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                                                                     EXHIBIT 4.4

                                  $123,500,000

                            SALT HOLDINGS CORPORATION

                     12 3/4% SENIOR DISCOUNT NOTES DUE 2012

                          REGISTRATION RIGHTS AGREEMENT

                                                               December 20, 2002

Credit Suisse First Boston Corporation
J.P. Morgan Securities Inc.
Deutsche Bank Securities Inc.
c/o Credit Suisse First Boston Corporation
   Eleven Madison Avenue
   New York, New York 10010-3629

Ladies and Gentlemen:

     Salt Holdings Corporation, a Delaware corporation (the "ISSUER" or the
"COMPANY"), proposes to issue to Credit Suisse First Boston Corporation, J.P.
Morgan Securities Inc. and Deutsche Bank Securities Inc. (collectively, the
"INITIAL PURCHASERS"), upon the terms set forth in a purchase agreement dated
December 13, 2002 (the "PURCHASE AGREEMENT"), $123,500,000 aggregate principal
amount at maturity of its 12 3/4% Senior Discount Notes Due 2012 (the "INITIAL
SECURITIES"). The Initial Securities will be issued pursuant to an Indenture,
dated as of December 20, 2002 (the "INDENTURE"), between the Issuer and The Bank
of New York , as trustee (the "TRUSTEE"). As an inducement to the Initial
Purchasers to enter into the Purchase Agreement, the Company agrees with the
Initial Purchasers, for the benefit of the Initial Purchasers and the holders of
the Securities (as defined below) (collectively the "HOLDERS"), as follows:

     1.   REGISTERED EXCHANGE OFFER. Unless not permitted by applicable law
(after the Company has complied with the ultimate paragraph of this Section 1),
the Company shall prepare and, not later than 120 days (such 120th day being an
"EXCHANGE FILING DEADLINE") after the date on which the Initial Purchasers
receive the Initial Securities pursuant to the Purchase Agreement (the "CLOSING
DATE"), file with the Securities and Exchange Commission (the "COMMISSION") a
registration statement (the "EXCHANGE OFFER REGISTRATION STATEMENT") on an
appropriate form under the Securities Act of 1933, as amended (the "SECURITIES
ACT"), with respect to a proposed offer (the "REGISTERED EXCHANGE OFFER") to the
Holders of Transfer Re-

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stricted Securities (as defined in Section 6 hereof), who are not prohibited by
any law or policy of the Commission from participating in the Registered
Exchange Offer, to issue and deliver to such Holders, in exchange for the
Initial Securities, a like aggregate accreted value and aggregate principal
amount at maturity of debt securities of the Company issued under the Indenture,
identical in all material respects to the Initial Securities and registered
under the Securities Act (the "EXCHANGE SECURITIES"). The Company shall use its
commercially reasonable efforts to (i) cause such Exchange Offer Registration
Statement to become effective under the Securities Act within 180 days after the
Closing Date (such 180th day being an "EXCHANGE EFFECTIVENESS DEADLINE") and
(ii) keep the Exchange Offer Registration Statement effective for not less than
20 business days (or longer, if required by applicable law) after the date
notice of the Registered Exchange Offer is mailed to the Holders (such period
being called the "EXCHANGE OFFER REGISTRATION PERIOD").

     If the Company commences the Registered Exchange Offer, the Company will be
required to consummate the Registered Exchange Offer no later than 210 days
after the Closing Date (such 210th day being the "CONSUMMATION DEADLINE").

     Following the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder of Transfer Restricted Securities electing to exchange the
Initial Securities for Exchange Securities (assuming that such Holder is not an
affiliate of the Company within the meaning of the Securities Act, acquires the
Exchange Securities in the ordinary course of such Holder's business and has no
arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions
under the Securities Act and without material restrictions under the securities
laws of the several states of the United States.

     The Company acknowledges that, pursuant to current interpretations by the
Commission's staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer
electing to exchange Initial Securities, acquired for its own account as a
result of market making activities or other trading activities, for Exchange
Securities (an "EXCHANGING DEALER"), is required to deliver a prospectus
containing the information set forth in (a) Annex A hereto on the cover, (b)
Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of
the Exchange Offer" section, and (c) Annex C hereto in the "Plan of
Distribution" section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the
Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell
Securities (as defined below) acquired in exchange for Initial Securities
constituting any portion of an unsold allot-

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ment, is required to deliver a prospectus containing the information required by
Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in
connection with such sale.

     The Company shall use its best efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the prospectus
contained therein, in order to permit such prospectus to be lawfully delivered
by all persons subject to the prospectus delivery requirements of the Securities
Act for such period of time as such persons must comply with such requirements
in order to resell the Exchange Securities; PROVIDED, HOWEVER, that (i) in the
case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be
the lesser of 180 days and the date on which all Exchanging Dealers and the
Initial Purchasers have sold all Exchange Securities held by them (unless such
period is extended pursuant to Section 3(j) below) and (ii) the Company shall
make such prospectus and any amendment or supplement thereto available to any
broker-dealer for use in connection with any resale of any Exchange Securities
for a period of not less than 180 days after the consummation of the Registered
Exchange Offer.

     If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver to
such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the "PRIVATE EXCHANGE") for the Initial Securities held by such
Initial Purchaser, a like accreted value and principal amount at maturity of
debt securities of the Company issued under the Indenture and identical in all
material respects to the Initial Securities (the "PRIVATE EXCHANGE SECURITIES").
The Initial Securities, the Exchange Securities and the Private Exchange
Securities are herein collectively called the "SECURITIES".

     In connection with the Registered Exchange Offer, the Company shall:

          (a)  mail to each Holder a copy of the prospectus forming part of the
     Exchange Offer Registration Statement, together with an appropriate letter
     of transmittal and related documents;

          (b)  keep the Registered Exchange Offer open for not less than 20
     business days (or longer, if required by applicable law) after the date
     notice thereof is mailed to the Holders;

          (c)  utilize the services of a depositary for the Registered Exchange
     Offer with an address in the Borough of Manhattan, The City of New York,
     which may be the Trustee or an affiliate of the Trustee;

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          (d)  permit Holders to withdraw tendered Securities at any time prior
     to the close of business, New York time, on the last business day on which
     the Registered Exchange Offer shall remain open; and

          (e)  otherwise comply with all applicable laws.

     As soon as practicable after the close of the Registered Exchange Offer or
the Private Exchange, as the case may be, the Company shall:

          (x)  accept for exchange all the Securities validly tendered and not
     withdrawn pursuant to the Registered Exchange Offer and the Private
     Exchange;

          (y)  deliver to the Trustee for cancellation all the Initial
     Securities so accepted for exchange; and

          (z)  cause the Trustee to authenticate and deliver promptly to each
     Holder of the Initial Securities, Exchange Securities or Private Exchange
     Securities, as the case may be, equal in accreted value and principal
     amount at maturity to the Initial Securities of such Holder so accepted for
     exchange.

     The Indenture provides that the Exchange Securities will not be subject to
the transfer restrictions set forth in the Indenture and that all the Securities
will vote and consent together on all matters as one class and that none of the
Securities will have the right to vote or consent as a class separate from one
another on any matter.

     To the extent applicable, interest on each Exchange Security and Private
Exchange Security issued pursuant to the Registered Exchange Offer and in the
Private Exchange will accrue from the last interest payment date on which
interest was paid on the Initial Securities surrendered in exchange therefor or,
if no interest has been paid on the Initial Securities, from December 15, 2007.

     Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule
405 of the Securities Act, of the Company or if it is an affiliate, such Holder
will comply with the registration and prospectus delivery requirements of the
Securities Act to the extent applicable, (iv) if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities and (v) if such Holder is a
broker-dealer, that it will receive Exchange Securities for its own account in
exchange for Initial Securities that were

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acquired as a result of market-making activities or other trading activities and
that it will be required to acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities.

     Notwithstanding any other provisions hereof, the Company will ensure that
(i) any Exchange Offer Registration Statement and any amendment thereto and any
prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations
thereunder, (ii) any Exchange Offer Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and (iii) any prospectus
forming part of any Exchange Offer Registration Statement, and any supplement to
such prospectus, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

     If following the date hereof there has been announced a change in
Commission policy with respect to exchange offers that in the reasonable opinion
of counsel to the Company raises a substantial question as to whether the
Registered Exchange Offer is permitted by applicable federal law, the Company
will seek a no-action letter or other favorable decision from the Commission
allowing the Company to consummate the Registered Exchange Offer. The Company
will pursue the issuance of such a decision to the Commission staff level. In
connection with the foregoing, the Company will take all such other actions as
may be requested by the Commission or otherwise required in connection with the
issuance of such decision, including without limitation (i) participating in
telephonic conferences with the Commission, (ii) delivering to the Commission
staff an analysis prepared by counsel to the Company setting forth the legal
bases, if any, upon which such counsel has concluded that the Registered
Exchange Offer should be permitted and (iii) diligently pursuing a resolution
(which need not be favorable) by the Commission staff.

     2.   SHELF REGISTRATION. If, (i) because of any change in law or in
applicable interpretations thereof by the staff of the Commission, the Company
is not permitted to effect a Registered Exchange Offer, as contemplated by
Section 1 hereof, (ii) the Registered Exchange Offer is not consummated by the
210th day after the Closing Date, (iii) any Initial Purchaser so requests with
respect to the Initial Securities (or the Private Exchange Securities) not
eligible to be exchanged for Exchange Securities in the Registered Exchange
Offer and held by it following consummation of the Registered Exchange Offer or
(iv) any Holder (other than an Exchanging Dealer) is not eligible to participate
in the Registered Exchange Offer or, in the case of any Holder (other than an
Exchanging Dealer) that participates in the Registered Exchange Offer, such
Holder does not receive freely tradeable Exchange Securities on the date of the
exchange and any such Holder so requests, the Company shall take the following
ac-

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tions (the date on which any of the conditions described in the foregoing
clauses (i) through (iv) occur, including in the case of clauses (iii) or (iv)
the receipt of the required notice, being a "TRIGGER DATE"):

          (a)  The Company shall promptly (but in no event more than 120 days
     after the Trigger Date (such 120th day being a "SHELF FILING DEADLINE,"
     each of the Exchange Filing Deadline and the Shelf Filing Deadline, a
     "FILING DEADLINE") file with the Commission and thereafter use commercially
     reasonable efforts to cause to be declared effective no later than 180 days
     after the Trigger Date (such 180th day being a "SHELF EFFECTIVENESS
     DEADLINE," each of the Exchange Effectiveness Deadline and the Shelf
     Effectiveness Deadline, an "EFFECTIVENESS DEADLINE") a registration
     statement (the "SHELF REGISTRATION STATEMENT" and, together with the
     Exchange Offer Registration Statement, a "REGISTRATION STATEMENT") on an
     appropriate form under the Securities Act relating to the offer and sale of
     the Transfer Restricted Securities by the Holders thereof from time to time
     in accordance with the methods of distribution set forth in the Shelf
     Registration Statement and Rule 415 under the Securities Act (hereinafter,
     the "SHELF REGISTRATION"); PROVIDED, HOWEVER, that no Holder (other than an
     Initial Purchaser) shall be entitled to have the Securities held by it
     covered by such Shelf Registration Statement unless such Holder agrees in
     writing to be bound by all the provisions of this Agreement applicable to
     such Holder.

          (b)  The Company shall use its best efforts to keep the Shelf
     Registration Statement continuously effective in order to permit the
     prospectus included therein to be lawfully delivered by the Holders of the
     relevant Securities, for a period of two years (or for such longer period
     if extended pursuant to Section 3(j) below) from the date of its
     effectiveness or such shorter period that will terminate when all the
     Securities covered by the Shelf Registration Statement (i) have been sold
     pursuant thereto or (ii) are no longer restricted securities (as defined in
     Rule 144 under the Securities Act, or any successor rule thereof). The
     Company shall be deemed not to have used its best efforts to keep the Shelf
     Registration Statement effective during the requisite period if it
     voluntarily takes any action that would result in Holders of Securities
     covered thereby not being able to offer and sell such Securities during
     that period, unless such action is required by applicable law.

          (c)  Notwithstanding any other provisions of this Agreement to the
     contrary, the Company shall cause the Shelf Registration Statement and the
     related prospectus and any amendment or supplement thereto, as of the
     effective date of the Shelf Registration Statement, amendment or
     supplement, (i) to comply in all material respects with the applicable
     requirements of the Securities Act and the rules and regulations of the
     Commission and (ii) not to contain any untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     in order to make the

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     statements therein, in light of the circumstances under which they were
     made, not misleading.

     3.   REGISTRATION PROCEDURES. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered
Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply:

          (a)  The Company shall (i) furnish to each Initial Purchaser, prior to
     the filing thereof with the Commission, a copy of the Registration
     Statement and each amendment thereof and each supplement, if any, to the
     prospectus included therein and, in the event that an Initial Purchaser
     (with respect to any portion of an unsold allotment from the original
     offering) is participating in the Registered Exchange Offer or the Shelf
     Registration Statement, the Company shall use its best efforts to reflect
     in each such document, when so filed with the Commission, such comments as
     such Initial Purchaser reasonably may propose; (ii) include the information
     set forth in Annex A hereto on the cover, in Annex B hereto in the
     "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer"
     section and in Annex C hereto in the "Plan of Distribution" section of the
     prospectus forming a part of the Exchange Offer Registration Statement and
     include the information set forth in Annex D hereto in the Letter of
     Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if
     requested by an Initial Purchaser, include the information required by
     Items 507 or 508 of Regulation S-K under the Securities Act, as applicable,
     in the prospectus forming a part of the Exchange Offer Registration
     Statement; (iv) include within the prospectus contained in the Exchange
     Offer Registration Statement a section entitled "Plan of Distribution,"
     reasonably acceptable to the Initial Purchasers, which shall contain a
     summary statement of the positions taken or policies made by the staff of
     the Commission with respect to the potential "underwriter" status of any
     broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under
     the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) of
     Exchange Securities received by such broker-dealer in the Registered
     Exchange Offer (a "PARTICIPATING BROKER-DEALER"), whether such positions or
     policies have been publicly disseminated by the staff of the Commission or
     such positions or policies, in the reasonable judgment of the Initial
     Purchasers based upon advice of counsel (which may be in-house counsel),
     represent the prevailing views of the staff of the Commission; and (v) in
     the case of a Shelf Registration Statement, include the names of the
     Holders who propose to sell Securities pursuant to the Shelf Registration
     Statement as selling securityholders.

