Document:

Exhibit 10.22

 

AMENDMENT NO. 1

TO

AMERICAN CRYSTAL SUGAR COMPANY

2005 LONG TERM INCENTIVE PLAN

 

WHEREAS, the Board of Directors of American Crystal Sugar
Company (“ACSC”) previously adopted the American Crystal Sugar Company 2005
Long Term Incentive Plan (the “Plan”), generally effective January 1,
2005; and

 

WHEREAS, pursuant to Article 11 of the Plan, the Board
of Directors has the authority to amend the Plan at any time; and

 

WHEREAS, the Board of Directors deems it necessary to
modify certain provisions of the Plan to permit participants to make special
one-time distribution elections pursuant to Section 409A of the Internal
Revenue Code of 1986, as amended, and the notices, regulations and other
guidance of generally applicability issued thereunder;

 

NOW, THEREFORE, RESOLVED, that the American Crystal
Sugar Company 2005 Long Term Incentive Plan be and it is hereby amended as
follows:

 

1.                                       Section 6.4(a) of
Article 6 of the Plan is hereby amended in its entirety to read as
follows:

“(a)                            Payment to or
on behalf of a Participant shall be made in one of the following methods as
elected by the Participant:

 

(i)            one lump sum payment; or

 

(ii)           equal annual installments over a
period not to exceed ten (10) years.

 

If
the Participant does not elect a method of distribution, payment shall be made
in one lump sum payment.  Notwithstanding
the foregoing, prior to December 31, 2007, a Participant may file a
one-time election (the “Special Election”) to select a distribution date and
method of distribution for his or her Phantom Stock and Deferred Compensation
Account; provided, however, that, with respect to a Special Election made on or
after January 1, 2006, and on or before December 31, 2006, such
Special Election shall not postpone any payment that was otherwise scheduled to
be made during calendar year 2006 nor accelerate payment of any portion of the
Participant’s Phantom Stock or Deferred Compensation Account to a date within
calendar year 2006; and provided, further, that, with respect to a Special
Election made on or after January 1, 2007, and on or before December 31,
2007, such Special Election shall not postpone any payment that was otherwise
scheduled to be made during calendar year 2007 nor accelerate payment of any
portion of the Participant’s Phantom Stock or Deferred Compensation Account to
a date within calendar year 2007.  Under
any such Special Election, the Participant shall not be required to postpone
payment for at least five (5) years after the distribution event. Such
election shall be subject to such administrative rules as the Company may
deem

 

 

necessary
or desirable for compliance with Code Section 409A and the notices,
regulations and other guidance of general applicability issued thereunder.

 

Upon
payment, the Participant shall have no further interest in the Phantom Stock or
Deferred Compensation Account that has been distributed, and the Participant
shall have no further right to any increase in the value of the Phantom Stock
or Deferred Compensation Account.  With
the exception of a Participant’s Special Election, a Participant’s election
under this Section 6.4 shall not be effective until one year after the
election and, if such election revokes a prior distribution election, payment
shall made or commence only as permitted by Code Section 409A and the
regulations, notices and other guidance of general applicability issued
thereunder.   Further, with the exception
of a Participant’s Special Election, in no event will any election under this Section 6.4
be effective if it precedes the Participant’s Separation of Service with the
Company by less than one year.”

 

2.             Except as expressly modified
herein, all other provisions of the Plan shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Chief Executive
Officer of American Crystal Sugar Company has caused this instrument to be
executed as of this 20th day of December, 2006.

 

	
   

  	
  AMERICAN
  CRYSTAL SUGAR COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ James J. Horvath

  
	
   

  	
   

  	
  James
  J. Horvath, Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
  STATE
  OF ARIZONA

  	
  )

  	
   

  	
   

  
	
   

  	
  )
  SS.

  	
   

  	
   

  
	
  COUNTY
  OF MARICOPA

  	
  )

  	
   

  	
   

  

 

On
this 20th day of December, 2006, before me personally
appeared James Horvath, to me personally known, who, being by me first duly
sworn, did depose and say that he the Chief Executive Officer of American
Crystal Sugar Company, the corporation named in the foregoing instrument; that
the seal (if any) affixed to said instrument is the corporate seal of said
corporation, and that said instrument was signed and sealed (if sealed) on
behalf of said corporation by authority of its Board of Directors; and he
acknowledged said instrument to be the free act and deed of said corporation.

