Document:

EX-10(n)

 Exhibit 10(n) 

PCS Supplemental Retirement Plan 

for U.S. Executives 

(As Amended and Restated and in Effect as of January 1, 2016) 
  

 
  

 Contents 

 

							
		
	 Article 1. The Plan 
	  	 	4	  
			
	 1.1
	 	Establishment and History of the Plan	  	 	4	  
			
	 1.2
	 	Applicability of the Plan	  	 	4	  
			
	 1.3
	 	Purpose	  	 	4	  
		
	 Article 2. Definitions and Construction 
	  	 	4	  
			
	 2.1
	 	Definitions	  	 	4	  
			
	 2.2
	 	Gender and Number	  	 	7	  
			
	 2.3
	 	Severability	  	 	7	  
			
	 2.4
	 	Transfer of Employment	  	 	7	  
			
	 2.5
	 	Successors	  	 	7	  
			
	 2.6
	 	Applicable Law	  	 	7	  
		
	 Article 3. Eligibility and Participation 
	  	 	7	  
			
	 3.1
	 	Eligibility	  	 	7	  
			
	 3.2
	 	Cessation of Participation	  	 	8	  
		
	 Article 4. Retirement Benefit 
	  	 	8	  
			
	 4.1
	 	Vesting and Forfeiture of Benefits	  	 	8	  
			
	 4.2
	 	Amount of Benefit	  	 	8	  
			
	 4.3
	 	Timing and Manner of Payment	  	 	9	  
			
	 4.4
	 	Tax Withholding	  	 	10	  
			
	 4.5
	 	Nontransferability	  	 	10	  
		
	 Article 5. Preretirement Death Benefit 
	  	 	10	  
			
	 5.1
	 	Entitlement and Amount of the Death Benefit	  	 	10	  
			
	 5.2
	 	Timing and Manner of Payment	  	 	10	  
		
	 Article 6. Funding 
	  	 	11	  
			
	 6.1
	 	Unfunded Plan	  	 	11	  
			
	 6.2
	 	Costs of the Plan	  	 	11	  

  
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	 Article 7. Rabbi Trust 
	  	 	11	  
			
	 7.1
	 	Establishment	  	 	11	  
			
	 7.2
	 	Terms	  	 	11	  
			
	 7.3
	 	Funding	  	 	11	  
			
	 7.4
	 	Distributions	  	 	12	  
		
	 Article 8. Claims and Review Procedures 
	  	 	12	  
			
	 8.1
	 	Claim for Benefits	  	 	12	  
			
	 8.2
	 	Initial Claim for Benefits	  	 	12	  
			
	 8.3
	 	Appeal of Adverse Benefit Determinations	  	 	13	  
			
	 8.4
	 	Exhaustion of Administrative Remedies and Contractual Statute of Limitations	  	 	13	  
		
	 Article 9. Administration 
	  	 	13	  
			
	 9.1
	 	The Committee	  	 	13	  
			
	 9.2
	 	Authority of the Committee	  	 	14	  
			
	 9.3
	 	Decisions Binding	  	 	14	  
			
	 9.4
	 	Correction of Errors	  	 	14	  
		
	 Article 10. Amendment and Termination 
	  	 	14	  

  
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 Article 1. The Plan 

1.1  Establishment and History of the Plan 

Potash Corporation of Saskatchewan Inc. (“Company”), a corporation under the laws of the province of Saskatchewan, pursuant to a resolution of
its Board of Directors, established as of January 1, 1999, a supplemental executive retirement plan for key employees to be known as the “PCS Supplemental Retirement Plan for U.S. Executives” (“Plan”). 

The Plan is hereby amended and restated in its entirety, effective January 1, 2016, to incorporate Plan amendments adopted since the time of the
Plan’s establishment. 
 1.2  Applicability of the Plan 

Except as otherwise specifically provided herein, the provisions of this Plan apply only to Participants (or beneficiaries of Participants) who participate in
the Plan on or after January 1, 2016. Any employee who separated from service or otherwise became entitled to receive benefits under the Plan prior to January 1, 2016 (or beneficiary thereof) shall have his rights determined under the
provisions of the Plan as it existed at such time; provided that to the extent certain provisions of this Plan became effective prior to January 1, 2016, those same provisions shall apply to Participants (or beneficiaries) who participate in
the Plan after that effective date. 
 1.3  Purpose 

This Plan is intended to fully restore pension benefits under a tax-qualified pension plan that would otherwise have
been provided to a select group of eligible employees in the absence of certain restrictions imposed by the Internal Revenue Code. This Plan supersedes all other restoration plans covering the Participants under this Plan. The Plan is intended to be
a plan within the meaning of section 201(2) of the Employee Retirement Income Security Act of 1974, as amended, that is unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or
highly compensated employees (“top-hat plan”). 
 Article 2. Definitions
and Construction 
 2.1  Definitions 

The following terms shall have the meaning stated below and, when intended, such terms shall be capitalized. 

