Document:

exv10w19

 

Exhibit 10.19

SEPARATION AGREEMENT

     This Separation Agreement (“Agreement”) is entered into by and between Corn Products
International, Inc. (the “Company”) and Jeffrey B. Hebble (“Hebble”).

     WHEREAS, Hebble is presently employed by the Company as its Vice President and President,
Asia/Africa Division;

     WHEREAS, the Company and Hebble desire to enter into this Agreement to set forth the terms and
conditions of Hebble’s voluntary resignation from the Company; and

     WHEREAS, Hebble desires to avail himself of the monetary and other benefits to be paid and/or
provided to him in connection with the termination of his employment as set forth in this
Agreement, to which he would not otherwise be entitled;

     NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and
for other good and valuable consideration, the adequacy, sufficiency, and receipt of which are
hereby acknowledged, the Company and Hebble agree as follows:

     1. Hebble hereby voluntarily resigns from his position as Vice President and President,
Asia/Africa Division, and from any and all officer and/or board of director positions that he
currently holds with any affiliate of the Company, effective at the close of business on November
2, 2007, and Hebble agrees that he will execute all documents necessary to effect such
resignation(s). Hebble shall continue in the Company’s employ with the Asia/Africa Division,
subject to the terms and conditions set forth herein, for the period that begins on November 3,
2007, and ends at the close of business on January 31,2008, at which time his employment by the
Company will cease and, thereafter, he will be engaged on a consulting basis by, the Asia/Africa
Division of Corn Products International (“Asia/Africa Division”) until the close of business on
July 30, 2009 (the entire period from February 1, 2008, to and including July 30, 2009,
constituting the “Consulting Period”). During the Consulting Period, Hebble shall make himself
available for reasonable periods of time upon reasonable request to consult with representatives of
the Company concerning matters related to his duties and responsibilities prior to

 

 

November 3, 2007, but Hebble shall have no other duties and/or responsibilities for the
Company, other than as set forth herein. Hebble agrees to cooperate fully with the Company before
and during the Consulting Period in the transition of his duties and responsibilities to such
person(s) as the Company may direct. During the Consulting Period, Hebble may be employed by and/or
provide services to other companies or entities, except insofar as prohibited by Section 7.C. of
this Agreement, and such employment or the provision of such services by him shall not affect his
entitlement to the payments and/or benefits set forth in Section 2 of this Agreement.

     2. Subject to Hebble’s compliance with each of his obligations under this Agreement, Hebble
shall receive the compensation and benefits and shall have the rights set forth in this Section.

          A. After November 3, 2007:

               i. Hebble shall be paid a salary at the rate of $28,250.00 U.S. per month, less any required
or authorized withholding and deductions, through January 31, 2008. Thereafter, for the remainder
of the Consulting Period, Hebble shall be paid a total sum of $600,000 less any required or
authorized withholding and deductions, payable as follows: $200,000, payable on July 30, 2008; on
January 31, 2009; and, July 30, 2009.

               ii. Except as set forth herein, Hebble shall continue to participate through January 31, 2008,
in any available Company employee benefit plans (including without limitation life and health
insurance plans) in accordance with the terms and conditions of such plans, as they may be amended
from time to time; thereafter, the Company shall make available COBRA benefits for the period
required by law plus four additional months.

               iii. Hebble shall be permitted to make contributions to the Corn Products International, Inc.
Retirement Savings Plan in accordance with the terms and conditions of such plan, as it may be
amended from time to time, through January 31, 2008,

               iv. Hebble shall continue to participate in the Corn Products International, Inc. Supplemental
Executive Retirement Plan in accordance with the terms and conditions

 

 

of such plan, as it may be amended from time to time, through January 31, 2008.

               v. Hebble may continue to make use of the automobile with which he has been provided by the
Company. The Company will continue to pay the costs for the insurance of the automobile and any
major repairs through January 31, 2008. Thereafter, he shall return the automobile to the Company
or, at his option, he may purchase the automobile in accordance with the then-existing Company
policy.

               vi. Hebble will not earn any benefits under Company’s vacation policy after January 31, 2008.
He will be paid for all vacation accrued through January 31, 2008 at the time his employment ends.

               vii. Hebble may receive a 2007 bonus payment pursuant to the Corn Products International, Inc.
Annual Incentive Plan design.

               viii. Hebble will receive benefits under the 2005 Performance Plan; but will not receive
benefits under the 2006 or 2007 Performance Plans.

