Document:

EX-10.11

 Exhibit 10.11 

EXECUTION VERSION 

THIRD AMENDMENT AGREEMENT 

TO 
  

					
	Re:            	 	        Amended and Restated Letter of Credit Agreement        	 	
		 	Dated as of June 24, 2011	 	
		 	 of UTi Worldwide Inc.
	 	

 December 5, 2013 

To The Royal Bank of Scotland plc 
 in its capacity as Issuing
Bank 
 This Third Amendment Agreement to the Amended and Restated Letter of Credit Agreement (this “Third
Amendment”) is dated as of December 5, 2013 and is entered into by and among UTi Worldwide Inc., an international business company incorporated under the laws of the British Virgin Islands with IBC No. 141257 (the
“Company”), each of the Subsidiary Guarantors party hereto and The Royal Bank of Scotland plc, as assignee of The Royal Bank of Scotland N.V. (pursuant to an assignment effective as of June 10, 2013, by and among The Royal Bank
of Scotland N.V., as assignor, and The Royal Bank of Scotland plc, as assignee) in its capacity as Issuing Bank (the “Issuing Bank”) and is made with reference to that certain Amended and Restated Letter of Credit Agreement, dated
as of June 24, 2011, by and among the Company, each of the Subsidiary Guarantors party thereto and the Issuing Bank (as amended pursuant to that certain First Amendment dated as of June 5, 2013 and that certain Second Amendment dated as of
September 5, 2013, the “Existing Amended and Restated Letter of Credit Agreement”). The Existing Amended and Restated Letter of Credit Agreement, as amended by this Third Amendment, is referred to as the “Amended and
Restated Letter of Credit Agreement.” 
 For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company requests the amendment of certain provisions of the Existing Amended and Restated Letter of Credit Agreement as hereinafter provided. 

Upon the Issuing Bank’s acceptance hereof in the manner hereinafter provided and upon satisfaction of all conditions to the effectiveness
hereof, this Third Amendment shall constitute a contract between the Company, the Subsidiary Guarantors and the Issuing Bank, amending the Existing Amended and Restated Letter of Credit Agreement, but only in the respects hereinafter set forth and
only after the conditions set forth in Section 2 have been satisfied: 

					
	UTi Worldwide Inc.	 		 	Third Amendment Agreement            

  

 SECTION 1. AMENDMENTS TO
EXISTING AMENDED AND RESTATED LETTER OF CREDIT AGREEMENT. 

Section 1.1. The introductory paragraph to Section 7.1(k) of the Existing Amended and Restated Letter of Credit Agreement is
hereby amended effective as of the date hereof to read in its entirety as follows: 
 (k) Monthly Statements –
promptly after the same are available and in any event within 30 days after each calendar month end through the Compliance Date and thereafter so long as the Company is required to deliver such statements to any other creditor of the Company or
any Subsidiary, internally prepared on a non-GAAP basis: 
 Section 1.2. Section 7.1(k) of the Existing Amended and
Restated Letter of Credit Agreement is hereby amended effective as of the date hereof by deleting the word “and” from paragraph (iii), replacing the “,” at the end of paragraph (iv) with “; and” and inserting the
following paragraph (v) to read as follows: 
 (v) a certificate of a Senior Financial Officer setting forth the
information (including detailed calculations) required in order to establish whether the Obligors were in compliance with the requirements of Section 10.3. 

Section 1.3. Section 10.3 of the Existing Amended and Restated Letter of Credit Agreement is hereby amended effective as of
August 1, 2013, to read in its entirety as follows: 
 Consolidated Total Debt Coverage. Except as otherwise
set forth in the next succeeding sentence, the Company will ensure that the ratio of Consolidated Total Debt at any time to Consolidated EBITDA for the Measurement Period then or most recently ended, is not greater than 3.00 to 1.00.
Notwithstanding the foregoing, (i) for the period from and including August 1, 2013 through and including January 30, 2014, the covenant set forth in the preceding sentence shall not be operative other than on October 31,
2013, on which date the Company will ensure that the ratio of Consolidated Total Debt to Consolidated EBITDA for the Measurement Period then ended, is not greater than 3.50 to 1.00 and (ii) for the period from and including January 31,
2014 through and including July 30, 2014 the Company will ensure that the ratio of Consolidated Total Debt at any time to Consolidated EBITDA for the Measurement Period then or most recently ended, is not greater than 3.25 to 1.00. 

  
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	UTi Worldwide Inc.	 		 	Third Amendment Agreement            

  

 Section 1.4. Section 10.12 of the Existing Amended and Restated Letter of
Credit Agreement shall be and is hereby amended effective as of October 31, 2013, to read in its entirety as follows: 

Minimum Debt Service Ratio. The Company will not permit the Debt Service Ratio to be, as of the end of any Measurement
Period, (a) less than 2.25 to 1.00 for the Measurement Period ended October 31, 2013, and (b) less than 2.50 to 1.00 thereafter. 

Section 1.5. Section 10 of the Existing Amended and Restated Letter of Credit Agreement shall be and is hereby amended
effective as of the date hereof to add the following new Section 10.16: 
 Section 10.16. Committed Credit
Facility. The Company shall at all times maintain committed line of credit facilities or revolving credit facilities (exclusive of facilities under which South African Subsidiaries can borrow) in an aggregate amount equal to or greater than
U.S.$100,000,000 (or its equivalent in other currencies) with not less than 90 days remaining until the termination of such facilities. 

