Document:

Exhibit 10.155a

Exhibit 10.155a

EXECUTION COPY

ACKNOWLEDGMENT OF AMENDMENT TO NOTE PURCHASE AND 

PRIVATE SHELF AGREEMENT

This ACKNOWLEDGMENT OF AMENDMENT TO NOTE PURCHASE AND PRIVATE SHELF AGREEMENT (this
“Acknowledgment”) is dated as of September 21, 2011, by and among TIFFANY & CO., a Delaware
corporation (the “Company”), and each of the holders of Notes (as defined below) on the signature
pages hereto (collectively, the “Noteholders”). Capitalized terms used herein which are not
otherwise defined herein shall have the meanings assigned to such terms in the Note Agreement (as
defined below).

RECITALS

WHEREAS, the Company and the Noteholders are parties to that certain Note Purchase and Private
Shelf Agreement, dated as of December 23, 2008 (as in effect prior to July 31, 2009, herein
referred to as the “Existing Note Agreement” and as from time to time amended, restated,
supplemented or otherwise modified, the “Note Agreement”), pursuant to which the Company authorized
the issuance of its (i) 9.05% Series A Senior Notes due December 23, 2015 in the aggregate
principal amount of One Hundred Million Dollars ($100,000,000) (the “Series A Notes”) and (ii)
additional senior promissory notes in the aggregate principal amount of Fifty Hundred Million
Dollars ($50,000,000) (the “Shelf Notes” and together with the Series A Notes, collectively, and as
may be amended or restated from time to time, the “Notes”).

WHEREAS, the Company entered into a successor credit agreement, by and among the Company,
Tiffany and Company, Tiffany & Co. International, Tiffany & Co. Japan Inc., the other subsidiary
borrowers parties thereto and The Bank of New York Mellon, as administrative agent, dated July 31,
2009 (the “Credit Agreement”), which contains certain revisions to affirmative and negative
covenants, defaults and events of default, some of which may constitute Credit Agreement
Modifications as defined in the Existing Note Agreement; and

WHEREAS, the Company and the Noteholders desire to acknowledge and confirm an amendment to the
Existing Note Agreement, as set forth herein, due to the existence of the Credit Agreement
Modifications caused by the execution and delivery of the Credit Agreement.

NOW THEREFORE, in consideration of the mutual execution hereof and other good and valuable
consideration, the parties hereto agree as follows:

SECTION 1. Amendments To Existing Note Agreement. The parties hereto acknowledge and
confirm that the Existing Note Agreement, pursuant to the second sentence of Section 10.7(a)
thereof, was deemed to have been amended on July 31, 2009 (the “Amendment”), as a result of the
Credit Agreement Modifications dated as of such date, as follows:

(a) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order:

 

 

 

“Consolidated Adjusted Net Worth” means, as of any date, (a) total stockholders’ equity of the
Company and its Subsidiaries on a Consolidated basis on such date as determined in accordance with
GAAP, plus (if negative) and minus (if positive) (b) accumulated other
comprehensive loss (gain), net of tax, plus (c) the cumulative amount for the period
commencing on February 1, 2009 and ending on such date (or, if such date is not a fiscal quarter
end date, the immediately preceding fiscal quarter end date) of non-recurring non-cash charges and
expenses added back to Adjusted EBIT, net of taxes (other than 2008 Restructuring Charges),
minus (d) the difference (if positive) between non-cash gains and non-cash losses for the
period commencing on February 1, 2009 and ending on such date (or, if such date is not a fiscal
quarter end date, the immediately preceding fiscal quarter end date).

(b) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order:

“Adjusted EBIT” means, for any four fiscal quarter period of the Company (the “calculation
period”), (a) the net earnings of the Company and its Subsidiaries on a Consolidated basis for such
calculation period as determined in accordance with GAAP, plus (b) to the extent deducted in the
calculation of such net earnings for such calculation period, the sum, without duplication, of the
following: (i) Interest Expense and financing costs, (ii) provision for income taxes, (iii)
commencing with the calculation period that includes the fiscal quarter of the Company ending
January 31, 2010, non-recurring non-cash charges and expenses in an aggregate amount not exceeding
$100,000,000 (provided that, in determining the amount of non-recurring non-cash charges and
expenses for any fiscal year, the amount thereof for such fiscal year shall be limited to an amount
not exceeding $100,000,000), and (iv) if such calculation period includes the fiscal quarter of the
Company ending January 31, 2009, the 2008 Restructuring Charges, minus (c) to the extent included
in the calculation of such net earnings for such calculation period, non-recurring non-cash gains.

