Document:

Exhibit 10(m)

 Exhibit 10(m) 

Adopted March 15, 2000 

Amended April 30, 2007 

Amended January 1, 2008 

Amended January 1, 2009 

Amended January 1, 2010 

Amended January 1, 2011 

Amended February 22, 2012 

Short-Term Incentive Plan 

Effective January 1, 2000 

Potash Corporation of Saskatchewan Inc. 

 

			
		
	Signature	 	/s/ John Estey
		 	
		
	Date	 	February 22, 2012

  

 Contents 
  

							
	 Section 1—Establishment of the Plan
	  	 	1	  
	 1.01
	  	Purpose	  	 	1	  
	 1.02
	  	Effective Date	  	 	1	  
	 Section 2—Definitions
	  	 	1	  
	 2.01
	  	Accrued Incentive Awards	  	 	1	  
	 2.02
	  	Adjusted Cash Flow Return (ACFR)	  	 	1	  
	 2.03
	  	Average Accumulated Amortization	  	 	2	  
	 2.04
	  	Average Accumulated Depreciation	  	 	2	  
	 2.05
	  	Average Assets	  	 	2	  
	 2.06
	  	Average Non-Interest Bearing Current Liabilities	  	 	3	  
	 2.07
	  	Award Payment	  	 	3	  
	 2.08
	  	Award Percentage	  	 	3	  
	 2.09
	  	Board	  	 	3	  
	 2.10
	  	Cash Flow Return (CFR)	  	 	4	  
	 2.11
	  	Current Taxes	  	 	4	  
	 2.12
	  	CEO	  	 	4	  
	 2.13
	  	Committee	  	 	4	  
	 2.14
	  	Corporation	  	 	4	  
	 2.15
	  	Depreciation and Amortization	  	 	5	  
	 2.16
	  	Eligible Employee	  	 	5	  
	 2.17
	  	Entitled Employee	  	 	5	  
	 2.18
	  	Hourly Employee	  	 	5	  
	 2.19
	  	Non-recurring/Unusual Items	  	 	5	  
	 2.20
	  	Operating Income	  	 	5	  
	 2.21
	  	PCS Inc.	  	 	5	  
	 2.22
	  	Plan	  	 	5	  
	 2.23
	  	Salary	  	 	5	  
	 2.24
	  	Target CFR	  	 	6	  
	 2.25
	  	Target Percentage	  	 	6	  
	 2.26
	  	Unrealized Gains/Losses on Derivative Instruments Included in Net Income	  	 	6	  
	 2.27
	  	Year	  	 	6	  
	 Section 3—Participation
	  	 	6	  
	 3.01
	  	Participation Requirements	  	 	6	  
	 Section 4—Award Payments 
	  	 	6	  
	 4.01
	  	Eligibility	  	 	6	  
	 4.02
	  	Calculation of Award Payment	  	 	7	  
	 4.03
	  	Entitled Operations Employees	  	 	7	  
	 4.04
	  	Limitation of Award Payments and General Discretion	  	 	8	  
	 4.05
	  	Timing of Award Payments	  	 	8	  
	 4.06
	  	Recoupment Policy	  	 	9	  
	 Section 5—Administration of the Plan
	  	 	9	  
	 5.01
	  	Administration	  	 	9	  

  
 i 

							
	 Section 6—Transfer of Employment
	  	 	9	  
	 6.01
	  	Transfer of Employment	  	 	9	  
	 Section 7—General Provisions
	  	 	9	  
	 7.01
	  	Assignment or Alienation	  	 	9	  
	 7.02
	  	Amendment or Termination	  	 	10	  
	 7.03
	  	Effect of Amendment or Termination	  	 	10	  
	 7.04
	  	No Enlargement of Contractual Rights	  	 	10	  
	 7.05
	  	Interpretation	  	 	10	  
	 7.06
	  	Withholding of Taxes	  	 	10	  
	 7.07
	  	Binding on Successors	  	 	10	  
	 7.08
	  	Currency	  	 	10	  
	 Section 8—Change in Control
	  	 	11	  
	 8.01
	  	Definition of Change in Control	  	 	11	  
	 8.02
	  	Prior Year CIC STIP Award Payment	  	 	11	  
	 8.03
	  	CIC STIP Award Payment	  	 	11	  
	 Appendix “A”—Award Percentage
	  	 	13	  

  
 ii 

 Section 1—Establishment of the Plan 

 

	1.01	Purpose 

 This Annual
Incentive Plan is established for the purpose of rewarding eligible employees on an annual basis for their efforts and contributions in the attainment of certain performance measures that contribute materially to the success of the business
interests of Potash Corporation of Saskatchewan Inc. 
  

	1.02	Effective Date 

 Subject
to Section 7.02 (Amendment or Termination), this Plan shall be effective on and after January 1, 2000. 
 The
amendments made to the Plan effective April 30, 2007, including the addition of all permanent salaried employees, shall only be effective on and after April 30, 2007. 
 The amendments made to the Plan effective January 1, 2008, including the addition of all permanent Canadian and US Hourly Employees, shall only be effective on and after January 1, 2008.

 The amendments made to the Plan effective January 1, 2009, including the addition of specified Trinidad Employees with
jobs valued at Hay Point Level 366 up to Hay Point Level 774, and all PCS Sales employees with jobs valued at Hay Point Level 775 and above who were not previously eligible shall be included in this Plan effective on and after January 1, 2009.

 The amendments made to the Plan effective January 1, 2011, including the reduction of the Target Percentage in Appendix
“A” for Lanigan, Cory, Patience Lake and Allan unionized Hourly Employees, shall only be effective on and after January 1, 2011. 
 The amendments made to the Plan on February 22, 2012, including the addition of the Change in Control provision, shall be effective on and after January 1, 2012. 

