Document:

Retirement Agreement, James T. Thompson

 Exhibit 10.iii.p 
 RETIREMENT AGREEMENT 
 This Retirement Agreement (“Agreement”) is made and entered
into as of March 30, 2007, between The Mosaic Company (the “Company”), a Delaware corporation having its principal place of business in the State of Minnesota, and James T. Thompson (“Thompson”), an individual
resident of the State of Minnesota. 
 RECITALS 
 WHEREAS, Thompson has served as an Executive Vice President of the Company since its inception in 2004; 
 WHEREAS,
the Company and Thompson have agreed that Thompson will retire from all positions with the Company effective as of March 31, 2007 (the “Retirement Date”); 
 WHEREAS, Thompson and the Company entered into a Senior Management Severance Agreement, dated as of August 1, 2005 (the “Severance
Agreement”), pursuant to which Thompson would be entitled to receive certain benefits upon the termination of employment under certain circumstances; and 
 WHEREAS, the Company and Thompson desire to set forth all matters regarding Thompson’s retirement and separation of employment from the Company, and to completely and finally resolve all rights and claims
between them. 
 NOW THEREFORE, in consideration of the foregoing premises, the covenants set forth below, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, Thompson and the Company agree as follows: 
 AGREEMENT 
 1. Retirement as Executive Vice President. Effective as of the Retirement Date, Thompson hereby retires as an Executive Vice President of the
Company, from all other officer positions he currently holds with the Company and its subsidiaries and controlled affiliates and from all director positions he holds with the Company’s subsidiaries and controlled affiliates, and the Company
hereby accepts Thompson’s retirement. Effective upon the Retirement Date, the Severance Agreement shall terminate and be of no further force or effect. Up to and including the Retirement Date, Thompson shall continue to receive his base salary
and all benefits to which he is currently entitled as an Executive Vice President of the Company. Thompson understands that all Company employee benefits, plans, programs and fringe benefits cease as of the Retirement Date unless otherwise noted in
this Agreement. 
 2. Compensation at Retirement Date. In consideration for his undertakings under this Agreement, and in lieu of any
payments to which he might otherwise be entitled under the Severance Agreement, the Company shall make the following payments to, and distributions for the benefit of, Thompson: 
 (a) Thompson shall receive a lump sum payment of $875,000, subject to any required withholdings, deductions, and tax reporting requirements, on
October 5, 2007 (the “Payment Date”). 

 (b) Thompson shall receive a lump sum payment of $375,000, in lieu of receiving any other payment with
respect to the Company’s Management Incentive Plan for fiscal 2007, subject to any required withholdings, deductions, and tax reporting requirements, payable on the Payment Date. 
 (c) Thompson shall receive a lump sum payment of $281,250, in lieu of receiving any other payment with respect to the Company’s Synergy Incentive
Plan for fiscal 2007, subject to any required withholdings, deductions, and tax reporting requirements, payable on the Payment Date. 
 (d)
Thompson may elect continuation coverage under Company-provided health and dental plans, to the extent required under federal law (referred to as “COBRA”) and state law. If Thompson elects continuation coverage under a
Company-provided health or dental plan, the Company shall pay Thompson in one (1) lump sum payment an amount equal to the full COBRA monthly premium for each such plan multiplied by twelve (12), subject to any required withholdings, deductions,
and tax reporting requirements. This lump sum payment shall be made on the Payment Date. Thompson may continue coverage and pay the full COBRA premium for the COBRA period permitted by law. Thompson must timely elect coverage and satisfy all
enrollment and payment procedures established by the Company as a prerequisite to any continuation of COBRA coverage and any payment under this Section 2(d). 
 (e) The Company will pay Thompson any unused earned vacation, subject to any required withholdings, deductions, and tax reporting requirements, consistent with the Company’s policies as of the Retirement Date.

 (f) Receipt of all of the payments described above in this Section 2 is contingent upon Thompson first signing, and not rescinding or
revoking, a General Release of All Claims in favor of the Company, in the form attached hereto as Exhibit A, and also continuing to abide by all of Thompson’s continuing obligations to the Company, particularly, but not exclusively, the
non-disclosure, non-competition, and non-solicitation covenants contained in Section 4 of this Agreement. 
 3. Long-Term
Incentives. The Compensation Committee of the Company’s Board of Directors (the “Committee”) has previously awarded to Thompson non-qualified stock options to acquire 281,222 shares of the Company’s common stock
(having an exercise price equal to the market price per share on the date of grant) (collectively, the “Options”), and 80,044 restricted stock units evidencing the right to receive one share per unit of the Company’s common
stock (collectively, the “RSUs”) under the Company’s Long-Term Incentive Program (“LTIP”), in each case, subject to the standard terms and conditions of The Mosaic Company 2004 Omnibus Stock and Incentive Plan
(the “Omnibus Stock Plan”) and applicable award agreements for each such grant or award. 
  