(c) Until a Credit Agreement Modification shall have occurred in respect thereof, the
following definition shall be substituted for the definition of “Priority Debt” in Schedule B of
this Agreement:

“Priority Debt” means, at any time, without duplication, the sum of

(a) all then outstanding Debt of the Company or any Guarantor secured by any Lien on any
property of the Company or any Subsidiary, other than any such Debt secured by Liens permitted by
any one or more of clauses (a) through (f), (h) or (i), inclusive, of Section 10.4, plus

(b) all then outstanding Debt of Subsidiaries (other than Debt of any Guarantor or
Consignment/Leasing Indebtedness up to an aggregate outstanding amount for the Company and the
Subsidiaries on a Consolidated basis not exceeding at any time $10,000,000);

provided that Priority Debt shall not include (x) demand Debt of any Subsidiary owing solely
to the Company or another Subsidiary, (y) Debt of any Subsidiary under any Guaranty by a Subsidiary
which is a party to the Guaranty Agreement of the Debt of the
Company or any other Subsidiary or (z) Debt of any Subsidiary under any of the agreements
listed in Schedule 10.3.

 

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(d) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order::

“Adjusted Debt” means, as of any date, the sum of (i) all Adjusted Indebtedness of the Company
and its Subsidiaries on a Consolidated basis on such date and (ii) (x) Rent Expense for the four
consecutive fiscal quarter period ended immediately prior to such date or then ending in respect of
which financial statements have been delivered pursuant to Section 7.1(a) or 7.1(b) multiplied by
six (6).

(e) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order:

“Adjusted Indebtedness” means, as to any Person, at a particular time, all items of such
Person which constitute, without duplication, (a) indebtedness for borrowed money or the deferred
purchase price of Property (other than trade payables and accrued expenses incurred in the ordinary
course of business), (b) indebtedness evidenced by notes, bonds, debentures or similar instruments,
(c) obligations with respect to any conditional sale or other title retention agreement, (d)
indebtedness arising under acceptance facilities and the amount available to be drawn under all
letters of credit issued for the account of such Person and, without duplication, all drafts drawn
thereunder to the extent such Person shall not have reimbursed the issuer in respect of the
issuer’s payment of such drafts, (e) liabilities secured by any Lien on any Property owned by such
Person even though such Person shall not have assumed or otherwise become liable for the payment
thereof (other than carriers’, warehousemen’s, mechanics’, repairmen’s or other like nonconsensual
Liens arising in the ordinary course of business), (f) that portion of any obligation of such
Person, as lessee, which in accordance with GAAP is required to be capitalized on the balance sheet
of such Person, and (g) Guaranties of such Person of Adjusted Indebtedness of others.

(f) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order:

“Leverage Ratio” means, as of any date, the ratio of (i) Adjusted Debt on such date to (ii)
EBITDAR for the four consecutive fiscal quarter period ended immediately prior to such date or then
ending in respect of which financial statements have been delivered pursuant to Section 7.1(a) or
7.1(b).

 

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(g) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order:

“Consignment/Leasing Indebtedness” means Indebtedness incurred in the ordinary course of
business of the Company or any Subsidiary to any Person resulting from the
supplying by such Person to the Company or such Subsidiary with precious metals, precious gems
or jewelry on a consignment or leased basis, which Indebtedness, if secured, is secured by a Lien
only on such property.

(h) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order:

“EBITDAR” means, for any four fiscal quarter period of the Company (the “calculation period”),
(a) the net earnings of the Company and its Subsidiaries on a Consolidated basis for such
calculation period as determined in accordance with GAAP, plus (b) to the extent deducted in the
calculation of such net earnings for such calculation period, the sum, without duplication, of the
following: (i) Interest Expense and financing costs, (ii) provision for income taxes, (iii)
depreciation, (iv) amortization, (v) Rent Expense, (vi) commencing with the calculation period that
includes the fiscal quarter of the Company ending January 31, 2010, non-recurring non-cash charges
and expenses in an aggregate amount not exceeding $100,000,000 (provided that, in determining the
amount of nonrecurring non-cash charges and expenses for any fiscal year, the amount thereof for
such fiscal year shall be limited to an amount not exceeding $100,000,000), and (vii) if such
calculation period includes the fiscal quarter of the Company ending January 31, 2009, the 2008
Restructuring Charges, minus (c) to the extent included in the calculation of such net earnings for
such calculation period, non-recurring non-cash gains.

