Document:

exv10w1

Exhibit 10.1

CHS INC.

NONEMPLOYEE DIRECTOR RETIREMENT PLAN

     1. Introduction. CHS Inc. (“CHS”) has previously established the CHS Inc. Nonemployee
Director Retirement Plan (the “Plan”) for the purpose of providing retirement benefits for its
non-employee directors. Such Plan has heretofore been maintained under a document titled “POLICY
REGARDING RETIREMENT BENEFIT FOR RETIRED DIRECTOR”, together with all amendments thereto. The Plan
is hereby amended and restated in its entirety.

     2. Eligibility. Each individual who is a member of the Board (a “Director”) and who
is not also an officer or employee of CHS or its subsidiaries is eligible to participate in this
Plan (an “Eligible Director”).

     3. Administration. This Plan shall be administered by the person or persons appointed
by the Board to administer the Plan (the “Administrator”). If the Board does not appoint an
Administrator, the Board shall be the Administrator. The Administrator shall have the authority to
interpret and construe the provisions of the Plan as it deems appropriate, to resolve all factual
and legal questions concerning the status and rights of an Eligible Director or beneficiary
entitled to any benefits that may be payable under the Plan. The Administrator’s interpretations,
determinations and calculations will be final and binding on all persons and parties concerned.
The Administrator shall be responsible for the general operation and administration of the Plan,
and may delegate such responsibility to one or more persons as it deems appropriate for carrying
out the provisions thereof. The Administrator shall be entitled to rely conclusively on all
calculations, valuations, opinions and reports furnished by any actuary, consultant, accountant,
counsel or other person appointed, employed or engaged by the Administrator with respect to the
Plan.

     4. Year of Service. An Eligible Director completes a year of service (a “Year of
Service”) upon completion of twelve (12) months of service as an Eligible Director, measured from
the occurrence of the first meeting coincident with or next following the date the individual
becomes an Eligible Director. An Eligible Director’s Service shall cease upon the first meeting
coincident with or next following the date the individual ceases to be an Eligible Director.
Credit shall be given for partially completed Years of Service for each completed month or portion
thereof.

     5. Retirement Benefit. Except as provided for in Section 5.5 a monthly retirement
benefit shall be payable to an Eligible Director under this Section 5. The Eligible Director’s
retirement benefit shall commence upon the first day of the calendar month coincident with or next
following the later of: (i) the Eligible Director’s Separation from Service, and (ii) the Eligible
Director’s attainment of age sixty (60). Except as provided in Section 5.1 below, the Eligible
Director’s retirement benefit shall end with the payment made for the calendar month in which the
Director dies. The amount of the Eligible Director’s monthly retirement benefit under the Plan
shall equal Two Hundred Dollars ($200) multiplied by the Eligible Director’s Years of Service,
subject to a maximum monthly benefit of Three Thousand Dollars ($3,000).

 

 

          5.1. Ten-Year Pension Value Guarantee. If an Eligible Director dies after his or her
retirement benefit commences but prior to completion of one hundred twenty (120) monthly payments,
the Eligible Director’s beneficiary shall be entitled to the remaining number of monthly payments
(paid at the same time and in the same manner as if the Eligible Director had survived). If an
Eligible Director dies prior to commencing his or her retirement benefit, the Eligible Director’s
beneficiary shall be entitled to one hundred twenty (120) monthly payments of the Eligible
Director’s monthly retirement benefit accrued as of the date of death, commencing as of the first
day of the calendar month coincident with or next following the later of: (i) the Eligible
Director’s death, or (ii) the date the Eligible Director would have attained age sixty (60).

          5.2. Payment of Monthly Benefit. Actual payment of benefits shall be made as soon as
administratively feasible (but in all events within thirty (30) days) following the first day of
the calendar month in which such payment becomes due and payable.

          5.3. Separation from Service. For purposes of this Section 5, a “Separation from
Service” shall mean a complete severance of a Director’s relationship as a director of CHS and all
affiliates, if any, and as an independent contractor of CHS and all affiliates, if any, for any
reason (including death). A Director may have a Separation from Service upon resignation as a
director even if the Director then becomes an officer or employee. Separation from Service shall
be construed to have a meaning consistent with the term “separation from service” as used and
defined in Section 409A of the Code. If an Eligible Director is a “specified employee” (as that
term is defined under Section 409A of the Code), any benefits that become payable within the first
six months of the Director’s Separation from Service shall be delayed until the first day of the
seventh month following such Separation from Service.