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 (a) Options. The Committee shall take such actions as are necessary to accelerate the vesting in
full, effective as of the Retirement Date, of all Options granted to Thompson that are outstanding and unvested on the Retirement Date. Thompson agrees that, effective on the Retirement Date, all outstanding option award agreements shall be deemed
amended hereby to provide that, with respect to all of the Options not exercised by such date, Thompson shall be permitted to exercise them up to and including March 31, 2008; any Options not exercised by March 31, 2008 shall automatically
be forfeited by Thompson and may not be exercised thereafter. 
 (b) RSUs. The Committee shall take such actions as are necessary to
accelerate the vesting in full, effective as of the Retirement Date, of all RSUs awarded to Thompson that are outstanding and unvested on the Retirement Date. Thompson understands and agrees that required tax withholding will be deducted from his
outstanding RSUs in accordance with the terms of the Omnibus Stock Plan and the Company’s policies. 
 4. Non-Disclosure,
Non-Solicitation, and Non-Competition Covenants. In consideration of receipt of the payments described in Section 2 of this Agreement at or after the Retirement Date, Thompson agrees, as follows: 
 (a) Non-Disclosure. 
 (i) Thompson acknowledges that he has received and will, through the Retirement Date, continue to receive access to confidential and proprietary business information or trade secrets (“Confidential Information”) about the
Company, that this information was obtained by the Company at great expense and is reasonably protected by the Company from unauthorized disclosure, and that Thompson’s possession of this special knowledge is due solely to his employment with
the Company. In recognition of the foregoing, Thompson will not, at any time during his remaining employment or following the Retirement Date, for any reason, disclose, use or otherwise make available to any third party any Confidential Information
relating to the Company’s business, including its products, production methods, and development; manufacturing and business methods and techniques; trade secrets, data, specifications, developments, inventions, engineering and research
activity; marketing and sales strategies, information and techniques; long and short term plans; current and prospective dealer, customer, vendor, supplier and distributor lists, contacts and information; financial, personnel and information system
information; and any other information concerning the business of the Company which is not disclosed to the general public or known in the industry, except for disclosure necessary in the course of Thompson’s duties prior to the Retirement
Date. 
 (ii) At or promptly following the Retirement Date, Thompson shall deliver to a designated Company representative all
records, documents, hardware, software, and all other Company property and all copies thereof in his possession. Thompson acknowledges and agrees that all such materials are the sole property of the Company and that he will certify in writing to the
Company at its request, at or promptly after the Retirement Date, that he has complied with this obligation. 
  

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 (b) Non-Solicitation. 
 (i) Thompson specifically acknowledges that the Confidential Information described in this Section 4 includes confidential data
pertaining to current and prospective customers and dealers of the Company, that such data is a valuable and unique asset of the Company’s business and that the success or failure of the Company’s specialized business is dependent in large
part upon the Company’s ability to establish and maintain close and continuing personal contacts and working relationships with such customers and dealers and to develop proposals which are specifically designed to meet the requirements of such
customers and dealers. Therefore, during the period prior to the Retirement Date and for the twelve (12) month period following the Retirement Date, Thompson agrees that he will not, except on behalf of the Company or with the Company’s
express written consent, solicit, either directly or indirectly, on his own behalf or on behalf of any other person or entity, any such customers and dealers with whom he had contact during the twenty-four (24) months preceding the Retirement
Date. 
 (ii) Thompson specifically acknowledges that the Confidential Information described in this Section 4 also
includes confidential data pertaining to current and prospective employees and agents of the Company, and Thompson further agrees that, during the period prior to the Retirement Date and for the twelve (12) month period following the Retirement
Date, Thompson will not, directly or indirectly, solicit, on his own behalf or on behalf of any other person or entity, the services of any person who is an employee or agent of the Company or solicit any of the Company’s employees or agents to
terminate their employment or agency with the Company, except with the Company’s express written consent. 
 (iii)
Thompson specifically acknowledges that the Confidential Information described in this Section 4 also includes confidential data pertaining to current and prospective vendors and suppliers of the Company, and Thompson agrees that, during the
period prior to the Retirement Date and for the twelve (12) month period following the Retirement Date, he will not, directly or indirectly, solicit, on his own behalf or on behalf of any other person or entity, any Company vendor or supplier
for the purpose of either providing products or services to a business competitive with that of the Company, as described in Section 4(c)(i), or terminate or materially change such vendor’s or supplier’s relationship or agency with
the Company. 
 (iv) Thompson further agrees that, during the period prior to the Retirement Date and for the twelve
(12) month period following the Retirement Date, Thompson will do nothing to interfere with any of the Company’s business relationships. 
 (c) Non-Competition. 
 (i) Thompson covenants and agrees that, during the period prior to the Retirement Date
and for the twelve (12) month period following the Retirement Date, he will not, in any geographic market in which he worked on behalf of the Company during the twenty-four (24) months preceding the Retirement Date, engage in or carry on,
directly or indirectly, as an owner, employee, agent, associate, consultant or in any other 

  

