Document:

EX-10.18(D)

Exhibit 10.18(d)

CHS Inc.

Deferred Compensation Plan

Master Plan Document

 

 

FOURTH AMENDMENT

OF

CHS INC.

DEFERRED COMPENSATION PLAN

     WHEREAS, CHS Inc. (the “Company”) has heretofore established and maintains a nonqualified
deferred compensation plan which is embodied in a document effective December 30, 2004 and entitled
“CHS Inc. Deferred Compensation Plan, Master Plan Document, as amended by three amendments
(collectively, the “Plan document”);

     WHEREAS, the Company has reserved to itself the power to make further amendments of the Plan
document;

     NOW, THEREFORE, the Plan document is hereby amended as follows:

1. AUTHORITY TO APPROVE PARTICIPATING EMPLOYERS. Effective September 1, 2008, Section 1.29 of the
Plan document (the definition of “Employer(s)”) is amended by replacing the term “Board” with
“Committee”.

2. AUTHORITY TO TERMINATE PLAN. Effective September 1, 2008, the second sentence in Section 12.1
of the Plan document is deleted and replaced with the following sentence:

     Accordingly, the board of directors of any Employer reserves the right to Terminate the Plan (as
defined in Section 1.39) as to that Employer, and the Board of Directors of the Company reserves
the right to Terminate the Plan in its entirety as to the Company and all Employers.

3. AUTHORITY TO AMEND. Effective September 1, 2008, the first sentence in Section 12.2(a) of the
Plan document is deleted and replaced with the following two sentences:

     The Board may, at any time, amend or modify the Plan in whole or in part. In addition, the
Committee may, at any time, amend or modify the Plan in whole or in part, so long as such amendment
does not materially increase the cost of the Plan.

4. AUTHORITY TO AMEND. Effective September 1, 2008, Section 12.2(b) of the Plan document is
amended by replacing the term “ Company” with “Committee”.

5. DEFERRED COMPENSATION COMMITTEE. Effective September 1, 2008, the first sentence of Section
13.1 of the Plan document is deleted and replaced with the following sentence:

Except as otherwise provided in this Article 13, this Plan shall be administered by the Deferred
Compensation Committee (hereinafter, the “Committee”), which shall consist of the Chief Executive
Officer of the Company, or such committee as the Chief Executive Officer of the Company shall
appoint. Members of the Committee may be Participants under this Plan.

 

CHS Inc.

Deferred Compensation Plan

Master Plan Document

 

 

6. APPENDIX D — AGRILIANCE ACCOUNTS. Effective September 1, 2008, the Plan document is amended by
the addition of the Appendix D attached hereto.

7. APPENDIX E — COFINA ACCOUNTS. Effective September 1, 2008, the Plan document is amended by the
addition of the Appendix E attached hereto.

IN WITNESS WHEREOF, CHS Inc. has caused its name to be hereunto subscribed on this 3rd day of September, 2008.

	 	 	 	 	 
	 	CHS INC.

	 	 	 
	 	 	 
	 	By	 	/s/ John D.
Johnson
	 	 	 	 
	 	 	 	John D. Johnson
	 	 	 	Its President and CEO

-2-

 

CHS Inc.

Deferred Compensation Plan

Master Plan Document

 

 

CHS INC.

DEFERRED COMPENSATION PLAN

APPENDIX D

Agriliance LLC Deferred Compensation Plan Accounts

	 	 	Except where expressly defined in this Appendix, the capitalized terms used herein shall
have the same meanings as the same terms in the Plan document.
	 	 	 
	1.1	 	History. In connection with the Company’s purchase of certain assets of Agriliance
LLC (“Agriliance”), the Company assumed deferred compensation obligations under the Agriliance
LLC Deferred Compensation Plan (“Agriliance Plan”) for those Participants who transferred
employment to the Company as part of the asset purchase.

