Document:

Exhibit 10.24

 

[Letterhead of Ilene S.
Gordon

Chairman and Chief Executive
Officer

Corn Products International, Inc.]

 

	
  March 26,
  2010

  	
   

  	
  Private and Confidential

  

 

Ms. Diane
Frisch

735
N. East Avenue

Oak
Park, Illinois 60302

 

Dear
Ms. Frisch

 

I
am pleased to confirm our offer of employment to you for the position of Vice
President, Human Resources and welcome you to Corn Products International, Inc.
(the “Company”).  We look forward to
having you join our organization according to the terms supplied in this correspondence.

 

You
will be joining Corn Products at a monthly salary of $25,000 which equates to
an annual base salary of $300,000.  Your
first day of work will be May 1, 2010. 
You are eligible to receive four weeks vacation.

 

You
will be presented to the Board of Directors for election as an officer of the
Company on May 19, 2010.  Further,
the Company will seek the Compensation Committee’s approval for the other
components of your compensation including approval of a bonus target of 65% of
base salary and a grant under the Company’s long-term incentive compensation
program (“LTIP”) with a total market value of $256,000 (determined on the date
of the grant of the awards) as follows: (1) 50% will consist of a grant of
stock options, the number and exercise price of which will be determined on the
date of grant using a Black Sholes value of Company stock on such date, and (2) 50%
will consist of performance shares, the number of which will be determined
based on the fair market value of Company stock on the date of grant.  The performance shares can be earned based on
the Company’s total shareholder return over a three year period.  Your participation in the LTIP will be
subject to the terms and conditions of the LTIP and the awards granted under
the LTIP.  The full term of these awards
will be provided to you upon Board approval.

 

In
addition to being provided with a Company car, you will be eligible to
participate in all employee benefits provided to senior executives of the
Company, including the following:

 

 

	
  ·

  	
   

  	
  Qualified
  defined contribution plan

  	
   

  	
  ·

  	
   

  	
  Able
  to contribute up to 25% of eligible compensation on either a before-tax or
  after-tax basis

  
	
   

  	
   

  	
   

  	
   

  	
  ·

  	
   

  	
  Company
  matches dollar for dollar on first 6% of employee contributions

  
	
   

  	
   

  	
   

  	
   

  	
  ·

  	
   

  	
  Company
  contributions vest 100% after 3 years

  
	
  ·

  	
   

  	
  Qualified
  cash balance plan

  	
   

  	
  ·

  	
   

  	
  Company-provided
  pay: 3%—10% of eligible compensation, based on years of service

  
	
   

  	
   

  	
   

  	
   

  	
  ·

  	
   

  	
  Interest
  credit equal to short-term U.S. Treasuries

  
	
   

  	
   

  	
   

  	
   

  	
  ·

  	
   

  	
  Vests
  100% after 3 years

  
	
  ·

  	
   

  	
  Nonqualified
  defined contribution plan

  	
   

  	
  ·

  	
   

  	
  Restores
  benefits (both employee deferral and employer match) otherwise limited by IRS

  
	
  ·

  	
   

  	
  Nonqualified
  cash balance plan

  	
   

  	
  ·

  	
   

  	
  Restores
  benefits otherwise limited by IRS

  
	
  ·

  	
   

  	
  Nonqualified
  deferred compensation

  	
   

  	
  ·

  	
   

  	
  Allows
  deferral of up to 20% of salary, 100% of annual bonus, and 100% of
  performance share plan

  
	
  ·

  	
   

  	
  Financial
  counseling and tax preparation

  	
   

  	
  ·

  	
   

  	
  $5,000
  annually

  

 

In
the event of your involuntary termination by the Company without cause you will
be paid severance in the amount of your base annual salary as in effect on the
date of termination.

 

For
a period of one-year following your termination of employment with the Company,
you agree that you will not be employed by or otherwise perform services for
any of the following competitors of the Company: ADM, Cargill, Bunge, Tate &
Lyle, Roquette or National Starch, and their affiliates and successors.

 

Your
employment is contingent upon successful completion of a test for the presence
of illegal drugs.  After you sign and
return this conditional offer of employment, please call Pat Palmeri,  RN, Occupational Health Nurse, after April 9 to
receive instructions about how to proceed with your drug test.  You may reach her at (708) 563-5314.

 

Your
employment is also contingent upon the results of a background check as stated
on the employment application. 
International Profiles is the company that conducts the background
checks for Corn Products, and you should expect to be contacted by them within
the next few days.  During orientation,
the benefits programs will be explained to you and you will be required to
provide documents verifying your legal status to work in the United
States.  Your ability to provide proof of
your eligibility to work for Corn Products International, Inc. in the
United States is required by law.

 

On
your first day of work, please report to the fifth floor of 5 Westbrook
Corporate Center in Westchester, at 8:30 a.m.  At the reception desk, please ask for Shari
Kujawa (708) 551-2677.

 

2

 

To
expedite your placement on the payroll, a Personal Data/New Hire form is
enclosed.  Please complete and return
this along with your signed offer letter in the enclosed, overnight envelope by
April 9, 2010.  Please write your
name on this form as it appears on your Social Security card.  You will note there are two originals of the
offer letter, please retain one for your files.

 

As
with all employment offers, please realize that your employment is not for any
specific duration and may be terminated at will by either you or the
Company.  Also, the terms of your
employment including, but not limited to, benefits and compensation programs
are subject to change at any time.