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capacity, a business competitive with that conducted by the Company. A “business competitive with that conducted by the Company” shall mean
any business or activity involved in the design, development, manufacture, sale, marketing, production, distribution, or servicing of phosphate, potash, nitrogen, fertilizer, or crop nutrition products, any industrial products made with phosphate,
potash or nitrogen or any other significant business in which the Company is engaged in or preparing to engage in as of the Retirement Date. To “engage in or carry on” shall mean to have ownership in such business (excluding
ownership of up to 1% of the outstanding shares of a publicly-traded company) or to consult, work in, direct or have responsibility for any area of such business, including but not limited to, operations, sales, marketing, manufacturing, procurement
or sourcing, purchasing, customer service, distribution, product planning, research, design or development. 
 (ii) During the
period prior to the Retirement Date and for the twelve (12) month period following the Retirement Date, Thompson certifies and agrees that he will notify the Chief Executive Officer of the Company (the “CEO”) of his employment
or other affiliation with any potentially competitive business or entity prior to the commencement of such employment or affiliation. Thompson may make a written request to the CEO for modification of this non-competition covenant; the CEO will
determine, in his sole discretion, if the requested modification will be harmful to the Company’s business interests; and the CEO will notify Thompson in writing of the terms of any permitted modification or of the rejection of the requested
modification. 
 5. Company Remedies. Thompson acknowledges and agrees that the restrictions and agreements contained in this
Agreement are reasonable and necessary to protect the legitimate interests of the Company, that the services rendered by Thompson as an employee of the Company are of a special, unique and extraordinary character, that it would be difficult to
replace such services and that any violation of Section 4 of this Agreement would be highly injurious to the Company, that Thompson’s violation of any provision of Section 4 of this Agreement would cause the Company irreparable harm
that would not be adequately compensated by monetary damages and that the remedy at law for any breach of any of the provisions of Section 4 of this Agreement will be inadequate. Thompson further acknowledges that he has requested, or has had
the opportunity to request, that legal counsel review this Agreement and having exhausted such right, agrees to the terms herein without reservation. Accordingly, Thompson specifically agrees that the Company shall be entitled, in addition to any
remedy at law or in equity, to preliminary and permanent injunctive relief and specific performance for any actual or threatened violation of this Agreement and to enforce the provisions of Section 4 of this Agreement, and that such relief may
be granted without the necessity of proving actual damages and without necessity of posting any bond. This provision with respect to injunctive relief shall not, however, diminish the right to claim and recover damages, or to seek and obtain any
other relief available to it at law or in equity, in addition to injunctive relief. 
 6. Governing Law. This Agreement shall be
governed by and construed under Minnesota law, without regard to its conflict of laws principles. In the event that any provision of this Agreement is held unenforceable, such provision shall be severed and shall not affect the validity or
enforceability of the remaining provisions. In the event that any provision is held to be overbroad, such provision shall be deemed amended to narrow its application to the extent necessary to render the provision enforceable according to applicable
law. 
  

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 7. Application of Section 409A. Notwithstanding anything in this Agreement to the contrary,
the provisions of this Agreement shall be interpreted and applied consistent with Internal Revenue Code Section 409A and all U.S. Treasury regulations adopted in furtherance thereof. Each party shall be responsible for its own taxes and
penalties. As necessary or appropriate, each party agrees to cooperate with the other to amend this Agreement to comply with Section 409A and the guidance under Section 409A. 
 8. Jurisdiction and Venue. The parties agree that any litigation in any way relating to this Agreement shall be venued in either federal or state
court in Minnesota, and Thompson hereby consents to the personal jurisdiction of these courts and waives any objection that such venue is inconvenient or improper. 
 9. Entire Agreement. This Agreement, including Exhibit A attached hereto, contains the entire understanding and agreement of the Thompson and the Company with respect to these matters and supersedes any
previous agreements or understandings, whether written or oral, between them on the same subjects. 
 10. Survival. The covenants
contained in Section 4 of this Agreement shall remain in full force and effect after the termination of Thompson’s employment with the Company. Thompson and the Company acknowledge and understand that, unless expressly stated above,
Thompson’s obligations hereunder shall not be affected by the reasons for, circumstances of, or identity of the party who initiates the termination of Thompson’s employment with the Company. 
 11. No Waiver. The Company’s waiver or failure to enforce the terms of this Agreement in one instance shall not constitute a waiver of its
rights under the Agreement with respect to other violations. 
 12. Assignment. This Agreement shall be binding upon (and, for the
avoidance of doubt, in the case of Thompson’s death or disability) and inure to the benefit of the legal representatives of Thompson. This Agreement may be transferred, in whole or in part, by the Company to its successors and assigns, and the
rights and obligations of this Agreement shall be binding upon and inure to the benefit of any successors or assigns of the Company and Thompson will remain bound to fulfill his obligations hereunder. Thompson may not, however, transfer or assign
his rights or obligations under this Agreement. 
 13. Read and Understood. Thompson has read this Agreement carefully and understands
each of its terms and conditions. Thompson has sought independent legal counsel of his choice to the extent he deemed such advice necessary in connection with the review and execution of this Agreement. 
 14. Dispute Resolution. Except or otherwise stated in Section 5 of this Agreement, the parties agree that any disputes arising under this
Agreement will be resolved under the Company’s Employment Dispute Resolution Program. 
  

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 IN WITNESS WHEREOF, the parties have executed this Retirement Agreement as of the date first set
forth above. 
  

			
	  

	James T. Thompson
	
	THE MOSAIC COMPANY
	
	  

	By:	 	  

	Its:	 	  

  

