Document:

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Exhibit 10.1

CORN PRODUCTS INTERNATIONAL, INC.

STOCK INCENTIVE PLAN

I. INTRODUCTION

     1.1 Purpose. The purpose of the Corn Products International, Inc. Stock Incentive Plan
(the “Plan”) is to promote the long-term financial success of Corn Products International,
Inc. (the “ Company”) by (i) attracting and retaining executive personnel of outstanding
ability; (ii) strengthening the Company’s capability to develop, maintain and direct a competent
management team; (iii) motivating executive personnel by means of performance-related incentives to
achieve longer-range performance goals; (iv) providing incentive compensation opportunities which
are competitive with those of other major corporations; (v) enabling such executive personnel to
participate in the long-term growth and financial success of the Company through increased stock
ownership and (vi) serving as a mechanism to compensate outside directors.

     1.2 Certain Definitions. In addition to the defined terms set forth elsewhere in this
Plan, the terms set forth below, shall, when capitalized, have the following respective meanings.

     “Agreement” shall mean the written agreement evidencing an award hereunder between the
Company and the recipient of such award.

     “Board” shall mean the Board of Directors of the Company.

     “Bonus Stock” shall mean shares of Common Stock that are not subject to a Restriction
Period or Performance Measures.

     “Cause” shall mean the willful and continued failure to substantially perform the
duties assigned by the Company (other than a failure resulting from the optionee’s Disability), the
willful engaging in conduct which is demonstrably injurious to the Company or any Subsidiary,
monetarily or otherwise, including conduct that, in the reasonable judgment of the Committee, no
longer conforms to the standard of the Company’s executives, any act of dishonesty, commission of a
felony, or a significant violation of any statutory or common law duty of loyalty to the Company.

     “Change in Control” shall have the meaning set forth in Section 5.8(b).

     “Code” shall mean the Internal Revenue Code of 1986, as amended.

     “Committee” shall mean the Compensation Committee of the Board or a subcommittee
thereof, or any other committee designated by the Board to administer this Plan, consisting of two
or more members of the Board, each of whom shall be (i) a “Non-Employee Director” within the
meaning of Rule 16b-3 under the Exchange Act, (ii) an “outside director” within the meaning of
Section 162(m) of the Code, and (iii) an “Independent Director” within the meaning of the rules of
the New York Stock Exchange.”

     “Common Stock” shall mean the common stock, $.01 par value, of the Company.

     “Disability Date” shall mean the date on which a Participant becomes a “Disabled
Participant” under the Corn Products International, Inc. Retirement Savings Plan for Salaried
Employees (the “Corn Products Savings Plan”) or a successor to such plan or any such similar plan
containing a disability provision applicable to the Participant. If a Participant is not covered by
the Corn Products Savings Plan or a similar plan containing a disability provision, the
determination of whether the Participant has a “Disability Date” shall be made by the Committee by
applying the provisions of the Corn Products Savings Plan as if the Participant were a participant
of such plan or any similar plan that the Committee determines to be appropriate.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

 

     “Fair Market Value” shall mean the closing price of a share of Common Stock as
reported in the New York Stock Exchange Composite Transactions on the date as of which such value
is being determined or, if there shall be no reported transactions for such date, on the next
preceding date for which transactions were reported; provided, however, that, in the case of the
exercise of an Incentive Stock Option or Non-Statutory Stock Option through a broker, Fair Market
Value for the purpose of tax withholding shall mean the sales price received for a share of Common
Stock and, provided further, that Fair Market Value may be determined by the Committee by whatever
other means or method as the Committee, in the good faith exercise of its discretion, shall at such
time deem appropriate.

     “Free-Standing SAR” shall mean an SAR which is not granted in tandem with, or by
reference to, an option, which entitles the holder thereof to receive, upon exercise, shares of
Common Stock (which may be Restricted Stock), cash or a combination thereof with an aggregate value
equal to the excess of the Fair Market Value of one share of Common Stock on the date of exercise
over the base price of such SAR, multiplied by the number of such SARs which are exercised.

     “Incentive Stock Option” shall mean an option to purchase shares of Common Stock which
meets the requirements of Section 422 of the Code, or any successor provision, and which is
intended by the Committee to constitute an Incentive Stock Option.

     “Non-Statutory Stock Option” shall mean an option to purchase shares of Common Stock
that is not an Incentive Stock Option.

     “Participant” shall mean an individual who has been granted an Incentive Stock Option,
a Non-Statutory Stock Option, an SAR, a Bonus Stock Award, Performance Share Award, Restricted
Stock Award or Restricted Stock Unit Award.

     “Performance Measures” shall mean the criteria and objectives, established by the
Committee, which shall be satisfied or met (i) as a condition to the exercisability of all or a
portion of an option or SAR, (ii) as a condition to the grant of a Stock Award or (iii) during the
applicable Restriction Period or Performance Period as a condition to the holder’s receipt of
Common Stock subject to a Restricted Stock Award or a Performance Share Award and/or of payment
with respect to such award. The Committee may amend or adjust the Performance Measures or other
terms and conditions of an outstanding award in recognition of unusual or nonrecurring events
affecting the Company or its financial statements or changes in law or accounting, but only to the
extent such adjustment would not cause any portion of the award, upon payment, or the option, upon
exercise, to be nondeductible pursuant to Section 162(m) of the Code. Such criteria and objectives
may include one or more of the following: total stockholder return (based on the change in the
price of a share of the Company’s Common Stock and dividends paid) earnings per share; operating
income; net income; return on stockholder’s equity; return on assets; return on capital employed;
economic value added; and cash flows (including, but not limited to, operating cash flow, free cash
flow, cash flow return on equity and cash flow return on investment). If the Committee desires that
compensation payable pursuant to any award subject to Performance Measures be “qualified
performance-based compensation” within the meaning of Section 162(m) of the Code, the Performance
Measures (i) shall be established by the Committee no later than the end of the first quarter of
the Performance Period or Restriction Period, as applicable (or such other time designated by the
Internal Revenue Service) and (ii) shall satisfy all other applicable requirements imposed under
Treasury Regulations promulgated under Section 162(m) of the Code, including the requirement that
such Performance Measures be stated in terms of an objective formula or standard.

     “Performance Period” shall mean any period designated by the Committee during which
the Performance Measures applicable to a Performance Share Award shall be measured.

     “Performance Share” shall mean a right, contingent upon the attainment of specified
Performance Measures within a specified Performance Period, to receive one share of Common Stock,
which may be Restricted Stock, or in lieu of all or a portion thereof, at the Committee’s
discretion, the Fair Market Value of such Performance Share in cash.

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     “Performance Share Award” shall mean an award of Performance Shares under this Plan.

     “Permanent and Total Disability” shall have the meaning set forth in Section 22(e)(3)
of the Code or any successor thereto.

     “Restricted Stock” shall mean shares of Common Stock that are subject to a Restriction
Period.

     “Restricted Stock Unit” shall mean the right to receive one share of Common Stock
which shall be contingent upon the expiration of a specified Restriction Period and subject to such
additional restrictions as may be contained in the Agreement relating thereto.

     “Restriction Period” shall mean any period designated by the Committee during which
(i) the Common Stock subject to a Restricted Stock Award may not be sold, transferred, assigned,
pledged, hypothecated or otherwise encumbered or disposed of, except as provided in this Plan or
the Agreement relating to such award or (ii) the conditions to vesting applicable to a Restricted
Stock Unit Award shall remain in effect.

     “SAR” shall mean a stock appreciation right which may be a Free Standing SAR or a
Tandem SAR.

     “Stock Award” shall mean a Restricted Stock Award, a Restricted Stock Unit Award, or a
Bonus Stock Award.

     “Tandem SAR” shall mean an SAR which is granted in tandem with, or by reference to, an
option (including a Non-Statutory Stock Option granted prior to the date of grant of the SAR),
which entitles the holder thereof to receive, upon exercise of such SAR and surrender for
cancellation of all or a portion of such option, shares of Common Stock (which may be Restricted
Stock), cash or a combination thereof with an aggregate value equal to the excess of the Fair
Market Value of one share of Common Stock on the date of exercise over the base price of such SAR,
multiplied by the number of shares of Common Stock subject to such option, or portion thereof,
which is surrendered.

     1.3 Administration. This Plan shall be administered by the Committee. The Committee
shall have the authority to determine eligibility for awards hereunder and to determine the form,
amount and timing of each award to such persons and, if applicable, the number of shares of Common
Stock, and the number of Performance Shares subject to such an award, the exercise price associated
with the award, the time and conditions of exercise or settlement of the award and all other terms
and conditions of the award, including, without limitation, the form of the Agreement evidencing
the award. The Committee may, in its sole discretion and for any reason at any time, subject to the
requirements imposed under Section 162(m) of the Code and regulations promulgated thereunder in the
case of an award intended to be qualified performance-based compensation, take action such that
(i) any or all outstanding options and SARs shall become exercisable in part or in full, (ii) the
Performance Measures applicable to any outstanding Restricted Stock Award (if any) and to any
outstanding Performance Share Award shall be deemed to be satisfied at the maximum or any other
level.

     The Committee shall, subject to the terms of this Plan, interpret this Plan and the
application thereof, establish rules and regulations it deems necessary or desirable for the
administration of this Plan and may impose, incidental to the grant of an award, conditions with
respect to the award, such as limiting competitive employment or other activities. All such
interpretations, rules, regulations and conditions shall be final, binding and conclusive.

     The Committee shall keep minutes of its meetings and of action taken by it without a meeting.
A majority of the Committee shall constitute a quorum. The acts of the Committee shall be either
(i) acts of a majority of the members of the Committee present at any meeting at which a quorum is
present or (ii) acts approved in writing by all of the members of the Committee without a meeting.

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     Notwithstanding anything in the Plan to the contrary, in accordance with Section 157 of the
Delaware General Corporation Law, the Committee may, by resolution, authorize one or more executive
officers of the Company to do one or both of the following: (i) designate non-director and
non-executive officer employees of the Company or any of its Subsidiaries to be recipients of
rights or options entitling the holder thereof to purchase from the Company shares of its capital
stock of any class or other awards hereunder; and (ii) determine the number of such rights,
options, or awards to be received by such non-director and non-executive officer employees;
provided, however, that the resolution so authorizing such executive officer or officers shall
specify the total number of rights, options, or awards such executive officer or officers may so
award. The Committee may not authorize an executive officer to designate himself or herself or any
director or other executive officer of the Company to be a recipient of any such rights, options,
or awards.

     Notwithstanding anything in the Plan to the contrary, to the extent an award granted hereunder
would be subject to the requirements of Section 409A of the Code and the regulations thereunder,
then the Agreement for such award and the Plan shall be construed and administered so as the award
complies with Section 409A of the Code and the regulations thereunder.

     1.4 Eligibility. Participants in this Plan shall consist of such directors, officers,
and other employees of the Company and its Subsidiaries from time to time, and any other entity
designated by the Board or the Committee (individually a “Subsidiary” and collectively the
“Subsidiaries”) as the Committee, in its sole discretion, may select from time to time. For
purposes of this Plan, reference to employment by the Company shall also mean employment by a
Subsidiary.