(i) Until a Credit Agreement Modification shall have occurred in respect of such term, the
following new term shall be added to Schedule B of this Agreement in proper alphabetical order:

“Adjusted Fixed Charge Coverage Ratio” means, as of any date, the ratio of (a)(i) Adjusted
EBIT for the four consecutive fiscal quarter period ended immediately prior to such date or then
ending in respect of which financial statements have been delivered pursuant to Section 7.1(a) or
7.1(b) plus (ii) Rent Expense for such period to (b)(i) Rent Expense for such period
plus (ii) Interest Expense for such period.

(j) Until a Credit Agreement Modification shall have occurred in respect thereof, the
following new Section 9.7 shall be added to this Agreement in the appropriate numerical order:

9.7 Leverage Ratio.

At all times the Company will maintain a Leverage Ratio of not greater than:

	 	 	 	 	 
	Period	 	Leverage Ratio	 
	 
	 	 	 	 
	From and including July 31, 2009, to, but excluding,
January 31, 2011
	 	 	3.25:1.00	 
	 
	 	 	 	 
	From and including January 31, 2011, and all times
thereafter
	 	 	3.00:1.00	 

 

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(k) Until a Credit Agreement Modification shall have occurred in respect thereof, the
following new Section 9.8 shall be added to this Agreement in the appropriate numerical order:

9.8 Consolidated Adjusted Net Worth.

At all times the Company will maintain a Consolidated Adjusted Net Worth of not less than:

	 	 	 	 	 
	 	 	Consolidated Adjusted	 
	Period	 	Net Worth	 
	 
	 	 	 	 
	From and including July 31, 2009, to, but excluding,
January 31, 2011
	 	$	1,400,000,000	 
	 
	 	 	 	 
	From and including January 31, 2011, and all times
thereafter
	 	$	1,500,000,000	 

(l) Until a Credit Agreement Modification shall have occurred in respect thereof, the
following new Section 9.9 shall be added to this Agreement in the appropriate numerical order:

9.9 Adjusted Fixed Charge Coverage Ratio.

At all times the Company will maintain an Adjusted Fixed Charge Coverage Ratio of not less
than:

	 	 	 	 	 
	 	 	Adjusted Fixed Charge	 
	Period	 	Coverage Ratio	 
	 
	 	 	 	 
	From and including July 31, 2009, to, but excluding,
January 31, 2011
	 	 	2.00 : 1.00	 
	 
	 	 	 	 
	From and including January 31, 2011, and all times
thereafter
	 	 	2.25 : 1.00	 

(m) Until a Credit Agreement Modification shall have occurred in respect thereof, the
following new Sections 10.4(i) and 10.4(j) shall be substituted for Section 10.4(i) of this
Agreement in the appropriate numerical order:

(i) Consignment/Leasing Indebtedness Liens — Liens securing precious metals, precious gems or
jewelry consigned or leased to the Company or any Subsidiary securing Consignment/Leasing
Indebtedness up to an aggregate outstanding amount for the Company and the Subsidiaries on a
Consolidated basis not exceeding at any time $10,000,000; and

 

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(j) Other Liens — Liens securing Adjusted Debt of any Subsidiary and not otherwise permitted
by clauses (a) through (i) inclusive, of this Section 10.4 (other than Liens
securing Debt under the Credit Agreement), but only to the extent that the aggregate principal
amount of Debt outstanding secured by such Liens does not exceed 10% of Consolidated Adjusted Net
Worth; provided that (i) such Debt is permitted to be incurred under Section 10.3(b) and (ii) to
the extent such Liens secure Debt in an aggregate amount in excess of 5% of Consolidated Adjusted
Net Worth, the Liens securing the amount of such Debt in excess of 5% of Consolidated Adjusted Net
Worth (but not the Liens securing the Debt of 5% or less of Consolidated Adjusted Net Worth) shall
also equally and ratably secure the Notes.

