Document:

exv10w1

 

Exhibit 10.1

Stock Incentive Plan

20__ Performance Plan 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 Performance Measures
	 	 	1	 
	 
	 	 	 	 
	Article 4. Termination Provisions
	 	 	4	 
	 
	 	 	 	 
	Article 5. Dividends
	 	 	4	 
	 
	 	 	 	 
	Article 6. Form and Timing of Payment of Performance Shares
	 	 	5	 
	 
	 	 	 	 
	Article 7. Nontransferability
	 	 	5	 
	 
	 	 	 	 
	Article 8. Administration
	 	 	5	 
	 
	 	 	 	 
	Article 9. Miscellaneous
	 	 	5	 

 

 

Corn Products International, Inc.

Stock Incentive Plan

20___ Performance Plan 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 Measures:

	 	Relative Total Shareholder Return (“TSR”) – 50%
	 

	 	Return on Capital Employed (“ROCE”) – 50%

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.

The Plan provides a complete description of the terms and conditions governing the Performance
Shares. If there is any inconsistency between the terms of this Agreement and the terms of 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 Performance Measures

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

 

 

Total Shareholder Return

	 	 	 
	 	 	Percent of Target
	TSR Percentile	 	Performance Share
	Ranking Goal	 	Award Earned
	 
	3  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.
	 
	 	 	Unless otherwise determined by the Committee, a minimum of a positive TSR must be
achieved at the end of the three-year cycle for this portion of the award to be earned.
	 
	(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, 50% of the
Performance Shares target 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 or if a company
declares bankruptcy, the company will be removed and its TSR will not be included as part
of the Peer Group.

	 	 	 
	AG Processing

Archer Daniels Midland Company

Bunge Limited

Gruma, S.A. de C.V.

MGP Ingredients, Inc.

Penford Corp

Tate & Lyle — ADR

AG Production/Farm Production

Alico Inc

Alliance One International

Charles River Labs International Inc.

Delta & Pine Land Co.

Universal Corporation

AG Chemicals

Agrium Inc.

Monsanto Company

Potash Corporation of Saskatchewan Inc.

Syngenta AG-ADR

Terra Industries Inc.

Terra Nitrogen Co.-LP

	 	Paper/Timber/Planing

Abitibi-Consolidated Inc.

Aracruz Celulose S.A.-ADR

Bowater Inc.

Buckeye Technologies Corporation

Caraustar Industries Inc

Chesapeake Corporation

Deltic Timber Corp.

Domtar Inc.

MeadWestvaco Corporation

Pope & Talbot Inc.

Potlatch Corporation

Smurfit-Stone Container Corp

Wausau Paper Corporation

Return on Capital Employed

The second measure is based on the Company’s ability to meet its return on capital employed (ROCE)
by the end of the performance period. The target ROCE that must be achieved to earn 100% is ___%.
The calculation will be based on the opening balance sheet in the third year; measured against the
net operating profit after tax in the third year. Fifty percent of the Performance Shares award
target for the ROCE metric will be earned according to the following table.

 

 

	 	 	 	 	 
	Return on Capital Employed	 	Percent Earned
	 
	>  %
	 	 	200	%
	%
	 	 	150	%
	%
	 	 	100	%
	%
	 	 	75	%
	%
	 	 	50	%
	<  %
	 	 	0	 
	 

An extraordinary event as judged by the Committee may result in the change of the goal.

Once the number of Performance Shares to be awarded based on the Company’s performance measures
results are known, then the Committee may decrease or eliminate entirely the number of Performance
Shares to be awarded based on whether the Participant’s individual performance during the
Performance Period was acceptable (an average rating of “meets expectation” or above).

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, a pro-rated
payment will be provided as long as the event occurred in years two or three of the period, subject
to the Committee’s approval. Upon termination of employment 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.

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 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 right 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 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 Supplemental Executive Retirement Plan or a successor to that
investment option.

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.
	 
	 	(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:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:exv10w2

 

Exhibit 10.2

Corn Products International

Notice of Grant of Stock Option

And Option Award Agreement

                    :

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 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, 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 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 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.
	 
	4.	 	Stock Withholding: With respect to withholding required upon any taxable event arising as a
result of Options granted hereunder, the Company will satisfy the withholding requirement by
withholding Shares having a Fair Market Value equal to the total minimum statutory tax
required to be withheld on the transaction.
	 
	5.	 	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.

 

U.S.

 

 

	6.	 	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 Option is an extraordinary item that does not constitute compensation of any kind for
services of any kind rendered to the Company, and which is outside the scope of your
employment contract, if any; (f) 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; (g) 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; (h) the future value of the underlying Shares is unknown and cannot be
predicted with certainty; (i) if the underlying Shares do not increase in value, the Options
will have no value; (j) 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;
(k) 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 (l) notwithstanding any terms or conditions of the Plan to the
contrary, 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 effective as of the date
that you are no longer actively employed and will not be extended by any notice period
mandated under local law; furthermore, in the event of involuntary termination of employment,
your right to exercise the Options after 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.
	 
	7.	 	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 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.

                                                            

Name

                                                            

Date

 

U.S

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