Document:

EXHIBIT 10.1

 

NI HOLDINGS, INC.

2017 STOCK AND INCENTIVE PLAN

 

 

Section 1.      Purpose

The purpose of the Plan is to promote
the interests of the Company and its shareholders by aiding the Company in attracting and retaining employees, officers, consultants,
advisors and non-employee Directors capable of assuring the future success of the Company, to offer such persons incentives to
put forth maximum efforts for the success of the Company’s business and to compensate such persons through various stock
and cash based arrangements and provide them with opportunities for stock ownership in the Company, thereby aligning the interests
of such persons with the Company’s shareholders.

Section 2.      Definitions

As used in the Plan, the following terms
shall have the meanings set forth below:

(a)       “Affiliate”
shall mean any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company.

(b)       “Award”
shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent
or Other Stock-Based Award granted under the Plan.

(c)       “Award
Agreement” shall mean any written agreement, contract or other instrument or document evidencing an Award granted under
the Plan (including a document in an electronic medium) executed in accordance with the requirements of Section 9(b).

(d)       “Board”
shall mean the Board of Directors of the Company.

(e)       “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

(f)       “Committee”
shall mean the Compensation Committee of the Board or such other committee designated by the Board to administer the Plan. The
Committee shall be comprised of not less than such number of Directors as shall be required to permit Awards granted under the
Plan to qualify under Rule 16b 3, and each member of the Committee shall be a “non-employee director” within the meaning
of Rule 16b 3 and an “outside director” within the meaning of Section 162(m).

(g)       “Company”
shall mean NI Holdings, Inc. and any successor corporation.

(h)       
“Director” shall mean a member of the Board.

(i)       “Dividend
Equivalent” shall mean any right granted under Section 6(e) of the Plan.

    

     

    

(j)       “Eligible
Person” shall mean any employee, officer, non-employee Director, consultant, independent contractor, or advisor providing
services to the Company or any Affiliate, or any such person to whom an offer of employment or engagement with the Company or any
Affiliate is extended.

(k)       “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

(l)       “Fair
Market Value” with respect to one Share as of any date shall mean (a) if the Share is listed on any established stock
exchange, the price of one Share at the close of the regular trading session of such market or exchange on such date, as reported
by The Wall Street Journal or a comparable reporting service, or, if no sale of Shares shall have occurred on such date, on the
next preceding date on which there was a sale of Shares; (b) if the Shares are not so listed on any established stock exchange,
the average of the closing “bid” and “asked” prices quoted by the OTC Bulletin Board, the National Quotation
Bureau, or any comparable reporting service on such date or, if there are no quoted “bid” and “asked” prices
on such date, on the next preceding date for which there are such quotes for a Share; or (c) if the Shares are not publicly traded
as of such date, the per share value of a Share, as determined by the Board, or any duly authorized Committee of the Board, in
its sole discretion, by applying principles of valuation with respect thereto.

(m)       
“Incentive Stock Option” shall mean an option granted under Section 6(a) of the Plan that is intended to meet
the requirements of Section 422 of the Code or any successor provision.

(n)       
“Non-Qualified Stock Option” shall mean an option granted under Section 6(a) of the Plan that is not intended
to be an Incentive Stock Option.

(o)       “Option”
shall mean an Incentive Stock Option or a Non-Qualified Stock Option to purchase shares of the Company.

(p)       
“Other Stock-Based Award” shall mean any right granted under Section 6(f) of the Plan.

(q)       “Participant”
shall mean an Eligible Person designated to be granted an Award under the Plan.

(r)       “Performance
Award” shall mean any right granted under Section 6(d) of the Plan.

(s)       “Performance
Goal” shall mean one or more of the following performance goals, either individually, alternatively or in any combination,
applied on a corporate, subsidiary, division, business unit or line of business basis:

·      economic
value added (EVA);

·      sales
or revenue;

·      costs
or expenses;

·      net
profit after tax;

·      gross
profit;

·      income
(including without limitation operating income, pre-tax income and income attributable to the Company);

·      cash
flow (including without limitation free cash flow and cash flow from operating, investing or financing activities or any combination
thereof);

·      earnings
(including without limitation earnings before or after taxes, earnings before interest and taxes (EBIT), earnings before interest,
taxes, depreciation and amortization (EBITDA) and earnings (whether before or after taxes), EBIT or EBITDA as a percentage of net
sales;

·      earnings
per share (EPS) (basic or diluted);

·      earnings
per share from continuing operations;

·      returns
(including one or more of return on actual or pro forma assets, net assets, equity, investment, revenue, sales, capital and net
capital employed, total shareholder return (TSR) and total business return (TBR));

·      margins
(including one or more of gross, operating and net income margin);

·      ratios
(including one or more of price to earnings, debt to assets, debt to net assets and ratios regarding liquidity, solvency, fiscal
capacity, productivity or risk);

·      budget
comparisons;

·      unit
volume;

·      stock
price;

·      net
working capital;

·      value
creation;

·      market
share;

·      market
capitalization;

·      workforce
satisfaction and diversity goals;

·      employee
retention;

·      production
metrics;

·      development;

    

     

    

·      implementation
or completion of key projects;

·      strategic
plan development and implementation;

·      return
on equity;

·      return
on revenue;

·      return
on assets;

·      return
on invested capital;

·      return
on sales;

·      non-catastrophic
claims incurred;

·      gross
premiums earned;

·      reinsurance
costs;

·      net
cash provided by operating activities;

·      net
increase (decrease) in cash and cash equivalents;

·      customer
satisfaction;

·      quality;

·      combined
ratio;

·      loss
ratio;

·      statutory
surplus;

·      expense
ratio;

·      policy
inforce;

·      written
premium;

·      policy
retention;

·      A.M.
Best rating;

·      growth
in book value or book value per share (adjusted).

 

Each such Performance Goal may be based
(i) solely by reference to absolute results of individual performance or organizational performance at various levels (e.g., the
Company’s performance or the performance of a subsidiary, division, business segment or business unit of the Company) or
(ii) upon organizational performance relative to the comparable performance of other companies selected by the Committee. To the
extent consistent with Section 162(m), the 

    

     

    

Committee may, when it establishes performance criteria, also provide for the exclusion
of charges related to an event or occurrence which the Committee determines should appropriately be excluded, including but not
limited to (X) asset write downs, litigation or claim judgments or settlements, reorganizations, the impact of acquisitions and
divestitures, restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges, (Y) foreign
exchange gains and losses or an event either not directly related to the operations of the Company or not within the reasonable
control of the Company’s management, or (Z) the cumulative effects of tax or accounting changes in accordance with U.S. generally
accepted accounting principles (or other accounting principles which may then be in effect). To the extent that Section 162(m)
or applicable tax and/or securities laws change to permit Committee discretion to alter the governing performance measures without
disclosing to shareholders and obtaining shareholder approval of such changes and without thereby exposing the Company to potentially
adverse tax or other legal consequences, the Committee shall have the sole discretion to make such changes without obtaining shareholder
approval.