          (b)  The Company shall give written notice to the Initial Purchasers,
     the Holders of the Securities and any Participating Broker-Dealer from whom
     the Company has received prior written notice that it will be a
     Participating Broker-Dealer in the Registered Exchange Offer (which notice
     pursuant to clauses (ii)-(v) hereof shall

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     be accompanied by an instruction to suspend the use of the prospectus until
     the requisite changes have been made):

          (i)     when the Registration Statement or any amendment thereto has
          been filed with the Commission and when the Registration Statement or
          any post-effective amendment thereto has become effective;

          (ii)    of any request by the Commission for amendments or supplements
          to the Registration Statement or the prospectus included therein or
          for additional information;

          (iii)   of the issuance by the Commission of any stop order suspending
          the effectiveness of the Registration Statement or the initiation of
          any proceedings for that purpose;

          (iv)    of the receipt by the Company or its legal counsel of any
          notification with respect to the suspension of the qualification of
          the Securities for sale in any jurisdiction or the initiation or
          threatening of any proceeding for such purpose; and

          (v)     of the happening of any event that requires the Company to
          make changes in the Registration Statement or the prospectus in order
          that the Registration Statement or the prospectus do not contain an
          untrue statement of a material fact nor omit to state a material fact
          required to be stated therein or necessary to make the statements
          therein (in the case of the prospectus, in light of the circumstances
          under which they were made) not misleading.

          (c)  The Company shall make every reasonable effort to obtain the
     withdrawal at the earliest possible time, of any order suspending the
     effectiveness of the Registration Statement.

          (d)  The Company shall furnish to each Holder of Securities included
     within the coverage of the Shelf Registration, without charge, at least one
     copy of the Shelf Registration Statement and any post-effective amendment
     thereto, including financial statements and schedules, and, if the Holder
     so requests in writing, all exhibits thereto (including those, if any,
     incorporated by reference).

          (e)  The Company shall deliver to each Exchanging Dealer and each
     Initial Purchaser, and to any other Holder who so requests, without charge,
     at least one copy of the Exchange Offer Registration Statement and any
     post-effective amendment thereto, including financial statements and
     schedules, and, if any Initial Purchaser or

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     any such Holder requests, all exhibits thereto (including those
     incorporated by reference).

          (f)  The Company shall, during the Shelf Registration Period, deliver
     to each Holder of Securities included within the coverage of the Shelf
     Registration, without charge, as many copies of the prospectus (including
     each preliminary prospectus) included in the Shelf Registration Statement
     and any amendment or supplement thereto as such person may reasonably
     request. The Company consents, subject to the provisions of this Agreement,
     to the use of the prospectus or any amendment or supplement thereto by each
     of the selling Holders of the Securities in connection with the offering
     and sale of the Securities covered by the prospectus, or any amendment or
     supplement thereto, included in the Shelf Registration Statement.

          (g)  The Company shall deliver to each Initial Purchaser, any
     Exchanging Dealer, any Participating Broker-Dealer and such other persons
     required to deliver a prospectus following the Registered Exchange Offer,
     without charge, as many copies of the final prospectus included in the
     Exchange Offer Registration Statement and any amendment or supplement
     thereto as such persons may reasonably request. The Company consents,
     subject to the provisions of this Agreement, to the use of the prospectus
     or any amendment or supplement thereto by any Initial Purchaser, if
     necessary, any Participating Broker-Dealer and such other persons required
     to deliver a prospectus following the Registered Exchange Offer in
     connection with the offering and sale of the Exchange Securities covered by
     the prospectus, or any amendment or supplement thereto, included in such
     Exchange Offer Registration Statement.

          (h)  Prior to any public offering of the Securities pursuant to any
     Registration Statement the Company shall register or qualify or cooperate
     with the Holders of the Securities included therein and their respective
     counsel in connection with the registration or qualification of the
     Securities for offer and sale under the securities or "blue sky" laws of
     such states of the United States as any Holder of the Securities reasonably
     requests in writing and do any and all other acts or things necessary or
     advisable to enable the offer and sale in such jurisdictions of the
     Securities covered by such Registration Statement; PROVIDED, HOWEVER, that
     the Company shall not be required to (i) qualify generally to do business
     in any jurisdiction where it is not then so qualified or (ii) take any
     action which would subject it to general service of process or to taxation
     in any jurisdiction where it is not then so subject.

          (i)  The Company shall cooperate with the Holders of the Securities to
     facilitate the timely preparation and delivery of certificates representing
     the Securities to be sold pursuant to any Registration Statement free of
     any restrictive legends and in such denominations and registered in such
     names as the Holders may request a reason-

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     able period of time prior to sales of the Securities pursuant to such
     Registration Statement.

          (j)  Upon the occurrence of any event contemplated by paragraphs (ii)
     through (v) of Section 3(b) above during the period for which the Company
     is required to maintain an effective Registration Statement, the Company
     shall promptly prepare and file a post-effective amendment to the
     Registration Statement or a supplement to the related prospectus and any
     other required document so that, as thereafter delivered to Holders of the
     Securities or purchasers of Securities, the prospectus will not contain an
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading.
     If the Company notifies the Initial Purchasers, the Holders of the
     Securities and any known Participating Broker-Dealer in accordance with
     paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the
     prospectus until the requisite changes to the prospectus have been made,
     then the Initial Purchasers, the Holders of the Securities and any such
     Participating Broker-Dealers shall suspend use of such prospectus, and the
     period of effectiveness of the Shelf Registration Statement provided for in
     Section 2(b) above and the Exchange Offer Registration Statement provided
     for in Section 1 above shall each be extended by the number of days from
     and including the date of the giving of such notice to and including the
     date when the Initial Purchasers, the Holders of the Securities and any
     known Participating Broker-Dealer shall have received such amended or
     supplemented prospectus pursuant to this Section 3(j). Notwithstanding the
     foregoing, the Company may suspend the offering and sales under the
     Exchange Offer Registration Statement subsequent to the consummation of the
     Registered Exchange Offer or the Shelf Registration Statement for up to 90
     days in each year during which such Exchange Offer Registration Statement
     is required to be effective and usable hereunder subsequent to the
     consummation of the Registered Exchange Offer or such Shelf Registration
     Statement is required to be effective and usable hereunder (measured from
     the date of effectiveness of such Shelf Registration Statement to
     successive anniversaries thereof) if (A) either (x)(I) the Company shall be
     engaged in a material acquisition or disposition and (II)(aa) such
     acquisition or disposition is required to be disclosed in the Exchange
     Offer Registration Statement or the Shelf Registration Statement, the
     related prospectus or any amendment or supplement thereto, or the failure
     by the Company to disclose such transaction in the Exchange Offer
     Registration Statement or the Shelf Registration Statement or related
     prospectus, or any amendment or supplement thereto, as then amended or
     supplemented, would cause such Exchange Offer Registration Statement or
     Shelf Registration Statement, prospectus or amendment or supplement
     thereto, to contain an untrue statement of material fact or omit to state a
     material fact necessary in order to make the statements therein not
     misleading, in light of the circumstances under which they were made, (bb)
     information regarding the existence of

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     such acquisition or disposition has not then been publicly disclosed by or
     on behalf of the Company and (cc) a majority of the Board of Directors of
     the Company determines in the exercise of its good faith judgment that
     disclosure of such acquisition or disposition would not be in the best
     interest of the Company or would have a material adverse effect on the
     consummation of such acquisition or disposition or (y) a majority of the
     Board of Directors of the Company determines in the exercise of its good
     faith judgment that compliance with the disclosure obligations set forth in
     this Section 3(j) would otherwise have a material adverse effect on the
     Company and its subsidiaries, taken as a whole, and (B) the Company
     notifies the Holders within two business days after such Board of Directors
     makes the relevant determination set forth in clause (A); provided,
     however, that in each such case the applicable period of effectiveness of
     the Shelf Registration Statement provided for in Section 2(b) above and the
     Exchange Offer Registration Statement provided for in Section 1 above shall
     each be extended by the number of days during which such effectiveness was
     suspended pursuant to the foregoing and Additional Interest shall not apply
     during any period the Company is permitted to suspend offerings and sales
     under this sentence.

