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<SEC-DOCUMENT>0001299933-10-004165.txt : 20101122
<SEC-HEADER>0001299933-10-004165.hdr.sgml : 20101122
<ACCEPTANCE-DATETIME>20101122085953
ACCESSION NUMBER:		0001299933-10-004165
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20101122
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101122
DATE AS OF CHANGE:		20101122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHS INC
		CENTRAL INDEX KEY:			0000823277
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
		IRS NUMBER:				410251095
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50150
		FILM NUMBER:		101207285

	BUSINESS ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077
		BUSINESS PHONE:		651-355-6000

	MAIL ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENEX HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19980611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19961212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_39820.htm
<DESCRIPTION>LIVE FILING
<TEXT>
<!-- CoverPageHeader start -->
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
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<HEAD>
<TITLE> CHS Inc. (Form: 8-K) </TITLE>
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<A NAME="DOCUMENT_TOP">&nbsp;</A>
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<FONT SIZE="4">
		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
</FONT>
<BR>
<FONT SIZE="2">
	WASHINGTON, D.C. 20549
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<P ALIGN="CENTER">
<FONT SIZE="5">
	FORM 8-K
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</FONT>
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<P ALIGN="CENTER">
<FONT SIZE="3">
	CURRENT REPORT
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<P ALIGN="CENTER">
<FONT SIZE="2">
	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	&nbsp;
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	&nbsp;
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	&nbsp;
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	November 22, 2010
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<BR>
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	CHS Inc.
</FONT>
<FONT SIZE="2">
<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	&nbsp;
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	&nbsp;
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	Minnesota
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<FONT SIZE="2">
	0-50150
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<FONT SIZE="2">
	41-0251095
</FONT>
</TD>
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<FONT SIZE="2">
_____________________<BR>
	(State or other jurisdiction
</FONT>
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<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________<BR>
	(Commission
</FONT>
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______________<BR>
	(I.R.S. Employer
</FONT>
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	of incorporation)
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	File Number)
</FONT>
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<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Identification No.)
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	&nbsp;&nbsp;
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	&nbsp;
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	&nbsp;
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<FONT SIZE="2">
	5500 Cenex Drive, Inver Grove Heights, Minnesota
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<FONT SIZE="2">
	&nbsp;
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	55077
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">

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	Registrant&#146;s telephone number, including area code:
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<FONT SIZE="2">
	&nbsp;
</FONT>
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	651-355-6000
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
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<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
(c)<br><br>CHS Inc. (the "Company") has announced the appointment of Carl M. Casale to the position of Chief Executive Officer. Mr. Casale will begin employment effective on or about January 1, 2011.  A press release is attached hereto as Exhibit 99.1.<br><br>Employment Agreement<br><br>In connection with Mr. Casale joining the Company, the Company and Mr. Casale have entered into an employment agreement dated as of November 22, 2010, which is attached hereto as Exhibit 10.1. The employment agreement provides that Mr. Casale will be paid an annual base salary of $850,000. He is also eligible to earn a target annual incentive compensation award of 125% of his base salary with a maximum potential annual incentive compensation award of 250% of his base salary, based on the achievement of performance targets set by the Board of Directors of the Company (the "Board"). Mr. Casale's fiscal year 2011 annual incentive compensation award will be based upon actual performance levels without proration.<br><br>Mr. Casale
 will also be eligible to earn a target long-term incentive compensation award of 125% of his base salary with a maximum potential target long-term incentive compensation award of 250% of his base salary.  Actual long-term incentive compensation awards will be determined by the Board based on the performance of the Company and Mr. Casale and other applicable factors. Mr. Casale will be eligible to receive non-prorated long-term incentive compensation awards for the 2009-2011 and the 2010-2012 performance periods.<br><br>Mr. Casale will receive payment for compensation that he has earned from his former employer during past periods but forfeited in order to accept employment with the Company due to vesting requirements and other restrictions.  Mr. Casale&#x2019;s replacement compensation has a fixed and a contingent component subject to a cap.  He will be entitled to receive a fixed amount of replacement compensation in the aggregate amount of $2.5 million (the "Replacement Restricted Cash Compensation"), whi
ch will be paid in cash or, at the election of Mr. Casale  on or before the date he begins employment (the "Effective Date"), deferred into the Company&#x2019;s Deferred Compensation Plan on the following schedule: (i) $833,334 within 30 days after the Effective Date, (ii) $833,333 within 30 days after the first anniversary of the Effective Date, and (iii) $833,333 within 30 days after the second anniversary of the Effective Date.  Mr. Casale will also receive an additional restricted cash award in order to compensate him if he forfeits a restricted stock grant from his former employer in an amount (not to exceed $1 million) equal to the fair market value of the shares which he otherwise would have received under the forfeited restricted stock grant plus any accumulated dividends (the "Forfeited RSG Replacement Compensation Amount"). The Forfeited RSG Replacement Compensation Amount will be settled in cash or, at the election of Mr. Casale on or before the Effective Date, deferred into the Company&#x2019;s D
eferred Compensation Plan. Payment of the Forfeited RSG Replacement Compensation Amount will be made in three equal installments on the same schedule that payment of the Replacement Restricted Cash Compensation is made (or in the case of a deferral, credited). Payments of the replacement compensation will be accelerated upon Mr. Casale&#x2019;s death, disability, his involuntary termination without cause or his voluntary termination with "good reason."<br><br>In the event of Mr. Casale's involuntary termination without cause or voluntary termination with "good reason", Mr. Casale will be entitled to the following severance pay and benefits, conditioned on the execution of a release and his compliance with certain restrictive covenants: (1) payment of 200% of his base salary and target annual incentive compensation award and (2) welfare benefit continuation for 24 months. For purposes of Mr. Casale's employment agreement, the term "good reason" generally means a material and adverse change in duties, titles o
r positions, a 10% or more reduction in salary or the Company's material breach of any other obligation under the employment agreement that is not corrected within 30 days. Mr. Casale will be subject to two-year non-competition and non-solicitation covenants following his termination of employment.<br><br>The Company will reimburse Mr. Casale's legal expenses up to $15,000 in connection with the negotiation of the Employment Agreement.<br><br>Change in Control Agreement<br><br>The Company and Mr. Casale have also entered into a change in control agreement dated as of November 22, 2010, which is attached hereto as Exhibit 10.2. Upon a "qualifying termination" Mr. Casale will be entitled to (1) a severance payment equal to 2.5 times the sum of Mr. Casale&#x2019;s base salary and target annual incentive compensation award, (2) welfare benefit continuation for a period of 30 months, and (3) outplacement fees not to exceed $30,000. In addition, any amounts paid under the change in control agreement will be reduce
d to the maximum amount that can be paid without being subject to the excise tax imposed under Internal Revenue Code Section 280G, but only if the after-tax benefit of the reduced amount is higher than the after-tax benefit of the unreduced amount. For purposes of Mr. Casale's change in control agreement, a "qualifying termination" means an involuntary termination without cause and voluntary termination with "good reason", each within 24 months following a change in control, or an involuntary termination without cause within 6 months prior to a change in control if termination is related to the change in control. "Good reason" generally means the assignment of duties or responsibilities that are materially inconsistent with duties or responsibilities of the CEO position, a material diminution in authority, duties or responsibilities, a 10% or more reduction in salary, the Company's material breach of any obligation under the change in control agreement, the failure to continue the executive's participation i
n any material compensation plan on a basis not materially less favorable to the executive and the failure to continue to provide the executive with benefits substantially similar in the aggregate to those the executive enjoyed prior to a change in control.<br>
</FONT>
</P>
<!-- Item END -->
<BR><BR><BR><BR><!-- Item START -->
<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 9.01 Financial Statements and Exhibits.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
(d) Exhibits<br> 	 	 <br>No. 10.1  Employment Agreement between CHS Inc. and Carl M. Casale dated November 22, 2010<br> 	 	 <br>No. 10.2  Change in Control Agreement between CHS Inc. and Carl M. Casale dated November 22, 2010<br> 	 	 <br>No. 99.1  Press Release of CHS Inc. dated November 22, 2010, announcing the election of Carl M. Casale to the position of Chief Executive Officer<br><br><br><br>
</FONT>
</P>
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<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
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<P ALIGN="CENTER">
<FONT SIZE="2">
<B>
	SIGNATURES
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
</FONT>
</P>
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<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<TD WIDTH="1%">
	&nbsp;
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	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	CHS Inc.
</FONT>
</TD>
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<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD>
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	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<I>
	November 22, 2010
</I>
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</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	By:
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	/s/ John Schmitz
</I>
<BR>
</FONT>
</TD>
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<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
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<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
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</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP">
<HR SIZE="1" NOSHADE>
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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</TD>
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
<I>
	Name: John Schmitz
</I>
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</TD>
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	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
<I>
	Title: Executive Vice President and Chief Financial Officer
</I>
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</TD>
</TR>
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<FONT SIZE="2">Top of the Form</FONT>
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<FONT SIZE="2">
	Exhibit&nbsp;Index
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	&nbsp;
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<BR>
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<B>
	Exhibit No.
</B>
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	&nbsp;
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<TD NOWRAP ALIGN="LEFT">
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<B>
	Description
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	10.1
</DIV>
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</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Employment Agreement between CHS Inc. and Carl M. Casale dated November 22, 2010
</FONT>
</TD>
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<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	10.2
</DIV>
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<FONT SIZE="2">
	&nbsp;
</FONT>
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Change in Control Agreement between CHS Inc. and Carl M. Casale dated November 22, 2010
</FONT>
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	99.1
</DIV>
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<FONT SIZE="2">
	&nbsp;
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</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Press Release of CHS Inc. dated November 22, 2010, announcing the election of Carl M. Casale to the position of Chief Executive Officer
</FONT>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
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<HEAD>
<TITLE> EX-10.1 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EMPLOYMENT AGREEMENT</B></FONT>



<P align="left" style="font-size: 12pt">THIS AGREEMENT (the &#147;Agreement&#148;) is hereby entered into as of the 22nd day of November, 2010 and is
effective as of January&nbsp;1, 2011 (the &#147;Effective Date&#148;), by and between CHS Inc. (the &#147;Company&#148;) and
Carl M. Casale (&#147;Executive&#148;) (each hereinafter referred to as a &#147;party&#148; and collectively as &#147;the
parties&#148;).


