Document:

amendirectodefcomp.htm

    
Exhibit
10.4

    
 

    SECOND
AMENDMENT TO THE

    COMPASS
MINERALS INTERNATIONAL, INC.

    DIRECTORS’
DEFERRED COMPENSATION PLAN

     

    This
Amendment is adopted by Compass Minerals International, Inc., a corporation
organized under the laws of the state of Delaware (the “Company”).

     

    WHEREAS,
the Company established the Compass Minerals International, Inc. Directors’
Deferred Compensation Plan (the “Plan”) effective as
of the October 1, 2004, for the purpose of providing eligible non-employee
directors with an opportunity to defer all or a portion of their fees;
and

     

    WHEREAS,
the original Plan was amended and restated in its entirety effective as of
January 1, 2005 (the “2005 Restatement”) to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the proposed IRS
regulations and other interim guidance issued thereunder; and

     

    WHEREAS,
the Company now desires to amend the 2005 Restatement to comply with final IRS
regulations issued pursuant to Section 409A of the Code;

     

    NOW,
THEREFORE, the Plan is amended as follows effective as of January 1,
2008:

     

    A.           Section
1.4 is amended to read as follows:

     

    Section
1.4  “Change in Control”
shall mean a change in ownership or control of the Company effected through any
one of the following events:

     

    (i)           A
transaction or series of transactions (other than an offering of Common Stock to
the general public through a registration statement filed with the Securities
and Exchange Commission) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act
(other than the Company, any of its subsidiaries, an employee benefit plan
maintained by the Company or any of its subsidiaries, or a “person” that, prior
to such transaction, directly or indirectly controls, is controlled by, or is
under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act)
of securities of the Company possessing more than 50% of the total combined
voting power of the Company’s securities outstanding immediately after such
acquisition; or

     

    (ii)           The
date a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority
of the members of the Board before the date of the appointment or election;
or

     

    (iii)           the
consummation by the Company (whether directly involving the Company or
indirectly involving the Company through one or more intermediaries) of (A) a
merger, consolidation, reorganization, or business combination or (B) a sale or
other disposition of all or substantially all of the Company’s assets or (C) the
acquisition of assets or stock of another entity, in each case other than a
transaction:

     

    (x)           that
results in the Company’s voting securities outstanding immediately before the
transaction continuing to represent (either by remaining outstanding or by being
converted into voting securities of the Company or the person that, as a result
of the transaction, controls, directly or indirectly, the 

     

     

     

    
      
        
        

      

      
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    Company
or owns, directly or indirectly, all or substantially all of the Company’s
assets or otherwise succeeds to the business of the Company (the Company or such
person, the “Successor Entity”)) directly or indirectly, at least a majority of
the combined voting power of the Successor Entity’s outstanding voting
securities immediately after the transaction, and

     

    (y)           after
which no person or group beneficially owns voting securities representing 50% or
more of the combined voting power of the Successor Entity; provided, however,
that no person or group shall be treated for purposes of this subparagraph as
beneficially owning 50% or more of combined voting power of the Successor Entity
solely as a result of the voting power held in the Company before the
consummation of the transaction.

     

    B.           Section
2.1 is amended by adding the following new paragraph to the end of said
Section:

     

    Notwithstanding
any provision in the Plan to the contrary, no new Deferred Stock Units shall be
credited to the Account of any Director with respect to any Fees attributable to
Years beginning on or after January 1, 2008.  The Plan, however, shall
remain in effect with respect to Deferred Fees attributable to Years ending on
or before December 31, 2007.

     

    C.           Section
4.2 is amended to read as follows:

     

    Section
4.2  Each Director shall have the right to designate a
beneficiary who is to succeed to his or her right to receive payments hereunder
in the event of death.  Any designated beneficiary shall receive
payments in the same manner as the Director if he or she had
lived.  In case of a failure of designation or the death of a
designated beneficiary without a designated successor, the Director’s remaining
benefit shall be paid in full to his or her surviving spouse (or if none, the
Director’s estate) within 30 days following the Director’s death.  No
designation of beneficiary or change in beneficiary shall be valid unless it is
in writing signed by the Director and filed with the Secretary of the
Company.

