Executive Life Insurance Plan Compensation Committee Resolution – Corn Products International, Inc.
Corn Products International, Inc. adopted a plan on October 8, 2003, to provide certain executive officers with life insurance benefits. The company will pay the premiums for executive life insurance policies and cover related income taxes for these officers. Additionally, from 2004 to 2008, the company will pay extra amounts to reimburse executives for a 2003 premium previously paid using the policy's cash value. This plan is intended to offer financial security to key executives and offset any tax impact from the provided benefits.
EXHIBIT 10.14
Executive Life Insurance Plan
On October 8, 2003, the Compensation Committee of the Board of Directors of Corn Products International, Inc. adopted a Resolution providing that the named executive officers and certain other officers of the Company were to receive life insurance benefits as a result of non-recoverable amounts paid by the Company equal to (i) the amount due for Executive Life Insurance premiums and (ii) payments to offset income taxes associated with the non-recoverable amounts paid by the Company to cover Executive Life Insurance premiums. During the years 2004 to 2008, the Company will also pay to each such executive officer an additional sum to make up the 2003 premium previously paid with the cash value from such executive officer’s Plan policy.