<P align="left" style="font-size: 12pt; text-indent: 1%">In consideration of the respective agreements of the parties contained herein, it is agreed as
follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term</U>. The initial term of Executive&#146;s employment under this Agreement shall be for
the period commencing on the Effective Date and ending, subject to earlier termination as set
forth in Section&nbsp;7, on the third anniversary of the Effective Date (such term, as may be
hereafter extended, the &#147;Employment Term&#148;); provided, however, that commencing with the third
anniversary of the Effective Date and on each anniversary thereof (each an &#147;Anniversary
Date&#148;), the Employment Term shall be automatically renewed for one (1)&nbsp;additional year beyond
the term otherwise established, unless one party provides written notice to the other party,
at least sixty (60)&nbsp;days in advance of an Anniversary Date, of its intent not to renew the
Employment Term for an additional one year period.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employment</U>. During the Employment Term:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive shall (i)&nbsp;serve as the Chief Executive Officer of the Company, with
such authority, power, duties and responsibilities as are commensurate with such
position and as are customarily exercised by a person situated in a similar executive
capacity at a similar company, and (ii)&nbsp;report directly to the Board of Directors of
the Company (the &#147;Board&#148;).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive shall devote his full-time business attention to the business and
affairs of the Company and he shall perform his duties faithfully and efficiently
subject to the directions of the Board. Executive may serve on civil or charitable
boards or committees as long as such service does not interfere with the performance of
his responsibilities hereunder and subject to the Company&#146;s code of conduct and other
applicable policies as in effect from time to time. Executive may continue to serve on
the Board of Directors of Nalco Holding Company and of Oregon State University
Foundation and committees thereof so long as such activities do not interfere with the
performance of Executive&#146;s responsibilities hereunder. Executive may manage personal
and family investments and affairs, participate in industry organizations and deliver
lectures at educational institutions, so long as such activities do not interfere with
the performance of Executive&#146;s responsibilities hereunder. Executive shall be subject
to and shall abide by each of the Company&#146;s personnel policies applicable to other
senior executives.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Compensation</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Base Salary</U>. The Company agrees to pay or cause to be paid to Executive
during the Employment Term a base salary at the annual rate of $850,000 or such
increased amount as the Board may from time to time determine (hereinafter referred to
as the &#147;Base Salary&#148;); provided, however, that the Base Salary may be reduced by no
more than 10% in connection with an across-the-board salary reduction by the Company
similarly affecting all senior executives of the Company. The Base Salary shall be
payable in accordance with the Company&#146;s customary practices applicable to its
executives. Such Base Salary shall be reviewed at least annually by the Board pursuant
to the Company&#146;s normal performance review policies for senior executives.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Incentive Compensation</U>. For each fiscal year of the Company
ending during the Employment Term, beginning with the 2011 fiscal year, Executive shall
be eligible to receive a target annual cash incentive compensation of 125% of Base
Salary as in effect on the final day of such fiscal year (such target incentive
compensation, as may hereafter be increased, the &#147;Target Annual Incentive&#148;) with the
opportunity to receive a maximum annual cash incentive compensation of 250% of Base
Salary, as approved by the Board in its sole discretion, if the Company and Executive
achieve certain performance targets as proposed by management and approved by the
Board. Such annual incentive compensation (&#147;Annual Incentive Compensation&#148;) shall be
paid in no event later than the 15th day of the third month following the end of the
taxable year (of the Company or Executive, whichever is later) in which the performance
targets have been achieved. Notwithstanding the foregoing, Executive&#146;s Annual
Incentive Compensation paid with respect to the fiscal year ending August&nbsp;31, 2011 will
be subject to the same performance targets previously approved by the Board for
Executive&#146;s predecessor and equal to the full year award that would have been earned
based upon the actual financial performance of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Long-Term Incentive Opportunity</U>. To the extent the Company determines
to award long-term incentive compensation, Executive shall be eligible to participate
in such programs (subject to the terms and conditions set forth in the applicable plan
and agreements) and shall be eligible to receive a target long-term incentive award of
125% of the Base Salary as in effect on the final day of preceding fiscal year (such
target award, the &#147;Target LTIP Award&#148;) with the opportunity to receive a maximum
long-term incentive award of 250% of Base Salary, as approved by the Board in its sole
discretion, if the Company and Executive achieve certain performance targets during
certain performance periods proposed by management and approved by the Board.
Notwithstanding the foregoing, Executive&#146;s long-term incentive award under the
Company&#146;s Long-Term Incentive Plan for the performance periods ending August&nbsp;31, 2011
and August&nbsp;31, 2012 will be subject to the same performance targets previously approved
by the Board for Executive&#146;s predecessor and equal to the long term incentive awards
that would have been earned during the full performance period without proration.
Subsequent awards will be full awards in accordance with normal plan provisions.
Awards from the Company&#146;s Long-Term Incentive Plan are contributed to the Company&#146;s
Deferred Compensation Plan after the end of a performance period and vest over an
additional 28-month period following the performance period end date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Replacement of Earned and Forfeited Compensation from Previous Employer</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Replacement of Certain Forfeited Compensation from Former Employer</U>. To
compensate the Executive for compensation earned but forfeited upon termination of
employment from current employer due to vesting requirements and other restrictions,
Executive shall be entitled to receive replacement compensation during the Employment
Term in the aggregate amount of $2.5&nbsp;million (the &#147;Replacement Restricted Cash
Compensation&#148;). The Replacement Restricted Cash Compensation shall be settled in cash
or, at the election of the Executive on or before the Effective Time, deferred into the
Company&#146;s Deferred Compensation Plan on the following schedule: (i) $833,334 within 30
days after the Effective Date, (ii) $833,333 within 30&nbsp;days after the first anniversary
of the Effective Date, and (iii) $833,333 within 30&nbsp;days after the second anniversary
of the Effective Date, provided that in order to receive such payments, Executive&#146;s
employment pursuant to the terms of this Agreement shall not have been terminated prior
to the date of such payment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Replacement of Forfeited Restricted Stock Unit Grant</U>. Executive was
been granted 20,000 restricted stock units (the &#147;Units&#148;) by his former employer
pursuant to a Restricted Stock Unit Grant (the &#147;Grant Agreement&#148;) dated as of October
11, 2007. In the event that Executive experiences a &#147;Termination in Service&#148; as such
term is defined in the Grant Agreement prior to December&nbsp;15, 2010 in order to accept
employment with the Company and the Units are forfeited pursuant to clause (b)&nbsp;of
Section&nbsp;4 of the Grant Agreement, subject to continuing employment, Executive will
receive, during the Employment Term, an additional restricted cash award in an amount
(not to exceed $1&nbsp;million) equal to (A)&nbsp;the market value of the shares which otherwise
would have been delivered on account of the Units calculated based upon the closing
price of such shares on the New York Stock Exchange at the close of trading on December
17, 2010, plus (B)&nbsp;any unpaid &#147;Dividend Equivalent Payments&#148; otherwise payable upon
delivery of the shares (the &#147;RSU Replacement Compensation Amount&#148;). At election of the
Executive contemporaneously with entering into an employment agreement, Executive may
defer such payments into the Company&#146;s Deferred Compensation Plan. Payments will be
paid or deferred on the following schedule: (i)&nbsp;1/3 of the RSU Replacement Compensation
Amount within 30&nbsp;days after the Effective Date, (ii)&nbsp;1/3 of the RSU Replacement
Compensation Amount within 30&nbsp;days after the first anniversary of the Effective Date,
and (iii)&nbsp;1/3 of the RSU Replacement Compensation Amount within 30&nbsp;days after the
second anniversary of the Effective Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Other Benefits</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employee Benefits</U>. During the Employment Term and any renewals,
Executive shall be entitled to participate in all employee benefit plans, practices and
programs maintained by the Company and made available to employees of the Company
generally (other than plans in effect on the date hereof that are closed to new
participants), to the extent Executive is eligible under the terms of such plans.
Executive&#146;s participation in such plans, practices and programs shall be on the same
basis and terms as are applicable to employees of the Company generally. <U>Exhibit
A</U>, which is attached hereto and by this reference incorporated herein, contains an
accurate list of the employee benefit plans in which Executive will be eligible to
participate on the Effective Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Executive Benefits</U>. During the Employment Term, Executive shall be
entitled to participate in such executive benefit plans maintained by the Company and
made available to senior executives of the Company generally, on the same basis and
terms as are applicable to such senior executives generally. No additional
compensation provided under any of such plans shall be deemed to modify or otherwise
affect the terms of this Agreement or any of Executive&#146;s entitlements hereunder.
<U>Exhibit&nbsp;A</U> contains an accurate list of the executive plans in which the
Executive will be eligible to participate on the Effective Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Fringe Benefits</U>. During the Employment Term, Executive shall be
entitled to such fringe benefits as shall be determined by the Board, which will
initially include, on the Effective Date, the fringe benefits identified on Exhibit&nbsp;A.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Business Expenses</U>. Upon submission of proper invoices in accordance
with the Company&#146;s policies, Executive shall be entitled to receive prompt
reimbursement of all reasonable out-of-pocket business, entertainment and travel
expenses incurred by Executive in connection with the performance of Executive&#146;s duties
hereunder and otherwise incurred in accordance with the Company&#146;s travel and
entertainment policy in effect from time to time. Such reimbursement shall be made as
soon as practicable and in no event later than the end of the calendar year following
the calendar year in which the expenses were incurred.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Office and Facilities</U>. During the Employment Term, Executive shall be
provided with an appropriate office at the Company&#146;s headquarters, with such
secretarial and other support facilities as are commensurate with Executive&#146;s status
with the Company and adequate for the performance of Executive&#146;s duties hereunder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Paid Time Off (PTO)</U>. Executive shall be entitled, without loss of pay,
to absent himself voluntarily, for illness, vacation or other reasons, from the
performance of Executive&#146;s employment under this Agreement. The terms of Executive&#146;s
entitlement to PTO are set forth in Exhibit&nbsp;A</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Recoupment.</U> In the event of a restatement of the Company&#146;s financial results (other
than a prophylactic or voluntary restatement due to a change in applicable accounting rules or
interpretations) due to material noncompliance with financial reporting requirements, with
respect to any compensation granted (whether already paid or only calculated as payable and
yet to be paid) to Executive if the Board determines in good faith good faith that such
compensation was awarded (or in the case of unpaid compensation, determined for award) based
on such material noncompliance then the Board or a committee thereof comprised of independent
(as defined under the rule of the NASDAQ Stock Market) Board members shall be entitled on
behalf of the Company to recover all of the Executive&#146;s compensation (or in the case of unpaid
compensation, to reduce such compensation) based on the erroneous financial data in excess of
what would have been paid (or in the case of unpaid compensation, what should be paid) to the
Executive under the accounting restatement.&nbsp;&nbsp;Suc<U>h</U> recovery period shall comprise up to
the three (3)&nbsp;years preceding the date on which the Company is required to prepare the
accounting restatement.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 12pt">In determining whether to seek recovery of compensation, the Board or applicable committee
thereof may take into account any considerations it deems appropriate, including whether the
assertion of a claim may violate applicable law or adversely impact the interests of the
Company in any related proceeding or investigation and the extent to which the Executive was
responsible for the error that resulted in the restatement. This Section&nbsp;6 shall be deemed
amended to the extent reasonably necessary to conform to any applicable law or to any
Company recoupment policy adopted by the Board for its senior executives.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination</U>. The Employment Term and Executive&#146;s employment hereunder may be
terminated under the circumstances set forth below; provided, however, that notwithstanding
anything contained herein to the contrary, Executive shall not have any duties or
responsibilities to the Company after Executive&#146;s termination of employment during the
Employment Term or upon expiration of the Employment Term that would preclude Executive from
having a &#147;separation from service&#148; from the Company within the meaning of Section&nbsp;409A of the
Code, upon expiration of the Employment Term.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Disability</U>. The Company may terminate the Employment Term and
Executive&#146;s employment hereunder, on written notice to Executive after having
reasonably established Executive&#146;s Disability. For purposes of this Agreement,
Executive will be deemed to have a &#147;Disability&#148; if, as a result of the Executive&#146;s
incapacity due to physical or mental illness, the Executive shall have been absent from
the full-time performance of the Executive&#146;s duties with the Company for a period of
six (6)&nbsp;consecutive months, the Company shall have given the Executive a Notice of
Termination for Disability, and, within thirty (30)&nbsp;days after such Notice of
Termination is given, the Executive shall not have returned to the full-time
performance of the Executive&#146;s duties. Executive shall be entitled to the compensation
and benefits provided for under this Agreement for any period prior to Executive&#146;s
termination by reason of Disability during which Executive is unable to work due to a
physical or mental infirmity in accordance with the Company&#146;s policies for
similarly-situated executives.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Death</U>. The Employment Term and Executive&#146;s employment hereunder shall
be terminated as of the date of Executive&#146;s death.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Cause</U>. The Company may terminate the Employment Term and Executive&#146;s
employment hereunder for &#147;Cause&#148; by providing a Notice of Termination (as defined in
Section&nbsp;7 below) that notifies Executive of his termination for Cause, effective as of
the date of such notice. &#147;Cause&#148; shall mean, for purposes of this Agreement: (a)&nbsp;the
deliberate and continued failure to substantially perform Executive&#146;s duties and
responsibilities under this Agreement; (b)&nbsp;the criminal felony conviction of, or a plea
of guilty or nolo contendere by, Executive; (c)&nbsp;the knowing, willful and material
violation of Company policy; (d)&nbsp;the act of fraud or dishonesty resulting or intended
to result in personal enrichment at the expense of the Company; (e)&nbsp;the gross
misconduct in performance of duties that results in material economic harm to the
Company; or (f)&nbsp;the material breach of this Agreement by Executive. Notwithstanding
the foregoing, in order to establish &#147;Cause&#148; for Executive&#146;s termination for purposes
of clauses (a), (c)&nbsp;and (f)&nbsp;above, the Company must deliver a written demand to
Executive which specifically identifies the conduct that may provide grounds for Cause,
and the Executive must have failed to cure such conduct within thirty (30)&nbsp;days after
such demand. Reference in this paragraph to the Company shall also include direct and
indirect subsidiaries of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Without Cause</U>. The Company may terminate the Employment Term and
Executive&#146;s employment hereunder other than for Cause, Disability or death. The
Company shall deliver to Executive a Notice of Termination (as defined in Section&nbsp;8
below) prior to such termination other than for Cause, Disability or death, which
notice shall specify the termination date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Good Reason</U>. Executive may terminate the Employment Term and his
employment hereunder with the Company for Good Reason (as defined below) by delivering
to the Company a Notice of Termination not less than thirty (30)&nbsp;days prior to such
termination for Good Reason. The Company shall have the option of terminating
Executive&#146;s duties and responsibilities prior to the expiration of such thirty-day
notice period. For purposes of this Agreement, &#147;Good Reason&#148; means any of the
following: (a)&nbsp;a material diminution in Executive&#146;s duties, title or position; (b)&nbsp;a
reduction of ten percent (10%) or more by the Company in the Executive&#146;s Base Salary
except for across-the-board salary reductions similarly affecting all senior executive
officers of the Company; or (c)&nbsp;a material breach by the Company of its obligations
under this Agreement. Good Reason shall not exist unless Executive shall provide
notice of the existence of the Good Reason condition within ninety (90)&nbsp;days of the
date Executive learns of the condition. The Company shall have a period of thirty (30)
days during which it may remedy the condition, and in case of full remedy such
condition shall not be deemed to constitute Good Reason hereunder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Without Good Reason</U>. Executive may voluntarily terminate the
Employment Term and Executive&#146;s employment hereunder without Good Reason by delivering
to the Company a Notice of Termination not less than thirty (30)&nbsp;days prior to such
termination and the Company shall have the option of terminating Executive&#146;s duties and
responsibilities, but not the employment relationship, prior to the expiration of such
thirty-day notice period.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notice of Termination</U>. Any purported termination by the Company or by Executive shall
be communicated by written Notice of Termination to the other party hereto. For purposes of
this Agreement, a &#147;Notice of Termination&#148; shall mean a notice that indicates a termination
date, the specific termination provision in this Agreement relied upon and sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of
Executive&#146;s employment under the provision so indicated. For purposes of this Agreement, no
such purported termination of Executive&#146;s employment hereunder shall be effective without such
Notice of Termination (unless waived by the party entitled to receive such notice, in the
manner described in Section&nbsp;15(g)).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Compensation upon Termination</U>. Upon termination of Executive&#146;s employment during the
Employment Term, Executive shall be entitled to the following benefits:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination by the Company for Cause or by Executive without Good
Reason</U>. If Executive&#146;s employment is terminated by the Company for Cause or by
Executive without Good Reason, the Company shall provide Executive with the following
payments and benefits (collectively, the &#147;Accrued Compensation&#148;):</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any accrued and unpaid Base Salary;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Annual Incentive Compensation earned but unpaid in respect
of any completed fiscal year preceding the termination date;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reimbursement for any and all monies advanced or expenses
incurred in connection with Executive&#146;s employment for reasonable and necessary
expenses incurred by Executive on behalf of the Company for the period ending
on the termination date;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any accrued and unpaid vacation pay;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any previous compensation that Executive has previously
deferred (including any interest earned or credited thereon), in accordance
with the terms and conditions of the applicable deferred compensation plans or
arrangements then in effect, to the extent vested as of Executive&#146;s termination
date; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amount or benefit as provided under any plan, program,
agreement or corporate governance document of the Company or its affiliates
that are then-applicable (the &#147;Company Arrangements&#148;), in accordance with the
terms thereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination by the Company for Disability</U>. If Executive&#146;s employment is
terminated by the Company for Disability, Executive shall be entitled to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Accrued Compensation; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accelerated payment of any unpaid Replacement Restricted Cash
Compensation or RSU Replacement Compensation Amount which shall be paid within
ten (10)&nbsp;business days of termination.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination By Reason of Death</U>. If Executive&#146;s employment is terminated
by reason of Executive&#146;s death, Executive shall be entitled to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Accrued Compensation; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accelerated payment of any unpaid Replacement Restricted Cash
Compensation or RSU Replacement Compensation Amount which shall be paid within
ten (10)&nbsp;business days of termination.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination by the Company Other Than for Cause, Disability or Death, or by
Executive with Good Reason.</U> If Executive&#146;s employment with the Company shall be
terminated (x)&nbsp;by the Company other than for Cause, Disability or death, or (y)&nbsp;by
Executive with Good Reason, Executive shall be entitled to the following payments and
benefits; provided that, in the case of clauses (ii), (iii)&nbsp;and (iv)&nbsp;below, Executive
shall have executed and not revoked a release of claims in substantially the form set
forth in <U>Exhibit&nbsp;B</U> hereto:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Accrued Compensation;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an amount equal to the product of (A)&nbsp;the Annual Incentive
Compensation that Executive would have been entitled to receive in respect of
the fiscal year in which Executive&#146;s termination date occurs, had Executive
continued in employment until the end of such fiscal year, which amount shall
be determined based on the Company&#146;s actual performance for such year relative
to the Company performance goals applicable to Executive (with that portion of
the Annual Incentive Compensation based upon completion or partial completion
of previously specified personal goals equal to 30% of the Target Annual
Incentive and without any exercise of negative discretion with respect to
Executive with respect to the remainder of the Annual Incentive Compensation in
excess of that applied either to senior executives of the Company generally for
the applicable performance period or in accordance with the Company&#146;s
historical past practice), and (B)&nbsp;a fraction (x)&nbsp;the numerator of which is the
number of days in such fiscal year through termination date and (y)&nbsp;the
denominator of which is 365; such amount shall be payable in a cash lump sum
payment at the time such incentive awards are payable to other participants,
but in no event later than the 15th day of the third month following the end
of the taxable year (of the Company or Executive, whichever is later) in which
the termination took place;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in lieu of any further Base Salary or other compensation or
benefits not described in clauses (i), (ii), (iv), or (v)&nbsp;for periods
subsequent to the termination date, an amount in cash equal to (A)&nbsp;two (2)
times Executive&#146;s Base Salary plus (B)&nbsp;two (2)&nbsp;times Executive&#146;s Target Annual
Incentive which amount shall be payable in three equal installments of 1/3 of
such amount with the first payment payable (i)&nbsp;sixty (60)&nbsp;days following such
termination, (ii)&nbsp;the second payment payable on the first anniversary of such
termination, and (iii)&nbsp;the third payment payable on the second anniversary of
termination; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accelerated payment of any unpaid Replacement Restricted Cash
Compensation or RSU Replacement Compensation Amount which shall be paid within
sixty (60)&nbsp;days following such termination; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall provide Executive and Executive&#146;s dependents
with continued coverage under any health, medical, dental, vision or life
insurance program or policy in which Executive was eligible to participate as
of the time of Executive&#146;s employment termination, for two (2)&nbsp;years following
such termination on terms no less favorable to Executive and Executive&#146;s
dependents (including with respect to payment for the costs thereof) than those
in effect immediately prior to such termination, which coverage shall cease, on
a benefit-by benefit basis, once any coverage is made available to Executive by
a subsequent employer. COBRA continuation coverage shall run concurrently with
such two-year period. Anything herein to the contrary notwithstanding, the
terms of this Section&nbsp;9(d)(v) shall be modified to the extent required to meet
the provisions of any federal law applicable to the healthcare plans and
arrangements of the Company, including to the extent required to maintain the