SECTION 2. CONDITIONS PRECEDENT. 

This Third Amendment shall not become effective until, and shall become effective on, the business day when each of the following conditions
shall have been satisfied: 
 (a) The Issuing Bank shall have received this Third Amendment, duly executed by each Obligor.

 (b) The Issuing Bank shall have consented to this Third Amendment as evidenced by its execution hereof. 

(c) The representations and warranties of the Obligors set forth in Section 3 hereof shall be true and correct in all
material respects as of the date of the execution and delivery of this Third Amendment. 
 (d) Any consents or approvals from
any holder or holders of any outstanding security of any Obligor or any Subsidiary and any amendments of agreements pursuant to which any securities may have been issued which shall be necessary to permit the consummation of the transactions
contemplated hereby shall have been obtained and all such consents or amendments shall be reasonably satisfactory in form and substance to the Issuing Bank and its special counsel. 

(e) The Issuing Bank shall have received a non-refundable amendment fee of $50,000.00 which shall be fully earned when paid.

  
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	UTi Worldwide Inc.	 		 	Third Amendment Agreement            

  

 (f) The Obligors shall have paid the fees and disbursements of the Issuing
Bank’s special counsel, Milbank, Tweed, Hadley & McCloy, LLP, incurred in connection with the negotiation, preparation, execution and delivery of this Third Amendment and the transactions contemplated hereby, which fees and
disbursements are reflected in the statement of such special counsel delivered to the Company at the time of the execution and delivery of this Third Amendment. 

(g) All corporate and other proceedings in connection with the transactions contemplated by this Third Amendment, including,
without limitation, resolutions authorizing the amendments contemplated by this Third Amendment certified by the Company, and all documents and instruments incident to such transactions shall be satisfactory to the Issuing Bank and its special
counsel, and the Issuing Bank and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as the Issuing Bank or its special counsel may reasonably request. 

(h) On or prior to December 9, 2013, the Issuing Bank shall have received a fully executed copy of the letter dated on or
about 5 December 2013 from Commerzbank Aktiengesellschaft to the Company which amends the Agreement relating to the Credit Facility dated 25 January 2013, in a form which is satisfactory in form and substance to the Issuing Bank (the
“Amendment to German Facility”). 
 (i) The Issuing Bank shall have received a fully executed copy of the
Third Amendment to the Amended and Restated Letter of Credit and Cash Draw Agreement dated as of December 5, 2013 between Nedbank Limited, acting through its London Branch, and the Company which amends the Amended and Restated Letter of Credit
and Cash Draw Agreement, dated as of June 24, 2011, in a form which is satisfactory in form and substance to the Issuing Bank (the “Amendment to Nedbank LC Agreement”). 

(j) The Issuing Bank shall have received a fully executed copy of the Third Amendment Agreement to the Note Purchase Agreement
dated December 5, 2013 between the Company, each of the Subsidiary Guarantors party thereto and the holders named therein which amends the Note Purchase Agreement, dated as of January 25, 2013, in a form which is satisfactory in form and
substance to the Issuing Bank (the “Amendment to 2013 Note Purchase Agreement”). 
 (k) The Issuing Bank
shall have received a fully executed copy of the Amendment No. 3 to Credit Agreement dated December 5, 2013 between Bank of the West and the Company which amends the Credit Agreement dated as of June 24, 2011, in a form which is
satisfactory in form and substance to the Issuing Bank (the “Amendment to Bank of the West Facility”). 

  
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	UTi Worldwide Inc.	 		 	Third Amendment Agreement            

  

 SECTION 3. REPRESENTATIONS AND WARRANTIES.

 Each Obligor, jointly and severally, hereby represents and warrants that as of the date hereof and as of the date of execution and
delivery of this Third Amendment: 
 (a) Each Obligor is duly organized and validly existing under the laws of its
jurisdiction of organization. 
 (b) This Third Amendment and the transactions contemplated hereby are within the corporate
powers of each Obligor, have been duly authorized by all necessary corporate action on the part of each Obligor and this Third Amendment has been duly executed and delivered by each Obligor and constitutes legal, valid and binding obligations of
each Obligor enforceable in accordance with its terms. 
 (c) Each Obligor represents and warrants that there are no Defaults
or Events of Default under the Existing Amended and Restated Letter of Credit Agreement immediately before giving effect to this Third Amendment nor under the Amended and Restated Letter of Credit Agreement, immediately after giving effect to this
Third Amendment. 
 (d) The execution, delivery and performance of this Third Amendment by each Obligor does not and will not
result in a violation of or default under (A) the articles of association or bylaws of any Obligor, (B) any material agreement to which any Obligor is a party or by which it is bound or to which any Obligor or any of their properties is
subject, (C) any material order, writ, injunction or decree binding on any Obligor, or (D) any statute, regulation, rule or other law applicable to any Obligor in any material respect. 

(e) No authorization, consent, approval, exemption or action by or notice to or filing with any court or administrative or
governmental body (other than periodic filings with regulatory authorities, none of which are required to be filed as of the effective date of this Third Amendment and all of which the Company agrees to timely file) is required in connection with
the execution and delivery of this Third Amendment or the consummation of the transactions contemplated thereby. 
 (f) No
Obligor has paid or agreed to pay any fees or other consideration, or given any additional security or collateral, or shortened the maturity or average life of any indebtedness or permanently reduced any borrowing capacity, in each case, in
connection with the obtaining of any consents or approvals in connection with the transactions contemplated hereby including, without limitation thereof in connection with the Amendment to German Facility, the Amendment to Nedbank LC Agreement, the
Amendment to 2013 Note Purchase Agreement and the Amendment to Bank of the West Facility, other than the fees set forth in such amendments and the payment of legal fees of counsel to the lenders and agents under such amendments. 