          B. Hebble will be paid the balances in his qualified U.S. Cash Balance Plan account, his
qualified Savings Plan and his non-qualified SERP account, as soon as administratively possible and
as soon as permitted in Section 409A of the IRS Code, in accordance with his distribution
elections, reflecting his credit service through January 31, 2008. Hebble will forfeit any
benefits under the Retirement Health Care Spending Accounts provisions of the Corn Products
International, Inc. Master Retiree Welfare Plan.

          C. Hebble and the Company are parties to an Executive Severance Agreement, dated June 7, 2006.
Pursuant to such Executive Severance Agreement (“Termination and Amendment; Successors; Binding
Agreement”), Hebble and the Company hereby agree that the Executive Severance Agreement between
Hebble and the Company shall terminate effective upon the close of business on November 2, 2007,
and that Hebble shall have no right to any benefits under that agreement following its termination.

          D. During and following the Consulting Period,

 

 

Hebble shall continue to have the rights of a former officer of the Company, and the Company shall
have such corresponding obligations to him, under the Indemnification Agreement dated as of
November 19, 1997, between Hebble and the Company in accordance with the terms and conditions of
such agreement.

          E. The Company will reimburse Hebble for any reasonable and necessary travel expenses actually
incurred by him in connection with his provision of consulting services to the Company, in
accordance with the Company’s travel expense policy.

          F. The Company will not contest any application that Hebble may file for unemployment
compensation benefits; however, the Company will not acknowledge that Hebble is entitled to such
benefits.

          G. Hebble may retain the laptop computer provided to him by the Company, but Hebble must
return the computer to the Company prior to his execution of this Agreement so that it may be
cleared of Company data.

     3. A. As used in this Agreement, the term “Hebble Releasing Parties” includes Hebble and
anyone claiming through him including, but not limited to, his past, present and future spouses,
family, relatives, agents, attorneys, representatives, heirs, executors, admini-strators, and the
predecessors, successors, and assigns of each of them. As used in this Agreement, the term
“Released Parties” includes: (i) the Company and its past, present and future affiliates, employee
benefit plans and programs and other related entities (whether or not any such entities are wholly
owned); (ii) the past, present, and future trustees, fiduciaries, administrators, directors,
officers, agents, representatives, members, partners, employees, and attorneys of each entity
listed in (i) above; and (iii) the predecessors, successors, and assigns of each entity listed in
(i) and (ii) above.

          B. The Hebble Releasing Parties hereby agree not to sue and further agree to release the
Released Parties with respect to any and all claims, whether currently known or unknown, which
Hebble now has, has ever had, or may ever have against any of the Released Parties arising from or
related to any act, omission, or thing occurring at any time up to and including the date on which
Hebble signs

 

 

this Agreement. Without limiting the generality of the foregoing, the claims released by Hebble
hereunder include, but are not limited to:

               i. all claims for or related in any way to Hebble’s employment, hiring, conditions of
employment, resignation from his position as an officer, or his resignation from employment as
prescribed in this Agreement;

               ii. all claims that could be asserted by Hebble or on his behalf: (a) in any federal, state,
or local court, commission, or agency; (b) under any common law theory; or (c) under any
employment, contract, tort, federal, state, or local law, regulation, ordinance, or executive
order; and

               iii. all claims that could be asserted by Hebble or on his behalf arising under any
constitution, law, statute, ordinance, or regulation, including, but not limited to, the Age
Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with
Disabilities Act, the Employee Retirement Income Security Act, the Family and Medical Leave Act of
1993, the Illinois Human Rights Act, or the Cook County Human Rights ordinance.

          C. The Company hereby agrees not to sue and further agrees to release Hebble with respect to
any and all claims which the Company now has, has ever had, or may ever have against Hebble arising
from or related to any act, omission, or thing occurring at any time up to and including the date
on which the Company signs this Agreement that was known by a member of senior management of the
Company as of the date on which the Company signs this Agreement.