     

    D.           A
new Section 5.5 is added to read as follows:

     

    Section
5.5  Notwithstanding any provision in the Plan to the contrary,
pursuant to IRS and Treasury Department transition guidance under Section 409A
of the Code, new payment elections shall be permitted under the Plan through
December 31, 2008, without violating the subsequent deferral and
anti-acceleration rules of Section 409A of the Code.  However, any new
election (i) may only apply to amounts that would not otherwise be payable
during the taxable year in which the election is made and (ii) may not cause an
amount to be paid in a taxable year that would not otherwise be payable in such
taxable year.

     

    [Signature
page to follow]

     

    
      
        
                                                                               

           

        

         

      

      
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    IN
WITNESS WHEREOF, this Amendment is executed this 23rd day of
December 2008.

     

    

     

    By:   /s/ Victoria Heider       

                     Title:
VP of Human Resources     

    
      	
            	
               

            

    

     

    
       

      
        3amendrestorationplan.htm

    
Exhibit
10.5

    
 

    AMENDMENT
TWO

    COMPASS
MINERALS INTERNATIONAL, INC. RESTORATION PLAN

    (AS
AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2005)

    

    WHEREAS,
Compass Minerals International, Inc. (the “Company”) established the Plan,
effective as of January 1, 2002, as an unfunded retirement plan for a select
group of management or highly compensated employees;

     

    WHEREAS,
the Company amended and restated the original Plan effective as of January 1,
2005 (the “2005 Restatement”) to comply with Section 409A of the Internal
Revenue Code and to make certain other changes; and

     

    WHEREAS,
the Company amended the 2005 Restatement by adoption of Amendment One dated
December 15, 2007; and

     

    WHEREAS,
the Company now desires to further amend the 2005 Restatement to (i) comply with
final IRS regulations issued pursuant to Section 409A of the Internal Revenue
Code and (ii) provide participants the opportunity to modify their prior
elections relating to the time and form of payment as permitted by the Section
409A transition guidance;

     

    NOW,
THEREFORE, the 2005 Restatement is amended as follows effective as of January 1,
2008, except as otherwise provided herein:

     

    A.           The
definition of “Separation from Service” under Article I is amended to read as
follows:

     

    “Separation from Service”
means the Participant’s separation from service (within the meaning of Code
Section 409A and regulations issued thereunder) for any reason.  For
this purpose, a Participant’s employment relationship shall be treated as
continuing intact while he is on military leave, sick leave or other bona fide
leave of absence if the period of such leave does not exceed six months, or if
longer, so long as the Participant retains the right to reemployment under
applicable statue or by contract.

     

    B.           The
second sentence under Section 2.1 is amended to read as follows:

     

    If the
Company determines that a Participant no longer qualifies as being a member of a
select group of management or highly compensated employees, the Company shall
have the right to prevent the Participant from making future deferral elections
and receiving Company contributions effective as of the first day of the Plan
Year following the Plan Year in which such determination is made.

     

    C.           Section
5.1 is amended to read as follows:

     

    5.1           Time
of Distribution

     

    Payment
of a Participant’s Account shall be made or commence within 30 days following
the date the Participant incurs a Separation from Service.  A
Participant shall not be entitled to a distribution of his or her Account prior
to Separation from Service (except as provided in Section 5.6).

     

     

    
      
        
        

      

      
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    Notwithstanding
the foregoing or any provision of this Plan to the contrary, in the case of a
Participant who is a “specified employee” within the meaning of Code Section
409A, payment of such Participant’s Account due to Separation from Service shall
not be made (or commence) before the date which is six (6) months after the date
of his Separation from Service or, if earlier, the date of death of such
Participant.

     

    D.           Section
5.3 is amended to read as follows:

     

    5.3           Form
of Distribution

     

    As part
of a Participant’s initial Salary Deferral Election, such Participant shall make
an irrevocable election to receive payment of the total amount of his Account in
one of the following forms:

     

    (a)           lump
sum payment; or

    (b)           5
year annual installments.