Section 2—Definitions 
 The
following terms, when capitalized, shall be defined as follows: 
  

	2.01	Accrued Incentive Awards 

“Accrued Incentive Awards” means the amounts accrued during the Year that represent expected payments under this Plan, the
Medium Term Incentive Plan, and other group incentive plans as appropriate. 
  

	2.02	Adjusted Cash Flow Return (ACFR) 

 “Adjusted Cash Flow Return” or “ACFR” means an amount derived from the following formula: 
 ACFR = (CFR divided by Target CFR) multiplied by 100, 

  
 1 

 and used in the table in Appendix “A” to calculate an Entitled Employee’s
Award Percentage for a given Year. 
  

	2.03	Average Accumulated Amortization 

 “Average Accumulated Amortization” means the average consolidated accumulated amortization of PCS Inc. during a given Year, calculated by dividing (a) by (b) where: 

 

	 	(a)	equals the sum of the consolidated accumulated amortization of PCS Inc. at the beginning of the Year, the consolidated accumulated amortization of PCS Inc. at the
beginning of the second quarter of the Year, the consolidated accumulated amortization of PCS Inc. at the beginning of the third quarter of the Year, the consolidated accumulated amortization of PCS Inc. at the beginning of the fourth quarter of the
Year and the consolidated accumulated amortization of PCS Inc. at the end of the Year; and, 

  

	 	(b)	equals five (5). 

 2.04 Average Accumulated
Depreciation 
 “Average Accumulated Depreciation” means the average consolidated accumulated depreciation of PCS
Inc. during a given Year, calculated by dividing (a) by (b) where: 
  

	 	(a)	equals the sum of consolidated accumulated depreciation of PCS Inc. at the beginning of the Year, the consolidated accumulated depreciation of PCS Inc. at the beginning
of the second quarter of the Year, the consolidated accumulated depreciation of PCS Inc. at the beginning of the third quarter of the Year, the consolidated accumulated depreciation of PCS Inc. at the beginning of the fourth quarter of the Year and
the consolidated accumulated depreciation of PCS Inc. at the end of the Year; and, 

  

	 	(b)	equals five (5). 

 2.05 Average Assets

 “Average Assets” means the average book value of PCS Inc.’s consolidated assets during a given Year,
calculated by dividing (a) by (b) where: 
  

	 	(a)	equals the sum of the book value of the consolidated assets of PCS Inc. at the beginning of the Year, the book value of the consolidated assets of PCS Inc. at the
beginning of the second quarter of the Year, the book value of the consolidated assets of PCS Inc. at the beginning of the third quarter of the Year, the book value of the consolidated assets of PCS Inc. at the beginning of the fourth quarter of the
Year and the book value of the consolidated assets of PCS Inc. at the end of the Year; and, 

  

	 	(b)	equals five (5). 

  
 2 

 2.06 Average Non-Interest Bearing Current Liabilities 

“Average Non-Interest Bearing Current Liabilities” means the average consolidated non-interest bearing current liabilities of
PCS Inc. during a given Year, calculated by dividing (a) by (b) where: 
  

	 	(a)	equals the sum of the consolidated non-interest bearing current liabilities of PCS Inc. at the beginning of the Year, the consolidated non-interest bearing current
liabilities of PCS Inc. at the beginning of the second quarter of the Year, the consolidated non-interest bearing current liabilities of PCS Inc. at the beginning of the third quarter of the Year, the consolidated non-interest bearing current
liabilities of PCS Inc. at the beginning of the fourth quarter of the Year and the consolidated non-interest bearing current liabilities of PCS Inc. at the end of the Year; and, 

 

	 	(b)	equals five (5). 

 2.07 Award Payment

 “Award Payment” means a cash payment to an Entitled Employee calculated pursuant to Section 4 (Award
Payments). 
  

	 	(a)	Corporate Award Payment is the payment calculated based upon the Corporate ACFR measure of CFR relative to Target CFR. 

 

	 	(b)	Operations Award Payment is the payment calculated based upon operations performance factors as established in accordance with Section 4.03 for the benefit of
Entitled Operations Employees. 

 2.08 Award Percentage 

“Award Percentage” means the percentage of an Entitled Employee’s Salary derived from the table contained in Appendix
“A”. The Award Percentages applicable to an Entitled Employee, as set out in the table in Appendix “A”, shall be recommended by the CEO and approved by the Committee. 
 2.09 Board 
 “Board” means the Board of Directors of PCS Inc.

  
 3 

	2.10	Cash Flow Return (CFR) 

“Cash Flow Return” or “CFR” means the amount derived from the following formula: 

 

	 	(a)	Operating Income, plus/minus 

Non-recurring/Unusual Items, plus/minus 
 Change in Unrealized Gains/Losses on Derivative Instruments Included in Net Income, plus 

Accrued Incentive Awards, plus 
 Depreciation and Amortization, minus 
 Current Taxes 

DIVIDED BY 
  

	 	(b)	Average Assets (plus/minus the fair value adjustment for investments in available-for-sale securities and minus the fair value of derivative instrument assets), plus

 Average Accumulated Depreciation, plus 

Average Accumulated Amortization, minus 
 Average Cash and Cash Equivalents, minus 
 Average Non-Interest Bearing Current
Liabilities, excluding Derivatives, 
 and used in the table at Appendix “A” to calculate an Entitled Employee’s
Award Percentage for a given Year. 
  