grandfathered status of such plans or arrangements under federal law. Any
failure to provide the coverage specified herein shall not in and of itself
constitute a breach of this Agreement, provided, however, that the Company
shall use its reasonable efforts to provide economically equivalent payments or
benefits to Executive to the extent possible without adverse effects on the
Company, to the extent permitted by law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Expiration of Employment Term After Notice of Non-Renewal by the
Company</U>. If the Executive&#146;s employment terminates at the end of the Employment Term
because the Company has delivered a notice of non-renewal (as described in Section&nbsp;1),
Executive shall be entitled to the following payments and benefits:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Accrued Compensation; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accelerated payment of any unpaid Replacement Restricted Cash
Compensation or RSU Replacement Compensation Amount which shall be paid within
sixty (60)&nbsp;days following such termination; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall provide Executive and Executive&#146;s dependents
with continued coverage under any health, medical, dental, vision or life
insurance program or policy in which Executive was eligible to participate as
of the time of Executive&#146;s employment termination, for two (2)&nbsp;years following
such termination on terms no less favorable to Executive and Executive&#146;s
dependents (including with respect to payment for the costs thereof) than those
in effect immediately prior to such termination, which coverage shall cease, on
a benefit-by benefit basis, once any coverage is made available to Executive by
a subsequent employer. COBRA continuation coverage shall run concurrently with
such two-year period. Anything herein to the contrary notwithstanding, the
terms of this Section&nbsp;9(d)(v) shall be modified to the extent required to meet
the provisions of any federal law applicable to the healthcare plans and
arrangements of the Company, including to the extent required to maintain the
grandfathered status of such plans or arrangements under federal law. Any
failure to provide the coverage specified herein shall not in and of itself
constitute a breach of this Agreement, provided, however, that the Company
shall use its reasonable efforts to provide economically equivalent payments or
benefits to Executive to the extent possible without adverse effects on the
Company, to the extent permitted by law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Mitigation</U>. Executive shall not be required to mitigate the amount
of any payment provided for under this Agreement by seeking other employment or
otherwise and, except as provided in Section&nbsp;9(d)(v) above, no such payment shall be
offset or reduced by the amount of any compensation or benefits provided to Executive
in any subsequent employment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;409A</U>. Notwithstanding anything contained herein to the contrary, to the
extent required in order to avoid accelerated taxation and/or tax penalties under Section&nbsp;409A
of the Code, (i)&nbsp;no amounts shall be paid to Executive under Section&nbsp;9 of this Agreement until
Executive would be considered to have incurred a separation from service from the Company
within the meaning of Section&nbsp;409A of the Code, and (ii)&nbsp;amounts that would otherwise be
payable and benefits that would otherwise be provided pursuant to this Agreement during the
six-month period immediately following Executive&#146;s separation from service shall instead be
paid on the first business day after the date that is six months following Executive&#146;s
separation from service (or death, if earlier). Each amount to be paid or benefit to be
provided to Executive pursuant to this Agreement, which constitutes deferred compensation
subject to Section&nbsp;409A, shall be construed as a separate identified payment for purposes of
Section&nbsp;409A. To the extent required to avoid an accelerated or additional tax under Section
409A, amounts reimbursable to Executive under this Agreement shall be paid to Executive on or
before the last day of the year following the year in which the expense was incurred and the
amount of expenses eligible for reimbursement (and in-kind benefits provided to Executive)
during any one year may not effect amounts reimbursable or provided in any subsequent year;
provided, however, that with respect to any reimbursements for any taxes which Executive would
become entitled to under the terms of this Agreement, the payment of such reimbursements shall
be made by the Company no later than the end of the calendar year following the calendar year
in which Executive remits the related taxes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Records and Confidential Data.</U></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive acknowledges that in connection with the performance of Executive&#146;s
duties during the Employment Term, the Company will make available to Executive, or
Executive will develop and have access to, certain Confidential Information (as defined
below) of the Company and its subsidiaries. Executive acknowledges and agrees that any
and all Confidential Information learned or obtained by Executive during the course of
Executive&#146;s employment by the Company or otherwise, whether developed by Executive
alone or in conjunction with others or otherwise, shall be and is the property of the
Company and its subsidiaries.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive shall keep confidential all Confidential Information, shall not use
Confidential Information in any manner that is detrimental to the Company, shall not
use Confidential Information other than in connection with Executive&#146;s discharge of
Executive&#146;s duties hereunder, and shall safeguard the Company from unauthorized
disclosure; provided, however, that Confidential Information may be disclosed by
Executive (i)&nbsp;to the Company and its affiliates, or to any authorized agent or
representative of any of them, (ii)&nbsp;in connection with performing his duties hereunder,
(iii)&nbsp;subject to Section&nbsp;12(c), when required to do so by law or by a court,
governmental agency, legislative body, arbitrator or other person with apparent
jurisdiction to order him to divulge, disclose or make accessible such information,
provided that Executive notify the Company prior to such disclosure, (iv)&nbsp;in the course
of any proceeding under Sections&nbsp;13 or 14 of this Agreement or (v)&nbsp;in confidence to an
attorney or other professional advisor for the purpose of securing professional advice,
so long as such attorney or advisor is subject to confidentiality restrictions no less
restrictive than those applicable to Executive hereunder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As soon as possible following the termination of Executive&#146;s employment
hereunder, Executive shall return to the Company all written Confidential Information
that is in his possession or control and destroy all of his copies of any analyses,
compilations, studies or other documents containing or reflecting any Confidential
Information. Within five (5)&nbsp;business days of the receipt of such request by Executive,
Executive shall, upon written request of the Company, deliver to the Company a document
certifying that such written Confidential Information has been returned or destroyed in
accordance with this Section&nbsp;11(c).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Agreement, &#147;Confidential Information&#148; shall mean all
confidential and proprietary information of the Company and its subsidiaries,
including, without limitation,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>trade secrets concerning the business and affairs of the
Company and its subsidiaries, product specifications, data, know-how, formulae,
compositions, processes, non-public patent applications, designs, sketches,
photographs, graphs, drawings, samples, inventions and ideas, past, current,
and planned research and development, current and planned manufacturing or
distribution methods and processes, customer lists, current and anticipated
customer requirements, price lists, market studies, business plans, computer
software and programs (including object code and source code), computer
software and database technologies, systems, structures, and architectures (and
related formulae, compositions, processes, improvements, devices, know-how,
inventions, discoveries, concepts, ideas, designs, methods and information);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>information concerning the business and affairs of the Company
and its subsidiaries (which includes unpublished financial statements,
financial projections and budgets, unpublished and projected sales, capital
spending budgets and plans, the names and backgrounds of key personnel, to the
extent not publicly known, personnel training and techniques and materials)
however documented; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notes, analysis, compilations, studies, summaries, and other
material prepared by or for the Company or its subsidiaries containing or
based, in whole or in part, on any information included in the foregoing. For
purposes of this Agreement, the Confidential Information shall not include and
Executive&#146;s obligations shall not extend to (i)&nbsp;information that is generally
available to the public, (ii)&nbsp;information obtained by Executive other than
pursuant to or in connection with this employment and (iii)&nbsp;information that is
required to be disclosed by law or legal process.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Covenant Not to Solicit, Not to Compete, Not to Disparage and to Cooperate in
Litigation</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Covenant Not to Solicit</U>. To protect the Confidential Information and
other trade secrets of the Company as well as the goodwill and competitive business of
the Company, Executive agrees, during the Employment Term and for a period of
twenty-four (24)&nbsp;months after Executive&#146;s cessation of employment with the Company, (i)
not to solicit or participate in or assist in any way in the solicitation of any
employees of the Company (ii)&nbsp;not to solicit, influence or attempt to influence any
person who was a customer of the Company or its affiliates during the period of
Executive&#146;s employment hereunder or solicit, influence or attempt to influence
potential customers who are or were identified through leads developed during the
course of employment with the Company, or otherwise divert or attempt to divert any
existing business of the Company and its affiliates. For purposes of clause (i)&nbsp;of
this covenant, &#147;solicit&#148; or &#147;solicitation&#148; means directly or indirectly influencing or
attempting to influence employees of the Company to cease employment with the Company
(except in the course of Executive&#146;s duties to the Company) or to become employed with
any other person, partnership, firm, corporation or other entity, provided, that
solicitation through general advertising not targeted at the Company&#146;s employees or the
provision of references shall not constitute a breach of such obligations. Executive
agrees that the covenants contained in this Section 12(a) are reasonable and desirable
to protect the Confidential Information of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Covenant Not to Compete</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To protect the Confidential Information and other trade secrets
of the Company as well as the goodwill and competitive business of the Company,
Executive agrees, during the Employment Term and for a period of twenty-four
(24)&nbsp;months after Executive&#146;s cessation of employment with the Company, that
Executive will not, except in the course of Executive&#146;s employment hereunder,
directly or indirectly for the Executive or any third party, manage, operate,
control, or participate in the management, operation, or control of, be
employed by, associated with, or in any manner connected with, lend Executive&#146;s
name to, or render services or advice to, any third party, or any business,
whose services or products compete (including as described below) with the
material services or products of the Company; <U>provided</U>, however, that
Executive may in any event (x)&nbsp;own up to a 5% passive ownership interest in any
public or private entity, and (y)&nbsp;be employed by, or otherwise have material
association with, any business whose services or products compete with the
material services or products of the Company so long as his employment or
association is solely with a separately managed and operated division or
affiliate of such business that does not compete with the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Section&nbsp;12(b), any third party, or any
business, whose products compete includes any entity engaged in any business or
activity which is directly in competition with any services or products sold
by, or any business or activity engaged in by, the Company or any of its
affiliates, or any entity with which the Company has a product(s) licensing
agreement at the end of the Employment Term and any entity with which the
Company is, at the time of termination, negotiating, and eventually concludes
within twelve (12)&nbsp;months of the Employment Term, a product licensing or
acquisition agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Cooperation in Any Investigations and Litigation</U>. Executive agrees
that Executive will reasonably cooperate with the Company, and its counsel, in
connection with any investigation, inquiry, administrative proceeding or litigation
relating to any matter in which Executive becomes involved or of which Executive has
knowledge as a result of Executive&#146;s service with the Company by providing truthful
information. The Company agrees to promptly reimburse Executive for reasonable
expenses (including attorneys fees and other expenses of counsel) reasonably incurred
by Executive, in connection with Executive&#146;s cooperation pursuant to this Section
12(c). Such reimbursements shall be made as soon as practicable, and in no event later
than the calendar year following the year in which the expenses are incurred.
Executive agrees that, in the event Executive is subpoenaed by any person or entity
(including, but not limited to, any government agency) to give testimony (in a
deposition, court proceeding or otherwise) which in any way relates to Executive&#146;s
employment by the Company, Executive will, to the extent not legally prohibited from
doing so, give prompt notice of such request to the General Counsel of the Company so
that the Company may contest the right of the requesting person or entity to such
disclosure before making such disclosure. Nothing in this provision shall require
Executive to violate Executive&#146;s obligation to comply with valid legal process.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Nondisparagement</U>. Executive covenants that during and following the
Employment Term, Executive will not willfully and materially disparage or encourage or
induce others to disparage the Company or its subsidiaries, together with all of their
respective past and present directors and officers, as well as their respective past
and present managers, officers, shareholders, partners, employees, agents, attorneys,
servants and customers and each of their predecessors, successors and assigns
(collectively, the &#147;Company Entities and Persons&#148;); provided that such limitation shall
extend to past and present managers, officers, shareholders, partners, employees,
agents, attorneys, servants and customers only in their capacities as such or in
respect of their relationship with the Company and its subsidiaries. Nothing in this
Agreement is intended to or shall prevent Executive from providing, or limiting
testimony in response to a valid subpoena, court order, regulatory request or other
judicial, administrative or legal process or otherwise as required by law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Blue Pencil</U>. It is the intent and desire of Executive and the Company
that the provisions of this Section&nbsp;12 be enforced to the fullest extent permissible
under the laws and public policies as applied in each jurisdiction in which enforcement
is sought. If any particular provision of this Section&nbsp;12 shall be determined to be
invalid or unenforceable, such covenant shall be amended, without any action on the
part of either party hereto, to delete there from the portion so determined to be
invalid or unenforceable, such deletion to apply only with respect to the operation of
such covenant in the particular jurisdiction in which such adjudication is made.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Survival</U>. Executive&#146;s obligations under this Section&nbsp;12 shall survive
the termination of the Employment Term.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Remedies for Breach of Obligations under Sections&nbsp;11 or 12 hereof</U>. Executive
acknowledges that the Company will suffer irreparable injury, not readily susceptible of
valuation in monetary damages, if Executive breaches Executive&#146;s obligations under Sections&nbsp;11
or 12 hereof. Accordingly, Executive agrees that the Company will be entitled, in addition to
any other available remedies, to obtain injunctive relief against any breach or prospective
breach by Executive of Executive&#146;s obligations under Sections&nbsp;11 or 12 hereof in any Federal
or state court sitting in the State of Minnesota, or, at the Company&#146;s election, in any other
state in which Executive maintains Executive&#146;s principal residence or Executive&#146;s principal
place of business. Executive hereby submits to the non-exclusive jurisdiction of all those
courts for the purposes of any actions or proceedings instituted by the Company to obtain that
injunctive relief, and Executive agrees that process in any or all of those actions or
proceedings may be served by registered mail, addressed to the last address provided by
Executive to the Company, or in any other manner authorized by law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Resolution of Disputes</U>. Any claim or dispute arising out of or relating to this
Agreement, including, without limitation, Sections&nbsp;6 and 7 hereof, any other Company
Arrangement, Executive&#146;s employment with the Company, or any termination thereof
(collectively, &#147;<U>Covered Claims</U>&#148;) shall (except to the extent otherwise provided in
Section&nbsp;13 with respect to certain requests for injunctive relief) be resolved &#091;(x) if
mutually agreed by the Company and Executive, by confidential mediation with the assistance of
an independent mediator selected by mutual agreement of the parties, or (y)&nbsp;if such mediation
is not successful or if such mediation is not mutually agreed by the Company or Executive, by
litigation to occur in the District Court of the Second Judicial District, County of Ramsey,
State of the Minnesota or the United States District Court for the District of Minnesota.&#093;
Each party shall bear its (or his) own costs, including, without limitation, the fees and
expenses of its (or his) own attorney, and the fees and expenses of the arbitrator shall be
borne equally by each party.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Representations and Warranties</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company represents and warrants that (i)&nbsp;it is fully authorized by action
of the Board of Directors of the Company (and of any other person or body whose action
is required) to enter into this Agreement and to perform its obligations under it, (ii)
the execution, delivery and performance of this Agreement by it does not violate any
applicable law, regulation, order, judgment or decree or any agreement, arrangement,
plan or corporate governance document (x)&nbsp;to which it is a party or (y)&nbsp;by which it is
bound, and (iii)&nbsp;upon the execution and delivery of this Agreement by the parties, this
Agreement shall be its valid and binding obligation, enforceable against it in
accordance with its terms, except to the extent that enforceability may be limited by
applicable bankruptcy, insolvency or similar laws affecting the enforcement of
creditors&#146; rights generally.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive represents and warrants to the Company that Executive is not a party
to or otherwise bound by any agreement or arrangement (including, without limitation,
any license, covenant, or commitment of any nature), or subject to any judgment,
decree, or order of any court or administrative agency, that would conflict with or
will be in conflict with or in any way preclude, limit or inhibit Executive&#146;s ability
to execute this Agreement or to carry out Executive&#146;s duties and responsibilities
hereunder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Miscellaneous</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Successors and Assigns</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement shall be binding upon and shall inure to the
benefit of the Company, its successors and permitted assigns and the Company
shall require any successor or assign to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession or assignment had taken place. The
Company may not assign or delegate any rights or obligations hereunder except
to a successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the
Company. The term &#147;the Company&#148; as used herein shall include a corporation or
other entity acquiring all or substantially all the assets and business of the
Company (including this Agreement) whether by operation of law or otherwise.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither this Agreement nor any right or interest hereunder
shall be assignable or transferable by Executive, Executive&#146;s beneficiaries or
legal representatives, except by will or by the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable
by Executive&#146;s legal personal representatives.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Fees and Expenses</U>. The Company shall pay reasonable and documented
legal fees and related expenses, up to a maximum amount of $25,000, incurred by
Executive in connection with the negotiation of this Agreement. Such reimbursement
shall be made as soon as practicable, but in no event later than the end of the
calendar year following the calendar year in which the expenses were incurred.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Indemnification</U>. The Company shall indemnify Executive as provided in
Company&#146;s by-laws and Articles of Incorporation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Right to Counsel</U>. Executive acknowledges that Executive has had the
opportunity to consult with legal counsel of Executive&#146;s choice in connection with the
drafting, negotiation and execution of this Agreement and related employment
arrangements.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notice</U>. For the purposes of this Agreement, notices and all other
communications provided for in the Agreement (including the Notice of Termination)
shall be in writing and shall be deemed to have been duly given when personally
delivered or sent by Certified mail, return receipt requested, postage prepaid,
addressed to the respective addresses last given by each party to the other, provided
that all notices to the Company shall be directed to the attention of the General
Counsel of the Company. All notices and communications shall be deemed to have been
received on the date of delivery thereof or on the third business day after the mailing
thereof, except that notice of change of address shall be effective only upon receipt.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Withholding</U>. The Company shall be entitled to withhold the amount, if
any, of all taxes of any applicable jurisdiction required to be withheld by an employer
with respect to any amount paid to Executive hereunder. The Company, in its sole and
absolute discretion, shall make all determinations as to whether it is obligated to
withhold any taxes hereunder and the amount hereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Modification</U>. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and
signed by Executive and the Company. No waiver by either party hereto at any time of
any breach by the other party hereto of, or compliance with, any condition or provision
of this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreement or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either party which
is not expressly set forth in this Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Effect of Other Law</U>. Anything herein to the contrary notwithstanding,
the terms of this Agreement shall be modified to the extent required to meet the
provisions of any federal law applicable to the employment arrangements between
Executive and the Company. Any delay in providing benefits or payments, any failure to
provide a benefit or payment, or any repayment of compensation that is required under
the preceding sentence shall not in and of itself constitute a breach of this
Agreement, provided, however, that the Company shall provide economically equivalent
payments or benefits to Executive to the extent permitted by law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Governing Law</U>. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Minnesota applicable to contracts
executed in and to be performed entirely within such State, without giving effect to
the conflict of law principles thereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Inconsistencies</U>. In the event of any inconsistency between any
provision of this Agreement and any provision of any employee handbook, personnel
manual, program, policy, or arrangement of the Company or its affiliates (including,
without limitation, any provisions relating to notice requirements and post-employment
restrictions), the provisions of this Agreement and the Exhibits hereto, shall control,
unless the parties otherwise agree in a writing that expressly refers to the provision
of this Agreement whose control he is waiving.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Beneficiaries/References</U>. In the event of Executive&#146;s death or a
judicial determination of his incompetence, references in this Agreement to Executive
shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal
representative.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Survivorship</U>. Except as otherwise set forth in this Agreement, the
respective rights and obligations of the parties hereunder shall survive the Employment
Term and any termination of the Executive&#146;s employment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Severability</U>. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Entire Agreement</U>. This Agreement constitutes the entire agreement
between the parties hereto and supersedes all prior agreements, if any, understandings
and arrangements, oral or written, between the parties hereto with respect to the
subject matter hereof; provided, however, that this Agreement shall not supersede the
Change in Control Agreement between the Company and the Executive dated as of the day
and year first above written (the &#147;Change in Control Agreement&#148;). Notwithstanding
anything to the contrary contained herein, no payments shall be made (nor benefits
provided) under Section&nbsp;9 of this Agreement in the event that the Executive is entitled
to payments or benefits under the Change in Control Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Counterparts</U>. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement and
all of which, when taken together, will be deemed to constitute one and the same
agreement.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 12pt">IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer and Executive has executed this Agreement as of the day and year first
above written.