 

	(a)	409A Guidance. The term “409A Guidance” means Code Section 409A, the final regulations issued under Code Section 409A, and all other Internal Revenue Service guidance that may be issued
thereunder. 

  

	(b)	Actuarial Equivalent. 

  

	 	(1)	 In General. The term “Actuarial Equivalent” or “Actuarially Equivalent” means a benefit payable at a particular time and in
a particular form under which the aggregate payments expected to be received are equal in value to the aggregate payments expected to be 

  
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received at a different time or in a different form of benefit. The actuarial assumptions used by the Pension Plan to calculate a Participant’s benefit shall be used for this Plan.

  

	 	(2)	Lump Sum Benefits. Notwithstanding anything to the contrary, in determining an Actuarially Equivalent lump sum benefit, the IRS Interest Rate and the IRS Mortality Table shall be used. The conversion of the
amount of a benefit that is described as an amount payable in an annuity form to an amount payable as a lump sum benefit shall be made after the amount of the annuity form is adjusted pursuant to the actuarial factors of the Pension Plan to reflect
commencement of benefits at a date other than the normal retirement date under the Pension Plan. 

  

	 	(3)	Definitions. 

  

	 	(A)	IRS Interest Rate. The term “IRS Interest Rate” means the interest rate determined by using a weighted average of the thirty (30) year Treasury rate, and the three segment interest rates based on
the monthly corporate bond yield curve “spot” rates (without regard to the twenty-four (24) month average) for the second month before the month the Participant terminates employment from all Employers and Related Organizations, or if
earlier, for the second month before the month of the Participant’s death (whether or not the benefit distribution occurs later). The weighted average is determined by using 100% segment rates. 

 

	 	(B)	IRS Mortality Table. The term “IRS Mortality Table” means the mortality table prescribed by the Internal Revenue Service that is based on the prevailing commissioners’ standard table used to
determine reserves for group annuity contracts issued on the date the Participant terminates employment from all Employers and all Related Organizations, or if earlier, on the date of the Participant’s death. 

 

	(c)	Board. The term “Board” means the Board of Directors of the Company. 

  

	(d)	Cause. The term “Cause” means the occurrence of one or more of the following as determined solely by the Committee in the exercise of its good faith and reasonable judgment: 

 

	 	(1)	The willful and continued failure by a Participant to substantially perform his or her duties with his or her Employer or a Related Organization, other than a failure resulting from the Participant’s Disability,
followed by the failure of the Participant to remedy such failure within ten (10) business days after written notice is delivered to the Participant. Such notice shall specifically identify the manner in which the Committee believes that the
Participant has not substantially performed his or her duties. 

  

	 	(2)	Willful gross misconduct by the Participant that materially and demonstrably injures his or her Employer or a Related Organization monetarily or in any other manner. However, a Participant’s act or failure to act
shall not be considered “willful” if the Participant’s act or failure was in good faith and based on a reasonable belief that his or her act or omission was in the best interest of his or her Employer and its Related Organizations.

  

	(e)	Change in Control. The term “Change in Control” means “change in control” as defined in the Company’s 2015 Performance Option Plan as amended, or any successor plan thereto.

  
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	(f)	Code. The term “Code” means the Internal Revenue Code of 1986, as amended. 

  

	(g)	Committee. The term “Committee” means the Compensation Committee of the Board, or any other committee designated by the Board to administer the Plan. 

 

	(h)	Company. The term “Company” means Potash Corporation of Saskatchewan Inc., or any successor. 

  

	(i)	Disability. The term “Disability” has the meaning given by the long-term disability plan maintained by a Participant’s Employer. 

 

	(j)	Effective Date. The term “Effective Date” means January 1, 1999. 

  

	(k)	Employer. The term “Employer” has the meaning given by the Pension Plan. 