	2.11	Current Taxes 

“Current Taxes” means the current income taxes accrued for a given Year, less provision for deferred income taxes as set out in
the audited consolidated financial statements of PCS Inc. for that Year. 
  

	2.12	CEO 

 “CEO”
means the Chief Executive Officer of PCS Inc. 
  

	2.13	Committee 

“Committee” means the Compensation Committee of the Board. 

 

	2.14	Corporation 

“Corporation” means Potash Corporation of Saskatchewan Inc. and its direct and indirect subsidiaries. 

  
 4 

	2.15	Depreciation and Amortization 

 “Depreciation and Amortization” means the depreciation and amortization expense for a given Year, as set out in the audited consolidated financial statements of PCS Inc. for that Year.

  

	2.16	Eligible Employee 

“Eligible Employee” means an employee, including an Hourly Employee, who has satisfied the eligibility requirements set out in
Section 4.01 (Eligibility). 
  

	2.17	Entitled Employee 

“Entitled Employee” means an Eligible Employee who is recommended by the CEO and approved by the Committee to participate in
this Plan. 
  

	 	(a)	Entitled Operations Employee 

 “Entitled Operations Employee” means an Entitled Employee who is attached to one of the operating facilities of PCS Inc. or its direct or indirect subsidiaries. 

 

	2.18	Hourly Employee 

“Hourly Employee” means an employee employed at either a Canadian or U.S. operation who is paid on an hourly wage rate basis,
including both employees who are and who are not covered by a collective bargaining agreement. 
  

	2.19	Non-recurring/Unusual Items 

 “Non-recurring/Unusual Items” means exceptional transactions that are considered non-routine, unique, and not expected to be repeated in a normal course of the Corporation’s operating
cycle. Such items may result in a measurable charge or increase to income and may or may not be triggered by a management decision. 
  

	2.20	Operating Income 

“Operating Income” means the operating income for a given Year, as set out in the audited consolidated financial statements of
PCS Inc. for that Year. 
  

	2.21	PCS Inc. 

 “PCS
Inc.” means Potash Corporation of Saskatchewan Inc. 
  

	2.22	Plan 

 “Plan”
means this Annual Incentive Plan, as amended from time to time. 
  

	2.23	Salary 

“Salary” means: 

  
 5 

	 	(a)	For Entitled Employees who are exempt from the overtime requirements of U.S. wage and hour legislation, other than Canadian Hourly Employees, the annual base salary in
effect at the end of a given Year. 

  

	 	(b)	For Entitled Employees who are Canadian Hourly Employees, the actual total base pay for the given Year, excluding, but not limited to, overtime, bonuses, shift
differentials and premiums. 

  

	 	(c)	For Entitled Employees who are U.S. employees and who are non-exempt from the overtime requirements of U.S. wage and hour legislation, total earned income, including
overtime and shift differentials, for the given Year. 

  

	2.24	Target CFR 

“Target CFR” means the CFR projected in the annual budget approved by the Board and used in the table at Appendix “A”
to calculate an Entitled Employee’s Award Percentage for a given Year. 
  

	2.25	Target Percentage 

“Target Percentage” means the percentage assigned to the Tier Level for Entitled Employees within that Tier, as shown in the
table contained in Appendix “A”. 
  

	2.26	Unrealized Gains/Losses on Derivative Instruments Included in Net Income 

 “Unrealized Gains/Losses on Derivative Instruments Included in Net Income” means the mark to market adjustments on the company’s derivative instrument assets and liabilities, including but
not limited to, natural gas non-hedging and foreign exchange non-hedging, that are required to be recognized under accounting standards for reporting purposes. 
  

	2.27	Year 

 “Year”
means the fiscal year of PCS Inc. 
 Section 3—Participation 

 

	3.01	Participation Requirements 

Participation in the Plan is limited to Eligible Employees. 
 Section 4—Award Payments 
  

	4.01	Eligibility 

 A full-time
permanent employee of the Corporation who: 

  
 6 

	 	a)	is employed for at least three months during a Year, and who is in the employ of the Corporation at the end of a Year, and 

 

	 	b)	who is not a participant in another annual cash bonus plan sponsored by the Corporation for the same period during the Year as covered by this Plan

 shall become an Eligible Employee. 

 

	4.02	Calculation of Award Payment 

 Subject to Section 4.04 (Limitation of Award Payments and General Discretion), an Entitled Employee, other than Entitled Operations Employees, shall receive an Award Payment equal to the Entitled
Employee’s Award Percentage multiplied by his or her Salary. 
  

	 	a)	The Corporate Award Percentage is calculated as follows: 

 If ACFR equals or exceeds 50% and up to 100%, the calculation is: 
 Target
Percentage X ACFR = Corporate Award Percentage 
 If ACFR exceeds 100% and up to 150%, the calculation is: 

(Two times the Target Percentage multiplied by ACFR) minus Target Percentage = Corporate Award Percentage 

 

	 	b)	The individual Award Payment calculated in accordance with this Section 4.02 is subject to an adjustment of plus or minus 30% depending upon the Entitled
Employee’s job performance, as determined by his or her supervisor, and approved in accordance with the provisions of this Plan. 

  

	 	c)	No Corporate Award Percentage is calculated for ACFR less than 50% and for Corporate Award Percentage calculations, ACFR is limited to 150%. 

