Document:

Exhibit 10.2

Exhibit 10.2

Confidential treatment has been requested for specific terms in this exhibit and those terms have
been redacted at the appropriate places. The redacted portions have been filed separately with the
Securities and Exchange Commission.

May 27, 2009

The Seller Funds Listed on the Signature Pages Hereto

[Redacted]

			
	Re:	 	March 17, 2010 Option Letter

Ladies and Gentleman:

Reference is made to the Trust Indenture dated as of October 2, 2007 among Babcock & Brown Air
Funding I Limited, as the Issuer, Deutsche Bank Trust Company Americas, as the Operating Bank and
Trustee and as Cash Manager, BNP Paribas as the Initial Liquidity Facility Provider and Ambac
Assurance Corporation, as Policy Provider (as amended, supplemented or otherwise modified from time
to time, the “Indenture”). Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to such terms in the Indenture.

Babcock & Brown Air Finance (Cayman) Limited (the “Purchaser”) hereby agrees with each of
you, as a seller fund (each a “Seller Fund”) and Holder of Class G-1 Floating Rate Asset
Backed Notes Series 2007-1 bearing ISIN number G0755K AA37 (the “Notes”) as follows:

1. Introductory. Purchaser proposes, subject to the terms and conditions stated herein, to
purchase from each Seller Fund up to the outstanding principal amount of the Notes designated next
to such Seller Fund’s counterpart signature below (such outstanding principal amount of the Notes
for each Seller Fund, the “Designated Principal Amount”) representing the aggregate
outstanding principal amount of $50,000,075.13 in Notes which may be purchased pursuant to this
letter agreement (the “Aggregate Principal Amount”) and also representing an original
aggregate stated principal amount of Notes equal to $51,504,000.00, which were originally issued by
the Issuer pursuant to the Indenture, on or prior to Purchase Expiry Date (as defined below).

2. Note Purchase and Upfront Fee. At any time on or prior to March 17, 2010 (the
“Purchase Expiry Date”), Purchaser shall have the right (but not the obligation) as
provided herein to purchase pursuant to no more than five separate transactions in a minimum amount
of $10,000,000 (except for the final transaction, which amount may be less than $10,000,000) and up
to the Aggregate Principal Amount (as adjusted pursuant to the last paragraph of this Section 2)
(each such amount, a “Principal Purchase Amount”) for a purchase price equal to 48% of the
such Principal Purchase Amount to be purchased in such transaction plus any accrued and unpaid
interest on such Principal Purchase Amount to be purchased (such purchase price for any individual
transaction, the “Individual Purchase Price”), it being understood that each purchase shall
be made on a pro rata basis from each Seller Fund based on such Seller Fund’s Designated Principal
Amount of Notes as a percentage of the Designated Principal Amount of Notes of all of the Seller
Funds.

In consideration of the undertakings of each the Seller Funds herein, Purchaser shall pay to
each Seller Fund on May 28, 2009 (the “Initial Closing Date”) an upfront fee (“Upfront
Fee”) equal to the Upfront Fee designated next to such Seller Fund’s counterpart signature
below, it being understood that
the aggregate amount of all such Upfront Fees shall be $3,500,000 and such Upfront Fees shall be
non-refundable except as expressly set forth in the last paragraph of Section 13 hereof.

 

 

 

Notwithstanding anything herein to the contrary, in the event any Notes are redeemed or
otherwise repaid in accordance with the Indenture, the Designated Principal Amount of each Seller
Fund and the Aggregate Principal Amount shall be reduced by the amount of such redemption or
repayment that is allocable to such Seller Fund.

3. Purchaser shall pay to each Seller Fund its pro rata share of the Individual Purchase Price
from time to time upon the exercise of its right to purchase the Notes as evidenced by written
notice from the Purchaser to the Seller Funds of Purchaser’s election to purchase the Notes (the
“Notice of Exercise”). The Notice of Exercise shall (i) set forth the intended date of
purchase (“Proposed Purchase Date”), (ii) indicate the Principal Purchase Amount that
Purchaser elects to purchase (which shall be not less than $10,000,000, except for the final
transaction which may be less than $10,000,000) or, if Purchaser elects to purchase all of the
Notes in one transaction, the Notice of Exercise shall indicate such election (such Notes, the
“Purchased Notes”); and (iii) be delivered to the Seller Funds not less than three business
days prior to the Proposed Purchase Date. For the avoidance of doubt, each Seller Fund agrees and
acknowledges that Purchaser may elect to purchase only a portion of the Notes and has no obligation
to purchase any or all of the Notes. The transfer and delivery of the Purchased Notes shall be
subject to terms and conditions as set forth in this letter agreement.

4. Delivery of the Purchased Notes to the Purchaser shall be made by each Seller Fund on each
Proposed Purchase Date pursuant to and in accordance with the transfer provisions set forth in the
Indenture and the Global Note representing the Purchased Notes upon payment therefor by the
Purchaser of the Individual Purchase Price through Euroclear unless otherwise notified by Purchaser
in writing in the Notice of Exercise.

5. The aggregate purchase price to be paid on each Proposed Purchase Date shall be equal to the
Individual Purchase Price. Each Seller Fund’s pro rata share of the Individual Purchase Price
shall be paid by Purchaser on the Proposed Purchase Date to each Seller Fund through Euroclear.
Each Seller Fund’s Upfront Fee shall be paid by Purchaser on the Initial Closing Date to each
Seller Fund by wire transfer of immediately available funds to the account of each Seller Fund at:

[Redacted]:

Citibank/NYC

ABA 021 000 089

F/A/O: JP Morgan Clearing Corp.

Account [Redacted]

Further Credit Account [Redacted]

[Redacted]:

Citibank/NYC

ABA 021 000 089

F/A/O: JP Morgan Clearing Corp.

Account [Redacted]

Further Credit Account [Redacted]

 

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[Redacted]:

Mellon Trust of New England

ABA 011 001 234

BOSTON SAFE DDA

Account [Redacted]

F/F/C Account [Redacted]

Account Name: [Redacted]

[Redacted]

JPMorgan Chase Bank, N.A.