 

Diane, I
am happy that you have chosen to join Corn Products International, Inc.,
and I am looking forward to working with you. 
If you should have any questions, please feel free to contact me at
708/551-2591

 

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
  /s/
  Ilene S. Gordon

  	
   

  
	
  Ilene
  S. Gordon

  	
   

  
	
  Chairman,
  President and Chief Executive Officer

  	
   

  

 

ISG/lb

Enclosures

 

3

 

Accepted

 

	
  /s/
  Diane J. Frisch

  	
   

  	
  4/2/10

  
	
  Signature

  	
   

  	
  Date

  

 

 

	
  May 1,
  2010

  	
   

  
	
  Start
  Date

  	
   

  

 

4Exhibit 10.25

 

Corn Products International

Executive Severance Agreement

 

Agreement,
made this 1st day of May, 2010, by and between Corn Products International, Inc., a Delaware corporation (the “Company”), and Diane Frisch
(the “Executive”).

 

WHEREAS,
the Executive is a key employee of the Company or a subsidiary of the Company
as defined in Section 1.1(b) hereof (“Subsidiary”), and

 

WHEREAS,
the Board of Directors of the Company (the “Board”) considers the maintenance
of a sound management to be essential to protecting and enhancing the best
interests of the Company and its stockholders and recognizes that the
possibility of a change in control raises uncertainty and questions among key
employees and may result in the departure or distraction of such key employees
to the detriment of the Company and its stockholders; and

 

WHEREAS,
the Board wishes to assure that it will have the continued dedication of the
Executive and the availability of the Executive’s advice and counsel
notwithstanding the possibility, threat or occurrence of a bid to take over
control of the Company, and to induce the Executive to remain in the employ of
the Company or a Subsidiary; and

 

WHEREAS,
the Executive is willing to continue to serve the Company and its Subsidiaries
taking into account the provisions of this Agreement;

 

NOW,
THEREFORE, in consideration of the foregoing, and the respective covenants and
agreements of the parties herein contained, the parties agree as follows:

 

1

 

Article 1. Change in Control

 

1.1        Benefits shall be provided
under Article 3 hereof only in the event there shall have occurred a “Change
in Control”, as such term is defined below, and the Executive’s employment by
the Company and its Subsidiaries shall thereafter have terminated in accordance
with Article 2 below within the period beginning on the date of the “Change
in Control” and ending on the second anniversary of the date of the “Change in
Control” (the “Protection Period”). If any Protection Period terminates without
the Executive’s employment having terminated, any subsequent “Change in Control”
shall give rise to a new Protection Period. No benefits shall be paid under Article 3
of this Agreement if the Executive’s employment terminates outside of a Protection
Period.

 

(a) “Change in Control”
shall mean:

 

(1)     The acquisition
by any individual, entity or group (a “Person”), including any “person”
within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act, of beneficial ownership within the meaning of Rule 13d-3
promulgated under the Exchange Act, of 20% or more of either (i) the then
outstanding shares of common stock of the Company (the “Outstanding Common
Stock”) or (ii) the combined voting power of the then outstanding
securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Voting Securities”); excluding, however, the
following: (A) any acquisition directly from the Company (excluding any
acquisition resulting from the exercise of an exercise, conversion or exchange
privilege unless the security being so exercised, converted or exchanged was
acquired directly from the Company), (B) any acquisition by the Company,
(C) any acquisition by an employee benefit plan (or related trust) sponsored
or maintained by the Company or any corporation controlled by the Company or
(D) any acquisition by any corporation pursuant to a transaction which
complies with clauses (i), (ii) and (iii) of
subsection (3) of this Section 1.1(a); provided further, that
for purposes of clause (B), if any Person (other than the Company or any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company) shall become the beneficial owner
of 20% or more of the Outstanding Common Stock or 20% or more of the
Outstanding Voting Securities by reason of an acquisition by the Company, and
such Person shall, after such acquisition by the Company, become the beneficial
owner of any additional shares of the Outstanding Common Stock or any
additional Outstanding Voting Securities and such beneficial ownership is
publicly announced, such additional beneficial ownership shall constitute a
Change in Control;

 

(2)     Individuals
who, as of the beginning of any consecutive two-year period constitute the
Board of Directors (the “Incumbent Board”) cease for any reason to
constitute at least a majority of such Board; provided that any individual who
subsequently becomes a director of the Company and whose election, or
nomination for election by the Company’s stockholders, was approved by the vote
of at least a majority of the directors then comprising the Incumbent Board
shall be deemed a member of the Incumbent Board; and provided further, that 

 

2

 

any individual who was initially elected as a director of the Company
as a result of an actual or threatened solicitation by a Person other than the
Board for the purpose of opposing a solicitation by any other Person with
respect to the election or removal of directors, or any other actual or
threatened solicitation of proxies or consents by or on behalf of any Person
other than the Board shall not be deemed a member of the Incumbent Board;

 