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">CHS INC.



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">By: <U> /s/ Michael Toelle</U>

<DIV align="center">
<TABLE style="font-size: pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Michael Toelle</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Title: Chairman of the Board of Directors</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</CENTER>



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">CARL M. CASALE



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%"><U>/s/ Carl M. Casale</U>



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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><U><B>CHANGE IN CONTROL AGREEMENT</B></U></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%">THIS AGREEMENT, is hereby entered into as of the 22nd day of November, 2010 and is effective
as of January&nbsp;1, 2011 (the &#147;Effective Date&#148;), by and between CHS Inc., a Minnesota limited
liability company (the &#147;<U>Company</U>&#148;), and Carl M. Casale (the &#147;<U>Executive</U>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Board of Directors of the Company (the &#147;<U>Board</U>&#148;) recognizes that, as is
the case with many business organizations, the possibility of a Change in Control exists and that
such possibility, and the uncertainty and questions which it may raise among management, may result
in the departure or distraction of management personnel to the detriment of the Company; and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company&#146;s management, including
the Executive, to their assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a Change in Control;


<P align="left" style="font-size: 12pt; text-indent: 4%">NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the Company and the Executive hereby agree as follows:


<P align="left" style="font-size: 12pt; text-indent: 6%">1.&nbsp;<U>Defined Terms</U>. The definitions of capitalized terms used in this Agreement are
provided in the last Section hereof.