     1.5 Shares Available. Subject to adjustment as provided in Section 5.7, 8,000,000
shares of Common Stock (the “Plan Maximum”) shall be available under this Plan for awards that are
granted after the Company’s 2005 Annual Meeting of Stockholders (the “2005 Annual Meeting”). The
Plan Maximum includes shares of Common Stock that were available for new awards under the Plan as
in effect immediately prior to the 2005 Annual Meeting. Shares of Common Stock subject to awards
outstanding under the Plan immediately prior to the 2005 Annual Meeting shall also be available for
issuance hereunder. The Plan Maximum shall be reduced by the sum of the aggregate number of shares
of Common Stock (i) that are issued upon the grant of a Stock Award after the 2005 Annual Meeting
or (ii) that become subject to options, SARs or Performance Shares, in each case that are granted
after the 2005 Annual Meeting, in the following ratios: 1 to 1 for each Incentive Stock Option,
Non-Statutory Stock Option or Free-Standing SAR and 2.5 to 1 for any other type of award under the
Plan, it being understood that in the case of an SAR the reduction shall be equal to the total
number of SARs subject to the award, regardless of the number of shares of Common Stock that may be
issued upon settlement thereof. Notwithstanding the immediately preceding sentence, the Plan
Maximum shall not be reduced by virtue of the grant of Performance Shares or SARs that may only be
settled in cash. To the extent that shares of Common Stock subject to an option (other than in
connection with the exercise of a Tandem SAR), Stock Award or Performance Share award are not
issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such
award: (i) such shares of Common Stock shall again be available under this Plan and (ii) the Plan
Maximum shall be increased to the extent it was reduced when such award was granted (or if such
award was granted prior to the 2005 Annual Meeting, the Plan Maximum shall be increased by 1 for
each share of Common Stock subject to such award). If a Performance Share or SAR that can be
settled in either cash or Common Stock is settled in cash, in whole or in part, the Plan Maximum
shall be increased to the extent it was reduced with respect to the cash-settled portion of the
award when the award was granted. If an award is made in the form of an option coupled with a
Performance Share Award such that the Participant can receive the designated number of shares
either upon exercise of the option or upon earning of the Performance Share, but not both, such
coupled award shall be treated as a single award of the designated number of shares for purposes of
this Section 1.5.

     Shares of Common Stock shall be made available from authorized and unissued shares of Common
Stock, or authorized and issued shares of Common Stock reacquired and held as treasury shares or
otherwise or a combination thereof.

     To the extent required by Section 162(m) of the Code and the rules and regulations thereunder,
the

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maximum number of shares of Common Stock with respect to which options, SARs, Stock Awards or
Performance Share Awards or a combination thereof may be granted during any calendar year to any
person shall be 250,000, subject to adjustment as provided in Section 5.7.

     Subject to the Plan Maximum, the maximum number of shares of Common Stock that may be issued
pursuant to Incentive Stock Options granted after the 2005 Annual Meeting shall be 8,000,000,
subject to adjustment as provided in Section 5.7.

     Except with respect to a maximum of five percent (5%) of the shares of Common Stock authorized
in this Section 1.5, any Stock Award which vests on the basis of a Participant’s continued
employment with or provision of service to the Company shall not provide for vesting which is any
more rapid than annual pro rata vesting over a three (3) year period and any Stock Award which
vests upon the attainment of performance goals shall provide for a performance period of at least
twelve (12) months; provided that vesting may be shortened in the case of death, disability,
retirement or Change in Control as set forth in this Plan or determined by the Committee.

II. STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

       2.1 Stock Options. The Committee may, in its discretion, grant Incentive Stock
Options or Non-Statutory Stock Options to such eligible persons under Section 1.4 as may be
selected by the Committee.
Options shall be subject to the following terms and conditions and shall contain such
additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee
shall deem advisable:

     (a) Number of Shares and Purchase Price. The number of shares and the purchase price
per share of Common Stock subject to an option shall be determined by the Committee, provided,
however, that the purchase price per share of Common Stock shall not be less than 100% of the Fair
Market Value of a share of Common Stock on the date of grant of such option and provided further,
that if an Incentive Stock Option shall be granted to any person who, at the time such option is
granted, owns capital stock possessing more than ten percent of the total combined voting power of
all classes of capital stock of the Company (or of any parent or subsidiary as defined in Section
424 of the Code) (a “ Ten Percent Holder ”), the purchase price per share of Common Stock
shall be the price (currently 110% of Fair Market Value) required by the Code in order to
constitute an Incentive Stock Option.

     (b) Option Period and Exercisability. Each option, by its terms, shall require the
Participant to remain in the continuous employ of the Company for at least one year following the
date of grant of the option before any part of the option shall be exercisable, except in the case
of a Change in Control. The period during which an option may be exercised shall be determined by
the Committee; provided, however, that no Incentive Stock Option shall be exercised later than ten
years after its date of grant; provided further, that if an Incentive Stock Option shall be granted
to a Ten Percent Holder, such option shall not be exercised later than five years after its date of
grant. Once determined and stated in an Agreement with respect to an option, the period during
which an option can be exercised shall not be further extended. The Committee may, in its
discretion, establish Performance Measures which shall be satisfied or met as a condition to the
grant of an option or to the exercisability of all or a portion of an option. The Committee shall
determine whether an option shall become exercisable in cumulative or non-cumulative installments
and in part or in full at any time. An exercisable option, or portion thereof, may be exercised
only for whole shares of Common Stock.

     (c) Method of Exercise. An option may be exercised (i) by giving written notice to the
Company specifying the number of whole shares of Common Stock to be purchased and accompanied by
payment therefore in full (or arrangement made for such payment to the Company’s satisfaction)
either (A) by the delivery of cash in the amount of the aggregate purchase price payable by reason
of such exercise, (B) by delivery (either actual delivery or by attestation procedures established
by the Company) of previously acquired shares of Common Stock that have an aggregate Fair Market
Value, determined as of the date of exercise, equal to the aggregate purchase price payable by
reason of such exercise (provided that except as otherwise determined by the Committee, the shares
of Common Stock that are tendered must have been

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held by the Participant for at least six (6) months (or such other period as the Committee may
permit) prior to their tender to satisfy the aggregate purchase price if acquired under this Plan
or any other compensation plan maintained by the Company, or have been purchased in the open
market) (C) by the delivery of cash in the amount of the aggregate purchase price payable by reason
of such exercise by a broker-dealer acceptable to the Company to whom the optionee has submitted an
irrevocable notice of exercise or (D) a combination of (A) and (B), in each case to the extent set
forth in the Agreement relating to the option, (ii) if applicable, by surrendering to the Company
any Tandem SARs which are cancelled by reason of the exercise of the option and (iii) by executing
such documents as the Company may reasonably request. Any fraction of a share of Common Stock which
would be required to pay such purchase price shall be disregarded and the remaining amount due
shall be paid in cash by the optionee. No certificate representing Common Stock shall be delivered
until the full purchase price therefore has been paid (or arrangement made for such payment to the
Company’s satisfaction).

     2.2 Stock Appreciation Rights. The Committee may, in its discretion, grant SARs to
such eligible persons under Section 1.4 as may be selected by the Committee. The Agreement relating
to an SAR shall specify whether the SAR is a Tandem SAR or a Free-Standing SAR. SARs shall be
subject to the following terms and conditions and shall contain such additional terms and
conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable:

     (a) Number of SARs and Base Price. The number of SARs subject to an award shall be
determined by the Committee. Any Tandem SAR related to an Incentive Stock Option shall be granted
at the same time that such Incentive Stock Option is granted. The base price of a Tandem SAR shall
be the purchase price per share of Common Stock of the related option. The base price of a
Free-Standing SAR shall be determined by the Committee; provided, however, that such base price
shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date of
grant of such SAR.

     (b) Exercise Period and Exercisability. Each SAR, by its terms, shall require the
Participant to remain in the continuous employ of the Company for at least one year following the
date of grant of the option before any part of the SAR shall be exercisable, except in the case of
a Change in Control. The Agreement relating to an award of SARs shall specify whether such award
may be settled in shares of Common Stock (including shares of Restricted Stock) or cash or a
combination thereof, provided, however, that cash settled SARs may only be granted to persons not
subject to United States income tax laws, including Section 409A of the Code and the rules and
regulations promulgated thereunder. The period for the exercise of an SAR shall be determined by
the Committee; provided, however, that no SAR may be exercised later than 10 years after its date
of grant; provided further, that no Tandem SAR shall be exercised later than the expiration,
cancellation, forfeiture or other termination of the related option. Once determined and stated in
an Agreement with respect to an SAR, the period during which an SAR can be exercised shall not be
further extended. The Committee may, in its discretion, establish Performance Measures which shall
be satisfied or met as a condition to the grant of an SAR or to the exercisability of all or a
portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative or
non-cumulative installments and in part or in full at any time. An exercisable SAR, or portion
thereof, may be exercised, in the case of a Tandem SAR, only with respect to whole shares of Common
Stock and, in the case of a Free Standing SAR, only with respect to a whole number of SARs. If an
SAR is exercised for shares of Restricted Stock, a certificate or certificates representing such
Restricted Stock shall be issued in accordance with Section 3.2(c) and the holder of such
Restricted Stock shall have such rights of a stockholder of the Company as determined pursuant to
Section 3.2(d). Prior to the exercise of an SAR for shares of Common Stock, including Restricted
Stock, the holder of such SAR shall have no rights as a stockholder of the Company with respect to
the shares of Common Stock subject to such SAR.

     (c) Method of Exercise. A Tandem SAR may be exercised (i) by giving written notice to
the Company specifying the number of whole SARs which are being exercised, (ii) by surrendering to
the Company any options which are cancelled by reason of the exercise of the Tandem SAR and (iii)
by executing such documents as the Company may reasonably request. A Free-Standing SAR may be
exercised (i) by giving written notice to the Company specifying the whole number of SARs which are
being exercised and (ii) by executing such documents as the Company may reasonably request.

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     2.3 Termination of Employment or Service. (a) Non-Statutory Stock Options and
SARs. Unless otherwise specified in the Agreement evidencing an option or SAR, but subject to
Section 2.1(b) or Section 2.2(b), as the case may be, if the holder of an option (other than an
Incentive Stock Option) or SAR terminates employment with the Company by reason of (i) death, or
(ii) retirement on or after age 55 with a minimum of 10 years of employment with or service to the
company, or (iii) the occurrence of such individual’s Disability Date, such option or SAR shall be
exercisable for the remainder of the option period or SAR period as stated under the terms of the
option or SAR, as the case may be, but only to the extent that such option or SAR was exercisable
at the date of such termination of employment.

     If the employment with the Company of the holder of an option (other than an Incentive Stock
Option) or SAR is terminated for any other reason, such option or SAR shall remain exercisable to
the extent that it was exercisable at the date of such termination of employment, for a period of
90 days following such termination of employment. Notwithstanding anything to the contrary
contained in the preceding sentence, if such holder’s employment with the Company is terminated by
the Company for Cause, his or her rights under all options and SARs shall terminate automatically
on the effective date of such termination of employment.