(t)       “Person”
shall mean any individual or entity, including a corporation, partnership, limited liability company, association, joint venture
or trust.

(u)       “Plan”
shall mean the NI Holdings, Inc. 2017 Stock and Incentive Plan, as amended from time to time.

(v)       
“Restricted Stock” shall mean any Share granted under Section 6(c) of the Plan.

(w)       “Restricted
Stock Unit” shall mean any unit granted under Section 6(c) of the Plan evidencing the right to receive a Share (or a
cash payment equal to the Fair Market Value of a Share) at some future date.

(x)       “Rule
16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act
of 1934, as amended, or any successor rule or regulation.

(y)       “Section
162(m)” shall mean Section 162(m) of the Code, or any successor provision, and the applicable Treasury Regulations promulgated
thereunder.

(z)       “Section
409A” shall mean Section 409A of the Code, or any successor provision, and applicable Treasury Regulations and other
applicable guidance thereunder.

(aa)      “Securities Act”
shall mean the Securities Act of 1933, as amended.

(bb)      “Share” or
“Shares” shall mean common shares with $0.01 par value in the capital of the Company (or such other securities
or property as may become subject to Awards pursuant to an adjustment made under Section 4(c) of the Plan).

(cc)      “Specified Employee”
shall mean a specified employee as defined in Section 409A(a)(2)(B) of the Code or applicable proposed or final regulations under
Section 409A, determined in accordance with procedures established by the Company and applied uniformly with respect to all plans
maintained by the Company that are subject to Section 409A.

    

     

    

(dd)      “Stock Appreciation
Right” shall mean any right granted under Section 6(b) of the Plan.

 

Section 3.      Administration

(a)       Power
and Authority of the Committee. The Plan shall be administered by the Committee. Subject to the express provisions of the Plan
and to applicable law, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type
or types of Awards to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or
the method by which payments or other rights are to be calculated in connection with) each Award; (iv) determine the terms and
conditions of any Award or Award Agreement, including any terms relating to the forfeiture of any Award and the forfeiture, recapture
or disgorgement of any cash, Shares or other amounts payable with respect to any Award; (v) amend the terms and conditions of any
Award or Award Agreement, subject to the limitations under Section 7; (vi) accelerate the exercisability of any Award or the lapse
of any restrictions relating to any Award, subject to the limitations in Section 7, (vii) determine whether, to what extent and
under what circumstances Awards may be exercised in cash, Shares, other securities, other Awards or other property (excluding promissory
notes), or canceled, forfeited or suspended, subject to the limitations in Section 7; (viii) determine whether, to what extent
and under what circumstances amounts payable with respect to an Award under the Plan shall be deferred either automatically or
at the election of the holder thereof or the Committee, subject to the requirements of Section 409A; (ix) interpret and administer
the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan; (x) establish, amend, suspend or
waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan;
(xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration
of the Plan; and (xii) adopt such modifications, rules, procedures and sub-plans as may be necessary or desirable to comply with
provisions of the laws of non-U.S. jurisdictions in which the Company or an Affiliate may operate, including, without limitation,
establishing any special rules for Affiliates, Eligible Persons or Participants located in any particular country, in order to
meet the objectives of the Plan and to ensure the viability of the intended benefits of Awards granted to Participants located
in such non-United States jurisdictions. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations
and other decisions under or with respect to the Plan or any Award or Award Agreement shall be within the sole discretion of the
Committee, may be made at any time and shall be final, conclusive and binding upon any Participant, any holder or beneficiary of
any Award or Award Agreement, and any employee of the Company or any Affiliate.

(b)       Delegation.
The Committee may delegate to one or more officers or Directors of the Company, subject to such terms, conditions and limitations
as the Committee may establish in its sole discretion, the authority to grant Awards; provided, however, that the Committee
shall not delegate such authority (i) with regard to grants of Awards to be made to officers of the Company or any Affiliate who
are subject to Section 16 of the Exchange Act or (ii) in such a manner as would cause the Plan not to comply with the requirements
of Section 162(m), applicable exchange rules or applicable corporate law.

    

     

    

(c)       Power
and Authority of the Board. Notwithstanding anything to the contrary contained herein, (i) the Board may, at any time and from
time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the Plan, unless
the exercise of such powers and duties by the Board would cause the Plan not to comply with the requirements of Rule 16b-3 or Section
162(m); and (ii) only the Committee (or another committee of the Board comprised of directors who qualify as independent directors
within the meaning of the independence rules of any applicable securities exchange where the Shares are then listed) may grant
Awards to Directors who are not also employees of the Company or an Affiliate.

(d)       Indemnification.
To the full extent permitted by law, (i) no member of the Board, the Committee or any person to whom the Committee delegates authority
under the Plan shall be liable for any action or determination taken or made in good faith with respect to the Plan or any Award
made under the Plan, and (ii) the members of the Board, the Committee and each person to whom the Committee delegates authority
under the Plan shall be entitled to indemnification by the Company with regard to such actions and determinations. The provisions
of this paragraph shall be in addition to such other rights of indemnification as a member of the Board, the Committee or any other
person may have by virtue of such person’s position with the Company.

Section 4.      Shares Available for
Awards

(a)       Shares
Available. Subject to adjustment as provided in Section 4(c) of the Plan, the aggregate number of Shares that may be issued
under all Awards under the Plan shall equal:

(i)       500,000
Shares

The aggregate number of Shares that may
be issued under all Awards under the Plan shall be reduced by Shares subject to Awards issued under the Plan in accordance with
the Share counting rules described in Section 4(b) below.

(b)       Counting
Shares. For purposes of this Section 4, except as set forth in this Section 4(b) below, if an Award entitles the holder thereof
to receive or purchase Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the
date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan

		(i)	Shares Added Back to Reserve. Subject to the limitations in (ii) below, if any Shares covered by an Award or to which
an Award relates are not purchased or are forfeited or are reacquired by the Company or Shares covered by an Award that are settled
in cash, or if an Award otherwise terminates or is cancelled without delivery of any Shares, then the number of Shares counted
against the aggregate number of Shares available under the Plan with respect to such Award, to the extent of any such forfeiture,
reacquisition by the Company, termination or cancellation, shall again be available for granting Awards under the Plan.

