and authorities either
specifically granted to it under the Plan or necessary or advisable in the
administration of the Plan, including, without limitation, to construe and
interpret the Plan; to prescribe, amend and rescind rules and regulations
relating to the Plan; to make eligibility determinations; to determine whether
Deferral Elections shall be permitted for each Plan Year; to determine the
terms and provisions of the Deferral Election forms; to make determinations
with respect to federal, state and local income tax withholding; to make determinations
with respect to an Account Value or of the return to be attributed to any
Performance Option; and to make all other factual or legal determinations
deemed necessary or advisable for the administration of the Plan.  All determinations, decisions,
interpretations and actions of the Committee shall be final, binding and
conclusive on all persons for all purposes, including the Companies, the
Participants and Beneficiaries (and any person claiming any rights under the
Plan from or through a Participant).  No
member of the Committee shall be liable to any person for any action taken or
omitted in good faith in connection with the interpretation, construction, or
administration of the Plan.  Bunge
Limited shall indemnify and hold harmless the members of the Committee and
Bunge Limited’s officers, employees and directors against all expenses and
liabilities arising out of any action taken or omitted in good faith in
administering the Plan to the maximum extent permitted by law.

 

11.          Amendment and Termination

 

The Plan may be amended, modified, suspended or
terminated at any time by the Compensation Committee of the Board; provided,
however, that no amendment, modification, suspension, or termination may
reduce the balance of a Participant’s Deferred Amount as of the date of the
amendment or modification, suspension or termination without the Participant’s
written consent.  Except as otherwise
permitted by Section 409A, the termination of the Plan shall not result in
any acceleration of the payment of any Account under the Plan.

 

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12.          Unfunded Plan

 

The deferred compensation arrangement provided for
herein is intended to be “unfunded” for purposes of U.S. federal income tax,
and the Accounts shall represent at all times unfunded and unsecured
contractual obligations of the relevant Company.  Participants and their Beneficiary shall be
unsecured creditors of Bunge Limited or its Subsidiaries with respect to all
obligations owed to any of them under the Plan. 
Amounts payable under the Plan shall be satisfied solely out of the
general assets of the relevant Company subject to the claims of its creditors,
and Participants and their Beneficiary shall not have any interest in any fund
or in any specific asset of Bunge Limited or its Subsidiaries of any kind by
reason of any amount credited to Participants hereunder, nor shall the
Participants or any of their Beneficiaries or any other person have any right
to receive any distribution under the Plan except as, and to the extent,
expressly provided herein.  No provision
in the Plan shall create or be construed to create any claim, right or cause of
action against the relevant Bunge Limited or its Subsidiaries, or against any
of its employees, officers, directors, agents, shareholders, members, partners
or Affiliates arising from any diminution in value of any Performance Option.

 

13.          Section 409A Compliance.

 

 If any
provision of the Plan or any Deferral Election would, in the reasonable, good
faith judgment of the Committee result or could otherwise cause any person to
recognize additional taxes, penalties or interest under Section 409A, the
Committee may modify the terms of the Plan or any Deferral Election, without
the consent of any Participant or Beneficiary, in the manner that the Committee
may reasonably and in good faith determine to be necessary or advisable to
avoid the imposition of such penalty tax; provided, however, that
any such modification shall, to the maximum extent possible, retain the
economic and tax benefits to the affected Participant hereunder while not
materially increasing the cost to Bunge Limited, in the sole discretion of the
Committee, of providing such benefits to the Participant (“Section 409A
Compliance”).  Any
determination made by the Committee pursuant to this Section 13 shall be
final, binding and conclusive on all parties.

 

14.          General Terms

 

(a)           No Right to Continued Employment or Participation.  The Plan shall not be deemed to create or
confer on any individual any right to be retained in the employment of the
Company employing the Participant, nor to create or confer on any individual
the right to make a Deferral Election with respect to any future Plan
Year.  The terms and conditions of a Participant’s
employment with the Company employing the Participant shall be governed by
arrangements between the Participant and such Company entered into
independently of the Plan.

 

(b)           No Obligation to Continue the Plan for Future Plan Years.  Bunge Limited shall not be under any
obligation to continue the arrangements provided for herein with respect to any
future Plan Year.