          D. Hebble and the Company represent and warrant to each other that: (i) he/it has not filed or
initiated any legal, equitable, administrative, or other proceeding(s) against any of the Released
Parties (in the case of Hebble) or against Hebble (in the case of the Company); (ii) no such
proceeding(s) have been initiated against any of the Released Parties on Hebble’s behalf or against
Hebble on the Company’s behalf; (iii) he/it is the sole owner of the actual or alleged claims,
demands, rights, causes of action, and other matters that are released in Section 3.B.

 

 

and 3.C. above; (iv) the same have not been transferred or assigned or caused to be transferred or
assigned to any other person, firm, corporation or other legal entity; and (v) he/it has the full
right and power to grant, execute, and deliver the releases, undertakings, and agreements contained
in this Agreement.

     4. Hebble agrees and acknowledges that he continues to be bound by, and is obligated to comply
with, the Employee Confidentiality and Invention Assignment Agreement, entered into between him and
the Company on November 10, 1997, in accordance with the terms and conditions of such agreement
throughout the Consulting Period.

     5. Hebble further agrees that, unless agreed in advance in writing by the Vice President of
Human Resources, Hebble has no present or future right to employment with the Company after January
31, 2008 or to return to active employment with the Company at any time during or after the
Consulting Period, and that he shall not at any time apply for, seek consideration for, or accept
any employment (active or otherwise), engagement, or contract with the Company or any of the other
Released Parties. Notwithstanding the foregoing, Hebble shall have no obligation to terminate his
employment with any employer that becomes a Released Party only subsequent to Hebble’s hire. After
November 2, 2007, and throughout the Consulting Period, Hebble also shall not hold himself out as
an agent of, enter into any contracts for, or otherwise bind the Company or any of the other
Released Parties.

     6. Hebble agrees that he will not disclose the terms of this Agreement (other than the fact
and duration of his consulting status) to any third parties with the exception of his financial or
legal advisors, prospective employers, his outplacement and career counseling firm, and members of
his immediate family, each of whom shall be bound by this confidentiality provision (in which case
Hebble shall be responsible for ensuring that any such individuals comply with the terms of this
Agreement), except as may be required to comply with legal process or to enforce the obligations
established by this Agreement. Hebble acknowledges and agrees that this requirement of
confidentiality is among the material inducements for the Company to enter into this Agreement.

 

 

     7. Hebble agrees that, during his employment with the Company, he has had access to and/or has
acquired Confidential Information, as defined herein, and trade secrets belonging to the Company.
Accordingly, Hebble agrees that:

          A. During and after the Consulting Period he shall not directly or indirectly use, disclose,
or take any action that may result in the use by or disclosure to any person of any Confidential
Information of the Company, unless such information lawfully has become generally available to the
public, or except as otherwise required by law;

          B. On or before January 31, 2008, Hebble shall return to the Company all property, including
but not limited to any and all I.D. cards, memoranda, notes, plans, records, reports, computers
(with the exception of his laptop), computer programs, cell phones, car phones, American Express
and any other company-sponsored credit cards, files, charts, or other documents or things
containing in whole or in part any Confidential Information, and all copies thereof that are within
his possession or control and that relate to the affairs of the Company. The Company shall provide
Hebble with a receipt for all Company property actually returned by him.

          C. i. Hebble covenants that during the Consulting Period and up to and including
December 31, 2009, unless agreed in advance in writing by the Vice President of Human Resources,
Hebble will not engage, directly or indirectly, in any Prohibited Activity, as that term is defined
herein, within the Territory, as that term is defined herein, whether as a principal, proprietor,
partner, stockholder (other than as the holder of less than 5% of the stock of a corporation the
securities of which are traded on a national securities exchange or in the over-the-counter
market), director, employee, consultant, agent, or distributor, other than on behalf of the Company
or any related entity (whether or not such entity is wholly owned).