		(ii)	Shares Not Added Back to Reserve. Notwithstanding anything to the contrary in (i) above, the following Shares will not
again become available for issuance under the Plan: (A) any Shares which would have been issued 
	

    

     

    

	 	 	upon any exercise of an Option
but for the fact that the exercise price was paid by a “net exercise” pursuant to Section 6(a)(iii)(B) or any Shares
tendered in payment of the exercise price of an Option; (B) any Shares withheld by the Company or Shares tendered to satisfy any
tax withholding obligation with respect to an Option or Stock Appreciation Right; (C) Shares covered by a stock-settled Stock Appreciation
Right issued under the Plan that are not issued in connection with settlement in Shares upon exercise; or (D) Shares that are repurchased
by the Company using Option exercise proceeds.

		(iii)	Cash-Only Awards. Awards that do not entitle the holder thereof to receive or purchase Shares shall not be counted against
the aggregate number of Shares available for Awards under the Plan.

		(iv)	Substitute Awards Relating to Acquired Entities. Shares issued under Awards granted in substitution for awards previously
granted by an entity that is acquired by or merged with the Company or an Affiliate shall not be counted against the aggregate
number of Shares available for Awards under the Plan.

(c)       Adjustments.
In the event that any dividend (other than a regular cash dividend) or other distribution (whether in the form of cash, Shares,
other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other
rights to purchase Shares or other securities of the Company or other similar corporate transaction or event affects the Shares
such that an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i)
the number and type of Shares (or other securities or other property) that thereafter may be made the subject of Awards, (ii) the
number and type of Shares (or other securities or other property) subject to outstanding Awards, (iii) the purchase price or exercise
price with respect to any Award and (iv) the limitations contained in Section 4(d)(i) below; provided, however, that the
number of Shares covered by any Award or to which such Award relates shall always be a whole number. Such adjustment shall be made
by the Committee or the Board, whose determination in that respect shall be final, binding and conclusive.

(d)       Award
Limitations Under the Plan. The limitation contained in this Section 4(d) shall apply only with respect to any Award or Awards
granted under this Plan, and limitations on awards granted under any other shareholder-approved incentive plan maintained by the
Company will be governed solely by the terms of such other plan.

		(i)	Section 162(m) Limitation for Awards Denominated in Shares. No Eligible Person may be granted any Stock Options, Stock
Appreciation Rights or Performance Awards denominated in Shares, for more than 100,000 Shares (subject to adjustment as provided
for in Section 4(c) of the Plan), in the aggregate in any calendar year.

    

     

    
		(ii)	Section 162(m) Limitation for Performance Awards Denominated in Cash. The maximum amount payable pursuant to all Performance
Awards denominated in cash to any Eligible Person in the aggregate in any calendar year shall be $1,000,000 in value. This limitation
contained in this Section 4(d)(ii) does not apply to any Award or Awards subject to the limitation contained in Section 4(d)(i).

		(iii)	Limitation for Awards Granted to Non-Employee Directors. No Director who is not also an employee of the Company or an
Affiliate may be granted any Award or Awards denominated in Shares that exceed in the aggregate $100,000 (such value computed as
of the date of grant in accordance with applicable financial accounting rules) in any calendar year. The foregoing limit shall
not apply to any Award made pursuant to any election by the Director to receive an Award in lieu of all or a portion of annual
and committee retainers and annual meeting fees.

Section 5.      Eligibility

Any Eligible Person shall be eligible
to be designated as a Participant. In determining which Eligible Persons shall receive an Award and the terms of any Award, the
Committee may take into account the nature of the services rendered by the respective Eligible Persons, their present and potential
contributions to the success of the Company or such other factors as the Committee, in its discretion, shall deem relevant. Notwithstanding
the foregoing, an Incentive Stock Option may only be granted to full-time or part-time employees (which term as used herein includes,
without limitation, officers and Directors who are also employees), and an Incentive Stock Option shall not be granted to an employee
of an Affiliate unless such Affiliate is also a “subsidiary corporation” of the Company within the meaning of Section
424(f) of the Code or any successor provision.

Section 6.      Awards

(a)       Options.
The Committee is hereby authorized to grant Options to Eligible Persons with the following terms and conditions and with such additional
terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:

		(i)	Exercise Price. The purchase price per Share purchasable under an Option shall be determined by the Committee and shall
not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option; provided, however, that the
Committee may designate a purchase price below Fair Market Value on the date of grant if the Option is granted in substitution
for a stock option previously granted by an entity that is acquired by or merged with the Company or an Affiliate.

		(ii)	Option Term. The term of each Option shall be fixed by the Committee at the date of grant but shall not be longer than
10 years from the date of grant. Notwithstanding the foregoing, the Committee may provide in the terms of an Option (either at
grant or by subsequent modification) that, to the extent consistent with Section 409A, in the event that on the last 
	

    

     

    

	 	 	business day
of the term of an Option (other than an Incentive Stock Option) (i) the exercise of the Option is prohibited by applicable law
or (ii) Shares may not be purchased or sold by certain employees or directors of the Company due to the “black-out period”
of a Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company,
the term of the Option shall be extended for a period of not more than thirty (30) days following the end of the legal prohibition,
black-out period or lock-up agreement.

		(iii)	Time and Method of Exercise. The Committee shall determine the time or times at which an Option may be exercised in
whole or in part and the method or methods by which, and the form or forms, including, but not limited to, cash, Shares (actually
or by attestation), other securities, other Awards or other property, or any combination thereof, having a Fair Market Value on
the exercise date equal to the applicable exercise price, in which, payment of the exercise price with respect thereto may be made
or deemed to have been made.

(A)       Promissory
Notes. Notwithstanding the foregoing, the Committee may not accept a promissory note as consideration.

(B)       Net
Exercises. The Committee may, in its discretion, permit an Option to be exercised by delivering to the Participant a number
of Shares having an aggregate Fair Market Value (determined as of the date of exercise) equal to the excess, if positive, of the
Fair Market Value of the Shares underlying the Option being exercised on the date of exercise, over the exercise price of the Option
for such Shares.

(iv)       Incentive
Stock Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the
grant of stock options which are intended to qualify as Incentive Stock Options:

		(A)	The aggregate number of Shares that may be issued under all Incentive Stock Options under the Plan shall be 500,000 Shares.

		(B)	The Committee will not grant Incentive Stock Options in which the aggregate Fair Market Value (determined as of the time the
Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by any Participant
during any calendar year (under this Plan and all other plans of the Company and its Affiliates) shall exceed $100,000.

		(C)	All Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by
the Board or the date this Plan was approved by the shareholders of the Company.

