Document:

Reorganization Agreement

 Exhibit 10.1 
  
 REORGANIZATION AGREEMENT 
  
 THIS REORGANIZATION AGREEMENT, dated as of September 1, 2005, is entered into by and among Terra Nitrogen Company, L.P., a Delaware limited partnership
(the “MLP”), Terra Nitrogen, Limited Partnership, a Delaware limited partnership (the “OLP”) and Terra Nitrogen Corporation, a Delaware corporation (the “General Partner”). 
  
 RECITALS 
  
 WHEREAS, each of the MLP and the OLP were formed under the Delaware Revised Uniform Limited Partnership Act (the
“Delaware Act”) and the General Partner acts as sole general partner of each of the MLP and the OLP; 
  
 WHEREAS, the General Partner owns a 1/99ths general partner interest in the MLP and a 1.00% general partner interest in the OLP; 
  
 WHEREAS, the Board of Directors of the General Partner has determined that it
would be in the best interests of the General Partner and the MLP to change the General Partner’s general partner interests in the OLP and the MLP into (i) a cumulative 0.05% general partner interest in such entities, (ii) an additional 0.975%
limited partner interest in the OLP and (iii) an additional 0.975/99ths limited partner interest in the MLP; 
  
 WHEREAS, the General Partner has the authority to adopt certain amendments to the MLP Partnership Agreement (as defined herein) without the approval of
any limited partner or assignee thereof to reflect, among other things: (i) subject to the terms of Section 4.4 of the MLP Partnership Agreement, any change that is necessary or desirable in connection with the authorization for issuance of any
class or series of securities of the MLP pursuant to Section 4.4 of the MLP Partnership Agreement and (ii) a change that, in the sole discretion of the General Partner, does not adversely affect the limited partners in any material respect;

  
 NOW, THEREFORE, in consideration of their mutual undertakings
and agreements hereunder, the parties to this Agreement undertake and agree as follows: 
  
 ARTICLE I 
 Definitions 
  
 1.1 Definitions. In addition to the capitalized terms defined in the opening paragraph of this Agreement, the
following capitalized terms shall have the meanings given below. 
  
 “Agreement” means this Reorganization Agreement. 
  
 “Delaware Act” has the meaning assigned to such term in the Recitals to this Agreement. 
  
 “First Amended and Restated MLP Partnership
Agreement” has the meaning set forth in Section 3.1. 

 “First Amended and Restated OLP Partnership Agreement” has the meaning
set forth in Section 3.2 
  
 “General
Partner Units” has the meaning assigned to such term in the First Amended and Restated MLP Partnership Agreement 
  
 “Laws” means any and all laws, statutes, ordinances, rules or regulations promulgated by a governmental authority, orders
of a governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court. 
  
 “MLP Partnership Agreement” means the Agreement of Limited Partnership of Terra Nitrogen Company, L.P. (formerly known as
Agricultural Minerals Company, L.P.) dated as of December 4, 1991, as the same may be amended or restated pursuant to the terms hereof. 
  
 “Revised General Partner Interests” means the Revised MLP General Partner Interest and the Revised OLP General Partner
Interest. 
  
 “Revised MLP General
Partner Interest” has the meaning set forth in Section 2.2. 
  
 “Revised MLP Limited Partner Interest” has the meaning set forth in Section 2.2. 
  
 “Revised OLP General Partner Interest” has the meaning set forth in Section 2.1. 
  
 “Revised OLP Limited Partner Interest” has
the meaning set forth in Section 2.1. 
  
 “OLP Partnership Agreement” means the Agreement of Limited Partnership of Terra Nitrogen, Limited Partnership dated as of December 4, 1991, as the same may be amended or restated pursuant to the terms hereof. 
  
 Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed in the First Amended and Restated MLP Partnership Agreement. 
  
 ARTICLE II 
 Change of Partnership Interests 
  
 2.1 Change of OLP Interests. Effective immediately and without
further action, the 1% general partner interest of the General Partner in the OLP shall be changed into, and shall become, (a) a 0.025% general partner interest in the OLP (the “Revised OLP General Partner Interest”) and (b) 0.975%
limited partner interest in the OLP (the “Revised OLP Limited Partner Interest”). 
  