               ii. The term “Prohibited Activity” shall mean the following activities: corn wet or dry
milling processing, tapioca processing, manufacturing, marketing distribution, sales and trading of
all types of products derived from the corn wet or dry milling process, such as,

 

 

but not limited to, all types of starches, modified corn starch, corn syrups, syrup blends,
fructose sweeteners, caramel colors, maltrodextrins, dextroses, sorbitols, manitols, maltitols,corn
oil, citric acid, hydrocoloids, stevia, inulin, Expandex, and lactic acid. The aforesaid products
encompassed within the definition of Prohibited Activity will not be limited to regular corn
derivatives, but will also include starches and/or sugars derived from any other agricultural
products such as, but not limited to, waxy corn, sorghum, high amylose corn, potato, sugar beet,
and sugar cane and their derivatives independently of the industrial process employed to produce
them. Notwithstanding the foregoing, Prohibited Activities shall not include starches derived from
wheat and/or tapioca.

               iii. The term “Territory” shall mean wherever the Company is doing business, either directly
or through an affiliate, agent or distributor. The Company agrees that it will respond in a
reasonable period of time to any request from Hebble concerning whether the Company is doing
business in specific countries.

          D. Hebble covenants that during the Consulting Period and up to and including December 31,
2009, he will not directly or indirectly solicit any employee of the Company or any of its
affiliates or subsidiaries to terminate such employment in order to enter into any such
relationship on behalf of any other business organization.

          E. It is the intent and understanding of each party hereto that if, in any action before any
court or agency legally empowered to enforce the covenants contained in this Section 7, any term,
restriction, covenant or promise contained therein is found to be unenforceable due to
unreasonableness or due to any other reason, then such term, restriction, covenant or promise shall
be deemed modified to the extent necessary to make it enforceable by such court or agency.

          F. Without in any way limiting the Company’s rights to pursue any other legal or equitable
remedies available to it or to exercise any of its rights under this Agreement, Hebble recognizes
and agrees that a breach of any or all of the provisions of Section 7 will cause immediate and
irreparable harm to the Company for which damages cannot be readily calculated and for which they
are an inadequate full remedy. Accordingly, Hebble acknowledges

 

 

and agrees that the Company shall be entitled to injunctive relief restraining and enjoining any
further actual or threatened breaches by him without the necessity of proving actual monetary loss.

          G. “Confidential Information” includes the following information of the Company and/or any of
its affiliates (including but not limited to joint ventures and joint marketing companies) and/or
Cooperative Management Partners (any or all of whom are referred to for the purposes of this
Section as “the Company”):

               i. Strategic and tactical business, financial, profit, marketing, development, analytical,
sales and technical service (both short and long term) information, plans, and programs, including
the process by which the Company develops such information, plans, and programs;

               ii. Customer pricing agreements, business contract details, identification of specific Company
customers with whom Hebble came into contact or gained knowledge of during the course of his
employment with the Company, and exclusive business and supply arrangements;

               iii. Customer development and application plans and programs specific to product lines and
global business operating spheres;

               iv. All information regarding process, product, and use application patents, pending patents,
and patent applications, as well as current research, development, and application work underway
regarding future patents;

               v. Manufacturing cost data and product profitability information;

               vi. Programs and details regarding corn purchasing, handling, and storage;

               vii. Internal organizational structures and reporting relationships;

               viii. Business licensing agreements and other internal contractual relationships not generally
known to the public;

               ix. The relationships of the Company and its

 

 

international affiliates;

               x. Current and developmental products, their manufacturing processes, procedures and use
application technologies; and

               xi. Vendor (equipment and supplies) programs, developmental arrangements and pricing details.

