Document:

Exhibit 10.1

 

CONSULTING ASSIGNMENT

 

This
Consulting Assignment is made and entered into by and between David Pruett (“Pruett”)
and CF INDUSTRIES, INC., including its owners, parents, divisions,
subsidiaries, affiliates, employees, directors, officers, trustees, successors
and assigns (“Company”).

 

1.               From March 31, 2009
through and including August 31, 2009, Pruett will be an independent
contractor consultant to the Company.  As
an independent contractor consultant, Pruett will be available to provide the Company
with advice and counsel as called upon and to help with transition issues.  Pruett and the Company agree that these
consulting activities will be performed at mutually agreeable times and
locations so as to not interfere with Pruett or other previously scheduled
personal or business commitments.

 

2.               As per the 2005 Equity and
Incentive Plan and corresponding Non-Qualified Stock Option Award Agreements
and Restricted Stock Award Agreements, Pruett’s awards will continue to vest
during the consultancy period.

 

3.               Pruett will submit receipts
and invoices and CF will reimburse Pruett for pre-authorized, reasonable expenses
incurred on behalf of the Company as a result of his consulting.

 

4.               Should Pruett become
employed by or enter into a consulting agreement with Terra, Potash Corporation
of Saskatchewan, Mosaic, Intrepid Potash, Agrium, Yara or any other fertilizer
manufacturer prior to August 31, 2009, this Consulting Agreement
immediately terminates and vesting in stock options and restricted stock awards
ends.

 

5.               As an independent
contractor, Pruett is responsible for paying any taxes on any compensation
received pursuant to this Agreement and the Company has no withholding
obligation under this Agreement.  The
Company has no obligation under this Agreement to pay for any supplies or other
overhead Pruett may incur as an independent contractor under this Agreement.

 

	
   

  	
  /s/
  David Pruett

  	
   

  	
  March 31,
  2009

  
	
  Signed:
  David Pruett

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CF
  INDUSTRIES, INC.

  
	
   

  	
   

  	
  By:

  	
  /s/
  Wendy S. Jablow Spertus

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President, Human Resources

  
	
   

  	
   

  	
  Date:

  	
  March 19,
  2009Exhibit 10.2

 

TERMINATION AGREEMENT AND RELEASE

 

This Agreement and Release is made and entered into by and between David
Pruett (“Pruett”) and CF INDUSTRIES, INC., including its owners, parents,
divisions, subsidiaries, affiliates, employees, directors, officers, trustees,
successors and assigns (“Company”).  To
ensure that Pruett’s separation from CF is amicable, CF and Pruett agree as
follows:

 

1.     Pruett’s
termination from the Company is effective as of the close of business on March 31,
2009 and any and all entitlements Pruett may have had as an employee of the
Company cease as of that date and time except as expressly set out below.

 

2.     CF
will pay Pruett as severance $320,000.00 (less applicable tax withholdings) payable
no later than April 15, 2009.

 

3.     As
additional consideration for this agreement, Pruett is offered a consulting
assignment as an independent contractor from the period April 1, 2009
through August 31, 2009.  (See
attached consulting assignment.)  Per the
2005 Equity and Incentive Plan and corresponding Non-Qualified Stock Option
Award Agreement and Restricted Stock Award Agreements, Pruett’s awards will
continue to vest during his consultancy period.

 

4.     CF
will pay Pruett, no later than April 15, 2009, a lump sum payment equal to
the value of his 2009 earned, unused vacation, less applicable tax withholdings.  Pruett will be paid for 28 days of earned,
unused vacation.

 

5.     Pruett’s
eligibility for all benefits and other entitlements will end on March 31,
2009, except with respect to those benefits that have already vested.

 

6.     After
March 31, 2009, Pruett can elect to have CF assist him in securing a
private medical insurance policy through BlueCross BlueShield.  For a medical policy similar to that of
active employees, CF will pay up to $800 per month for Pruett’s coverage.  Pruett will pay the remainder.  CF will pay Pruett quarterly for its portion
of medical premiums for a period to last no longer than 5 years following his
termination date.  Pruett will invoice
the CF Benefits Department quarterly. 
Should Pruett decide not to secure a private insurance policy with CF’s
assistance, he will be eligible to continue his medical insurance for up to 18
months through COBRA.  During the COBRA
period, Pruett will pay the equivalent of the active employee portion of
premiums and CF will pay the remainder. 
Additionally, Pruett can continue coverage in dental insurance and
flexible spending accounts through COBRA.

 

 

7.     CF
will provide Pruett with the Career Transition Coaching Individual Transition
Program through SSP-BPI.

 

8.     CF
will provide Pruett’s dates of employment and positions that he held in
response to reference checks by prospective employers.  The Company will not be liable for any
reference related statements made by individuals other than those listed below.  Prospective employers should request
reference information in writing to:

 

Wendy Jablow Spertus

Vice President, Human Resources

CF Industries

4 Parkway North, Suite 400

Deerfield, IL  60015

 

Pruett agrees not to disparage the Company, its directors, officers and
employees and CF agrees that the directors and officers of the company will not
disparage Pruett.

 

9.     Pruett
agrees not to seek re-employment with the company at any time in the future and
any such application will be denied pursuant to the terms of this Agreement.