ABA: 021 000 021

F/A/O: JP Morgan

Account [Redacted]

F/F/C Account [Redacted],

[Redacted]

6. Representations and Warranties of Purchaser. The Purchaser agrees and acknowledges that
each Seller Fund may rely upon the accuracy and performance of the representations, warranties and
agreements of the Purchaser contained in this Section 4. The Purchaser represents and warrants to
each Seller Fund that:

(a) it is duly organized and validly existing and it has the requisite power and authority to
enter into this letter agreement and to carry out the transactions contemplated thereby;

(b) it has duly authorized, executed and delivered this letter agreement, and this letter
agreement constitutes a direct, general and unconditional obligation which is legal, valid and
binding upon it and, enforceable against it in accordance with its terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency, receivership,
reorganization, moratorium or other similar laws affecting creditors’ rights generally and by
application of general principles of equity (regardless of whether enforceability is considered in
a proceeding in equity or at law);

(c) the execution, delivery and performance by it of this letter agreement does not violate
its constitutional documents or, any indenture, mortgage, deed of trust or other instrument or
agreement to which it is a party or by which it is bound or to which any of its property or assets
may be subject or of any applicable law governing its powers;

(d) to its knowledge, the execution, delivery and performance by it of this letter agreement
does not violate the Issuer’s constitutional documents or, after due inquiry, the Indenture, any
indenture, mortgage, deed of trust or other instrument or agreement to which the Issuer is a party
or by which the Issuer is bound or to which any of the Issuer’s property or assets may be subject
or of any applicable law governing the Issuer’s powers;

(e) the representations and warranties of the Purchaser set forth in that certain other letter
agreement dated as of the date hereof among Purchaser and the Seller Funds with respect to the May
27, 2009 Note Purchase Agreement are true and correct.

 

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7. Securities Matters. In connection with any public disclosure of this letter or any
related letter, Purchaser agrees to use all commercially reasonable efforts to obtain confidential
treatment of the
identity of the Seller Funds and of any purchase prices referred to herein or therein and to
otherwise not disclose this letter or any related letter except to the extent required by
applicable laws.

8. Representations and Warranties of Seller Funds. Each Seller Fund agrees and
acknowledges that Purchaser may rely upon the accuracy and performance of the representations,
warranties and agreements of such Seller Fund contained in this Section 5. Each Seller Fund
represents and warrants (individually as to itself and not as to any other Person) to Purchaser
that:

(a) it is duly organized and validly existing and it has the requisite power and authority to
enter into this letter agreement and to carry out the transactions contemplated thereby;

(b) it has duly authorized, executed and delivered this letter agreement, and this letter
agreement constitutes a direct, general and unconditional obligation which is legal, valid and
binding upon it and, enforceable against it in accordance with its terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency, receivership,
reorganization, moratorium or other similar laws affecting creditors’ rights generally and by
application of general principles of equity (regardless of whether enforceability is considered in
a proceeding in equity or at law);

(c) the execution, delivery and performance by it of this letter agreement does not violate
its constitutional documents or any indenture, mortgage, deed of trust or other instrument or
agreement to which it is a party or by which it is bound or to which any of its property or assets
may be subject or of any applicable law governing its powers;

(d) Upon sale and delivery of, and payment for, any Purchased Notes pursuant to this
Agreement, Seller Fund will convey to Purchaser, good and valid title to such Notes free and clear
of all liens, security interests and encumbrances; and

(e) No consent, approval or authorization of, or registration, filing or
declaration with, any governmental body, agency or authority is required by it in
connection with the execution, delivery or performance by it of this letter agreement
or the transactions contemplated hereby.

(f) the representations and warranties of the Seller set forth in that certain
other letter agreement dated as of the date hereof among Purchaser and the Seller Funds
with respect to the May 27, 2009 Note Purchase Agreement are true and correct.

In addition to the foregoing, each Seller Fund acknowledges that Purchaser may be, and such
Seller Fund is proceeding on the assumption that the Purchaser may on the Initial Closing Date and
on each Proposed Purchased Date, be in possession of material, non-public information concerning
the Issuer’s business, operations, pending transactions, financial condition, results of operations
and prospects. Such Seller Fund confirms that it has received all the information it considers
necessary or appropriate for making an informed decision as to whether to sell the Notes as
contemplated hereby.

9. Purchaser Conditions Precedent. The obligations of Purchaser hereunder are subject to
the accuracy, on and as of the date hereof, the Initial Closing Date and on each Proposed Purchase
Date, the representations and warranties of each Seller Fund in this letter agreement being true
and correct in all material respects and each Seller Fund having complied with all agreements and
satisfied all conditions on its part to be performed or satisfied hereunder on or prior to the
Closing Date.

 

4

 

10. Seller Fund Conditions Precedent. The obligations of each Seller Fund hereunder are
subject to the accuracy, on and as of the date hereof, the Initial Closing Date and on each
Proposed Purchase Date,
the representations and warranties of Purchaser in this letter agreement being true and correct in
all material respects and Purchaser having complied with all agreements and satisfied all
conditions on its part to be performed or satisfied hereunder on or prior to the Closing Date.

11. Seller Fund Obligations Several, Not Joint. The representations, warranties and
obligations of the Seller Funds hereunder are several and not joint. No Seller Fund shall be
liable for the performance hereunder of any representation, warranty or other obligation of any
other Seller Fund.

12. Expenses. Each Seller Fund shall pay its own expenses and costs, including without
limitation, all attorney fees and transfer taxes, and the Purchaser shall pay its own expenses and
costs, including all attorney fees and transfer taxes in connection with this Agreement and the
transactions contemplated hereby; provided that the Purchaser shall pay certain of the Seller
Funds’ expenses as further provided in the letter between Purchaser and [Redacted] entered into concurrently herewith.