     8. A. The Company may immediately terminate this Agreement and, if during the Consulting
Period, Hebble’s employment for Cause (as defined herein), upon written notice of such termination
to Hebble and shall have no further obligations to Hebble under this Agreement, provided that the
rights and obligations of the parties pursuant to Sections 1, 3, 4, 5, 6, 7, 9, 16, and 17 herein
shall remain in full force and effect in accordance with the terms of those Sections. As used
herein, “Cause” shall mean: (i) embezzlement or misappropriation of Company funds or any other
material act of dishonesty by Hebble; (ii) Hebble’s commission or conviction of a misdemeanor
involving moral turpitude or of a felony, or entry by Hebble of a plea of guilty or nolo contendere
to any such misdemeanor or felony; (iii) engagement in any activity that Hebble knows or should
know would or could harm the operations or reputation of the Company; (iv) material violation of
any contractual obligation to the Company (including without limitation Hebble’s obligations under
Section 7 of this Agreement); or (v) violation of any statutory or common law duty to the Company,
including without limitation the duty of loyalty, and provided that, in the case of (iii), (iv), or
(v), such conduct or violation continues thirty (30) days after Hebble receives written notice
thereof from the Company and fails to cure it during such thirty (30)-day period. In the event that
the Company exercises its election to terminate this Agreement for Cause, Hebble shall not be
entitled to any amounts under this Agreement other than a proportionate share of any salary earned
but unpaid under Section 2.A.i. for any period during which Hebble was employed prior to the
termination (which shall be calculated and paid as it would otherwise be calculated and paid
hereunder).

          B. This Agreement shall automatically terminate upon Hebble’s death, in which case Hebble’s
heirs/estate will be entitled to receive (i) any unpaid salary payments for the period of Hebble’s
employment prior to his date of

 

 

death, (ii) such other payments and/or benefits to which they/it may be entitled under the benefit
plans and programs identified in Section 2 of this Agreement in accordance with their terms and
conditions, as amended from time to time, and (iii) in the event Hebble dies prior to July 30,
2009, the unpaid salary payments that he would have received through that date.

     9. Hebble shall not take any action, verbal or otherwise, that would or could disparage or
damage the reputation or operations of the Company or any of the other Released Parties. Hebble and
the Company will agree upon the text of an employment reference and will identify the individuals
at the Company to be contacted for the reference.

     10. Nothing in this Agreement is intended to or shall be construed as an admission by the
Company, any of the other Released Parties, or Hebble that it, they, or he have/has violated any
law, interfered with any right, breached any obligation or otherwise engaged in any improper or
illegal conduct with respect to Hebble, the Company, or any other Released Party. The Company, the
other Released Parties, and Hebble expressly deny any such illegal or wrongful conduct.

     11. This Agreement embodies the entire agreement and understanding of the parties hereto with
regard to the matters described herein and supersedes any and all prior and/or contemporaneous
agreements and understandings, oral or written, between said parties.

     12. This Agreement shall be construed and interpreted in accordance with the internal laws of
the State of Illinois, without regard to its choice of law rules. Hebble hereby consents to the
jurisdiction of the state and/or federal courts in Illinois in connection with any suit commenced
by the Company as a result of an alleged violation by Hebble of any of his obligations under
Section 7 and agrees that he will not contend that such courts lack personal jurisdiction over him
or that venue is not appropriate in such courts. The Company agrees that, in the event it commences
such action against Hebble in the state or federal courts in Illinois, it will give Hebble mail
notice of the commencement of such action at his last known address, in addition to any other
service of process required by the applicable rules. Hebble agrees that, in

 

 

the event he commences any legal proceedings against the Company, he will give the Company (through
its General Counsel) mail notice of the commencement of such action, in addition to any other
service of process required by the applicable rules.

     13. The parties agree that this Agreement may only be modified in writing by agreement signed
by both parties, and any party’s failure to enforce this Agreement in the event of one or more
events which violate this Agreement shall not constitute a waiver of any right to enforce this
Agreement against subsequent violations.

     14. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to
be prohibited by or invalid under applicable law, such provision will be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Agreement.

     15. This Agreement may be executed in two counterparts, each of which shall be deemed to be an
original and both of which together shall constitute one and the same instrument.

     16. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns.

     17. If any dispute or controversy arises under or in connection with this Agreement other than
a dispute or controversy concerning or arising out of Hebble’s compliance with his obligations in
Section 7 of this Agreement, including without limitation any claim under any federal, state, or
local law, rule, decision or order relating to the Hebble’s employment or the fact or manner of its
termination, the Company and Hebble shall attempt to resolve such dispute or controversy through
good faith negotiations. If the parties fail to resolve such dispute or controversy within ninety
(90) days, such dispute or controversy shall be resolved exclusively 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 by any court having jurisdiction. The award issued by the arbitrators shall be final
and binding on the parties. Costs of the arbitration, including the fees of the arbitrators, shall
be borne equally by the parties. Each party shall bear his/its own attorneys’ fees.