(3)     The
consummation of a reorganization, merger or consolidation of the Company or
sale or other disposition of all or substantially all of the assets of the
Company (a “Corporate Transaction”); excluding, however, a
Corporate Transaction pursuant to which (i) all or substantially all of
the individuals or entities who are the beneficial owners, respectively, of the
Outstanding Common Stock and the Outstanding Voting Securities immediately
prior to such Corporate Transaction will beneficially own, directly or
indirectly, more than 50% of, respectively, the outstanding shares of common
stock, and the combined voting power of the outstanding securities of such
corporation entitled to vote generally in the election of directors, as the
case may be, of the corporation resulting from such Corporate Transaction
(including, without limitation, a corporation which as a result of such
transaction owns the Company or all or substantially all of the Company’s
assets either directly or indirectly) in substantially the same proportions
relative to each other as their ownership, immediately prior to such Corporate
Transaction, of the Outstanding Common Stock and the Outstanding Voting
Securities, as the case may be, (ii)   no
Person (other than: the Company; any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the
Company; the corporation resulting from such Corporate Transaction; and any
Person which beneficially owned, immediately prior to such Corporate
Transaction, directly or indirectly, 15% or more of the Outstanding Common
Stock or the Outstanding Voting Securities, as the case may be) will
beneficially own, directly or indirectly, 25% or more of, respectively, the
outstanding shares of common stock of the corporation resulting from such
Corporate Transaction or the combined voting power of the outstanding
securities of such corporation entitled to vote generally in the election of
directors and (iii) individuals who were members of the Incumbent Board
will constitute at least a majority of the members of the board of directors of
the corporation resulting from such Corporate Transaction; or

 

(4)     The
consummation of a plan of complete liquidation or dissolution of the Company.

 

(b)         For purposes of
this Agreement, the term “Subsidiary” shall mean any corporation in which the
Company possesses directly or indirectly fifty percent (50%) or more of the
total combined voting power of all classes of stock.

 

(c)         Upon a Change
in Control, any restricted stock, stock options or other equity awards granted
to the Executive pursuant to the Corn Products International, Inc. Stock
Incentive Plan (the “Incentive Plan”) that are not vested shall vest on the
date of Change in Control 

 

3

 

in accordance with the terms of such plans and related
agreements. The Executive’s beneficiary with respect to such benefits shall be
the same person or persons as determined under the respective plan.

 

(d)         Immediately
prior to a Change in Control, the Company shall deliver to the Corn Products
International, Inc. Executive Benefit Trust, or a comparable “rabbi trust”,
to be held for the benefit of the Executive thereunder, cash or marketable
securities with a fair market value equal to the anticipated payments and
benefits to be provided to the Executive hereunder, as determined by the
Company in good faith, subject to approval by the Executive, which approval
shall not unreasonably be withheld.

 

Article 2. Termination Following Change in
Control

 

2.1        The Executive shall be
entitled to the benefits provided in Article 3 hereof upon any termination
of her employment with the Company and its Subsidiaries within a Protection
Period, except a termination of employment because of her death, because of a “Disability,”
by the Company for “Cause,” or by the Executive other than for “Good Reason.”

 

(a)         Disability. The Executive’s employment shall be deemed to have
terminated because of a “Disability” on the date on which the Executive becomes
eligible to receive long-term disability benefits under the Company’s Master Welfare
and Cafeteria Plan (the “Cafeteria Plan”) (or any other plan), or a similar
long-term disability plan of a Subsidiary, or a successor to the Cafeteria Plan
or to any such similar plan which is applicable to the Executive. If the
Executive is not covered for long-term disability benefits by the Cafeteria
Plan or a similar or successor long-term disability plan, the Executive shall
be deemed to have terminated because of a “Disability” on the date on which she
would have become eligible to receive long-term disability benefits if she were
covered for long-term disability benefits by the Company’s Cafeteria Plan.

 

(b)         Cause. Termination of the Executive’s employment by the
Company or a Subsidiary for “Cause” shall mean termination by reason of (A) the
Executive’s willful engagement in conduct which involves dishonesty or moral
turpitude which either (1) results in substantial personal enrichment of
the Executive at the expense of the Company or any of its Subsidiaries, or (2) is
demonstrably and materially injurious to the financial condition or reputation
of the Company or any of its Subsidiaries, (B) the Executive’s willful
violation of the provisions of the confidentiality or non-competition agreement
entered into between the Company or any of its Subsidiaries and the Executive
or (C) the commission by the Executive of a felony. An act or omission
shall be deemed “willful” only if done, or omitted to be done, in bad faith and
without reasonable belief that it was in the best interest of the Company and its
Subsidiaries. Notwithstanding the foregoing, the Executive shall not be deemed
to have been terminated for Cause unless and until there shall have been
delivered to the Executive a written notice of termination from the
Compensation and Nominating Committee of the Board or any successor thereto
(the “Committee”) after reasonable notice to the Executive and an opportunity
for the Executive, together with her counsel, to be heard before the Committee,
finding that, in the good faith opinion of such Committee, the Executive was
guilty of conduct set forth above in clause (A) or (B) of the first
sentence of this subsection (b) and specifying the particulars in detail.

 

4

 

(c)         Without Cause. The Company or a Subsidiary may terminate the
employment of the Executive without Cause during a Protection Period only by
giving the Executive written notice of termination to that effect. In that
event, the Executive’s employment shall terminate on the last day of the month
in which such notice is given (or such later date as may be specified in such
notice).