 

	4.03	Entitled Operations Employees 

 Subject to Section 4.04 (Limitation of Award Payments and General Discretion), an Entitled Operations Employee shall be entitled to an Award Payment equal to the sum of paragraphs (a) and
(b) below: 
  

	 	(a)	the award calculated pursuant to Section 4.02 (Calculation of Award Payment), divided by two (2); and, 

 

	 	(b)	an amount equal to the Target Percentage of the Salary of the Entitled Operations Employee, adjusted by applying a formula to be developed from time to time by the CEO
in consultation with the Vice-President, Human Resources & Administration and the appropriate subsidiary President which formula shall reasonably reflect the actual results of the operating facility to which the employee is attached compared to
the approved target for that operating facility, subject to achieving a threshold of at least 25% of the operating facility’s targets, and thereafter dividing such amount by two (2). 

  
 7 

	 	(c)	The total individual Award Payment calculated in accordance with this Section 4.03, other than for Hourly Employees, is subject to an adjustment of plus or minus
30% depending upon the Entitled Employee’s job performance, as determined by his or her supervisor, and approved in accordance with the provisions of this Plan. 

 

	 	(d)	There will be no adjustment for job performance for Entitled Operations Employees who are Hourly Employees. 

 

	4.04	Limitation of Award Payments and General Discretion 

  

	 	(a)	Generally, no Award Payment shall be granted under this Plan with respect to any Year in which the CFR is less than 50% of the Target CFR. However, the Committee may
elect, in its discretion, to grant Award Payments in any Year, regardless of the CFR. 

  

	 	(b)	The Award Payment for any Entitled Employee may exceed or be below the amount calculated in accordance with this Section 4. Award Payments falling outside the
established range shall be reviewed and approved by the Board and Committee for the CEO and the CEO and Committee for direct reports to the CEO. For all others, approval of the CEO is required. 

 

	 	(c)	An Entitled Employee who has been employed by the Corporation for less than one year shall have his or her Award Payment prorated in accordance with his or her period
of employment. 

  

	 	(d)	An employee who for part of the Year was a full-time active employee but for part of the Year was on long-term disability or an approved or unpaid leave of absence, may
be considered an Entitled Employee and eligible for a pro-rata share of the Award Payment based upon the fraction of the Year the employee was considered a full-time active employee. However, in situations where the fractional portion of the Year
worked is less than one-twelfth, the employee will not be considered an Entitled Employee unless the CEO recommends and the Committee approves the exception. 

 

	 	(e)	An Entitled Employee who was, during a Year, promoted or demoted from one Group to another Group set forth in Appendix “A”, shall have his or her Award
Payment calculated on the basis of his or her Group as at the end of the Year. 

  

	 	(f)	Notwithstanding the Groups established in Appendix “A”, the Committee may on the recommendation of the CEO, designate an Eligible Employee for inclusion in
one of such Groups when, but for such designation, the Eligible Employee would not otherwise be included in such Group. 

  

	4.05	Timing of Award Payments 

The Committee shall, on the recommendation of the CEO and within 30 days of the end of a Year, approve the ACFR calculation and the amount
of Award Payments for each Entitled Employee who is a direct report to the CEO for any given Year. The CEO’s Award Payment will be approved by the Board. Following approval of the ACFR, final calculations for the remaining Entitled Employees
will be prepared. The Award Payments shall be paid to 

  
 8 

 
Entitled Employees within 30 days of the Committee’s approval of the ACFR and no later than
2 1/2 months after the end of the Year.

  

	4.06	Recoupment Policy 

Notwithstanding any other provision under this Section, Entitled Employees who also participate in the Corporation’s Medium-Term
Incentive Plan shall be subject to the terms and conditions of the Corporation’s Policy on Recoupment of Unearned Compensation (as previously adopted and, from time to time, amended by the Board), a copy of which shall be distributed to each
such Entitled Employee upon participation in the Medium-Term Incentive Plan. 
 Section 5—Administration of the Plan

  

	5.01	Administration 

 The
Committee shall conclusively interpret the provisions of this Plan and decide all questions of fact arising in the application of the Plan. Determinations and interpretations in individual cases may be made by the CEO with due regard to consistency
with any prior action by the Committee and such determination shall be binding and conclusive upon the individual employees concerned and persons claiming under them. The Committee shall be advised of any such determination or interpretation made by
the CEO. To the extent applicable, the Plan shall be administered with respect to Entitled Employees subject to U.S. law so as to avoid penalties pursuant to Section 409A of the Internal Revenue Code. 

Section 6—Transfer of Employment 
  

	6.01	Transfer of Employment 

If an Entitled Employee’s employment is transferred during a Year to a different location, within the Corporation the Senior
Vice-President, Administration and the CEO shall determine whether the Entitled Employee’s Award Payment is calculated in accordance with Section 4.02 (Calculation of Award Payment), Section 4.03 (Entitled Operations Employees), or a
combination of those sections. 
 Section 7—General Provisions 

 

	7.01	Assignment or Alienation 

Except as required by applicable laws, the right of an Entitled Employee to receive an Award Payment under this Plan shall not be:

  
 9 

	 	(a)	given as security; 

  

	 	(b)	subject to transfer, anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation; or 

 

	 	(c)	subject to execution, attachment, levy or similar process or assignment by operation of law, 

and any attempt to effect any such action shall be null and void and of no effect. 

 

	7.02	Amendment or Termination 

Subject to Section 7.03 (Effect of Amendment or Termination), this Plan may be amended in whole or in part from time to time or
terminated by the Corporation. Any amendment or termination shall be binding on the Corporation, Entitled Employees, Eligible Employees and their respective beneficiaries. 

 

	7.03	Effect of Amendment or Termination 

 Notwithstanding Section 7.02 (Amendment or Termination), no amendment or termination of any provision of this Plan shall directly or indirectly deprive any Entitled Employee or beneficiary of all or
any portion of an Award Payment earned with respect to any Year ending prior to the date of the amendment or termination. 
  