 2.2 Change of MLP Interests. Effective immediately and without further action, the 1/99ths general partner interest of the General Partner in the
MLP shall be changed into, and shall become, (a) a 0.025/99ths general partner interest in the MLP represented by 4,720 General Partner Units of the MLP (the “Revised MLP General Partner Interest”) and (b) a 0.975/99ths limited
partner interest in the MLP represented by 184,072 Class B Common Units of the MLP (the “Revised MLP Limited Partner Interest”). 
  

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 ARTICLE III 
 Amendments to Partnership Agreements 
  
 3.1 Amendments to the MLP Partnership Agreement. In order to further the purposes and intent of this Agreement and to evidence the change of the general partner interest in the MLP into the Revised MLP Limited
Partner Interest and the Revised MLP General Partner Interest, the General Partner, as general partner of the MLP, having determined that the amendments would not adversely affect the limited partners of the MLP in any material respect, hereby
exercises its rights and powers to amend the MLP Partnership Agreement without the approval of any limited partner or assignee pursuant to Section 15.1(d)(i) of the MLP Partnership Agreement and in accordance with Article XV of the MLP Partnership
Agreement hereby amends and restates the MLP Partnership Agreement in its entirety in the form attached hereto as Exhibit A (the “First Amended and Restated MLP Partnership Agreement”). 
  
 3.2 Amendments to the OLP Partnership Agreement. In order to further
the purposes and intent of this Agreement and to evidence the change of the general partner interest in the OLP into the Revised OLP Limited Partner Interest and the Revised OLP General Partner Interest, the General Partner, as general partner of
the OLP, and the MLP, as limited partner of the OLP, in accordance with Article XIV of the OLP Partnership Agreement, hereby amend and restate the OLP Partnership Agreement in its entirety in the form attached hereto as Exhibit B (the
“First Amended and Restated OLP Partnership Agreement”). 
  
 ARTICLE IV 
 Miscellaneous 
  
 4.1 Other Assurances. From time to time after the date hereof, and without any further consideration, each of the
parties to this Agreement shall execute, acknowledge and deliver all such additional instruments, notices and other documents, and will do all such other acts and things, all in accordance with applicable law, as may be necessary or appropriate to
more fully and effectively carry out the purposes and intent of this Agreement. 
  

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 4.2 Headings; References; Interpretation. All Article and Section headings in this Agreement are
for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this
Agreement, shall refer to this Agreement as a whole, including without limitation, all Exhibits attached hereto, and not to any particular provision of this Agreement. All references herein to Articles, Sections, and Exhibits shall, unless the
context requires a different construction, be deemed to be references to the Articles, Sections and Exhibits of this Agreement, respectively, and all such Exhibits attached hereto are hereby incorporated herein and made a part hereof for all
purposes. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The use herein of the word
“including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether
or not non-limiting language (such as “without limitation,” “but not limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably
fall within the broadest possible scope of such general statement, term or matter. 
  
 4.3 Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of the parties signatory hereto and their respective successors and assigns. 
  
 4.4 No Third-Party Rights. The provisions of this Agreement are
intended to bind the parties signatory hereto as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third-party
beneficiary of any of the provisions of this Agreement. 
  
 4.5
Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement binding on the parties hereto. 
  
 4.6 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware applicable to contracts made and to be performed wholly within such state without giving effect to conflict of law principles thereof, except to the extent that it is mandatory that the law of some other jurisdiction, wherein the
contributed assets are deemed located, shall apply. 
  
 4.7
Severability. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws of any political body having jurisdiction over the subject matter hereof, such
contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and
necessary provision added so as to give effect to the intention of the parties as expressed in this Agreement at the time of execution of this Agreement. 
  
 4.8 Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the parties hereto.

  

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 4.9 Integration. This Agreement supersedes all previous understandings or agreements between the
parties, whether oral or written, with respect to its subject matter. This document is an integrated agreement which contains the entire understanding of the parties. No understanding, representation, promise or agreement, whether oral or written,
is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the parties hereto after the date of this Agreement. 
  
