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EXHIBIT 10.29
AMERICAN CRYSTAL SUGAR COMPANY
BOARD OF DIRECTORS DEFERRED COMPENSATION PLAN
SUMMARY OF PRIMARY PROVISIONS
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Effective Date: June 30, 1994
Administrator: Human Resources Department
Eligibility: Board of Directors of American Crystal Sugar
Company
Deferral Amount: All Board and Committee fees
Deferral Election: In 1994, an irrevocable election prior to the
date fees are to be paid. In subsequent
calendar years, an irrevocable election prior
to January 1 of the calendar year the fees are
to be paid.
Length of Deferral: Option 1--Until withdrawal from the Board.
Option 2--Until retirement from the Board
Member's regular employment or business, but
not beyond age 65.
Earnings Rate: In any calendar year, the 5 year Treasury bond
rate in effect on December 31 of the prior
fiscal year as shown in the Wall Street
Journal. This earnings rate would apply to
the entire calendar year and would be adjusted
each calendar year to reflect any changes in
bond rates.
Deferred Compensation Accounts: American Crystal Sugar Company increases each
participant's account for any deferred
compensation and earnings and decreases it for
any distributions. Accounts are valued each
August 31 and a statement provided to the
participant.
Unsecured Obligations: All accounts are a general obligation of
American Crystal Sugar Company. Payments are
made from general assets. Participant's
relationship is that of a general unsecured
creditor.
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SUMMARY OF PRIMARY PROVISIONS--CONTINUED
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Payment of Deferred Compensation Two options are available at the election of
Accounts: the participant.
Option 1--Cash in a single sum payment as soon
as practicable following withdrawal from the
Board.
Option 2--In equal installments over a period
of up to 10 years, provided that the Board of
Directors, at its discretion, may elect to
distribute the remaining balance at any time.
Elections must be made prior to January 1 of
the calendar year payment is to commence.
Death of Participant: Any unpaid balance will be paid to the
participant's designated beneficiary.
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