 

(d)         Good Reason. Termination of employment by the Executive for “Good
Reason” shall mean termination within a Protection Period:

 

(i)      If there has
occurred a reduction by the Company or a Subsidiary in the Executive’s base
salary in effect immediately before the beginning of the Protection Period or
as increased from time to time thereafter;

 

(ii)     If the Company
or a Subsidiary, without the Executive’s written consent, has required the
Executive to be relocated anywhere in excess of thirty-five (35) miles from her
office location immediately before the beginning of the Protection Period,
except for required travel on the business of the Company or a Subsidiary to an
extent substantially consistent with the Executive’s business travel
obligations immediately before the beginning of the Protection Period;

 

(iii)    If there has
occurred a failure by the Company or a Subsidiary to maintain plans providing
benefits substantially the same as those provided by any benefit or
compensation plan, retirement or pension plan, stock option plan, life
insurance plan, health and accident plan or disability plan in which the
Executive is participating immediately before the beginning of the Protection
Period, or if the Company or a Subsidiary has taken any action which would
adversely affect the Executive’s participation in or materially reduce the
Executive’s benefits under any of such plans or deprive the Executive of any
material fringe benefit enjoyed by the Executive immediately before the
beginning of the Protection Period, or if the Company or a Subsidiary has
failed to provide the Executive with the number of paid vacation days to which
she would be entitled in accordance with the applicable vacation policy of the
Company or Subsidiary as in effect immediately before the beginning of the
Protection Period;

 

(iv)    If the Company
or a Subsidiary has reduced in any manner which the Executive reasonably
considers important the Executive’s title, job authorities or responsibilities
immediately before the beginning of the Protection Period;

 

(v)     If the Company
has failed to obtain the assumption of the obligations contained in this
Agreement by any successor as contemplated in Section 9.2 hereof; or

 

(vi)    If there occurs
any purported termination of the Executive’s employment by the Company or a
Subsidiary which is not effected pursuant to a written notice of termination as
described in subsection (ii) or (iii) above; and for purposes of this
Agreement, no such purported termination shall be effective.

 

The Executive shall exercise her right to terminate her employment for
Good Reason by giving the Company a written notice of termination specifying in
reasonable detail the

 

5

 

circumstances constituting such Good Reason. However, the Company shall
have thirty (30) days to “cure” such that the circumstances constituting such
Good Reason are eliminated. The Executive’s employment shall terminate at the
end of such thirty (30)-day period only if the Company has failed to cure such
circumstances constituting the Good Reason.

 

A termination of employment by the Executive within a Protection Period
shall be for Good Reason if one of the occurrences specified in this subsection
(d) shall have occurred (and subject to the cure provision of the
immediately preceding paragraph), notwithstanding that the Executive may have
other reasons for terminating employment, including employment by another
employer which the Executive desires to accept.

 

(e)         Transfers; Sale of Subsidiary. A transfer of employment
from the Company to a Subsidiary, from a Subsidiary to the Company, or between
Subsidiaries shall not be considered a termination of employment for purposes
of this Agreement. If the Company’s ownership of a corporation is reduced so as
to cause such corporation to cease to be a “Subsidiary” as defined in Section 1.1(b) of
this Agreement and the Executive continues in employment with such corporation,
the Executive shall not be considered to have terminated employment for
purposes of this Agreement and the Executive shall have no right to any
benefits pursuant to Article 3 unless (a) a Change in Control
occurred prior to such reduction in ownership and (b) the Executive’s
employment terminates within the Protection Period beginning on the date of
such Change in Control under circumstances that would have entitled the
Executive to benefits if such corporation were still a Subsidiary.

 

Article 3. Benefits Upon Termination Within
Protection Period

 

3.1        If, within a Protection
Period, the Executive’s employment by the Company or a Subsidiary shall
terminate other than because of her death, because of a Disability, by the
Company for Cause, or by the Executive other than for Good Reason, if the
Executive signs a general release in a form acceptable to the Company that
releases the Company from any and all claims that the Executive may have, and
the Executive affirmatively agrees not to violate the provisions of Article 6
(a “General Release”), the Executive shall be entitled to the benefits provided
for below:

 

(a)         The Company or
a Subsidiary shall pay to the Executive through the date of the Executive’s
termination of employment base salary at the rate then in effect, together with
salary in lieu of vacation accrued and unused to the date on which Executive’s
employment terminates, and all other benefits due to Executive through the date
of Executive’s termination of employment, in accordance with the standard
payroll and other practices of the Company or Subsidiary.

 

(b)         The Company or
Subsidiary shall also pay to the Executive the amount equal to the target
annual bonus established for the Executive under the Company’s Annual Incentive
Program or a similar bonus plan of a Subsidiary (or a successor to any such
bonus plan) for the fiscal year in which the Executive’s termination of
employment occurs, reduced pro rata for that portion of the fiscal year not
completed as of the date of the Executive’s termination of employment.

 

6

 

(c)         The Company or
a Subsidiary shall pay the Executive as a severance payment an amount equal to
three (3) times the sum of (A) her highest base salary in effect
during any period of twelve (12) consecutive months within the thirty-six (36)
months immediately preceding her date of termination of employment; and (B) the
target annual bonus established for the Executive under the Company’s Annual
Incentive Program or a similar bonus plan of a Subsidiary (or a successor to
any such bonus plan) for the fiscal year in which the Executive’s termination
of employment occurs. However, if the Executive is at least sixty-two (62)
years of age as of the date of her termination of employment, the Committee
shall have the discretion to alternatively provide the Executive a severance
payment prorated for the number of full months until the Executive attains age
sixty-five (65).

 

(d)         If the
Executive is a participant in the Executive Life Insurance Plan (“ELIP”) on the
date of the Executive’s termination of employment, the Executive’s eligibility
to participate in the ELIP with respect to a Policy (as defined in the ELIP)
shall continue; provided that, during the thirty-six (36) or lesser month
benefit continuation period described in Section 3.1(e) below, the
Executive will attain at least age fifty-five (55) and would have completed, if
the Executive’s termination of employment had not occurred, at least five (5) Policy
Years (as defined in the ELIP) with respect to such Policy.