13. Termination. This letter agreement and the transactions contemplated hereby may be
terminated at any time prior to March 17, 2010:

(a) By the mutual written consent of both parties;

(b) By either party if there shall be a material breach by the other party of its
representations, warranties, covenants or agreements contained in this letter
agreement, including without limitation, any Seller Fund’s inability or failure to
deliver the required Notes on any Proposed Purchase Date in accordance with the terms
of this letter agreement; or

(c) By either party if there shall have been issued, by a court of competent
jurisdiction, a permanent or final order, decree or injunction prohibiting or
restraining the consummation of the transactions contemplated hereby.

In the case of a termination of this letter agreement pursuant to Section 13(b) above, upon a
material breach by any Seller Fund as a result of a Seller Fund’s failure to deliver the required
notes on any Proposed Purchase Date in accordance with the terms hereof and the continuation of
such failure for five (5) business days after written notice from the Purchaser to the Seller
Funds, each Seller Fund severally shall immediately return to Purchaser upon demand an amount equal
to the product of (i) such Seller Fund’s Upfront Fee and (ii) the percentage of the Notes remaining
unsold under this letter agreement at the time of the termination.

14. Survival of Certain Provisions. The representations, warranties, covenants and
agreements contained in this letter agreement shall survive (a) the execution and delivery of this
letter agreement and the acquisition by Purchaser of the Purchased Notes, (b) the purchase,
transfer or sale by Purchaser of any Purchased Notes or portion thereof or interest therein and (c)
the acceptance of and payment for any of the Purchased Notes. All statements contained in any
certificate or other instrument delivered by or on behalf of any party hereto pursuant to this
letter agreement shall be deemed to have been relied upon by each other party hereto regardless of
any investigation made by or on behalf of any such party. This letter agreement embodies the
entire agreement and understanding between the parties hereto and supersede all prior agreements
and understandings relating to the subject matter hereof.

 

5

 

15. Notices, Etc. All statements, requests, notices and agreements hereunder shall be in
writing, and delivered by hand or sent by mail, overnight courier or telefax to the addresses set
forth below:

Babcock & Brown Air Finance (Cayman) Limited

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104, Cayman Islands

T: 345 949 8066

F: 345 949 8080

with copy to:

Babcock & Brown Air Finance (Cayman) Limited

c/o Babcock & Brown Aircraft Management

One Letterman Drive, Bldg D

San Francisco, CA 94129

Attn: General Counsel

T: 415-512-1515

F: 415-267-1500

if to the Seller Funds:

[Redacted]

16. Successors. This letter agreement will inure to the benefit of and be binding upon
the parties hereto and their respective successors.

17. Severability. Any provision of this letter agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other jurisdiction.

18. Waiver of Jury Trial. The Purchaser and the Seller Funds each hereby waives trial by
jury in any action brought on or with respect to this letter agreement.

19. Governing Law. This letter agreement has been delivered in the State of New York and
shall be in all respects governed and construed in accordance with the laws of the State of New
York, including all matters of construction, validity and performance. The parties hereto hereby
submit to the nonexclusive jurisdiction if the federal and state courts of competent jurisdiction
in the Borough of Manhattan in the City of New York in any suit or proceeding arising out of or
relating to this letter agreement or the transactions contemplated hereby.

20. Counterparts. This letter agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all such counterparts shall together
constitute one and the same Agreement.

21. Headings. The headings herein are inserted for convenience of reference only and are
not intended to be part if, or to affect the meaning or interpretation of, this letter agreement.

[*****]

 

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If the foregoing is in accordance with your understanding of this letter agreement, kindly sign and
return to us one of the counterparts hereof, whereupon it will become a binding agreement between
us and you in accordance with its terms.

	 	 	 	 	 	 	 
	 	 	Very Truly Yours,
	 
	 	 	 	 	 	 
	 	 	BABCOCK & BROWN AIR FINANCE (CAYMAN) LIMITED
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 
	 

	 	 	Name: 	 	 	 
	 

	 	 	Title: 	 	 	 

 

7

 

ACCEPTED AND AGREED:

	 	 	 	 	 	 	 	 	 
	[REDACTED]	 	 	 	 	 	 
	 

	 	 	 	 	 	Designated Principal Amount:

	By: 

	[Redacted]
	 	 	 	$3,999,999.70
	 
	 	 	 	 	 	 	 	 
	By: 

	 	 	 	 	Upfront Fee: $280,000.00

	 

	Name: 	 
[Redacted]
	 	 	 	 	 	 
	 

	Title: 	[Redacted]	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[REDACTED]	 	 	 	 
	 	 	 	 	Designated Principal Amount:

	By: 

	[Redacted]
	 	 	 	$12,499,999.85
	 
	 	 	 	 	 	 	 	 
	By: 

	 	 	 	 	Upfront Fee: $874,999.00

	 

	Name: 	 

[Redacted]
	 	 	 	 	 	 
	 

	Title: 	[Redacted]	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[REDACTED]	 	 	 	 	 	 
	 

	 	 	 	 	 	Designated Principal Amount:

	By: 

	[Redacted]
	 	 	 	$3,499,999.92
	 
	 	 	 	 	 	 	 	 
	By: 

	 	 	 	 	Upfront Fee: $245,000.00

	 

	Name: 	 

[Redacted]
	 	 	 	 	 	 
	 

	Title: 	[Redacted]	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[REDACTED]	 	 	 	 	 	 
	 

	 	 	 	 	 	Designated Principal Amount:

	By: 

	[Redacted]
	 	 	 	$30,000,075.66
	 
	 	 	 	 	 	 	 	 
	By: 

	 	 	 	 	Upfront Fee: $2,100,002.00

	 

	Name: 	 

[Redacted]
	 	 	 	 	 	 
	 

	Title: 	[Redacted]exv10w1

Exhibit 10.1

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (this “Employment Agreement”), dated April 1, 2009 is
entered into by and between CVR ENERGY, INC., a Delaware corporation (the “Company”), and
EDWARD A. MORGAN (the “Executive”).

     The parties agree as follows:

     SECTION 1. Employment.

          1.1. Term. The Company agrees to employ the Executive, and the Executive agrees to be
employed by the Company, in each case pursuant to this Employment Agreement, for a period
commencing on a mutually agreed upon date, but no later than May 15, 2009 (such agreed upon date,
the “Commencement Date”), and ending on the earlier of (i) December 29, 2010, or (ii) the
termination of the Executive’s employment in accordance with Section 3 hereof (the “Term”).