 

 

	
   

  	
  /s/
  Catherine P. Hayes

  
	
   

  	
  Notary
  Public

  

 

2Exhibit 10.23

 

AMENDMENT NO. 2

TO

AMERICAN CRYSTAL SUGAR COMPANY

2005 LONG TERM INCENTIVE PLAN

 

WHEREAS, the Board of Directors of American Crystal Sugar
Company (“ACSC”) previously adopted the American Crystal Sugar Company 2005
Long Term Incentive Plan (the “Plan”), generally effective January 1,
2005; and

 

WHEREAS, pursuant to Article 11 of the Plan, the Board
of Directors has the authority to amend the Plan at any time; and

 

WHEREAS, the Board of Directors deems it necessary to
modify certain provisions of the Plan to ensure that the payment terms comply
with Section 409A of the Internal Revenue Code of 1986, as amended, and
the notices, regulations and other guidance of generally applicability issued
thereunder;

 

NOW, THEREFORE, RESOLVED, that, effective
immediately, the American Crystal Sugar Company 2005 Long Term Incentive Plan
be and it is hereby amended as follows:

 

1.                                       Section 6.4
of Article 6 of the Plan is hereby amended by adding a new subsection (d),
which shall read as follows:

 

“(d)         Notwithstanding
anything in this Article 6 to the contrary, payment to or on behalf of a
Participant shall be made or commence within ninety (90) days of the earliest
of (i) the date selected by the Participant pursuant the Special Election,
(ii) the Participant’s Separation from Service, (iii) the Participant’s
death, (iv) the Participant’s Disability, or (v) the Participant’s
Retirement.”

 

2.                                       Section 6.6
of Article 6 of the Plan is hereby amended in its entirety to read as
follows:

 

“Section 6.6                                Unit Retain
Payments.

 

(a)           Each Participant shall be eligible to
receive an annual unit retain payment as determined by the Company and subject
to this Section 6.6.  The annual
unit retain payment payable to or on behalf of a Participant shall be paid by
the Company to the Participant, or the Participant’s Beneficiary, unless the
Participant has made an election to defer the payments on forms provided by the
Company.  If such an election has been
made, no unit retain payment shall be paid to the Participant or the Participant’s
Beneficiary under this Section 6.6, but shall be allocated to the
Participant’s Deferred Compensation Account and paid to the Trust.  The amount of each unit retain payment shall
be equal to the amount subtracted from the gross beet payment per acre for unit
retains used in the calculation of the profit payments in Section 6.5.  Each such unit retain payment shall be
determined during the fiscal year of the Company as may correspond to the
revolvement cycle, if any, for the Company’s preferred shareholders; it being
the 

 

 

intention that the amount of
unit retains payment to be paid to Participants will be paid on the same
schedule as unit retains are revolved to the Company’s preferred shareholders.

 

(b)           Notwithstanding the foregoing, upon
payment of the entire value of the vested shares of the Participant’s Phantom
Stock and the vested portion of the Participant’s Deferred Compensation Account
due to (i) Separation from Service, death, Disability or Retirement
pursuant to Section 6.4, or (ii) a Change of Control pursuant to Section 6.7
(collectively referred to as a “Distribution Event”), the Participant shall,
within ninety (90) days following the Distribution Event, receive a lump sum
payment equal to the present value of any unpaid annual unit retain
payments.  Such present value shall be
calculated based on an interest rate [equal to (i) the
one-year Treasury Bill rate for amounts payable within two (2) years of
the date of the Distribution Event, and (ii) the five-year Treasury Bond
rate for amounts payable later than two (2) years from the date of the
Distribution Event],  and the
then-current unit retain revolvement cycle applicable to the Company’s
preferred shareholders [in effect on the date of
the Distribution Event].”

 

3.             Except as expressly modified
herein, all other provisions of the Plan shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Chief Executive
Officer of American Crystal Sugar Company has caused this instrument to be
executed as of this 5th day of November, 2007.

 

	
   

  	
  AMERICAN
  CRYSTAL SUGAR COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ David A. Berg

  
	
   

  	
   

  	
  David
  A. Berg, Chief Executive Officer

  
	
   

  	
   

  
	
  STATE
  OF MINNESOTA

  	
  )

  	
   

  
	
   

  	
  )
  SS.

  	
   

  
	
  COUNTY
  OF CLAY

  	
  )

  	
   

  

 

On
this 5th day of November, 2007, before me personally
appeared David Berg, to me personally known, who, being by me first duly sworn,
did depose and say that he the Chief Executive Officer of American Crystal
Sugar Company, the corporation named in the foregoing instrument; that the seal
(if any) affixed to said instrument is the corporate seal of said corporation,
and that said instrument was signed and sealed (if sealed) on behalf of said
corporation by authority of its Board of Directors; and he acknowledged said
instrument to be the free act and deed of said corporation.

 

 

	
   

  	
  /s/
  Cecile M. Satrom

  
	
   

  	
  Notary
  Public

  

 

2

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