 

(c)           Right of Offset.  Notwithstanding any provisions of the Plan to
the contrary, Bunge Limited may offset any amounts to be paid to a Participant
(or, in the event of the Participant’s death, to his Beneficiary) under the
Plan against any amounts which such Participant may owe to Bunge Limited or the
Companies; provided, however, that to the extent such amount
constitutes a “deferral of compensation” for purposes of Section 409A,
Bunge Limited shall not offset such amounts that the Participant may owe to
Bunge Limited or the Companies other than with respect to taxes, assessments or
other governmental charges imposed on property or income received by the
Participant pursuant to the Plan, except to the extent such offset would not
result in the Participant incurring interest or additional tax under Section 409A.

 

(d)           Taxes and Withholding.  As a condition to any payment or distribution
pursuant to the Plan, Bunge Limited may require a Participant to remit such sum
as may be necessary to discharge its obligations with respect to any taxes,
assessments or other governmental charges imposed on property or income
received by the Participant hereunder. 
Bunge Limited may deduct or withhold such sum from any payment or
distribution to the Participant.

 

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(e)           Headings. 
The section headings in the Plan have been inserted for convenience of
reference only and are to be ignored in any construction of any provision
hereof.  If a provision of the Plan is
held to be not valid or enforceable, that fact shall in no way affect the
validity or enforceability of any other provision hereof.  Use of one gender includes the other, and the
singular and plural include each other, except where the context clearly
requires otherwise.

 

(f)            Notices.  Notices
may be delivered to a Participant at the offices of the Company at which the
Participant is principally employed.  Any
Participant who ceases to be an Employee shall be responsible for furnishing
the Company at which the Participant is principally employed with the current
and proper address for the mailing of notices and delivery of payments.  Any notice required or permitted to be given
to such a Participant shall be deemed given if directed to the person to whom
addressed at such address and mailed by regular United States mail, first class
and prepaid.  If any item mailed to such
address is returned as undeliverable to the addressee, mailing will be suspended
until the Participant furnishes the proper address.

 

(g)           No Assignment; Binding Effect.  A Participant’s rights under the Plan
(including, without limitation, the right to receive payments as provided
herein) may not be assigned.  The
provisions of the Plan shall be binding on each Participant, such Participant’s
Beneficiary, Bunge Limited and the Companies and their respective successors
and assigns.

 

(h)           Governing Law.  The Plan shall be subject to, and construed
in accordance with, the laws of the State of New York applicable to agreements
executed and performed entirely therein, and without regard to the choice of
law provisions thereof.

 

15.          Effective Date

 

The Plan is effective as of January 1, 2008.

 

9Exhibit 10.31

 

BUNGE
LIMITED ANNUAL INCENTIVE PLAN

PLAN
DOCUMENT

(Amended
and Restated as of December 31, 2008)

 

SECTION 1.  ESTABLISHMENT AND PURPOSE

 

1.1  Establishment of the Plan.  Bunge Limited, a company incorporated under
the laws of Bermuda (the “Company”), hereby establishes an annual
incentive compensation plan to be known as the Bunge Limited Annual Incentive
Plan (the “Plan”).  The Plan
permits the awarding of annual cash bonuses to Employees (as defined below),
based on the achievement of performance goals that are pre-established by the
Board of Directors of the Company (the “Board”) or by the Committee (as
defined below).

 

Upon approval by the
Board, subject to approval by the shareholders of the Company at the 2005
annual general meeting of shareholders, the Plan shall become effective as of January 1,
2005 and continue until December 31, 2010, unless terminated earlier as
set forth in Section 10.

 

1.2  Purpose.  The purposes of the Plan are to (i) provide
greater motivation for certain employees of the Company and its Subsidiaries
(as defined below) to attain and maintain the highest standards of performance,
(ii) attract and retain employees of outstanding competence and (iii) direct
the energies of employees towards the achievement of specific business goals
established for the Company and its Subsidiaries.

 

The purposes of the Plan
shall be carried out by the payment to Participants (as defined below) of
annual incentive cash awards, subject to the terms and conditions of the
Plan.  The Plan also is intended to
secure the full deductibility of incentive awards payable to Participants where
and when relevant.  All compensation
payable under this Plan to its Participants is intended to be deductible by the
Company under Section 162(m) of the Code (as defined below).