    

     

    
		(D)	Unless sooner exercised, all Incentive Stock Options shall expire and no longer be exercisable no later than 10 years after
the date of grant; provided, however, that in the case of a grant of an Incentive Stock Option to a Participant who, at
the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or of its Affiliates, such Incentive Stock Option shall expire and
no longer be exercisable no later than five years from the date of grant.

		(E)	The purchase price per Share for an Incentive Stock Option shall be not less than 100% of the Fair Market Value of a Share
on the date of grant of the Incentive Stock Option; provided, however, that, in the case of the grant of an Incentive Stock
Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of its Affiliates, the purchase price
per Share purchasable under an Incentive Stock Option shall be not less than 110% of the Fair Market Value of a Share on the date
of grant of the Incentive Stock Option.

		(F)	Any Incentive Stock Option authorized under the Plan shall contain such other provisions as the Committee shall deem advisable,
but shall in all events be consistent with and contain all provisions required in order to qualify the Option as an Incentive Stock
Option.

(b)       Stock
Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation Rights to Eligible Persons subject to the
terms of the Plan and any applicable Award Agreement. A Stock Appreciation Right granted under the Plan shall confer on the holder
thereof a right to receive upon exercise thereof the excess of (i) the Fair Market Value of one Share on the date of exercise over
(ii) the grant price of the Stock Appreciation Right as specified by the Committee, which price shall not be less than 100% of
the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right; provided, however, that the Committee
may designate a grant price below Fair Market Value on the date of grant if the Stock Appreciation Right is granted in substitution
for a stock appreciation right previously granted by an entity that is acquired by or merged with the Company or an Affiliate.
Subject to the terms of the Plan and any applicable Award Agreement, the grant price, term, methods of exercise, dates of exercise,
methods of settlement and any other terms and conditions of any Stock Appreciation Right shall be as determined by the Committee
(except that the term of each Stock Appreciation Right shall be subject to the same limitations in Section 6(a)(ii) applicable
to Options). The Committee may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it may
deem appropriate.

(c)       Restricted
Stock and Restricted Stock Units. The Committee is hereby authorized to grant an Award of Restricted Stock and Restricted Stock
Units to Eligible Persons with the 

    

     

    

following terms and conditions and with such additional terms and conditions not inconsistent
with the provisions of the Plan as the Committee shall determine:

		(i)	Restrictions. Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee
may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive
any dividend or other right or property with respect thereto), which restrictions may lapse separately or in combination at such
time or times, in such installments or otherwise as the Committee may deem appropriate. Notwithstanding the foregoing, rights to
dividend or Dividend Equivalent payments shall be subject to the limitations described in Section 6(e).

		(ii)	Issuance and Delivery of Shares. Any Restricted Stock granted under the Plan shall be issued at the time such Awards
are granted and may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance
of a stock certificate or certificates, which certificate or certificates shall be held by the Company or held in nominee name
by the stock transfer agent or brokerage service selected by the Company to provide such services for the Plan. Such certificate
or certificates shall be registered in the name of the Participant and shall bear an appropriate legend referring to the restrictions
applicable to such Restricted Stock. Shares representing Restricted Stock that are no longer subject to restrictions shall be delivered
(including by updating the book-entry registration) to the Participant promptly after the applicable restrictions lapse or are
waived. In the case of Restricted Stock Units, no Shares shall be issued at the time such Awards are granted. Upon the lapse or
waiver of restrictions and the restricted period relating to Restricted Stock Units evidencing the right to receive Shares, such
Shares shall be issued and delivered to the holder of the Restricted Stock Units.

		(iii)	Forfeiture. Except as otherwise determined by the Committee or as provided in an Award Agreement, upon a Participant’s
termination of employment or service or resignation or removal as a Director (in either case, as determined under criteria established
by the Committee) during the applicable restriction period, all Shares of Restricted Stock and all Restricted Stock Units held
by such Participant at such time shall be forfeited and reacquired by the Company; provided, however, that the Committee
may waive in whole or in part any or all remaining restrictions with respect to Shares of Restricted Stock or Restricted Stock
Units.

(d)       Performance
Awards. The Committee is hereby authorized to grant to Eligible Persons Performance Awards that are intended to be “qualified
performance-based compensation” within the meaning of Section 162(m). A Performance Award granted under the Plan (i) may
be denominated or payable in cash, Shares (including, without limitation, Restricted Stock and Restricted Stock Units), other securities,
other Awards or other property and (ii) shall confer on the holder thereof the right to receive payments, in whole or in part,
upon the 

    

     

    

achievement of one or more objective Performance Goals during such performance periods as the Committee shall establish.
Subject to the terms of the Plan, the Performance Goals to be achieved during any performance period, the length of any performance
period, the amount of any Performance Award granted, the amount of any payment or transfer to be made pursuant to any Performance
Award and any other terms and conditions of any Performance Award shall be determined by the Committee. Performance Awards shall
be conditioned solely on the achievement of one or more objective Performance Goals established by the Committee within the time
prescribed by Section 162(m), and shall otherwise comply with the requirements of Section 162(m), as described below.

		(i)	Timing of Designations; Duration of Performance Periods. For each Performance Award, the Committee shall, not later
than 90 days after the beginning of each performance period, (i) designate all Participants for such performance period and (ii)
establish the objective performance factors for each Participant for that performance period on the basis of one or more of the
Performance Goals, the outcome of which is substantially uncertain at the time the Committee actually establishes the Performance
Goal. The Committee shall have sole discretion to determine the applicable performance period, provided that in the case of a performance
period less than 12 months, in no event shall a performance goal be considered to be pre-established if it is established after
25 percent of the performance period (as scheduled in good faith at the time the Performance Goal is established) has elapsed.
To the extent required under Section 162(m), the terms of the objective performance factors must preclude discretion to increase
an amount paid in connection with an Award, but may permit discretion to reduce such amount.

		(ii)	Certification. Following the close of each performance period and prior to payment of any amount to a Participant with
respect to a Performance Award, the Committee shall certify in writing as to the attainment of all factors (including the performance
factors for a Participant) upon which any payments to a Participant for that performance period are to be based.