     18. A. HEBBLE ACKNOWLEDGES THAT HE HAS READ AND UNDERSTANDS THE TERMS AND EFFECT OF THIS
AGREEMENT, AND THAT IT CONTAINS A FULL, COMPLETE, AND FINAL RELEASE OF ALL CLAIMS AGAINST THE
RELEASED PARTIES THROUGH THE DATE OF HIS EXECUTION OF THIS AGREEMENT.

          B. HEBBLE ALSO ACKNOWLEDGES THAT, IN RELEASING AND WAIVING ANY CLAIMS AND RIGHTS THAT HE HAS
OR MAY HAVE AGAINST THE RELEASED PARTIES, INCLUDING THOSE UNDER THE FEDERAL AGE DISCRIMINATION IN
EMPLOYMENT ACT, HE DOES SO KNOWINGLY AND VOLUNTARILY, IN EXCHANGE FOR CONSIDERATION TO WHICH HE
WOULD NOT OTHERWISE BE ENTITLED.

          C. HEBBLE FURTHER ACKNOWLEDGES THAT HE HAS BEEN ADVISED OF HIS RIGHT TO HAVE LEGAL COUNSEL OF
HIS CHOICE REVIEW THIS AGREEMENT PRIOR TO EXECUTING IT.

          D. HEBBLE ACKNOWLEDGES AND UNDERSTANDS THAT HE HAS TAKEN IN EXCESS OF TWENTY-ONE (21) DAYS TO
DECIDE WHETHER TO EXECUTE THIS AGREEMENT.

          E. HEBBLE FURTHER ACKNOWLEDGES AND UNDERSTANDS THAT HE MAY REVOKE HIS ACCEPTANCE OF THIS
AGREEMENT BY GIVING WRITTEN NOTICE TO JAMES HIRCHAK, VICE PRESIDENT, HUMAN RESOURCES, WITHIN SEVEN
(7) DAYS FROM THE DATE ON WHICH HE SIGNS THIS AGREEMENT, AND THAT THE AGREEMENT WILL NOT BECOME
EFFECTIVE UNTIL THIS SEVEN-DAY REVOCATION PERIOD HAS EXPIRED. IF HEBBLE EXERCISES HIS OPTION TO
REVOKE THIS AGREEMENT, IT SHALL BE NULL AND VOID.

	 	 	 	 	 
	JEFFREY B. HEBBLE

	 	 	 	CORN PRODUCTS INTERNATIONAL, INC.
	 

	 	 	 	By:
	 

Jeffrey B. Hebble

	 	 
	 	J. J. Hirchak
	 

	 	 	 	Its: Vice President, Human Resources
	 
	 	 	 	 
	Dated:                          

	 	 	 	Dated: 11/03/07exv10w20

 

Exhibit 10.20

Corn Products International

Executive Severance Agreement

          Agreement, made this 19th day of March, 2008, by and between
Corn Products International, Inc., a Delaware
corporation (the “Company”), and                      (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

2

 

	 	 	 	shall be deemed a member of the Incumbent Board; and provided further, that 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

3

 

	 	 	 	Plan (the “Incentive Plan”) that are not vested shall vest on the date of Change in
Control 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 his or her employment with the Company and its Subsidiaries within a Protection
Period, except a termination of employment because of his or 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 he or she would
have become eligible to receive long-term disability benefits if he or 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 his or 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 his or 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 he or 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 his or her right to terminate his or her employment for
Good Reason by giving the Company a written notice of termination specifying in
reasonable