	7.04	No Enlargement of Contractual Rights 

 This Plan shall not give any Entitled Employee or Eligible Employee the right to be retained in the service of the Corporation nor shall it interfere with the right of the Corporation to terminate the
employment of the Entitled Employee or Eligible Employee. Participation in this Plan shall not give any Entitled Employee or Eligible Employee any right or claim to any benefit, except to the extent provided in this Plan. 

 

	7.05	Interpretation 

 This Plan
shall be interpreted pursuant to the laws of the Province of Saskatchewan. Section headings are for convenience only and shall not be considered provisions of the Plan. Words in the singular shall include the plural, and vice versa, unless qualified
by the context. 
  

	7.06	Withholding of Taxes 

 The
Corporation shall withhold all applicable taxes from any amounts paid pursuant to this Plan. 
  

	7.07	Binding on Successors 

This Plan shall be binding on any successor or successors of PCS Inc. whether by merger, consolidation or otherwise. 

 

	7.08	Currency 

 The benefits
payable pursuant to this Plan shall be paid in the same currency as the Entitled Employee receives his or her Salary. 

  
 10 

 Section 8—Change in Control 

 

	8.01	Definition of Change in Control 

 For purposes of the Plan, the term “Change in Control” shall have the same meaning as the term “change in control” in the Corporation’s 2012 Performance Option Plan, as amended.

  

	8.02	Prior Year CIC STIP Award Payment 

  

	 	(a)	Notwithstanding anything in the Plan to the contrary, upon the occurrence of a Change in Control, an Entitled Employee with respect to the Year immediately prior to the
Year in which the Change in Control occurs (the “Prior Year”) shall be entitled to receive for the Prior Year an amount equal to the Entitled Employee’s Award Payment for the Prior Year; provided that an Award Payment for the Prior
Year was not previously paid to the Entitled Employee prior to the effective date of the Change in Control; and provided further that the pro-rata provisions of Sections 4.04(c) and (d) of the Plan shall continue to apply with respect to the
Prior Year (the “Prior Year STIP Award Payment”). 

  

	 	(b)	 Any Prior Year STIP Award Payment shall be paid within 30 calendar days following the effective date of the Change in Control; provided, however, that
any Prior Year STIP Award Payment shall be paid no later than 2 1/2 months after the end of the Prior Year. 

  

	8.03	CIC STIP Award Payment 

  

	 	(a)	Notwithstanding anything in the Plan to the contrary, upon the occurrence of a Change in Control, an Entitled Employee (without regard to the requirement set forth in
Section 4.01(a) of the Plan that the employee be employed at the end of the Year) shall be entitled to receive for the Year that includes the effective date of the Change in Control an amount equal to the Entitled Employee’s Award Payment
for such Year, pro-rated for the portion of such Year that elapsed prior to the Change in Control (determined by dividing (i) the number of calendar days that elapsed during such Year from the commencement of such Year through the effective
date of the Change in Control by (ii) the number of calendar days in such Year); provided that the pro-rata provisions of Sections 4.04(c) and (d) of the Plan shall continue to apply with respect to the period prior to the Change in
Control during such Year (the “CIC STIP Award Payment”). 

  

	 	(b)	For purposes of calculating an Entitled Employee’s CIC STIP Award Payment (and the Adjusted Cash Flow Return), the Cash Flow Return for a given Year shall be
deemed to be equal to the greater of (i) the Target CFR with respect to such Year, or (ii) the actual Cash Flow Return during the portion of such Year that elapsed through the end of the month in which the Change in Control occurs.

  

	 	(c)	 For purposes of calculating an Entitled Operations Employee’s CIC STIP Award Payment, the operating facility results for purposes of
Section 4.03(b) of the Plan for a given Year shall be deemed to be equal to the greater of (i) the approved target of the operating facility with respect to such Year, or (ii) the actual results of the

  
 11 

	 	
operating facility during the portion of such Year that elapsed through the end of the month in which the Change in Control occurs. 

 

	 	(d)	No job performance adjustment shall apply to the CIC STIP Award Payment for purposes of Sections 4.02(b) and 4.03(c) of the Plan, nor may the CIC STIP Award Payment be
below the amount calculated in accordance with Section 4 of the Plan (and this Section 8.03) for purposes of Section 4.04(b) of the Plan, nor shall any approval be required for purposes of Section 4.04(b) of the Plan in the event
that the CIC STIP Award Payment exceeds the amount calculated in accordance with Section 4 of the Plan. 

  

	 	(e)	For purposes of Section 4.04(e) of the Plan, the CIC STIP Award Payment shall be calculated on the basis of the Entitled Employee’s Group immediately prior to
the Change in Control. 

  

	 	(f)	The CIC STIP Award Payment shall be paid within 30 calendar days following the effective date of the Change in Control. 

 

	 	(g)	Notwithstanding anything in the Plan to the contrary, to the extent that an Entitled Employee receives an additional Award Payment under the Plan in respect of any Year
during which the Entitled Employee became entitled to receive a CIC STIP Award Payment, any such additional Award Payment shall be reduced (but not below zero) by the amount of the CIC STIP Award Payment. 