(e)       Dividend
Equivalents. The Committee is hereby authorized to grant Dividend Equivalents to Eligible Persons under which the Participant
shall be entitled to receive payments (in cash, Shares, other securities, other Awards or other property as determined in the discretion
of the Committee) equivalent to the amount of cash dividends paid by the Company to holders of Shares with respect to a number
of Shares determined by the Committee. Subject to the terms of the Plan and any applicable Award Agreement, such Dividend Equivalents
may have such terms and conditions as the Committee shall determine. Notwithstanding the foregoing, the Committee may not grant
Dividend Equivalents to Eligible Persons in connection with grants of Options, Stock Appreciation Rights or other Awards the value
of which is based solely on an increase in the value of the Shares after the date of grant of such Award

(f)       Other
Stock-Based Awards. The Committee is hereby authorized to grant to Eligible Persons such other Awards that are denominated
or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation,

    

     

    

securities convertible into Shares), as are deemed by the Committee to be consistent with the purpose of the Plan. The Committee
shall determine the terms and conditions of such Awards, subject to the terms of the Plan and any applicable Award Agreement. No
Award issued under this Section 6(f) shall contain a purchase right or an option-like exercise feature.

(g)          General.

		(i)	Consideration for Awards. Awards may be granted for no cash consideration or for any cash or other consideration as
may be determined by the Committee or required by applicable law.

		(ii)	Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone
or in addition to, in tandem with or in substitution for any other Award or any award granted under any other plan of the Company
or any Affiliate. Awards granted in addition to or in tandem with other Awards or in addition to or in tandem with awards granted
under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the
grant of such other Awards or awards.

		(iii)	Forms of Payment under Awards. Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers
to be made by the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as
the Committee shall determine (including, without limitation, cash, Shares, other securities (but excluding promissory notes),
other Awards or other property or any combination thereof), and may be made in a single payment or transfer, in installments or
on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures
may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments
or the grant or crediting of Dividend Equivalents with respect to installment or deferred payments.

		(iv)	Limits on Transfer of Awards. Except as otherwise provided by the Committee in its discretion and subject to such additional
terms and conditions as it determines, no Award (other than fully vested and unrestricted Shares issued pursuant to any Award)
and no right under any such Award shall be transferable by a Participant other than by will or by the laws of descent and distribution,
and no Award (other than fully vested and unrestricted Shares issued pursuant to any Award) or right under any such Award may be
pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall
be void and unenforceable against the Company or any Affiliate. Where the Committee does permit the transfer of an Award other
than a fully vested and unrestricted Share, such permitted transfer shall be for no value and in accordance with the rules of Form
S-8. The Committee may 
	

    

     

    

	 	 	also establish procedures as it deems appropriate for a Participant to designate a person or persons, as
beneficiary or beneficiaries, to exercise the rights of the Participant and receive any property distributable with respect to
any Award in the event of the Participant’s death.

		(v)	Restrictions; Securities Exchange Listing. All Shares or other securities delivered under the Plan pursuant to any Award
or the exercise thereof shall be subject to such restrictions as the Committee may deem advisable under the Plan, applicable federal
or state securities laws and regulatory requirements, and the Committee may cause appropriate entries to be made with respect to,
or legends to be placed on the certificates for, such Shares or other securities to reflect such restrictions. The Company shall
not be required to deliver any Shares or other securities covered by an Award unless and until the requirements of any federal
or state securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by
the Company to be applicable are satisfied.

		(vi)	Prohibition on Option and Stock Appreciation Right Repricing. Except as provided in Section 4(c) hereof, the Committee
may not, without prior approval of the Company’s shareholders, seek to effect any re-pricing of any previously granted, “underwater”
Option or Stock Appreciation Right by: (i) amending or modifying the terms of the Option or Stock Appreciation Right to lower the
exercise price; (ii) canceling the underwater Option or Stock Appreciation Right and granting either (A) replacement Options or
Stock Appreciation Rights having a lower exercise price; or (B) Restricted Stock, Restricted Stock Units, Performance Award or
Other Stock-Based Award in exchange; or (iii) cancelling or repurchasing the underwater Option or Stock Appreciation Right for
cash or other securities. An Option or Stock Appreciation Right will be deemed to be “underwater” at any time when
the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award.

		(vii)	Section 409A Provisions. Notwithstanding anything in the Plan or any Award Agreement to the contrary, to the extent
that any amount or benefit that constitutes “deferred compensation” to a Participant under Section 409A and applicable
guidance thereunder is otherwise payable or distributable to a Participant under the Plan or any Award Agreement solely by reason
of the occurrence of a change in control or due to the Participant’s disability or “separation from service”
(as such term is defined under Section 409A), such amount or benefit will not be payable or distributable to the Participant by
reason of such circumstance unless the Committee determines in good faith that (i) the circumstances giving rise to such change
in control event, disability or separation from service meet the definition of a change in control event, disability, or separation
from service, as the case may be, in Section 409A(a)(2)(A) of the Code 
	

    

     

    

	 	 	and applicable proposed or final regulations, or (ii) the
payment or distribution of such amount or benefit would be exempt from the application of Section 409A by reason of the short-term
deferral exemption or otherwise. Any payment or distribution that otherwise would be made to a Participant who is a Specified Employee
(as determined by the Committee in good faith) on account of separation from service may not be made before the date which is six
months after the date of the Specified Employee’s separation from service (or if earlier, upon the Specified Employee’s
death) unless the payment or distribution is exempt from the application of Section 409A by reason of the short-term deferral exemption
or otherwise.

		(viii)	Acceleration of Vesting or Exercisability. No Award Agreement shall accelerate the exercisability of any Award or the
lapse of restrictions relating to any Award in connection with a change-in-control event unless such acceleration occurs upon the
consummation of (or effective immediately prior to the consummation of, provided that the consummation subsequently occurs) such
change-in-control event.

Section 7.      Amendment and Termination;
Corrections

(a)       Amendments
to the Plan and Awards. The Board may from time to time amend, suspend or terminate this Plan, and the Committee may amend
the terms of any previously granted Award, provided that no amendment to the terms of any previously granted Award may, (except
as expressly provided in the Plan) materially and adversely alter or impair the terms or conditions of the Award previously granted
to a Participant under this Plan without the written consent of the Participant or holder thereof. Any amendment to this Plan,
or to the terms of any Award previously granted, is subject to compliance with all applicable laws, rules, regulations and policies
of any applicable governmental entity or securities exchange, including receipt of any required approval from the governmental
entity or stock exchange. For greater certainty and without limiting the foregoing, the Board may amend, suspend, terminate or
discontinue the Plan, and the Committee may amend or alter any previously granted Award, as applicable, without obtaining the approval
of shareholders of the Company in order to:

		(i)	amend the eligibility for, and limitations or conditions imposed upon, participation in the Plan;

		(ii)	amend any terms relating to the granting or exercise of Awards, including but not limited to terms relating to the amount and
payment of the exercise price, or the vesting, expiry, assignment or adjustment of Awards, or otherwise waive any conditions of
or rights of the Company under any outstanding Award, prospectively or retroactively;

		(iii)	make changes that are necessary or desirable to comply with applicable laws, rules, regulations and policies of any applicable
governmental entity or stock exchange (including amendments to Awards necessary or desirable to avoid any adverse tax results under
Section 409A), and no action taken to comply shall be deemed to impair or otherwise adversely 
	

    

     

    

	 	 	alter or impair the rights of any
holder of an Award or beneficiary thereof; or

		(iv)	amend any terms relating to the administration of the Plan, including the terms of any administrative guidelines or other rules
related to the Plan.