5

 

	 	 	 	detail the 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 this 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 his or 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
5 (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) his or her highest base salary in effect during
any period of twelve (12) consecutive months within the thirty-six (36) months immediately
preceding his or 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 his or 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)	 	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, if provided to the Executive by Corn Products Brazil, 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 his or 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 his or 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 (d) for
the number of full months until the Executive attains age sixty-five (65). Any legally
required health insurance benefit continuation period applicable to the Executive 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(d), 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(d), whichever is applicable, shall be discontinued prior to the
end of the thirty-six (36) 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

7

 

	 	 	 	long-term disability insurance coverage described in this Section
3.1(d) 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 requirements of
applicable law relating to 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, or any comparable tax under applicable
law, 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(d),
whichever is applicable, a lump-sum cash payment equal to the total monthly
premiums ( or premium equivalent in the case of a self-funded health insurance
plan) 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(d) 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 any
comparable tax under applicable law, or in the event that a lump-sum payment is made in
lieu of all or a part 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(d), 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.
	 
	 	(e)	 	The Company shall provide the Executive with three (3) additional years of service
credit and three (3) additional years of employer contributions under the Corn Products
Brazil Pension Plan for Salaried Employees or any successor plan. However, if the
Executive is at least sixty-two (62) years of age as of the date of his or her termination
of employment, the Company shall provide the Executive with a pro rata portion of three
(3) additional years of service credit and three (3) additional years of employer
contributions, based on the number of full months until the Executive attains age
sixty-five (65). If the Company is prohibited from providing all or any portion of such
three (3) additional years of service credit and three (3) additional years of employer
contributions under the Corn Products Brazil Pension Plan for Salaried Employees or any
successor plan, the Company shall pay to the Executive an amount equal to the value of the
additional years
of service credit and additional years of employer contributions which cannot be
provided under the Corn Products Brazil Pension Plan for Salaried Employees or any
successor plan.

8

 

	 	(f)	 	In addition, if the Executive is a participant in a health insurance plan of Corn
Products Brazil that provides post-retirement benefits as of the Executive’s date of
termination of employment, the Executive shall be immediately eligible for such benefits,
and the Executive and the Executive’s spouse shall remain eligible for such benefits for
their lifetimes. If the Company is not able to provide under a health insurance plan of
Corn Products Brazil or any successor plan the health insurance coverage required to be
provided to the Executive and the Executive’s spouse pursuant to this Section 3.1(f), the
Company shall provide such coverage through alternative insurance coverage.
	 
	 	(g)	 	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.
	 
	 	(h)	 	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 his or 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.
	 
	 	(i)	 	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 he or she seeks or obtains other employment, except as otherwise
specifically provided in this Section 3.1.

Article 4. Benefits Payment Schedule

     4.1 Payment Schedule. Payments due to the Executive pursuant to Article 3 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 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.

9

 

Notwithstanding the above, the Company’s obligation to pay severance amounts due to the Executive
pursuant to Article 3, to the extent not already paid, shall cease immediately and such payments
will be forfeited, if the Executive violates any condition described in Sections 5.1 or 5.2 after
his or her termination of employment. To the extent already paid, should the Executive violate any
condition described in Sections 5.1 or 5.2 after his or 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 5. Restrictive Covenants

     5.1 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 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.

     5.2 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.

     5.3 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 6. Parachute Payments.

     6.1 Gross-Up Payment. Within the United States, the severance benefits payable to the
Executive under this Agreement shall be adjusted as set forth in this Section 6.1. If the sum (the
“combined amount”) of the amounts under Article 3 and other payments or benefits which the
Executive has received or has the right to receive from the Company or any of its Subsidiaries
which are defined in IRC Section 280G(b)(2)(A)(i) would constitute a “parachute payment” (as
defined in IRC Section 280G(b)(2)), the combined amount shall, unless the following sentence
applies, be decreased by the smallest amount that will eliminate any parachute payment. If the
decrease referred to in the preceding sentence is 10 percent (10%) or more of the combined amount,
the combined amount shall not be decreased, but rather the Company shall pay to the Executive an
amount sufficient to provide the Executive, after tax, a net amount equal to the IRC Section 4999
excise tax

10

 

imposed on such combined amount, as increased pursuant to this section (the “Gross-Up
Payment). For this purpose, “after tax” means the amount retained by the Executive after
satisfaction (whether through withholding, direct payment or otherwise) of all applicable federal,
state, provincial and local income taxes at the highest marginal tax rate, and the Executive share
of any applicable FICA taxes.