     (b) Termination of Employment — Incentive Stock Options. Unless otherwise specified in
the Agreement evidencing an option, but subject to Section 2.1(b), if the holder of an Incentive
Stock Option terminates employment with the Company by reason of Permanent and Total Disability,
such Incentive Stock Option shall be exercisable only to the extent that it was exercisable on the
effective date of such termination of employment and may thereafter be exercised by such holder (or
such holder’s legal representative or similar person) until the date which is one year after the
effective date of such termination of employment.

     Unless otherwise specified in the Agreement evidencing an option, but subject to Section
2.1(b), if the holder of an Incentive Stock Option ceases to be an employee of the Company by
reason of his or her death, such Incentive Stock Option shall be exercisable only to the extent
that it was exercisable on the date of such optionee’s death and may thereafter be exercised by
such optionee’s executor, administrator, legal representative, beneficiary or similar person until
the date which is three years after the date of death.

     If the Company terminates the employment of the holder of an Incentive Stock Option for Cause,
such Incentive Stock Option shall terminate automatically on the effective date of such termination
of employment.

     Unless otherwise specified in the Agreement evidencing an option, but subject to Section
2.1(b), if the Company’s employment of the holder of an Incentive Stock Option is terminated for
any reason other than Permanent and Total disability, death or Cause, such Incentive Stock shall be
excisable only to the extent that it was exercisable on the effective date of such termination of
employment, and may thereafter be exercised by such holder (or such holder’s legal representative
or similar person) until the date which is 90 days after the effective date of such termination of
employment.

     If the holder of an Incentive Stock Option dies during the period set forth in the first
paragraph of this Subsection (b) following termination of employment by reason of Permanent and
Total Disability, or during the period set forth in the fourth paragraph of this Subsection (b)
following termination of employment for any reason other than Permanent and Total Disability for
death or Cause, such Incentive Stock Option shall be exercisable only to the extent it was
exercisable on the date of the holder’s death and may thereafter be exercised by the holder’s
executor, administrator, legal representative, beneficiary or similar person until the date which
is three years after the date of death.

     2.4 No Repricing. Notwithstanding anything in this Plan to the contrary and subject to
Section 5.7, without the approval of the stockholders of the Company the Committee will not amend
or replace any previously granted option or SAR in a transaction that constitutes a “repricing,” as
such term is used in Section 303A.08 of the Listed Company Manual of the New York Stock Exchange.

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III. STOCK AWARDS

     3.1 Stock Awards. The Committee may, in its discretion, grant Stock Awards to such
eligible persons under Section 1.4 as may be selected by the Committee. The Agreement relating to
the Stock Award shall specify whether the Stock Award is a Restricted Stock Award, a Restricted
Stock Unit Award, or Bonus Stock Award.

     3.2 Terms of Stock Awards. Stock Awards shall be subject to the following terms and
conditions and shall contain such additional terms and conditions, not inconsistent with the
terms of this Plan, as the Committee shall deem advisable.

     (a) Number of Shares and Other Terms. The number of shares of Common Stock subject to
a Restricted Stock Award, Restricted Stock Unit Award, or Bonus Stock Award and the Performance
Measures (if any) and Restriction Period applicable to a Restricted Stock Award or Restricted Stock
Unit Award shall be determined by the Committee.

     (b) Vesting and Forfeiture. The Agreement relating to a Restricted Stock Award or
Restricted Stock Unit Award shall provide, in the manner determined by the Committee, in its
discretion, and subject to the provisions of this Plan, for the vesting of the shares of Common
Stock subject to such award, in the case of a Restricted Stock Award, or the vesting of the
Restricted Stock Unit Award itself, in the case of Restricted Stock Unit Award, (i) if specified
Performance Measures are satisfied or met during the specified Restriction Period or (ii) if the
holder of such award remains continuously in the employment of or service to the Company during the
specified Restriction Period, and for the forfeiture of the shares of Common Stock subject to such
award in the case of a Restricted Stock Award, or the forfeiture of the Restricted Stock Unit Award
itself, in the case of a Restricted Stock Unit Award, (x) if specified Performance Measures are not
satisfied or met during the specified Performance Period or (y) if the holder of such award does
not remain continuously in the employment of or service to the Company during the specified
Restriction Period.

     Bonus Stock Awards shall not be subject to any Performance Measures or Restriction Periods.

     (c) Share Certificates. During the Restriction Period, a certificate or certificates
representing a Restricted Stock Award may be registered in the holder’s name and may bear a legend,
in addition to any legend which may be required pursuant to Section 5.6, indicating that the
ownership of the shares of Common Stock represented by such certificate is subject to the
restrictions, terms and conditions of this Plan and the Agreement relating to the Restricted Stock
Award. All such certificates shall be deposited with the Company, together with stock powers or
other instruments of assignment (including a power of attorney), each endorsed in blank with a
guarantee of signature if deemed necessary or appropriate by the Company, which would permit
transfer to the Company of all or a portion of the shares of Common Stock subject to the Restricted
Stock Award in the event such award is forfeited in whole or in part. Upon termination of any
applicable Restriction Period (and the satisfaction or attainment of applicable Performance
Measures), or upon the grant of a Bonus Stock Award, in each case subject to the Company’s right to
require payment of any taxes in accordance with Section 5.5, a certificate or certificates
evidencing ownership of the requisite number of shares of Common Stock shall be delivered to the
holder of such award.

     (d) Rights with Respect to Restricted Stock Awards. Unless otherwise set forth in the
Agreement relating to a Restricted Stock Award, and subject to the terms and conditions of a
Restricted Stock Award, the holder of such award shall have all rights as a stockholder of the
Company, including, but not limited to, voting rights, the right to receive dividends and the right
to participate in any capital adjustment applicable to all holders of Common Stock; provided,
however, that a distribution with respect to shares of Common Stock, other than a regular cash
dividend, shall be deposited with the Company and shall be subject to the same restrictions as the
shares of Common Stock with respect to which such distribution was made.

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     (e) Rights and Provisions Applicable to Restricted Stock Unit Awards. The Agreement
relating to a Restricted Stock Unit Award shall specify whether the holder thereof shall be
entitled to receive, on a current or deferred basis, dividend equivalents, or the deemed
reinvestment of, any deferred dividend equivalents, with respect to the number of shares of Common
Stock subject to such award. Prior to the settlement of a Restricted Stock Unit Award, the holder
thereof shall not have any rights as a stockholder of the Company with respect to the shares of
Common Stock subject to such award, except to the extent that the Committee, in its sole
discretion, may grant dividend equivalents on Restricted Stock Unit Awards as provided above. No
shares of Common Stock and no certificates representing shares of Common Stock that are the subject
to a Restricted Stock Unit Award shall be issued upon the grant of a Restricted Stock Unit Award.
Instead, shares of Common Stock subject to Restricted Stock Unit Awards and the certificates
representing such shares of Common Stock shall only be distributed at the time of settlement of
such Restricted Stock Unit Awards in accordance with the terms and conditions of this Plan and the
Agreement relating to such Restricted Stock Unit Award.

     3.3 Termination of Employment or Service. (a) Disability, Retirement and
Death. Unless otherwise set forth in the Agreement relating to a Restricted Stock Award, if the
employment with or service to the Company of the holder of such award terminates by reason of (i)
death, or (ii) retirement on or after age 55 (with a minimum of 10 years of employment with or
service to the Company), or (iii) the occurrence of such Participant’s Disability Date, or (iv)
termination of employment under any other circumstances that the Committee may determine shall
warrant the application of this provision, the restrictions imposed hereunder shall lapse with
respect to such number of shares of Restricted Stock, if any, as shall be determined by the
Committee, and the balance of such shares of Restricted Stock shall be forfeited to the Company.

     (b) Other Termination. Unless otherwise set forth in the Agreement relating to a
Restricted Stock Award, if the employment with or service to the Company of the holder of a
Restricted Stock Award terminates for any other reason during the Restriction Period, then the
portion of such award which is subject to a Restriction Period on the effective date of such
holder’s termination of employment or service shall be forfeited by such holder and such portion
shall be canceled by the Company.

IV. PERFORMANCE SHARE AWARDS

     4.1 Performance Share Awards. The Committee may, in its discretion, grant Performance
Share Awards to such eligible persons under Section 1.4 as may be selected by the Committee.

     4.2 Terms of Performance Share Awards. Performance Share Awards shall be subject to
the following terms and conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of this Plan, as the Committee shall deem advisable.

     (a) Number of Performance Shares and Performance Measures. The number of Performance
Shares subject to any award and the Performance Measures and Performance Period applicable to such
award shall be determined by the Committee.

     (b) Vesting and Forfeiture. The Agreement relating to a Performance Share Award shall
provide, in the manner determined by the Committee, in its discretion, and subject to the
provisions of this Plan, for the vesting of such award, if specified Performance Measures are
satisfied or met during the specified Performance Period, and for the forfeiture of such award, if
specified Performance Measures are not satisfied or met during the specified Performance Period.

     (c) Settlement of Vested Performance Share Awards. The Agreement relating to a
Performance Share Award (i) shall specify whether such award may be settled in shares of Common
Stock (including shares of Restricted Stock) or cash or a combination thereof and (ii) may specify
whether the holder thereof shall be entitled to receive, on a current or deferred basis, dividend
equivalents, and, if determined by the Committee, interest on or the deemed reinvestment of any
deferred dividend equivalents, with respect to the number of shares of Common Stock subject to such
award. If a Performance Share Award is settled in

9

 

shares of Restricted Stock, a certificate or certificates representing such Restricted Stock
shall be issued in accordance with Section 3.2(c) and the holder of such Restricted Stock shall
have such rights of a stockholder of the Company as determined pursuant to Section 3.2(d). Prior to
the settlement of a Performance Share Award in shares of Common Stock, including Restricted Stock,
the holder of such award shall have no rights as a stockholder of the Company with respect to the
shares of Common Stock subject to such award and shall have rights as a stockholder of the Company
in accordance with Section 5.10. Notwithstanding any other provision of the Plan to the contrary,
payments of cash, shares of Common Stock, or any combination thereof to any Participant in respect
of the settlement of a Performance Share Award for any Performance Period shall not exceed
$5,000,000, with respect to the cash payment for such award, and shall not exceed 250,000 shares of
Common Stock, with respect to the Common Stock payment for such award.

     4.3 Termination of Employment. (a) Disability, Retirement and Death. Unless
otherwise set forth in the Agreement relating to a Performance Share Award, if the employment with
the Company of the holder of such award terminates prior to the end of the Performance Period
applicable to such award by reason of (i) death, or (ii) retirement on or after age 55 (with a
minimum of 10 years of employment or service with the Company, (iii) the occurrence of such
Participant’s Disability Date or (v) termination of employment under any other circumstances that
the Committee may determine shall warrant the application of this provision, the Committee, in its
sole discretion and taking into consideration the performance of such Participant and the
performance of the Company during the Performance Period, may authorize the payment to such
Participant (or his legal representative) at the end of the Performance Period of all or any
portion of the Performance Award which would have been paid to such Participant for such
Performance Period.