	1.2	 	Transfer of Account Balances. For those Participants who transferred employment to
the Company as part of the asset purchase, all voluntary deferrals previously deferred
pursuant to the terms of the Agriliance Plan shall become part of the Participant’s Deferral
Account balance under this Plan. Following the conversion, the Participant’s Agriliance Plan
account shall no longer be credited with earnings, gains or losses under the terms of the
Agriliance Plan, but shall instead be credited or debited with earnings, gains or losses under
one or more Measurement Funds elected by the Participant, in accordance with Section 3.9 of
the Plan.

	1.3	 	Payment Elections. With respect to each Participant in the Agriliance Plan who
becomes a Participant in this Plan, such Participant must upon commencement of participation
complete a Beneficiary Designation Form, a Retirement Benefit election in accordance with
Article 6 and a Disability Benefit election in accordance with Article 8. Such elections and
Beneficiary designations shall apply both to deferrals previously made under the Agriliance
Plan and to new deferrals, if any, made under this Plan. Such Participant may also (but need
not) irrevocably elect to receive a single lump sum Change in Control Benefit upon the
occurrence of a Change in Control in accordance with Article 5 of the Plan. All of the
foregoing elections must be made on or before December 31, 2008 and must comply in all other
respects with special transition rules issued by the IRS and the U.S. Department of Treasury
in connection with the implementation of Section 409A of the Code.

D-1

 

CHS Inc.

Deferred Compensation Plan

Master Plan Document

 

 

CHS INC.

DEFERRED COMPENSATION PLAN

APPENDIX E

Cofina Deferred Compensation Plan Accounts

	 	 	Except where expressly defined in this Appendix, the capitalized terms used herein shall
have the same meanings as the same terms in the Plan document.
	 	 	 
	1.1	 	History. In connection with the Company’s acquisition of one hundred percent (100%)
of Cofina Financial, LLC, a Minnesota limited liability company (“Cofina”), the Company
assumed all deferred compensation obligations under the Cofina Financial, LLC Deferred
Compensation Plan (“Cofina Plan”).

	1.2	 	Transfer of Account Balances. All deferrals previously deferred pursuant to the
terms of the Cofina Plan shall become part of the Participant’s Deferral Account balance under
this Plan. Following the conversion, the Participant’s Cofina Plan account shall no longer be
credited with earnings, gains or losses under the terms of the Cofina Plan, but shall instead
be credited or debited with earnings, gains or losses under one or more Measurement Funds
elected by the Participant, in accordance with Section 3.9 of the Plan.

	1.3	 	Payment Elections. The Cofina Plan is maintained under a document entitled “Cofina
Financial, LLC Deferred Compensation Plan, Master Plan Document”, as amended by two
amendments. The terms of the Cofina Plan are, in all material respects, identical to this
Plan. Accordingly, with respect to each Participant in the Cofina Plan, such Participant’s
Beneficiary Designation Form, Retirement Benefit election, Disability Benefit election and
Change in Control benefit election (if any) made in accordance with Articles 5, 6 and 8 of the
Cofina Plan shall continue in effect, both with respect to deferrals previously made under the
Cofina Plan and new deferrals, if any, made under this Plan. In addition, if the Participant
has a Scheduled Distribution election in effect with respect to any Annual Deferral Amount
under the Cofina Plan, such election shall remain in effect following transfer to this Plan.

E-1EX-10.35

Exhibit 10.35

July 17th, 2008

CHS EUROPE SA

12, avenue des Morgines

1213 PETIT LANCY-GENEVE

SUISSE

Attn: Mr Jean-Claude FAVRE

Re: USD 70 Million uncommitted transactional Facility

Dear Mr Favre,

The purpose of this letter is to outline the parameters of the uncommitted guidance facility
available from BNP Paribas (Suisse) SA (the “Bank”) for CHS EUROPE SA, a company organized under
the laws of Switzerland (the “Obligor”), for the financing of its grains trading operations.