 

(e)         Subject to (i) and
(ii) below, the Company or a Subsidiary shall provide, at the exact same
cost as to the Executive, and at the same coverage level, as in effect as of
the Executive’s date of termination of employment, a continuation of the Executive’s
(and, where applicable, the Executive’s eligible dependents’) welfare benefit
coverage, including health insurance, dental insurance, group term life
insurance and long-term disability insurance (but excluding any flexible
spending accounts) for thirty-six (36) months from her date of termination of
employment (the “Benefit Period”). 
However, if the Executive is at least sixty-two (62) years of age as of
the date of her termination of employment, the Committee shall have the
discretion to alternatively provide the Executive’s (and the Executive’s
eligible dependents’) health insurance coverage as described under this
subsection (e) for the number of full months until the Executive attains
age sixty-five (65). The Executive’s
applicable COBRA health insurance benefit continuation period shall begin at
the end of this thirty-six (36) or lesser month benefit continuation
period.  If the Company is not able to
provide under its welfare benefit plans for employees all or any portion of the
welfare benefit coverage required to be provided to the Executive pursuant to
this Section 3.1(e), the Company shall provide such coverage through
alternative insurance coverage, at the exact same cost as to the Executive, and
at the same level of benefits to the Executive, as in effect as of the date of
the Executive’s termination of employment.

 

(i)      If the
Executive becomes covered under the health insurance, dental insurance, group
term life insurance or long-term disability insurance coverage of a subsequent
employer which does not contain any exclusion or limitation with respect to any
preexisting condition of the Executive or the Executive’s eligible dependents,
the Company’s obligation to provide health insurance, dental insurance, group
term life insurance or long-term disability insurance coverage pursuant to this
Section 3.1(e), whichever is applicable, shall be discontinued prior to
the end of the thirty-six (36) 

 

7

 

or lesser month continuation period. For purposes of enforcing this
offset provision, the Executive shall have a duty to inform the Company as to
the terms and conditions of any subsequent employment and the corresponding
benefits earned from such employment. The Executive shall provide, or cause to provide,
to the Company in writing correct, complete, and timely information concerning
the same.

 

(ii)     If, as of the
Executive’s date of termination of employment, the provision to the Executive
of the health insurance, dental insurance, group term life insurance or
long-term disability insurance coverage described in this Section 3.1(e) would
either: (1) violate the terms of the Company’s health insurance, dental
insurance, group term life insurance or long-term disability insurance plan (or
any other related insurance policies), (2) violate any of the Code’s
nondiscrimination requirements applicable to the health insurance, dental
insurance, group term life insurance or long-term disability insurance
coverage, or (3) cause the Executive to be subject to the excise tax under
IRC 409A, then the Company, in its sole discretion, may elect to pay the
Executive, in lieu of the health insurance, dental insurance, group term life
insurance or long-term disability insurance coverage, described under this Section 3.1(e),
whichever is applicable, cash payments equal to the total monthly premiums (or
in the case of a self-funded health insurance plan, the cost of COBRA
continuation coverage) that would have been paid by the Company for the
Executive under the health insurance, dental insurance, group term life
insurance or long-term disability insurance plan from the date of termination
through the thirty-six (36) or lesser months following such date.

 

In the event that any health insurance, dental insurance, group term
life insurance or long-term disability insurance coverage provided under this Section 3.1(e) is
subject to federal, state, or local income or employment taxes (other than any
such taxes which were applicable to the same extent to the Executive’s
insurance coverage prior to the Executive’s termination of employment) or IRC Section 409A
excise tax, or in the event that cash payments are made in lieu of all or a
part of such insurance coverage, the Company shall provide the Executive with
an additional payment in the amount necessary such that after payment by the
Executive of all such taxes (calculated after assuming the Executive pays such
taxes for the year in which the payment or benefit occurs at the highest
marginal tax rate applicable), including any taxes imposed on the additional
payments, the Executive effectively received coverage on a tax-free basis
(other than any such taxes which were applicable to the same extent to the
Executive’s insurance coverage prior to the Executive’s termination of employment)
or retains a cash amount equal to the cash payments in lieu of insurance
coverage provided pursuant to this Section 3.1(e), reduced by any such
taxes which are applicable to the Executive’s insurance coverage same extent as
prior to the Executive’s termination of employment.

 

(f)          The Company
shall also (i) credit to the Executive’s Cash Balance Plan Make-Up Account
in the Company’s Supplemental Executive Retirement Plan or any successor plan
(the “SERP”) an amount equal to the value of any benefits forfeited under the
Company’s Cash Balance Plan for Salaried Employees or any successor plan and (ii) credit
to the Executive’s Savings Plan Make-Up Account in the SERP an amount equal

 

8

 

to the value of any benefits forfeited under the Company’s Retirement
Savings Plan for Salaried Employees or any successor plan.

 

(g)         The Company
shall provide the Executive with three (3) additional years of service
credits under the Company’s Cash Balance Plan for Salaried Employees and under
the Executive’s Cash Balance Plan Make-Up Account in the SERP or any successor
plans.  However, if the Executive is at
least sixty-two (62) years of age as of the date of her termination of
employment, the Company shall provide the Executive with a pro rata portion of
three (3) additional years of service credits, based on the number of full
months until the Executive attains age sixty-five (65).  All additional years of service credits
(including credits under the Company’s Cash Balance Plan for Salaried Employees
and under the Executive’s Cash Balance Plan Make-Up Account in the SERP)  will be calculated consistently with the
provisions in the plans, will be based on target total cash compensation as of
the date employment terminates (base salary plus target annual bonus), and will
be credited to the Executive’s Cash Balance Plan Make-Up Account in the
SERP.  Any distribution from the SERP
with respect to such additional credits shall comply with Section 5.1.