(n) Until a Credit Agreement Modification shall have occurred in respect thereof, Section
11(f)(ii) of this Agreement is amended to delete “$25,000,000” and replace it with “$20,000,000.”

SECTION 2. Reference To And Effect Upon The Note Agreement.

(a) Except as specifically modified above, the Existing Note Agreement and the other Financing
Documents shall remain in full force and effect and are hereby ratified and confirmed.

(b) The execution, delivery and effectiveness of this Acknowledgment shall not, and the
execution, delivery and effectiveness of the Amendment did not, (i) operate as a waiver of any
right, power or remedy of any Noteholder under the Existing Note Agreement or any Financing
Document, nor constitute a waiver of any provision of the Existing Note Agreement or any Financing
Document, except as specifically set forth herein or therein or (ii) apply to any other Credit
Agreement Modifications as may from time to time be entered into and which may give rise to
Incorporated Covenants. Each reference in the Note Agreement to “this Agreement”, “hereunder”,
“hereof,” “herein” or words of similar import shall mean and be a reference to the Note Agreement
as amended by the Amendment.

SECTION 3. Costs And Expenses. The Company agrees to reimburse the Noteholders for all
reasonable fees, costs and expenses, including the fees, costs and expenses of their counsel or
other advisors for advice, assistance, or other representation in connection with this
Acknowledgment and the Amendment.

SECTION 4. Governing Law. THIS ACKNOWLEDGMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF NEW
YORK.

SECTION 5. Headings. Section headings in this Acknowledgment are included herein for
convenience of reference only and shall not constitute a part of this Acknowledgment for any other
purposes.

 

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SECTION 6. Counterparts. This Acknowledgment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each such counterpart shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same Acknowledgment. Any party hereto may execute and deliver a counterpart of this Acknowledgment
by delivering by facsimile or other electronic transmission a signature page of this Acknowledgment
signed by such party, and any such facsimile or other electronically transmitted signature shall be
treated in all respects as having the same effect as an original signature. Any party delivering
by facsimile or other electronic transmission a counterpart
executed by it shall promptly thereafter also deliver a manually signed counterpart of the
Acknowledgment.

SECTION 7. Reaffirmation of Guaranty. Each Guarantor hereby consents to the terms of this
Acknowledgment and the Amendment and agrees and acknowledges that its obligations under the
Guaranty Agreement shall remain in full force and effect after giving effect to this Acknowledgment
and the Amendment.

(signature pages follow)

 

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IN WITNESS WHEREOF, the parties hereto have executed this Acknowledgment of Amendment to Note
Purchase and Private Shelf Agreement as of the date first written above.

	 	 	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TIFFANY & CO.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ James N. Fernandez	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	James N. Fernandez	 	 
	 

	 	 	 	Title:
	 	Executive Vice President	 	 
	 

	 	 	 	 	 	and Chief Operating Officer	 	 

[Signature page to Acknowledgment of Amendment to Note Purchase Agreement and Private Shelf Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	NOTEHOLDERS:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	PRUDENTIAL INVESTMENT	 	 
	 	 	MANAGEMENT, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Eric R. Seward	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	Eric R. Seward	 	 
	 	 	 	 	Title:	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Eric R. Seward	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	Eric R. Seward	 	 
	 	 	 	 	Title:	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	FORETHOUGHT LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Prudential Private Placement Investors, L.P.	 	 
	 	 	 	 	(as Investment Advisor)	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Prudential Private Placement Investors, Inc.	 	 
	 	 	 	 	(as its General Partner)	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Eric R. Seward	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Eric R. Seward	 	 
	 

	 	 	 	 	 	Title:
	 	Vice President	 	 

[Signature page to Acknowledgment of Amendment to Note Purchase and Private Shelf Agreement]

 

 

 

	 	 	 	 	 	 	 
	The foregoing is hereby acknowledged and agreed

to as of the date thereof:	 	 
	 
	 	 	 	 	 	 
	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	TIFFANY AND COMPANY	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Patrick B. Dorsey	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Patrick B. Dorsey	 	 
	 

	 	Title:
	 	Senior Vice President, General	 	 
	 

	 	 	 	Counsel and Secretary	 	 
	 
	 	 	 	 	 	 
	TIFFANY & CO. INTERNATIONAL	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Patrick B. Dorsey	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Patrick B. Dorsey	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	TIFFANY & CO. JAPAN INC.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Patrick B. Dorsey	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Patrick B. Dorsey	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 

[Signature page to Acknowledgment of Amendment to Note Purchase and Private Shelf Agreement]exv10w1

Exhibit 10.1

AMENDMENT TO 

SECOND AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT

          This AMENDMENT (this “Amendment”) is made and entered into as of November 29, 2011, by
and between CVR Energy, Inc., a Delaware corporation (the “Company”) and Edward Morgan (the
“Executive”).