     (b) Other Termination. Unless otherwise set forth in the Agreement relating to a
Performance Share Award, if the employment with the Company of the holder of a Performance Share
Award terminates for any other reason prior to the end of a Performance Period, then the portion of
such award which is subject to such Performance Period on the effective date of such holder’s
termination of employment shall be forfeited and such portion shall be canceled by the Company.

V. GENERAL

     5.1 Effective Date and Term of Plan. This Plan has been approved by the stockholders
of the Company and became effective as of January 1, 1998. This Plan shall terminate on May 1,
2015, unless terminated earlier by the Board. Termination of this Plan shall not affect the terms
or conditions of any award granted prior to termination.

     5.2 Amendments. The Board may amend this Plan as it shall deem advisable, subject to
any requirement of stockholder approval required by applicable law, rule or regulation, including
Section 162(m) and Section 422 of the Code; provided, however, that no amendment shall be made
without stockholder approval if such amendment would (a) increase the maximum number of shares of
Common Stock available under this Plan (subject to Section 5.7), (b) effect any change inconsistent
with Section 422 of the Code, (c) extend the term of this Plan or (d) reduce the minimum purchase
price of a share of Common Stock subject to an option. No amendment may impair the rights of a
holder of an outstanding award without the consent of such holder.

     5.3 Agreement. Each award under this Plan shall be evidenced by an Agreement setting
forth the terms and conditions applicable to such award. No award shall be valid until an Agreement
is executed by the Company and the recipient of such award and, upon execution by each party and
delivery of the Agreement to the Company, such award shall be effective as of the effective date
set forth in the Agreement.

     5.4 Non-Transferability of Awards. Unless otherwise specified in the Agreement
relating to an award, no award shall be transferable other than by will, the laws of descent and
distribution or pursuant to beneficiary designation procedures approved by the Company. Except to
the extent permitted by the

10

 

foregoing sentence or the Agreement relating to an award, each award may be exercised or
settled during the holder’s lifetime only by the holder or the holder’s legal representative or
similar person. Except to the extent permitted by the second preceding sentence or the Agreement
relating to an award, no award may be sold, transferred, assigned, pledged, hypothecated,
encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to
execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge,
hypothecate, encumber or otherwise dispose of any such award, such award and all rights thereunder
shall immediately become null and void.

     5.5 Tax Withholding. The Company shall have the right to require, prior to the
issuance or delivery of any shares of Common Stock or the payment of any cash pursuant to an award
made hereunder, payment by the holder of such award of any Federal, state, local or other taxes
which may be required to be withheld or paid in connection with such award. An Agreement may
provide that (i) the Company shall withhold whole shares of Common Stock which would otherwise be
delivered to a holder, having an aggregate Fair Market Value determined as of the date the
obligation to withhold or pay taxes arises in connection with an award (the “ Tax Date ”),
or withhold an amount of cash which would otherwise be payable to a holder, in the amount necessary
to satisfy any such obligation or (ii) the holder may satisfy any such obligation by any of the
following means: (A) a cash payment to the Company in the amount necessary to satisfy any such
obligation, (B) delivery (either actual delivery or by attestation procedures established by the
Company) to the Company of shares of Common Stock having an aggregate Fair Market Value, determined
as of the Tax Date, equal to the amount necessary to satisfy any such obligation, (C) authorizing
the Company to withhold whole shares of Common Stock which would otherwise be delivered having an
aggregate Fair Market Value, determined as of the Tax Date, or withhold an amount of cash which
would otherwise be payable to a holder, equal to the amount necessary to satisfy any such
obligation, (D) in the case of the exercise of an Incentive Stock Option or Non-Statutory Stock
Option, a cash payment in the amount necessary to satisfy any such obligation by a broker-dealer
acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise or
(E) any combination of (A), (B) and (C), in each case to the extent set forth in the Agreement
relating to the award; provided, however, that the Company shall have sole discretion to disapprove
of an election pursuant to any of clauses (B)-(E). Any fraction of a share of Common Stock which
would be required to satisfy such an obligation shall be disregarded and the remaining amount due
shall be paid in cash by the holder.

     5.6 Restrictions on Shares. Each award made hereunder shall be subject to the
requirement that if at any time the Company determines that the listing, registration or
qualification of the shares of Common Stock subject to such award upon any securities exchange or
under any law, or the consent or approval of any governmental body, or the taking of any other
action is necessary or desirable as a condition of, or in connection with, the exercise or
settlement of such award or the delivery of shares thereunder, such award shall not be exercised or
settled and such shares shall not be delivered unless such listing, registration, qualification,
consent, approval or other action shall have been effected or obtained, free of any conditions not
acceptable to the Company. The Company may require that certificates evidencing shares of Common
Stock delivered pursuant to any award made hereunder bear a legend indicating that the sale,
transfer or other disposition thereof by the holder is prohibited except in compliance with the
Securities Act of 1933, as amended, and the rules and regulations thereunder.

     5.7 Adjustment. In the event of any stock split, stock dividend, recapitalization,
reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off or
other similar change in capitalization or event, or any distribution to holders of Common Stock
other than a regular cash dividend, the number and class of securities available under this Plan,
the maximum number of shares of Common Stock with respect to which options, SARs, Stock Awards or
Performance Share Awards or a combination thereof may be awarded during any calendar year to any
one person, the maximum number of shares of Common Stock that may be issued pursuant to Awards in
the form of Incentive Stock Options, the number and class of securities subject to each outstanding
option and the purchase price per security, the terms of each outstanding SAR, the number and class
of securities subject to each outstanding Stock Award, and the terms of each outstanding
Performance Share shall be appropriately adjusted by the Committee, such adjustments to be made in
the case of outstanding options and SARs without an increase in the aggregate purchase price or
base price. The decision of the Committee regarding any such adjustment shall be final, binding and
conclusive. If any such adjustment would result in a fractional security being (a) available

11

 

under this Plan, such fractional security shall be disregarded, or (b) subject to an award
under this Plan, the Company shall pay the holder of such award, in connection with the first
vesting, exercise or settlement of such award, in whole or in part, occurring after such
adjustment, an amount in cash determined by multiplying (i) the fraction of such security (rounded
to the nearest hundredth) by (ii) the excess, if any, of (A) the Fair Market Value on the vesting,
exercise or settlement date over (B) the exercise price, if any, of such award.

     5.8 Change in Control.

     (a)(1) Notwithstanding any provision in this Plan or any Agreement, in the event of a Change
in Control pursuant to Section (b)(3) or (4) below in connection with which the holders of Common
Stock receive shares of common stock that are registered under Section 12 of the Exchange Act, (i)
all outstanding options and SARs shall immediately become exercisable in full, (ii) the Restriction
Period applicable to any outstanding Restricted Stock Award or Restricted Stock Unit shall lapse,
(iii) the Performance Period applicable to any outstanding Performance Share shall lapse, (iv) the
Performance Measures applicable to any outstanding Restricted Stock Award (if any) and to any
outstanding Performance Share shall be deemed to be satisfied at the target level and (v) there
shall be substituted for each share of Common Stock available under this Plan, whether or not then
subject to an outstanding award, the number and class of shares into which each outstanding share
of Common Stock shall be converted pursuant to such Change in Control. In the event of any such
substitution, the purchase price per share in the case of an option and the base price in the cases
of an SAR shall be appropriately adjusted by the Committee (whose determination shall be final,
binding and conclusive), such adjustments to be made in the case of outstanding options and SARs
without an increase in the aggregate purchase price or base price.

     (2) Notwithstanding any provision in this Plan or any Agreement, in the event of a Change in
Control pursuant to Section (b)(1) or (2) below, or in the event of a Change in Control pursuant to
Section (b)(3) or (4) below in connection with which the holders of Common Stock receive
consideration other than shares of common stock that are registered under Section 12 of the
Exchange Act, each outstanding award shall be surrendered to the Company by the holder thereof, and
each such award shall immediately be canceled by the Company, and the holder shall receive, within
ten days of the occurrence of a Change in Control pursuant to Section (b)(1) or (2) below or within
ten days of the approval of the stockholders of the Company contemplated by Section (b)(3) or
(4) below, a cash payment from the Company in an amount equal to (i) in the case of an option, the
number of shares of Common Stock then subject to such option, multiplied by the excess, if any, of
the greater of (A) the highest per share price offered to stockholders of the Company in any
transaction whereby the Change in Control takes place and (B) the Fair Market Value of a share of
Common Stock on the date of occurrence of the Change in Control, over the purchase price per share
of Common Stock subject to the option, (ii) in the case of a Free-Standing SAR, the number of
shares of Common Stock then subject to such SAR, multiplied by the excess, if any, of the greater
of (A) the highest per share price offered to stockholders of the Company in any transaction
whereby the Change in Control takes place or (B) the Fair Market Value of a share of Common Stock
on the date of occurrence of the Change in Control, over the base price of the SAR, (iii) in the
case of a Restricted Stock Award or an award of Restricted Stock Units, the number of shares of
Common Stock then subject to such award, multiplied by the greater of (A) the highest per share
price offered to stockholders of the Company in any transaction whereby the Change in Control takes
place and (B) the Fair Market Value of a share of Common Stock on the date of occurrence of the
Change in Control or (iv) in the case of a Performance Share Award, the target number of
Performance Shares then subject to such award, multiplied by the greater of (A) the highest per
share price offered to stockholders of the Company in any transaction whereby the Change in Control
takes place and (B) the highest Fair Market Value of a share of Common Stock during the 90-day
period immediately preceding the date of the Change in Control. In the event of a Change in
Control, each Tandem SAR shall be surrendered by the holder thereof and shall be canceled
simultaneously with the cancellation of the related option. The Company may, but is not required
to, cooperate with any person who is subject to Section 16 of the Exchange Act to assure that any
cash payment in accordance with the foregoing to such person is made in compliance with Section 16
and the rules and regulations thereunder.

12

 

     (b) “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 5.8(b); 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 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.

13

 

     5.9 No Right of Participation or Employment. No person shall have any right to
participate in this Plan. The Committee’s selection of a person to participate in this Plan at any
time shall not require the Committee to select such person to participate in this Plan at any other
time. Neither this Plan nor any award made hereunder shall confer upon any person any right to
continued employment by the Company, any Subsidiary or any affiliate of the Company or affect in
any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate
the employment of any person at any time without liability hereunder.

     5.10 Rights as Stockholder. No person shall have any right as a stockholder of the
Company with respect to any shares of Common Stock or other equity security of the Company which is
subject to an award hereunder unless and until such person becomes a stockholder of record with
respect to such shares of Common Stock or equity security.

     5.11 Stock Certificates. To the extent that this Plan provides for issuance of
certificates to reflect the issuance of shares of Common Stock, the issuance may be effected on a
noncertificated basis, to the extent not prohibited by applicable law or the rules of the New York
Stock Exchange.

     5.12 Governing Law. This Plan, each award hereunder and the related Agreement, and all
determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the
Code or the laws of the United States, shall be governed by the laws of the State of Delaware and
construed in accordance therewith without giving effect to principles of conflicts of laws.