  
 12 

 Appendix “A”—Award Percentage 

 

															
	 Tier
	  	 Group
	  	Target
Percentage	 	 	 Award

Percentage

When CFR is

Less Than

Target CFR
	  	 Award Percentage

When CFR Equals
 or is Greater Than
 Target CFR
	  	Award
Percentage at
Maximum
CFR (150% of
Target CFR)	 
	 1
	  	Corporate President, and CEO	  	 	100	% 	 	 100% multiplied
 by
ACFR
	  	 (200% multiplied
 by ACFR)
minus 100%
	  	 	200	% 
	 2
	  	Exec Level 8	  	 	70	% 	 	70% multiplied by ACFR	  	(140% multiplied by ACFR) minus 70%	  	 	140	% 
	 3
	  	Exec Level 7	  	 	55	% 	 	 55% multiplied
 by
ACFR
	  	 (110% multiplied
 by ACFR)
minus 55%
	  	 	110	% 
	 4
	  	 Exec Levels 4, 5 & 6
 Staff
Hay Points 1900 +
	  	 	40	% 	 	40% multiplied by ACFR	  	(80% multiplied by ACFR) minus 40%	  	 	80	% 
	 5
	  	Exec Level 3	  	 	35	% 	 	35% multiplied by ACFR	  	(70% multiplied by ACFR) minus 35%	  	 	70	% 
	 6
	  	 Exec Level 2
 Managing Dir.,
Trinidad
 Staff Hay Points 1600 to 1899
	  	 	30	% 	 	 30% multiplied
 by
ACFR
	  	 (60% multiplied
 by ACFR) minus
30%
	  	 	60	% 
	 7
	  	 Exec Level 1
 Staff Hay Points
1300 to 1599
	  	 	25	% 	 	 25% multiplied
 by
ACFR
	  	 (50% multiplied
 by ACFR) minus
25%
	  	 	50	% 
	 8
	  	Staff Hay Points 900 to 1299	  	 	20	% 	 	 20% multiplied
 by
ACFR
	  	 (40% multiplied
 by ACFR) minus
20%
	  	 	40	% 
	 9
	  	Staff Hay Points 650 to 899	  	 	15	% 	 	 15% multiplied
 by
ACFR
	  	 (30% multiplied
 by ACFR) minus
15%
	  	 	30	% 
	 10
	  	Staff Hay Points 366 to 649	  	 	10	% 	 	10% multiplied by ACFR	  	(20% multiplied by ACFR) minus 10%	  	 	20	% 
	 11
	  	 Staff Hay Points 0 to 365

Hourly employees
	  	 	5	% 	 	5% multiplied by ACFR	  	(10% multiplied by ACFR) minus 5%	  	 	10	% 
	 12
	  	Hourly Employees (excluding Lanigan, Cory, Patience Lake and Allan unionized Hourly Employees) (No Manager +/- discretion)	  	 	5	% 	 	5% multiplied by ACFR	  	(10% multiplied by ACFR) minus 5%	  	 	10	% 
	 13
	  	Lanigan, Cory, Patience Lake and Allan unionized Hourly Employees (No Manager +/-discretion)	  	 	4.5	% 	 	4.5% multiplied by ACFR	  	(9% multiplied by ACFR minus 4.5%)	  	 	9	% 

 Notes: 
  

	1.	Where the ACFR is greater than 150 (i.e. the maximum CFR), the ACFR is deemed to be 150. 

 

	2.	Subject to Section 4.04 (Limitation of Award Payments and General Discretion) where the ACFR is less than 50, the ACFR is deemed to be zero (0).

  
 13Exhibit 10(bb)

 Exhibit 10(bb) 
 SUPPLEMENTAL RETIREMENT AGREEMENT 
 THIS AGREEMENT made as of
this 24th day of December, 2008. 

BETWEEN: 
 POTASH CORPORATION OF SASKATCHEWAN INC., a corporation incorporated under the laws of the province of Saskatchewan (hereinafter called “PCS Inc.”) 

AND 
 Stephen F. Dowdle of Northbrook, Illinois, an executive of the Corporation (hereinafter called the “Executive”). 
 WHEREAS the Executive is in the employ of PCS Inc. or one of its Affiliates (hereinafter collectively the “Corporation”) and renders valuable service to the Corporation; 

AND WHEREAS the Corporation desires to recognize the value of the Executive’s service and to secure his continued employment; 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Executive and the Corporation covenant and agree as
follows: 
  

	1.	DEFINITIONS. 

 For purposes of this
Agreement, the following definitions shall apply. 
 “Actuarial Equivalent Factors” means an actuarially
equivalent benefit based on the current actuarial factors in the SERP. Effective as of January 1, 2006, lump sum benefits shall be calculated using the IRS Interest Rate and IRS Mortality Table (as defined in the SERP), and in the absence of
reference to specific actuarial assumptions, the mortality table shall be the 1994 Unisex Pension Table with male annuity factors weighted at 50% and female annuity factors weighted at 50%, and an interest rate of 8% per year. 

“Affiliate” or “Affiliates” means an entity whose employees, together with the employees of PCS Inc., are
required, by Code section 414(b) or (c) to be treated as if they were employed by a single employer. 
 “Benefit
Service” means “benefit service” as defined in the PCS U.S. Employees’ Pension Plan (for full-time employees), determined by using the “elapsed time” method of crediting service, and determined based on the
Executive’s period of employment, beginning on July 1, 1989 with Canpotex and continuing with the Corporation. 

“Change in Control” shall have the meaning set forth in the SERP. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Pension Plan” for purposes of this Agreement, means all of the following plans: 

	 	(a)	the PCS U.S. Employees’ Pension Plan, 

  

	 	(b)	the PCS Supplemental Retirement Plan for U.S. Executives, and 

  

	 	(c)	any defined benefit plan sponsored by Canpotex, in which the Executive may have participated between July 1, 1989 and August 20, 1999.

 “Retirement” or to “Retire” means, for purposes of this Agreement, any Separation
from Service of the Executive (other than for Cause, as defined under the SERP) on or after the attainment of age 55. 

