CHS INC
AMEND. NO.1 SPEC. SUPP. EXECUTIVE RETIREMENT PLAN
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<TYPE>EX-10.7
<SEQUENCE>5
<FILENAME>c25482exv10w7.htm
<DESCRIPTION>AMEND. NO.1 SPEC. SUPP. EXECUTIVE RETIREMENT PLAN
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.7
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<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>AMENDMENT NO. 1 TO THE<BR>
CHS INC.<BR>
SPECIAL SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CHS Inc., pursuant to the power of amendment reserved to it in Section&nbsp;7.1 of the CHS Inc. Special
Supplemental Executive Retirement Plan (&#147;Plan&#148;), hereby amends the Plan in the
manner set forth below effective as of July&nbsp;1, 2006.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. The definition of &#147;Change of Control&#148; in Section&nbsp;2.1 of the Plan is amended to read as follows:</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control&#148; means the first to occur of a change in the ownership or effective
control of CHS, or in the ownership of a substantial portion of the assets of CHS, as defined
under Section&nbsp;409A of the Code.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. The definition of &#147;Total Disability&#148; in Section&nbsp;2.1 of the Plan is amended to read as follows:</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Total Disability&#148; means the Participant is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to
last for a continuous period of no less than twelve months, receiving income replacement
benefits for a period of not less than three months under CHS&#146; long-term disability plan.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Article&nbsp;V of the Plan is amended to read as follows:</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1. <U>Time and Form of Participant&#146;s Benefit</U>. Except as provided in Sections
5.2, 5.3 and 5.4, the Participant&#146;s Account will be paid in a single lump sum upon a Participant&#146;s
benefit distribution date. For this purpose, the term &#147;benefit distribution date&#148; shall mean the
date that is six (6)&nbsp;months after the Participant&#146;s separation from service (as that term is
defined under Section&nbsp;409A of the Internal Revenue Code). Payment shall be deemed paid as of the
benefit distribution date if it is made no later than the last day of the calendar year in which
occurs the benefit distribution date, or if later, the 15th day of the third calendar month
following the benefit distribution date.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2. <U>Death Benefit</U>. Notwithstanding any provision in this Plan to the
contrary, in the event of the Participant&#146;s death prior to the payment of the entire amount
credited to the Participant&#146;s Account, any unpaid amounts shall be paid to the Participant&#146;s
Beneficiary upon the Participant&#146;s death. Payment shall be deemed paid as of the Participant&#146;s
death if it is made no later than the last day of the calendar year in which occurs the
Participant&#146;s death, or if later, the 15th day of the third calendar month following the
Participant&#146;s death.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3. <U>Disability</U>. Notwithstanding any provision in this Plan to the contrary,
in the event of the Total Disability of a Participant prior to the payment or the entire amount
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">credited to the Participant&#146;s Account, any unpaid amounts shall be paid to the Participant as of
the Participant&#146;s Total Disability. Payment shall be deemed paid as of the Participant&#146;s Total
Disability if it is made no later than the last day of the calendar year in which occurs the
Participant&#146;s Total Disability, or if later, the 15th day of the third calendar mouth following the
Participant&#146;s Total Disability.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.4.
<U>Change of Control</U>. Notwithstanding any provision in this Plan to the
contrary, in the event of a Change of Control of CHS, all Participants shall be paid the entire amounts
credited to their Accounts in the form of a single lump sum as of
such Change of Control. Payment
shall be deemed paid as of the Change of Control if it is made no later than the last day of the
calendar year in which occurs the Change of Control, or if later, the 15th day of the third
calendar month following the Change of Control.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF, CHS Inc. </B>has caused its name to be hereunto subscribed on this
30th day of May, 2006.
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    <TD colspan="3" align="left"><B>CHS INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John D Johnson
&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Its&nbsp;</TD>
    <TD>President &#038; CEO&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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