Exhibit
10.3
AMENDMENT
TO
THE
MONSANTO
BENEFITS PLAN FOR THIRD COUNTRY NATIONALS
Effective
August 5, 2008, the following new Appendix A shall be added at the end of the
Monsanto Benefits Plan for Third Country Nationals.
APPENDIX
A
This
Appendix to the TCN Plan sets forth the benefits payable under the TCN Plan to
Hugh Grant and shall apply notwithstanding anything in the TCN Plan to the
contrary. This Appendix is effective August 5,
2008.
DISABILITY
BENEFIT
If Mr.
Grant becomes disabled while employed by Monsanto Company and prior to attaining
age 65, he shall be entitled to a disability benefit in the amount of $1,233,800
per year. Such disability benefit shall be paid monthly, with each
monthly payment equal to one-twelfth (1/12) of such annual
amount. Payments shall commence 180 days after Mr. Grant becomes
disabled (or, if later, January 1, 2009) and shall continue until the earliest
of Mr. Grant’s (i) recovery from disability, (ii) attainment of age 65, and
(iii) death.
For this
purpose, Mr. Grant shall be considered to be disabled if either: (i) he is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that 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) is, by reason of any medically determinable physical or mental
impairment that 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 Monsanto employees. The initial determination of
whether Mr. Grant is disabled and any subsequent determination as to whether Mr.
Grant continues to be disabled shall be made in accordance with the foregoing
criteria by medical advisors selected by Monsanto.
NO
OTHER BENEFIT
Mr. Grant
shall not be eligible for any other benefit under the TCN Plan, including,
without limitation, any retirement or death benefit.
MONSANTO
COMPANY:
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/s/
Steven C. Mizell
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8/8/08
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Name: Steven
C. Mizell
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Date:
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Title: Executive
Vice President,
Human
Resources
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CONSENT
TO AMENDMENT:
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/s/
Hugh Grant
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8/11/08
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Hugh
Grant
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Date:
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