 

SECTION 2.  DEFINITIONS

 

As used in the Plan, the
following terms shall have the meanings set forth below (unless otherwise
expressly provided).

 

“Award Opportunity” means the various
levels of incentive awards which a Participant may earn under the Plan, as
established by the Committee pursuant to Section 5.1.

 

“Base Salary” shall mean the regular base
salary earned by a Participant during a Plan Year prior to any salary reduction
contributions made to any deferred compensation plans sponsored or maintained
by the Company or by any Subsidiary;
provided, however, that Base Salary shall not include awards under
this Plan, any bonuses, equity awards, the matching contribution under any plan
of the Company or any of its Subsidiaries (as applicable) providing such,
overtime, relocation allowances, severance payments or any other special awards
as determined by the Committee.

 

“Beneficial Owner” shall have the meaning
ascribed to such term in Rule 13d-3 of the General Rules and
Regulations under the Exchange Act.

 

“Board” has the meaning set forth in Section 1.1.

 

“Code” means the Internal Revenue Code of
1986, as amended.

 

 

“Committee” means the Compensation
Committee of the Board, provided that the Committee shall consist of two or
more individuals, appointed by the Board to administer the Plan, pursuant to Section 3,
who are “outside directors” to the extent required by and within the meaning of
Section 162(m) of the Code, as amended from time to time.

 

“Company” has the meaning set forth in Section 1.1.

 

“Disability”
means that a Participant is (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months or (ii) by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not
less than 12 months, receiving income replacement benefits for a period of not
less than three months under an accident and health plan covering the
Participant.

 

“Effective Date” means the date the Plan
becomes effective, as set forth in Section 1.1 herein.

 

“Employee” means an employee of the Company
or a Subsidiary who is recommended by the Chief Executive Officer of the
Company, or his designee, and is approved by the Committee for participation in
the Plan, or is included in the Plan by the Committee.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time.

 

“Executive Officers” shall mean an
executive officer as set forth in Section 162(m) of the Code or any
other executive officer designated by the Committee for purposes of exempting
distributions under the Plan from Section 162(m)(3) of the Code.

 

“Final Award” means the actual award earned
during a Plan Year by a Participant, as determined by the Committee at the end
of such Plan Year.

 

“Financial” shall mean the corporate
financial performance of the Company and its Subsidiaries.

 

“Non-financial” shall mean the
non-financial performance of a specified segment of the Company’s operations
designated as such by the Chief Executive Officer and approved by the Committee
for purposes of the Plan, such as a business unit, organizational unit,
Subsidiary, division or other such segmentation.

 

“Participant” means an Employee who is
participating in the Plan pursuant to Section 4.

 

“Person” shall have the meaning ascribed to
such term in Section 3(a)(9) of the Exchange Act and used in Sections
13(d) and 14(d) thereof, including a “group” as defined in Section 13(d).

 

“Plan” means the Bunge Limited Annual
Incentive Plan.

 

“Plan Year” means the calendar year,
commencing on January 1st and ending on December 31st.

 

“Retirement” means normal or early
retirement from employment with the Company or a Subsidiary, as applicable, in
accordance with the terms of the applicable pension plan document and the
retirement policies of the Company or of any Subsidiary employing the
Participant.

 

“Section 409A”
means Section 409A of the Code and any regulations and/or guidance
promulgated thereunder.

 

2

 

“Subsidiary”
means any company or corporation in which the Company beneficially owns,
directly or indirectly, 50% or more of the securities entitled to vote in the
election of the directors of the corporation.

 

“Target Incentive Award” means the award to
be paid to a Participant when performance measures are achieved, as established
by the Committee.

 

SECTION 3.  ADMINISTRATION

 

The Plan shall be
administered by the Committee.  Except
with respect to the matters that under Section 162(m) of the Code and
Treasury Regulation Section 1.162-27(e) are required to be determined
or established by the Committee to qualify awards under the Plan as qualified
performance-based compensation, the Committee shall have the power to delegate
to any officer or employee of the Company the authority to administer and
interpret the procedural aspects of the Plan, subject to the Plan’s terms,
including adopting and enforcing rules to decide procedural and
administrative issues.