An “uncommitted guidance facility” means that the Bank shall have no obligation to issue or grant
any Accommodation. Each request made by the Obligor for an Accommodation shall be reviewed by the
Bank on a case by case basis and the decision to grant any such Accommodation shall be made by the
Bank in its absolute and sole discretion and irrespective of whether or not the Obligor is in
compliance with any of the guidelines set forth below. The Bank also reserves the right to
summarily refuse any request for an Accommodation without any review as contemplated by the
preceding sentence. Accordingly, the Bank has no commitment to make any Accommodation available.

Amount of this uncommitted guidance facility: USD 70’000’000.

Maturity of the Facility: July 31st 2009

The parameters of utilisation for the USD 70’000’000 limit are outlined below:

Transactional secured line: USD 70’000’000

	 	 	 	 	 	 
	 	 

	 	 	This limit is aimed at financing transactions where goods are
floating, or for which receivables are being cashed	 
	 	Margin:

	 	 	N/A	 
	 	Tenor:

	 	 	90 days	 
	 	Documentation:

	 	 	Before each drawing, client has to submit:
 - Copy of purchase invoice and contract
 - Sale contract if available
 - Full set BLs to the Bank’s order or to order and blank endorsed	 
	 

Within the USD 70’000’000 limit, USD 60’000’000 are available for stock financing as per
the following parameters:

Stock financing at loading port: USD 60’000’000

	 	 	 	 	 	 
	 	Margin:

	 	 	10% if unsold	 
	 	Tenor:

	 	 	45 days	 
	 	Documentation:

	 	 	Before each drawing, client has to submit:
 - Copy of a warehouse receipt to the order of the Bank
 - Copy of purchase contract and invoice
 - Copy of sales contract if applicable	 
	 

 

Inland stock financing: USD 50’000’000

	 	 	 	 	 	 	 	 
	 	Margin:

	 	 	10%	 	 	 
	 	Tenor:

	 	 	90 days
	 
	 	Documentation:

	 	 	Before each drawing, client has to submit:
 - Copy of Form 13 to the supplier’s order
 - Copy of the assignment from the supplier to CHS Europe of its rights on the goods.
 - Copy of purchase contract and invoice
	 
	 	 

	 	Within this USD 50’000’000 limit,
 - Maximum exposure for stocks up to 120 days is USD 15’000’000.
 - Maximum exposure on goods in transit is USD 10’000’000: in this case, copy of Rail Way Bills have to be provided to the Bank.
	 
	 

     Within the USD 70’000’000 limit, the bank also provides the following possibilities to the Obligor:

Payments against copies of documents: USD 20’000’000

	 	 	 	 	 	 
	 	 

	 	 	This sublimit is aimed at financing the same transactions as in the global
limit, but against copies of documents or incomplete sets of BLs.	 
	 	Margin:

	 	 	N/A	 
	 	Tenor:

	 	 	90 days	 
	 	Documentation:

	 	 	Before each drawing, client has to submit:
 - Copy of purchase invoice and contract
 - Sale contract if available
 - 2/3 BLs or copy of BLs to the Bank’s order or to order and blank endorsed	 
	 

Advances to Agrico Trade and finance against Russian VAT receivables: USD 10’000’000

	 	 	 	 	 	 
	 	Margin:

	 	 	N/A	 
	 	Tenor:

	 	 	270 days	 
	 	Documentation:

	 	 	Before each drawing, client has to submit:
 - Copy of the loan agreement between CHS Europe and Agrico Trade and Finance and its assignment to the Bank	 
	 

Issuance of bid / performance bonds: USD 3’000’000

	 	 	 	 	 	 
	 	Margin:

	 	 	N/A	 
	 	Tenor:

	 	 	360 days	 
	 	Documentation:

	 	 	Before each drawing, client has to submit:
 - Copy of tender	 
	 

FX operations covering currency risk on operations financed by the Bank

Notional amount: USD 50’000’000

Tenor: 7 months

	 	 	 	 	 	 
	 	Margin:

	 	 	N/A	 
	 	Tenor:

	 	 	210 days	 
	 	Documentation:

	 	 	 - Before any drawing under this limit, client has to sign the FX agreement	 
	 

 

Total outstandings under the various limits and sublimits shall not exceed the Facility amount of
USD 70’000’000.