For greater certainty, prior approval
of the shareholders of the Company shall be required for any amendment to the Plan or an Award that would:

		(i)	require stockholder approval under the rules or regulations of the Securities and Exchange Commission, the New York Stock Exchange
or any other securities exchange that are applicable to the Company;

		(ii)	increase the number of shares authorized under the Plan as specified in Section 4(a) of the Plan;

		(iii)	increase the number of shares or value subject to the limitations contained in Section 4(d) of the Plan or otherwise cause
the Section 162(m) exemption for qualified performance-based compensation to become unavailable with respect to the Plan;

		(iv)	permit repricing of Options or Stock Appreciation Rights, which is currently prohibited by Section 6(g)(vi) of the Plan;

		(v)	permit the award of Options or Stock Appreciation Rights at a price less than 100% of the Fair Market Value of a Share on the
date of grant of such Option or Stock Appreciation Right, contrary to the provisions of Section 6(a)(i) and Section 6(b) of the
Plan; or

		(vi)	increase the maximum term permitted for Options and Stock Appreciation Rights as specified in Section 6(a)(ii) and Section
6(b).

(b)       Corporate
Transactions. In the event of any reorganization, merger, consolidation, split-up, spin-off, combination, plan of arrangement,
take-over bid or tender offer, repurchase or exchange of Shares or other securities of the Company or any other similar corporate
transaction or event involving the Company (or the Company shall enter into a written agreement to undergo such a transaction or
event), the Committee or the Board may, in its sole discretion, provide for any of the following to be effective upon the consummation
of the event (or effective immediately prior to the consummation of the event, provided that the consummation of the event subsequently
occurs), and no action taken under this Section 7(b) shall be deemed to impair or otherwise adversely alter the rights of any holder
of an Award or beneficiary thereof:

		(i)	either (A) termination of the Award, whether or not vested, in exchange for an amount of cash and/or other property, if any,
equal to the amount that would have been attained upon the exercise of the vested portion of the Award or realization of the Participant’s
vested rights (and, for the avoidance of doubt, if, as of the date of the occurrence of the transaction 
	

    

     

    

	 	 	or event described in this
Section 7(b)(i)(A), the Committee or the Board determines in good faith that no amount would have been attained upon the exercise
of the Award or realization of the Participant’s rights, then the Award may be terminated by the Company without any payment)
or (B) the replacement of the Award with other rights or property selected by the Committee or the Board, in its sole discretion;

		(ii)	that the Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices;

		(iii)	that, subject to Section 6(g)(viii), the Award shall be exercisable or payable or fully vested with respect to all Shares covered
thereby, notwithstanding anything to the contrary in the applicable Award Agreement; or

		(iv)	that the Award cannot vest, be exercised or become payable after a date certain in the future, which may be the effective date
of the event.

(c)       Correction
of Defects, Omissions and Inconsistencies. The Committee may, without prior approval of the shareholders of the Company, correct
any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award or Award Agreement in the manner and
to the extent it shall deem desirable to implement or maintain the effectiveness of the Plan.

Section 8.      Income Tax Withholding

In order to comply with all applicable
federal, state, local or foreign income tax laws or regulations, the Company may take such action as it deems appropriate to ensure
that all applicable federal, state, local or foreign payroll, withholding, income or other taxes, which are the sole and absolute
responsibility of a Participant, are withheld or collected from such Participant. In order to assist a Participant in paying all
or a portion of the applicable taxes to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating
to) an Award, the Committee, in its discretion and subject to such additional terms and conditions as it may adopt, may permit
the Participant to satisfy such tax obligation by (a) electing to have the Company withhold a portion of the Shares otherwise to
be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to
the amount of such taxes (but only to the extent necessary to satisfy minimum statutory withholding requirements if required by
ASC Topic 718 to avoid adverse accounting treatment) or (b) delivering to the Company Shares other than Shares issuable upon exercise
or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes.
The election, if any, must be made on or before the date that the amount of tax to be withheld is determined.

    

     

    

 

Section 9.      General Provisions

(a)       No
Rights to Awards. No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan,
and there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders or beneficiaries of Awards
under the Plan. The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different
Participants.

(b)       Award
Agreements. No Participant shall have rights under an Award granted to such Participant unless and until an Award Agreement
shall have been signed by the Participant (if requested by the Company), or until such Award Agreement is delivered and accepted
through an electronic medium in accordance with procedures established by the Company. An Award Agreement need not be signed by
a representative of the Company unless required by the Committee. Each Award Agreement shall be subject to the applicable terms
and conditions of the Plan and any other terms and conditions (not inconsistent with the Plan) determined by the Committee.

(c)       Plan
Provisions Control. In the event that any provision of an Award Agreement conflicts with or is inconsistent in any respect
with the terms of the Plan as set forth herein or subsequently amended, the terms of the Plan shall control.

(d)       No
Rights of Shareholders. Except with respect to Shares issued under Awards (and subject to such conditions as the Committee
may impose on such Awards pursuant to Section 6(c)(i) or Section 6(e)), neither a Participant nor the Participant’s legal
representative shall be, or have any of the rights and privileges of, a shareholder of the Company with respect to any Shares issuable
upon the exercise or payment of any Award, in whole or in part, unless and until such Shares have been issued.

(e)       No
Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting
or continuing in effect other or additional compensation plans or arrangements, and such plans or arrangements may be either generally
applicable or applicable only in specific cases.

(f)       No
Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained as an employee
of the Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate a Participant’s
employment at any time, with or without cause, in accordance with applicable law. In addition, the Company or an Affiliate may
at any time dismiss a Participant from employment free from any liability or any claim under the Plan or any Award, unless otherwise
expressly provided in the Plan or in any Award Agreement. Nothing in this Plan shall confer on any person any legal or equitable
right against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against
the Company or an Affiliate. Under no circumstances shall any person ceasing to be an employee of the Company or any Affiliate
be entitled to any compensation for any loss of any right or benefit under the Plan which such employee might otherwise have enjoyed
but for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach
of contract or otherwise. By participating in the Plan, each Participant shall be deemed to have accepted all the conditions 

    

     

    

of
the Plan and the terms and conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.