(g) Each Subsidiary of the Company which is a borrower or guarantor under the Global Credit Facilities as of the date hereof is
a Subsidiary Guarantor hereunder. 

  
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	UTi Worldwide Inc.	 		 	Third Amendment Agreement            

  

 SECTION 4. MISCELLANEOUS. 

Section 4.1. Except as amended herein, all terms and provisions of the Existing Amended and Restated Letter of Credit Agreement
and the Subsidiary Guarantee Agreement and related agreements and instruments are hereby ratified, confirmed and approved in all respects. 

Section 4.2. Any and all notices, requests, certificates and other instruments may refer to the “Amended and Restated Letter
of Credit Agreement” without making specific reference to the Third Amendment, but nevertheless all such references shall be deemed to include the Third Amendment unless the context shall otherwise require.  

Section 4.3. This Third Amendment and all covenants herein contained shall be binding upon and inure to the benefit of the
respective successors and assigns of the parties hereunder.  
 Section 4.4. This Third Amendment shall be governed by
and construed in accordance with New York law excluding choice-of-law principles of the law of such State that would require the application of the laws of a
jurisdiction other than such State. 
 Section 4.5. The capitalized terms used in this Third Amendment shall have the
respective meanings specified in the Amended and Restated Letter of Credit Agreement unless otherwise herein defined, or the context hereof shall otherwise require. 

  
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 The execution hereof by the Issuing Bank shall constitute a contract among the Obligors and the
Issuing Bank for the uses and purposes hereinabove set forth. This Third Amendment may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement. 

 

			
	UTi WORLDWIDE INC.
		
	By	 	 /s/ Lance D’Amico

		 	Duly Authorized Signatory (acting pursuant to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)

  
 [Signature Page to Third
Amendment] 

					
	UTi Worldwide Inc.	 		 	Third Amendment Agreement            

  

 
			
	UTI (AUST) PTY LIMITED
	UTI BELGIUM N.V.
	UTI LOGISTICS N.V.
	UTI NETWORKS LIMITED
	UTI, CANADA, INC.
	UTI CANADA CONTRACT LOGISTICS INC.
	UTI DEUTSCHLAND GMBH
	UTI (HK) LIMITED
	UTI GLOBAL SERVICES B.V.
	UTI NEDERLAND B.V.
	UTI TECHNOLOGY SERVICES PTE. LTD.
	UTI WORLDWIDE (SINGAPORE) PTE LTD
	SERVICIOS LOGISTICOS INTEGRADOS SLI SA
	UTI IBERIA S.A.
	UTI WORLDWIDE (UK) LIMITED
	UTI INVENTORY MANAGEMENT SOLUTIONS INC.
	CONCENTREK, INC.
	INTRANSIT, INC.
	MARKET TRANSPORT, LTD.
	SAMMONS TRANSPORTATION, INC.
	UTI, UNITED STATES, INC.
	UTI INTEGRATED LOGISTICS, LLC
	KABUSHIKI KAISHA UTI
		
	By	 	 /s/ Lance D’Amico

		 	Authorized Signatory
	
	GODDARD COMPANY LIMITED
	PYRAMID FREIGHT (PROPRIETARY) LIMITED
	UTI INTERNATIONAL INC.
		
	By	 	 /s/ Lance D’Amico

		 	Duly Authorized Signatory (acting pursuant to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)

  
 [Signature Page to
Third Amendment] 

					
	UTi Worldwide Inc.	 		 	Third Amendment Agreement            

  

 This foregoing Third Amendment is hereby accepted and agreed to as of the date aforesaid.

  

			
	THE ROYAL BANK OF SCOTLAND PLC,
	as Issuing Bank
		
	By	 	 /s/ L. Peter Yetman

		 	Director

  
 [Signature Page to
Third Amendment]EX-10.i

 Exhibit 10.i 

SHARE REPURCHASE AGREEMENT 

THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of this 6th day of December, 2013, by and
among the Margaret A. Cargill Foundation established under the Acorn Trust dated January 30, 1995, as amended (“MACF”), and the Anne Ray Charitable Trust dated August 20, 1996, as amended (“ARCT”; MACF and
ARCT, each, a “Seller,” and, collectively, the “Sellers”), and The Mosaic Company, a Delaware corporation (the “Purchaser”). 

RECITALS 
 WHEREAS, the
Sellers desire to sell to the Purchaser, and the Purchaser desires to purchase from the Sellers, all of Sellers’ shares of Class A Common Stock, Series A-3, par value $0.01 per share, of the Purchaser, or Common Stock $0.01 per share, of
the Purchaser (“Common Stock”) issuable upon conversion thereof (such Class A Common Stock, Series A-3, and Common Stock, collectively, “Class A-3 Shares”) and all of Sellers’ shares of Class A Common
Stock, Series A-2, par value $0.01 per share, of the Purchaser, or Common Stock issuable upon conversion thereof (such Class A Common Stock, Series A-2, and Common Stock, collectively, “Class A-2 Shares”), on the terms and
conditions set forth in this Agreement (each such purchase, a “Purchase Transaction,” and, collectively, the “Repurchase Transactions”). 