          1.2. Duties. During the Term, the Executive shall serve as Chief Financial Officer
and Treasurer of the Company and such other or additional positions as an officer or director of
the Company, and of such direct or indirect affiliates of the Company (“Affiliates”), as
the Executive and the board of directors of the Company (the “Board”) or its designee shall
mutually agree from time to time. In such positions, the Executive shall perform such duties,
functions and responsibilities during the Term commensurate with the Executive’s positions as
reasonably directed by the Board.

          1.3. Exclusivity. During the Term, the Executive shall devote substantially all of
Executive’s working time and attention to the business and affairs of the Company and its
Affiliates, shall faithfully serve the Company and its Affiliates, and shall in all material
respects conform to and comply with the lawful and reasonable directions and instructions given to
Executive by the Board, or its designee, consistent with Section 1.2 hereof. During the Term, the
Executive shall use Executive’s best efforts during Executive’s working time to promote and serve
the interests of the Company and its Affiliates and shall not engage in any other business
activity, whether or not such activity shall be engaged in for pecuniary profit. The provisions of
this Section 1.3 shall not be construed to prevent the Executive from investing Executive’s
personal, private assets as a passive investor in such form or manner as will not require any
active services on the part of the Executive in the management or operation of the affairs of the
companies, partnerships, or other business entities in which any such passive investments are made.

     SECTION 2. Compensation.

          2.1. Salary. As compensation for the performance of the Executive’s services
hereunder, during the Term, the Company shall pay to the Executive a salary at an annual rate of
$275,000, which annual salary shall be prorated for any partial year at the beginning or end of the
Term and shall accrue and be payable in accordance with the Company’s

 

 

standard payroll policies, as such salary may be adjusted upward by the Compensation Committee
of the Board in its discretion (as adjusted, the “Base Salary”).

          2.2. Annual Bonus. For each completed fiscal year occurring during the Term, the
Executive shall be eligible to receive an annual cash bonus (the “Annual Bonus”).
Commencing with fiscal year 2009, the target Annual Bonus shall be 120% of the Executive’s Base
Salary as in effect at the beginning of the Term in fiscal year 2009 and at the beginning of each
such fiscal year thereafter during the Term, the actual Annual Bonus to be based upon such
individual and/or Company performance criteria established for each such fiscal year by the
Compensation Committee of the Board. The Annual Bonus, if any, payable to Executive for a fiscal
year will be paid by the Company to the Executive on the last scheduled payroll payment date during
such fiscal year.

          2.3. Signing Bonus. Upon the Commencement Date, Executive will receive a one-time
signing bonus equal to $60,000 less all applicable withholding taxes, and will be payable in
accordance with the Company’s standard payroll policies.

          2.4. Relocation Expense Allowance. The Company shall pay for Executive’s relocation to
Houston, Texas, in accordance with Relocation Policy #3 of the Company as in effect on the
Commencement Date.

          2.5. Employee Benefits. During the Term, the Executive shall be eligible to
participate in such health, insurance, retirement, and other employee benefit plans and programs of
the Company as in effect from time to time on the same basis as other senior executives of the
Company.

          2.6. Paid Time Off. During the Term, the Executive shall be entitled to paid time off
(“PTO”) in an initial amount equal to 25 days per year; provided, Executive’s PTO will
increase thereafter in accordance with the Company’s PTO policy as in effect on the date hereof.

          2.7. Business Expenses. The Company shall pay or reimburse the Executive for all
commercially reasonable business out-of-pocket expenses that the Executive incurs during the Term
in performing Executive’s duties under this Employment Agreement upon presentation of documentation
and in accordance with the expense reimbursement policy of the Company as approved by the Board and
in effect from time to time.

     SECTION 3. Employment Termination.

          3.1. Termination of Employment. The Company may terminate the Executive’s employment
for any reason during the Term, and the Executive may voluntarily terminate Executive’s employment
for any reason during the Term, in each case (other than a termination by the Company for Cause) at
any time upon not less than 30 days’ notice to the other party. Upon the termination of the
Executive’s employment with the Company for any reason (whether during the Term or thereafter), the
Executive shall be entitled to any Base Salary earned but unpaid through the date of termination,
any earned but unpaid Annual Bonus for completed fiscal years, and any unreimbursed expenses in
accordance with Section 2.7 hereof (collectively, the “Accrued Amounts”).

2

 

          3.2. Certain Terminations.

               (a) Termination by the Company Other Than For Cause or Disability; Termination by the
Executive for Good Reason. If (i) the Executive’s employment is terminated by the Company
during the Term other than for Cause or Disability or (ii) the Executive resigns for Good Reason,
in addition to the Accrued Amounts the Executive shall be entitled to elect either of the following
sets of payments and benefits: (x) – (A) the continuation of Executive’s Base Salary at the rate
in effect immediately prior to the date of termination for a period of 12 months, and (B) the
continuation on the same terms as an active employee of medical benefits the Executive would
otherwise be eligible to receive as an active employee of the Company for 12 months or until such
time as the Executive becomes eligible for medical benefits from a subsequent employer; or (y)
payment in a lump sum of an amount equal to 12 months of Executive’s Base Salary at the rate in
effect immediately prior to the date of Termination (such payments and benefits, if any, under the
option selected are referred to as the “Severance Payments”). The Executive must notify
the Company in writing of its election of Severance Payments at least 10 days prior to the
effective date of termination. The Company’s obligations to make the Severance Payments shall be
conditioned upon: (i) the Executive’s continued compliance with Executive’s obligations under
Section 4 of this Employment Agreement and (ii) the Executive’s execution, delivery and
non-revocation of a valid and enforceable release of claims arising in connection with the
Executive’s employment and termination of employment with the Company (the “Release”) in a
form reasonably acceptable to the Company and the Executive. In the event that the Executive
breaches any of the covenants set forth in Section 4 of this Employment Agreement, the Executive
will immediately return to the Company any portion of the Severance Payments that have been paid to
the Executive pursuant to this Section 3.2(a). Subject to Section 3.2(c), the Severance Payments
will commence to be paid to the Executive within 10 days following the effectiveness of the
Release.