(g)       Governing
Law. The internal law, and not the law of conflicts, of the State of North Dakota shall govern all questions concerning the
validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or any Award.

(h)       Severability.
If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction
or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or
deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of
the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.

(i)       No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To the extent that
any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no
greater than the right of any unsecured general creditor of the Company or any Affiliate.

(j)       Other
Benefits. No compensation or benefit awarded to or realized by any Participant under the Plan shall be included for the purpose
of computing such Participant’s compensation or benefits under any pension, retirement, savings, profit sharing, group insurance,
disability, severance, termination pay, welfare or other benefit plan of the Company, unless required by law or otherwise provided
by such other plan.

(k)       No
Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash shall be paid in lieu of any fractional Share or whether such fractional Share or any rights thereto shall
be canceled, terminated or otherwise eliminated.

(l)       Headings.
Headings are given to the sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall
not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

Section 10.      Claw-back or Recoupment

All Awards under this Plan shall be subject
to recovery or other penalties pursuant to (i) any Company claw-back policy, as may be adopted or amended from time to time, or
(ii) any applicable law, rule or regulation or applicable stock exchange rule, including, without limitation, Section 304 of the
Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any applicable stock
exchange listing rule adopted pursuant thereto.

    

     

    

 

Section 11.      Effective Date of the
Plan

The Plan was adopted by the Board at
the NI Holdings, Inc. Board meeting on July 10, 2017. The Plan shall be subject to approval by the shareholders of the Company
at the annual meeting of shareholders of the Company to be held on September 15, 2017, and the Plan shall be effective as of the
date of such shareholder approval.

Section 12.      Term of the Plan

No Award shall be granted under the Plan,
and the Plan shall terminate, on July 10, 2027 or any earlier date of discontinuation or termination established pursuant to Section
7(a) of the Plan; provided, however, that no Performance Award shall be granted under the Plan after the first stockholder
meeting to occur in the fifth year following the year in which stockholders approved the Performance Goals unless and until the
Performance Goals or the Plan is re-approved by the stockholders. Unless otherwise expressly provided in the Plan or in an applicable
Award Agreement, any Award theretofore granted may extend beyond such dates, and the authority of the Committee provided for hereunder
with respect to the Plan and any Awards, and the authority of the Board to amend the Plan, shall extend beyond the termination
of the Plan.

 

    

     

    

 

 

The foregoing is hereby acknowledged as being the NI Holdings, Inc.
2017 Stock and Incentive Plan as adopted by the Board of Directors on July 10, 2017 and by the shareholders on September 15, 2017.

 

	 	NI Holdings, Inc.
	 	 
	 	 
	 	By:	/s/ Michael J. Alexander
	 	 	Michael J. Alexander
	 	 	President and Chief Executive OfficerExhibit

Exhibit 10.1
EXECUTION VERSION

AMENDMENT NO. 2 dated as of September 15, 2017 (this “Amendment”), to the CREDIT AGREEMENT dated as of April 20, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among COMPASS MINERALS INTERNATIONAL, INC., a Delaware corporation (the “US Borrower”), COMPASS MINERALS CANADA CORP., a corporation continued and amalgamated under the laws of the province of Nova Scotia, Canada (the “Canadian Borrower”), COMPASS MINERALS UK LIMITED, a company incorporated under the laws of England and Wales (the “UK Borrower” and, together with the US Borrower and the Canadian Borrower, the “Borrowers”), the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”) and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders and as collateral agent for the Secured Parties.  Capitalized terms used in this Amendment but not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.
WHEREAS pursuant to the Credit Agreement, the Lenders have agreed to extend credit to the Borrowers on the terms and subject to the conditions set forth therein;
WHEREAS the Borrowers have requested that the Lenders amend certain provisions of the Credit Agreement; and
WHEREAS the Required Lenders are willing to make such amendments to the Credit Agreement, on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:
SECTION 1.    Amendments to the Credit Agreement.
(a)  Section 1.01 of the Credit Agreement is hereby amended by inserting the following sentence at the end of the first paragraph of the definition of the term “Applicable Margin”:
“Notwithstanding anything to the contrary contained in this definition, if the applicable Consolidated Total Leverage Ratio, as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 5.02, is greater than 4.50:1.00, then the Applicable Margin shall be set at Level V (irrespective of the applicable Ratings Level), effective during the period commencing on and including the date of receipt by the Administrative Agent of such Compliance Certificate and ending on the date immediately preceding the receipt by the 

2

Administrative Agent of the next subsequent Compliance Certificate with an applicable Consolidated Total Leverage Ratio less than or equal to 4.50:1.00 pursuant to Section 5.02.”

(b)  Section 6.13(a) of the Credit Agreement is hereby amended and restated as follows:
“Consolidated Total Net Leverage Ratio. Commencing with the first fiscal quarter ending after the Closing Date, permit the Consolidated Total Net Leverage Ratio on the last day of the fiscal quarter set forth below to be greater than the ratio set forth opposite such date:

	
		
	Fiscal Quarter End
	Consolidated Total Net Leverage Ratio

	June 30, 2016
	4.50:1.00

	September 30, 2016
	4.50:1.00

	December 31, 2016
	4.50:1.00

	March 31, 2017
	4.50:1.00

	June 30, 2017
	4.50:1.00

	September 30, 2017
	5.00:1.00

	December 31, 2017
	5.00:1.00

	March 31, 2018
	5.00:1.00

	June 30, 2018
	5.00:1.00

	September 30, 2018
	5.00:1.00

	December 31, 2018 and the last day of each fiscal quarter ending thereafter
	4.50:1.00

SECTION 2.      Representations and Warranties.  Each Borrower represents and warrants to the Administrative Agent and to each of the Lenders that this Amendment has been duly authorized, executed and delivered by an authorized officer of such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, regardless of whether considered in a proceeding in equity or at law.
SECTION 3.      Effectiveness.  This Amendment shall become effective as of the date (the “Amendment Effective Date”):

        

3

(a)  the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of each Borrower, the Administrative Agent and the Required Lenders;
(b)  as of the Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing;
(c)  each representation and warranty set forth in Section 2 hereof and each other representation and warranty made by any Loan Party in or pursuant to the Loan Documents is true and correct in all material respects on and as of the Amendment Effective Date, except to the extent such representation and warranty expressly relates to an earlier date (in which case such representation and warranty is true and correct in all material respects as of such earlier date); provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language is true and correct (after giving effect to any qualification therein) in all respects on such respective dates; and
(d)  the fees and expenses required to be paid pursuant to Section 7 hereof shall have been paid on or substantially simultaneously with (but in no event later than) the Amendment Effective Date.
SECTION 4.      Credit Agreement.  Except as expressly set forth herein, this Amendment (a) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the US Borrower or any other Loan Party under the Credit Agreement or any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle the US Borrower or any other Loan Party to any future consent to, or waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  After the date hereof, any reference in the Loan Documents to the Credit Agreement shall mean the Credit Agreement as modified hereby.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 5.      Applicable Law; Submission to Jurisdiction and Waivers; Waiver of Jury Trial.  (a)  THIS AMENDMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW.