 

3

 

The Committee shall be
entitled to rely in good faith upon any report or other information furnished
to it by any officer or employee of the Company or from the financial,
accounting, legal or other advisers of the Company.  Each member of the Committee, each individual
designated by the Committee to administer the Plan and each other person acting
at the direction of, or on behalf of, the Committee shall not be liable for any
determination or anything done or omitted to be done in good faith by him or by
any other member of the Committee or any other such individual in connection
with the Plan, except for his own willful misconduct or as expressly provided
by statute, and to the extent permitted by law and the bye-laws of the Company,
shall be fully indemnified and protected by the Company with respect to such
determination, act or omission.

 

Subject to the
limitations set forth in the Plan, the Committee shall: (i) select from
the Employees of the Company and its Subsidiaries, those who shall participate
in the Plan, (ii) establish Award Opportunities in such forms and amounts
as it shall determine, (iii) impose such limitations, restrictions, and
conditions upon such Award Opportunities as it shall deem appropriate, (iv) interpret
the Plan and adopt, amend, and rescind administrative guidelines and other rules and
regulations relating to the Plan, (v) make any and all factual and legal
determinations in connection with the administration and interpretation of the
Plan, (vi) correct any defect or omission or reconcile any inconsistency
in this Plan or in any Award Opportunity granted hereunder, and (vii) make
all other necessary determinations and take all other actions necessary or
advisable for the implementation and administration of the Plan.  The Committee’s determinations on matters
within its authority shall be conclusive and binding upon all parties.

 

SECTION 4.  ELIGIBILITY AND PARTICIPATION

 

4.1  Eligibility.  Each Employee who is recommended by the Chief
Executive Officer of the Company or his designee to participate in the Plan,
and who is approved by the Committee, or is included in the Plan by the
Committee, shall be eligible to participate in the Plan for such Plan Year,
subject to the limitations of Section 7 herein.

 

4.2  Participation.  Participation in the Plan shall be determined
annually by the Committee based upon the criteria set forth in the Plan.  Participation in the Plan during the
applicable Plan Year shall be limited to those Employees (“Participants”)
who are selected by the Committee; provided
that participation by an Employee of a Subsidiary shall constitute
such Subsidiary’s agreement to pay, at the direction of the Committee, awards
directly to its Employees or to reimburse the Company for the cost of such
participation in accordance with rules adopted by the Committee.  Employees
who are eligible to participate in the Plan shall be notified of the
performance goals and related Award Opportunities for the relevant Plan Year.

 

4.3  Partial Plan Year Participation.  Except as provided in Section 9, in the
event that an Employee becomes eligible to participate in the Plan subsequent
to the commencement of a Plan Year, then such Employee’s Final Award shall be
based on the Base Salary earned as an eligible Employee for the relevant Plan
Year, provided that the Employee
has participated in the Plan for at least three months.

 

4.5  No Right to Participate.  No Participant or other Employee shall at any
time have a right to participate in the Plan for any Plan Year, despite having
participated in the Plan during a prior Plan Year.

 

SECTION 5.  AWARD DETERMINATION

 

5.1  Performance Goals.  Prior to the beginning of each Plan Year, or
as soon as practicable thereafter (but in no event more than ninety days from
the beginning of such Plan Year), the Committee shall approve or establish in
writing the performance goals for that Plan Year.  For any performance period that is less than
twelve months, the performance goals shall be established before 25% of the
relevant performance period has elapsed.

 

4

 

Except as provided in Section 9,
the performance goals may include, without limitation, any combination of
Financial, Non-financial and individual performance goals.  Performance measures and their relative
weight may vary by job classification. 
After the performance goals are established, the Committee will align
the achievement of the performance goals with the Award Opportunities (as
described in Section 5.2 herein), such that the level of achievement of
the pre-established performance goals at the end of the Plan Year will
determine the amount of the Final Award. 
Except as provided in Section 9, the Committee also shall have the
authority to exercise subjective discretion in the determination of Final
Awards, as well as the authority to delegate the ability to exercise subjective
discretion in this respect.