     5.13 Foreign Employees. Without amending this Plan, the Committee may grant awards to
eligible persons who are foreign nationals on such terms and conditions different from those
specified in this Plan as may in the judgment of the Committee be necessary or desirable to foster
and promote achievement of the purpose of this Plan and, in furtherance of such purpose, the
Committee may make such modifications, amendments, procedures, subplans and the like as may be
necessary or advisable to comply with provisions of laws in other countries or jurisdictions in
which the Company or any of its Subsidiaries operates or has employees.

14exv10w7

 

Exhibit 10.7

CORN PRODUCTS INTERNATIONAL, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EFFECTIVE JANUARY 1, 1998

AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2001

 

 

FOREWORD

Effective as of January 1, 1998, Corn Products International, Inc. has adopted the Corn Products
International, Inc. Supplemental Executive Retirement Plan (the “Plan”) for the benefit of certain
of its Key Executives.

The purposes of the Plan are (a) to permit certain Key Executives to defer payment of a portion of
current compensation, including short and long term performance bonus payments, until a later year,
and (b) to provide Participants and their beneficiaries with the amount of retirement income that
is not provided under the Corn Products International, Inc. Cash Balance Plan for Salaried
Employees and the Corn Products International, Inc. Retirement Savings Plan by reason of limits on
recognized compensation required by Sections 401(a)(17), 402(g) and 415 of the Internal Revenue
Code of 1986, as amended, and by reason of elective compensation deferrals under this Plan.

It is intended that the Plan be a deferred compensation plan for “a select group of management or
highly compensated employees,” as that term is used in the Employee Retirement Income Security Act
of 1974, as amended.

2

 

SECTION ONE

Definitions

	1.1	 	Except to the extent otherwise indicated herein, and except to the extent otherwise
inappropriate in the context, the definitions contained in the Cash Balance Plan or Savings
Plan are applicable under the Plan.
	 
	1.2	 	“Accounts” means the Cash Balance Plan Make-up Account, the Annual Deferral Account, the
Prior Plan Account, the Savings Plan Make-up Account, the Performance Plan Account and the
Annual Incentive Plan (AIP) Account.
	 
	1.3	 	“AIP Account” means the bookkeeping Account established under Section 3.5 on behalf of a
Participant, and includes any deemed investment earnings credited thereon.
	 
	1.4	 	“Annual Deferral Account” means the bookkeeping Account established under Section 3.1
established on behalf of a Participant, and includes any deemed investment earnings credited
thereon.
	 
	1.5	 	“Annual Deferred Compensation” means the amount of a Key Executive’s Compensation that such
Key Executive has deferred until a later year pursuant to an election under Section 2.2 of
this Plan.
	 
	1.6	 	“Base Salary Threshold” means, as of November 15, 1997, $160,000. As of each subsequent
November 15, the Base Salary Threshold shall be redetermined as the annual limit (as of such
November 15) in effect under Section 401(a)(17) of the Code.
	 
	1.7	 	“Board of Directors” means the Board of Directors of the Corporation.
	 
	1.8	 	“Cash Balance Plan” means the Corn Products International, Inc. Cash Balance Plan for
Salaried Employees.
	 
	1.9	 	“Cash Balance Plan Make-up Account” means the bookkeeping Account established under Section
3.2 established on behalf of a Participant, and includes any deemed investment earnings
credited thereon.
	 
	1.10	 	“Code” means the Internal Revenue Code of 1986, as amended. Any reference to any Code Section
shall also mean any successor provision thereto.
	 
	1.11	 	“Committee” means the Pension Committee established by the Board of Directors.
	 
	1.12	 	“Common Stock” means common stock of Corn Products International, Inc.
	 
	1.13	 	“Compensation” means a Participant’s base pay plus short-term incentive bonuses as paid,
prior to reduction for (a) his or her Annual Deferred Compensation election and Annual
Incentive Plan deferral election under this Plan, (b) pre-tax contributions under the Savings
Plan and (c) any pre-tax contributions to a cafeteria plan under Section 125 of the Code,
which is in excess of Limited Compensation.
	 
	1.14	 	“Corporation” means Corn Products International, Inc. and any successor to such corporation
by merger, purchase or otherwise.
	 
	1.15	 	“Employer” means the Corporation and any other corporation adopting the Plan in accordance
with Section 5.3 hereof.

3

 

	1.16	 	“Fair Market Value” means the closing price of a share of Common Stock on the New York Stock
Exchange on the date of the determination thereof, as reported in The Wall Street Journal as
New York Stock Exchange Composite Transactions.
	 
	1.17	 	“Key Executive” means an executive employed by the Corporation who is designated by the Vice
President of Human Resources of the Corporation.
	 
	1.18	 	“Limited Compensation” is the smaller of the limit on pensionable compensation specified by
Section 401(a)(17) of Code (including adjustments for changes in the cost of living as
prescribed by the Code), or Compensation earned prior to the time the Participant reaches the
limit on elective deferrals to the Savings Plan specified by Section 402(g) of the Code
(including adjustments for changes in the cost of living as prescribed by the Code).
	 
	1.19	 	“Participant” means a Participant in the Plan who has satisfied the eligibility requirements
of and is participating in the Plan under Section 2.1 of the Plan.
	 
	1.20	 	“Performance Plan Account” means the bookkeeping Account established under Section 3.6 on
behalf of a Participant and includes any deemed investment earnings credited thereon.
	 
	1.21	 	“Plan” means the Corn Products International, Inc. Supplemental Executive Retirement Plan as
from time to time amended.
	 
	1.22	 	“Prime Rate” means 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.
	 
	1.23	 	“Prior Plan Account” means the bookkeeping Account established under Section 3.4 on behalf of
a Participant to reflect the amounts accrued by such Participant under the Prior Savings Plan
as of December 31, 1997, and includes any deemed investment earnings credited thereon. “Prior
Plan Deferred Account” means the portion of the Prior Plan Account attributable to the
Participant’s deferrals plus deemed investment earnings thereon; and “Prior Plan Company
Account” means the portion of the Prior Plan Account attributable to company credits plus
deemed investment earnings thereon.
	 
	1.24	 	“Prior Savings Plan” means the CPC International Inc. Excess Savings Plan.
	 
	1.25	 	“Prior SERP” means the CPC International Inc. Excess Benefit Plan.
	 
	1.26	 	“Savings Plan” means the Corn Products International, Inc. Retirement Savings Plan.
	 
	1.27	 	“Savings Plan Make-up Account” means the bookkeeping Account established under Section 3.3
established on behalf of a Participant, and includes any deemed investment earnings credited
thereon.
	 
	1.28	 	“Stock Unit” means a phantom unit corresponding to one share of Common Stock in which a
Participant’s Account is deemed invested.

SECTION TWO

Eligibility and Participation

	2.1	 	Eligibility and Participation
	 
	 	 	Participation in the Annual Deferral Account portion of the Plan shall be limited to Key
Executives. For purposes of participation as of January 1, 1998, the group of eligible Key
Executives is limited to employees of the Corporation whose 1997 base pay plus 1997-paid
short

4

 

	 	 	term bonuses from CPC International Inc. equaled at least the Base Salary Threshold as of
November 15, 1997.
	 
	 	 	If first employed by the Corporation after January 1, 1998, a Key Executive shall be
eligible to participate in the Annual Deferral Account portion of the Plan as of the first
of the month following one full calendar month of employment if his or her base salary plus
short-term bonus for the balance of the first calendar year of employment is expected to
equal at least the annual limit (as of such date of employment) under Section 401(a)(17) of
the Code, subject to approval of the Vice President of Human Resources of the Corporation.
	 
	 	 	Key Executives who have never participated under the Plan but whose base pay plus short
term bonus paid in any calendar year equals at least the Base Salary Threshold for such
year shall be eligible to participate in the Annual Deferral Account as of the following
January 1.
	 
	 	 	Key Executives who elect to participate in the Annual Deferral Account shall continue to be
eligible to make deferral elections in future years, notwithstanding their base salary as
of a November 15 falling below the Base Salary Threshold for Key Executives who have never
participated in the Plan.
	 
	 	 	Active participation in the Cash Balance Plan Make-up Account for any calendar year shall
be limited to Key Executives who make deferral elections for such year, or employees whose
benefits under the Cash Balance Plan are reduced by the limits on compensation or benefits
imposed by Sections 401(a)(17) or 415 of the Code.
	 
	 	 	Active participation in the Savings Plan Make-up Account for any calendar year shall be
limited to Key Executives who make deferral elections for such year and whose benefits
under the Savings Plan are reduced by the limits on compensation imposed by Section
401(a)(17) or Section 415 of the Code, or by a deferral election made under Section 2.2 of
this Plan.
	 
	 	 	Persons who have amounts transferred from the Prior Savings Plan to this Plan, as provided
in Section 3.4, shall be eligible for participation with respect to amounts held in their
Prior Plan Accounts hereunder.
	 
	 	 	Active participation in the Performance Plan Account portion of the Plan shall be limited
to Key Executives who elect to defer payment of Performance Plan Awards for which they are
eligible under the Corn Products International, Inc. Performance Plan or the Corn Products
International, Inc. Stock Incentive Plan. Designation as a Key Executive for purposes of
participation in the Performance Plan Account in a given year does not ensure or otherwise
entitle a Participant to such a designation in subsequent years.
	 
	 	 	Active participation in the AIP Account portion of the Plan shall be limited to Key
Executives who elect to defer payment of Annual Incentive Payments for which they are
eligible under the Corn Products International, Inc. Annual Incentive Plan. Designation as
a Key Executive for purposes of participation in the AIP Account in a given year does not
ensure or otherwise entitle a Participant to such a designation in subsequent years.
	 
	2.2	 	Deferral Election
	 
	 	 	Annual Deferred Compensation elections shall be made only by Key Executives and shall
be on forms furnished by the Committee. An Annual Deferred Compensation election shall
apply only to Compensation paid in the particular year specified in the election. Key
Executives shall specify the percentage of such Compensation to be deferred under the
election, which percentage may not exceed 20%.
	 
	 	 	An Annual Deferred Compensation election with respect to Compensation for a particular
calendar year (a) must be made before January 1 of such calendar year (or prior to
participation in

5

 

	 	 	the Plan if the Key Executive becomes eligible to participate during the calendar year),
(b) must specify (from the available alternatives, which shall include a lump sum option)
the date such Annual Deferred Compensation, plus deemed investment earnings, is to be paid
(or commence to be paid) and, the distribution date for a lump sum or first distribution
date if the form of distribution selected is installments must be a date which is at least
six months following separation from service and if the form of distribution selected is
annual installments, the number of annual installments (not to exceed 5 years) in which
such Annual Deferred Compensation, plus deemed investment earnings, is to be paid must be
designated, and (c) shall be irrevocable as of the latest time at which such selection
could be made in compliance with Section 409A of the Code.
	 
	 	 	In the case of a Key Executive who is eligible to participate in this Plan under Section
2.1 as of one month following the date on which his or her employment with the Corporation
commences, any Annual Deferred Compensation election must be made within 30 days of
employment and will apply to Compensation earned from the date of such election through the
end of that calendar year.
	 