               (b) Definitions. For purposes of this Section 3.2, the following terms shall have the
following meanings:

                    (1) A termination for “Good Reason” shall mean a termination by the Executive within
30 days following the date on which the Company has engaged in any of the following: (i) the
assignment of duties or responsibilities to the Executive that reflect a material diminution of the
Executive’s position with the Company; (ii) a reduction in the Executive’s Base Salary, other than
across-the-board reductions applicable to similarly situated employees of the Company; or (iii)
relocation of the Company’s headquarters, including the Chief Executive Officer and the Chief
Operating Officer of the Company, that increases the Executive’s commute by more than 50 miles;
provided, however, that the Executive must provide the Company with notice promptly
following the occurrence of any of the foregoing and at least 30 days to cure.

                    (2) “Cause” shall mean that the Executive has engaged in any of the following: (i)
willful misconduct or intentional breach of fiduciary duty; (ii) intentional failure or refusal to
perform reasonably assigned duties after written notice of such willful failure or refusal and the
failure or refusal is not corrected within 10 business days; (iii) the indictment for, conviction
of or entering a plea of guilty or nolo contendere to a crime constituting a felony (other than a
traffic violation or other offense or violation outside of the

3

 

course of employment which does not adversely affect the Company and its Affiliates or their
reputation or the ability of the Executive to perform Executive’s employment-related duties or to
represent the Company and its Affiliates); provided, however, that (A) if the
Executive is terminated for Cause by reason of Executive’s indictment pursuant to this clause (iii)
and the indictment is subsequently dismissed or withdrawn or the Executive is found to be not
guilty in a court of law in connection with such indictment, then the Executive’s termination shall
be treated for purposes of this Employment Agreement as a termination by the Company other than for
Cause, and the Executive will be entitled to receive (without duplication of benefits and to the
extent permitted by law and the terms of the then-applicable medical benefit plans) the payments
and benefits set forth in Section 3.2(a) following such dismissal, withdrawal or finding, payable
in the manner and subject to the conditions set forth in such Section and (B) if such indictment
relates to environmental matters and does not allege that the Executive was directly involved in or
directly supervised the action(s) forming the basis of the indictment, Cause shall not be deemed to
exist under this Employment Agreement by reason of such indictment until the Executive is convicted
or enters a plea of guilty or nolo contendere in connection with such indictment; or (iv) material
breach of the Executive’s covenants in Section 4 of this Employment Agreement or any material
written policy of the Company or any Affiliate after written notice of such breach and failure by
the Executive to correct such breach within 10 business days, provided that no notice of, nor
opportunity to correct, such breach shall be required hereunder if such breach cannot be cured by
the Executive.

                    (3) “Disability” shall mean the Executive’s inability, due to physical or mental ill
health, to perform the essential functions of the Executive’s job, with or without a reasonable
accommodation, for 180 days during any 365 day period irrespective of whether such days are
consecutive.

               (c) Section 409A. To the extent applicable, this Employment Agreement shall be
interpreted, construed and operated in accordance with Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), and the Treasury regulations and other guidance issued
thereunder. If on the date of the Executive’s separation from service (as defined in Treasury
Regulation §1.409A-1(h)) with the Company the Executive is a specified employee (as defined in Code
Section 409A and Treasury Regulation §1.409A-1(i)), no payment constituting the “deferral of
compensation” within the meaning of Treasury Regulation §1.409A-1(b) and after application of the
exemptions provided in Treasury Regulation §§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made
to Executive at any time during the six month period following the Executive’s separation from
service, and any such amounts deferred such six months shall instead be paid in a lump sum on the
first payroll payment date following expiration of such six month period. For purposes of
conforming this Employment Agreement to Section 409A of the Code, the parties agree that any
reference to termination of employment, severance from employment or similar terms shall mean and
be interpreted as a “separation from service” as defined in Treasury Regulation §1.409A-1(h).

          3.3. Exclusive Remedy. The foregoing payments upon termination of the Executive’s
employment shall constitute the exclusive severance payments due the Executive upon a termination
of Executive’s employment under this Employment Agreement.

4

 

          3.4. Resignation from All Positions. Upon the termination of the Executive’s
employment with the Company for any reason, the Executive shall be deemed to have resigned, as of
the date of such termination, from and with respect to all positions the Executive then holds as an
officer, director, employee and member of the Board of Directors (and any committee thereof) of the
Company and any of its Affiliates.

          3.5. Cooperation. For one year following the termination of the Executive’s
employment with the Company for any reason, the Executive agrees to reasonably cooperate with the
Company upon reasonable request of the Board and to be reasonably available to the Company with
respect to matters arising out of the Executive’s services to the Company and its Affiliates,
provided, however, such period of cooperation shall be for three years, following any such
termination of Executive’s employment for any reason, with respect to tax matters involving the
Company or any of its Affiliates. The Company shall reimburse the Executive for expenses
reasonably incurred in connection with such matters as agreed by the Executive and the Board and
the Company shall compensate the Executive for such cooperation at an hourly rate based on the
Executive’s most recent base salary rate assuming 2,000 working hours per year; provided,
that if the Executive is required to spend more than 40 hours in any month on Company matters
pursuant to this Section 3.5, the Executive and the Board shall mutually agree to an appropriate
rate of compensation for the Executive’s time over such 40 hour threshold.

     SECTION 4. Unauthorized Disclosure; Non-Competition; Non-Solicitation; Proprietary
Rights.