          5.4. Beneficiary Designation. Each Eligible Director shall file with the
Administrator a notice in writing, on a form provided by the Administrator, designating one or more
beneficiaries to whom payment shall be made in the event of the Director’s death prior to receiving
one hundred twenty (120) monthly payments under this Section 5. If no beneficiary designation is
made, or in the event that a beneficiary designated predeceases the Eligible Director, payment
shall be made to the Director’s estate.

          5.5. Special One Time Lump Sum Election. Each eligible Director who was on the Board
on December 2, 2005, had the opportunity to elect prior to December 22, 2005 to receive their
retirement benefit in I) a monthly annuity; or II) a single lump sum payment. If the Director
choose a lump sum, payment will be based on the net present value of the Director’s accrued benefit
at age 60, payable at the time the Director leaves the Board. Such present value shall be based on
the assumptions used in determining lump sum distributions under the CHS Inc. Cash Balance Pension
Plan.

     6. Limitations.

          6.1. Effect of Post-Retirement Re-Election to the Board. Re-election of a Director to
the Board after the Director incurs a Separation from Service will not suspend or otherwise impact
the Director’s retirement benefit accrued prior to the Separation from Service; provided,

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however, that any fees, retainer or other remuneration that is to be paid to such re-elected
Director for services rendered at or after re-election to the Board shall be offset by any
retirement benefits actually paid to Director under this Plan. With respect to a Director who
incurs a Separation from Service on or after January 1, 2009, such Director shall be prohibited
from serving on the Board once the Director has commenced receiving retirement benefits under this
Plan.

          6.2. Service as a Director. Nothing in this Plan will interfere with or limit in any
way the right of CHS’ Board or its stockholders to remove an Eligible Director from the Board.
Neither this Plan nor any action taken pursuant to it will constitute or be evidence of any
agreement or understanding, express or implied, that CHS’ Board or its stockholders have retained
or will retain an Eligible Director for any period of time or at any particular rate of
compensation.

          6.3. Nonexclusivity of the Plan. Nothing contained in this Plan is intended to
effect, modify or rescind any of CHS’ existing compensation plans or programs or to create any
limitations on the Board’s power or authority to modify or adopt compensation arrangements as the
Board may from time to time deem necessary or desirable.

     7. Plan Amendment, Modification and Termination.

          7.1. Amendment or Termination. CHS intends the Plan to be permanent but reserves the
right to amend or terminate the Plan at any time. Any such amendment or termination shall be made
pursuant to a resolution of CHS’ Board and will be effective as of the date provided in the
resolution. An amendment will be stated in an instrument in writing signed in the name of CHS by a
person authorized by the Board and all parties interested herein will be bound thereby.

          7.2. Impact on Benefits. No amendment or termination of the Plan shall directly or
indirectly reduce any benefit accrued under Section 5 as of the date of such amendment or
termination. Upon the termination of the Plan, distribution of benefits payable to each Eligible
Director or the Director’s beneficiary shall be made in accordance with Section 5 of the Plan.

     8. Duration of the Plan. This Plan will continue until the termination of the Plan by
the Board.

     9. Inalienability. The benefits payable hereunder or the right to receive future
benefits under the Plan may not be anticipated, alienated, sold, transferred, assigned, pledged,
encumbered, or subjected to any charge or legal process; and no interest or right to receive a
benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or
other obligations or claims against, such person or entity.

     10. Unsecured Claim. The right of an Eligible Director or the Director’s beneficiary
to receive a benefit hereunder shall be an unsecured claim against the general assets of CHS, and
neither an Eligible Director nor his or her beneficiary shall have any rights in or against any
amount accrued under the Plan or any other assets of CHS. The Plan shall at all times be
considered entirely unfunded for tax purposes.

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     11. Severability. If any provisions of this Plan shall be held illegal or invalid for
any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, but
this Plan shall be construed and enforced as if the illegal and invalid provisions never had been
included herein.

     12. Taxes. CHS has the right to deduct from all payments made under the Plan to an
Eligible Director or a beneficiary federal, state, local or other taxes required by law to be
withheld with respect to such payments.