     6.2 Gross-Up Payment Schedule. If an Executive becomes entitled to a Gross-Up Payment as
provided in Section 6.1, the Company shall pay the Gross-Up Payment. If the Executive is not a
Specified Employee, the Company shall pay the Gross-Up Payment as soon as administratively
practicable, but not later than March 15 in the calendar year following the Executive’s Separation
from Service. If the Executive is a Specified Employee, the Company shall pay the Gross-Up Payment
as soon as administratively practicable on or after the date which is six (6) months following the
date of the Executive’s Separation from Service. Provided, however, that in accordance with IRC
Section 280G, such Gross-Up Payment shall not be prepaid in the case of health insurance benefits;
the Gross-Up Payment related to such benefits shall be paid and withheld by the Company at the same
date that income taxes are withheld from such health insurance benefits.

     6.3 Tax Computation. In determining the potential impact of the IRC Section 4999 excise tax,
the Company may rely on any advice it deems appropriate, including, but not limited to, the counsel
of its independent auditors. All calculations for purposes of determining whether any of the
combined amount will be subject to the excise tax and the amounts of such excise tax will be made
in accordance with applicable rules and regulations under IRC Section 280G in effect at the
relevant time.

     6.4 Subsequent Recalculation. If the Internal Revenue Service adjusts the computation of the
Company so that the Executive did not receive the greatest net benefit, the Company shall reimburse
the Executive for the full amount necessary to make the Executive whole, plus a market rate of
interest, as reasonably determined by the Committee. If the Executive is a Specified Employee, such
reimbursement shall be made as soon as administratively practicable on a date on or after the date
six (6) months following the Executive’s date of Separation from Service, and if the Executive is
not a Specified Employee, such reimbursement shall be made as soon as administratively practicable
but not later than March 15 of the calendar year following the calendar year in which the Internal
Revenue Service adjusts the Executive’s computation. If the Internal Revenue Service adjusts the
computation such that the Company has exceeded the maximum amount as provided for, then the amount
paid in excess shall be owed back to the Company with applicable interest and shall be deemed a
loan by the Company to the Executive.

     If, after the receipt by the Executive of an amount advanced by the Company pursuant to this
Article 6, the Executive who becomes entitled to receive any refund with respect to such claim due
to an overpayment of any excise tax or income tax, including interest and penalties with respect
thereto, the Executive shall (subject to the Company’s complying with the requirements of this
Article 6) promptly pay to the Company the amount of such refund (together with any interest paid
or credited thereon after taxes applicable thereto).

Article 7. Offset of Brazilian Severance Penalty; Right to Other Plan Benefits.

     The Executive hereby covenants and agrees that all the amounts that he may be entitled to
pursuant to the terms of this Executive Severance Agreement shall be offset with any FGTS Fund
Penalty for dismissal without cause that may be due to him from the Company or any Subsidiary in

11

 

accordance with Brazilian labor laws, as the case may be. Thus, any amounts that are paid to the
Executive as a consequence of the change of control of Corn Products International, Inc. are not
cumulative with his FGTS Fund Penalty for dismissal without cause under Brazilian labor laws and
shall be compensated with any local termination payments, other than the FGTS Fund Penalty, that
may also be due to him from the Company, Corn Products Brasil-Ingredientes Industriais Ltda. or any
other Subsidiary. 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
Executive shall have a binding and irrevocable right to the benefits set forth hereunder in the
event of his or 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 he or she terminated his or 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.

12

 

     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 him or her hereunder, all such amounts
shall be paid to his or her designated beneficiary or, if there be no such beneficiary, to his or
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, except as expressly provided herein. 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.

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:	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	If to the Company:	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Corn Products International, Inc.	 	 
	 

	 	 	 	5 Westbrook Corporate Center	 	 
	 

	 	 	 	Westchester, IL 60154	 	 
	 

	 	 	 	Attention: Vice President — Human Resources	 	 

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

13

 

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.

     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

14

 

“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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