- Current report filing (8-K)
April 29 2009 - 6:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
April 27,
2009
CORN PRODUCTS INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
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1-13397
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22-3514823
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification Number)
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5 Westbrook Corporate Center,
Westchester, Illinois 60654-5749
(Address of Principal Executive Offices)
(Zip Code)
Registrants telephone number, including area code:
(708) 551-2600
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a 12 under the Exchange Act (17 CFR 240.14a 12)
o
Pre-commencement communications pursuant to Rule 14d 2(b) under the Exchange Act (17 CFR 240.14d(b))
o
Pre-commencement communications pursuant to Rule 13e 4(c) under the Exchange Act (17 CFR 240.13e 4(c))
Item 5.02
Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(e)
Samuel C. Scott III, age 64, the Chairman, President and Chief Executive
Officer of Corn Products International, Inc. (the Company) will retire
effective May 1, 2009.
In connection with Mr. Scotts
retirement as Chairman, President and Chief Executive Officer of the Company,
the Company agreed to the following arrangements with Mr. Scott which are
customarily granted to retiring officers:
·
acceleration to
May 1, 2009, of vesting of 27,000 stock options awarded on January 23,
2007 and 53,334 stock options awarded on January 30, 2008 under the
Companys Stock Incentive Plan to Mr. Scott;
·
a cash bonus
equal to the pro-rata payment, if any, Mr. Scott would receive under the
Companys 2009 Annual Incentive Plan, if not required to be an employee of the
Company for six months during 2009 in order to qualify for such a payment under
the 2009 Annual Incentive Plan. Such
bonus to be paid when and if awards are earned and paid to other participants
under the 2009 Annual Incentive Plan; and
·
transfer to Mr. Scott,
on a tax-free basis, of the automobile currently leased by the Company for Mr. Scott.
The Company also entered
into an agreement under which Mr. Scott will provide consulting services
to the Company for the period beginning on May 1, 2009 and ending on December 31,
2009 (the Consulting Period) which provides for a monthly fee of $83,333.33
(equal to his current monthly salary), reimbursement of Mr. Scotts
reasonable and customary business expenses in providing such services, providing
Mr. Scott an office during the Consulting Period, and non-competition and
non-solicitation covenants.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Date: April 28, 2009
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CORN PRODUCTS
INTERNATIONAL, INC.
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By:
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/s/
Cheryl K. Beebe
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Name: Cheryl K. Beebe
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Title: Vice President and Chief Financial Officer
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