WHEREAS, the parties hereto desire to enter into certain agreements with respect to the Sellers’ shares of Common Stock (“Seller
Common Shares”). 
 WHEREAS, the board of directors of the Purchaser has approved the Repurchase Transactions and the related
transactions contemplated by this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the agreements set forth below, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 SALE AND
PURCHASE OF CLASS A-3 AND CLASS A-2 SHARES 
 Section 1.1 First Purchase Transaction. Subject to the terms and conditions of
this Agreement, at the First Closing (as defined below), the Sellers shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the Sellers, 21,647,007 Class A-3 Shares in the
aggregate, as shown in further detail in Schedule A hereto. The per share purchase price for each such Class A-3 Share shall be the Common Market Price, as defined in Purchaser’s Restated Certificate of Incorporation, dated the 24th day of May, 2011 (“Purchaser’s Certificate of Incorporation”), as of the date of (i.e., determined over the 20 trading days ending on the trading day immediately
preceding) such First Closing. 

 Section 1.2 Subsequent Purchase Transactions. Subject to the terms and conditions of
this Agreement, at each Subsequent Closing (as defined below), the Sellers shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the Sellers, 3,092,429 Class A-2 Shares in
the aggregate (except that such number of shares shall be 3,092,434 shares at the last Subsequent Closing), as shown in further detail in Schedule A hereto. The per share purchase price for each Class A-2 Share sold pursuant to this
Section 1.2 at each Subsequent Closing shall be the Common Market Price, as defined in Purchaser’s Certificate of Incorporation, as of the date of (i.e., determined over the 20 trading days ending on the trading day immediately
preceding) such Subsequent Closing. 
 Section 1.3 Closing. The closing of the Repurchase Transaction referred to in
Section 1.1 (the “First Closing”) will take place on January 8, 2014 at 10:00 AM, New York City time, or at such other subsequent time or date as agreed to by the parties hereto. The closing of each Repurchase Transaction
referred to in Section 1.2 (each, a “Subsequent Closing,” and, collectively, the “Subsequent Closings”) will take place at 10:00 New York City time on the respective dates set forth on Schedule A, or at such
other times or dates as agreed to by the parties hereto. At the First Closing and each Subsequent Closing (each a “Closing,” and, collectively, the “Closings”), (a) the Sellers shall deliver or cause to be
delivered to the Purchaser all of the Sellers’ right, title and interest in and to the Class A-3 Shares and Class A-2 Shares to be sold thereat by delivery of one or more certificates evidencing such shares, together, in each case,
with all documentation reasonably necessary to transfer to Purchaser all of Sellers’ right, title and interest in and to such shares, and (b) the Purchaser shall pay to the Sellers the Purchase Price in cash by wire transfer of immediately
available funds in accordance with the wire transfer instructions provided by the Sellers to the Purchaser. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE SELLERS 

Each Seller hereby makes, as to itself, as of the date hereof and as of each Closing, the following representations and warranties to the
Purchaser, each of which shall survive each Closing. 
 Section 2.1 Power; Authorization and Enforceability. 

(a) Seller has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate
the transactions contemplated hereby. All consents, orders, approvals and other authorizations, whether governmental, corporate or otherwise, necessary for such execution, delivery and performance by Seller of this Agreement and the transactions
contemplated hereby have been obtained and are in full force and effect. 
 (b) This Agreement has been duly executed and delivered by Seller
and constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating
to or affecting creditors’ rights and to general equity principles. 

  
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 Section 2.2 No Conflicts. The execution and delivery of this Agreement by Seller and
the consummation by Seller of the transactions contemplated hereby does not and will not constitute or result in a breach, violation, or default under (i) any agreement or instrument, whether written or oral, express or implied, to which Seller
is a party, (ii) Seller’s declaration of trust or similar instrument or other organizational documents (as applicable), or (iii) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any
court, administrative or regulatory body, governmental authority, arbitrator, mediator or similar body on the part of Seller. 

Section 2.3 Title to Shares; Prior Transfers. 

(a) Seller is the sole legal and beneficial owner of and has good and valid title to the shares to be sold by it (as reflected on Schedule A
hereto), and, upon delivery to the Purchaser of the shares to be sold by Seller to the Purchaser, against payment made pursuant to this Agreement, good and valid title to such shares, free and clear of any lien, pledge, charge, security interest,
mortgage, or other encumbrance or adverse claim, will pass to the Purchaser. 
 (b) As of the date hereof, Sellers, collectively, have not
Transferred (as defined in the Registration Agreement, dated as of January 18, 2011 (as amended from time to time), by and among The Mosaic Company (now known as MOS Holdings Inc.), GNS II (U.S.) Corp. (now known as The Mosaic Company),
Cargill, Incorporated, the Sellers, the Acorn Trust and the Lilac Trust (the “Registration Agreement”)) any shares of Company Stock (as defined in the Registration Agreement) other than (i) pursuant to the Permitted Trust
Distributions (as defined in the Registration Agreement), (ii) the 7,500,000 shares of Common Stock, par value $0.01 per share, of the Purchaser (the “Common Stock”) that were Transferred in the First Formation Offering (as defined in
the Registration Agreement), (iii) the 20,700,000 Class A-4 Shares that were converted into shares of Common Stock, on a one-for-one basis, and Transferred in the S&P 500 Index Inclusion Offering (as defined in the Registration
Agreement), or (iv) the 21,300,000 Class A-4 Shares sold pursuant to the Share Repurchase Agreement, dated November 17, 2011, between Sellers and Purchaser. 