          (k)  Not later than the effective date of the applicable Registration
     Statement, the Company will provide a CUSIP number for the Initial
     Securities, the Exchange Securities or the Private Exchange Securities, as
     the case may be, and provide the applicable trustee with printed
     certificates for the Initial Securities, the Exchange Securities or the
     Private Exchange Securities, as the case may be, in a form eligible for
     deposit with The Depository Trust Company.

          (l)  The Company will comply with all rules and regulations of the
     Commission to the extent and so long as they are applicable to the
     Registered Exchange Offer or the Shelf Registration and will make generally
     available to its security holders (or otherwise provide in accordance with
     Section 11(a) of the Securities Act) an earnings statement satisfying the
     provisions of Section 11(a) of the Securities Act, no later than 45 days
     after the end of a 12-month period (or 90 days, if such period is a fiscal
     year) beginning with the first month of the Company's first fiscal quarter
     commencing after the effective date of the Registration Statement, which
     statement shall cover such 12-month period.

          (m)  The Company shall cause the Indenture to be qualified under the
     Trust Indenture Act of 1939, as amended, in a timely manner and containing
     such changes, if any, as shall be necessary for such qualification. In the
     event that such qualification would require the appointment of a new
     trustee under the Indenture, the Company shall appoint a new trustee
     thereunder pursuant to the applicable provisions of the Indenture.

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          (n)  The Company may require each Holder of Securities to be sold
     pursuant to the Shelf Registration Statement to furnish to the Company such
     information regarding the Holder and the distribution of the Securities as
     the Company may from time to time reasonably require for inclusion in the
     Shelf Registration Statement, and the Company may exclude from such
     registration the Securities of any Holder that unreasonably fails to
     furnish such information within a reasonable time after receiving such
     request.

          (o)  The Company shall enter into such customary agreements and take
     all such other action, if any, as any Holder of the Securities shall
     reasonably request in order to facilitate the disposition of the Securities
     pursuant to any Shelf Registration.

          (p)  In the case of any Shelf Registration, the Company shall (i) make
     reasonably available for inspection by the Holders of the Securities, any
     attorney, accountant or other advisor retained by the Holders of the
     Securities all relevant financial and other records, pertinent corporate
     documents and properties of the Company and (ii) cause the Company's
     officers, directors, employees, accountants and auditors to supply all
     relevant information reasonably requested by the Holders of the Securities,
     attorney, accountant or advisor in connection with the Shelf Registration
     Statement, in each case, as shall be reasonably necessary to enable such
     persons, to conduct a reasonable investigation within the meaning of
     Section 11 of the Securities Act; PROVIDED, HOWEVER, that the foregoing
     inspection and information gathering shall be coordinated on behalf of the
     Initial Purchasers by you and on behalf of the other parties, by one
     counsel designated by and on behalf of such other parties as described in
     Section 4 hereof.

          (q)  In the case of any Shelf Registration, the Company, if requested
     by any Holder of Securities covered thereby, shall cause (i) its counsel to
     deliver an opinion relating to the Securities in customary form addressed
     to such Holders and dated the effective date of such Shelf Registration
     Statement (it being agreed that the matters to be covered by such opinion
     shall include, without limitation, the due incorporation and good standing
     of the Company and its subsidiaries; the qualification of the Company and
     its subsidiaries to transact business as foreign corporations; the due
     authorization, execution and delivery of the relevant agreement of the type
     referred to in Section 3(o) hereof; the due authorization, execution,
     authentication and issuance, and the validity and enforceability, of the
     applicable Securities; the absence of material legal or governmental
     proceedings involving the Company and its subsidiaries; the absence of
     governmental approvals required to be obtained in connection with the Shelf
     Registration Statement, the offering and sale of the applicable Securities,
     or any agreement of the type referred to in Section 3(o) hereof; the
     compliance as to form of such Shelf Registration Statement and any
     documents incorporated by reference therein and of the

                                       12
<Page>

     Indenture with the requirements of the Securities Act and the Trust
     Indenture Act, respectively; and, as of the date of the opinion and as of
     the effective date of the Shelf Registration Statement or most recent
     post-effective amendment thereto, as the case may be, the absence from such
     Shelf Registration Statement and the prospectus included therein, as then
     amended or supplemented, and from any documents incorporated by reference
     therein of an untrue statement of a material fact or the omission to state
     therein a material fact required to be stated therein or necessary to make
     the statements therein not misleading (in the case of any such documents,
     in the light of the circumstances existing at the time that such documents
     were filed with the Commission under the Exchange Act), all in the manner
     covered by the opinion of Latham & Watkins delivered to the Purchasers on
     the date hereof and (ii) its independent public accountants to provide to
     the selling Holders of the applicable Securities a comfort letter in
     customary form and covering matters of the type customarily covered in
     comfort letters to selling security holders in a shelf registration,
     subject to receipt of appropriate documentation as contemplated, and only
     if permitted, by Statement of Auditing Standards No. 72.

          (r)  If a Registered Exchange Offer or a Private Exchange is to be
     consummated, upon delivery of the Initial Securities by Holders to the
     Company (or to such other Person as directed by the Company) in exchange
     for the Exchange Securities or the Private Exchange Securities, as the case
     may be, the Company shall mark, or caused to be marked, on the Initial
     Securities so exchanged that such Initial Securities are being canceled in
     exchange for the Exchange Securities or the Private Exchange Securities, as
     the case may be; in no event shall the Initial Securities be marked as paid
     or otherwise satisfied.

          (s)  The Company shall use its reasonable efforts to take all other
     steps necessary to effect the registration of the Securities covered by a
     Registration Statement contemplated hereby.

     4.   REGISTRATION EXPENSES. (a) All expenses incident to the Company's
performance of and compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement is ever filed or becomes
effective, including without limitation;

          (i)     all registration and filing fees and expenses;

          (ii)    all fees and expenses of compliance with federal securities
          and state "blue sky" or securities laws;

          (iii)   all expenses of printing (including printing certificates for
          the Securities to be issued in the Registered Exchange Offer and the

                                       13
<Page>

          Private Exchange and printing of Prospectuses), messenger and delivery
          services and telephone;

          (iv)    all fees and disbursements of counsel for the Company;

          (v)     all application and filing fees in connection with listing the
          Exchange Securities on a national securities exchange or automated
          quotation system pursuant to the requirements hereof; and

          (vi)    all fees and disbursements of independent certified public
          accountants of the Company (including the expenses of any special
          audit and comfort letters required by or incident to such
          performance).

The Company will bear its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses
of any person, including special experts, retained by the Company.

     (b)  In connection with any Registration Statement required by this
Agreement, the Company will reimburse the Initial Purchasers and the Holders of
Transfer Restricted Securities who are tendering Initial Securities in the
Registered Exchange Offer and/or selling or reselling Securities pursuant to the
"Plan of Distribution" contained in the Exchange Offer Registration Statement or
the Shelf Registration Statement, as applicable, for the reasonable fees and
disbursements of not more than one counsel, who shall be Cahill Gordon &
Reindel.

