Document:

exv10wr

Exhibit 10(r)

POTASH CORPORATION OF SASKATCHEWAN INC.

AMENDMENT TO THE

SUPPLEMENTAL EXECUTIVE RETIREMENT INCOME PLAN

     WHEREAS, the Potash Corporation of Saskatchewan Inc., a corporation organized under the laws
of Canada (the “Corporation”), established the Supplemental Executive Retirement Income Plan on May
9, 1991, which was most recently amended and restated as of May 1, 2000 and subsequently amended on
February 27, 2003 and March 22, 2004 (the “Supplemental Plan”);

     WHEREAS, the Corporation now desires to amend the Supplemental Plan to incorporate a new
formula for computing Executives’ benefits under the Supplemental Plan with respect to services
performed on and after July 1, 2009;

     NOW, THEREFORE, the Supplemental Plan is hereby amended, effective as of July 1, 2009, as
follows (the “Amendment”):

     1. Paragraph 6 of the Supplemental Plan is hereby amended in its entirety to read as follows:

	 	“6. 	 	The annual retirement benefit payable under the
Supplemental Plan shall be calculated as follows:
	 
	 	a.	 	the sum of i) and ii), where:

	 	i)	 	is equal to 2% of the executive’s
average three highest calendar years’ earnings
	 
	 	 	 	                    multiplied by
	 
	 	 	 	the executive’s years (including partial years calculated to
the last full month completed) of Continuous Service (as
defined under the Potash Corporation of Saskatchewan Inc.
Pension Plan (the “Pension Plan”)) up to a maximum of 35
years, to the extent that such Continuous Service was
completed before July 1, 2009; and
	 
	 	ii)	 	is equal to 2% of the executive’s
average earnings for the three consecutive calendar years
during which the executive’s earnings were the highest
	 
	 	 	 	                    multiplied by
	 
	 	 	 	the executive’s years (including partial years calculated to
the last full month completed) of Continuous Service up to a
maximum of 35 years, provided that (A) such Continuous
Service was completed on and after July 1, 2009 and (B) the
sum of the years of Continuous Service taken into

 

 

	 	 	 	account
under section (a)(i) and this section (a)(ii) does not exceed
35
	 
	 	 	 	                    minus

	 	b.	 	the annual retirement benefit which can be
provided under the Pension Plan.”

     2. Section (a) of paragraph 7 of the Supplemental Plan is hereby amended in its entirety to
read as follows:

	 	“a. 	 	100% of all bonuses paid or payable to the
executive in a calendar year pursuant to the Corporation’s
annual short-term incentive plan or any similar plan
substituted therefor; provided, however, that for purposes of
paragraph 6(a)(ii) of the Supplemental Plan, the bonus amount
taken into account in calculating earnings shall not exceed the
Executive’s annual base pay on which such bonus was based
pursuant to the terms of the Corporation’s annual short-term
incentive plan; and”

     3. In all other respects the Agreement remains unchanged.

IN WITNESS WHEREOF the Corporation has executed this Amendment this 23 day of February, 2009.

	 	 	 	 	 
	 	POTASH CORPORATION OF

SASKATCHEWAN INC.

 	 
	 	 	/s/
Barbara Jane Irwin	 
	 	By:  	/s/ John W. Esteyexv10wu

Exhibit 10(u)

POTASH CORPORATION OF SASKATCHEWAN INC.

AMENDMENT TO THE AGREEMENT

          WHEREAS, the Potash Corporation of Saskatchewan Inc., a corporation organized under the laws
of Canada (the “Corporation”), entered into an agreement (the “Agreement”) that was most
recently amended and restated as of February 20, 2007 with William J. Doyle of Northbrook,
Illinois, an executive of the Corporation (the “Executive”), for the provision by the Corporation
to the Executive (or, in the event of the Executive’s death, to the Executive’s designated
beneficiary) of a supplemental retirement benefit;

          WHEREAS, the Corporation and the Executive now desire to amend the Agreement to conform its
provisions to the requirements of the 409A Guidance (as hereinafter defined), effective as of
January 1, 2005;

          NOW, THEREFORE, the Agreement is hereby amended, effective as of January 1, 2005, as follows:

	 	1.	 	Paragraph 1 of the Plan is hereby amended by adding the following definitions
at the end thereof to read as follows:
	 
	 	 	 	“The term “Code” means the Internal Revenue Code of 1986, as
amended.”
	 