Section 2.4 Sophistication of Seller. Seller (either alone or together with its advisors) has such knowledge and experience in
financial or business matters that it is capable of evaluating the merits and risks of the Repurchase Transactions. Seller has had the opportunity to ask questions and receive answers concerning the terms and conditions of the Repurchase
Transactions and the Class A-3 Shares and Class A-2 Shares and has had full access to such other information concerning the Shares and the Purchaser as it has requested. Seller has received all information that it believes is necessary or
appropriate in connection the Repurchase Transactions. Seller is an informed and sophisticated party and has engaged, to the extent Seller deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated
hereby. Seller acknowledges that Seller has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Purchaser, whether or not any such representations, warranties or statements were made in
writing or orally, except as expressly set forth for the benefit of Seller in this Agreement. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby makes, as of the date hereof and as of each Closing, the following representations and warranties to the Sellers, each of
which shall survive each Closing. 
 Section 3.1 Power; Authorization and Enforceability. 

(a) The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the
power, authority and capacity to execute and deliver this Agreement, to perform the Purchaser’s obligations hereunder, and to consummate the transactions contemplated hereby. All consents, orders, approvals and other authorizations, whether
governmental, corporate or otherwise, necessary for such execution, delivery and performance by the Purchaser of this Agreement and the transactions contemplated hereby have been obtained and are in full force and effect. 

(b) This Agreement has been duly executed and delivered by the Purchaser and constitutes a legal, valid and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to
general equity principles. 
 Section 3.2 No Conflicts. The execution and delivery of this Agreement by the Purchaser and the
consummation by the Purchaser of the transactions contemplated hereby does not and will not constitute or result in a breach, violation or default under (i) any agreement or instrument, whether written or oral, express or implied, to which the
Purchaser is a party, (ii) the Purchaser’s certificate of incorporation or bylaws or (iii) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory
body, governmental authority, arbitrator, mediator or similar body on the part of the Purchaser. 
 Section 3.3 Sophistication of
Purchaser. Purchaser has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the Repurchase Transactions. Purchaser is an informed and sophisticated party and has engaged, to
the extent Purchaser deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby. Purchaser acknowledges that Purchaser has not relied upon any express or implied representations or warranties of
any nature made by or on behalf of the Sellers, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of Purchaser in this Agreement. 

ARTICLE IV 
 COVENANTS

 Section 4.1 News Release. Before 8:00AM, New York City time, on December 9, 2013, Purchaser will issue a news
release substantially as set forth on Schedule B. 

  
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 Section 4.2 Purchaser Change in Control. Purchaser shall not permit to occur any
merger, consolidation, or other transaction in which Common Stock is converted into the right to receive any security or other property (“Merger Consideration”) or any transaction, in each case, that would be required to be reported
by Purchaser on Form 8-K as a change in control pursuant to Section 5.01 thereof (a “Purchaser Change In Control”), unless, prior to the consummation of such transaction, (a) the Class A-3 Common Stock and
Class A-2 Common Stock is or has been converted into Common Stock and (b) each holder of Class A-3 Common Stock and Class A-2 Common Stock is given the same right as each holder of Common Stock, to receive the same per share
Merger Consideration in connection with such transaction. In addition, upon a Purchaser Change In Control, (i) the Governance Agreement, as defined below, shall automatically be terminated and (ii) Article I and Sections 4.3 and 4.4 hereof
shall automatically be terminated. 
 Section 4.3 Right of First Offer/Right of First Refusal. 

(a) After the date hereof and prior to January 1, 2015, if the Sellers intend to sell, in a single transaction or series of related
transactions, in a market transaction or block trade, through or with a broker or dealer, more than 5,000,000 Seller Common Shares (“ROFOR Stock”), the Sellers shall furnish written notice (the “ROFO Notice”) to the
Purchaser, by email or facsimile to Richard L. Mack, richard.mack@mosaicco.com, (763) 577-2990, of the number of shares of ROFOR Stock the Sellers intend to sell and offer the Purchaser the right to make an offer to purchase all of such shares
specified in the ROFO Notice. Within 48 hours of the delivery of the ROFO Notice, the Purchaser may make an offer to purchase all of such shares of ROFOR Stock by furnishing written notice to the Sellers by email or facsimile to Shawn D. Wischmeier,
swischmeier@macphil.org, (952) 540-4051 of the price in cash offered for such shares (the “ROFO Offer”). Within 48 hours after receipt of the ROFO Offer, the Sellers may accept such offer to purchase any such ROFOR Stock at the
cash price set forth in the ROFO Offer (the “ROFO Price”) by furnishing written notice to the Purchaser, in the manner set forth above. If the Sellers accept the ROFO Offer, the transfer of the ROFOR Stock shall be completed on the
fifth business day after such notice. The parties shall take all actions necessary or appropriate to consummate the transfer of such shares of ROFOR Stock, including delivery of good title, free of any liens, claims, charges and encumbrances and
accompanied by customary representations as to title and authority in the manner contemplated by Article I hereof. If the Sellers do not accept the ROFO Offer with respect to all shares specified in the applicable ROFO notice, the Sellers may sell
such remaining shares as are not the subject of such accepted ROFO Offer, in a single transaction or series of related transactions, in a market transaction or block trade, through or with a broker or dealer, at a price that is greater than the ROFO
Price at any time within 30 days of the date of the ROFO Notice. If the Purchaser does not deliver a timely ROFO Offer, it will be deemed to have waived its rights under this Section 4.3(a) with respect to the applicable ROFO Notice. If the
Sellers have not effected such sale within such 30-day period, the Sellers may not sell shares of ROFOR Stock without first providing a new ROFO Notice to the Purchaser and the provisions of this Section 4.3(a) shall be separately complied with
in order to consummate any such sale. For purposes of the Governance Agreement, dated January 18, 2011, as amended and restated May 25, 2011, between Purchaser, Sellers, and the other parties thereto (the “Governance
Agreement”), a block trade through or with a broker or dealer shall be considered a transaction pursuant to Section 2.02(b)(v) thereof. 