 

(h)         The Company
shall credit to the Executive’s Savings Plan Make-Up Account in the SERP an
amount equal to three (3) times the sum of (i) the employer matching
contributions and profit sharing contributions made to the Executive’s accounts
under the Company’s Retirement Savings Plan for Salaried Employees and (ii) the
employer matching contributions and profit sharing contributions credited to
the Executive’s Savings Plan Make-Up Account in the SERP or any successor
plans, in each case for the most recent plan year that ended before the date of
the Change in Control or, if higher, for the most recent plan year that ended
after the date of the Change in Control (in either case, annualized to the
extent that such plan year consisted of less than twelve (12) months and/or the
Executive was not eligible to participate in the Company’s Retirement Savings
Plan or Savings Plan Make-Up Account in the SERP, as applicable, for the full
plan year).  However, if the Executive is
at least sixty-two (62) years of age as of the date of her termination of
employment, the Company shall provide the Executive with a pro rata portion of
three (3) times the sum of such employer matching contributions and profit
sharing contributions, based on the number of full months until the Executive
attains age sixty-five (65).  Any
distribution from the SERP with respect to such additional credits shall comply
with Section 5.1.

 

(i)          The Executive’s
Cash Balance Plan Make-Up Account and Savings Plan Make-Up Account in the SERP
shall be fully vested on the date of the Executive’s termination of employment.

 

(j)          The Executive
shall receive the cash value of her current retiree healthcare spending account
(“RHCSA”) and related dependent healthcare spending account, plus the value of
three (3) additional years of Company contributions to such accounts.  However, if the Executive is at least
sixty-two (62) years of age as of the date of her termination of employment,
the Company shall provide the Executive with a pro rata portion of the value of
three (3) additional years of Company contributions to such accounts,
based on the number of full months until the Executive attains age sixty-five
(65).  The Executive 

 

9

 

shall be immediately vested in her RHCSA and related dependent
healthcare spending account on the date of the Executive’s termination of
employment and the account balances will be paid out in accordance with the
terms of the Company’s Master Retiree Welfare Plan or any successor plan. To
the extent the Executive’s RHCSA and related dependent healthcare spending
account may not be immediately vested and paid out under the Company’s Master
Retiree Welfare Plan or any successor plan, such amounts shall be paid out of
the general assets of the Company.  In
addition, notwithstanding anything to the contrary in the Company’s Master
Retiree Welfare Plan or any successor plan, the Executive shall be immediately
eligible to participate in the benefits available to Retirees thereunder, and
the Executive and the Executive’s spouse shall remain eligible for their
lifetimes, to participate, on an after-tax basis in the event that the
Executive’s RHCSA or dependent healthcare spending account, whichever is
applicable, has a zero balance, to participate the benefits provided to Retiree’s
under the Company’s Master Retiree Welfare Plan or any successor plan as of the
date of the Executive’s termination of employment.  If the Company is not able to provide under
its Master Retiree Welfare Plans or any successor plan all or any portion of
the welfare benefit coverage required to be provided to the Executive and the
Executive’s spouse pursuant to this Section 3.1(j), the Company shall
provide such coverage through alternative insurance coverage.

 

(k)         The Company
shall provide the Executive with executive-level outplacement services for a
period of one (1) year from the date of the Executive’s termination of
employment. Such outplacement services shall be provided through an
outplacement firm that is mutually agreed upon by the parties.

 

(l)          The Company
shall (i) pay the Executive a lump sum cash amount equivalent to the same
level of personal allowances (such as club dues and automobile expenses) for
the period of three (3) months, as the Executive received immediately prior
to her termination of employment, and (ii) continue to pay the lease
payments on the vehicle provided to the Executive by the Company for a period
of three (3) months or, if less, the remainder of the lease period in
effect as of the Executive’s date of termination of employment.  The Executive shall be entitled to the
continued use of such vehicle during such period and to purchase the vehicle at
the end of such period on the terms provided in the applicable lease agreement.

 

(m)        All other
rights and benefits that the Executive is vested in, pursuant to other plans
and programs of the Company.

 

The Executive shall be entitled to all
payments and benefits provided for by or pursuant to this Section 3.1
whether or not she seeks or obtains other employment, except as otherwise
specifically provided in this Section 3.1.

 

Article 4. Benefits Upon Termination Outside of
Protection Period

 

4.1        If, outside of a Protection
Period, the Executive’s employment by the Company or a Subsidiary shall be
terminated by the Company without Cause, if the Executive signs a General
Release, the Executive shall be entitled to the benefits provided for below:

 

10

 

(a)         The Company or
a Subsidiary shall pay to the Executive through the date of the Executive’s
termination of employment base salary at the rate then in effect, together with
salary in lieu of vacation accrued and unused to the date on which Executive’s
employment terminates, and all other benefits due to Executive through the date
of Executive’s termination of employment, in accordance with the standard
payroll and other practices of the Company or Subsidiary.

 

(b)         The Company or
Subsidiary shall also pay to the Executive as a severance payment an amount
equal to one (1) times her base salary in effect on the date of her date
of termination of employment.