 

The performance period
with respect to which awards may be payable under the Plan shall generally be
the Plan Year; provided, however,
that the Committee shall have the authority and discretion to designate
different performance periods under the Plan.

 

5.2  Award Opportunities.  Prior to the beginning of each Plan Year, or
as soon as practicable thereafter (but in no event more than ninety days from
the beginning of such Plan Year), the Committee shall establish an Award
Opportunity for each Participant.  Except
as provided in Section 9, in the event a Participant changes job levels
during a Plan Year, the Participant’s Award Opportunity may be adjusted to
reflect the amount of time at each job level during the Plan Year.

 

5.3  Adjustment of Performance Goals.  Except as provided in Section 9, the
Committee shall have the right to adjust the performance goals and the Award
Opportunities (either up or down) during a Plan Year, to the extent permitted
by Code Section 162(m) and the regulations and interpretative rulings
thereunder, if it determines that the occurrence of external changes or other
unanticipated business conditions have materially affected the fairness of the
goals and have unduly influenced the Company’s ability to meet them, including
without limitation, events such as material acquisitions, changes in the
capital structure of the Company, and extraordinary accounting changes.  In addition, performance goals and Award Opportunities
will be calculated without regard to any changes in accounting standards that
may be required by the Financial Accounting Standards Board after such
performance goals or Award Opportunities are established.  Further, in the event of a Plan Year of less
than twelve months, the Committee shall have the right to adjust the
performance goals and the Award Opportunities accordingly, at its sole
discretion, except as provided in Section 9.

 

5.4  Final Award Determinations.  At the end of each Plan Year, Final Awards
shall be computed for each Participant as determined by the Committee.  Except as provided in Section 9, each
Final Award shall be based upon the (i) Participant’s Target Incentive
Award percentage, multiplied by his Base Salary and (ii) satisfaction of
Financial, Non-financial and individual performance goals (if applicable).  Final Award amounts may vary above or below
the Target Incentive Award, based on the level of achievement of the
pre-established Financial, Non-financial, and individual performance goals.

 

5.5  Limitations.  The amount payable to a Participant for any
Plan Year shall not exceed U.S. $4,000,000.

 

 

SECTION 6.  PAYMENT OF FINAL AWARDS

 

6.1  Form and Timing of Payment.  As soon as practicable after the end of each
Plan Year, the Committee shall certify in writing the extent to which the
Company and each Participant has achieved the performance goals for such Plan
Year, including the specific target objective(s) and the satisfaction of
any other material terms of the awards, and the Committee shall calculate the
amount of each Participant’s Final Award for the relevant period.  Generally, Final Award payments shall be
payable to the Participant, or to his estate in the case of death, in a single
lump-sum cash payment, as soon as practicable after the end of each Plan Year,
after the Committee, in its sole discretion, has certified in writing that the
specified performance goals were achieved, but in no event later than March 15
of such Plan Year.

 

5

 

6.2  Payment of Partial Awards.  In the event a Participant no longer meets
the eligibility criteria as set forth in the Plan during the course of a
particular Plan Year, the Committee may, in its sole discretion, compute and
pay a partial award for the portion of the Plan Year that an Employee was a
Participant in a manner consistent with Section 6.1.

 

6.3  Unsecured Interest.  No Participant or any other party claiming an
interest in amounts earned under the Plan shall have any interest whatsoever in
any specific asset of the Company or of any Subsidiary.  To the extent that any party acquires a right
to receive payments under the Plan, such right shall be equivalent to that of
an unsecured general creditor of the Company.

 

6

 

SECTION 7.  TERMINATION OF EMPLOYMENT

 

7.1  Termination of Employment Due to Death,
Disability or Retirement.  In the
event a Participant’s employment is terminated by reason of death, Disability
or Retirement, the Final Award determined in accordance with Section 5.4
herein shall be reduced to reflect participation prior to such termination
only.  The reduced award shall be based
upon the amount of Base Salary earned during the Plan Year prior to
termination.  In the case of a
Participant’s Disability, the employment termination shall be deemed to have
occurred on the date the Committee determines, in its sole discretion, that the
requirements of Disability have been satisfied.

 

The Final Award thus
determined shall be payable at the same time as Final Awards are payable to
other Employees in a manner consistent with Section 6.1.