          4.1. Unauthorized Disclosure. The Executive agrees and understands that in the
Executive’s position with the Company and any Affiliates, the Executive has been and will be
exposed to and has and will receive information relating to the confidential affairs of the Company
and its Affiliates, including, without limitation, technical information, intellectual property,
business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, expansion plans, business policies and
practices of the Company and its Affiliates and other forms of information considered by the
Company and its Affiliates to be confidential and in the nature of trade secrets (including,
without limitation, ideas, research and development, know-how, formulas, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business
and marketing plans and proposals) (collectively, the “Confidential Information”);
provided, however, that Confidential Information shall not include information which (i) is
or becomes generally available to the public not in violation of this Employment Agreement or any
written policy of the Company; or (ii) was in the Executive’s possession or knowledge on a
non-confidential basis prior to such disclosure. The Executive agrees that at all times during the
Executive’s employment with the Company and thereafter, the Executive shall not intentionally
disclose such Confidential Information, either directly or indirectly, to any individual,
corporation, partnership, limited liability company, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality
thereof (each a “Person”) without the prior written consent of the Company and shall not
use or attempt to use any such information in any manner other than in connection with Executive’s
employment with the Company, unless required by law to disclose such information, in which case the
Executive shall provide the Company with written notice of such requirement as far in

5

 

advance of such anticipated disclosure as possible. Executive’s confidentiality covenant has
no temporal, geographical or territorial restriction. Upon termination of the Executive’s
employment with the Company, the Executive shall promptly supply to the Company all property, keys,
notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks,
cards, surveys, maps, logs, machines, technical data and any other tangible product or document
which has been produced by, received by or otherwise submitted to the Executive during or prior to
the Executive’s employment with the Company, and any copies thereof in Executive’s (or capable of
being reduced to Executive’s) possession.

          4.2. Non-Competition. By and in consideration of the Company’s entering into this
Employment Agreement and the payments to be made and benefits to be provided by the Company
hereunder, and in further consideration of the Executive’s exposure to the Confidential Information
of the Company and its Affiliates, the Executive agrees that the Executive shall not, during the
Term and for a period of 12 months thereafter (the “Restriction Period”), directly or
indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership,
management, operation or control of, or be connected in any manner with, including, without
limitation, holding any position as a stockholder, director, officer, consultant, independent
contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below);
provided, that in no event shall ownership of one percent or less of the outstanding
securities of any class of any issuer whose securities are registered under the Securities Exchange
Act of 1934, as amended, standing alone, be prohibited by this Section 4.2, so long as the
Executive does not have, or exercise, any rights to manage or operate the business of such issuer
other than rights as a stockholder thereof. For purposes of this paragraph, “Restricted
Enterprise” shall mean any Person that is actively engaged in any business which is either (i)
in competition with the business of the Company or any of its Affiliates conducted during the
preceding 12 months (or following the Term, the 12 months preceding the last day of the Term), or
(ii) proposed to be conducted by the Company or any of its Affiliates in the Company’s or
Affiliate’s business plan as in effect at that time (or following the Term, the business plan as in
effect as of the last day of the Term); provided, that (x) with respect to any Person that
is actively engaged in the refinery business, a Restricted Enterprise shall only include such a
Person that operates or markets in any geographic area in which the Company or any of its
Affiliates operates or markets with respect to its refinery business and (y) with respect to any
Person that is actively engaged in the fertilizer business, a Restricted Enterprise shall only
include such a Person that operates or markets in any geographic area in which the Company or any
of its Affiliates operates or markets with respect to its fertilizer business. During the
Restriction Period, upon request of the Company, the Executive shall notify the Company of the
Executive’s then-current employment status. For the avoidance of doubt, a Restricted Enterprise
shall not include any Person or division thereof that is engaged in the business of supplying (but
not refining) crude oil or natural gas.

          4.3. Non-Solicitation of Employees. During the Restriction Period, the Executive
shall not directly or indirectly contact, induce or solicit (or assist any Person to contact,
induce or solicit) for employment any person who is, or within 12 months prior to the date of such
solicitation was, an employee of the Company or any of its Affiliates.

          4.4. Non-Solicitation of Customers/Suppliers. During the Restriction Period, the
Executive shall not (i) contact, induce or solicit (or assist any Person to contact,

6

 

induce or solicit) any Person which has a business relationship with the Company or of any of
its Affiliates in order to terminate, curtail or otherwise interfere with such business
relationship or (ii) solicit, other than on behalf of the Company and its Affiliates, any Person
that the Executive knows or should have known (x) is a current customer of the Company or any of
its Affiliates in any geographic area in which the Company or any of its Affiliates operates or
markets or (y) is a Person in any geographic area in which the Company or any of its Affiliates
operates or markets with respect to which the Company or any of its Affiliates has, within the 12
months prior to the date of such solicitation, devoted more than de minimis resources in an effort
to cause such Person to become a customer of the Company or any of its Affiliates in that
geographic area. For the avoidance of doubt, the foregoing does not preclude the Executive from
soliciting, outside of the geographic areas in which the Company or any of its Affiliates operates
or markets, any Person that is a customer or potential customer of the Company or any of its
Affiliates in the geographic areas in which it operates or markets.

          4.5. Extension of Restriction Period. The Restriction Period shall be extended for a
period of time equal to any period during which the Executive is in breach of any of Sections 4.2,
4.3 or 4.4 hereof.

          4.6. Proprietary Rights. The Executive shall disclose promptly to the Company any and
all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived,
discovered, reduced to practice, or made by Executive, either alone or in conjunction with others,
during the Executive’s employment with the Company and related to the business or activities of the
Company and its Affiliates (the “Developments”). Except to the extent any rights in any
Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101 et seq.
that are owned ab initio by the Company and/or its applicable Affiliates, the Executive assigns all
of Executive’s right, title and interest in all Developments (including all intellectual property
rights therein) to the Company or its nominee without further compensation, including all rights or
benefits therefor, including without limitation the right to sue and recover for past and future
infringement. The Executive acknowledges that any rights in any developments constituting a work
made for hire under the U.S. Copyright Act, 17 U.S.C § 101 et seq. are owned upon creation by the
Company and/or its applicable Affiliates as the Executive’s employer. Whenever requested to do so
by the Company, the Executive shall execute any and all applications, assignments or other
instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or
copyrights of the United States or any foreign country or otherwise protect the interests of the
Company and its Affiliates therein. These obligations shall continue beyond the end of the
Executive’s employment with the Company with respect to inventions, discoveries, improvements or
copyrightable works initiated, conceived or made by the Executive while employed by the Company,
and shall be binding upon the Executive’s employers, assigns, executors, administrators and other
legal representatives. In connection with Executive’s execution of this Employment Agreement, the
Executive has informed the Company in writing of any interest in any inventions or intellectual
property rights that Executive holds as of the date hereof. If the Company is unable for any
reason, after reasonable effort, to obtain the Executive’s signature on any document needed in
connection with the actions described in this Section 4.6, the Executive hereby irrevocably
designates and appoints the Company, its Affiliates, and their duly authorized officers and agents
as the Executive’s agent and attorney in fact to act for and in the Executive’s behalf to execute,
verify

7

 

and file any such documents and to do all other lawfully permitted acts to further the
purposes of this Section with the same legal force and effect as if executed by the Executive.