     13. Governing Law. To the extent not pre-empted by federal law, the laws of the State
of Minnesota shall be the controlling state law in all matters relating to this Plan.

     14. Effective Date. The effective date of this restatement shall be March 1, 2010.

     IN
WITNESS WHEREOF, CHS Inc. Has caused its name to be hereunto
subscribed by Its President and CEO this 15th
 day of March 2010

	 	 	 	 	 	 	 

	 	 	CHS Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	/s/ John D. Johnson
 

John D. Johnson
	 	 
	 

	 	 	 	Its President and CEO	 	 
	 

	 	 	 	 	 	 

4exv10w2

Exhibit 10.2

TRUST UNDER THE

CHS INC. NONEMPLOYEE DIRECTOR RETIREMENT PLAN

     This Agreement made this 31 day of March, 2010, by and between CHS Inc. (hereinafter
referred to as “CHS”) and U.S. Bank National Association, a national banking association organized
under the laws of the United States with offices located in Minneapolis, Minnesota (hereinafter
referred to as “Trustee”);

     WHEREAS, CHS maintains the CHS Inc. Nonemployee Director Retirement Plan, a non-qualified
deferred compensation plan for the benefit of its nonemployee directors (the “Plan”);

     WHEREAS, CHS has incurred or expects to incur liability under the terms of such Plan with
respect to the individuals participating in such Plan;

     WHEREAS, CHS has previously established a trust (hereinafter referred to as the “Trust”)
maintained under a trust agreement titled “FARMERS UNION CENTRAL EXCHANGE, INCORPORATED DIRECTOR
RETIREMENT TRUST AGREEMENT”, together with any amendments thereto;

     WHEREAS, CHS has contributed to the Trust assets that shall be held therein, subject to the
claims of CHS’ creditors in the event of CHS’ Insolvency, as herein defined, until paid to Plan
participants and their beneficiaries in such manner and at such times as specified in the Plan;

     WHEREAS, it is the intention of the parties that (i) this Trust shall constitute an unfunded
arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the
purpose of providing nonqualified deferred compensation for nonemployee directors and (ii) the Plan
and Trust will be exempt from Title I of the Employee Retirement Income Security Act of 1974, as
amended, (“ERISA”) because the Plan does not cover any “employee” as defined in ERISA Section 3(6)
and is not therefore an “employee benefit plan” as defined in ERISA Section 3(3) and mentioned in
ERISA Section 4(a).

     WHEREAS, it is the intention of CHS to continue to make contributions to the Trust to provide
itself with a source of funds to assist it in the meeting of its liabilities under the Plan;

     NOW, THEREFORE, the parties do hereby amend and restate the trust agreement to the Trust
(“Trust Agreement”) and agree that the Trust shall be comprised, held and disposed of as follows:

     Section 1. Establishment of Trust.

	 	(a)	 	The principal of the Trust shall be held, administered and disposed of by
Trustee as provided in this Trust Agreement.

 

	 	(b)	 	The Trust shall be irrevocable.
	 
	 	(c)	 	The Trust is intended to be a grantor trust, of which CHS is the grantor,
within the meaning of subpart E, part 1, subchapter J, chapter 1, subtitle A of the
Internal Revenue Code of 1986, as amended, and shall be construed accordingly.
	 
	 	(d)	 	The principal of the Trust, and any earnings thereon shall be held separate and
apart from other funds of CHS and shall be used exclusively for the uses and purposes
of Plan participants and general creditors as herein set forth. Plan participants and
their beneficiaries shall have no preferred claim on, or any beneficial ownership
interest in, any assets of the Trust. Any rights created under the Plan and this Trust
Agreement shall be mere unsecured contractual rights of Plan participants and their
beneficiaries against CHS. Any assets held by the Trust will be subject to the claims
of CHS’ general creditors under federal and state law in the event of Insolvency, as
defined in Section 3(a) herein.
	 
	 	(e)	 	CHS, in its sole discretion, may at any time, or from time to time, make
additional deposits of cash or other property in trust with Trustee to augment the
principal to be held, administered and disposed of by Trustee as provided in this Trust
Agreement. Neither Trustee nor any Plan participant or beneficiary shall have any
right to compel such additional deposits.

     Section 2. Payments to Plan Participants and Their Beneficiaries.