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 EXHIBIT A 
 GENERAL RELEASE OF ALL CLAIMS 
 This General Release of All Claims (“Release”) is
entered into as of March     , 2007, by and between The Mosaic Company, a Delaware corporation (“Mosaic”), and James T. Thompson (“Thompson”), an individual residing in the State of
Minnesota. 
 WHEREAS, this Release is executed pursuant to Section 2(f) of the Retirement Agreement dated as of March
    , 2007, by and between Mosaic and Thompson (the “Retirement Agreement”). 
 1.
Thompson’s Release. In consideration of the promises, covenants and other valuable consideration provided by Mosaic in the Retirement Agreement and in this Release, Thompson hereby unconditionally releases and discharges Mosaic and its
affiliates, and their current and former employees, officers, agents, directors, and shareholders (collectively referred to as “Released Parties”) from any and all claims, causes of action, losses, obligations, liabilities, damages,
judgments, costs, expenses (including attorneys’ fees) of any nature whatsoever, known or unknown, contingent or non-contingent (collectively, “Claims”), that Thompson had or has as of the date of this Release arising
(i) out of Thompson’s hiring, employment, or retirement with Mosaic, and (ii) under any federal or state law, including, but not limited to, the Age Discrimination in Employment Act of 1967, 42 U.S.C. §§ 1981-1988, Title VII
of the Civil Rights Act of 1964, the Equal Pay Act, the Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1986, the National Labor Relations Act, the Occupational Safety and Health Act, the Fair
Labor Standards Act, the Family and Medical Leave Act of 1993, the Workers Adjustment and Retraining Notification Act, the Americans with Disabilities Act of 1990, the Minnesota Labor Code, the Minnesota Human Rights Act, and any provision of the
state or federal Constitutions or Minnesota common law. 
 This Release includes but is not limited to any claims Thompson may have for
salary, wages, severance pay, vacation pay, sick pay, bonuses, benefits, pension, stock options, restricted stock units, overtime, and any other compensation or benefit of any nature. 
 This Release also includes but is not limited to any and all common law claims including, but not limited to, claims arising under Mosaic Employment
Dispute Resolution Program, claims for wrongful discharge, breach of express or implied contract, implied covenant of good faith and fair dealing, intentional or negligent infliction of emotional distress, violation of public policy, defamation,
conspiracy, invasion of privacy, and/or tortious interference with current or prospective business relationships. Furthermore, Thompson relinquishes any right to re-employment with Mosaic or the Released Parties. Thompson also relinquishes any right
to further payment or benefits under any employment agreement, benefit plan or severance arrangement maintained or previously or subsequently maintained by Mosaic or any of the Released Parties or any of its respective predecessors or successors,
except that he does not release any rights he has under the Retirement Agreement. Although this Release waives any fiduciary claims Thompson may have, nothing in this Release shall be construed as impairing any of Thompson’s vested rights, if
any, under any Company sponsored 401(k), deferred 

 
compensation plan or other employee benefit plan, which rights will be governed by the terms of the applicable plan(s). Thompson also does not release his
right to enforce the terms of this Release or the Retirement Agreement or his right to indemnification and advancement of expenses under any agreement he has entered into with Mosaic, under Mosaic’s charter or by-laws or under any insurance
policy maintained by Mosaic that is applicable to its current or former directors and officers, or under any applicable law relating to officers, directors or employees. 
 This Release is intended to include all claims which Thompson does not know exist in his favor at the time of execution hereof, and contemplates the extinguishment of any such claim or claims. Thompson is not
releasing any rights or claims that may arise after the date that this Release is executed. This Release does not prohibit Thompson from filing an administrative charge or participating in an administrative investigation, hearing or proceeding.
Thompson understands that, by releasing all of his legal claims against the Released Parties, he is releasing all of his rights to bring any claims against them based on any actions, decisions, or events occurring through the date of his signing of
this Release, including the terms and conditions of his employment and the termination of his employment. Further, he understands that he is releasing, and does hereby release, any claims for damages, by charge or otherwise, whether brought by him
or on his behalf by any other party, governmental or otherwise, and agrees not to institute any claims for damages via administrative or legal proceedings against the Released Parties. Thompson also waives and releases any and all rights to money
damages or other legal relief awarded by any governmental agency related to any charge or other claim. 
 2. No Claims Against Released
Parties. Thompson warrants and represents that, to the full extent permitted by law, he will not bring against Mosaic or any of the Released Parties any claim or lawsuit seeking monetary damages that are related to any matters released by
Thompson under Section 1 of this Release. Thompson agrees that if he brings or asserts any such action or lawsuit, he shall pay all costs and expenses, including reasonable attorneys’ fees, incurred by Mosaic or the Released Parties in
dismissing or defending the action or lawsuit. Nothing in this provision, however, shall be interpreted to prevent Thompson from bringing a claim or lawsuit to enforce the terms of this Release or the Retirement Agreement. This Section 2 shall
not apply to any claims Thompson may have asserting rights under the Older Worker Benefit Protection Act. 
 3. Rescission. Thompson
has been informed of his right to revoke this Release insofar as it extends to potential claims under the Age Discrimination in Employment Act by informing Mosaic of his intent to revoke this Agreement within seven (7) calendar days following
the Execution Date. Thompson has likewise been informed of his right to rescind this Release insofar as it relates to potential claims under the Minnesota Human Rights Act by written notice to Mosaic within fifteen (15) calendar days following
Thompson’s execution of this Release. Thompson has further been informed and understands that any such rescission must be in writing and hand-delivered to Mosaic or, if sent by mail, postmarked within the applicable time period, sent by
certified mail, return receipt requested, and addressed as follows: 
 Richard L. Mack 
 Senior Vice President and General Counsel 
  