 [Remainder of This Page Intentionally Left Blank.] 
  

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 EXHIBIT A 
  

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first above written. 
  

			
	 TERRA NITROGEN COMPANY, L.P., a
 Delaware limited partnership

		
	By:	 	Terra Nitrogen Corporation, a Delaware corporation, as general partner
		
	By:	 	/s/    FRANCIS G. MEYER        
	 Name:
	 	Francis G. Meyer
	 Title:
	 	Vice President
	
	TERRA NITROGEN, LIMITED PARTNERSHIP,
a Delaware limited partnership
		
	By:	 	Terra Nitrogen Corporation, a Delaware corporation, as general partner
		
	By:	 	/s/    FRANCIS G. MEYER        
	 Name:
	 	Francis G. Meyer
	 Title:
	 	Vice President
	
	 TERRA NITROGEN CORPORATION, a
 Delaware
corporation

		
	By:	 	/s/    FRANCIS G. MEYER        
	 Name:
	 	Francis G. Meyer
	 Title:
	 	Vice PresidentConveyance, Assignment & Assumption Agreement

 Exhibit 10.2 
  
 CONVEYANCE, ASSIGNMENT AND ASSUMPTION AGREEMENT 
  
 This CONVEYANCE, ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”), dated as of September 1, 2005 is made by and between Terra Nitrogen
Corporation, a Delaware corporation (the “Company”), and Terra Nitrogen GP Inc., a Delaware corporation (“New GP”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company holds a 0.025/99ths general partner interest represented by 4,720 General Partner Units (the “MLP
GP Interest”) in Terra Nitrogen Company, L.P., a Delaware limited partnership (the “Partnership”), and serves as the sole general partner of the Partnership; and 
  
 WHEREAS, the Company holds (i) a 0.025% general partner interest (the “OLP GP Interest”) in Terra Nitrogen,
Limited Partnership, a Delaware Limited Partnership (the “Operating Partnership”), and serves as the sole general partner of the Operating Partnership; and 
  
 WHEREAS, the Company desires to transfer the MLP GP Interest and the OLP GP Interest to New GP, and New GP desires to assume
the role of successor general partner of (i) the Partnership under the First Amended and Restated Agreement of Limited Partnership, dated as of the date hereof (the “MLP Partnership Agreement”) and (ii) the Operating Partnership under its
Amended and Restated Agreement of Limited Partnership, dated as of the date hereof (the “OLP Partnership Agreement”); and 
  
 WHEREAS, Section 11.2 of the MLP Partnership Agreement allows the Company to transfer the MLP GP Interest to New GP, subject to the receipt of an opinion
of counsel that such transfer would not result in the loss of limited liability of any limited partner of the Partnership or of any limited partner of the Operating Partnership or cause the Partnership or the Operating Partnership to be taxable as a
corporation or otherwise treated as an association taxable as a corporation for federal income tax purposes; and 
  
 WHEREAS, Section 11.2(b) of the MLP Partnership Agreement provides that any transferee of the MLP GP Interest pursuant to Section 11.2 who is proposed as
successor general partner of the Partnership shall automatically be admitted to the Partnership as successor general partner of the Partnership; and 
  
 WHEREAS, Section 10.2 of the OLP Partnership Agreement allows the Company to transfer the OLP GP Interest to New GP, subject to the receipt of an opinion
of counsel that such transfer would not result in the loss of limited liability of the limited partners of the Operating Partnership or cause the Operating Partnership to be taxable as a corporation or otherwise treated as an association taxable as
a corporation for federal income tax purposes; and 
  
 WHEREAS,
Section 10.2 of OLP Partnership Agreement provides that any transferee of the OLP GP Interest pursuant to Section 10.2 who is proposed as successor general partner of the 

 
Operating Partnership shall automatically be admitted to the relevant Operating Partnership as successor general partner of such Operating Partnership.

