BUNGE LTD
EXHIBIT 10.20
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;10.20  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke6711_excess_contribution_plan_of_bu__exc02712"> </A>
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<BR></FONT><FONT SIZE=2><B>EXCESS CONTRIBUTION PLAN<BR>  OF<BR>  BUNGE GLOBAL MARKETS,&nbsp;INC.<BR>  (Effective January&nbsp;3, 2000)    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Purpose of Plan  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this Plan is to provide benefits for certain employees of Bunge Global Markets,&nbsp;Inc. (the "Company") participating in the
Bunge Management Services Savings Plan dated January&nbsp;1, 1999, as may be amended (the "Savings Plan"), with respect to whom the amount of Company Contributions under the Savings Plan are or will
be limited in any year by application of the Internal Revenue Code of 1986, as amended (the "Code") or the Employee Retirement Income Security Act of 1974 ("ERISA"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This
Plan also will provide benefits for a select group of management or highly compensated employees participating in the Savings Plan, who qualify as Special
Participants pursuant to Section&nbsp;II(b), to receive supplemental benefits. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This
Plan, to the extent that it provides benefits in excess of the limitations imposed by Section&nbsp;415 of the Code is intended to be an "excess benefit plan" as
that term is defined in Section&nbsp;3(36) of ERISA. </FONT></P>

<P><FONT SIZE=2><B>II.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Participation in the Plan  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;A participant in the Savings Plan shall participate in this Plan for each Plan Year (as defined in the Savings Plan) in respect of which the
amount of the Company Contributions which would otherwise be allocated to such participant's account under the Savings Plan, as from time to time in effect, are reduced by operation of the limitations
imposed by Section&nbsp;415 of the Code as the same may be amended from time to time and Section&nbsp;3.4 of the Savings Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;A
participant in the Savings Plan who is also a member of a select group of management or highly compensated employees whose Compensation (as defined in the Savings
Plan) exceeds the compensation limit imposed by Section&nbsp;401(a)(17) of the Code and Section&nbsp;1.10 of the Savings Plan shall be a Special Participant and shall participate in this Plan for
each Plan Year in respect of which the amount of the Company Contributions are further reduced by operation of the limitation on compensation imposed by Section&nbsp;401(a)(17) of the Code and the
maximum amount limitation in Section&nbsp;1.10 of the Savings Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any
Special Participant who has made the maximum Tax Deferred Contributions (as defined in the Savings Plan) under Section&nbsp;402(g) of the Code or the terms of the
Savings Plan (including but not limited to Sections 2.1 (a)&nbsp;and 3.6) shall also participate in the Plan for each Plan Year in respect of which the amount of Company Contributions are further
reduced by operation of (i)&nbsp;the limitation on Tax Deferred Contributions imposed by Section&nbsp;402(g) of the Code and Section&nbsp;2.1(a) of the Savings Plan (ii)&nbsp;the
nondiscrimination requirements applicable to Company Contributions under Section&nbsp;401(m) of the Code and Section&nbsp;3.5 of the Savings Plan, and/or (iii)&nbsp;the nondiscrimination
requirements applicable to Tax Deferred Contributions under Section&nbsp;401(k) of the Code and Section&nbsp;3.6 of the Savings Plan. </FONT></P>