	 	(a)	 	CHS shall deliver to Trustee a schedule (the “Payment Schedule”) that indicates
the amounts payable in respect of each Plan participant (and his or her beneficiaries),
that provides a formula or other instructions acceptable to Trustee for determining the
amounts so payable, the form in which such amounts are to be paid (as provided for or
available under the Plan), and the time of commencement for payment of such amounts.
Except as otherwise provided herein, Trustee shall make payments to the Plan
participants and their beneficiaries in accordance with such Payment Schedule. The
Trustee shall make provision for the reporting and withholding of any federal, state or
local taxes that may be required to be withheld with respect to the payment of benefits
pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate
taxing authorities or determine that such amounts have been reported, withheld and paid
by CHS.
	 
	 	(b)	 	The entitlement of a Plan participant or his or her beneficiaries to benefits
under the Plan shall be determined by CHS or such party as it shall designate under the
Plan, and any claim for such benefits shall be considered and reviewed under the
procedures set out in the Plan.
	 
	 	(c)	 	CHS may make payment of benefits directly to Plan participants or their
beneficiaries as they become due under the terms of the Plan, and thereafter seek

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	 	 	 	reimbursement from the Trust for the same amount. CHS shall notify Trustee of its
decision to make payment of benefits directly prior to the time amounts are payable
to participants or their beneficiaries. In addition, if the principal of the Trust,
and any earnings thereon, are not sufficient to make payments of benefits in
accordance with the terms of the Plan, CHS shall make the balance of each such
payment as it falls due. Trustee shall notify CHS where principal and earnings are
not sufficient.

     Section 3. Trustee Responsibility Regarding Payments to Trust Beneficiary When CHS Is
Insolvent.

	 	(a)	 	Trustee shall cease payment of benefits to Plan participants and their
beneficiaries if CHS is Insolvent. CHS shall be considered “Insolvent” for purposes of
this Trust Agreement if (i) CHS is unable to pay its debts as they become due, or
(ii) CHS is subject to a pending proceeding as a debtor under the United States
Bankruptcy Code.
	 
	 	(b)	 	At all times during the continuance of this Trust, as provided in Section l(d)
hereof, the principal and income of the Trust shall be subject to claims of general
creditors of CHS under federal and state law as set forth below.

	 	(1)	 	The Board of Directors and the Chief Executive Officer of CHS
shall have the duty to inform Trustee in writing of CHS’ Insolvency. If a
person claiming to be a creditor of CHS alleges in writing to Trustee that CHS
has become Insolvent, Trustee shall determine whether CHS is Insolvent and,
pending such determination, Trustee shall discontinue payment of benefits to
Plan participants or their beneficiaries.
	 
	 	(2)	 	Unless Trustee has actual knowledge of CHS’ Insolvency, or has
received notice from CHS or a person claiming to be a creditor alleging that
CHS is Insolvent, Trustee shall have no duty to inquire whether CHS is
Insolvent. Trustee may in all events rely on such evidence concerning CHS’
solvency as may be furnished to Trustee and that provides Trustee with a
reasonable basis for making a determination concerning CHS’ solvency.
	 
	 	(3)	 	If at any time Trustee has determined that CHS is Insolvent,
Trustee shall discontinue payments to Plan participants or their beneficiaries
and shall ho1d the assets of the Trust for the benefit of CHS’ general
creditors. Nothing in this Trust Agreement shall in any way diminish any
rights of Plan participants or their beneficiaries to pursue their rights as
general creditors of CHS with respect to benefits due under the Plan or
otherwise.
	 
	 	(4)	 	Trustee shall resume the payment of benefits to Plan
participants or their beneficiaries in accordance with Section 2 of this Trust
Agreement only

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	 	 	 	after Trustee has determined that CHS is not Insolvent (or is no longer
Insolvent).

	 	(c)	 	Provided that there are sufficient assets, if Trustee discontinues the payment
of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes
such payments, the first payment following such discontinuance shall include the
aggregate amount of all payments due to Plan participants or their beneficiaries under
the terms of the Plan for the period of such discontinuance, less the aggregate amount
of any payments made to Plan participants or their beneficiaries by CHS in lieu of the
payments provided for hereunder during any such period of discontinuance.