“Separation from Service” means any termination of employment with the Corporation for any reason; provided, however,
that no Separation from Service is deemed to occur while the Executive is on military leave, sick leave or other bona fide leave of absence that does not exceed six (6) months, or if longer, the period during which the Executive’s right to
reemployment with the Corporation is provided either by statute or by contract. For purposes of determining whether a Separation from Service from the Corporation has occurred, “Affiliates” will be identified in accordance with Code
section 414(b) or (c), except that in applying Code section 1563(a)(1), (2), and (3) for purposes of Code section 414(b) or in applying Treas. Reg. §1.414(c)-2 for purposes of Code section 414(c), the language “at least 50
percent” shall be used instead of the language “at least 80 percent” each place it appears in such Code and regulations sections. Whether the Executive has incurred a Separation from Service shall be determined in accordance with the
409A Guidance (as defined in paragraph 8). 
 “SERP” means the PCS Supplemental Retirement Plan for U.S.
Executives, as in effect as of the date hereof and as may thereafter be amended from time to time (“SERP”). 

“Spouse” shall have the meanings given this term in the PCS Inc. Pension Plan from time to time. 

 

	2.	QUALIFICATION FOR PENSION PLAN SUPPLEMENT 

 To qualify for the supplemental retirement benefits described in this Agreement, the Executive shall remain in the continuous service of the Corporation from the date of this Agreement until his
Retirement from the Corporation. 
  

	3.	RETIREMENT DATES 

  

	 	(a)	Normal Retirement 

 Upon
the Executive’s Retirement from the Corporation at age 65, the Executive shall receive the supplemental retirement benefits as described in paragraph 4. 
  

	 	(b)	Early Retirement 

 If the
Executive Retires from the Corporation after attaining age 55, but prior to attainment of age 65, the Executive shall receive supplemental retirement benefits 

  
 - 2 -

 
as described in paragraph 4, except that such supplemental retirement benefits shall be reduced by: 
  

	 	(i)	1/2 of 1% for each of the first sixty months that the commencement date of the supplemental retirement benefit payments precedes the Executive’s attainment of age
65, and 

  

	 	(ii)	1/3 of 1% for each of the next sixty months that the commencement date of the supplemental retirement benefit payments precedes the Executive’s attainment of age
65. 

  

	 	(c)	Special Early Retirement 

If the Executive Retires from the Corporation after attaining age 62 and accruing twenty years of Benefit Service, the Executive shall
qualify for an unreduced retirement benefit. 
  

	 	(d)	Postponed Retirement 

 If
the Executive Retires from the Corporation after attaining age 65, the Executive shall continue to accrue benefits under this Agreement until his actual Retirement date and shall receive the supplemental retirement benefits as described in paragraph
4. 
  

	4.	AMOUNT OF SUPPLEMENT 

 The
annual supplemental retirement benefit payable under this Agreement, if any, shall be calculated as follows: 
  

	 	(a)	the annual benefit that the Executive would have accrued under Section 4.1 of the PCS U.S. Employees’ Pension Plan benefit formula, determined on a life-only
annuity basis, but according to the following modifications: 

  

	 	(i)	the benefit shall be determined by including all Benefit Service, and 

  

	 	(ii)	the benefit shall be determined without regard to Code sections 401(a)(17) and 415 

MINUS 
  

	 	(b)	the annual retirement benefit which can be provided to the Executive under the Pension Plan on a life-only annuity basis. 

For purposes of calculating the offset amount under section (b) above, the Corporation shall determine an actuarial equivalent
annuity offset representing the employer portion of benefits reasonably expected to be provided under the Pension Plan, based on the Actuarial Equivalent Factors. The exchange rate used to convert Canadian or U.S.

  
 - 3 -

 
dollars shall be the rate in effect at noon on the business day immediately preceding the Executive’s Separation from Service. 

 

	5.	PAYMENT OF PENSION PLAN SUPPLEMENT FOLLOWING RETIREMENT 

  

	 	(a)	Form of Payment 

 The
supplemental retirement benefits payable pursuant to paragraph 4 shall be paid to the Executive in the form of a single lump sum payment, calculated as of the first day of the month immediately following the Executive’s last day of employment.
The lump sum payment shall reflect the present value of the life annuity benefit described in paragraph 4, and shall be calculated based on the Actuarial Equivalent Factors. The lump sum payment shall also include an “earnings adjustment,”
as further described in section (b) below. 
  

	 	(b)	Timing of Payment 

 The
lump sum payment described in section (a) above shall be paid to the Executive on the date that is six months following the date the Executive Retires from the Corporation. Should the Executive die after Retirement, but prior to receiving
payment, such lump sum payment shall be made to the Executive’s Spouse or other beneficiary designated by the Executive, or otherwise to the Executive’s estate 90 days after the Executive’s death. The lump sum payment shall include an
“earnings adjustment” to reflect the six-month delay described above. The appropriate earnings adjustment shall be determined by the Corporation, using the same interest rate as was used to calculate the unadjusted lump sum payment
described in section (a) above. 
  

	6.	DEATH PRIOR TO RETIREMENT 

Should the Executive die after being vested under the PCS U.S. Employees’ Pension Plan and this Agreement, but before the
distribution to him is made under this Agreement, the Executive’s designated beneficiary (or the Executive’s estate if there is no surviving beneficiary) shall be entitled to a supplemental death benefit in the amount equal to the greater
of: 
  

	 	(a)	the present value of the survivor benefit that would be payable to a beneficiary as if the Executive died after commencing his benefit, calculated pursuant to paragraph
4, in the form of an actuarially equivalent joint and 50% survivor annuity, which is computed using the Actuarial Equivalent Factors; or 

  

	 	(b)	the present value of the survivor benefit that would be payable to a beneficiary as if the Executive died after commencing his benefit, calculated pursuant to paragraph
4, in the form of an actuarially equivalent single life and ten (10) year certain annuity, computed using the Actuarial Equivalent Factors. 