 

10.   Pruett
acknowledges that, in the course of his employment with CF and particularly as
its Sr. Vice President, Operations, he became aware of confidential,
proprietary and trade secret information of the Company and that he is
restricted to the extent of applicable law regarding the use and disclosure of
such information.  Pruett also
acknowledges that he signed an Employee Confidentiality Agreement and is bound
by the terms of that agreement.

 

11.   In
exchange for the foregoing benefits and payments, Pruett will release and
forever discharge the Company from any and all legally waivable claims and
causes of action, whether known or unknown, whether raised or not raised, that
he may have against CF from the beginning of time to the date Pruett signs this
Agreement.  This includes but is not
limited to claims arising out of or in any way related to Pruett’s employment
with CF, including the termination of his employment, his non-vested benefits
or any other current or potential entitlements that arose or may have been

 

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applicable to him while an employee. 
This release includes, but is not limited to, all claims which could
have been raised under any local, state or federal statute, ordinance,
regulation and/or under any express or implied contract and/or under common
law.

 

12.   As
of the date of this agreement, the officers of the Company are not aware of any
facts which would give rise to any claims against Pruett.

 

13.   Pruett
has been advised in writing, via this Notice, to consult with an attorney
before signing this Agreement, and that he has at least 21 days time after
receiving it to consider and decide whether to sign the Agreement.

 

Pruett may revoke the Agreement within seven (7) days following
execution by providing written notice of said revocation to Wendy Jablow
Spertus, Vice President, Human Resources, CF Industries, Inc., 4 Parkway
North, Suite 400, Deerfield, IL 60015. 
This Agreement and Release shall not become effective or enforceable
until such revocation period expires.  Pruett
affirms he has carefully read and fully understands all provisions of this
Agreement and that it is, therefore, knowingly and voluntarily entered into in
accordance with the Older Workers Benefit Protection Act, 29 U.S.C. § 621 et seq.  Pruett
further acknowledges he has personally read and understands its terms and fully
agrees to be bound.

 

14.   Pruett
does not waive the following rights or claims: 
(a) conduct or omissions which occur entirely after the effective
date of this Release; (b) unemployment compensation; (c) rights or
claims for indemnification for Pruett’s lawful activities as an officer of the
Company; (d) any claims not waivable as a matter of law; and (e) rights
to payments that have already vested, if any, under CF’s retirement, insurance
or other plans, provided, however, that nothing in this list of exemptions
shall be deemed to preserve any claim to continued employment, or additional
compensation for services performed while employed by CF.

 

15.   Pruett
acknowledges that the entitlements set forth in this Agreement exceed the
nature and scope to which he would otherwise be legally eligible to receive.

 

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16.   Pruett
agrees not to discuss or disclose the terms of this Agreement except insofar as
it is necessary to reveal this information to his attorney, accountant or tax
advisor, members of his family, or prospective employers or as he may be
required to do so by law.  Should Pruett
breach this confidentiality commitment, the Company reserves the right to (a) stop
the payment of any benefits pursuant to this Agreement not yet paid; (b) to
seek recovery of any payments already made pursuant to this Agreement; and/or (c) to
seek legal redress for any damages resulting from such disclosures.

 

17.   Pruett
agrees to return all company property including but not limited to:  business equipment; customer and personnel
files; badge; cell phone; and other company files and documents.  Pruett will make arrangements with Human
Resources for the return of all company property.

 

18.   In
the event of Pruett’s death, any unpaid monies and benefits owed to Pruett
under this Agreement will be paid to his estate.

 

19.   The
parties agree that nothing in this Agreement shall be construed as an admission
by either of them of any liability, wrongdoing or unlawful conduct.  It is understood that both Pruett and CF deny
any liability, wrongdoing or unlawful conduct and that each is entering into
this Agreement solely to ensure that their parting is amicable.

 

20.   The
parties agree that this Agreement and Release shall be construed and enforced
in accordance with the laws of the State of Illinois, without regard to choice
of law or conflict of law principles. 
The parties agree that any legal proceedings relating to this Agreement
will be instituted in federal or state court in Cook County, Illinois, and the
parties consent to the jurisdiction of such courts for such actions.

 

21.   Should
any provision of this Agreement, in whole or in part, be held invalid or
unenforceable by operation of law or otherwise, all other provisions shall
remain in full force and effect and the parties agree that a court may modify
any provision to make it valid or enforceable in whole or in part.

 

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22.   This
Agreement and Release contains the entire agreement of the parties.  It supersedes any previous communications or
understandings, whether oral or written, including, but not limited to, the
Change in Control Severance Agreement dated August 11, 2005 and amended
and restated July 24, 2007.  The
parties represent and acknowledge that no promises or agreements except those
set forth herein have been made or relied upon by any party.

 

 

	
  /s/ David Pruett

  	
   

  	
  March 31, 2009

  
	
  Signed: David Pruett

  	
   

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  CF INDUSTRIES, INC.

  
	
   

  	
   

  	
   

  	
  By: 

  	
  Wendy S. Jablow Spertus

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President, Human Resources

  
	
   

  	
   

  	
   

  	
  Date:

  	
  March 19, 2009

  

 

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