 

7.2  Termination of Employment for Other
Reasons.  In the event a Participant’s
employment is terminated for any reason other than death, Disability or
Retirement (as determined by the Committee, in its sole discretion), all of the
Participant’s rights to a Final Award for the Plan Year then in progress shall
be forfeited.  However, the Committee, in
its sole discretion, may pay a partial award for the portion of that Plan Year that
the Participant was employed by the Company, computed as determined by the
Committee in a manner consistent with Section 6.1.

 

SECTION 8.  RIGHTS OF PARTICIPANTS

 

8.1  Employment.  Nothing in the Plan shall interfere with or
limit in any way the right of the Company to terminate any Participant’s
employment at any time, nor confer upon any Participant any right to continue
in the employ of the Company.

 

8.2  Nontransferability.  No right or interest of any Participant in
the Plan shall be assignable or transferable, or subject to any lien, directly,
by operation of law, or otherwise, including, but not limited to, execution,
levy, garnishment, attachment, pledge, and bankruptcy.

 

SECTION 9.  EXECUTIVE OFFICERS

 

9.1  Applicability.  The provisions of this Section 9 shall
apply only to Executive Officers.  In the
event of any inconsistencies between this Section 9 and the other Plan
provisions, the provisions of this Section 9 shall control with respect to
Executive Officers.

 

9.2  No
Participation After Commencement of Plan Year.  An Executive Officer who becomes eligible
after the beginning of a Plan Year may not participate in the Plan for such
Plan Year.  Such Executive Officer will
be eligible to participate in the Plan for the succeeding Plan Year.

 

9.3  Award Determination.  Prior to the beginning of each Plan Year, or
as soon as practicable thereafter, the Committee shall establish the Target
Incentive Award percentage for each Executive Officer and performance goals for
that Plan Year.  Performance goals to be
used shall be chosen from among any combination of the Financial and
Non-financial performance goals as exemplified in Schedule A and such other
individual performance goals as established by the Committee.  The Committee may select one or more of the
performance goals specified from Plan Year to Plan Year which need not be the
same for each Executive Officer in a given year.  Final Awards shall be paid in a manner
consistent with Section 6.1.

 

At the end of the Plan
Year and prior to payment, the Committee shall certify in writing the extent to
which the performance goals and any other material terms were satisfied.  Final Awards shall be computed for each
Executive Officer based on (i) the Participant’s Target Incentive Award
multiplied by his Base Salary, and (ii) Financial, Non-financial and
individual performance (if applicable).

 

Final Award amounts may
vary above or below the Target Incentive Award based on the level of
achievement of the pre-established Financial, Non-financial and individual
performance goals.

 

 

9.4  Non-adjustment of Performance Goals.  Once established, performance goals shall not
be changed during the Plan Year. 
Participants shall not receive any payout when the Company or
Non-financial segment (if applicable) does not achieve at least minimum
performance goals.

 

9.5 Discretionary
Adjustments.  The Committee retains
the discretion to eliminate or decrease the amount of the Final Award otherwise
payable to a Participant.

 

9.6  Possible Modification.  If, on advice of the Company’s tax counsel,
the Committee determines that Code Section 162(m) and the regulations
thereunder will not adversely affect the deductibility for federal income tax
purposes of any amount paid under the Plan by applying one or more of Section 2,
4.3, 5.1, 5.2, 5.3 or 5.4 to an Executive Officer without regard to the
exceptions to such Section or Sections contained in this Section 9,
then the Committee may, in its sole discretion, apply such Section or
Sections to the Executive Officer without regard to the exceptions to such Section or
Sections that are contained in this Section 9.

 

SECTION 10.  AMENDMENT AND MODIFICATION

 

The Committee, in its
sole discretion, without notice, at any time and from time to time, may modify
or amend, in whole or in part, any or all of the provisions of the Plan, or
suspend or terminate it entirely; provided,
however, that no such modification, amendment, suspension, or
termination may, without the consent of a Participant (or his or her
beneficiary in the case of the death of the Participant), reduce the right of a
Participant (or his or her beneficiary, as the case may be) to a payment or
distribution hereunder which he or she has already earned and is otherwise
entitled, except where such modification, amendment, suspension or termination
is necessary to comply with applicable law, including without limitation, any
modifications or amendments made pursuant to Section 409A.