<P><FONT SIZE=2><B>III.&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Excess Contributions  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each participant in this Plan shall have credited to the participant's account maintained under this Plan an amount equal to the amount by which
the Company Contributions which would otherwise be allocated to the participant under the Savings Plan for the Plan Year are reduced by operation of the limitations imposed by Section&nbsp;415 of
the Code and Section&nbsp;3.4 of the Savings Plan. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;A
Special Participant shall have credited to the Special Participant's account under this Plan an additional amount equal to the amount by which the Company
Contributions which would otherwise be allocated to the Special Participant under the Savings Plan for the Plan Year are, after the application of Article&nbsp;III(a), reduced by operation of the
limitation on compensation imposed by Section&nbsp;401(a)(17) of the Code and the maximum amount limitation in Section&nbsp;1.10 of the Savings Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any
Special Participant who has made the maximum Tax Deferred Contributions under Section&nbsp;402(g) of the Code or the terms of the Savings Plan (including but not
limited to Sections 2.1(a) and 3.6) shall have credited to the Special Participant's account under this Plan an additional amount equal to the amount by which the Company Contributions which would
otherwise be allocated to the Special Participant under the Savings Plan for the Plan Year are, after the application of Article&nbsp;III(a) and (b), reduced by operation of (i)&nbsp;the
limitation on Tax Deferred Contributions imposed by Section&nbsp;402(g) of the Code and Section&nbsp;2.1(a) of the Savings Plan, (ii)&nbsp;the nondiscrimination requirements applicable to
Company Contributions under Section&nbsp;401(m) of the Code and Section&nbsp;3.5 of the Savings Plan, and/or (iii)&nbsp;the nondiscrimination requirements applicable to Tax Deferred
Contributions under Section&nbsp;401(k) of the Code and Section&nbsp;3.6 of the Savings Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Such
amounts shall be allocated and credited to a participant's or Special Participant's account under this Plan in the same manner and to the same extent as if it were
part of the Company Contributions allocated and credited to the participant's or Special Participant's account under the Savings Plan. Each participant's and Special Participant's account under this
Plan shall be credited with earnings and losses in the same manner as if it were invested in accordance with the investment fund option or options applicable to the Company Contributions allocated to
the participant's or Special Participant's account under the Savings Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The
value of a participant's or Special Participant's account under this Plan shall be immediately vested and nonforfeitable and shall be payable in a single lump sum
after the participant's or Special Participant's termination of employment at such time as shall be determined by the Committee (as defined in the Savings Plan), but in no event later than the last
day of the first quarter of the Plan Year following the Plan Year in which the participant or Special Participant terminates employment. A participant or Special Participant may withdraw all or part
of the amount credited to the participant's or Special Participant's account prior to termination of employment; provided, however, that (i)&nbsp;neither a participant nor a Special Participant
shall be permitted to withdraw any such amount prior to the date the participant or Special Participant is credited with five (5)&nbsp;or more years of Continuous Service (as defined in the Savings
Plan), and (ii)&nbsp;upon such withdrawal the participant or Special Participant shall not be eligible to participate in this Plan until the first day of the fifth Plan Year following the date of
such withdrawal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each
participant or Special Participant, by written instrument delivered to the Committee, shall have the right to designate, and from time to time change, a beneficiary
to receive the value of his or her account under the Plan in the event of the participant's or Special Participant's death prior to payment thereof under Article&nbsp;III(e). If a participant or
Special Participant fails to designate a beneficiary under this Plan, such participant's or Special Participant's beneficiary shall be determined in accordance with the provisions of the Savings Plan. </FONT></P>

<P><FONT SIZE=2><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Miscellaneous  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company reserves the right, in its sole discretion, to amend this Plan, provided that no amendment shall diminish
the rights of any participant or Special Participant under this Plan with respect to any credits to the participant's or Special Participant's account prior to the date such amendment is adopted by
the Board. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This
Plan may be terminated at any time by the Board of Directors of the Company. If the Company shall terminate the Savings Plan with respect to its employees, any
credits to the participant's or Special Participant's account under this Plan accrued to the date of termination of the Savings Plan, and the value thereof, which are payable to employees of the
Company in accordance with this Plan shall be payable to them in accordance with all of the terms and conditions applicable to such participant's or Special Participant's benefits under the Savings
Plan in the event of its termination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To
the maximum extent permitted by law, no right to payment or any other interest of a participant or Special Participant under this Plan shall be assignable or subject
to attachment, execution, or levy of any kind. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Plan shall be construed as giving any employee the right to continued employment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Plan, if the Committee determines in its sole discretion that the employment of a participant or Special Participant with
the Company has been terminated because of the participant's or Special Participant's commission of any act of fraud or any act of dishonesty, or any criminal act, or that a participant or Special
Participant committed any such act to the detriment of the Company whether the participant's or Special Participant's employment was terminated on that account or not, then any amounts credited to the
participant's or Special Participant's account shall be forfeited and, if already paid, shall be subject to recoupment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Benefits
payable under this Plan by the Company shall not be funded and shall be made only out of the general funds of the Company. A participant's or Special
Participant's rights to receive benefits under this Plan from the Company shall be no greater than the rights of any unsecured general creditor of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall be entitled to deduct from any amounts being credited under this Plan to a participant's or Special Participant's account under this Plan or from any
other compensation payable by the Company to such participant or Special Participant, all applicable federal, state or local taxes required to be withheld with respect to the amounts being credited.
Any taxes imposed on any distribution from this Plan shall be the sole responsibility of the participant or Special Participant or other person entitled to receive same, and the Company shall be
entitled to deduct from any such distribution any federal, state or local taxes required to be withheld with respect to such distribution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;This
Plan shall be administered by the Savings Plan Committee which shall have all authority, powers and discretion with respect to this Plan as such Committee shall,
from time to time, have with respect to the Savings Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All
records and accounts for this Plan shall be maintained by the Company and shall be conclusive and binding upon the Company and participants and Special Participants
and their beneficiaries under this Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent preempted or superseded by ERISA, the provisions of this Plan shall be construed according to the internal and substantive laws (and not to the
conflict of laws provisions) of the State of New York. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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