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 The Mosaic Company 
 Atria Corporate Center, Suite E490 
 3033 Campus Drive 
 Plymouth, MN 55441 
 Thompson and Mosaic agree that if
Thompson exercises this right of rescission, this Release shall be null and void and Thompson shall return to Mosaic any consideration paid or benefit provided pursuant to the Retirement Agreement or this Release contemporaneously with the delivery
of rescission notice. Thompson specifically understands and agrees that any attempt by him to revoke this Release after the specified period for rescission has expired is, or will be, ineffective. 
 4. Breach of this Release. If a court of competent jurisdiction determines that either party has breached or failed to perform any part of this
Release, the parties agree that the non-breaching party shall be entitled to injunctive relief to enforce this Release and that the breaching party shall be responsible for paying the non-breaching party’s costs and attorneys’ fees
incurred in enforcing this Release. 
 5. Severability. If any provision of this Release is held by a court of competent jurisdiction
to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force and effect. 
 6. Ambiguities in
this Release. The parties acknowledge that this Release has been drafted, prepared, negotiated and agreed to jointly, with advice of each party’s respective counsel, and to the extent that any ambiguity should appear, now or at any time in
the future, latent or apparent, such ambiguity shall not be resolved or construed against either party. 
 7. Opportunity to Review.
Thompson acknowledges and agrees that he first received the original of this Release on or before March 20, 2007. Thompson also understands and agrees that he has been given at least 21 calendar days from the date he first received this Release
to obtain the advice and counsel of the legal representative of his choice and to decide whether to sign it. Thompson acknowledges that he has been advised and has sought the advice of his own counsel. No payments or benefits pursuant to the
Retirement Agreement shall become due until Thompson has executed this Release. Thompson represents and agrees that he has had the option to thoroughly discuss all aspects and effects of this Release with his attorney, that he has had a reasonable
time to review this Release, that he fully understands all the provisions of this Release and that he is voluntarily entering into this Release. 
 8. Notices. All notices and other communications hereunder will be in writing. Any notice or other communication hereunder shall be deemed duly given if it is sent by registered or certified mail, return receipt requested, postage
prepaid, and addressed to the intended recipient as set forth: 
 If to Thompson: 
 4729 Chantrey Place 
 Minnetonka, MN 55345

  

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 If to Mosaic: 
 The Mosaic Company 
 Atria Corporate Center, Suite E490 
 3033 Campus Drive 
 Plymouth, MN 55441

 Attention: Senior Vice President and General Counsel 
 Facsimile: (763) 577-2990 
 Any party may send any notice or other communication hereunder to the intended recipient at
the address set forth using any other means (including personal delivery, expedited courier, messenger services, facsimile, ordinary mail or electronic mail), but no such notice or other communication shall be deemed to have been duly given unless
and until it is actually received by the intended recipient. Any party may change the address to which notices and other communications hereunder are to be delivered by giving the other party notice in the manner set forth herein. 
 9. Counterpart Agreements. This Release may be executed in multiple counterparts, whether or not all signatories appear on these counterparts, and
each counterpart shall be deemed an original for all purposes. 
 10. Governing Law. This Agreement shall be governed by and construed
under the internal laws of the State of Minnesota, without regard to its conflict of laws principles. 
 11. Jurisdiction and Venue.
This Agreement shall be deemed performable by all parties in, and venue shall exclusively be in the state or federal courts located in, Hennepin County, Minnesota. Thompson hereby consents to the personal jurisdiction of these courts and waives any
objection that such venue is objectionable or improper. 
 12. No Assignment of Claims. Thompson represents and warrants that he has
not transferred or assigned to any person or entity any Claim involving Mosaic or the Released Parties or any portion thereof or interest therein. Mosaic represents and warrants on its own behalf and on behalf of its corporate affiliates that they
have not transferred or assigned to any person or entity any Claim involving Thompson or any portion thereof or interest therein. 
 13.
Authority. The undersigned officer of Mosaic represents and warrants that he has authority to enter into this Release on behalf of Mosaic and its affiliates. 
 14. Binding Effect of Release. This Release shall be binding upon Thompson, Mosaic and their heirs, administrators, representatives, executors, successors and permitted assigns. 
 [Signature Page to Follow] 
  

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 BY SIGNING THIS RELEASE, THOMPSON ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS RELEASE, THAT HE UNDERSTANDS ALL OF ITS
TERMS, AND THAT HE IS ENTERING INTO IT VOLUNTARILY. HE FURTHER ACKNOWLEDGES THAT HE IS AWARE OF HIS RIGHTS TO REVIEW AND CONSIDER THIS RELEASE FOR 21 DAYS AND TO CONSULT WITH AN ATTORNEY ABOUT IT, AND STATES THAT BEFORE SIGNING THIS RELEASE, HE HAS
EXERCISED THESE RIGHTS TO THE FULL EXTENT THAT HE DESIRED. HE ALSO ACKNOWLEDGES THAT HE WILL BE RECEIVING BENEFITS THAT HE WOULD NOT OTHERWISE BE ENTITLED TO RECEIVE EXCEPT BY VIRTUE OF HIS ENTERING INTO THIS RELEASE. 
 The parties have duly executed this Release as of the date first written above. 
  

			
	  

	James T. Thompson
	
	THE MOSAIC COMPANY
		
	By:	 	  

  

 5Supplemental Retirement Agreement, Norman B. Beug

 Exhibit 10.iii.q 
 SUPPLEMENTAL RETIREMENT AGREEMENT 
 (“SRA”) made as of January 1, 2000 
 BETWEEN: 
 IMC Canada Ltd. 