	 	 	Elections to defer payment of Performance Plan Awards earned under the Corn Products
International, Inc. Performance Plan or the Corn Products International, Inc. Stock
Incentive Plan shall only be made by Key Executives and shall be on forms furnished by the
Committee. A Performance Plan Award deferral election shall apply only to the Performance
Plan Award Cycle specified in the election. Key Executives shall specify the amount of the
Performance Plan Award they elect to defer in 10% increments (minimum 10%). The deferral
election must be made no later than six months preceding the end of the applicable
performance period. The deferral election must include a selection from the available
distribution alternatives of a date and form of distribution of the deferred Performance
Plan Award plus deemed investment earnings. One form of distribution shall be a lump sum.
The distribution date for a lump sum or first distribution date if the form of distribution
selected is installments must be a date which is at least six months following separation
from service and if the form of distribution selected is annual installments, the number of
annual installments (not to exceed 5 years) must be designated. Once the form of
distribution is selected, it shall be irrevocable as of the latest time at which such
selection could be made in compliance with Section 409A of the Code.
	 
	 	 	Elections to defer payment of Annual Incentive Plan Awards earned under the Corn Products
International, Inc. Annual Incentive Plan shall only be made by Key Executives and shall be
on forms furnished by the Committee. An Annual Incentive Plan Award deferral election shall
apply only to the Plan Year specified in the election. Key Executives shall specify the
amount of the Annual Incentive Plan Award they elect to defer in 10% increments (minimum
10%). The deferral election must be made no later than 30 days after approval by the Board
of Directors of the Annual Incentive Plan for the Plan Year for which the election is being
made, provided, however, that the deferral election must in any event be made no later than
six months preceding the end of the applicable performance period. The deferral election
must include a selection from the available distribution alternatives of a date and form of
distribution of the deferred Annual Incentive Plan Award plus deemed investment earnings.
One form of distribution shall be a lump sum. The distribution date for a lump sum or first
distribution date if the form of distribution selected is installments must be a date which
is at least six months following separation from service and if the form of distribution
selected is annual installments, the number of annual installments (not to exceed 5 years)
must be designated. Once the form of distribution is selected, it shall be irrevocable as
of the latest time at which such selection could be made in compliance with Section 409A of
the Code.

6

 

SECTION THREE

Accounts

	3.1	 	Annual Deferral Account
	 
	 	 	The aggregate of the amounts of Annual Deferred Compensation and deemed investment earnings
on such amounts shall be paid to the Participant or his or her beneficiary, as applicable,
from the general assets of the Corporation in accordance with this Plan and related
election forms. Deemed investment earnings with respect to Annual Deferred Compensation
shall be credited monthly at the monthly compound equivalent of the Prime Rate or other
deemed investment earnings measurements, including, but not limited to, the increase or
decrease in the Fair Market Value of Stock Units in a Corn Products International, Inc.
Phantom Stock Unit investment option administered according to Section 4, as the Committee,
in its sole discretion, permits and as is elected by each Participant to be the deemed
investment measurement to be used for this bookkeeping Account. Such election of the deemed
investment earnings measurement shall be made at times and according to administrative
procedures established by the Committee. A bookkeeping Account shall be maintained for each
Participant to record the amount of such Annual Deferred Compensation and deemed investment
earnings thereon. Participants shall be 100 percent vested in all of their Annual Deferral
Accounts.
	 
	 	 	Separate bookkeeping Accounts may be maintained for Annual Deferred Compensation for each
Participant for each calendar year, plus deemed investment earnings with respect to such
Annual Deferred Compensation, as may be necessary in order to facilitate calculation upon
distribution.
	 
	3.2	 	Cash Balance Plan Make-up Account
	 
	 	 	A bookkeeping Account shall be established on behalf of each Participant in the Plan which,
at any time, shall yield a benefit equal to the benefit as of such date that would have
accrued under the Cash Balance Plan had (a) the Participant not elected to defer
Compensation under Section 2.2 of this Plan, and (b) limits on benefits or Compensation
imposed by Sections 415 or 401(a)(17) of the Code not applied to the Participant under the
Cash Balance Plan.
	 
	 	 	In addition, the following employees shall receive an additional annual pay credit as
indicated below, applied to their total eligible Compensation as such is defined in the
Cash Balance Plan, but without reflecting the limits of Section 401(a)(17) of the Code:

	 	 	 	 	 
	Employee	 	Additional Percentage
	Beebe, C.
	 	 	1.37	%
	Fortnam, J.
	 	 	2.11	%
	Hirchak, J.J.
	 	 	0.81	%
	Ripley, J.
	 	 	4.72	%
	Scott III, S.
	 	 	7.39	%

	 	 	The beginning balance as of January 1, 1998 under this Account, if any, shall be determined
in accordance with the Opening Balance under the Cash Balance Plan as if the earned benefit
under the Prior SERP as of December 31, 1997 were the “Accrued Benefit as of December 31,
1997 under the Prior Plan” as such is defined in the Cash Balance Plan.
	 
	 	 	A Participant shall be vested in his or her Cash Balance Plan Make-up Account to the extent
that such Participant is vested in his or her Cash Balance Plan Account balance.

7

 

	3.3	 	Savings Plan Make-up Account
	 
	 	 	A bookkeeping Account shall be established on behalf of each Participant in the Plan, which
shall be credited with the excess, if any, of (a) the amount of employer matching and
profit sharing contributions which would have been made on behalf of such Participant had
the Participant’s Deferred Compensation been contributed to the Savings Plan (without
regard to any refunds of Participant contributions required under the Code, or the effects
of Sections 401(a)(17), 402(g) or 415 of the Code), over (b) actual employer matching and
profit sharing contributions to the Savings Plan on behalf of such Participant.
	 
	 	 	The Savings Plan Make-up Account shall be credited monthly with deemed investment earnings
at the monthly compound equivalent of the Prime Rate or other deemed investment earnings
measurements, including, but not limited to, the increase or decrease in the Fair Market
Value of Stock Units in a Corn Products International, Inc. Phantom Stock Unit investment
option administered according to Section 4, as the Committee, in its sole discretion,
permits and as is elected by each Participant to be the deemed investment measurement to be
used for this bookkeeping Account. Such election of the deemed investment earnings
measurement shall be made at times and according to administrative procedures established
by the Committee. A Participant is vested in his or her Savings Plan Make-up Account to the
extent that such Participant is vested in his or her Savings Plan matching and profit
sharing contributions.
	 
	3.4	 	Prior Plan Account
	 
	 	 	A Prior Plan Deferred Account shall be established for each Participant in the Prior
Savings Plan who becomes a Participant on January 1, 1998, equal in initial value to the
amounts held under the Prior Savings Plan as of December 31, 1997 attributable to employee
deferrals under the Prior Savings Plan plus deemed investment earnings thereon through
December 31, 1997. The Prior Plan Deferred Account shall be credited monthly with deemed
investment earnings at the monthly compound equivalent of the Prime Rate or other deemed
investment earnings measurements, including, but not limited to, the increase or decrease
in the Fair Market Value of Stock Units in a Corn Products International, Inc. Phantom
Stock Unit investment option administered according to Section 4, as the Committee, in its
sole discretion, permits and as is elected by each Participant to be the deemed investment
measurement to be used for this bookkeeping Account. Such election of the deemed investment
earnings measurement shall be made at times and according to administrative procedures
established by the Committee. Participants shall be 100 percent vested in any Prior Plan
Deferred Account.
	 
	 	 	A Prior Plan Company Account shall be established for each Participant in the Prior Savings
Plan who becomes a Participant on January 1, 1998, equal in initial value to the amounts
held under the Prior Savings Plan as of December 31, 1997 attributable to company credits
under the Prior Savings Plan plus deemed investment earnings thereon through December 31,
1997. The Prior Plan Company Account shall be credited monthly with deemed investment
earnings at the monthly compound equivalent of the Prime Rate or other deemed investment
earnings measurements, including, but not limited to, the increase or decrease in the Fair
Market Value of Stock Units in a Corn Products International, Inc. Phantom Stock Unit
investment option administered according to Section 4, as the Committee, in its sole
discretion, permits and as is elected by each Participant to be the deemed investment
measurement to be used for this bookkeeping Account. Such election of the deemed investment
earnings measurement shall be made at times and according to administrative procedures
established by the Committee. Participants shall be 100 percent vested in any Prior Plan
Company Account.
	 
	3.5	 	AIP Account
	 
	 	 	A bookkeeping Account shall be established on behalf of each Participant who has made an
election to defer payment of Annual Incentive Plan Awards in accordance with this Plan and
related election forms to record the amount of such deferred Annual Incentive Plan Awards
and

8

 

	 	 	deemed investment earnings thereon. The aggregate of the amounts of deferred Annual
Incentive Plan awards and deemed investment earnings on such amounts shall be paid to the
Participant or his or her beneficiary, as applicable, from the general assets of the
Corporation in accordance with this Plan and related election forms. The Annual Incentive
Plan Account shall be credited monthly with deemed investment earnings at the monthly
compound equivalent of the Prime Rate or other deemed investment earnings measurements,
including, but not limited to, the increase or decrease in the Fair Market Value of Stock
Units in a Corn Products International, Inc. Phantom Stock Unit investment option
administered according to Section 4, as the Committee, in its sole discretion, permits and
as is elected by each Participant to be the deemed investment measurement to be used for
this bookkeeping Account. Such election of the deemed investment earnings measurement shall
be made at times and according to administrative procedures established by the Committee.
Participants shall be 100 percent vested in their AIP Account.
	 
	 	 	Separate bookkeeping Accounts may be maintained for Annual Incentive Plan Award deferrals
for each Participant for each calendar year plus deemed investment earnings with respect to
each such deferral, as may be necessary in order to facilitate calculation upon
distribution.
	 
	3.6	 	Performance Plan Account
	 
	 	 	A bookkeeping Account shall be established on behalf of each Participant who has made an
election to defer payment of Performance Plan Awards in accordance with this Plan and
related election forms to record the amount of such deferred Performance Plan Awards and
deemed investment earnings thereon. The aggregate of the amounts of deferred Performance
Plan Awards and deemed investment earnings on such amounts shall be paid to the Participant
or his or her beneficiary, as applicable, from the general assets of the Corporation in
accordance with this Plan and related election forms. The Performance Plan Account shall be
credited monthly with deemed investment earnings at the monthly compound equivalent of the
Prime Rate or other deemed investment earnings measurements, including, but not limited to,
the increase or decrease in the Fair Market Value of Stock Units in a Corn Products
International, Inc. Phantom Stock Unit investment option administered according to Section
4, as the Committee, in its sole discretion, permits and as is elected by each Participant
to be the deemed investment measurement to be used for this bookkeeping Account. Such
election of the deemed investment earnings measurement shall be made at times and according
to administrative procedures established by the Committee. Participants shall be 100
percent vested in their Performance Plan Account.
	 
	 	 	Separate bookkeeping Accounts may be maintained for Performance Plan Award deferrals for
each Participant for each Performance Plan Award Cycle plus deemed investment earnings with
respect to each such deferral, as may be necessary in order to facilitate calculation upon
distribution.