<P align="left" style="font-size: 12pt; text-indent: 6%">2.&nbsp;<U>Term of Agreement</U>. This Agreement shall commence on the Effective Date and shall
continue in effect for a period of one (1)&nbsp;year thereafter. Commencing on the first anniversary of
the Effective Date and on each anniversary thereafter (&#147;<U>Anniversary Date</U>&#148;), this Agreement
shall automatically be renewed for one (1)&nbsp;additional year beyond the term otherwise established,
unless one party provides written notice to the other party, at least sixty (60)&nbsp;days in advance of
an Anniversary Date, of its intent not to renew this Agreement for an additional one year term.
Notwithstanding the foregoing, if a Change in Control shall have occurred after the Effective Date
and during the term of this Agreement, this Agreement shall continue in effect for a period of not
less than twenty-four (24)&nbsp;months beyond the month in which a Change in Control occurred.


<P align="left" style="font-size: 12pt; text-indent: 6%">3.&nbsp;<U>Compensation Other Than Severance Payments</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.1 Following a Change in Control and during the term of this Agreement, during any period
that the Executive fails to perform the Executive&#146;s full-time duties with the Company as a result
of a &#147;disability&#148; (as defined in Treas. Reg. &#167; 1.409A-3(i)(4)), the Company shall pay the
Executive&#146;s current base salary to the Executive at the rate in effect at the commencement of any
such period, together with all compensation and benefits payable to the Executive under the terms
of any compensation or benefit plan, program or arrangement maintained by the Company during such
period, until the Executive&#146;s employment is terminated by the Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.2 If the Executive&#146;s employment shall be terminated for any reason following a Change in
Control and during the term of this Agreement, the Company shall pay (i)&nbsp;the Executive&#146;s current
base salary through the Date of Termination, together with all compensation and benefits to which
the Executive is entitled in respect of all periods preceding the Date of Termination under the
terms of the Company&#146;s compensation and benefit plans, programs or arrangements, and (ii)&nbsp;within
ten (10)&nbsp;business days of the Date of Termination (as defined below), any unpaid Replacement
Restricted Cash Compensation or RSU Replacement Compensation Amount (as such terms are defined in
the Employment Agreement between the Company and Executive dated as of November&nbsp;22, 2010).


<P align="left" style="font-size: 12pt; text-indent: 6%">4.&nbsp;<U>Severance Payments</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.1 If a Qualifying Termination shall occur, in addition to any payments and benefits to which
the Executive is entitled under Section&nbsp;3 hereof, the Company shall pay the Executive the payments
described in this Section&nbsp;4.1 (the &#147;<U>Severance Payments</U>&#148;); provided, however, that, in the
case of clauses (A), (B), (C), (D)&nbsp;and (F)&nbsp;below, the Executive shall have executed and not revoked
a release of claims in the form set forth in Exhibit&nbsp;A hereto. The Executive shall also be entitled
to the Severance Payments (and any payments and benefits under Section&nbsp;3) if the Executive&#146;s
employment is terminated by the Company other than (x)&nbsp;for Cause or (y)&nbsp;by reason of death or
Disability within the six (6)&nbsp;month period immediately preceding a Change in Control and the
Executive reasonably demonstrates that such termination is otherwise in connection with or in
anticipation of a Change in Control that actually occurs during the term of the Agreement (a
&#147;<U>Pre-Change in Control Termination</U>&#148;) ; provided, however, that, in the case of clauses (A),
(B), (C), (D)&nbsp;and (F)&nbsp;below, Executive shall have executed and not revoked a release of claims in
the form set forth in Exhibit&nbsp;A hereto; and provided further, however, that any such payments shall
be offset by the amount of severance previously paid to the Executive under the Employment
Agreement between the Executive and the Company dated as of the date first written above and, to
the extent permitted by Section&nbsp;409A of the Code, any other severance policy, plan or program of
the Company.


<P align="left" style="font-size: 12pt; text-indent: 12%">(A)&nbsp;In lieu of any further salary payments to the Executive for periods subsequent to the Date
of Termination and in lieu of any severance benefit otherwise payable to the Executive, the Company
shall pay to the Executive a lump sum severance payment, in cash, equal to two hundred and fifty
percent (250%) of the sum of (i)&nbsp;the Executive&#146;s annual base salary then in effect (or immediately
prior to any reduction resulting in a termination for Good Reason, if applicable) (the &#147;<U>Change
in Control Salary</U>&#148;), plus (ii)&nbsp;the Executive&#146;s target annual incentive compensation for the
year of termination , or if no target has been set as of the Date of Termination, the target
incentive compensation for the year immediately prior to the year in which the Date of Termination
occurs.


<P align="left" style="font-size: 12pt; text-indent: 12%">(B)&nbsp;For the thirty&nbsp;month period immediately following the Date of Termination, the Company
shall arrange to provide the Executive (which includes the Executive&#146;s eligible dependents for
purposes of this subsection (C)) with life, disability, accident and health insurance benefits
substantially similar to those which the Executive was receiving immediately prior to the Date of
Termination (or immediately prior to any reduction resulting in a termination for Good Reason, if
applicable); provided, however, that (i)&nbsp;the Executive&#146;s and his qualified dependents&#146; COBRA
eligibility period shall include the period during which the Company is providing benefits under
this subsection (C); (ii)&nbsp;unless the Executive consents to a different method (or elects COBRA
coverage at applicable COBRA rates), such health insurance benefits shall be provided through a
third-party insurer; and (iii)&nbsp;the Executive shall be responsible for the payment of premiums for
such benefits in the same amount as active employees of the Company. Benefits otherwise receivable
by the Executive pursuant to this subsection (C)&nbsp;shall be reduced to the extent comparable benefits
(including continued coverage for any preexisting medical condition of any person covered by the
benefits provided to the Executive and his eligible dependents immediately prior to the Date of
Termination) are actually received by or made available to the Executive by a subsequent employer
during the twenty-four&nbsp;month period following the Executive&#146;s Date of Termination (and any such
benefits actually received by or made available to the Executive shall be reported to the Company
by the Executive). Notwithstanding the foregoing, in the event of a Pre-Change in Control
Termination, on the sixtieth (60th) day following the Change in Control the Company shall pay or
reimburse the Executive for any amounts or benefits it would have been responsible to pay or
provide to the Executive under this Section&nbsp;4.1(C) during the period prior to the Change in
Control, had the Change in Control occurred on the Date of Termination.


<P align="left" style="font-size: 12pt; text-indent: 12%">(C)&nbsp;If the Executive would have become entitled to benefits under the Company&#146;s
post-retirement health care or life insurance plans (as in effect immediately prior to the Date of
Termination (or immediately prior to any reduction resulting in a termination for Good Reason, if
applicable)) had the Executive&#146;s employment terminated at any time during the period of thirty
months after the Date of Termination, the Company shall provide such post-retirement health care or
life insurance benefits to the Executive (subject to any employee contributions required under the
terms of such plans in the same amounts as active employees of the Company) commencing on the later
of (i)&nbsp;the date that such coverage would have first become available or (ii)&nbsp;the date that benefits
described in subsection (C)&nbsp;of this Section&nbsp;4.1 terminate.


<P align="left" style="font-size: 12pt; text-indent: 12%">(D)&nbsp;The Company shall pay the Executive, at a daily salary rate calculated from the
Executive&#146;s annual base salary in effect immediately prior to the Date of Termination (or
immediately prior to any reduction resulting in a termination for Good Reason, if applicable), a
lump sum amount equal to all earned but unused paid time off days through the Date of Termination.


<P align="left" style="font-size: 12pt; text-indent: 12%">(E)&nbsp;The Company shall pay, no later than the last day of the calendar year in which they are
incurred, the reasonable fees and expenses of a full service nationally recognized executive
outplacement firm until the earlier of the date the Executive secures new employment or the date
which is twenty-four months following the Executive&#146;s Date of Termination; provided that in no
event shall the aggregate amount of such payments exceed $30,000.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.2 <U>Benefit Limitation</U>.


<P align="left" style="font-size: 12pt; text-indent: 12%">(A)&nbsp;Anything in this Agreement to the contrary notwithstanding, in the event it shall be
determined that any payment (including any acceleration of vesting of stock based benefits) or
distribution by the Company to or for the benefit of the Executive (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise) (a
&#147;<U>Payment</U>&#148;) would be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the
&#147;<U>Excise Tax</U>&#148;), the amounts and benefits payable under this Agreement shall be reduced by an
amount that would result in no Excise Tax being imposed; provided that the amounts and benefits
payable under this Agreement shall not be reduced unless the amounts and benefits the Executive
would receive after such reduction would be greater than the amounts and benefits the Executive
would receive if there were no reduction and the Excise Tax were paid by the Executive (such
reduction, the &#147;<U>Cut Back</U>&#148;). For purposes of determining whether any Payments should be
subject to the Cut-Back, (i)&nbsp;Executive shall be deemed to pay federal income tax at the highest
marginal rate of federal income taxation in the calendar year in which the Date of Termination
occurs and state and local income taxes at the highest marginal rate of taxation in the state and
locality of the Executive&#146;s residence on the Date of Termination, net of the maximum reduction in
federal income taxes which could be obtained from deduction of such state and local taxes, (ii)&nbsp;no
portion of the Payments the receipt or enjoyment of which the Executive shall have waived at such
time and in such manner as not to constitute a &#147;payment&#148; within the meaning of section 280G(b) of
the Code shall be taken into account, (iii)&nbsp;no portion of the Payments shall be taken into account
which, in the opinion of the Accounting Firm, does not constitute a &#147;parachute payment&#148; within the
meaning of section 280G(b)(2) of the Code, including by reason of section 280G(b)(4)(A) of the
Code, (iv)&nbsp;the Severance Payments shall be reduced only to the extent necessary so that the
Payments in their entirety constitute reasonable compensation for services actually rendered within
the meaning of section 280G(b)(4)(B) of the Code or are otherwise not subject to disallowance as
deductions by reason of section 280G of the Code, in the opinion of the Accounting Firm, and (v)
the value of any noncash benefit or any deferred payment or benefit included in the Payments shall
be determined by the Accounting Firm in accordance with the principles of sections 280G(d)(3) and
(4)&nbsp;of the Code. Unless the Executive shall have given prior written notice to the Company
specifying a different order of payments and benefits to be reduced to achieve the Cut-Back, any
payments and benefits to be reduced hereunder shall be determined in a manner that has the least
economic cost to the Executive, on an after-tax basis, and to the extent the economic cost is
equivalent, such payments and benefits shall be reduced in the inverse order of when the payments
and benefits would have been made or provided to the Executive until the reduction specified herein
is achieved. The Executive may specify the order of reduction of the payments and benefits only to
the extent that doing so does not directly or indirectly alter the time or method of payment of any
amount that is deferred compensation subject to (and not exempt from) Section&nbsp;409A of the Code.


<P align="left" style="font-size: 12pt; text-indent: 12%">(B)&nbsp;All determinations required to be made under this Section&nbsp;4.2 shall be made by a
nationally recognized accounting firm designated by the Company (the &#147;<U>Accounting Firm</U>&#148;)
which shall provide detailed supporting calculations both to the Company and the Executive within
fifteen (15)&nbsp;business days after there has been a Cut-Back, or such earlier time as requested by
the Company. In the event that the Accounting Firm is serving as accountant or auditor for the
individual, entity or group effecting the Change in Control, the Company shall appoint another
nationally recognized accounting firm to make the determinations required hereunder (which
accounting firm instead shall be the Accounting Firm hereunder). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm
shall be binding upon the Company and the Executive.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.3 <U>Payment of Severance Payments</U>.


<P align="left" style="font-size: 12pt; text-indent: 12%">(A)&nbsp;Each payment provided for in Section&nbsp;4.1 hereof is intended to constitute a separate
payment within the meaning of Section&nbsp;409A of the Code. The payments provided for in subsections
(A)&nbsp;and (E)&nbsp;of Section&nbsp;4.1 hereof shall be made on the sixtieth (60th) day following the Date of
Termination subject to Section&nbsp;4.3(B) below; and in the event the Executive becomes entitled to
Severance Payments pursuant to the second sentence of Section&nbsp;4.1, the payments provided for in
subsections (A)&nbsp;and (E)&nbsp;of Section&nbsp;4.1 hereof shall be made on the sixtieth (60th) day following
the actual Change in Control that triggered the Severance Payments.