Hereinafter called the “Company” 
 and 
 Norman Beug 
 Hereinafter called the “Executive” 
 WHEREAS the Executive is in the employ of the Company and renders valuable service to the
Company, 
 AND WHEREAS the Executive is a member of The IMC Kalium Canada Ltd. Profit Sharing Retirement Plan for Canadian Employees (the
“Kalium Plan”) and Non-Contributory Retirement Plan of PPG Industries Canada Ltd. (the “PPG Plan”). 
 AND WHEREAS the benefits
payable from the Kalium Plan and the PPG Plan to the Executive are limited by the Income Tax Act (Canada); 
 AND WHEREAS the Company wishes to
provide benefits to the Executive outside the Kalium Plan and the PPG Plan in excess of such limits; 
 NOW THEREFORE in consideration of the services
provided by the Executive to the Company, the parties hereto agree as follows: 
 Article 1 – Definitions 
 The following capitalized words and phrases shall have the following meanings in this SRA unless the context clearly indicates otherwise: 
  

	1.01	Actuarial Equivalent 

 “Actuarial
Equivalent” means an amount of an actuarially equivalent value calculated by the Actuary in accordance with the actuarial standards set by the Canadian Institute of Actuaries. 
  

	1.02	Actuary 

 “Actuary” means 
  

	 	(a)	an independent, qualified actuary who is a Fellow of the Canadian Institute of Actuaries; or 

  

	 	(b)	the firm of independent, qualified actuaries at least one of whose members is a Fellow of the Canadian Institute of Actuaries 

 retained by the Company for the purpose of the Registered Plan and this SRA. 
  

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	1.03	Annual Salary 

 “Annual Salary” means the
Salary actually paid to the Executive during a calendar year. 
  

	1.04	Commuted Value 

 “Commuted Value” means,
with respect to supplemental retirement benefits that a person has a present or future entitlement to receive, a lump-sum amount equal to the Actuarial Equivalent value of said benefits as of a specified date as determined by the Actuary in
accordance with the actuarial standards set by the Canadian Institute of Actuaries. 
  

	1.05	Company 

 “Company” means IMC Canada,
Ltd., it successors or assigns. 
  

	1.06	Credited Service 

 “Credited Service”
means the Executive’s Periods of Employment. 
  

	1.07	Disabled or Disability 

 “Disabled” or
“Disability” means a physical or mental impairment that prevents the Executive from performing the employment duties in which the Executive was engaged immediately prior to the commencement of the physical or mental impairment, as
certified in writing by a medical doctor, and which qualifies the Executive to receive long-term disability benefits pursuant to the Company-sponsored long-term disability plan. 
  

	1.08	Early Retirement Date 

 “Early Retirement
Date” means the first day of the month coincident with or next following the date upon which the Executive attains the age of 55 and prior to the Executive’s Normal Retirement Date. 
  

	1.09	Esterhazy Plan 

 “Esterhazy Plan” means
the Retirement Plan for Salaried Employees of International Minerals and Chemical (Canada) Global Limited, as amended, under Canada Customs and Revenue Agency registration number 0585075. 
  

	1.10	Final Average Salary 

 “Final Average
Salary” means the average of the Executive’s Annual Salary for the five years in which he has the highest total Salary in the ten years of Continuous Service immediately preceding the Executive’s retirement date or date of termination
of Continuous Service. If the Executive has completed fewer than five year of Continuous Service, the average over the actual period of Continuous Service shall be used. 
  

	1.11	Income Tax Act 

 “Income Tax Act”
means the Income Tax Act (Canada) as amended from time to time, the regulations thereunder and the information circulars, interpretation bulletins and published administrative guidelines of the Canada Customs and Revenue Agency. 

 

	1.12	Kalium Plan 

 “Kalium Plan” means The IMC
Kalium Canada Ltd. Profit Sharing Retirement Plan for Canadian Employees as amended, under Canada Customs and Revenue Agency registration number 0987511. 
  

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	1.13	Normal Retirement Date 

 “Normal Retirement
Date” means the first day of the month coincident with or next following the date upon which the Executive attains the age of 65. 
  

	1.14	Period of Employment 

 “Period of
Employment” means the continuous period of time that the Executive was employed by PPG Industries Canada Ltd. and, subsequently, the Company. The Executive’s employment shall not be interrupted by reason of a leave of absence from active
employment granted by the Company, pursuant to a policy uniformly applied in all similar circumstances, because of: 
  

	 	(a)	Canadian Military Service, attendance at a school or training program at the request of his Employer, jury duty, layoff, personal hardship, or non-Canadian and non-active Military
Service, provided that any such leave of absence does not exceed two years duration and that the sum of such leaves does not exceed five years duration; or 

  

	 	(b)	a Disability. 

 If the Executive, who is on a leave of
absence described in paragraph (a) of this section, does not return to active employment within the Company immediately after the time specified in his leave, or if not specified therein, three years from the inception thereof, his employment
shall be considered terminated as of the last day of the month in which such leave began. However, if the Executive’s absence is due to compulsory engagement in Military Service, it shall be considered a leave of absence granted by the Company
and his employment shall not terminate if he returns to active employment with the Company within thirty days following the termination of Military Service, or if later, within the period of time during which he has reemployment rights under any
applicable national law. 
  

	1.15	Postponed Retirement Date 

 “Postponed
Retirement Date” means, if the Executive continues in the employment of the Company beyond the Executive’s Normal Retirement Date, the first day of the month in which the Executive retires after the Normal Retirement date, but shall not be
later than the first day of the December of the year in which the Executive attains the age of 69. 
  