  
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 (b) After the date hereof and prior to January 1, 2015, other than pursuant to
Section 4.3(a), if the Sellers intend to sell, in a single transaction or series of related transactions, more than 5,000,000 shares of ROFOR Stock, the Sellers shall furnish written notice (the “ROFR Notice”) to the Purchaser,
in the manner set forth in Section 4.3(a) setting forth (i) the number of shares of ROFOR Stock proposed to be sold, (ii) the total purchase price for such shares, (iii) the form of such consideration and the material terms and
conditions upon which sale is to be made and (iv) if known to Sellers and not confidential, the identity of the proposed purchaser, or if the identity is confidential and known to the Sellers, whether the proposed purchaser is an institutional
investor, private fund, or operating business. Within 48 hours of the delivery of the ROFR Notice, the Purchaser may deliver a written notice to the Sellers, in the manner set forth in Section 4.3(a), of its election to purchase all of such
shares of ROFOR Stock at the same price and subject to the material terms and conditions as described in the ROFR Notice (the “ROFR Offer”). If the Purchaser delivers a ROFR Offer, the sale of the applicable shares of ROFOR Stock to
the Purchaser shall be completed on the fifth business day after delivery of such ROFR Offer. The parties shall take all actions necessary or appropriate to consummate the transfer of such shares of ROFOR Stock, including delivery of good title,
free of any liens, claims, charges and encumbrances and accompanied by customary representations as to title and authority in the manner contemplated by Article I hereof. If the Purchaser does not deliver a timely ROFR Offer, it will be deemed to
have waived its rights under this Section 4.3(b) with respect to the applicable ROFR Notice, and the Sellers may sell the applicable number of shares of ROFOR Stock any time within 30 days following such waiver on the same or better terms and
conditions as described in the applicable ROFR Notice. If the Sellers have not effected such sale within such 30 day period, the Sellers may not sell shares of ROFOR Stock without first providing a new ROFR Notice to the Purchaser and the provisions
of this Section 4.3(b) shall be separately complied with in order to consummate any such sale. 
 (c) This Section 4.3 shall not
apply in the case of any tender offer in which the Purchaser or any third party offers to purchase shares of Common Stock or any exchange offer for or recapitalization, split, or reverse split of ROFOR Stock, or any merger, consolidation, or other
business combination of Purchaser with or into any other person, or any like transaction. 
 (d) Notwithstanding the foregoing and for the
avoidance of doubt, the Sellers shall not transfer Seller Common Shares in violation of the Governance Agreement. 
 Section 4.4
Registration Rights. From and after the execution of this Agreement, the Sellers shall no longer have the right to request that the Purchaser cause a Released Share Offering (as such term is defined in the Registration Agreement) to be
effected pursuant to Article 2 of the Registration Agreement, and the Purchaser shall have no obligation to cause such a Released Share Offering to be effected. 

ARTICLE V 
 CONDITIONS
TO CLOSING 
 Section 5.1 Conditions to Obligations of the Purchaser. The obligation of the Purchaser to purchase
Class A-2 Shares at each Subsequent Closing is subject to the satisfaction, fulfillment or written waiver by the Purchaser, of the following condition: 

  
 6 

 (a) (i) The representations and warranties of the Sellers set forth in Article II shall be true
and correct as of the date of this Agreement and as of the date of each Subsequent Closing as though then made (except that those representations and warranties that are made as of a specific date need only be true and correct as of such date),
(ii) the covenants and agreements set forth in this Agreement to be performed or complied with by the Sellers shall have been performed or complied with in all material respects and (iii) the Purchaser shall have received a certificate of
a trustee of each of the Sellers, dated as of the date of each Subsequent Closing, certifying as to the matters set forth in clauses (i) and (ii) of this Section 5.1(a). 

Section 5.2 Conditions to Obligations of the Sellers. The obligations of the Sellers to sell Class A-2 Shares at each
Subsequent Closing is subject to the satisfaction, fulfillment or written waiver by the Sellers, of the following condition: 
 (a) (i) The
representations and warranties of the Purchaser set forth in Article III shall be true and correct as of the date of this Agreement and as of the date of each Subsequent Closing as though then made (except that those representations and warranties
that are made as of a specific date need only be true and correct as of such date), (ii) the covenants and agreements set forth in this Agreement to be performed or complied with by the Purchaser shall have been performed or complied with in
all material respects and (iii) the Purchaser shall have received a certificate of an officer of the Purchaser, dated as of the date of each Subsequent Closing, certifying as to the matters set forth in clauses (i) and (ii) of this
Section 5.2(a). 
 ARTICLE VI 

MISCELLANEOUS PROVISIONS 

Section 6.1 Notice. Except as set forth in Section 4.3, all notices, requests, certificates and other communications to any
party hereunder shall be in writing and given to each other party hereto and shall be deemed given or made (i) as of the date delivered, if delivered personally, (ii) on the date the delivering party receives confirmation, if delivered by
facsimile or electronic mail, (iii) three business days after being mailed by registered or certified mail (postage prepaid, return receipt requested), or (iv) one business day after being sent by overnight courier (providing proof of
delivery), to the parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 6.1). 