     5.   INDEMNIFICATION. (a) The Company agrees to indemnify and hold harmless
each Holder of the Securities, any Participating Broker-Dealer and each person,
if any, who controls such Holder or such Participating Broker-Dealer within the
meaning of the Securities Act or the Exchange Act (each Holder, any
Participating Broker-Dealer and such controlling persons are each referred to as
an "INDEMNIFIED PARTY" and, collectively as the "INDEMNIFIED PARTIES") from and
against any losses, claims, damages or liabilities, joint or several, or any
actions in respect thereof (including, but not limited to, any losses, claims,
damages, liabilities or actions relating to purchases and sales of the
Securities) to which each Indemnified Party may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such losses, claims,
damages, liabilities or actions arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration, or arise out
of, or are based upon, the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and shall reimburse, as incurred, the Indemnified
Parties for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action in respect thereof; PROVIDED, HOWEVER, that

                                       14
<Page>

(i) the Company shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration in reliance
upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for
inclusion therein and (ii) with respect to any untrue statement or omission or
alleged untrue statement or omission made in any preliminary prospectus relating
to a Shelf Registration Statement, the indemnity agreement contained in this
subsection (a) shall not inure to the benefit of any Holder or Participating
Broker-Dealer from whom the person asserting any such losses, claims, damages or
liabilities purchased the Securities concerned, to the extent that a prospectus
relating to such Securities was required to be delivered by such Holder or
Participating Broker-Dealer under the Securities Act in connection with such
purchase and any such loss, claim, damage or liability of such Holder or
Participating Broker-Dealer results from the fact that there was not sent or
given to such person, at or prior to the written confirmation of the sale of
such Securities to such person, a copy of the final prospectus if the Company
had previously furnished copies thereof to such Holder or Participating
Broker-Dealer which final prospectus corrected such untrue statement or omission
or alleged untrue statement or omission made in any preliminary prospectus;
PROVIDED FURTHER, HOWEVER, that this indemnity agreement will be in addition to
any liability which the Company may otherwise have to such Indemnified Party.
The Company shall also indemnify underwriters, their officers and directors and
each person who controls such underwriters within the meaning of the Securities
Act or the Exchange Act to the same extent as provided above with respect to the
indemnification of the Holders of the Securities if requested by such Holders.
Any amounts advanced by the Company to an Indemnified Party pursuant to this
Section 5 as a result of any losses described herein shall be returned to the
Company if it shall be finally determined by a court of competent jurisdiction
in a judgment not subject to appeal or further review that such Indemnified
Party was not entitled to such indemnification by the Company.

     (b)  Each Holder of the Securities, severally and not jointly, will
indemnify and hold harmless the Company and each person, if any, who controls
the Company within the meaning of the Securities Act or the Exchange Act from
and against any losses, claims, damages or liabilities or any actions in respect
thereof, to which the Company or any such controlling person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration, or arise out
of or are based upon the omission or alleged omission to state therein a
material fact necessary to make the statements therein not misleading, but in
each case only to the extent that the untrue statement or omission or alleged
untrue statement or omission was made in reliance upon and in conformity with
written in-

                                       15
<Page>

formation pertaining to such Holder and furnished to the Company by or on behalf
of such Holder specifically for inclusion therein; and, subject to the
limitation set forth immediately preceding this clause, shall reimburse, as
incurred, the Company for any legal or other expenses reasonably incurred by the
Company or any such controlling person in connection with investigating or
defending any loss, claim, damage, liability or action in respect thereof. This
indemnity agreement will be in addition to any liability which such Holder may
otherwise have to the Company or any of its controlling persons.

     (c)  Promptly after receipt by an Indemnified Party under this Section 5 of
notice of the commencement of any action or proceeding (including a governmental
investigation), such Indemnified Party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 5, notify the
indemnifying party of the commencement thereof; PROVIDED that the omission so to
notify the indemnifying party will not relieve it from any liability which it
may have to any Indemnified Party under subsection (a) or (b) above unless the
indemnifying party is materially prejudiced thereby; and PROVIDED, FURTHER, that
the omission so to notify the indemnifying party will not, in any event, relieve
the indemnifying party from any obligations to any Indemnified Party other than
the indemnification obligation provided in paragraph (a) or (b) above. In case
any such action is brought against any Indemnified Party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such Indemnified Party (who
shall not, except with the consent of the Indemnified Party, be counsel to the
indemnifying party), and after notice from the indemnifying party to such
Indemnified Party of its election so to assume the defense thereof the
indemnifying party will not be liable to such Indemnified Party under this
Section 5 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such Indemnified Party in connection
with the defense thereof. In no event shall the indemnifying party be liable for
fees and expenses of more than one counsel (in addition to any local counsel)
separate from its own counsel for the Indemnified Party in connection with any
one action or separate but related actions in the same jurisdiction arising out
of the same general allegations or circumstances. No indemnifying party shall,
without the prior written consent of the Indemnified Party, effect any
settlement of any pending or threatened action in respect of which any
Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Party unless such settlement includes an
unconditional release of such Indemnified Party from all liability on any claims
that are the subject matter of such action, and does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of
any Indemnified Party..

     (d)  If the indemnification provided for in this Section 5 is unavailable
or insufficient to hold harmless an Indemnified Party under subsections (a) or
(b) above, then each indemnifying party shall contribute to the amount paid or
payable by such Indemnified Party as

                                       16
<Page>

a result of the losses, claims, damages or liabilities (or actions in respect
thereof) referred to in subsection (a) or (b) above (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
or parties on the one hand and the Indemnified Party on the other from the
exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii)
if the allocation provided by the foregoing clause (i) is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of
the indemnifying party or parties on the one hand and the Indemnified Party on
the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities (or actions in respect thereof) as well
as any other relevant equitable considerations. The relative fault of the
parties shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company
on the one hand or such Holder or such other Indemnified Party, as the case may
be, on the other, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The amount paid by an Indemnified Party as a result of the losses, claims,
damages or liabilities referred to in the first sentence of this subsection (d)
shall be deemed to include any legal or other expenses reasonably incurred by
such Indemnified Party in connection with investigating or defending any action
or claim which is the subject of this subsection (d). Notwithstanding any other
provision of this Section 5(d), the Holders of the Securities shall not be
required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders from the sale of the Securities pursuant to a
Registration Statement exceeds the amount of damages which such Holders have
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this paragraph (d), each person,
if any, who controls such Indemnified Party within the meaning of the Securities
Act or the Exchange Act shall have the same rights to contribution as such
Indemnified Party and each person, if any, who controls the Company within the
meaning of the Securities Act or the Exchange Act shall have the same rights to
contribution as the Company.

     (e)  The agreements contained in this Section 5 shall survive the sale of
the Securities pursuant to a Registration Statement and shall remain in full
force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any Indemnified Party.

     6.   ADDITIONAL INTEREST UNDER CERTAIN CIRCUMSTANCES. (a) Additional
interest (the "ADDITIONAL INTEREST") with respect to the Securities shall be
assessed as follows if any of the following events occur (each such event in
clauses (i) through (iv) below being herein called a "REGISTRATION DEFAULT"):

                                       17
<Page>

          (i)     any Registration Statement required by this
          Agreement is not filed with the Commission on or prior to
          the applicable Filing Deadline;

          (ii)    any Registration Statement required by this
          Agreement is not declared effective by the Commission on or
          prior to the applicable Effectiveness Deadline;

          (iii)   the Registered Exchange Offer has not been
          consummated on or prior to the Consummation Deadline; or

          (iv)    any Registration Statement required by this
          Agreement has been declared effective by the Commission but
          (A) such Registration Statement thereafter ceases to be
          effective or (B) such Registration Statement or the related
          prospectus ceases to be usable in connection with resales of
          Transfer Restricted Securities during the periods specified
          herein because either (1) any event occurs as a result of
          which the related prospectus forming part of such
          Registration Statement would include any untrue statement of
          a material fact or omit to state any material fact necessary
          to make the statements therein in the light of the
          circumstances under which they were made not misleading, or
          (2) it shall be necessary to amend such Registration
          Statement or supplement the related prospectus, to comply
          with the Securities Act or the Exchange Act or the
          respective rules thereunder; provided, however, the
          Registration Default referred to in this Section 6(a)(iv)
          shall be deemed not to have occurred and to be continuing,
          and Additional Interest shall not accrue, during any period
          the Company is permitted to suspend offerings and sales
          pursuant to Section 3(j).

Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the
control of the Company or pursuant to operation of law or as a result of any
action or inaction by the Commission.

     Additional Interest shall accrue on the Securities over and above the
interest set forth in the title of the Securities from and including the date on
which any such Registration Default shall occur to but excluding the date on
which all such Registration Defaults have been cured, at a rate of 0.25% per
annum (the "ADDITIONAL INTEREST RATE") for the first 90-day period immediately
following the occurrence of such Registration Default. The Additional Interest
Rate shall increase by an additional 0.25% per annum with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to
a maximum Additional Interest Rate of 1.0% per annum.

                                       18
<Page>

     (b)  A Registration Default referred to in Section 6(a)(iv) hereof shall be
deemed not to have occurred and be continuing in relation to a Shelf
Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a post-effective
amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective
amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect
to the Company that would need to be described in such Shelf Registration
Statement or the related prospectus and (ii) in the case of clause (y), the
Company is proceeding promptly and in good faith to amend or supplement such
Shelf Registration Statement and related prospectus to describe such events;
PROVIDED, HOWEVER, that in any case if such Registration Default occurs for a
continuous period in excess of 30 days, Additional Interest shall be payable in
accordance with the above paragraph from the day such Registration Default
occurs until such Registration Default is cured.

     (c)  Any amounts of Additional Interest due pursuant to Section 6(a) that
accrue prior to December 15, 2007 shall be added to the accreted value of each
Security and any amounts of Additional Interest that accrue thereafter shall be
payable in cash on the regular interest payment dates with respect to the
Securities. The amount of Additional Interest will be determined by multiplying
the applicable Additional Interest Rate by the accreted value of the Securities
and further multiplied by a fraction, the numerator of which is the number of
days such Additional Interest Rate was applicable during such period (determined
on the basis of a 360-day year comprised of twelve 30-day months), and the
denominator of which is 360.

     (d)  "TRANSFER RESTRICTED SECURITIES" means each Security until (i) the
date on which such Security has been exchanged by a person other than a
broker-dealer for a freely transferable Exchange Security in the Registered
Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered
Exchange Offer of an Initial Security for an Exchange Note, the date on which
such Exchange Note is sold to a purchaser who receives from such broker-dealer
on or prior to the date of such sale a copy of the prospectus contained in the
Exchange Offer Registration Statement, (iii) the date on which such Security has
been effectively registered under the Securities Act and disposed of in
accordance with the Shelf Registration Statement or (iv) the date on which such
Security is distributed to the public pursuant to Rule 144 under the Securities
Act or is saleable pursuant to Rule 144(k) under the Securities Act.

     7.   RULES 144 AND 144A. The Company shall use its best efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act
in a timely manner and, if at any time the Company is not required to file such
reports, it will, upon the request of any Holder of Securities, make available
other information to the extent necessary to permit sales of their securities
pursuant to Rules 144 and 144A. The Company will provide a copy of this
Agreement to prospective purchasers of Initial Securities identified to the
Company by the

                                       19
<Page>

Initial Purchasers upon request. Notwithstanding the foregoing, nothing in this
Section 7 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.

     8.   MISCELLANEOUS.

     (a)  REMEDIES. The Company acknowledges and agrees that any failure by the
Company to comply with its obligations under Section 1 and 2 hereof may result
in material irreparable injury to the Initial Purchasers or the Holders for
which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of any such
failure, the Initial Purchasers or any Holder may obtain such relief as may be
required to specifically enforce the Company's obligations under Sections 1 and
2 hereof. THE COMPANY FURTHER AGREES TO WAIVE THE DEFENSE IN ANY ACTION FOR
SPECIFIC PERFORMANCE THAT A REMEDY AT LAW WOULD BE ADEQUATE.

     (b)  NO INCONSISTENT AGREEMENTS. The Company will not on or after the date
of this Agreement enter into any agreement with respect to its securities that
could impair the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders
hereunder do not in any way conflict with the rights granted to the holders of
the Company's securities under any agreement in effect on the date hereof.

     (c)  AMENDMENTS AND WAIVERS. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the Holders of a majority in principal amount at maturity of the
Securities affected by such amendment, modification, supplement, waiver or
consents.

     (d)  NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, first-class mail,
facsimile transmission, or air courier which guarantees overnight delivery:

          (1)  if to a Holder of the Securities, at the most current address
given by such Holder to the Company.

          (2)  if to the Initial Purchasers;

               Credit Suisse First Boston Corporation
               Eleven Madison Avenue
               New York, NY 10010-3629
               Fax No.: (212) 325-8278
               Attention: Transactions Advisory Group

                                       20
<Page>

     with a copy to:

               Cahill Gordon & Reindel
               80 Pine Street
               New York, NY 10005
               Fax No.: (212) 269-5420
               Attention: John A. Tripodoro, Esq.

          (3)  if to the Company, at its address as follows:

               Compass Minerals Group, Inc.
               8300 College Boulevard
               Overland Park, KS 66210
               Fax No.: (913) 338-7932
               Attention: Chief Financial Officer

                                       21
<Page>

     with a copy to:

               Latham & Watkins
               885 Third Avenue
               New York, NY 10022
               Fax No.: (212) 751-4864
               Attention: Gregory Ezring, Esq.

          All such notices and communications shall be deemed to have been duly
     given: at the time delivered by hand, if personally delivered; three
     business days after being deposited in the mail, postage prepaid, if
     mailed; when receipt is acknowledged by recipient's facsimile machine
     operator, if sent by facsimile transmission; and on the day delivered, if
     sent by overnight air courier guaranteeing next day delivery.

     (e)  THIRD PARTY BENEFICIARIES. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder.

     (f)  SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Company and its successors and assigns. A Holder of Securities takes such
Securities subject to the terms of this Agreement.

     (g)  COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (h)  HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (i)  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     (j)  SEVERABILITY. If any one or more of the provisions contained herein,
or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

     (k)  SECURITIES HELD BY THE COMPANY. Whenever the consent or approval of
Holders of a specified percentage of principal amount at maturity of Securities
is required hereunder,

                                       22
<Page>

Securities held by the Company or its affiliates (other than subsequent Holders
of Securities if such subsequent Holders are deemed to be affiliates solely by
reason of their holdings of such Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

     By the execution and delivery of this Agreement, the Issuer submits to the
non-exclusive jurisdiction of the Federal and state courts in the Borough of
Manhattan in The City of New York in any suit or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby.

                                       23
<Page>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Issuer a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the several Initial Purchasers and the Issuer in accordance with its terms.

                                            Very truly yours,

                                            SALT HOLDINGS CORPORATION

                                            by
                                                 -------------------------------
                                                 Name:
                                                 Title:

The foregoing Registration
Rights Agreement is hereby confirmed
and accepted as of the date first
above written.

CREDIT SUISSE FIRST BOSTON CORPORATION
J.P. MORGAN SECURITIES INC.
DEUTSCHE BANK SECURITIES INC.

By:  CREDIT SUISSE FIRST BOSTON CORPORATION

by
     --------------------------------------------
     Name:
     Title:

                                       24
<Page>

                                                                         ANNEX A

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed
that, for a period of 180 days after the Expiration Date (as defined herein), it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution."

<Page>

                                                                         ANNEX B

     Each broker-dealer that receives Exchange Securities for its own account in
exchange for Initial Securities, where such Initial Securities were acquired by
such broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. See "Plan of Distribution."