<P align="left" style="font-size: 12pt; text-indent: 12%">(B)&nbsp;If any payment, compensation or other benefit provided to the Executive in connection with
his employment termination is determined, in whole or in part, to constitute &#147;nonqualified deferred
compensation&#148; within the meaning of Section&nbsp;409A of the Code and the Executive is a &#147;specified
employee,&#148; as such term is defined under Section&nbsp;409A(a)(2)(B)(i) of the Code, all such payments
shall be suspended during the six-month period following the Executive&#146;s &#147;separation from service&#148;
within the meaning of Treas. Reg. &#167;&nbsp;1.409A-1(h) or any successor thereto. The Company is entitled
to determine whether any amounts under this Agreement are to be suspended, and the Company shall
have no liability to the Executive for any such determination or any errors made by the Company in
identifying the Executive as a specified employee. If any amounts are suspended pursuant to the
foregoing, such amounts shall be paid on the earlier of (i)&nbsp;the first business day following the
expiration of the six-month period referred to in the first sentence of this subsection or (ii)&nbsp;the
date of the Executive&#146;s death. Any amounts so suspended shall earn interest thereon, if applicable,
calculated based upon the then prevailing monthly short-term applicable federal rate.
Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any
ongoing welfare benefits to the Executive that would not be required to be delayed if the premiums
therefor were paid by the Executive, the Executive shall pay the full cost of premiums for such
welfare benefits during the six-month period and the Company shall pay the Executive an amount
equal to the amount of such premiums paid by the Executive during such six-month period on the
first business day of the month following the expiration of the six-month period referred to above.


<P align="left" style="font-size: 12pt; text-indent: 12%">(C)&nbsp;A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits subject to Section
409A of the Code upon or following a termination of employment unless such termination is also a
&#147;separation from service&#148; as defined in Treas. Reg. &#167; 1.409A-1(h) or any successor thereto,
including the default presumptions thereunder, and for purposes of any such provision of this
Agreement, references to a &#147;resignation,&#148; &#147;termination,&#148; &#147;terminate,&#148; &#147;termination of employment&#148;
or like terms shall mean separation from service.


<P align="left" style="font-size: 12pt; text-indent: 12%">(D)&nbsp;The parties hereto acknowledge and agree that the interpretation of Section&nbsp;409A of the
Code and its application to the terms of this Agreement is uncertain and may be subject to change
as additional guidance and interpretations become available. Anything to the contrary herein
notwithstanding, all benefits or payments provided by the Company to the Executive that would be
deemed to constitute &#147;nonqualified deferred compensation&#148; within the meaning of Section&nbsp;409A of the
Code are intended to comply with Section&nbsp;409A of the Code. If, however, any such benefit or payment
is deemed not to comply with Section&nbsp;409A of the Code, the Company and the Executive agree to
renegotiate in good faith any such benefit or payment (including, without limitation, as to the
timing of any severance payments payable hereunder) so that either (i)&nbsp;Section&nbsp;409A of the Code
will not apply or (ii)&nbsp;compliance with Section&nbsp;409A of the Code will be achieved.


<P align="left" style="font-size: 12pt; text-indent: 12%">(E)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, any reimbursement
for a cost or expense under this Agreement shall be paid in no event later than the end of the
taxable year following the taxable year in which the Executive incurs such cost or expense. With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind
benefits, except as permitted by Section&nbsp;409A of the Code, (i)&nbsp;the right to reimbursement or
in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii)&nbsp;the
amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year
shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any
other taxable year; provided, however, that the foregoing clause (ii)&nbsp;shall not be violated with
regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely
because such expenses are subject to a limit related to the period the arrangement is in effect.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.4 The Company shall reimburse the Executive for all reasonable legal fees and expenses
incurred by the Executive in attempting to obtain or enforce rights or benefits provided by this
Agreement, if, with respect to any such right or benefit, the Executive is successful in obtaining
or enforcing such right or benefit (including by negotiated settlement).


<P align="left" style="font-size: 12pt; text-indent: 6%">5.&nbsp;<U>Restrictive Covenants</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">5.1 During the Executive&#146;s employment with the Company and for a period of twenty-four (24)
months thereafter:


<P align="left" style="font-size: 12pt; text-indent: 12%">(A)&nbsp;the Executive shall not, directly for the Executive or any third party, become engaged in
any business or activity which is directly in competition with any services or products sold by, or
any business or activity engaged in by, the Company or any of its affiliates; provided, however,
that this provision shall not restrict the Executive from owning or investing in publicly traded
securities, so long as the Executive&#146;s aggregate holdings in any company do not exceed 2% of the
outstanding equity of such company and such investment is passive;


<P align="left" style="font-size: 12pt; text-indent: 12%">(B)&nbsp;the Executive shall not solicit any person who was a customer of the Company or any of its
affiliates during the period of the Executive&#146;s employment hereunder, or solicit potential
customers who are or were identified through leads developed during the course of employment with
the Company, or otherwise divert or attempt to divert any existing business of the Company or any
of its affiliates; and


<P align="left" style="font-size: 12pt; text-indent: 12%">(C)&nbsp;the Executive shall not, directly for the Executive or any third party, solicit, induce,
recruit or cause another person in the employment of the Company or any of its affiliates to
terminate such employee&#146;s employment for the purposes of joining, associating, or becoming employed
with any business or activity which is in competition with any services or products sold, or any
business or activity engaged in, by the Company or any of its affiliates.


<P align="left" style="font-size: 12pt; text-indent: 8%">5.2 The Executive agrees that he will not, while employed with the Company or at any time
thereafter for any reason, in any fashion, form or manner, either directly or indirectly, divulge,
disclose or communicate to any person, firm, corporation or other business entity, in any manner
whatsoever, any confidential information or trade secrets concerning the business of the Company,
including, without limiting the generality of the foregoing, any customer lists or other customer
identifying information, the techniques, methods or systems of the Company&#146;s operation or
management, any information regarding its financial matters, or any other material information
concerning the business of the Company, its manner of operation, its plans or other material data.
The provisions of this Section&nbsp;5.2 shall not apply to (i)&nbsp;information that is public knowledge
other than as a result of disclosure by the Executive in breach of this Section&nbsp;5.2;
(ii)&nbsp;information disseminated by the Company to third parties in the ordinary course of business;
(iii)&nbsp;information lawfully received by the Executive from a third party who, based upon inquiry by
the Executive, is not bound by a confidential relationship to the Company, or (iv)&nbsp;information
disclosed under a requirement of law or as directed by applicable legal authority having
jurisdiction over the Executive.


<P align="left" style="font-size: 12pt; text-indent: 8%">5.3 The Executive agrees that he will not, while employed with the Company or at any time
thereafter for any reason, in any fashion, form or manner, either directly or indirectly, disparage
or criticize the Company, or otherwise speak of the Company, in any negative or unflattering way to
anyone with regard to any matters relating to the Executive&#146;s employment by the Company or the
business or employment practices of the Company. The Company agrees that it will not, in any
fashion, form or manner, either directly or indirectly, disparage or criticize the Executive or
otherwise speak of the Executive in any negative or unflattering way to anyone with regard to any
matters relating to the Executive&#146;s employment with the Company. This Section shall not operate as
a bar to (i)&nbsp;statements reasonably necessary to be made in any judicial, administrative or arbitral
proceeding, or (ii)&nbsp;internal communications between and among the employees of the Company with a
job-related need to know about this Agreement or matters related to the administration of this
Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">5.4 The Executive understands that in the event of a violation of any provision of Section&nbsp;5,
the Company shall have the right to (i)&nbsp;seek injunctive relief, in addition to any other existing
rights provided in this Agreement or by operation of law, without the requirement of posting bond
and (ii)&nbsp;stop making any future payments or providing benefits under this Agreement. The remedies
provided in this Section&nbsp;5.4 shall be in addition to any legal or equitable remedies existing at
law or provided for in any other agreement between the Executive and the Company or any of its
affiliates, and shall not be construed as a limitation upon, or as an alternative or in lieu of,
any such remedies. If any provisions of Section&nbsp;5 shall be determined by a court of competent
jurisdiction to be unenforceable in part by reason of it being too great a period of time or
covering too great a geographical area, it shall be in full force and effect as to that period of
time or geographical area determined to be reasonable by the court.


<P align="left" style="font-size: 12pt; text-indent: 8%">5.5 The Executive acknowledges that the provisions of Section&nbsp;5 shall extend to any business
that becomes an affiliate of or successor to the Company or any of its affiliates on account of
such Change in Control.


<P align="left" style="font-size: 12pt; text-indent: 6%">6.&nbsp;<U>Requirement of Release</U>. Notwithstanding anything in this Agreement to the contrary,
the release of claims referenced in Section&nbsp;4.1 above shall completely release the Company, its
parent and affiliates and their respective officers, directors and employees (collectively the
&#147;<U>Released Parties</U>&#148; and individually a &#147;<U>Released Party</U>&#148;) and which shall forever
waive all claims of any nature that the Executive may have against any Released Party, including
without limitation all claims arising out of Executive&#146;s employment within the Company or the
termination of that employment. If the Executive does not execute an effective release, such
release does not become irrevocable or such release is revoked, in each case, prior to the time of
payment prescribed in Section&nbsp;4.1 above, the Company&#146;s obligations to provide the benefits
described in Section&nbsp;4.1(C) hereof shall cease immediately.


<P align="left" style="font-size: 12pt; text-indent: 6%">7.&nbsp;<U>Termination Procedures</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">7.1 <U>Notice of Termination</U>. After a Change in Control and during the term of this
Agreement, any purported termination of the Executive&#146;s employment (other than by reason of death)
shall be communicated by written Notice of Termination from one party hereto to the other party
hereto in accordance with Section&nbsp;10 hereof. For purposes of this Agreement, a &#147;<U>Notice of
Termination</U>&#148; shall mean a notice which shall indicate whether the termination is for Cause,
without Cause, by reason of Disability, for Good Reason or otherwise and shall set forth in
reasonable detail the facts and circumstances claimed to provide the basis for termination of the
Executive&#146;s employment; provided, that the failure of the Executive or the Company to set forth in
the Notice of Termination any particular facts or circumstances shall not waive any right of such
party or preclude such party from asserting such facts or circumstances in enforcing his or its
rights hereunder.


<P align="left" style="font-size: 12pt; text-indent: 8%">7.2 <U>Date of Termination</U>. &#147;<U>Date of Termination</U>,&#148; with respect to any purported
termination of the Executive&#146;s employment after a Change in Control and during the term of this
Agreement, shall mean (i)&nbsp;if the Executive&#146;s employment is terminated for Disability, thirty (30)
days after Notice of Termination is given (provided that the Executive shall not have returned to
the full-time performance of the Executive&#146;s duties during such thirty (30)&nbsp;day period), and (ii)
if the Executive&#146;s employment is terminated for any other reason, the date specified in the Notice
of Termination (which, in the case of a termination by the Company, shall not be less than thirty
(30)&nbsp;days (except in the case of a termination for Cause) and, in the case of a termination by the
Executive, shall not be less than fifteen (15)&nbsp;days nor more than sixty (60)&nbsp;days, respectively,
from the date such Notice of Termination is given). &#147;<U>Date of Termination</U>,&#148; with respect to
any Pre-Change in Control Termination shall mean the date of such termination as reasonably
determined by the Company.


<P align="left" style="font-size: 12pt; text-indent: 6%">8.&nbsp;<U>No Mitigation</U>. The Company agrees that, if the Executive&#146;s employment with the
Company terminates during the term of this Agreement, the Executive shall not be required to seek
other employment or to attempt in any way to reduce any amounts payable to the Executive by the
Company pursuant to Section&nbsp;4 hereof. Further, the amount of any payment or benefit provided for in
this Agreement (other than Section&nbsp;4.1 (C)&nbsp;hereof) shall not be reduced by any compensation earned
by the Executive as the result of employment by another employer, by retirement benefits, by offset
against any amount claimed to be owed by the Executive to the Company, or otherwise.


<P align="left" style="font-size: 12pt; text-indent: 6%">9.&nbsp;<U>Successors; Binding Agreement</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">9.1 In addition to any obligations imposed by law upon any successor to the Company, the
Company shall require (i)&nbsp;any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company
(on a consolidated basis) and (ii)&nbsp;in the case of a disposition of all or substantially all of the
business or assets of the Company (on a consolidated basis) to more than one entity in a single
transaction or series of related transactions, the entity that will employ the Executive
immediately after such disposition (such successor or other entity in clause (i)&nbsp;or (ii), a
&#147;<U>Successor</U>&#148;) to expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession or
disposition had taken place prior to the effectiveness of any such succession or disposition. If
such assumption and agreement is obtained prior to the effectiveness of any such succession or
disposition and the Executive accepts employment with the Successor, the Executive&#146;s employment
shall not be treated as a termination of the Executive&#146;s employment with the Company (unless
otherwise required in order to comply with the definition of &#147;separation from service&#148; as set forth
in Treas. Reg. &#167; 1.409A-1(h) or any successor regulation thereto).


<P align="left" style="font-size: 12pt; text-indent: 8%">9.2 This Agreement shall inure to the benefit of and be enforceable by the Executive&#146;s
personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive shall die while any amount would still be payable to the
Executive hereunder (other than amounts which, by their terms, terminate upon the death of the
Executive) if the Executive had continued to live, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive&#146;s estate.