If delivered to the Purchaser, to: 

The Mosaic Company 
 Atria
Corporate Center, Suite E490 
 3033 Campus Drive 

Plymouth, MN 55441 
 Attention:
Richard L. Mack 
 Facsimile No.: (763) 577-2990 

with a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, NY 10017 
 Attention:
Eric Swedenburg 
 Facsimile No.: (212) 455-2502 

  
 7 

 if to the Sellers, to: 

Christine M. Morse and Paul G. Busch as Co-Trustees 

of the Margaret A. Cargill Foundation, and Christine 

M. Morse, Paul G. Busch and John B. Chane as Co-Trustees 

of the Anne Ray Charitable Trust 

6889 Rowland Road 
 Eden Prairie
MN 55344 
 Facsimile No.: (952) 540-4051 

with a copy to: 
 Loeb &
Loeb LLP 
 345 Park Avenue 

New York, New York 10154-1895 

Attention: David S. Schaefer 

Facsimile No.: (212) 208-0947 

Section 6.2 Entire Agreement. This Agreement and the other documents and agreements executed in connection with the Repurchase
Transactions shall constitute the entire agreement between the parties with respect to the subject matter hereof and shall supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject
matter of this Agreement. 
 Section 6.3 Assignment; Binding Agreement. Neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned, in whole or in part, by any of the parties, without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be
enforceable by, the parties hereto and their respective successors and permitted assigns. Any purported assignment not permitted under this Section 6.3 shall be null and void. 

Section 6.4 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more
counterparts, and by the different parties in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed
counterparts transmitted by telecopy, telefax or electronic transmission shall be considered original executed counterparts for purposes of this Section 6.4. 

Section 6.5 Governing Law; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. EACH OF THE PARTIES TO THIS AGREEMENT IRREVOCABLY
WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

  
 8 

 Section 6.6 No Third Party Beneficiaries or Other Rights. This Agreement is for the
sole benefit of the parties and their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement
and such successors and permitted assigns. 
 Section 6.7 Amendments; Waivers. This Agreement and its terms may not be changed,
amended, waived, terminated, augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto. 

Section 6.8 Further Assurances. Each party hereto shall use its reasonable best efforts to do and perform or cause to be done and
performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated hereby. 
 Section 6.9 Costs and Expenses. Each
party hereto shall each pay its own costs and expenses, including, without limitation, any broker’s, finder’s, financial advisor’s or other similar fee or commission, incurred in connection with the negotiation, preparation, execution
and performance of this Agreement. The losing party to any to an court action or other dispute resolution proceeding to enforce this Agreement shall bear the costs thereof and the prevailing party’s attorneys’ fees and other expenses in
connection therewith, 
 Section 6.10 Remedies. Without otherwise limiting its remedies, upon breach by Purchaser of any
material obligation hereunder, Sections 4.3 and 4.4 hereof and the Governance Agreement shall immediately terminate. 
 Section 6.11
Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
and therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions. 
 (Signatures appear on the next page.) 

  
 9 

 [Signature Page to Share Repurchase Agreement] 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first written above. 

 

			
	THE PURCHASER
	
	THE MOSAIC COMPANY
		
	By:	 	 /s/ Lawrence W. Stranghoener

	Name:	 	Lawrence W. Stranghoener
	Title:	 	Executive Vice President and Chief Financial Officer
	
	AS SELLERS:
	
	CHRISTINE M. MORSE, in her capacity as Co-Trustee of the Anne Ray Charitable Trust dated August 20, 1996, as amended; as Co-Trustee of the Margaret A. Cargill Foundation established under the Acorn Trust dated
January 30, 1995, as amended; and on behalf of John Bryson Chane, as Co-Trustee of the Anne Ray Charitable Trust dated August 20, 1996, as amended
	
	 /s/ Christine M. Morse

	
	PAUL G. BUSCH, in his capacity as Co-Trustee of the Anne Ray Charitable Trust dated August 20, 1996, as amended; as Co-Trustee of the Margaret A. Cargill Foundation established under the Acorn Trust dated
January 30, 1995, as amended; and on behalf of John Bryson Chane, as Co-Trustee of the Anne Ray Charitable Trust dated August 20, 1996, as amended
	
	 /s/ Paul G. Busch

  
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 SCHEDULE A 
  

																	
	 	  	Number of ARCT
shares	 	  	Number of MACF
shares	 
	 	  	A-3	 	  	A-2	 	  	A-3	 	  	A-2	 
	 First Closing
	  	 	11,802,491	  	  				  	 	9,844,516	  	  			
	 Subsequent Closings
	  				  				  				  			