	1.16	PPG Plan 

 “PPG Plan” means the
Non-Contributory Retirement Plan of PPG Industries Canada Ltd that the Executive previously participated in. 
  

	1.17	Salary 

 “Salary” means base compensation,
overtime and fifty percent (50%) of any incentive payment or bonus, which is actually paid out during the year, and which is attributable to a performance period of not more than twelve (12) months. The salary of an Employee during an
uncompensated leave of absence shall be deemed to be the same as his salary immediately prior to such absence. 
  

	1.18	Spouse 

 “Spouse” means a person of the
same or opposite sex to the Executive and to whom the Executive is 
  

	 	(a)	married; or 

  

 3 

	 	(b)	not legally married but with whom the Executive has been living in a conjugal relationship at the relevant time and for a period of not less than one year immediately prior to the
relevant time. 

  

	1.19	SRA 

 “SRA” means this Supplemental
Retirement Agreement, as amended from time to time. 
 The masculine pronoun used herein shall include the feminine pronoun where applicable, and the
singular shall include the plural and vice versa, as the context shall require. 
 Article 2 – Commencement Dates 
  

	2.01	Retirement Commencement Date 

 For purposes of this
SRA, the Executive shall retire on an Early Retirement Date, Normal Retirement Date or Postponed Retirement Date. The supplemental retirement benefit shall be calculated in accordance with Article 3 (Supplemental Retirement Benefit) below, based
upon the Executive’s Credited Service and Final Average Salary as of such retirement date. 
  

	2.02	Benefit Commencement Date 

 Subject to Article 4
(Death), the supplemental retirement benefit under this SRA shall commence on an Early Retirement Date, Normal Retirement Date or Postponed Retirement Date, as the case may be. 
 Article 3 – Supplemental Retirement Benefit 
  

	3.01	Vesting 

 Subject to Article 4.02 (Death Before
Normal Retirement Date), Article 6.01 (Termination) and Article 6.05 (Amendment and Change-in-Control), the Executive’s supplemental retirement benefit under this SRA shall be fully vested when the Executive attains age 55. The Executive must
retire or die from active employment with the Company on or after he attains age 55 in order to become entitled to a benefit under this SRA. 
  

	3.02	Normal Retirement Benefit 

 The annual supplemental
retirement benefit payable to the Executive on the Normal Retirement Date shall be calculated as: 
  

	 	(a)	an amount equal to: 

  

	 	(i)	2.0% of the Executive’s Final Average Salary multiplied by his years of Credited Service, up to and including 25 years, plus 

  

	 	(ii)	1.0% of the Executive’s Final Average Salary multiplied by his years of Credited Service over 25 years, but not to exceed 10 years, minus 

  

	 	(iii)	2.0% of the Canada Pension Plan benefit payable to the Executive multiplied by his Credited Service, up to and including 25 years. 

  

 4 

 Minus 
  

	 	(b)	the amount of annual retirement benefit that the Executive could purchase from the balance of the Executive’s Employer Account in the Kalium Plan 

 Minus 
  

	 	(c)	the amount of the normal retirement benefit payable to the Executive pursuant to the PPG Plan, subject to the application of the maximum pension limits imposed by the Income Tax
Act. 

  

	3.03	Early Retirement Benefit 

 The annual supplemental
retirement benefit payable to the Executive on an Early Retirement Date shall be calculated as: 
  

	 	(a)	the amount determined by paragraph (a) of Section 3.02 (Normal Retirement Benefit) of this SRA, reduced by 1/3 of 1% for each month by which the pension commencement date
precedes the Executive’s attainment of age sixty-two (62) 

 Minus 
  

	 	(b)	the amount of annual retirement benefit that the Executive could purchase from the balance of the Executive’s Employer Account in the Kalium Plan 

 Minus 
  

	 	(c)	the amount of the early retirement benefit payable to the Executive pursuant to the PPG Plan, subject to the application of the maximum pension limits imposed by the Income Tax
Act. 

  

	3.04	Postponed Retirement Benefit 

 The annual
supplemental retirement benefit payable to the Executive on a Postponed Retirement Date shall be calculated as: 
  

	 	(a)	the amount determined by paragraph (a) of Section 3.02 (Normal Retirement Benefit) of this SRA, based on Credited Service up to the Executive’s pension commencement
date 

 Minus 
  

	 	(b)	the amount of annual retirement benefit that the Executive could purchase from the balance of the Executive’s Employer Account in the Kalium Plan 

 Minus 
  

	 	(c)	the amount of the postponed retirement benefit payable to the Executive pursuant to the PPG Plan, subject to the application of the maximum pension limits imposed by the Income
tax Act. 

  

	3.05	Form of Payment 

 The annual supplemental retirement
benefit shall be calculated in the normal form of payment provided for pursuant to the Esterhazy Plan and shall be paid to the Executive in the same forms and subject to the same actuarial adjustments as the pension benefits are payable to members
of the Esterhazy Plan. 
  

 5 

 Article 4 – Death 
  

	4.01	Death Prior to Retirement 

 If the Executive dies
prior to commencing to receive a supplemental retirement benefit pursuant to the Plan and, as a result of his death, a benefit would be payable pursuant to Section 6.3 (Survivor Benefits) of the Esterhazy Plan, then a death benefit pursuant to
this SRA shall be payable to the Executive’s Spouse, beneficiary or estate, as the case may be. The death benefit shall be in the form of: 
  

	 	•	 	 A lump sum payment equal to the Commuted Value of the supplemental retirement benefit calculated pursuant to Section 3.02 (Normal Retirement Benefit) of this
SRA; or 

  

	 	•	 	 A lifetime pension beginning the first of the month following the death of the Executive. The lifetime pension will be the actuarial equivalent of the supplemental
retirement benefit calculated pursuant to Section 3.02 of this SRA. 