<P align="left" style="font-size: 12pt; text-indent: 6%">10.&nbsp;<U>Notices</U>. For the purpose of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt requested, postage prepaid,
addressed, if to the Executive, to the address shown for the Executive in the personnel records of
the Company and, if to the Company, to the address set forth below, or to such other address as
either party may have furnished to the other in writing in accordance herewith, except that notice
of change of address shall be effective only upon actual receipt:


<P align="center" style="font-size: 12pt">To the Company:<BR>
CHS Inc.<BR>
5500 Cenex Drive<BR>
Inver Grove Heights, Minnesota 55077<BR>
Attention: General Counsel



<P align="left" style="font-size: 12pt; text-indent: 6%">11.&nbsp;<U>Miscellaneous</U>. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer as may be specifically designated by the Board. No waiver by either
party hereto at any time of any breach by the other party hereto of, or of any lack of compliance
with, any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. This Agreement supersedes any other agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof which have been made by
either party; <U>provided</U>, <U>however</U>, that this Agreement shall supersede any agreement
setting forth the terms and conditions of the Executive&#146;s termination of employment with the
Company only in the event that the Executive&#146;s employment with the Company is terminated on or
following a Change in Control, by the Company without Cause or by the Executive for Good Reason, as
defined herein, or the Executive incurs a Pre-Change in Control Termination, as defined herein.
The validity, interpretation, construction and performance of this Agreement shall be governed by
the laws of the State of Minnesota. All references to sections of the Code shall be deemed also to
refer to any successor provisions to such sections. Any payments provided for hereunder shall be
paid net of any applicable withholding required under federal, state or local law and any
additional withholding to which the Executive has agreed. The obligations of the Company and the
Executive under Sections&nbsp;4 and 5 hereof shall survive the expiration of the term of this Agreement.
This Agreement is not intended by the parties hereto to constitute an employee benefit plan subject
to the Employee Retirement Income Security Act of 1974, as amended.


<P align="left" style="font-size: 12pt; text-indent: 6%">12.&nbsp;<U>Validity</U>. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.


<P align="left" style="font-size: 12pt; text-indent: 6%">13.&nbsp;<U>Counterparts</U>. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.


<P align="left" style="font-size: 12pt; text-indent: 6%">14.&nbsp;<U>Settlement of Disputes; Arbitration</U>. All claims by the Executive for benefits
under this Agreement shall be directed in writing to and determined by the Committee, which shall
give full consideration to the evidentiary standards set forth in this Agreement. Any denial by the
Committee of a claim for benefits under this Agreement shall be delivered to the Executive in
writing and shall set forth the specific reasons for the denial and the specific provisions of this
Agreement relied upon. The Committee shall afford a reasonable opportunity to the Executive for a
review of the decision denying a claim and shall further allow the Executive to appeal to the
Committee a decision of the Committee within sixty (60)&nbsp;days after notification by the Committee
that the Executive&#146;s claim has been denied. Any further dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration in Minneapolis,
Minnesota in accordance with the rules of the American Arbitration Association then in effect.
Judgment may be entered on the arbitrator&#146;s award in any court having jurisdiction.


<P align="left" style="font-size: 12pt; text-indent: 6%">15.&nbsp;<U>Definitions</U>. For purposes of this Agreement, the following terms shall have the
meanings indicated below:


<P align="left" style="font-size: 12pt; text-indent: 12%">(A)&nbsp;&#147;<U>Accounting Firm</U>&#148; shall have the meaning stated in Section&nbsp;4.2(B) hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(B)&nbsp;&#147;<U>Anniversary Date</U>&#148; shall have the meaning stated in Section&nbsp;2 hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(C)&nbsp;&#147;<U>Board</U>&#148; shall mean the Board of Directors of the Company.


<P align="left" style="font-size: 12pt; text-indent: 12%">(D)&nbsp;&#147;<U>Cause</U>&#148; for termination by the Company of the Executive&#146;s employment shall mean
(i)&nbsp;the deliberate and continued failure by the Executive to devote substantially all the
Executive&#146;s business time and best efforts to the performance of the Executive&#146;s duties after a
demand for substantial performance is delivered to the Executive by the Board which specifically
identifies the manner in which the Executive has not substantially performed such duties; (ii)&nbsp;the
deliberate engaging by the Executive in gross misconduct which is demonstrably and materially
injurious to the Company, monetarily or otherwise; or (iii)&nbsp;the Executive&#146;s conviction of, or plea
of guilty or <I>nolo contendere </I>to, a felony or any criminal charge involving moral turpitude. For the
purposes of this Agreement, no act, or failure to act, on the part of the Executive shall be
considered &#147;deliberate&#148; unless done, or omitted to be done, by the Executive not in good faith and
without reasonable belief that such action or omission was in the best interests of the Company.


<P align="left" style="font-size: 12pt; text-indent: 12%">(E)&nbsp;A &#147;<U>Change in Control</U>&#148; shall be deemed to have occurred if any of the following
shall have occurred after the Effective Date:


<P align="left" style="font-size: 12pt; text-indent: 15%">(i)&nbsp;the consummation of (A)&nbsp;a merger or consolidation involving the Company, (B)&nbsp;a sale or
other disposition of all or substantially all of the assets of the Company (on a consolidated
basis), including a sale or disposition of all or substantially all of the assets of the Company
(on a consolidated basis) pursuant to a spin-off or split-up, or (C)&nbsp;any other substantially
similar transaction or series of related transactions involving the Company (each of the
transactions in clauses (A), (B)&nbsp;and (C), a &#147;<U>Corporate Transaction</U>&#148;), but excluding a
Non-Control Acquisition; or


<P align="left" style="font-size: 12pt; text-indent: 15%">(ii)&nbsp;the members of the Company approve a plan of complete liquidation or dissolution of the
Company.


<P align="left" style="font-size: 12pt">Notwithstanding anything to the contrary herein, solely for the purpose of determining the timing
of payment or timing of distribution of any compensation or benefit that constitutes &#147;non-qualified
deferred compensation&#148; within the meaning of Section&nbsp;409A of the Internal Revenue Code of 1986, as
amended, a Change in Control shall not be deemed to occur under this Agreement unless the events
that have occurred would also constitute a &#147;Change in the Ownership or Effective Control of a
Corporation or in the Ownership of a Substantial Portion of the Assets of a Corporation&#148; under
Treasury Department Final Regulation&nbsp;1.409A-3(i)(5), or any successor provision.



<P align="left" style="margin-left:8%; font-size: 12pt"><B>Other definitions used in the Change in Control definition</B>



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(E1) &#147;<U>Affiliate</U>&#148; shall mean with respect to any person or entity, any other
person or entity that, at any time that a determination is made hereunder, directly or
indirectly, controls, is controlled by, or is under common control with such first person or
entity. For the purpose of this definition, &#147;control&#148; shall mean, as to any person or
entity, the possession, directly or indirectly, of the power to elect or appoint a majority
of directors (or other persons acting in similar capacities) of such person or entity or
otherwise to direct or cause the direction of the management and policies of such person or
entity, whether through the ownership of voting securities, by contract or otherwise.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(E2) &#147;<U>Group</U>&#148; or &#147;<U>group</U>&#148; shall have the meaning ascribed thereto in
Section&nbsp;13(d)(3) or Section&nbsp;14(d)(2) of the Exchange Act or any successor provision.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(E3) &#147;<U>Non-Control Acquisition</U>&#148; shall mean a Corporate Transaction that is a
merger or consolidation involving the Company (or any other substantially similar
transaction or series of related transactions involving the Company) where individuals who
were members of the Board immediately prior to such Corporate Transaction constitute at
least a majority of the members of the board of directors (or similar governing body) of the
Company or other surviving, resulting or acquiring entity in such Corporate Transaction
immediately after such Corporate Transaction.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(E4) &#147;<U>Person</U>&#148; shall mean any individual, entity or group, including any
&#147;person&#148; or &#147;group&#148; within the meaning of Section&nbsp;13(d)(3) or Section&nbsp;14(d)(2) of the
Exchange Act, or any successor provision.


<P align="left" style="font-size: 12pt; text-indent: 12%">(F)&nbsp;&#147;<U>Change in Control Salary</U>&#148; shall have the meaning stated in Section&nbsp;4.1(A)(i)
hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(G)&nbsp;&#147;<U>COBRA</U>&#148; shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended from time to time.


<P align="left" style="font-size: 12pt; text-indent: 12%">(H)&nbsp;&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended from time to time.


<P align="left" style="font-size: 12pt; text-indent: 12%">(I)&nbsp;&#147;<U>Committee</U>&#148; shall mean (i)&nbsp;the individuals (not fewer than three in number) who,
on the date six (6)&nbsp;months before a Change in Control, constitute the Compensation Committee of the
Board (or its successor), plus (ii)&nbsp;in the event that fewer than three individuals are available
from the group specified in clause (i)&nbsp;above for any reason, such individuals otherwise
constituting members of the Board as may be appointed by the individual or individuals so available
(including for this purpose any individual or individuals previously so appointed under this clause
(ii)); provided, that, if after such appointments fewer than three individuals constitute the
Committee, then the Board shall appoint additional members of the Committee so that the Committee
shall have no fewer than three members, a majority of which additional appointees, if available,
shall be &#147;independent directors&#148; (as defined under the rules of the Nasdaq Stock Market).


<P align="left" style="font-size: 12pt; text-indent: 12%">(J)&nbsp;&#147;<U>Company</U>&#148; shall mean CHS Inc., as hereinbefore defined, or any Successor that has
assumed this Agreement pursuant to Section&nbsp;10.1 hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(K)&nbsp;&#147;<U>Cut Back</U>&#148; shall have the meaning stated in Section&nbsp;4.2(A) hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(L)&nbsp;&#147;<U>Date of Termination</U>&#148; shall have the meaning stated in Section&nbsp;7.2 hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(M)&nbsp;&#147;<U>Disability</U>&#148; shall be deemed the reason for the termination by the Company of the
Executive&#146;s employment, if, as a result of the Executive&#146;s incapacity due to physical or mental
illness, the Executive shall have been absent from the full-time performance of the Executive&#146;s
duties with the Company for a period of six (6)&nbsp;consecutive months, the Company shall have given
the Executive a Notice of Termination for Disability, and, within thirty (30)&nbsp;days after such
Notice of Termination is given, the Executive shall not have returned to the full-time performance
of the Executive&#146;s duties.


<P align="left" style="font-size: 12pt; text-indent: 12%">(N)&nbsp;&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934, as amended from
time to time.


<P align="left" style="font-size: 12pt; text-indent: 12%">(O)&nbsp;&#147;<U>Excise Tax</U>&#148; shall have the meaning stated in Section&nbsp;4.2(A) hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(P)&nbsp;&#147;<U>Good Reason</U>&#148; for termination by the Executive of the Executive&#146;s employment shall
mean the occurrence (without the Executive&#146;s express written consent), during the term of this
Agreement, of any one of the following acts by the Company, or failures by the Company to act:


<P align="left" style="font-size: 12pt; text-indent: 15%">(i)&nbsp;a material diminution in the Executive&#146;s authority, duties, or responsibilities or the
assignment to Executive of duties or responsibilities that are materially inconsistent from those
in effect immediately prior to the Change in Control;


<P align="left" style="font-size: 12pt; text-indent: 15%">(ii)&nbsp;a reduction of ten percent (10%) or more by the Company in the Executive&#146;s annual base
salary as in effect on the date hereof or as the same may be increased from time to time except for
across-the-board salary reductions similarly affecting all senior executive officers of the
Company;


<P align="left" style="font-size: 12pt; text-indent: 15%">(iii)&nbsp;the failure by the Company to continue in effect any compensation plan in which the
Executive participates immediately prior to the Change in Control which is material to the
Executive&#146;s total compensation, unless an equitable arrangement (embodied in an ongoing substitute
or alternative plan) has been made with respect to such plan, or the failure by the Company to
continue the Executive&#146;s participation therein (or in such substitute or alternative plan) on a
basis not materially less favorable in terms of compensation opportunity (&#147;materially less
favorable&#148; shall be a reduction of ten percent (10%) or more in the compensation opportunity), as
existed immediately prior to the Change in Control except for across-the-board compensation plan
reductions similarly affecting all senior executive officers of the Company;


<P align="left" style="font-size: 12pt; text-indent: 15%">(iv)&nbsp;the failure by the Company to continue to provide the Executive with benefits
substantially similar to those enjoyed by the Executive under any of the Company&#146;s retirement, life
insurance, medical, health and accident, or disability plans in which the Executive was
participating immediately prior to the Change in Control, the taking of any action by the Company
which would directly or indirectly materially reduce any of such benefits (a &#147;material reduction&#148;
shall be a reduction of ten percent (10%) or more in the value of the aggregate benefits), or
deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the
Change in Control except for (i)&nbsp;across-the-board benefit reductions similarly affecting all senior
executive officers of the Company or (ii)&nbsp;reduction or elimination of Executive&#146;s annual
comprehensive &#147;executive&#148; physical examinations, financial planning or other perquisites;


<P align="left" style="font-size: 12pt; text-indent: 15%">(v)&nbsp;a material breach by the Company of its obligations under this Agreement; or


<P align="left" style="font-size: 12pt; text-indent: 15%">(vi)&nbsp;the failure of the Company to obtain the assumption and agreement to perform this
Agreement by a Successor as provided in Section&nbsp;10.1 hereof prior to the effectiveness of the
succession or disposition referred to in Section&nbsp;10.1(i) or Section&nbsp;10.1(ii), as applicable.


<P align="left" style="font-size: 12pt; text-indent: 4%">The Executive&#146;s continued employment shall not constitute consent to, or a waiver of rights
with respect to, any act or failure to act constituting Good Reason hereunder.