     Section 4. Payments to CHS. Except as provided in Section 2(c) and Section 3 hereof, CHS
shall have no right or power to direct Trustee to return to CHS or to divert to others any of the
Trust assets before all payment of benefits have been made to Plan participants and their
beneficiaries pursuant to the terms of the Plan.

     Section 5. Investment Authority.

	 	(a)	 	Trustee may invest in securities (including stock or rights to acquire stock)
or obligations issued by CHS. All rights associated with assets of the Trust shall be
exercised by Trustee or the person designated by Trustee, and shall in no event be
exercisable by or rest with Plan participants.
	 
	 	(b)	 	CHS shall have the right at anytime, and from time to time in its sole
discretion, to substitute assets of equal fair market value for any asset held by the
Trust. This right is exercisable by CHS in a nonfiduciary capacity without the
approval or consent of any person in a fiduciary capacity.

     Section 6. Disposition of Income. During the term of this Trust, all income received by the
Trust, net of expenses and taxes, shall be accumulated and reinvested.

     Section 7. Accounting by Trustee. Trustee shall keep accurate and detailed records of all
investments, receipts, disbursements, and all other transactions required to be made, including
such specific records as shall be agreed upon in writing between CHS and Trustee. Within 30 days
following the close of each calendar year and within 30 days after the removal or resignation of
Trustee, Trustee shall deliver to CHS a written account of its administration of the Trust during
such year or during the period from the close of the last preceding year to the date of such
removal or resignation, setting forth all investments, receipts, disbursements and other
transactions effected by it, including a description of all securities and investments purchased
and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or
receivable being shown separately), and showing all cash, securities and other property held in the
Trust at the end of such year or as of the date of such removal or resignation, as the case may be.

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     Section 8. Responsibility of Trustee.

	 	(a)	 	Trustee shall act with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in like capacity and
familiar with such matters would use in the conduct of an enterprise of a like
character and with like aims, provided, however, that Trustee shall incur no liability
to any person for any action taken pursuant to a direction, request or approval given
by CHS which is contemplated by, and in conformity with, the terms of the Plan or this
Trust and is given in writing by CHS. In the event of a dispute between CHS and a
party, Trustee may apply to a court of competent jurisdiction to resolve the dispute.
	 
	 	(b)	 	If Trustee undertakes or defends any litigation arising in connection with this
Trust, CHS agrees to indemnify Trustee against Trustee’s costs, expenses and
liabilities (including, without limitation, attorneys’ fees and expenses) relating
thereto and to be primarily liable for such payments provided that the Trustee did not
act dishonestly or in willful or negligent violation of the law or regulation under
which such liability, cost or expense arose. If CHS does not pay such costs, expenses
and liabilities in a reasonably timely manner, Trustee may obtain payment from the
Trust.
	 
	 	(c)	 	Trustee may consult with legal counsel (who may also be counsel for CHS
generally) with respect to any of its duties or obligations hereunder.
	 
	 	(d)	 	Trustee may hire agents, accountants, actuaries, investment advisors, financial
consultants or other professionals to assist it in performing any of its duties or
obligations hereunder.
	 
	 	(e)	 	Trustee shall have, without exclusion, all powers conferred on trustees by
applicable law, unless expressly provided otherwise herein, provided, however, that if
an insurance policy is held as an asset of the Trust, Trustee shall have no power to
name a beneficiary of the policy other than the Trust, to assign the policy (as
distinct from conversion of the policy to a different form) other than to a successor
Trustee, or to loan to any person the proceeds of any borrowing against such policy.
	 
	 	(f)	 	Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement
or to applicable law, Trustee shall not have any power that could give this Trust the
objective of carrying on a business and dividing the gains therefrom, within the
meaning of section 301.7701-2 of the Procedure and Administrative Regulations
promulgated pursuant to the Internal Revenue Code.

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     Section 9. Compensation and Expenses of Trustee. All administrative and Trustee’s fees and
expenses shall be paid from the Trust, except to the extent CHS elects to pay such fees and
expenses.

     Section 10. Resignation and Removal of Trustee.

	 	(a)	 	Trustee may resign at any time by written notice to CHS which shall be
effective 30 days after receipt of such notice unless CHS and Trustee agree otherwise.
	 
	 	(b)	 	Trustee may be removed by CHS on 30 days notice or upon shorter notice accepted
by Trustee.
	 