<Page>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a
result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180 days after the Expiration Date, it will make
this prospectus, as amended or supplemented, available to any broker-dealer for
use in connection with any such resale. In addition, until ,       200[ ],
all dealers effecting transactions in the Exchange Securities may be required to
deliver a prospectus.(1)

     The Company will not receive any proceeds from any sale of Exchange
Securities by broker-dealers. Exchange Securities received by broker-dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer or the purchasers of any such Exchange
Securities. Any broker-dealer that resells Exchange Securities that were
received by it for its own account pursuant to the Exchange Offer and any broker
or dealer that participates in a distribution of such Exchange Securities may be
deemed to be an "underwriter" within the meaning of the Securities Act and any
profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act.

     For a period of 180 days after the Expiration Date the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to

----------
1    In addition, the legend required by Item 502(b) of Regulation S-K will
     appear on the back cover page of the Exchange Offer prospectus.

<Page>

any broker-dealer that requests such documents in the Letter of Transmittal. The
Company has agreed to pay all expenses incident to the Exchange Offer (including
the expenses of one counsel for the Holders of the Securities) other than
commissions or concessions of any brokers or dealers and will indemnify the
Holders of the Securities (including any broker-dealers) against certain
liabilities, including liabilities under the Securities Act.

                                        2
<Page>

                                                                         ANNEX D

[ ]  CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
     COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
     THERETO.

          Name:
                    ---------------------------------
          Address:
                    ---------------------------------

If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.<Page>

                                                                    Exhibit 10.1

KNOW YE that under the MINING ACT and the regulations and subject to the
limitations thereof, and in consideration of the rents, conditions and
provisions hereinafter reserved and contained, WE, hereinafter referred to as
the "Lessor", by these Presents do demise and lease unto

     SIFTO CANADA INC., incorporated under the laws of Ontario, hereinafter
     called the "Lessee", its successors and assigns,

         WHEREAS under subsection 176(3) of the Mining Act, R.S.O. 1990, the
Minister may, subject to the approval of the Lieutenant Governor in Council,
issue a lease of any mining lands on such terms and conditions as he considers
expedient;

         AND WHEREAS the Lessor is the owner in fee simple of the lands
described in the attached Schedule and the parties hereto are desirous of
entering into a Salt Mining Lease with respect to such lands on the terms and
conditions herein contained;

         NOW THEREFORE THIS INDENTURE WITNESSES that under the Mining Act,
R.S.O. 1990, and the regulations made thereunder, the Lessor doth hereby demise
and lease unto the Lessee, its successors and assigns, for the term hereinafter
set forth, the mining lands described in the attached Schedule and hereinafter
referred to as the "premises", together with all salt and salt products in, upon
and under the premises, with full and exclusive liberty, power and authority for
the Lessee, its agents, servants and workmen to enter upon the premises and to
explore for such salt and salt products and to work, mine, remove and sell such
salt and salt products, and to do all other things necessary and proper for the

<Page>

                                     Page 2

more effectual working of the premises and for procuring and making fit for sale
the salt and salt products to be mined therefrom, and to carry on all of the
said work on or under the premises.

         SAVING AND EXCEPTING thereout and therefrom any lands lying within the
hereinbefore described premises, the mining rights to which have been patented,
sold, leased or otherwise alienated, or dealt with by the Lessor;

         ALSO SAVING AND EXCEPTING the free use, passage and enjoyment of, in,
over and upon all navigable waters which shall or may hereafter be found on or
under, or to be flowing through or upon any part of the premises.

         ALSO RESERVING the right of access to the shores of all rivers, streams
and lakes for all vessels, boats and persons.

         ALSO RESERVING the right to raise, lower and maintain the waters of any
lake or stream which may be found on or under or be flowing through or upon or
over any part of the premises to and at such height as may be deemed advisable
by the Lessor without any liability for damage by the Lessor or by any person,
company or corporation lawfully authorized so to raise or lower the said waters.

1.       TO HAVE AND TO HOLD the said demise premises for a term of twenty-one
         years to be computed from the first day of June, two thousand and one
         and from thenceforth next ensuing and fully to be complete and ended on
         the thirty-first day of May, two thousand and twenty-two, subject the
         right of renewal as hereinafter set out.

2.       YIELDING AND PAYING THEREFOR in lawful money of Canada, unto Us, Our
         Heirs and Successors, in advance yearly and every year during the said
         term, at the Ministry of Northern Development and Mines, Sudbury, for
         the first year of the said term the rent or sum of SIXTEEN THOUSAND AND
         NINETEEN DOLLARS AND NINETY-EIGHT CENTS, the receipt of which is hereby
         acknowledged, and for each and every subsequent year under the Mining
         Act, on or before the first day of June in each and every year
         thereafter during the said term.

3.       Also yielding and paying a royalty of $0.32 per tonne of salt and any
         natural impurities loose in bulk (salt) sold from the Lessee's property
         for the first four years of the terms of this lease and thereafter a
         royalty calculated in accordance with the following formula:

R2= R1[1 + [(X-Y)/Y]]

Where:

R1= a royalty rate per tonne of salt sold from the Lessee's property during the
previous four year period of the term of the lease.

R2= the royalty rate per tonne of salt sold from the Lessee's property for each
successive four year period of this lease, after the first four years.

X= the sum of Total Proceeds divided by total Quantity of salt produced from the
Lessee's property for the previous four year period as reported on the Lessee'
tax returns under the Mining Tax Act.

<Page>

                                     Page 3

Y= the sum of Total Proceeds divided by total Quantity of salt produced from the
Lessee's property for the four year period before the previous four year period
as reported on the Lessee's tax return under the Mining Tax Act.

3.1      The Lessee shall forward to the Lessor the royalty payment for the
         period June 1 to June 30, 2001, by December 31, 2001, and thereafter
         forward to the Lessor on or before the thirty-first day of July in each
         and every year during the term of this lease the royalty payment for
         the preceding twelve month period from July 1 to June 30.

PROVIDED THAT:

1.       The Lessee shall pay the rent in the manner hereinbefore mentioned,
         without any deduction whatsoever.

2.       The books, accounts and records of the Lessee having reference to its
         operations on the premises and the plant and machinery in connection
         therewith shall be open to inspection by the Lessor or any person
         designated by him during normal business hours.

3.       The Lessor may require the Lessee to furnish security in the form of an
         irrevocable letter of credit in such amount as may be satisfactory to
         the Lessor to secure payment of the royalty and other conditions of
         this Lease.

4.       This Lease is granted and accepted by the Lessee on the express
         condition and understanding that the Lessee shall have no recourse
         against the Lessor should the Lessor's title to the premises be found
         to be defective or should this Lease prove ineffectual by reason of any
         defect in such title.

5.       The premises are subject to the conditions in Section 91 of the Mining
         Act, R.S.O. 1990, or such other provision substituted therefrom at any
         time requiring that all ores and minerals, raised or removed therefrom
         shall be treated and refined within Canada.

6.       This Lease and the term or terms hereby created shall not be
         transferred, charged, pledged, mortgaged, assigned, sublet or otherwise
         disposed of without the written consent of the Lessor or of some
         officer duly authorized by him.

7.       Nothing herein contained shall in any manner restrict fishing or
         fishing rights in the waters covering the premises and that the Lessee
         shall not do any act resulting in damage to fishing or the fishing
         industry in the said waters or to nets or other appliances used in
         fishing such waters.

8.       No rock or other material shall be dislodged or disturbed from its
         natural state which would in any way divert or affect the natural flow
         of any waters covering the premises so as to interfere with the
         economic development of water power in this vicinity.

9.       The right to remove and to authorize the removal of sand and gravel and
         all ores, mines and minerals other than salt and salt products from the
         premises and to grant such parts of the said premises for water lots,
         wharf and such other purposes as may be deemed necessary is
         specifically reserved to the Lessor, provided that any such removal or
         grant shall not unreasonably interfere with the rights granted to the
         Lessee hereunder and its salt operations.