SECTION FOUR

Deemed Investment Options

	4.1	 	Corn Products International, Inc. Phantom Stock Unit Option
	 
	 	 	Participants may elect to participate in the Corn Products International, Inc. Phantom
Stock Unit Option at any time, using the forms and procedures established by the Committee.
Any portion or all of any of the balances of the bookkeeping Accounts maintained on behalf
of Participants pursuant to this Plan or any portion or all of any new deferrals may be
“invested” in this option. Deemed balances or deferrals “invested” in this option will
maintain their separate Account character with respect to distribution selections regarding
the timing and form of the distribution. All distributions from this option will be in
whole shares of Common Stock as determined by the whole number of Stock Units credited to
the Participant at the time of distribution. Fractional

9

 

	 	 	Stock Units will be converted to a cash equivalent by multiplying the fractional Stock
Units by the Fair Market Value on the particular distribution date and will be distributed
as a cash payment.
	 
	 	 	All elections to “invest” existing Account balances or deferrals into this option are
irrevocable. Balances may not be transferred out of this option.
	 
	 	 	All amounts transferred into or deferred directly into this option shall be deemed to be
invested in Common Stock in the form of Stock Units. The number of Stock Units which shall
be credited to a Participant’s Account in respect of amounts transferred or deferred shall
be equal to the amount transferred or deferred divided by the Fair Market Value of a share
of Common Stock on the effective date of the transfer or deferral or, if such is date is
not a trading day for the New York Stock Exchange, then on the first trading day after such
date of transfer or deferral.
	 
	 	 	As of the date on which dividends are paid on the shares of Common Stock, the Company shall
credit to each Participant with a balance “invested” in this option additional Stock Units,
the number of which shall be determined by multiplying the amount of such dividends per
share of Common Stock by the number of Stock Units then credited to the Participant and
dividing the product thereof by the Fair Market Value of a share of Common Stock on the
applicable dividend payment date.

SECTION FIVE

Payment of Benefits

	5.1	 	No In-Service Withdrawals
	 
	 	 	No withdrawals, including loans, may be allowed from the Plan for any reason while the
Participant is still employed by the Corporation; however, reemployment of a Participant
shall not suspend the payment of any benefits hereunder.
	 
	5.2	 	Payment of Annual Deferral Account
	 
	 	 	Except as provided in Section 5.8 below, payment of benefits from a Participant’s Annual
Deferral Account shall be made in accordance with the Annual Deferred Compensation deferral
elections made at the time the Participant elects to defer Compensation hereunder. A
separate Annual Deferred Compensation election shall govern each year’s Annual Deferred
Compensation deferral and deemed investment earnings on such Annual Deferred Compensation
attributable to any year. The terms of these Annual Deferred Compensation elections dealing
with the timing and form of payment may be changed prospectively from year to year by the
Committee, but a selection made by a Participant as to the timing and form of a
distribution from the Annual Deferral Account with respect to a particular year is
irrevocable as of the latest time at which such selection could be made in compliance with
Section 409A of the Code. Until the distribution of the full value of a Participant’s
Annual Deferral Account, the undistributed portion of such Account will continue to be
credited with deemed investment earnings pursuant to Section 3.1 of the Plan.
	 
	5.3	 	Payment of Cash Balance Plan Make-up Account
	 
	 	 	Effective for distributions commencing prior to January 1, 2008: Except as
provided in Section 5.8 below, distributions from the Cash Balance Plan Make-up Account
shall be made in the same form and at the same time as benefit payments made under the Cash
Balance Plan or in accordance with an election made on a form furnished by the Committee.
Until the distribution of the full value of a Participant’s Cash Balance Make-up Account,
the undistributed portion of such Account will continue to be credited with deemed
investment earnings pursuant to Section 3.2 of the Plan.

10

 

	 	 	Effective for distributions commencing on or after January 1, 2008: Distributions
from a Participant’s Cash Balance Plan Make-up Account shall be made in accordance with the
election made by the Participant in the form and manner prescribed by the Company, subject
to Section 5.8 and the other limitations set forth below. Such distribution election must
be made by the Participant (a) prior to January 1, 2008 in the case of a Participant who
has an account balance on such date, and (b) in the case of any other Participant, prior to
the calendar year in which such Participant becomes eligible to receive credits to such
Participant’s Cash Balance Plan Make-up Account. Notwithstanding anything herein to the
contrary, in the case of a Participant who does not make an election as specified in the
immediately preceding sentence, such Participant’s Cash Balance Plan Make-Up Account shall
be distributed in the form of a lump sum on the later of (a) the date on which such
Participant attains age 60, (b) the date on which such Participant terminates employment
and (c) June 30, 2008.
	 
	5.4	 	Payment of Savings Plan Make-up Account
	 
	 	 	Effective for distributions commencing prior to January 1, 2008: Except as
provided in Section 5.8 below, distributions from the Savings Plan Make-up Account shall be
made in the same form and at the same time as benefit payments made under the Savings Plan
after termination of employment or in accordance with an election made on a form furnished
by the Committee. However, if the Participant elects an annuity distribution under the
Savings Plan, he or she shall receive his Savings Plan Make-up Account in a single sum,
subject to any election made on a form furnished by the Committee. Until the distribution
of the full value of a Participant’s Savings Plan Make-up Account, the undistributed
portion of such Account will continue to be credited with deemed investment earnings
pursuant to Section 3.3 of the Plan.
	 
	 	 	Effective for distributions commencing on or after January 1, 2008: Distributions
from a Participant’s Savings Plan Make-up Account shall be made in accordance with the
election made by the Participant, subject to Section 5.8 and the other limitations set
forth below. Such distribution election must be made by the Participant in the form and
manner prescribed by the Company (a) prior to January 1, 2008 in the case of a Participant
who has an account balance on such date, and (b) in the case of any other Participant,
prior to the calendar year in which such Participant becomes eligible to receive credits to
such Participant’s Savings Plan Make-up Account. Notwithstanding anything herein to the
contrary, in the case of a Participant who does not make an election as specified in the
immediately preceding sentence, such Participant’s Savings Plan Make-Up Account shall be
distributed in the form of a lump sum on the later of (a) the date on which such
Participant attains age 60, (b) the date of such Participant’s separation from service and
(c) June 30, 2008.
	 
	5.5	 	Payment of Prior Plan Account
	 
	 	 	Effective for distributions commencing prior to January 1, 2008: Except as
provided in Section 5.8 below, distributions from the Prior Plan Account shall be payable
pursuant to the selection made in writing by the Participant no later than the
Participant’s termination date. Such selection shall be irrevocable as of the latest time
at which such selection could be made in compliance with Section 409A of the Code and be
made on forms and pursuant to procedures specified by the Committee. The Participant shall
have the option to select to receive the value of the Prior Plan Account in one cash lump
sum or payable in essentially equal annual installments over a specified number of years;
provided, however, (i) that no distribution may commence sooner than the first anniversary
of the Participant’s termination date; (ii) distribution must commence no later than the
fifth anniversary of the Participant’s termination date; and (iii) full distribution of the
Participant’s Prior Plan Account must be completed no later than the tenth anniversary of
such termination date. If a Participant dies prior to receiving a complete distribution of
the balance of the Prior Plan Account, the undistributed portion of such Account will be
paid in one cash lump sum as soon as is practicable to the named beneficiary under the
Plan. Until the distribution of the full value of a

11

 

	 	 	Participant’s Prior Plan Account, the undistributed portion of such Account will continue
to be credited with deemed investment earnings pursuant to Section 3.4 of the Plan.
	 
	 	 	Effective for distributions commencing on or after January 1, 2008: Distributions
from a Participant’s Prior Plan Account shall be made in accordance with the election made
by the Participant, subject to Section 5.8 and the other limitations set forth below. Such
distribution election must be made by the Participant in the form and manner prescribed by
the Company prior to January 1, 2008. Notwithstanding anything herein to the contrary, in
the case of a Participant who does not make an election as specified in the immediately
preceding sentence, such Prior Plan Account shall be distributed in the form of a lump sum
on the later of (a) the first anniversary of such Participant’s separation from service and
(b) June 30, 2008.
	 
	5.6	 	Payment of AIP Account
	 
	 	 	Except as provided in Section 5.8 below, distributions from the AIP Account will be made in
accordance with the selections the Participant made at the time the Annual Incentive Plan
Award was deferred. A separate deferral election form shall govern each Annual Incentive
Plan year and deemed investment earnings thereon. The terms of these deferral election
agreements dealing with the timing and form of payment may be changed prospectively from
year to year by the Committee, but once a selection is made by a Participant as to the
timing and form of a distribution from the AIP Account with respect to a particular year,
such selection is irrevocable as of the latest time at which such selection could be made
in compliance with Section 409A of the Code. Until the distribution of the full value of a
Participant’s AIP Account, the undistributed portion of such Account will continue to be
credited with deemed investment earnings pursuant to Section 3.5 of the Plan.
	 
	5.7	 	Payment of Performance Plan Account
	 
	 	 	Except as provided in Section 5.8 below, distributions from the Performance Plan Account
will be made in accordance with the selections the Participant made at the time the
Performance Plan Award was deferred. A separate deferral election form shall govern each
Performance Plan Award Cycle and deemed investment earnings thereon. The terms of these
deferral election agreements dealing with the timing and form of payment may be changed
prospectively from Cycle to Cycle by the Committee, but once a selection is made by a
Participant as to the timing and form of a distribution from the Performance Plan Account
with respect to a particular Cycle, such selection is irrevocable as of the latest time at
which such selection could be made in compliance with Section 409A of the Code. Until the
distribution of the full value of a Participant’s Performance Plan Account, the
undistributed portion of such Account will continue to be credited with deemed investment
earnings pursuant to Section 3.6 of the Plan.
	 
	5.8	 	Lump Sum Distributions of Smaller Benefits
	 
	 	 	Notwithstanding anything herein to the contrary:

	 	(a)	 	If the aggregate value of a Participant’s Cash Balance Plan Make-up Account,
Savings Plan Make-up Account, and Prior Plan Account is less than $10,000, the
Participant or his or her beneficiary shall receive benefits from such Accounts under
this Plan in the form of a single lump sum payment six months after the Participant’s
termination of employment, without regard to distribution selections made under the
Cash Balance Plan or Savings Plan (effective prior to January 1, 2008) and without
regard to distribution elections made with respect to such Accounts.
	 
	 	(b)	 	If the aggregate value of a Participant’s Annual Deferral Account, AIP
Account and Performance Plan Account is less than $10,000, the Participant or his or
her beneficiary shall receive benefits from such Account under this Plan in the form
of a single lump sum

12

 

	 	 	 	payment six months after termination of employment, without regard to distribution
selections made under such Accounts.

	5.9	 	Beneficiaries
	 
	 	 	The Participant’s beneficiary under this Plan with respect to his or her Accounts shall be
the person or persons designated as beneficiary by the Participant by filing with the
Committee a written beneficiary designation on a form provided by, and acceptable to, such
Committee. In the event the Participant does not make an effective designation of a
beneficiary with respect to his or her Accounts (or any one of them), the Participant’s
beneficiary with respect to his or her Accounts shall be such Participant’s beneficiary
under the Savings Plan.
	 
