Document:

Exhibit 10.1

 

Stock Incentive Plan
 20     Performance Share Award Agreement

 

Corn Products International, Inc.

 

                        , 20   

 

 

Contents

 

	
Article   1. Performance Period
    	
1
    
	
 
    	
 
    
	
Article   2. Value of Performance Shares
    	
1
    
	
 
    	
 
    
	
Article   3. Performance Shares and Achievement of Relative Total Shareholder Return
    	
1
    
	
 
    	
 
    
	
Article   4. Termination Provisions
    	
3
    
	
 
    	
 
    
	
Article   5. Dividends
    	
4
    
	
 
    	
 
    
	
Article   6. Form and Timing of Payment of Performance Shares
    	
4
    
	
 
    	
 
    
	
Article   7. Nontransferability
    	
5
    
	
 
    	
 
    
	
Article   8. Administration
    	
5
    
	
 
    	
 
    
	
Article   9. Miscellaneous
    	
5
    

 

 

Corn Products International, Inc.
 Stock Incentive Plan
 20     Performance Share Award Agreement

 

You have been selected to be a participant in the Corn Products International, Inc. 
 Stock Incentive Plan (the “Plan”), as specified below:

 

	
Participant:
    	
 
    
	
 
    	
 
    
	
Target Performance Share Award:
    	
 
    
	
 
    	
 
    
	
Performance Period:
    	
                       ,   20     to                     ,   20
    
	
 
    	
 
    
	
Performance Measure:
    	
Relative   Total Shareholder Return (“TSR”)
    

 

THIS AGREEMENT (the “Agreement”) effective as of                         , 20    , represents the grant of Performance Shares by Corn Products International, Inc., a Delaware corporation (the “Company”), to the Participant named above, pursuant to the provisions of the Plan.

 

If there is any inconsistency between the terms of this Agreement and the terms of the Plan, except as otherwise expressly provided in the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.  The parties hereto agree as follows:

 

Article 1. Performance Period

 

The Performance Period commences on                   , 20     and ends on                           , 20    .

 

Article 2. Value of Performance Shares

 

Each Performance Share shall represent and have a value equal to one share of common stock of the Company as detailed herein.

 

Article 3. Performance Shares and Achievement of Relative Total Shareholder Return

 

(a)   The number of Performance Shares to be earned under this Agreement shall be based upon the achievement of preestablished TSR percentile ranking performance as approved by the Compensation Committee of the Company’s Board of Directors (the “Committee”) for the Performance Period, based on the following chart:

 

1

 

Total Shareholder Return

 

	
TSR Percentile
   Ranking Goal
    	
 
    	
Percent of Target
   Performance Share
   Award Earned
    
	
 
    	
 
    	
 
    	
 
    
	
>  th
    	
 
    	
200%
    	
 (maximum)
    
	
    th
    	
 
    	
150%
    	
 
    
	
    th
    	
 
    	
100%
    	
 (target)
    
	
    th
    	
 
    	
75%
    	
 
    
	
    th
    	
 
    	
50%
    	
 (threshold)
    
	
<  th
    	
 
    	
0%
    	
 
    

 

Interpolation shall be used to determine the percentile rank in the event the Company’s TSR Percentile Rank does not fall directly on one of the ranks listed in the above chart.

 

(b)         For this purpose, TSR shall be determined as follows:

 

	
 
    	
TSR
    	
=
    	
Change in Stock Price + Dividends Paid
    	
 
    
	
 
    	
 
    	
 
    	
Beginning Stock Price
    	
 
    

 

(i)            Beginning Stock Price shall mean the average of the Daily Averages for each of the twenty (20) trading days immediately prior to the first day of the Performance Period;

 

(ii)           Ending Stock Price shall mean the average of Daily Averages for each of the last twenty (20) trading days of the Performance Period;

 

(iii)          Change in Stock Price shall mean the difference between the Beginning Stock Price and the Ending Stock Price; and

 

(iv)          Dividends Paid shall mean the total of all dividends paid on one (1) share of stock during the applicable calendar quarter(s) during the Performance Period, provided that dividends shall be treated as though they are reinvested at the end of each calendar quarter based on the stock price at the end of each calendar quarter.

 

(v)           Daily Average shall mean the average of the high and low stock price on the applicable stock exchange of one share of stock for a particular trading day.

 

(c)         Following the TSR determination, the Company’s Percentile Rank against the “Peer Group” shall be determined.  Once the Company’s Percentile Rank is determined, the 

 

2

 

Performance Shares to be awarded shall then be determined based on the chart in Section 3(a).

 

(d)         “Peer Group” shall mean the companies listed below, categorized by industry. If two companies in the Peer Group merge, or one is acquired, the new company will be included in the Peer Group. If a company merges with a company not in the Peer Group, the company will be removed and its TSR will not be included as part of the Peer Group.

 

	
Agricultural Processing
    	
Paper/Timber
    
	
Archer   Daniels Midland Company
    	
AbitibiBowater Inc.
    
	
Bunge Limited
    	
Buckeye Technologies Corporation
    
	
Gruma, S.A. de C.V.
    	