          WHEREAS, the Company and the Executive are parties to a Second Amended and Restated Employment
Agreement dated as of January 1, 2011 (the “Employment Agreement”);

          WHEREAS, Section 8.1 of the Employment Agreement permits the Employment Agreement to be
amended by written agreement of the parties thereto;

          WHEREAS, the parties hereto desire to amend the Employment Agreement as provided herein; and

          WHEREAS, capitalized terms used and not defined herein shall have the meaning ascribed to them
in the Agreement.

          NOW, THEREFORE, in consideration of the foregoing, it is mutually agreed that the Employment
Agreement is amended as of the date set forth above, in the following particulars:

	 	1.	 	Section 1.1 of the Employment Agreement is hereby deleted in its entirety and replaced
with the following:
	 
	 	 	 	“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 January 1, 2011 (the “Commencement Date”) and ending on the earlier of
(i) December 31, 2012 and (ii) the termination or resignation of the Executive’s employment
in accordance with Section 3 hereof (the “Term”). Upon written agreement between
the Company and the Executive made no later than December 1, 2012, the Term shall be
extended on such terms and conditions as the Company and the Executive mutually agree.”
	 
	 	2.	 	Section 1.2 of the Employment Agreement is hereby deleted in its entirety and replaced
with the following:
	 
	 	 	 	“During the Term, the Executive shall serve as Chief Financial Officer and Treasurer of
the Company (“CFO”) until the date (the “Transition Date”) that is 120 days
(or such earlier date as the Company in its discretion may determine) after the date that
the Company has named a successor to the Executive as Chief Financial Officer and Treasurer
(the “Successor CFO”), at which time the Executive shall serve as Executive Vice
President of Investor Relations of the Company (“EVP of IR”). The Executive shall
also serve in 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 Chief Executive Officer of the Company or the Board or, during
the period in which he serves as the EVP of IR, the Successor CFO.”

	 	3.	 	Section 2.1 of the Employment Agreement is hereby deleted in its entirety and replaced
with the following:
	 
	 	 	 	“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 (i) during the period
that the Executive is serving as CFO, $335,000 and (ii) during the period that the Executive
is serving as EVP of IR, $275,000, which shall be prorated for any partial year at the 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”).”
	 
	 	4.	 	Section 2.2 of the Employment Agreement is hereby deleted in its entirety and replaced
with the following:
	 
	 	 	 	“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”).
For fiscal year 2011, the target Annual Bonus shall be 120% of the Executive’s Base Salary
as in effect at the beginning of fiscal year 2011. For fiscal year 2012, the target Annual
Bonus shall be equal to (i) 120% of the Executive’s Base Salary of $335,000, prorated for
the portion of the year that the Executive served as CFO and (ii) 40% of the Executive’s
Base Salary of $275,000, prorated for the portion of the year that the Executive served as
EVP of IR, in each case such proration based on the number of days that the Executive served
in each position. The actual Annual Bonus paid for any fiscal year shall be paid pursuant
to the Company’s Performance Incentive Plan.”
	 
	 	5.	 	Section 3.2(a) of the Employment Agreement is hereby deleted in its entirety and
replaced with the following:
	 
	 	 	 	“(a)(1) Termination by the Company Other than For Cause or Disability; Resignation by
the Executive for Good Reason. If during the Term (except during the Window Period (as
defined in Section 3.2(a)(2) below)) (i) the Executive’s employment is terminated by the
Company other than for Cause or Disability or (ii) the Executive resigns for Good Reason,
then in addition to the Accrued Amounts the Executive shall be entitled to the following
payments and benefits: (x) the continuation of Executive’s Base Salary at the rate in
effect immediately prior to the date of termination or resignation (or, in the case of a
resignation for Good Reason, at the rate in effect immediately prior to the occurrence of
the event constituting Good Reason, if greater) for a period of twelve (12) months (or, if
earlier, until and including the month in which the Executive attains age 70) (the
“Severance Period”) and (y) a Pro-Rata Bonus and (z) to the extent permitted
pursuant to the applicable plans, the continuation on the same terms as an active employee
(including, where applicable, coverage for the Executive and the Executive’s dependents)