	5.10	 	Termination of the Cash Balance Plan or Savings Plan
	 
	 	 	In the event that the Cash Balance Plan is terminated, payments from the Cash Balance Plan
Make-up Account shall continue to be paid in accordance with Section 5.3 hereof.
	 
	 	 	In the event that the Savings Plan is terminated, payments from the Savings Plan Make-up
Account shall continue to be paid in accordance with Section 5.4 hereof.
	 
	5.11	 	Tax Withholding
	 
	 	 	The Company shall have the right to require, prior to the issuance or delivery of any
shares of Common Stock or the payment of any cash pursuant to a distribution of benefits
hereunder, payment by the recipient of such distribution of any Federal, state, local or
other taxes which may be required to be withheld or paid in connection with such
distribution. With respect to the withholding obligation attributable to a distribution of
shares of Common Stock from the Phantom Stock Unit Option, at the election of the recipient
(i) the Company shall withhold whole shares of Common Stock which would otherwise be
delivered to a recipient, having an aggregate Fair Market Value determined as of the date
the obligation to withhold or pay taxes arises in connection with such distribution (the
“Tax Date”), in the amount necessary to satisfy such obligation or (ii) the recipient may
satisfy such obligation by any of the following means: (A) a cash payment to the Company,
(B) delivery (either actual delivery or by attestation procedures established by the
Company) to the Company of shares of previously-acquired shares of Common Stock, for which
the recipient has good title, free and clear of all liens and encumbrances, having an
aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary
to satisfy such obligation, (C) authorizing the Company to withhold whole shares of Common
Stock which would otherwise be delivered having an aggregate Fair Market Value, determined
as of the Tax Date, or withhold an amount of cash which would otherwise be payable to the
recipient, equal to the amount necessary to satisfy any such obligation, or (D) any
combination of (A), (B) and (C). Shares of Common Stock to be delivered or withheld may not
have an aggregate Fair Market Value in excess of the amount determined by applying the
minimum statutory withholding rate. Any fraction of a share of Common Stock which would be
required to satisfy such an obligation shall be disregarded and the remaining amount due
shall be paid in cash by the recipient. With respect to the withholding obligation
attributable to a distribution of cash, the Company shall withhold an amount of cash which
would otherwise be payable to the recipient in the amount necessary to satisfy such
obligation.
	 
	5.12	 	Section 409A Compliance 
	 
	 	 	Notwithstanding anything herein to the contrary, all payments made hereunder shall comply
with the requirements of Section 409A of the Code and the regulations issued thereunder.
Notwithstanding anything herein to the contrary, no payment payable upon a Participant’s
separation from service shall be made to any Participant who is a “specified employee” as
defined in Section 409A(a)(2) and the regulations issued thereunder until at least six
months following such Participant’s separation from service or, if earlier, to such
Participant’s estate upon such Participant’s death.

13

 

	5.13	 	Changes in Elections Regarding Time and Form of Payment
	 
	 	 	Notwithstanding anything herein to the contrary, Participants shall have the opportunity to
elect to change their prior payment elections with respect to their deferred Annual
Incentive Plan Awards, their Performance Plan awards, their Cash Balance Make-up Accounts,
Savings Plan Make-Up Accounts and/or Prior Plan Accounts, as applicable, provided that such
changes are elected in the manner prescribed by the Company no later than December 31,
2007.

SECTION SIX

ADMINISTRATION AND GENERAL PROVISIONS

	6.1	 	Plan Administrator
	 
	 	 	The Corporation shall be the “administrator” of the Plan within the meaning of the Employee
Retirement Income Security Act of 1974, as amended.
	 
	6.2	 	Committee
	 
	 	 	Subject to the provisions of Section 6.1, the Committee shall be vested with the general
administration of the Plan. The Committee shall have the exclusive right to interpret the
Plan provisions and to exercise discretion where necessary or appropriate in the
interpretation and administration of the Plan and to decide any and all matters arising
thereunder or in connection with the administration of the Plan. The decisions, actions and
records of the Committee shall be conclusive and binding upon the Corporation and all
persons having or claiming to have any right or interest in or under the Plan.
	 
	 	 	The Committee may delegate to such officers, employees or departments of the Corporation
such authority, duties, and responsibilities of the Committee as it, in its sole
discretion, considers necessary or appropriate for the proper and efficient operation of
the Plan, including, without limitation, (a) interpretation of the Plan, (b) approval and
payment of claims, and (c) establishment of procedures for administration of the Plan.
	 
	6.3	 	Participation by Other Employers

	 	(a)	 	Adoption of Plan.
	 
	 	 	 	With the consent of the Corporation, any corporation may become a participating
Employer under the Plan by (i) taking such action as shall be necessary to adopt
the Plan, (ii) filing with the Corporation a duly certified copy of the resolution
of the board of directors of such corporation adopting the Plan, and (iii)
executing and delivering such instruments and taking such other actions as may be
necessary or desirable to put the Plan into effect with respect to such
corporation.
	 
	 	(b)	 	Withdrawal from Participation
	 
	 	 	 	Any Employer may withdraw from participation in the Plan at any time by filing with
the Corporation a duly certified copy of a resolution of its board of directors to
that effect and giving notice of its intended withdrawal to the Corporation prior
to the effective date of withdrawal.
	 
	 	(c)	 	Corporation as Agent for Employers

14

 

	 	 	 	Each corporation which shall become a participating Employer pursuant to Section
6.3(a) by so doing shall be deemed to have appointed the Corporation its agent to
exercise on its behalf all of the powers and authorities hereby conferred upon the
Corporation by the terms of the Plan, including, but not by way of limitation, the
power to amend and terminate the Plan.

	6.4	 	General Provisions

	 	(a)	 	The Corporation shall make no provision for the funding of any benefits
payable hereunder that (i) would cause the Plan to be a funded plan for purposes of
Section 404(a)(5) of the Code, or Title I of the Employee Retirement Income Security
Act of 1974, as amended, or (ii) would cause the Plan to be other than an “unfunded
and unsecured promise to pay money or other property in the future” under Treasury
Regulations section 1.83-3(e); and shall have no obligation to make any arrangement
for the accumulation of funds to pay any amounts under this Plan.
	 
	 	(b)	 	In the event that the Corporation shall decide to establish an advance
accrual reserve on its books against the future expense of the Plan, such reserve
shall not under any circumstances be deemed to be an asset of this Plan but, at all
times, shall remain a general asset of the Corporation, subject to the claims of the
Corporation’s creditors.
	 
	 	(c)	 	A person entitled to any amount under this Plan shall be a general unsecured
creditor of the Corporation with respect to such amount.

	6.5	 	Claims Procedure
	 
	 	 	If any Participant or other person believes he is entitled to benefits in an amount greater
than those which he is receiving or has received, he may file a written claim with the
Secretary of the Committee. Such claim shall state the nature of the claim, the facts
supporting the claim, the amount claimed, and the address of the claimant. The Secretary of
the Committee shall review the claim and shall, within 60 days after receipt of the claim,
give written notice by registered or certified mail to the claimant of the Committee’s
decision with respect to the claim. The notice of the Committee’s decision with respect to
the claim shall be written in a manner designed to be understood by the claimant and, if
the claim is wholly or partially denied, set forth the specific reasons for the denial,
specific references to the pertinent Plan provisions on which the denial is based, a
description of any additional material or information necessary for the claimant to perfect
the claim and an explanation of why such material or information is necessary, and an
explanation of the claim review procedure under the Plan.
	 
	 	 	The Committee shall also advise the claimant that he or his duly authorized representative
may request a review of the denial by the Chairperson of the Committee by filing with the
Committee within 65 days after notice of the denial has been received by the claimant, a
written request for such review. The claimant shall be informed that he may have reasonable
access to pertinent documents and submit comments in writing to the Chairperson within the
same 65-day period. If a request is so filed, review of the denial shall be made by the
Chairperson within 60 days after receipt of such request, and the claimant shall be given
written notice of the Chairperson’s final decision. The notice of the Chairperson’s final
decision shall include specific reasons for the decision and specific references to the
pertinent Plan provisions on which the decision is based and shall be written in a manner
designed to be understood by the claimant.

15

 

	6.6	 	Notices and Other Communications
	 
	 	 	All notices, reports and statements given, made, delivered or transmitted to a Participant
or any other person entitled to or claiming benefits under the Plan shall be deemed to have
been duly given, made or transmitted when mailed by first class mail with postage prepaid
and addressed to the Participant or such other person at the address last appearing on the
records of the Corporation. A Participant or other person may record any change of his
address from time to time by written notice filed with the Corporation.
	 
	 	 	Written directions, notices and other communications from Participants or any other person
entitled to or claiming benefits under the Plan to the Employers or the Corporation shall
be deemed to have been duly given, made or transmitted either when delivered to such
location as shall be specified upon the forms prescribed by the Corporation for the giving
of such directions, notices and other communications or when mailed by first class mail
with postage prepaid and addressed as specified upon such forms.
	 
	6.7	 	Records
	 
	 	 	The Committee shall keep a record of all its proceedings and shall keep or cause to be kept
all books of Account, records and other data as may be necessary or advisable in its
judgment for the administration of the Plan.
	 
	6.8	 	Non-assignability
	 
	 	 	It is a condition of the Plan, and all rights of each Participant and any other person
entitled to benefits hereunder shall be subject thereto, that no right or interest of any
Participant or such other person in the Plan shall be assignable or transferable in whole
or in part, either directly or by operation of law or otherwise, including, but not by way
of limitation, execution, levy, garnishment, attachment, pledge or bankruptcy, but
excluding rights or interests arising by reason of death or mental incompetency, and no
right or interest of any Participant or other person in the Plan shall be liable for, or
subject to, any obligation or liability of such Participant or other person, including
claims for alimony or the support of any spouse or child.
	 
	6.9	 	Employment Non-contractual
	 
	 	 	The Plan shall not be interpreted as conferring any right upon any employee to continue in
employment.
	 
	6.10	 	Employer’s Option to Fund Benefits
	 
	 	 	Nothing in this Plan shall be interpreted as requiring any Employer to set aside any of its
assets for the purpose of funding its obligation under this Plan. No person entitled to
benefits under this Plan shall have any right, title or claim in or to any specific assets
of any Employer, but shall have the right only as a general creditor of his Employer to
receive benefits from his Employer on the terms and conditions herein provided.
Notwithstanding the foregoing, any obligation of an Employer under this Plan to a
Participant or an other person entitled to payments in respect of the Participant shall be
offset by any payments to the Participant or another person from any trust or other funding
medium established by the Employers for the purpose of providing benefits of this Plan.
	 
	6.11	 	Governing Law
	 
	 	 	This Plan shall be construed and enforced under the laws of the State of Illinois.

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SECTION SEVEN

Amendment and Termination

	7.1	 	Amendment of the Plan
	 
	 	 	The Plan may be wholly or partially amended or otherwise modified at any time by the Board
of Directors or by a committee of the Board of Directors as designated thereby from time to
time.
	 
	7.2	 	Termination of the Plan
	 
	 	 	The Plan may be terminated at any time by the Board of Directors. Notwithstanding anything
herein to the contrary, payments to Participants upon Plan termination shall be made in
accordance with the requirements of Section 409A of the Code and the regulations issued
thereunder.

17

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