 

SECTION 11.  MISCELLANEOUS

 

11.1  Governing Law.  The Plan, and all agreements hereunder, shall
be governed by and construed in accordance with the laws of New York.

 

11.2  Withholding Taxes.  The Company and its Subsidiaries shall have
the right to deduct from all payments under the Plan any federal, state, local
and/or foreign income, employment or other applicable payroll taxes required by
law to be withheld with respect to such payments.

 

11.3  Gender and Number.  Except where otherwise indicated by the
context, any masculine term used herein also shall include the feminine, the
plural shall include the singular, and the singular shall include the plural.

 

11.4  Severability.  In the event any provision of the Plan shall
be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

 

11.5  Costs of the Plan.  All costs of implementing and administering
the Plan shall be borne by the Company.

 

11.6  Successors.  All obligations of the Company and its
Subsidiaries under the Plan shall be binding upon and inure to the benefit of
any successor to the Company, whether the existence of such successor is the
result of a direct or indirect purchase, merger, amalgamation, consolidation,
or otherwise, of all or substantially all of the business and/or assets of the
Company.

 

11.7  Compliance with Section 409A.  Notwithstanding
any provision in the Plan to the contrary, if any Final Award is considered to
be a “deferral of compensation” as defined in Section 409A and any
provision of the Plan contravenes Section 409A  or would cause any person to be subject to
additional taxes, interest and/or penalties under Section 409A, the
Committee may without notice or 

 

8

 

consent of any
Participant, modify such provision to the extent necessary or desirable to
ensure the Plan continues to be exempt from the requirement of Section 409A.  In making such modifications the Committee
shall attempt, but shall not be obligated, to maintain, to the maximum extent
practicable, the original intent of the applicable provision without
contravening the provisions of Section 409A.  Moreover, any discretionary authority that
the Committee may have pursuant to the Plan shall not be applicable to a Final
Award that is subject to Section 409A to the extent such discretionary
authority would contravene Section 409A.

 

9

 

SCHEDULE A

 

	
  Financial
  Performance Measures

  
	
   

  
	
  Operating Profit

  	
   

  	
  Income from Continuing
  Operations (Net Income After Minority Interests)

  
	
  EPS

  	
   

  	
  Net Financial Debt

  
	
  Operating Working Capital

  	
   

  	
  Free Cash Flow

  
	
  Return on Net Assets

  	
   

  	
  Revenue Growth

  
	
  Return on Invested
  Capital

  	
   

  	
  Days Sales Outstanding

  
	
  Return on Equity

  	
   

  	
  EBITDA

  
	
  Cash-flow Return on
  Investment

  	
   

  	
  Impairment Write-Offs

  
	
  Operating Earnings
  before Asset Impairment

  	
   

  	
  Return on Tangible Net
  Worth

  
	
  Interest Coverage

  	
   

  	
  Effective Tax Rate

  
	
  Pre Tax Income

  	
   

  	
  Net Sales

  
	
  Return on Tangible Net
  Assets

  	
   

  	
  Selling General and
  Administration Expenses

  
	
  Operating Cash Flow

  	
   

  	
  Share price

  
	
  Market Capitalization

  	
   

  	
  Cash Value Added

  
	
  Economic Value Added

  	
   

  	
  Margins

  
	
  Days Cash Cycle

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Non-Financial
  Performance Measures

  
	
   

  
	
  Product Quality

  	
   

  	
  Safety/Environment

  
	
  Headcount

  	
   

  	
  Quality

  
	
  Turn Around Time

  	
   

  	
  Days Loading

  
	
  Volumes

  	
   

  	
  Energy Usage

  
	
  Loading Time

  	
   

  	
  Customer/Supplier
  Satisfaction

  
	
  Market Share

  	
   

  	
  Amount of Inventory

  
	
  Productivity

  	
   

  	
  Days of Inventory

  
	
  Employee Turnover

  	
   

  	
  Satisfaction Indexes

  
	
  Recruiting

  	
   

  	
  Brand Recognition

  
					

 

10

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