        

4

(b)  EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.13 AND 9.16 OF THE CREDIT AGREEMENT AS IF SUCH SECTIONS WERE SET FORTH IN FULL HEREIN.
SECTION 6.      Counterparts; Amendment.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts (including by facsimile or other electronic means), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by facsimile or other electronic transmission (e.g. “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof.  This Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by each Borrower, the Administrative Agent and the Required Lenders.
SECTION 7.      Fee; Expenses.  (a)  The US Borrower hereby agrees to pay to the Administrative Agent, for the account of each Lender that returns a copy of this Amendment duly executed by such Lender prior to 5:00 p.m., New York City time, on September 15, 2017, an amendment fee (the “Amendment Fee”) equal to 0.05% of the sum of (i) the aggregate principal amount of the Term Loans of such Lender and (ii) the aggregate amount of the Revolving Commitments of such Lender, in each case immediately prior to the Amendment Effective Date.  The Amendment Fee will be paid in immediately available funds on, and subject to the occurrence of, the Amendment Effective Date and shall not be refundable.
(b)  The US Borrower hereby agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment to the extent required under Section 9.05 of the Credit Agreement.
SECTION 8.      Headings.  The Section headings used in this Amendment are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

[Signature Pages Follow]

        

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first written above.

	
		
	COMPASS MINERALS INTERNATIONAL, INC.

	By

	 
	/s/ James D. Standen

	 
	Name:  James D. Standen

	 
	Title:  Chief Financial Officer

	
		
	COMPASS MINERALS CANADA CORP.

	By

	 
	/s/ James D. Standen

	 
	Name:  James D. Standen

	 
	Title:  Chief Financial Officer

	
		
	COMPASS MINERALS UK LIMITED

	By

	 
	/s/ Gordon Dunn

	 
	Name:  Gordon Dunn

	 
	Title:  Director

[Compass – Amendment No. 2 Signature Page]

        

	
		
	JPMORGAN CHASE BANK, N.A., in its respective capacities as Administrative Agent, a Revolving Lender and a Term Lender

	By

	 
	/s/ James Shender

	 
	Name:  James Shender

	 
	Title:  Vice President

	 
	 

	 
	 

[Compass – Amendment No. 2 Signature Page]

        

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	Bank of America, N.A.

	Lender Name

	
		
	 

	By:
	/s/ Dianne M. Smith

	 
	Name:  Dianne M. Smith

	 
	Title:  SVP

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	THE BANK OF NOVA SCOTIA

	Lender Name

	
		
	 

	By:
	/s/ Sangeeta Shah

	 
	Name:  Sangeeta Shah

	 
	Title:  Director

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	Fifth Third Bank

	Lender Name

	
		
	 

	By:
	/s/ Christopher Mosley

	 
	Name:  Christopher Mosley

	 
	Title:  VP

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	PNC BANK NATIONAL ASSOCIATION

	Lender Name

	
		
	 

	By:
	/s/ Matt Corcoran

	 
	Name:  Matt Corcoran

	 
	Title:  Senior Vice President

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	Bank of Montreal

	Lender Name

	
		
	 

	By:
	/s/ Sean P. Gallaway

	 
	Name:  Sean P. Gallaway

	 
	Title:  Director

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	Bank of Montreal

	Lender Name

	
		
	 

	By:
	/s/ Patrick Hartweger

	 
	Name:  Patrick Hartweger

	 
	Title:  Managing Director

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	Bank of Montreal, London Branch

	Lender Name

	
		
	 

	By:
	/s/ Tom Woolgar

	 
	Name:  Tom Woolgar

	 
	Title:  Managing Director

For Lenders that require an additional signature:

	
		
	 

	By:
	/s/ Jeff Couch

	 
	Name:  Jeff Couch

	 
	Title:  Head I&CB Europe

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	MORGAN STANELY BANK, N.A.

	Lender Name

	
		
	 

	By:
	/s/ Patrick Layton

	 
	Name:  Patrick Layton

	 
	Title:  Authorized Signatory

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	BRANCH BANKING AND TRUST COMPANY

	Lender Name

	
		
	 

	By:
	/s/ John P. Malloy

	 
	Name:  John P. Malloy

	 
	Title:  Senior Vice President

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	GOLDMAN SACHS LENDING PARTNERS LLC

	Lender Name

	
		
	 

	By:
	/s/ David Cirigliano

	 
	Name:  David Cirigliano

	 
	Title:  Authorized Signatory

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	Lloyds Bank plc

	Lender Name

	
			
	 
	 

	By:
	/s/ Daven Popat

	 
	Name:
	Daven Popat

	 
	Title:
	Senior Vice President

	 
	 
	Transaction Execution

	 
	 
	Category A

	 
	 
	P003

For Lenders that require an additional signature:

	
			
	 
	 

	By:
	/s/ Joel Slomko

	 
	Name:
	Joel Slomko

	 
	Title:
	Senior Vice President

	 
	 
	Assistant Vice President

	 
	 
	Category A

	 
	 
	S088

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	Amalgamated Bank

	Lender Name

	
		
	 

	By:
	/s/ Jackson Eng

	 
	Name:  Jackson Eng

	 
	Title:  Senior Vice President

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	BOKF N.A.

	Lender Name

	
		
	 

	By:
	/s/ Ryan W. Humphrey

	 
	Name:  Ryan W. Humphrey

	 
	Title:  Vice President

For Lenders that require an additional signature:

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

[Compass – Amendment No. 2 Signature Page]

LENDER SIGNATURE PAGE TO THE AMENDMENT NO. 2 TO THE CREDIT AGREEMENT DATED AS OF APRIL 20, 2016, AMONG COMPASS MINERALS INTERNATIONAL, INC., COMPASS MINERALS CANADA CORP., COMPASS MINERALS UK LIMITED, THE SEVERAL BANKS AND OTHER FINANCIAL INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

	
	
	U.S. Bank National Association

	Lender Name

	
		
	 

	By:
	/s/ Tim Landro

	 
	Name:  Tim Landro

	 
	Title:  Vice President

[Compass – Amendment No. 2 Signature Page]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]