    

    Such
election shall be made on a form supplied by the Company.  If a
Participant fails to elect a form of distribution, payment shall be made in the
form of a lump sum payment.  To the extent applicable, installment
payments shall be calculated by dividing the Participant’s Account balance
immediately prior to the distribution by the total number of remaining
installments to be made.  The initial installment payment shall be
made at the time specified in Section 5.1 and each subsequent installment
payment shall be made on each subsequent anniversary date.

     

    Notwithstanding
the foregoing, each existing Participant shall be offered a one-time opportunity
to modify his or her prior election regarding the form of distributions no later
than December 31, 2005; provided that any change in the form of payment with
respect to a Participant’s Grandfathered Account shall not take effect for at
least twelve (12) months after the date of such election.  Therefore,
if a Participant incurs a Separation from Service before the expiration of such
12-month period, the Participant’s Grandfathered Account shall be paid in
accordance with his or her prior election.

     

    E.           Section
5.4 is amended to read as follows:

     

    5.4           Distribution
Upon Death

     

    If a
Participant dies before commencing the payment of his Account, the unpaid
Account balance shall be paid to a Participant’s designated Beneficiary. Payment
to such designated Beneficiary shall be paid within 60 days after the
Participant’s death. Distribution shall be made in a lump sum distribution to
the designated Beneficiary.  If a valid Beneficiary does not exist,
then a lump sum distribution payment shall be made to the Participant’s
estate.

     

    If a
Participant dies before receiving the total amount of his Account, but has
commenced payments, the remaining balance of the Participant’s Account shall be
paid in a single lump sum to the Participant’s designated Beneficiary within 60
days after the Participant’s death.  If a valid Beneficiary does not
exist, then a lump sum distribution payment shall be made to the Participant’s
estate.

     

    F.           A
new Section 5.7 is added to read as follows:

    

    5.7           Modification
of Payment Elections

     

     

    
 

    
      
        
        

      

      
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    Notwithstanding
any provision in this Plan to the contrary and subject to the sole discretion of
the Committee which may or may not be exercised on a uniform basis among all
Participants, a Participant may elect to modify the timing or form of his
distribution of benefits under the Plan subject to the terms and conditions
established by the Committee.  To the extent authorized by the
Committee, any subsequent election shall be made in conformance with Section
409A of the Code and the guidance issued by the Department of the Treasury with
respect to the application of Section 409A.  A subsequent election to
delay the timing of distribution or to change the form of distribution shall be
effective only if the following conditions are met:

    

    
      	
               
      

            	
              (i)

            	
              an
      election related to a distribution to be made upon a specified time or
      pursuant to a fixed schedule may not be made less than twelve (12) months
      before the date of the first scheduled
payment,

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      election shall not take effect until at least twelve (12) months after the
      date on which the election is made,
and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              except
      in the case of elections relating to distributions on account of death or
      disability, the additional deferral with respect to which such election is
      made is for a period of not less than five (5) years from the date such
      payment would otherwise have been
made.

            

    

    

    Notwithstanding
any provision in the Plan to the contrary, pursuant to IRS and Treasury
Department transition guidance under Section 409A of the Code, new payment
elections shall be permitted under the Plan through December 31, 2008, without
violating the subsequent deferral and anti-acceleration rules of Section 409A of
the Code.  However, any new election (a) may only apply to amounts
that would not otherwise be payable during the taxable year in which the
election is made and (b) may not cause an amount to be paid in a taxable year
that would not otherwise be payable in such taxable year.

    

    G.           Section
8.2 is amended to read as follows:

     

    8.2           Distribution
of Plan Benefits Upon Termination

     

    Upon the
full termination of the Plan, the Committee shall direct the distribution of the
benefits of the Plan to the Participants in a manner that is consistent with
Section 409A of the Code and the regulations issued thereunder.

     

    

    [Signature
page to follow]

    
      
        
           

           

        

         

      

      
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    IN
WITNESS WHEREOF, this Amendment is adopted this 23rd day of December 2008, but
effective as of the date(s) set forth herein.

    

    COMPASS MINERALS INTERNATIONAL,
INC.

    

    

    By:        /s/ Victoria
Heider                                                        

    

    Title:    VP
of Human
Resources                                                                

    

    4

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