          4.7. Confidentiality of Agreement. Other than with respect to information required to
be disclosed by applicable law, the parties hereto agree not to disclose the terms of this
Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement
and/or any of its terms to the Executive’s immediate family, financial advisors and attorneys.
Notwithstanding anything in this Section 4.7 to the contrary, the parties hereto (and each of their
respective employees, representatives, or other agents) may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated by this Employment Agreement, and all materials of any kind (including opinions or
other tax analyses) related to such tax treatment and tax structure; provided that this sentence
shall not permit any Person to disclose the name of, or other information that would identify, any
party to such transactions or to disclose confidential commercial information regarding such
transactions.

          4.8. Remedies. The Executive agrees that any breach of the terms of this Section 4
would result in irreparable injury and damage to the Company and its Affiliates for which the
Company and its Affiliates would have no adequate remedy at law; the Executive therefore also
agrees that in the event of said breach or any threat of breach, the Company and its Affiliates
shall be entitled to an immediate injunction and restraining order to prevent such breach and/or
threatened breach and/or continued breach by the Executive and/or any and all Persons acting for
and/or with the Executive, without having to prove damages, in addition to any other remedies to
which the Company and its Affiliates may be entitled at law or in equity, including, without
limitation, the obligation of the Executive to return any Severance Payments made by the Company to
the Company. The terms of this paragraph shall not prevent the Company or its Affiliates from
pursuing any other available remedies for any breach or threatened breach hereof, including,
without limitation, the recovery of damages from the Executive. The Executive and the Company
further agree that the provisions of the covenants contained in this Section 4 are reasonable and
necessary to protect the businesses of the Company and its Affiliates because of the Executive’s
access to Confidential Information and Executive’s material participation in the operation of such
businesses.

     SECTION 5. Representation.

     The Executive represents and warrants that (i) Executive is not subject to any contract,
arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in
any way limits Executive’s ability to enter into and fully perform Executive’s obligations under
this Employment Agreement and (ii) Executive is not otherwise unable to enter into and fully
perform Executive’s obligations under this Employment Agreement.

     SECTION 6. Withholding.

     All amounts paid to the Executive under this Employment Agreement during or following the Term
shall be subject to withholding and other employment taxes imposed by applicable law.

8

 

     SECTION 7. Effect of Section 280G of the Code.

          7.1. Payment Reduction. Notwithstanding anything contained in this Employment
Agreement or any other plan or agreement to the contrary, (i) to the extent that any payment or
distribution of any type to or for the Executive by the Company, any affiliate of the Company, any
Person who acquires ownership or effective control of the Company or ownership of a substantial
portion of the Company’s assets (within the meaning of Section 280G of the Code and the regulations
thereunder), or any affiliate of such Person, whether paid or payable or distributed or
distributable pursuant to the terms of this Employment Agreement or otherwise (the
“Payments”) constitute “parachute payments” (within the meaning of Section 280G of the
Code), and if (ii) such aggregate would, if reduced by all federal, state and local taxes
applicable thereto, including the excise tax imposed under Section 4999 of the Code (the
“Excise Tax”), be less than the amount the Executive would receive, after all taxes, if the
Executive received aggregate Payments equal (as valued under Section 280G of the Code) to only
three times the Executive’s “base amount” (within the meaning of Section 280G of the Code), less
$1.00, then (iii) such Payments shall be reduced (but not below zero) if and to the extent
necessary so that no Payments to be made or benefit to be provided to the Executive shall be
subject to the Excise Tax; provided, however, that the Company shall use its
reasonable best efforts to obtain shareholder approval of the Payments provided for in this
Employment Agreement in a manner intended to satisfy requirements of the “shareholder approval”
exception to Section 280G of the Code and the regulations promulgated thereunder, such that payment
may be made to the Executive of such Payments without the application of an Excise Tax. If the
Payments are so reduced, then unless the Executive shall have given prior written notice to the
Company specifying a different order by which to effectuate the reduction, the Company shall reduce
or eliminate the Payments (x) by first reducing or eliminating the portion of the Payments which
are not payable in cash (other than that portion of the Payments subject to clause (z) hereof), (y)
then by reducing or eliminating cash payments (other than that portion of the Payments subject to
clause (z) hereof) and (z) then by reducing or eliminating the portion of the Payments (whether
payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or
successor thereto) applies, in each case in reverse order beginning with payments or benefits which
are to be paid the farthest in time. Any notice given by the Executive pursuant to the preceding
sentence shall take precedence over the provisions of any other plan, arrangement or agreement
governing the Executive’s rights and entitlements to any benefits or compensation. This Section
7.1 shall supersede any contrary provision dealing with Section 280G contained in any other
agreement or plan to which the Executive is a party or in which he is a participant.

          7.2. Determination of Amount of Reduction (if any). The determination of whether the
Payments shall be reduced as provided in Section 7.1 and the amount of such reduction shall be made
at the Company’s expense by an accounting firm selected by the Company from among the four largest
accounting firms in the United States (the “Accounting Firm”). The Accounting Firm shall
provide its determination (the “Determination”), together with detailed supporting
calculations and documentation, to the Company and the Executive within 10 days after the
Executive’s final day of employment. If the Accounting Firm determines that no Excise Tax is
payable by the Executive with respect to the Payments, it shall furnish the Executive with an
opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to
any such payments and, absent manifest error, such Determination shall be binding, final and
conclusive upon the Company and the Executive.