 

Article 5. Benefits Payment Schedule

 

5.1        Payment Schedule. Payments due to
the Executive pursuant to Article 3 or Article 4 shall be paid as
follows:

 

(a)         If the Executive
is not a “Specified Employee” (as that term is defined and determined under IRC
Section 409A) or if the Executive is a Specified Employee, then only with
respect to payments provided in Section 3.1 or 4.1 that are not deferred
compensation subject to IRC Section 409A, as soon as administratively
practicable, but in no event later than March 15 of the calendar year
after the calendar year of the Executive’s date of Separation from Service (as
defined under IRC Section 409A); and

 

(b)         If the
Executive is a Specified Employee, for payments that are deferred compensation
subject to IRC Section 409A, as soon as administratively practicable on or
after, but in no event later than the end of the calendar year in which such
date occurs, or, if later, the 15th day of the
third calendar month following such date, the date six (6) months
following the Executive’s date of Separation from Service.

 

Notwithstanding
the above, the Company’s obligation to pay severance amounts due to the
Executive pursuant to Article 3 or Article 4, to the extent not
already paid, shall cease immediately and such payments will be forfeited, if
the Executive violates any condition described in Sections 6.1, 6.2 or 6.3,
after her termination of employment. To the extent already paid, should the
Executive violate any condition described in Sections 6.1, 6.2 or 6.3, after
her termination of employment, the severance amounts provided hereunder shall
be repaid in their entirety by the Executive to the Company, and all rights to
such payments shall be forfeited.

 

Article 6. Restrictive Covenants

 

6.1        Confidentiality. The Company has advised the Executive and the Executive acknowledges that
it is the policy of the Company to maintain as secret and confidential all
Protected Information (as defined below), and that Protected Information has
been and will be developed at substantial cost and effort to the Company. The
Executive shall not at any time, directly or indirectly, divulge, furnish or
make accessible to any person, firm, corporation, association, or other entity
(otherwise than as may be required in the regular course of Executive’s
employment), nor use in any manner, either during the Executive’s employment
period or after the termination, for any reason, any Protected Information, or
cause any such information of the Company or its Subsidiaries to enter the
public domain. For purposes of this Agreement, “Protected Information” means
trade secrets, confidential and proprietary business information of the Company
or its Subsidiaries, and any other 

 

11

 

information of the Company, including but not
limited to, software, records, manuals, books, forms, documents, notes,
letters, reports, data, tables, compositions, articles, devices, apparatus, customer
lists (including potential customers), sources of supply, processes, plans,
materials, pricing information, internal memoranda, marketing plans, internal
policies, and products and services which may be developed from time to time by
the Company, its Subsidiaries and its agents or employees, including the
Executive; provided, however that information that is in the public domain
(other than as a result of a breach of this Agreement), approved for release by
the Company or lawfully obtained from third parties who are not bound by a
confidentiality agreement with the Company, is not Protected Information.

 

6.2        Nonsolicitation. During the term of this Agreement and for a period of twelve (12) months  after the Executive’s date of termination
of employment, the Executive shall not solicit or recruit, directly or
indirectly, any employee or consultant of the Company or its Subsidiaries.

 

6.3        Noncompetition. During the term of this Agreement and for a period of twelve (12) months  after the Executive’s date of termination
of employment, the Executive shall not be employed by or
otherwise perform services for any of the following competitors of the Company:
ADM, Cargill, Bunge, Tate & Lyle, Roquette or National Starch, and
their affiliates and successors.

 

6.4        Ownership. The Executive agrees that all inventions, copyrightable material,
business and/or technical information, marketing plans, customer lists, and
trade secrets which arise out of the performance of this Agreement are the
property of the Company.

 

Article 7. No Other Severance Benefits; Right to
Other Plan Benefits.

 

In the event of termination of the Executive’s employment under
circumstances entitling the Executive to benefits hereunder, the Executive
shall not be entitled to any other severance benefits except those provided by
or pursuant to this Agreement, and the Executive hereby waives any claim
against the Company or any of its Subsidiaries or affiliates for any additional
severance benefits to which she might otherwise be entitled. Except as provided
in the preceding sentence, nothing in this Agreement shall be construed as
limiting in any way any rights or benefits that the Executive may have pursuant
to the terms of any other plan, program or arrangement maintained by the
Company or any of its Subsidiaries or affiliates.

 

Article 8. Termination of Employment Agreements.

 

Any and all Employment Agreements entered into between the Company or
any of its Subsidiaries and the Executive prior to the date of this Agreement
are hereby terminated.

 

Article 9. Termination and Amendment; Successors;
Binding Agreement.

 

9.1        This Agreement
shall terminate on the close of business on the date preceding the one-year
anniversary of the date of this Agreement; provided, however, that commencing
on the annual anniversary of the date of this Agreement and each anniversary of
the date of this Agreement thereafter, the term of this Agreement shall
automatically be extended for one additional year unless at least six (6) months
prior to such anniversary date, the Company or the Executive shall have given
notice to the other party, in accordance with Article 10, that this
Agreement shall not be extended. This Agreement may be amended only by an
instrument in writing signed by the Company and the Executive. The Company expressly
acknowledges that, during the term of this Agreement, the 

 

12

 

Executive
shall have a binding and irrevocable right to the benefits set forth hereunder
in the event of her termination of employment during a Protection Period to the
extent provided in Section 2.1. Any purported amendment or termination of
this Agreement by the Company, other than pursuant to the terms of this Section 9.1,
shall be ineffective, and the Executive shall not lose any right hereunder by
failing to contest such a purported amendment or termination.