	 February 6, 2014
	  				  	 	1,686,070	  	  				  	 	1,406,359	  
	 March 7, 2014
	  				  	 	1,686,070	  	  				  	 	1,406,359	  
	 April 4, 2014
	  				  	 	1,686,070	  	  				  	 	1,406,359	  
	 May 5, 2014
	  				  	 	1,686,070	  	  				  	 	1,406,359	  
	 June 3, 2014
	  				  	 	1,686,070	  	  				  	 	1,406,359	  
	 July 1, 2014
	  				  	 	1,686,070	  	  				  	 	1,406,359	  
	 July 30, 2014
	  				  	 	1,686,071	  	  				  	 	1,406,363	  

  
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 SCHEDULE B 

THE MOSAIC COMPANY REACHES AGREEMENT TO 

PURCHASE 43.4 MILLION CLASS A SHARES 

PLYMOUTH, MN, December 09, 2013– The Mosaic Company (NYSE: MOS) has entered into a Share Repurchase Agreement with the Margaret A. Cargill
Foundation and the Anne Ray Charitable Trust (collectively, the MAC Trusts) to purchase all of their 43.4 million restricted Class A shares over the next eight months. In the initial transaction, Mosaic will purchase 21.7 million of
the MAC Trusts’ Class A shares on January 8, 2014, at a price determined by the volume weighted average closing price of Mosaic’s common stock during the preceding 20-day trading period. The remaining 21.7 million
Class A shares will be purchased by Mosaic beginning in February 2014 in seven equal installments at the close of each successive 20-day trading period using the same volume weighted average pricing formula as the initial transaction. 

In connection with the agreement, the MAC Trusts have also agreed to release Mosaic from the contractual obligation to register any remaining common shares in
a secondary offering. 
 “This agreement demonstrates our confidence in the future and effectively puts the Cargill split-off transaction behind
us,” said Jim Prokopanko, Mosaic’s President and Chief Executive Officer. “This is a major step toward our goal of a more efficient balance sheet by mid-2014. In addition to possible purchases of the MAC Trusts’ remaining common
shares, we are continuing to evaluate other shareholder return options as we head into the new year. 
 “Our priorities have not changed. We intend to
maintain our investment-grade ratings and the financial flexibility to take advantage of appropriate opportunities to grow our business. We will continue to focus on executing our strategy and create value through appropriate capital
allocation.” 
 JP Morgan Securities LLC has served as Mosaic’s financial advisor for the Cargill split off transaction and the evaluation of
alternatives for ensuring the orderly distribution of restricted shares, including the Share Repurchase Agreement between Mosaic and the MAC Trusts. Citigroup Global Markets Inc. served as the MAC Trusts’ financial advisor in connection with
the Share Repurchase Agreement. 
 About The Mosaic Company 

The Mosaic Company is one of the world’s leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source
provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com. 

  
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	Sale Date	  	 Class A Shares

(rounded share counts)
	 
	 1/8/14
	  	 	21.7 million	  
	 2/6/14
	  	 	3.1 million	  
	 3/7/14
	  	 	3.1 million	  
	 4/4/14
	  	 	3.1 million	  
	 5/5/14
	  	 	3.1 million	  
	 6/3/14
	  	 	3.1 million	  
	 7/1/14
	  	 	3.1 million	  
	 7/30/14
	  	 	3.1 million	  

 This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to, statements about the proposed acquisition and assumption of certain related liabilities of the Florida phosphate assets of CF Industries, Inc. (“CF”) and the ammonia supply
agreements with CF; the benefits of the transactions with CF; future strategic plans and certain related liabilities and other statements about future financial and operating results. Such statements are based upon the current beliefs and
expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include but are not limited to risks and uncertainties arising from the possibility that the closing of the
proposed phosphate assets acquisition may be delayed or may not occur, including delays arising from any inability to obtain governmental approvals of the transaction on the proposed terms and schedule and the ability to satisfy other closing
conditions; difficulties with realization of the benefits of the transactions with CF, including the risks that the acquired assets may not be integrated successfully or that the cost or capital savings from the transactions may not be fully
realized or may take longer to realize than expected, regulatory agencies might not take, or might delay, actions with respect to permitting or regulatory enforcement matters that are necessary for Mosaic to fully realize the benefits of the
transactions including replacement of CF’s escrowed financial assurance funds, or the price of natural gas or ammonia changes to a level at which the natural gas based pricing under one of the long term ammonia supply agreements with CF becomes
disadvantageous to Mosaic; customer defaults; the effects of our decisions to exit business operations or locations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and
transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; changes in foreign currency and exchange rates;
international trade risks; changes in government policy; changes in environmental and other governmental regulation, including greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida
waterways or possible efforts to reduce the flow of excess nutrients into the Mississippi River basin or the Gulf of Mexico; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely
impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax
audit activity; the effectiveness of the Company’s processes for managing its 

  
 13 

 
strategic priorities; the ability of the Northern Promise joint venture among Mosaic, Ma’aden and SABIC to obtain project financing in acceptable amounts and upon acceptable terms, the
future success of current plans for the joint venture and any future changes in those plans; adverse weather conditions affecting operations in Central Florida or the Mississippi River basin or the Gulf Coast of the United States, and including
potential hurricanes, excess rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation,
Canadian resources taxes and royalties, or the liabilities Mosaic is assuming in the proposed phosphate assets acquisition; brine inflows at Mosaic’s Esterhazy, Saskatchewan, potash mine or other potash shaft mines; other accidents and
disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events or releases of hazardous or volatile chemicals, as well as other risks and uncertainties reported from time to time in The Mosaic
Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. 

  
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