In addition to the specific documentation mentioned above, client has to present the following
documents before any drawing under the Facility:

a) Loss payee endorsements in favour of the Bank with respect to Obligor’s product insurance policy

and other insurance as may be requested from time to time by the Bank;
b) Copy of the loan subordination Agreement between CHS Europe SA and CHS Inc.
c) Confirmation that a USD 10’000’000 payment minimum has been made by CHS Inc under its

subordination loan agreement with the Obligor in a form acceptable to the Bank.
d) Undertaking by the Obligor to have at least USD 10’000’000 outstanding under the above loan at

any time when there are outstanding under this Facility.
e) Copy of commercial contract with Agrico and its assignment to the Bank
f) Copy of the loan agreement between Agrico Trade and Finance and the Obligor, and its assignment

to the Bank.
g) First demand guarantee from CHS Inc for a minimum amount of USD 15’000’000.
h) Letter of comfort from CHS Inc for the portion of the Facility not covered by the above

guarantee
i) Form of Pledge for own account — included in the account opening documentation
j) Assignment of Claims — included in the account opening documentation
k) Standard footnote
l) Such other documentation as the Bank may request from time to time.

Pricing indications:

The prices indicated below are uncommitted, and might change at the Bank sole discretion.

Documentary commissions:

	-	 	Issuance of import LCs: 1pmil per quarter / USD 5’000 max
	 
	-	 	Negotiation of import / export LC: USD 750
	 
	-	 	Notification of export LC: USD 500 flat
	 
	-	 	Import or export documentary collection: USD 750

Margin on fixed term advances / Overdrafts:

	-	 	Inland stock financing and Russian VAT receivables financing: Libor* + 1.5%pa / Bank
Base rate + 1.5%pa
	 
	-	 	Port stock financing: Libor* + 1%pa / Bank Base rate + 1%pa
	 
	-	 	Other utilisation under the facility: Libor* + 0.75%pa + Bank Base rate + 0.75%pa

* LIBOR rate is determined as the LIBOR rate offered by the Bank’s treasury for tenors close to the
tenors of each advance provided by the bank.

Notifications:

Notification of the Bank’s security interest in and assignment of the right to receive payment of
all amounts due or to become due (including the proceeds) under all sales contracts shall be
accomplished by the inclusion, on each financed invoice of the following text:

“Proceeds of this invoice have been assigned to BNP Paribas Suisse SA, Geneva in line with the
usual trade financing arrangements. Therefore any payment must be made exclusively to the named
bank.”

Confidentiality:

The terms and provisions of this Uncommitted Facility Letter and the other Security Documents are
confidential and may not be disclosed by the Obligor to any other person (except as required by

 

applicable law, regulation or judicial process) other than the Obligor’s accountants, attorneys and
other advisors and only in connection with the transactions contemplated by this Uncommitted
Facility Letter and on a confidential basis unless specifically approved by the Bank.

We kindly ask you to acknowledge receipt of the present letter and your agreement with the terms
and conditions of the Facility by signing and returning to us the enclosed copy, in original.

We look forward to developing a mutual beneficial relationship with CHS Europe SA, and we are
available for any further information that you may need.

Best regards.

BNP PARIBAS (SUISSE) SA

	 	 	 	 	 
	 

	 	Valérie GRATADOUX
	 	Daniel RENAUD

We agree to the foregoing, for and on behalf of CHS EUROPE SA:

	 	

	Name:

	Title:

	Date and Place:

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