	 	(c)	 	Upon a Change of Control, as defined herein, Trustee may not be removed by CHS
for five (5) years.
	 
	 	(d)	 	If Trustee resigns within five (5) years after a Change of Control, as defined
herein, CHS shall apply to a court of competent jurisdiction for the appointment of a
successor Trustee or for instructions.
	 
	 	(e)	 	Upon resignation or removal of Trustee and appointment of a successor Trustee,
all assets shall subsequently be transferred to the successor Trustee. The transfer
shall be completed within 30 days after receipt of notice of resignation, removal or
transfer, unless CHS extends the time limit.
	 
	 	(f)	 	If Trustee resigns or is removed, a successor shall be appointed, in accordance
with Section 11 hereof, by the effective date of resignation or removal under
paragraph (a) or (b) of this section. If no such appointment has been made, Trustee
may apply to a court of competent jurisdiction for appointment of a successor or for
instructions. All expenses of Trustee in connection with the proceeding shall be
allowed as administrative expenses of the Trust.

     Section 11. Appointment of Successor.

	 	(a)	 	If Trustee resigns or is removed in accordance with Section 10(a) or (b)
hereof, CHS may appoint any third party, such as a bank trust department or other party
that may be granted corporate trustee powers under state law, as a successor to replace
Trustee upon resignation or removal. The appointment shall be effective when accepted
in writing by the new Trustee, who shall have all of the rights and powers of the
former Trustee, including ownership rights in the Trust assets. The former Trustee
shall execute any instrument necessary or reasonably requested by CHS or the successor
Trustee to evidence the transfer.

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	 	(b)	 	The successor Trustee need not examine the records and acts of any prior
Trustee and may retain or dispose of existing Trust assets, subject to Sections 7 and 8
hereof.

     Section 12. Amendment or Termination.

	 	(a)	 	This Trust Agreement may be amended by a written instrument executed by Trustee
and CHS. Notwithstanding the foregoing, no such amendment shall conflict with the
terms of the Plan or shall make the Trust revocable.
	 
	 	(b)	 	The Trust shall not terminate until the date on which Plan participants and
their beneficiaries are no longer entitled to benefits pursuant to the terms of the
Plan. Upon termination of the Trust any assets remaining in the Trust shall be
returned to CHS.
	 
	 	(c)	 	Upon written approval of participants or beneficiaries entitled to payment of
benefits pursuant to the terms of the Plan, CHS may terminate this Trust prior to the
time all benefit payments under the Plan have been made. All assets in the Trust at
termination shall be returned to CHS.

     Section 13. Investments.

	 	(a)	 	CHS shall have the responsibility for establishing and carrying out a funding
policy and method, consistent with the objectives of the Plan, taking into
consideration the Plan’s short-term and long-term financial needs. The Trustee’s
responsibility for investment and diversification of the assets in the Trust shall be
subject to, and is limited by, the investment instructions issued to it by CHS in
accordance with its funding policy. It is understood that, unless otherwise agreed in
writing, CHS, rather than the Trustee, shall be responsible for the overall investment
of Trust assets.
	 
	 	(b)	 	The Trustee shall invest and reinvest the Trust fund assets only to the extent
and in the manner directed by CHS and confirmed in writing. Communication of any such
direction to the Trustee shall be in a manner acceptable to the Trustee and shall
conclusively be deemed an authorization to the Trustee’s designee or broker-dealer to
implement the direction even though coming from a person other than the Trustee.
Neither the Trustee nor any other person shall have liability for following such
directions improperly or failing to act in the absence of any such directions. The
Trustee shall have no liability for the acts or omissions of CHS directing the
investment or reinvestment of Trust Fund assets. Neither shall the Trustee have any
duty or obligation to review any such investment or other direction, act, or omission,
or except upon receipt of a proper direction, to invest or otherwise manage any assets
of the Trust Fund which is subject to the control of CHS. To the extent that CHS has
not directed the Trustee as to the investment

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	 	 	 	of any portion of Trust assets before they are contributed to the Trust, CHS hereby
directs the investment of such assets into the default investment fund specified on
an exhibit hereto. CHS hereby acknowledges that (i) the Trustee will be what is
commonly known as a “directed trustee”; (ii) the Trustee will not have “some
investment discretion” within the meaning of Revenue Procedure 92-64; and (iii) the
Trustee has no duty to request or obtain a ruling or other guidance from the
Internal Revenue Service or from any other governmental authority as to (or to
otherwise determine or monitor) the tax consequences of the form and operation of
the Plan, the Plan document, the Trust, or this Trust Agreement, including but not
limited to whether the arrangement established hereunder merits the favorable
treatment afforded to safe harbor rabbi trusts under Revenue Procedure 92-64 or
whether the Plan complies in form and operation with Internal Revenue Code Section
409A.