  

	4.02	Death After Retirement 

 If the Executive dies after
retiring, a death benefit pursuant to this SRA shall be payable to the Executive’s Spouse, beneficiary or estate, as the case may be, in the same manner and form as the death benefit payable pursuant to the Esterhazy Plan. 
 Article 5 – Disability 
  

	5.01	Continued Participation 

 If the Executive becomes
disabled, he shall continue to participate in this SRA and shall be entitled to benefits from this SRA upon retirement or death. 
 Article 6 –
General Provisions 
  

	6.01	Termination 

  

	 	(a)	Termination For Just Cause 

 If the Executive’s
employment is terminated for just cause prior to the Executive attaining age 55, the Executive will not be entitled to any benefits under this SRA. 
  

	 	(b)	Termination Without Just Cause 

 Notwithstanding
Article 3.01 (Vesting), if the Executive’s employment is terminated without just cause prior to the Executive attaining age 55, the Executive will become immediately vested in his supplemental retirement benefit earned up to and including the
date of termination. 
 The supplemental retirement benefit shall be paid as a deferred annuity commencing on the Executive’s Normal
Retirement Date and shall be equal to the annual supplemental retirement benefit computed in accordance with Article 3.02 (Normal Retirement Benefit) on the basis of the Executive’s Final Average Salary, Credited Service and Canada Pension Plan
benefit payable to the Executive as of the date of the Executive’s termination of employment. On or after the date on which the Executive reaches age 55, he may elect to receive an immediate pension benefit in an amount equal to the Actuarially
Equivalent of the supplemental retirement benefit computed in accordance with Article 3.02 (Normal Retirement Benefits), on the basis of the Executive’s Final Average Salary, Credited Service and Canada Pension Plan benefit payable to the
Executive as of the date of the Executive’s termination of employment. 
  

 6 

	6.02	Funding 

 The Company shall 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 described in this SRA. 
  

	6.03	Successors and Assigns 

 This SRA shall enure to the
benefit of and be binding upon the Company, its successors and assigns, and upon the Executive and his executors and administrators. 
  

	6.04	Withholding Tax 

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

	6.05	Amendment and Change-in-Control 

 This SRA may be
amended at any time upon the written agreement of the Company and the Executive. This SRA may be terminated on 30 days written notice by the Company, provided however, that the Executive’s benefits accrued under this SRA up to the date of
termination of this SRA are fully protected and continue to be payable in accordance with the terms of this SRA. 
 Notwithstanding Article
3.01 (Vesting), if the obligations of the Company under this SRA, in whole or in part, are transferred to: 
  

	 	(i)	an individual 

  

	 	(ii)	partnership; 

  

	 	(iii)	corporation; or 

  

	 	(iv)	any other legal entity 

 which is not affiliated with the
Company, controlled by the Company or a subsidiary of the Company, then the Executive will become immediately vested in his supplemental retirement benefit earned up to and including the date of transfer of the obligations. 
 Notwithstanding Article 3.01 (Vesting), any increase in the ownership as of the date of this SRA, direct or indirect, of the outstanding shares of the
Company resulting in a party or entity or group of parties or entities, or parties or entities acting in concert, or parties or entities associated or affiliated with any such party or entity, acquiring shares and/or other securities in excess of
the number which, directly or following conversion thereof, would entitle the holder or holders thereof to cast fifty percent (50%) or more of the votes attaching to all such shares and/or other securities of the Company which may be cast to
elect directors of the Company, will result in the Executive becoming immediately vested in his supplemental retirement benefit earned up to and including the date of change in control. 
 The supplemental retirement benefit payable pursuant to this Article 6.05 shall be paid as a deferred annuity commencing on the Executive’s Normal
Retirement Date and shall be equal to the annual supplemental retirement benefit computed in accordance with Article 3.02 (Normal Retirement Benefit) on the basis of the Executive’s Final Average Salary, Credited Service and Canada Pension Plan
benefit payable to the Executive as of the date of the transfer of obligations or change in control, as the case may be. On or after the date on which the 

  

 7 

 
Executive reaches age 55, he may elect to receive an immediate pension benefit in an amount equal to the Actuarially Equivalent of the supplemental
retirement benefit computed in accordance with Article 3.02 (Normal Retirement Benefit), on the basis of the Executive’s Final Average Salary, Credited Service and Canada Pension Plan benefit payable to the Executive as of the date of the
transfer of obligations or change in control, as the case may be. 
  

	6.06	Governing Laws 

 This SRA shall be governed by the
laws applicable in the Province of Saskatchewan. 
 IN WITNESS WHEREOF the Company has executed this SRA by its duly authorized officers and the
Executive has executed this SRA as of the date first above written. 
  

							
	  
	 		 	Per:	 	
	Norman Beug	 		 		 	  

		 		 		 	Mr. Stephen Malia
		 		 		 	Senior Vice President,
		 		 		 	Human Resources
		 		 		 	IMC Global

 SIGNED, SEALED AND DELIVERED 
  

			
	in the presence of	 	  

		 	Name

  

 8

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