<P align="left" style="font-size: 12pt; text-indent: 4%">The Executive&#146;s right to terminate employment for Good Reason shall be subject to the
following conditions: (i)&nbsp;any amounts payable upon a Good Reason termination shall be paid only if
the Executive actually terminates employment within one hundred and eighty (180)&nbsp;days following the
initial existence of the Good Reason condition and (ii)&nbsp;the amount, time and form of payment upon a
termination of employment for Good Reason shall be the same as the amount, time and form of payment
payable upon an involuntary termination without Cause. The Executive must also provide notice to
the Company of the Good Reason condition within ninety (90)&nbsp;days of the initial existence of such
condition and the Company must be given at least thirty (30)&nbsp;days to remedy such situation.


<P align="left" style="font-size: 12pt; text-indent: 12%">(Q)&nbsp;&#147;<U>Notice of Termination</U>&#148; shall have the meaning stated in Section&nbsp;7.1 hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(R)&nbsp;&#147;<U>Payment</U>&#148; shall have the meaning stated in Section&nbsp;4.2(A) hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(S)&nbsp;&#147;<U>Person</U>&#148; shall have the meaning set forth in Section&nbsp;16(E)(7).


<P align="left" style="font-size: 12pt; text-indent: 12%">(T)&nbsp;&#147;<U>Pre-Change in Control Termination</U>&#148; shall have the meaning stated in Section&nbsp;4.1
hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(U)&nbsp;&#147;<U>Qualifying Termination</U>&#148; shall mean a termination of the Executive&#146;s employment,
concurrent with, or during the twenty-four month period following, a Change in Control, unless such
termination is (i)&nbsp;by the Company for Cause, (ii)&nbsp;by reason of death or Disability, or (iii)&nbsp;by the
Executive without Good Reason.


<P align="left" style="font-size: 12pt; text-indent: 12%">(V)&nbsp;&#147;<U>Released Parties</U>&#148; or &#147;<U>Released Party</U>&#148; shall have the meaning stated in
Section&nbsp;6 hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(W)&nbsp;&#147;<U>Severance Payments</U>&#148; shall mean those payments described in Section&nbsp;4.1 hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(X)&nbsp;&#147;<U>Successor</U>&#148; shall have the meaning stated in Section&nbsp;10.1 hereof.



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">CHS INC.



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">By: <U> /s/ Michael Toelle</U>

<DIV align="center">
<TABLE style="font-size: pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Michael Toelle</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Title: Chairman of the Board of Directors</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</CENTER>



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">CARL M. CASALE


<P align="left" style="font-size: 12pt; text-indent: 19%"><U>/s/ Carl M. Casale</U>


<P align="center" style="font-size: 12pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 12pt"><B>FORM OF RELEASE AGREEMENT</B>



<P align="left" style="font-size: 12pt">THIS RELEASE AGREEMENT (the &#147;Release&#148;) is made as of this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, by and
between Carl M. Casale (&#147;Executive&#148;) and CHS Inc. (the &#147;Company&#148;).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FOR AND IN CONSIDERATION of the payments and benefits provided in the Change in Control
Agreement between Executive and the Company dated as of November&nbsp;22, 2010, (the &#147;Change in
Control Agreement&#148;), Executive, for himself or herself, his or her successors and assigns,
executors and administrators, now and forever hereby releases and discharges the Company,
together with all of its past and present parents, subsidiaries, and affiliates, together with
each of their officers, directors, stockholders, partners, employees, agents, representatives
and attorneys, and each of their subsidiaries, affiliates, estates, predecessors, successors,
and assigns (hereinafter collectively referred to as the &#147;<U>Releasees</U>&#148;) from any and all
rights, claims, charges, actions, causes of action, complaints, sums of money, suits, debts,
covenants, contracts, agreements, promises, obligations, damages, demands or liabilities of
every kind whatsoever, in law or in equity, whether known or unknown, suspected or
unsuspected, which Executive or Executive&#146;s executors, administrators, successors or assigns
ever had, now has or may hereafter claim to have by reason of any matter, cause or thing
whatsoever; arising from the beginning of time up to the date of the Release: (i)&nbsp;relating in
any way to Executive&#146;s employment relationship with the Company or any of the Releasees, or
the termination of Executive&#146;s employment relationship with the Company or any of the
Releasees; (ii)&nbsp;arising under or relating to the Change in Control Agreement; (iii)&nbsp;arising
under any federal, local or state statute or regulation, including, without limitation, the
Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit
Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act
of 1990, the Employee Retirement Income Security Act of 1974, and/or the applicable state law
against discrimination, each as amended; (iv)&nbsp;relating to wrongful employment termination or
breach of contract; or (v)&nbsp;arising under or relating to any policy, agreement, understanding
or promise, written or oral, formal or informal, between the Company and any of the Releasees
and Executive; <U>provided</U>, <U>however</U>, that notwithstanding the foregoing, nothing
contained in the Release shall in any way diminish or impair: (i)&nbsp;the Executive&#146;s ability to
enforce the provisions of Sections&nbsp;4.1(C) and (D)&nbsp;of the Change in Control Agreement, (ii)&nbsp;any
direct or indirect holdings of equity in CHS Inc.; (iii)&nbsp;any claims for accrued and vested
benefits under any of the Company&#146;s employee retirement and welfare benefit plans; and (iv)
any rights or claims Executive may have that cannot be waived under applicable law;
(collectively, the &#147;<U>Excluded Claims</U>&#148;). Executive further acknowledges and agrees
that, except with respect to Excluded Claims, the Company and the Releasees have fully
satisfied any and all obligations whatsoever owed to Executive arising out of Executive&#146;s
employment with the Company or any of the Releasees, and that no further payments or benefits
are owed to Executive by the Company or any of the Releasees.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive understands and agrees that, except for the Excluded Claims, Executive has
knowingly relinquished, waived and forever released any and all rights to any personal
recovery in any action or proceeding that may be commenced on Executive&#146;s behalf arising out
of the aforesaid employment relationship or the termination thereof, including, without
limitation, claims for back pay, front pay, liquidated damages, compensatory damages, general
damages, special damages, punitive damages, exemplary damages, costs, expenses and attorneys&#146;
fees.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive acknowledges and agrees that Executive has been advised to consult with an attorney
of Executive&#146;s choosing prior to signing the Release. Executive understands and agrees that
Executive has the right and has been given the opportunity to review the Release with an
attorney of Executive&#146;s choice should Executive so desire. Executive also agrees that
Executive has entered into the Release freely and voluntarily. Executive further acknowledges
and agrees that Executive has had at least forty-five (45)&nbsp;calendar days to consider the
Release, although Executive may sign it sooner if Executive wishes. In addition, once
Executive has signed the Release, Executive shall have seven (7)&nbsp;additional days from the date
of execution to revoke Executive&#146;s consent and may do so by writing to: CHS Inc., 5500 Cenex
Drive, Inver Grove Heights, Minnesota 55077, Attention: General Counsel. The Release shall
not be effective, and no payments shall be due under Section&nbsp;4 of the Change in Control
Agreement, until the eighth (8th) day after Executive shall have executed the Release and
returned it to the Company, assuming that Executive had not revoked Executive&#146;s consent to the
Release prior to such date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is understood and agreed by Executive that the payment made to Executive is not to be
construed as an admission of any liability whatsoever on the part of the Company or any of the
other Releasees, by whom liability is expressly denied.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Release is executed by Executive voluntarily and is not based upon any representations or
statements of any kind made by the Company or any of the other Releasees as to the merits,
legal liabilities or value of Executive&#146;s claims. Executive further acknowledges that
Executive has had a full and reasonable opportunity to consider the Release and that Executive
has not been pressured or in any way coerced into executing the Release.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The exclusive venue for any disputes arising hereunder shall be the state or federal courts
located in the State of Minnesota, and each of the parties hereto irrevocably waives, to the
fullest extent permitted by law, any objection which it may now or hereafter have to the
laying of the venue of any such proceeding brought in such a court and any claim that any such
proceeding brought in such a court has been brought in an inconvenient forum. Each of the
parties hereto also agrees that any final and unappealable judgment against a party hereto in
connection with any action, suit or other proceeding may be enforced in any court of competent
jurisdiction, either within or outside of the United States. A certified or exemplified copy
of such award or judgment shall be conclusive evidence of the fact and amount of such award or
judgment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Release and the rights and obligations of the parties hereto shall be governed and
construed in accordance with the laws of the State of Minnesota. If any provision hereof is
unenforceable or is held to be unenforceable, such provision shall be fully severable, and
this document and its terms shall be construed and enforced as if such unenforceable provision
had never comprised a part hereof, the remaining provisions hereof shall remain in full force
and effect, and the court construing the provisions shall add as a part hereof a provision as
similar in terms and effect to such unenforceable provision as may be enforceable, in lieu of
the unenforceable provision.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Release shall inure to the benefit of and be binding upon the Company and its successors
and assigns.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt">IN WITNESS WHEREOF, Executive and the Company have executed the Release as of the date and year
first written above.



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">CHS INC.



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>



<P align="left" style="margin-left:15%; font-size: 12pt; text-indent: 4%">CARL M. CASALE


<P align="left" style="font-size: 12pt; text-indent: 19%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>



<P align="center" style="font-size: 10pt; display: none">




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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>exhibit3.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
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<HEAD>
<TITLE> EX-99.1 </TITLE>
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><img src="e32022-103268314966336a57_1.jpg"><B>Exhibit&nbsp;99.1</B></FONT>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">FOR IMMEDIATE RELEASE</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">For further information,</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contact:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lani Jordan<BR>
(651)&nbsp;355-4946<BR>
<FONT style="font-size: 9pt">lani.jordan@chsinc.com</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 9pt"><FONT style="font-size: 14pt"><B>CHS names Casale new president and CEO</B></FONT>



<P align="left" style="font-size: 14pt; text-indent: 4%"><FONT style="font-size: 12pt">ST. PAUL, MINN. (November&nbsp;22, 2010) &#150; CHS Inc., a leading energy, grains and foods
company, announced today it has named veteran agribusiness leader Carl Casale as its new president
and chief executive officer, effective Jan. 1, 2011.
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 4%">Casale, who most recently was executive vice president and chief financial officer for
Monsanto Company, will succeed John Johnson who will retire Dec. 31, 2010. In his previous role,
Casale was responsible for finance, strategy and information technology resources.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;The CHS Board believes that in Carl Casale we&#146;ve found an individual whose impressive depth
of domestic and global agribusiness knowledge, strategic ability, financial acumen, and leadership
experience that will carry CHS forward,&#148; said Michael Toelle, CHS Board chairman and a Browns
Valley, Minn., farmer.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;Most of all, we believe we&#146;ve selected a candidate whose rural roots, active involvement in
agriculture, personal style and values are compatible with our culture and our strong,
producer-focused company.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">Toelle said the CHS Board of Directors selected Casale to lead the nation&#146;s largest
producer-owned cooperative following an extensive search which included both internal and external
candidates.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;I feel privileged and excited to be part of a company owned by farmers and ranchers and to
help CHS embrace new opportunities to add value for producers in a dynamic global marketplace,&#148;
Casale said.


<P align="left" style="font-size: 12pt; text-indent: 4%">Casale, 49, is a native of Oregon&#146;s Willamette Valley. He and his wife, Kim, operate a
family-owned blueberry farm near Aurora, Ore., which has done business with area supply and
marketing cooperatives for generations. Casale joined Monsanto in 1984 as a sales representative in
eastern Washington. He has held numerous sales, strategy, marketing and technology-related
positions with Monsanto. Before assuming his most recent position as CFO in 2009, he was executive
vice president, Strategy and Operations, overseeing its strategy, manufacturing and information
technology organizations. Previously he served as executive vice president, North American
commercial operations.


<P align="left" style="font-size: 12pt; text-indent: 4%">He holds a B.S. degree in agricultural economics from Oregon State University and an executive
M.B.A. from Washington University, St. Louis, Mo. The Oregon State University College of
Agriculture named Casale its 2009 alumni fellow. He serves on the board of the National 4-H
Council.


<P align="left" style="font-size: 12pt; text-indent: 4%">CHS Inc. (www.chsinc.com) is a diversified energy, grains and foods company committed to
providing the essential resources that enrich lives around the world. A Fortune 100 company, CHS is
owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders across
the United States. CHS supplies energy, crop nutrients, grain, livestock feed, food and food
ingredients, along with business solutions including insurance, financial and risk management
services. The company operates petroleum refineries/pipelines and manufactures, markets and
distributes Cenex&#174; brand refined fuels, lubricants, propane and renewable energy products. CHS is
listed on the NASDAQ at CHSCP.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 9pt">This document contains forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995 that are based on management&#146;s current expectations and assumptions.
These forward-looking statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from the potential results discussed in the forward-looking
statements. The company undertakes no obligations to publicly revise any forward-looking statements
to reflect future events or circumstances. For a discussion of additional factors that may
materially affect management&#146;s estimates and predictions, please view the CHS Inc. annual report
filed on Form 10-K for the year ended Aug. 31, 2010, which can be found on the Securities and
Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
</FONT>


<P align="center" style="font-size: 10pt; display: none">




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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