 Such supplemental death benefit shall be payable to the beneficiary in the form of a single lump sum payment 90 days following the Executive’s death. 

  
 - 4 -

	7.	FUNDING 

  

	 	(a)	General 

 The Corporation
will not be required to establish or contribute to a trust fund or other funding arrangement of any kind for the provision of the supplemental retirement benefit or any other payment which may become payable under this Agreement. Neither the
Executive nor any other person shall acquire by reason of this Agreement any right in or title to any assets, funds or property of the Corporation. Any benefits which become payable hereunder shall be paid from the general assets of the Corporation.
The Executive shall have only a contractual right to the amounts, if any, payable hereunder unsecured by any asset of the Corporation. Nothing contained in this Agreement constitutes a guarantee by the Corporation that the assets of the Corporation
shall be sufficient to pay any benefit to any person. 
  

	 	(b)	Establishment of Rabbi Trust 

 The Compensation Committee of the Board of PCS, Inc. (the “Committee”) may, at its sole and absolute discretion, establish an irrevocable rabbi trust that is a grantor trust within the meaning
of Code sections 671-677 for the benefit of the Executive and beneficiaries of the Executive (as well as for other participants and beneficiaries in nonqualified plans and agreements sponsored by the Corporation). Such a trust shall have an
independent trustee, selected by the Committee, who shall have fiduciary duty to carry out the terms and conditions of the Plan. The provisions of sections (c), (d), and (e) below shall apply only if the Committee exercises its discretion and
establishes a rabbi trust. 
  

	 	(c)	Terms of Rabbi Trust 

 The
assets of the rabbi trust shall be subject to the claims of general creditors in the event of a bankruptcy or insolvency under such terms that are specifically defined by the provisions of the rabbi trust and under a required procedure for notifying
the trustee of any such bankruptcy or insolvency. 
  

	 	(d)	Funding 

  

	 	(i)	In General 

 Except as
provided in paragraph (ii) below, at the sole and absolute discretion of the Committee, the Corporation shall contribute cash to the rabbi trust for the benefit of the Executive and his or her beneficiaries, as the Committee deems appropriate.

  

	 	(ii)	Change in Control 

 If a
Change in Control occurs, the rabbi trust shall be funded immediately with an amount equal to the actuarial equivalent of the benefits under the 

  
 - 5 -

 
Agreement. The Corporation’s actuary shall determine the amount to be funded. 
  

	 	(e)	Distributions 

 Following
a Change in Control, distributions of the Executive’s benefits shall be made from the rabbi trust directly to the Executive or the Executive’s beneficiary in accordance with paragraph 5 or 6 (as the case may be). To the extent any benefits
provided under this Agreement are actually paid from the rabbi trust, the Corporation shall have no further obligation for the benefit to the extent so paid, but to the extent not so paid, such benefits shall remain the obligation of, and shall be
paid by the Corporation. 
  

	8.	Section 409A 

 It is
intended that the Agreement comply with the provisions of Code section 409A and the final regulations and any other guidance issued by the IRS or the Treasury thereunder (the “409A Guidance) to prevent the inclusion in gross income of any
amount available to the Executive hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise be actually distributed or made available to the Executive. All provisions in the Agreement shall be
interpreted in a manner consistent with the 409A Guidance Any provisions that would cause the Agreement to fail to satisfy the 409A Guidance shall have no force and effect until amended to comply with the 409A Guidance (which amendment may be
retroactive to the extent permitted by the 409A Guidance). Notwithstanding the foregoing, the Corporation does not guarantee any tax consequences of the Executive’s entitlement to or receipt of payments under the Agreement, and the Executive
shall be solely responsible for payment of any tax obligations he may incur in connection with the benefits provided under the Agreement. 
  

	9.	SUCCESSORS AND ASSIGNS 

This Agreement shall inure to the benefit of and be binding upon the Corporation and its assigns and upon the Executive and his heirs,
executors, administrators, successors and assigns. 
  

	10.	WITHHOLDING TAX 

 The
benefits payable pursuant to this Agreement shall be subject to such withholding tax as required by law. 
  

	11.	AMENDMENT 

 This Agreement
may be amended at any time upon the written agreement of the Corporation and the Executive. This Agreement when duly signed by the Corporation and the Executive shall replace any prior Agreement dealing with supplemental Executive retirement income.

  
 - 6 -

	12.	GOVERNING LAWS 

 This
Agreement shall be governed by the laws applicable in the state of Illinois. 
 IN WITNESS WHEREOF the Corporation has executed this Agreement
by its duly authorized officers on its behalf and the Executive has executed this Agreement as of the date first above written. 
  

					
		  		  	 POTASH CORPORATION OF

SASKATCHEWAN INC.

		  		  	
		  		  	/s/ JOHN W.
ESTEY                                    
                        
		  		  	
		  		  	EXECUTIVE
		  		  	
		  		  	/s/ STEPHEN F.
DOWDLE                                       
             

  

					
	SIGNED SEALED AND DELIVERED in the presence of:	  		  	
		  		  	
	Barbara Jane
Irwin                                        
                    	  		  	
	Name of Witness	  		  	
		  		  	
	/s/ BARBARA JANE
IRWIN                                       
           	  		  	
	Signature of Witness	  		  	

  
 - 7 -

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