Deltic Timber Corp.
    
	
MGP   Ingredients, Inc.
    	
MeadWestvaco Corporation
    
	
Penford   Corp.
    	
Potlatch Corporation
    
	
Tate   & Lyle — ADR
    	
Smurfit-Stone Container Corp.
    
	
 
    	
Wausau Paper Corporation
    
	
Agricultural Production/Farm Production
    	
 
    
	
Alico   Inc.
    	
 
    
	
Alliance   One International
    	
 
    
	
Universal   Corporation
    	
 
    
	
 
    	
 
    
	
Agricultural Chemicals
    	
 
    
	
Agrium   Inc.
    	
 
    
	
Monsanto   Company
    	
 
    
	
Potash   Corporation of Saskatchewan Inc.
    	
 
    
	
Syngenta AG-ADR
    	
 
    
	
Terra Nitrogen Co.-LP
    	
 
    

 

Article 4. Termination Provisions

 

Except as provided below, the Participant shall be eligible for payment of awarded Performance Shares, as determined in Section 3, only if the Participant’s employment with the Company continues through the end of the Performance Period.

 

If the Participant’s employment with the Company terminates prior to the end of the Performance Period by reason of death, retirement on or after age 55 (with a minimum of 10 years of employment or service with the Company) or the occurrence of such Participant’s Disability Date, subject to the Committee’s approval, a pro-rated payment will be provided at the end of the Performance Period of all or any portion of the Performance Award which would have been paid to such Participant for such Performance Period as long as the termination of employment occurred in years two or three of the Performance Period.

 

Upon termination of employment prior to the end of the Performance Period under any other circumstances, the Committee, in its sole discretion and taking into consideration the performance of the Participant and the performance of the Company during the Performance Period, may authorize the payment to the Participant (or his legal representative) at the end of the Performance Period of all or any portion of the Performance Share Award which would have been paid to the Participant for such Performance Period.

 

3

 

If the Participant’s employment with the Company terminates for any other reason prior to the end of the Performance Period, then the award which is subject to such Performance Period on the effective date of the Participant’s termination of employment shall, except as otherwise authorized by the Committee pursuant to the preceding paragraph, be forfeited to and cancelled by the Company.

 

Article 5. Dividends

 

The Participant shall have no right to any dividends which may be paid with respect to shares of Company common stock until any such shares are paid to the Participant following the completion of the Performance Period.

 

Article 6. Form and Timing of Payment of Performance Shares

 

(a)         The payment of the Performance Share Awards shall be paid to the Participant no later than two and one-half months after the end of the Performance Period.  Payment of the Performance Shares awarded shall be made subject to the following:

 

(i)            The Participant shall have no rights with respect to any Award until such award shall be paid to such Participant.

 

(ii)           If the Committee determines, in its sole discretion, that the Participant at any time has willfully engaged in any activity that the Committee determines was or is harmful to the Company, any unpaid Award will be forfeited by the Participant.

 

(b)         Performance Shares awarded, if any, will only be paid out in shares of Company stock.

 

(c)         The Participant may defer receipt of all or any portion of the Performance Shares awarded hereunder, upon such terms and conditions stated in the deferral election form by filing such written election with the Senior Vice President of Human Resources  no later than six months prior to the termination of the Performance Period, provided such election is made in a manner which complies with the requirements of Code Section 409A. Deferrals may only be made into the Corn Products International, Inc. phantom unit investment option under the Corn Products International, Inc. Supplemental Executive Retirement Plan or a successor to that investment option.

 

4

 

Article 7. Nontransferability

 

Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.  Further, except as otherwise provided in a Participant’s Award Agreement, the Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s legal representative.

 

Article 8. Administration

 

This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan.  It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant. Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan.

 

Article 9. Miscellaneous

 

(a)         The selection of any employee for participation in the Plan and this Agreement shall not give such Participant any right to be retained in the employ of the Company. The right and power of the Company to dismiss or discharge the Participant is specifically reserved. The Participant or any person claiming under or through the Participant shall not have any right or interest in the Plan or any Award thereunder, unless and until all terms, conditions, and provisions of the Plan that affect the Participant have been complied with as specified herein.

 

(b)         With the approval of the Board, the Committee may terminate, amend, or modify this Agreement; provided, however, that no such termination, amendment, or modification of this Agreement may in any way adversely affect the Participant’s rights under this Agreement without the Participant’s written consent.

 

(c)         This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

(d)         Notwithstanding any other provision of this Agreement or the Plan to the contrary, the Board of Directors may amend the Plan or this Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Agreement to any present or future law relating to plans of this or similar nature (including, but not limited to, Code Section 409A), and to the administrative regulations and rulings promulgated thereunder.

 

5

 

(e)         To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 

(e)         The Company shall have the power and right to deduct or withhold, or require the Participant to remit to Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising under this Agreement.

 

(f)          With respect to withholdings required upon payment of Company stock in satisfaction of all of the Performance Shares awarded, the Company will withhold Company stock having an aggregate Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that could be imposed on the transaction.