2

 

	 	 	 	of medical, dental, vision and life insurance benefits (“Welfare Benefits”) the
Executive would otherwise be eligible to receive as an active employee of the Company for
twelve (12) months or, if earlier, until such time as the Executive becomes eligible for
Welfare Benefits from a subsequent employer (the “Welfare Benefit Continuation
Period”) (such payments, collectively, the “Severance Payments”). If the
Executive is not permitted to continue participation in the Company’s Welfare Benefit plans
pursuant to the terms of such plans or pursuant to a determination by the Company’s
insurance providers or such continued participation in the plan would result in the
imposition of an excise tax to the Company pursuant to Section 4980D of the Code, the
Company shall use reasonable efforts to obtain individual insurance policies providing the
Welfare Benefits to the Executive during the Welfare Benefit Continuation Period and, if
applicable, the Additional Welfare Benefit Continuation Period (as defined below), but shall
only be required to pay for such policies an amount equal to the amount the Company would
have paid had the Executive continued participation in the Company’s Welfare Benefits plans;
provided, that, if such coverage cannot be obtained, the Company shall pay
to the Executive monthly during the Welfare Benefit Continuation Period and, if applicable,
the Additional Welfare Benefit Continuation Period, an amount equal to the amount the
Company would have paid had the Executive continued participation in the Company’s Welfare
Benefits plans. 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 or resignation of employment with the Company
(the “Release”) in a form reasonably acceptable to the Company and the Executive
that becomes effective not later than forty-five (45) days after the date of such
termination or resignation of employment. 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)(1). Subject to the foregoing and Section
3.2(e), the Severance Payments will commence to be paid to the Executive on the forty-fifth
(45th) day following the Executive’s termination of employment, except that the
Pro-Rata Bonus shall be paid at the time when annual bonuses are paid generally to the
Company’s senior executives for the year in which the Executive’s termination of employment
occurs.”
	 
	 	 	 	(2) “Window Period Severance. If, during the period commencing on the Transition
Date and ending on December 31, 2012 (the “Window Period”), (i) the Executive
resigns for any reason or (ii) the Executive’s employment is terminated by the Company other
than for Cause or Disability, in addition to the Accrued Amounts and in lieu of any payments
and benefits to which the Executive may have otherwise become entitled pursuant to Section
3.2(a)(1) of this Agreement, the Executive shall be entitled to (A) the accelerated vesting
of any unvested shares of restricted common stock of the Company held by the Executive at
such time, including, but not limited to any restricted stock awards made in December 2011
(the “Accelerated Vesting”), (B) a Pro-Rata Bonus and (C) solely if such termination
is pursuant to clause (ii) of this Section 3.2(a)(2), the continuation of Executive’s Base
Salary at the rate in effect immediately prior to the date of termination

3

 