	 	 	 	“The term “409A Guidance” means Code section 409A and any guidance
issued thereunder, including, without limitation, any proposed,
temporary or final regulations or any other guidance issued by the
Secretary of the U.S. Treasury or the Internal Revenue Service with
respect thereto.”
	 
	 	 	 	“For purposes of this Agreement, the term “Pension Plan” means the
PCS Inc. Pension Plan and the PCS U.S. Employees’ Savings Plan, from
which the Executive is entitled to benefits by reason of his service
with the Corporation. For purposes of paragraph 4(c) hereof, (a)
the annual retirement benefit which can be provided to the Executive
under the PCS Inc. Pension Plan shall be determined based on the
Executive’s account balance under such plan as of the payment date
under paragraph 5(b) hereof, determined as if the Executive’s
account had been invested in the Over 25 Years Conservative Fund,
and (b) the annual retirement benefit which can be provided to the
Executive under the PCS U.S. Employees’ Savings Plan shall be
determined as of the payment date under paragraph 5(b) hereof as if
503,040.07 had been invested in the Fidelity Freedom 2015 Fund after
December 31, 2004.”
	 
	 	 	 	“The term “Separation from Service” means any termination of
employment with the Corporation and all Affiliates 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, “Affiliate(s)” means any
entity whose employees, together with the employees of the
Corporation, are required by Code section 414(b) or (c) to be
treated as if employed by a single employer, 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. Whenever this Agreement
refers to a “termination of employment” or “retirement” or to the
Executive’s terminating employment or retiring, such references
shall mean “Separation from Service” or to “Separate from Service”
(provided that in the case of “retirement”, the Executive’s
Separation from Service must occur after the Executive has attained
age 55 and completed at least five (5) years of Continuous Service).
Whether the Executive has incurred a Separation from Service shall
be determined in accordance with the 409A Guidance.”
	 
	 	2.	 	The first paragraph of section (b) of paragraph 5 of the Agreement is hereby
amended, in its entirety, to read as follows:
	 
	 	 	 	“The lump sum payment described in section (a) above shall be made
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
ninety (90) days after the Executive’s death.”
	 
	 	3.	 	Paragraph 5 of the Agreement is hereby amended by adding, immediately after
section (b) thereof, a new section (c) to read as follows:

	 	“(c) 	 	 Code Section 409A Distributions

If, due to the application of the 409A Guidance, all or any
portion of the Executive’s benefit under this Agreement
becomes taxable to the Executive prior to receipt, the
Executive may apply to the Committee before a Change in
Control, or the trustee of the trust after a Change in
Control, for a distribution of that portion of his benefit
that has become taxable pursuant to the 409A Guidance. Upon
the approval of such an application, which approval shall
not be unreasonably withheld (and, after a Change in
Control, shall be granted), the Committee (or the trustee)
shall distribute to the Executive immediately available
funds in an amount equal to the taxable portion of his
benefit (which amount shall not exceed the present value of
the Executive’s benefit under the Plan). If the application
is approved, the distribution shall be made within ninety
(90) days of the date when the Executive’s application is
approved. Such a distribution shall affect and reduce the
benefits to be paid under this Plan.”

	 	4.	 	The Agreement is hereby amended by adding, immediately after paragraph 7
thereof, a new paragraph 8 to read as follows:

	 	“8. 	 	 Section 409A

It is intended that the Agreement comply with 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. 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.”

	 	5.	 	In all other respects the Agreement remains unchanged.

EXECUTED on this 24th day of December, 2008.

	 	 	 	 	 
	 	POTASH CORPORATION OF

SASKATCHEWAN INC.

 	 
	 	By:  	/s/ John W. Estey
 	 
	 	 	 	 

	 
	 	William J. Doyle

 	 
	 	/s/ William J. Doyle
 	 

SIGNED SEALED AND DELIVERED in the presence of:

	 	 	 
	Barbara Jane Irwin
 

	 	 
	Name of Witness
	 	 
	 
	 	 
	/s/ Barbara Jane Irwin
 

	 	 
	Signature of Witness

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