9

 

     SECTION 8. Miscellaneous.

          8.1. Amendments and Waivers. This Employment Agreement and any of the provisions
hereof may be amended, waived (either generally or in a particular instance and either
retroactively or prospectively), modified or supplemented, in whole or in part, only by written
agreement signed by the parties hereto; provided, that, the observance of any provision of
this Employment Agreement may be waived in writing by the party that will lose the benefit of such
provision as a result of such waiver. The waiver by any party hereto of a breach of any provision
of this Employment Agreement shall not operate or be construed as a further or continuing waiver of
such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly
provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part
of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or
otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor
shall any single or partial exercise of such right, power or remedy by such party preclude any
other or further exercise thereof or the exercise of any other right, power or remedy.

          8.2. Indemnification. To the extent provided in the Company’s Certificate of
Incorporation or Bylaws, as in effect from time to time, the Company shall indemnify the Executive
for losses or damages incurred by the Executive as a result of causes of action arising from the
Executive’s performance of duties for the benefit of the Company, whether or not the claim is
asserted during the Term.

          8.3. Assignment. This Employment Agreement, and the Executive’s rights and
obligations hereunder, may not be assigned by the Executive, and any purported assignment by the
Executive in violation hereof shall be null and void.

          8.4. Notices. Unless otherwise provided herein, all notices, requests, demands,
claims and other communications provided for under the terms of this Employment Agreement shall be
in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by
(i) personal delivery (including receipted courier service) or overnight delivery service, (ii)
facsimile during normal business hours, with confirmation of receipt, to the number indicated,
(iii) reputable commercial overnight delivery service courier or (iv) registered or certified mail,
return receipt requested, postage prepaid and addressed to the intended recipient as set forth
below:

	 	 	 
	If to the Company:
	 	CVR Energy, Inc.
	 
	 	10 E. Cambridge Circle, Suite 250
	 
	 	Kansas City, KS  66103
	 
	 	Attention:     General Counsel
	 
	 	Facsimile:     (913) 981-0000
	 
	 	 
	If to the Executive:
	 	Edward A. Morgan
	 
	 	@ the last known address
	 
	 	on file
	 
	 	 
	 
	 	     and to:

10

 

	 	 	 
	 
	 	John Brittingham and Alix Coulter Cross
	 
	 	Harwell Howard Hyne Gabbert & Manner, P.C.
	 
	 	315 Deaderick Street
	 
	 	Suite 1800
	 
	 	Nashville, TN 37238

     All such notices, requests, consents and other communications shall be deemed to have been
given when received. Any party may change its facsimile number or its address to which notices,
requests, demands, claims and other communications hereunder are to be delivered by giving the
other parties hereto notice in the manner then set forth.

          8.5. Governing Law. This Employment Agreement shall be construed and enforced in
accordance with, and the rights and obligations of the parties hereto shall be governed by, the
laws of the State of Texas, without giving effect to the conflicts of law principles thereof. Each
of the parties hereto irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of Texas (collectively, the “Selected Courts”) for any action or
proceeding relating to this Employment Agreement, agrees not to commence any action or proceeding
relating thereto except in the Selected Courts, and waives any forum or venue objections to the
Selected Courts.

          8.6. Severability. Whenever possible, each provision or portion of any provision of
this Employment Agreement, including those contained in Section 4 hereof, will be interpreted in
such manner as to be effective and valid under applicable law but the invalidity or
unenforceability of any provision or portion of any provision of this Employment Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Employment
Agreement in that jurisdiction or the validity or enforceability of this Employment Agreement,
including that provision or portion of any provision, in any other jurisdiction. In addition,
should a court or arbitrator determine that any provision or portion of any provision of this
Employment Agreement, including those contained in Section 4 hereof, is not reasonable or valid,
either in period of time, geographical area, or otherwise, the parties hereto agree that such
provision should be interpreted and enforced to the maximum extent which such court or arbitrator
deems reasonable or valid.

          8.7. Entire Agreement. From and after the Commencement Date, this Employment
Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
representations, agreements and understandings (including any prior course of dealings), both
written and oral, relating to any employment of the Executive by the Company or any of its
Affiliates.

          8.8. Counterparts. This Employment Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.

          8.9. Binding Effect. This Employment Agreement shall inure to the benefit of, and be
binding on, the successors and assigns of each of the parties, including,

11

 

without limitation, the Executive’s heirs and the personal representatives of the Executive’s
estate and any successor to all or substantially all of the business and/or assets of the Company.

          8.10. General Interpretive Principles. The name assigned this Employment Agreement
and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment
Agreement are for convenience of reference only and shall not in any way affect the meaning or
interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms
of limitation herein, so that references to “include”, “includes” and “including” shall not be
limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.

          8.11. Mitigation. Notwithstanding any other provision of this Employment Agreement,
(a) the Executive will have no obligation to mitigate damages for any breach or termination of this
Employment Agreement by the Company, whether by seeking employment or otherwise and (b) except for
medical benefits provided pursuant to Section 3.2(a), the amount of any payment or benefit due the
Executive after the date of such breach or termination will not be reduced or offset by any payment
or benefit that the Executive may receive from any other source.

          8.12. Company Actions. Any actions, approvals, decisions, or determinations to be
made by the Company under this Employment Agreement shall be made by the Company’s Board, except as
otherwise expressly provided herein. For purposes of any references herein to the Board’s
designee, any such reference shall be deemed to include the Chief Executive Officer of the Company
and such other or additional officers, or committees of the Board, as the Board may expressly
designate from time to time for such purpose.

[signature page follows]

12

 

     IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	CVR ENERGY, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Edward A. Morgan

	 	 	 	By: 	 	/s/ John J. Lipinski	 	 
	 

EDWARD A. MORGAN

	 	 	 	 	 	 

Name: John J. Lipinski
	 	 
	 

	 	 	 	 	 	Title: CEO	 	 

13

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