<Page>

                                     Page 4

10.      The Lessee shall not in any way interfere with navigation, with the use
         of docks and wharves now existing or that may hereafter be constructed
         upon or built out in the waters covering any of the premises or with
         the right of access to the water by the riparian proprietor or by the
         Lessor.

11.      The Lessor and its agents and designates shall for all lawful purposes
         provide sufficient notice to the Lessee and have full and free access
         to any and every part of the premises during normal business hours
         subject to such access interfering as little as reasonably possible
         with the use of the premises by the Lessee and subject to the Lessee's
         obligations under all applicable statutes and regulations having to do
         with the operation of the mines in the premises.

12.      Notwithstanding anything in this lease, entrance to the premises and
         removal of salt will only be through existing adjacent underground
         workings and extensions thereto.

13.      This Lease and the terms hereby created shall be subject to the
         Environmental Assessment Act, the Environmental Protection Act, the
         Forest Fires Prevention Act, the Mining Act, the Mining Tax Act, the
         Ontario Water Resources Act, the Petroleum Resources Act, and any other
         applicable acts and any amendments made thereto or regulations
         thereunder which have been or shall hereafter be made.

14.      If the rent provided herein or any part thereof shall remain unpaid for
         two years after the same shall have become legally due and payable,
         whether such rent shall have been legally demanded or not, this Lease
         may be terminated by the Lessor without any liability by the Lessor to
         the Lessee.

15.      Mining within 1000 metres of the shoreline shall not be carried out
         without first studying the effects of subsidence and obtaining written
         approval from the Director of Mine Rehabilitation and the Director
         shall provide such approval within a reasonable length of time.

16.      The Lessee shall, both during and following the term of this Lease,
         indemnify and hold the Lessor harmless against any and all actions,
         suits, proceedings, costs, charges, damages, expenses, claims or
         demands resulting from any property damage or bodily injury including
         death, resulting in whole or in part from, or in any manner based upon,
         anything done, or omitted to be done, by the Lessee or its employees or
         agents under this lease, including the Lessee's operations, actions and
         maintenance of the premises, EXCEPT that nothing contained herein shall
         in any way diminish, remove or cause to be inoperative, any immunity,
         protection, or other limitation of liability of the Lessee, all whether
         by statute or regulation.

17.      If default is made in any of the provisos, terms or conditions
         contained herein and such default is not remedied within sixty days
         after notice has been delivered or sent to the Lessee at its last known
         address of record in the Ministry of Northern Development and Mines
         setting forth such default and called upon the Lessee to remedy the
         same, this Lease may be terminated by the Lessor without any liability
         by the Lessor to the Lessee.

18.      Upon the termination of this Lease by the Lessor, it shall be lawful
         for the Lessor to enter into and upon the premises and to repossess the
         premises absolutely free and clear of every and any estate, right,
         title, interest, claim, demand or encumbrance therein or thereto
         whether existing, arising or accruing before or after the termination
         of this Lease.

<Page>

                                     Page 5

19.      Upon the termination of this Lease by the effluxion of time or
         otherwise, the Lessee shall have the right to remove from the premises,
         all engines, tools, machinery, ducts, conveyers, trucks, structures,
         chattels and personal property which it may have placed or erected
         thereon within six months after the termination of this Lease.

20.      The Lessee shall and will pay all provincial, municipal and other
         taxes, rates, duties and assessments that are now or may at any time
         hereafter be imposed against the premises or the product thereof or the
         profit therefrom.

21.      If application is made by the Lessee therefore within ninety days
         before the expiry of this Lease or its renewal, or within such further
         period of time as the Lessor may deem proper and the provisos, terms
         and conditions herein contained have been fulfilled to the satisfaction
         of the Lessor, and the rent herein reserved has been paid, and the
         Lessee can reasonably demonstrate to the satisfaction of the Lessor
         that the productive life of the premises as a salt mine is longer than
         the current term of this Lease, this Lease shall be renewed for one
         further term of twenty-one years, at such rental and royalty charges
         and subject to such reservations, provisions and conditions as the
         Lessor considers expedient.

22.      Wherever in this Lease the word "Lessee" occurs it shall be construed
         as including Lessees and also the heirs, executors, administrators,
         successors, assigns and other legal representatives of the Lessee or
         Lessees as the case may be and words importing the singular number only
         shall include more persons, parties or things than one.

23.      In the event of the salt mine on the lands herein described or on
         adjoining lands owned, leased or occupied by the Lessee not being
         operated for a continuous period of twenty-four months, the Lessor may
         notwithstanding any other provision herein contained terminate this
         Lease by notice in writing signed by the Senior Manager, Mining Lands
         Section, Ministry of Northern Development and Mines, or by the holder
         of any successor office thereof, acting on behalf of the Ministry of
         Northern Development and Mines, and sent by registered mail to the last
         known address of the Lessee as indicated herein.

24.      Should the premises or any part thereof be covered by navigable waters,
         this Lease shall be subject to the provisions of the Navigable Waters
         Protection Act (Canada), the Beds of Navigable Waters Act and the Lakes
         and Rivers Improvement Act.

25.      Any dispute relating to this Lease, including any dispute relating to
         the royalty payable pursuant to paragraph 3, shall be finally
         determined in accordance with an arbitration carried out under the
         Arbitration Act, S.O. 1991 C.17, as amended from time to time.

26.      Any notice or other undertaking hereunder shall be well and
         sufficiently given if delivered on a business day within normal
         business hours or sent by prepaid registered mail,

<Page>

                                     Page 6

         If to the Lessor at:

                  Ministry of Northern Development and Mines
                  Willet Green Miller Centre
                  933 Ramsey Lake Road, 6th Floor
                  Sudbury, Ontario

                  P3E 6B5

                  Attention: Senior Manager, Mining Lands Section

         and if to the Lessee at:

                  Sifto Canada Inc.
                  North Harbour Road
                  P.O. Box 370
                  Goderich, Ontario
                  N7A 3Y9

                  Attention: Mine Manager

         Any notice delivered as aforesaid shall be deemed to have been given on
         the date of delivery and any notice mailed as aforesaid shall be deemed
         to have been given on the third business day following the date of
         mailing of such notice. Either party may give to the other party from
         time to time notice of change of address for the purpose of notice
         hereunder and such new address shall be the address for notice as
         herein set out.

<Page>

                                     Page 7

GIVEN under the Great Seal of Our Province of Ontario.

WITNESS: THE HONOURABLE HILARY M. WESTON

         LIEUTENANT GOVERNOR OF OUR PROVINCE OF ONTARIO

At our City of Toronto in Our said Province this ninth day of November in the
year of Our Lord two thousand and one and in the fiftieth year of Our Reign.

BY COMMAND

Vishnu Prasad
Co-ordinator, Crown Land Registry
Land Management Section
Ministry of Natural Resources
for and on behalf of the
Minister of Northern Development and Mines

AND IN WITNESS WHEREOF the Lessee has hereunto affixed its corporate seal under
the hands of its proper officers duly authorized in that behalf.

SIFTO CANADA INC.

BY:
          -------------------------------------

AND:
          -------------------------------------

--------------------------------------------------------------------------------
Salt Mining Lease No. 107377

Main Office File No. 110822, 168314

Land Registrar

Ministry of Consumer and Business Services will mail duplicate to:

Sifto Canada Inc.
North Harbour Road

P.O. Box 370
Goderich, Ontario
N7A 3Y9

Attention: Mine Manager
--------------------------------------------------------------------------------

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