	 	 	 	until December 31, 2012 (the “Base Salary Continuation”). If, during the Window
Period, (I) the Executive’s employment is terminated by the Company other than for Cause or
Disability, or the Executive resigns for Good Reason, in either case within the one (1) year
period following a Change in Control, or (II) the Executive’s termination or resignation is
a Change in Control Related Termination, then, in addition to the payments described above,
the Executive shall be entitled to a payment in an amount equal to $9,167 for each month
during the twelve (12) month period following such termination (pro-rated for any partial
months) (the “Target Bonus Continuation”). The Executive’s entitlement to each of
the payments and benefits set forth in this Section 3.2(a)(2) shall be conditioned upon: (x)
the Executive’s continued compliance with Executive’s obligations under Section 4 of this
Employment Agreement and (y) the Executive’s execution, delivery and non-revocation of a
valid and enforceable Release in a form reasonably acceptable to the Company and the
Executive that becomes effective not later than forty-five (45) days after the date of such
termination or resignation of employment. Subject to Section 3.2(e) hereof, (i) if
applicable, the Base Salary Continuation and the Target Bonus Continuation shall commence to
be paid to the Executive on the forty-fifth (45th) day following the Executive’s
termination of employment, provided, that, the first such payment shall
include payment in respect of all periods subsequent to the Executive’s termination until
the payroll period in respect of which such payment is being made; (ii) the Accelerated
Vesting shall occur on the date that the Release has become effective and irrevocable and
(iii) the Pro-Rata Bonus shall be paid at the time when annual bonuses are paid generally to
the Company’s senior executives for the year 2012. The parties agree that income and
employment taxes will be due and owing with respect to restricted common stock of the
Company held by the Executive as of the earlier of the date that the restricted stock vests
pursuant to this Section 3.2(a)(2) or the date that the restricted stock vests pursuant to
the terms of the applicable restricted stock agreement. The parties further agree that
unless the Executive shall satisfy income and employment tax withholding obligations by a
payment to the Company in cash, the Company shall withhold delivery of a number of shares of
restricted stock with a fair market value as of the vesting date equal to the income and
employment taxes owing in satisfaction of the Executive’s income and employment tax
obligations thereon.”
	 
	 	6.	 	Section 3.2(b) of the Employment Agreement is hereby deleted in its entirety and
replaced with the following:
	 
	 	 	 	“[Reserved].”
	 
	 	7.	 	The reference to Section 3.2(b) in Section 3.2(c) of the Employment Agreement is hereby
replaced with a reference to Section 3.2(c).
	 
	 	8.	 	The clause in the proviso to Section 3.2(d)(2) of the Employment Agreement that reads
“the payments and benefits set forth in Section 3.2(a) and, to the extent either or both
are applicable, Section 3.2(b) and Section 3.2(c)” shall be replaced with “the payments and
benefits set forth in Section 3.2(a) and, to the extent applicable, Section 3.2(c)”.

4

 

	 	9.	 	Solely for purposes of Section 4.2 of the Employment Agreement, the “Restriction
Period” shall be revised to mean the period “during the Term and for a period of thirty
(30) days thereafter.” The length of the Restriction Period for purposes of any other
Section or subsection of the Employment Agreement shall not be changed.
	 
	 	10.	 	The Employment Agreement is amended by adding a new Section 4.8 to provide as follows,
and renumbering the remaining subsections of Section 4 accordingly:
	 
	 	 	 	Non-Disparagement. From and after the date hereof, the Executive shall not make or
publish any untruthful, derogatory or disparaging statements (whether written or oral)
regarding the Company or any of its Affiliates, employees officers or directors, or
otherwise malign the business or reputation of any of them.
	 
	 	11.	 	The reference to Section 3.2(b) in Section 8.13 of the Employment Agreement is hereby
replaced with a reference to Section 3.2(c).
	 
	 	12.	 	The Executive acknowledges and agrees that Good Reason shall not exist at any time by
reason of the Executive’s ceasing to serve as CFO, the reduction of the Executive’s Base
Salary from $335,000 to $275,000, the reduction of the Executive’s target Annual Bonus from
120% of Base Salary to 40% of Base Salary or any of the other changes to the Employment
Agreement set forth in this Amendment.
	 
	 	13.	 	Effective as of the last payroll date of the year 2011, the Company shall grant the
Executive a number of shares of restricted common stock of the Company with a fair market
value on the grant date equal to $165,000, subject to the terms of a restricted stock
agreement between the Executive and the Company.
	 
	 	14.	 	With the exception of the modifications set forth in this Amendment, all other
provisions of the Employment Agreement shall remain unchanged, and shall continue in full
force and effect.

[signature page follows]

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     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth below.

	 	 	 	 	 
	 	CVR ENERGY, INC.

 	 
	 	By:  	/s/ John J. Lipinski
 	 
	 	 	Name:  	John J. Lipinski 	 
	 	 	Title:  	CEO and President
 	 
	 	 	Date: November 29, 2011 	 
	 

	 	 	 	 	 
	 	EXECUTIVE:

 	 
	 	/s/ Edward Morgan
 	 
	 	Name:  	Edward Morgan 	 
	 	Date: November 29, 2011 	 
	 

[Signature Page for Amendment to Edward Morgan Second Amended and Restated Employment Agreement]

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