	 	(c)	 	At the direction of CHS, the Trustee or the Trustee’s designee or a
broker-dealer referred to in Section 5(c), is authorized and empowered:

	 	(i)	 	to invest and reinvest principal and income of the Trust in
common, preferred, and other stocks of any corporation; voting trust
certificates; interests in investment trusts, including, without limiting the
generality thereof, participations issued by an investment company as defined
in the Investment Company Act of 1940, as from time to time amended; bonds,
notes, and debentures, secured or unsecured; mortgages on real or personal
property; conditional sales contracts; and real estate and leases;
	 
	 	(ii)	 	to invest and reinvest principal and income of the Trust
through any common or collective trust fund or pooled investment fund
maintained by the Trustee for the collective investment of funds held by it in
a fiduciary capacity (and the provisions of the documents governing any such
common or collective trust fund as it may be amended from time to time shall
govern any investment therein and are hereby made a part of this Trust);
	 
	 	(iii)	 	to invest and reinvest principal and income of the Trust in
deposits (including savings accounts, savings certificates, and similar
interest bearing instruments or accounts) in itself or its affiliates; and
	 
	 	(iv)	 	to do all other acts, although not specifically mentioned
herein, as the Trustee may deem necessary to carry out any of the foregoing
powers and purposes of this Trust Agreement.

	 	(d)	 	Notwithstanding the foregoing, in no event may the Trustee invest in securities
(including stock or rights to acquire stock) or obligations issued by CHS, other

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	 	 	 	than a de minimis amount held in common investment vehicles in which the Trustee
invests.

     Section 14. Miscellaneous.

	 	(a)	 	Any provision of this Trust Agreement prohibited by law shall be ineffective to
the extent of any such prohibition, without invalidating the remaining provisions
hereof.
	 
	 	(b)	 	Benefits payable to Plan participants and their beneficiaries under this Trust
Agreement may not be anticipated, assigned (either at law or in equity), alienated,
pledged, encumbered or subjected to attachment, garnishment, levy, execution or other
legal or equitable process.
	 
	 	(c)	 	This Trust Agreement shall be governed by and construed in accordance with the
laws of the State of Minnesota.
	 
	 	(d)	 	For purposes of this Trust, Change of Control shall mean the purchase or other
acquisition by any person, entity or group of persons, within the meaning of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (“Act”), or any
comparable successor provisions, of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Act) of 30% or more of either the outstanding shares of
common stock or the combined voting power of CHS’ then outstanding voting securities
entitled to vote generally, or the approval by the stockholders of CHS of a
reorganization, merger or consolidation, in each case, with respect to which persons
who were stockholders of CHS immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own more than 50% of the combined voting
power entitled to vote generally in the election of directors of the reorganized,
merged or consolidated CHS’ then outstanding securities, or a liquidation or
dissolution of CHS or of the sale of all or substantially all of CHS’ assets.

     Section 15. Effective Date. The effective date of this Trust Agreement shall be the date
first written above.

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     IN WITNESS WHEREOF, CHS Inc. has caused its name to be hereunto subscribed by John D. Johnson, its
President and CEO, and U.S. Bank has caused its name to be hereto subscribed, as Trustee, by its
Michelle Carlson and Deborah Burnett this 31 day of March, 2010.

-10-

 

	 	 	 	 	 
	 	CHS INC.

 	 
	 	By  	/s/  John D. Johnson
 	 
	 	 	Its President and CEO 	 
	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By  	/s/ Michelle Carlson
 	 
	 	 	Its Vice President 	 
	 	 	 	 
	 	By  	/s/  Deborah Burnett
 	 
	 	 	Its Assistant Vice President 	 
	 	 	 	 
	 

-11-

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