 

9.2        The Company
shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company or to any subsidiary that employs the Executive, to
expressly assume and agree to honor this Agreement in the same manner and to
the same extent that the Company would be required to so honor if no such
succession had taken place. Failure of the Company to obtain such agreement
prior to the effectiveness of any such succession shall be a violation of this
Agreement and shall entitle the Executive to benefits from the Company or such
successor in the same amount and on the same terms as the Executive would be
entitled hereunder if she terminated her employment for Good Reason, except
that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the date of termination of
employment. As used in this Section 9.2, “Company” shall mean the Company
hereinbefore defined and any successor to its business and/or assets as
aforesaid which executes and delivers the agreement provided for in this Section 9.2
or which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law. The Company shall promptly notify the Executive
of any succession by purchase, merger, consolidation or otherwise to all or
substantially all the business and/or assets of the Company and shall state
whether or not the successor has executed the agreement required by this Section 9.2
and, if so, shall make a copy of such agreement available to the Executive.

 

9.3        This Agreement
and all rights of the Executive hereunder shall inure to the benefit of, and
shall be enforceable by, the Executive and the Executive’s legal
representatives. If the Executive should die while any amounts remain payable
to her hereunder, all such amounts shall be paid to her designated beneficiary
or, if there be no such beneficiary, to her estate.

 

9.4        The Company
expressly acknowledges and agrees that the Executive shall have a contractual
right to the benefits provided hereunder, and the Company expressly waives any
ability, if possible, to deny liability for any breach of its contractual
commitment hereunder upon the grounds of lack of consideration, accord and
satisfaction or any other defense. If any dispute arises after a Change in
Control as to whether the Executive is entitled to benefits under this
Agreement, there shall be a presumption that the Executive is entitled to such
benefits and the burden of proving otherwise shall be on the Company.

 

9.5        The Company’s
obligation to provide the benefits set forth in this Agreement shall be
absolute and unconditional and shall not be affected by any circumstances,
including, without limitation, any set-off, counterclaim, recoupment, or other
right which the Company or any Subsidiary may have against the Executive or
anyone else. All amounts payable by the Company hereunder shall be paid without
notice or demand. Each and every payment made hereunder by the Company or any
Subsidiary shall be final, and neither the Company nor any Subsidiary will seek
to recover all or any portion of such payment from the Executive or from whomsoever
may be entitled thereto, for any reason whatsoever.

 

13

 

Article 10. Notice.

 

All notices of termination and other communications provided for in
this Agreement shall be in writing and shall be deemed to have been duly given
when delivered by hand or mailed by United States registered mail, return
receipt requested, addressed as follows:

 

If to the Executive:

 

Diane Frisch

735 N. East Avenue

Oak Park, Illinois 60302

 

If to the Company:

 

Corn Products International, Inc.

5 Westbrook Corporate Center

Westchester, IL 60154

Attention: Chief Executive Officer

 

or
to such other address as either party may have furnished to the other in
writing in accordance herewith.

 

Article 11. Miscellaneous.

 

No provision of this Agreement may be waived or modified unless such
waiver or modification is in writing and signed by the Executive and the
Company’s Chief Executive Officer or such other officer as may be designated by
the Board. No waiver by either party of any breach by the other party of, or
compliance with, any provision of this Agreement shall be deemed a waiver of
similar or dissimilar provisions at the same or any prior or subsequent time.
The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of the State of Illinois, without regard to its
principles of conflict of laws, and by applicable laws of the United States.

 

Article 12. Validity.

 

The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision, which
shall remain in full force and effect.

 

Article 13. Legal Expenses; Dispute Resolution;
Arbitration; Pre-Judgment Interest.

 

13.1      The Company
shall promptly pay all legal fees and related expenses incurred by the
Executive in seeking to obtain or enforce any right or benefit under this
Agreement (including all fees and expenses, if any, incurred in seeking advice
in connection therewith).

 

13.2      If any dispute
or controversy arises under or in connection with this Agreement, including
without limitation any claim under any Federal, state or local law, rule,
decision or order relating to employment or the fact or manner of its
termination, the Company and the Executive shall attempt to resolve such
dispute or controversy through good faith negotiations.

 

14

 

13.3      If such parties
fail to resolve such dispute or controversy within ninety days, such dispute or
controversy shall, if the Executive so elects, be settled by arbitration,
conducted before a panel of three arbitrators in Chicago, Illinois in
accordance with the applicable rules and procedures of the Center for
Public Resources then in effect. Judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction. Such arbitration
shall be final and binding on the parties. Costs of any arbitration, including,
without limitation, reasonable attorneys’ fees of both parties, shall be borne
by the Company.

 

13.4      If such parties
fail to resolve such dispute or controversy within ninety days and the
Executive does not elect arbitration, legal proceedings may be instituted, in
which event the Company shall be required to pay the Executive’s legal fees and
related expenses to the extent set forth in Section 13.1 above.

 

13.5      Pending the
resolution of any arbitration or court proceeding, the Company shall continue
payment of all amounts due the Executive under this Agreement and all benefits
to which the Executive is entitled, including medical and life insurance
benefits, other than those specifically at issue in the arbitration or court
proceeding and excluding long term disability benefits.

 

13.6      If the
Executive is awarded amounts pursuant to arbitration or court proceeding, the
Company shall also pay pre-judgment interest on such amounts calculated at the
Prime Rate (as defined below) in effect on the date of such payment. For
purposes of this Agreement, the term “Prime Rate” shall mean the prime rate as
published in the Wall Street Journal Midwest edition showing such rate in
effect as of the first business day of each calendar quarter.

 

* * * * *

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the day and year
first above written.

 

 

	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Corn
  Products International, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Company Representative Position

  

 

15

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