 

(g)         In the event of a Change in Control, the Performance Period will be deemed to have ended, and the Performance Shares will be considered earned and the Target Performance Share Award amount will be paid out in accordance with the Plan. Such deemed earned Performance Shares shall be paid out as soon as practicable.

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of                                             , 20    .

 

	
 
    	
 
    	
Corn   Products International, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
EXECUTIVE
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

6Exhibit 10.2

 

Corn Products International

Notice of Grant of Stock Option

And Option Award Agreement

 

NAME

 

Effective                     , 20    , you have been granted a Non-Qualified Stock Option (the “Option”), under the Corn Products International, Inc. Stock Incentive Plan (the “Plan”), to purchase            shares of Common Stock (“Shares”) of Corn Products International, Inc. (the “Company”) at a price of $         per Share. This Award Agreement and the Plan together govern your rights under the Plan and set forth all of the conditions and limitations affecting such rights.

 

Capitalized terms used in this Award Agreement shall have the meanings ascribed to them in the Plan or in this Award Agreement. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, except as otherwise provided in the Plan, the Plan’s terms shall supersede and replace the conflicting terms of this Award Agreement.

 

Overview of Your Grant

 

1.               Vesting Period: The Options do not provide you with any rights or interests therein until they vest in accordance with the following:

 

Options become exercisable in three equal installments on the first three anniversaries of the date of grant (one-third of these Options will vest on                         , 20     one-third will vest on                    , 20    , and the final one-third will vest on                         , 20    ). The Option shall remain exercisable until                   , 20    .  However, the Option may expire prior to such date if your employment with the Company terminates prior to exercising such Option, as stated in Section 2.3 of the Plan.

 

2.               Requirements of Law: The granting of Options and the issuance of Shares under the Plan shall be subject to, and conditioned upon, satisfaction of all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

3.               Tax Withholding: The Company shall have the power and the right to deduct or withhold, or require you or your beneficiary to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Award Agreement.  You or your beneficiary may satisfy may satisfy any such obligation by any of the following means: (A) a cash payment to the Company in the amount necessary to satisfy any such obligation, (B) delivery (either actual delivery or by attestation procedures established by the Company) to the Company of shares of Common Stock having an aggregate Fair Market Value, determined as of the date of the obligation to withhold or pay taxes arises in connection with the Option ( the “Tax Date”), equal to the amount necessary to satisfy any such obligation, (C) authorizing the Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the Tax Date, or withhold an amount of cash which would otherwise be payable to a holder, equal to the amount necessary to satisfy any such obligation, (D) a cash payment in the amount necessary to satisfy any such obligation by a broker-dealer acceptable to the Company to whom you or your beneficiary has submitted an irrevocable notice of exercise or (E) any combination of (A), (B) and (C). Shares of Common Stock to be delivered or withheld may not have an aggregate Fair Market Value, determined as of the Tax Date, in excess of the amount determined by applying the minimum statutory

 

 

withholding rate.  Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by you or your beneficiary.

 

4.               Continuation of Employment: This Award Agreement shall not confer upon you any right to continuation of employment by the Company, its affiliates, and/or its Subsidiaries, nor shall this Award Agreement interfere in any way with the Company’s, its affiliates’, and/or its Subsidiaries’ right to terminate your employment at any time.

 

5.               No Right to Future Grants; No Right of Employment; Extraordinary Item: In accepting the grant, you acknowledge that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, suspended or terminated by the Company at any time, as provided in the Plan and this Award Agreement; (b) the grant of the Options is voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, even if Options have been granted repeatedly in the past; (c) all decisions with respect to future Option grants, if any, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary;  (e) the Options are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (f) in the event that you are an employee of an affiliate or Subsidiary of the Company, the Option grant will not be interpreted to form an employment contract or relationship with the Company; and furthermore, the Option grant will not be interpreted to form an employment contract with the affiliate or Subsidiary that is your employer; (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (h) if the underlying Shares do not increase in value, the Options will have no value; (i) if you exercise your Option and obtain Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the Option Price; (j) no claim or entitlement to compensation or damages arises from termination of the Options or diminution in value of the Options or Shares purchased through exercise of the Options and you irrevocably release the Company, its affiliates and/or its Subsidiaries from any such claim that may arise; and (k) in the event of involuntary termination of your employment, your right to receive Options and vest in Options under the Plan, if any, will terminate in accordance with the terms of the Plan and will not be extended by any notice period mandated under local law; furthermore, your right to exercise the Options after such termination of employment, if any, will be measured by the date of termination of your active employment and will not be extended by any notice period mandated under local law.

 

6.               Administration: This Award Agreement and your rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Board or the Committee may adopt for administration of the Plan.

 

 

Corn Products International, Inc.

 

 

	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

By your signature below, you represent that you are familiar with the terms and provisions of the Corn Products International, Inc. Stock Incentive Plan, and hereby accept this Award Agreement subject to all of the terms and provisions thereof.    You further agree to notify the Company upon any change in residence.

 

	
 
    	
 
    
	
Signature
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date

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