  
 WHEREAS, the Company proposes to transfer the OLP GP Interest
and MLP GP Interest (collectively, the “GP Interests”) to New GP and that New GP be admitted immediately prior to such transfer as general partner of the Operating Partnership and Partnership. 
  
 NOW THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
  
 1. Transfer and Assignment of GP Interests. The Company hereby grants, bargains, conveys, assigns, transfers and
delivers the GP Interests to New GP, and its successors and assigns, and New GP hereby accepts such GP Interests, in exchange for $395,000, at and as of the date hereof. 
  
 2. Transfer and Assignment of Incentive Distribution Rights. New GP hereby grants, bargains, conveys, assigns,
transfers and delivers the right of New GP to the proceeds of any and all distributions it may receive under the allocation specifically to the “General Partner” in Sections 5.4 (D), (E) or (F) of the MLP Partnership Agreement (i.e.
13/99ths of all cash distributed under Section 5.4(D), 23/99ths of all cash distributed under Section 5.4(E) and 48/99ths of all cash distributed under Section 5.4(F), the “Incentive Distribution Rights”) to the Company and its successors
and assigns, and the Company hereby accepts such Incentive Distribution Rights. 
  
 3. Assumption of General Partner Status. New GP accepts and agrees to duly and timely pay, perform and discharge the rights, duties and obligations of general partner of the Partnership and all of the terms and
conditions of the MLP Partnership Agreement in accordance with Section 11.2 of the MLP Partnership Agreement, and New GP agrees to serve as general partner of the Partnership and to be bound by the MLP Partnership Agreement, as it may be further
amended. New GP accepts and agrees to duly and timely pay, perform and discharge the rights, duties and obligations of general partner of the Operating Partnership and all of the terms and conditions of the OLP Partnership Agreement in accordance
with Section 10.2 of the OLP Partnership Agreement, and New GP agrees to serve as general partner of the Operating Partnership and to be bound by the OLP Partnership Agreement, as it may be further amended. 
  
 4. Assumption of Liabilities. As consideration for the grant, bargain,
conveyance, assignment, transfer and delivery made under Section 1 hereof New GP assumes and agrees to duly and timely pay, perform and discharge all liabilities and obligations of the Operating Partnership and the Partnership to the full extent
(and only to the extent) that the Company, as general partner of the Operating Partnership and Partnership, respectively, has been heretofore or would have been in the future, were it not for the execution and delivery of this Agreement, obligated
to pay, perform and discharge such liabilities and obligations. (the “Liabilities”). New GP hereby agrees to indemnify, defend and hold harmless the Company, its successors and assigns, of and from any and all costs, liabilities and
expense, including court costs and attorneys fees, arising from or connected with the Liabilities hereby assumed. 
  

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 5. Further Assurances. The parties hereto hereby each covenant and agree that, at any time and
from time to time after the delivery of this Agreement, at the other party’s request and expense, each party, its successors and assigns, will do, execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and delivered,
any and all such further acts, conveyances, transfers, assignments, powers of attorney and assurances as the other party reasonably may require to more effectively grant, convey, assign, transfer, set over to or vest in New GP the GP Interests, or
to better enable New GP to realize upon or otherwise enjoy the GP Interests, to effect the assumption by New GP of the Liabilities or to otherwise carry into effect the intent and purposes of this Agreement. 
  
 6. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without reference to the choice of law principles thereof. 
  
 7. Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which shall be
considered one and the same agreement. 
  

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 IN WITNESS WHEREOF, this Agreement has been signed by or on behalf of each of the parties as of the date
first written above. 
  

			
	 TERRA NITROGEN CORPORATION

		
	By:	 	/s/    FRANCIS G. MEYER        
	 Name:
	 	Francis G. Meyer
	 Title:
	 	Vice President
	
	 TERRA NITROGEN GP INC.

		
	By:	 	/s/    MARK A. KALAFUT        
	 Name:
	 	Mark A. Kalafut
	 Title:
	 	 Vice President, General Counsel and
 Corporate Secretary

  
 CONVEYANCE, ASSIGNMENT AND ASSUMPTION AGREEMENT

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