  

	(l)	ERISA. The term “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	(m)	Separation from Service. The term “Separation from Service” or to “Separate from Service” means any termination of employment with the Company and all Related Organizations 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 Company or Related Organizations is provided either by statute or by contract. For purposes of determining whether a Separation from Service has occurred, “Related Organizations” shall mean
the Company and any entity whose employees, together with the employees of the Company, are treated under Code section 414(b) or (c) 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 the Plan refers to a termination of employment, such reference shall mean “Separation from Service.” Whether the Executive has incurred a Separation from Service shall be determined in
accordance with the 409A Guidance. 

  

	(n)	Participant. The term “Participant” means an individual who satisfies the requirements of section 3.1 or who has an accrued benefit under the Plan. 

 

	(o)	Pension Plan. The term “Pension Plan” means the PCS U.S. Employees’ Pension Plan, or a predecessor or successor plan. 

 

	(p)	Plan. The term “Plan” means the PCS Supplemental Retirement Plan for U.S. Executives. 

  

	(q)	Plan Year. The term “Plan Year” means the consecutive twelve (12) month period beginning each January 1 and ending December 31. 

 

	(r)	Related Organization. The term “Related Organization” has the same meaning as in the Pension Plan except as otherwise provided in Section 2.1(m). 

  
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	(s)	Specified Employee. The term “Specified Employee” means a “specified employee” within the meaning of the 409A Guidance and determined pursuant to the identification methodology selected by the
Committee from time to time. 

  

	    	Vesting Service. The term “Vesting Service” has the same meaning as in the Pension Plan. 

 
2.2  Gender and Number 
 Except when otherwise indicated by the context, masculine terminology shall include the feminine, and singular
terminology shall include the plural. 
 2.3  Severability 

If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan,
and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

2.4  Transfer of Employment 

Notwithstanding anything to the contrary, the transfer of employment of a Participant between his or her Employer and its Related Organizations shall not be
deemed a termination of the Participant’s employment with the Company or a Related Organization for the purposes of this Plan. 
 
2.5  Successors 
 All obligations under the Plan of the Company and the Employers shall be binding upon their successors, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of their business or assets. 

2.6  Applicable Law 

To the extent not preempted by federal law, the Plan shall be governed by and construed in accordance with the laws of the state of Illinois without giving
effect to principles of conflicts of laws. 
 Article 3. Eligibility and Participation 

3.1  Eligibility 

An individual shall be eligible to participate in this Plan if— 
  

	(a)	the individual’s benefit under the Pension Plan is reduced on account of Code section 401(a)(17) (relating to the amount of compensation that may be taken into account) or Code section 415 (relating to
the maximum permissible benefit), 

  

	(b)	the individual is a management or highly compensated employee of his or her Employer or a Related Organization, and 

  

	(c)	the Committee approves the individual’s participation in the Plan. 

  
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 3.2  Cessation of Participation 

The Committee may determine that a Participant is ineligible to continue participation in the Plan for any reason. Except as provided in
section 4.1(b)(2) (forfeiture for Cause), such Participant’s shall retain all rights relating to benefits previously accrued and vested under the Plan. 

Article 4. Retirement Benefit 

4.1  Vesting and Forfeiture of Benefits 

 

	(a)	Vesting. A Participant shall become fully vested in benefits under the Plan upon the earliest of— 

  

	 	(1)	the date that the Participant is at least age fifty-five (55) with at least five (5) years of Vesting Service, 

  

	 	(2)	the Participant’s Disability, or 

  

	 	(3)	a Change in Control of the Company. 

  

	(b)	Forfeiture. 

  

	 	(1)	In General. A Participant shall forfeit all benefits under the Plan if, before vesting as provided in subsection (a), the Participant— 

 

	 	(A)	is removed from participation in the Plan for any reason, or 

  

	 	(B)	terminates employment with all Employers and all Related Organizations for any reason (other than death after vesting under the Pension Plan). 

 

	 	(2)	For Cause. Notwithstanding anything to the contrary in this Plan, whether or not the Participant has vested under subsection (a), if the Participant’s employment is terminated for Cause, the Participant and
the Participant’s beneficiaries shall immediately forfeit all rights and entitlement to benefits under the Plan. 

 
4.2  Amount of Benefit 
 The amount of a Participant’s benefit shall equal the amount of the lump sum Actuarial Equivalent of a
monthly benefit equal to the excess (if any) of (a) over (b) where— 
  

	(a)	is the monthly benefit that the Participant would have accrued under the Pension Plan had the monthly benefit been determined without regard to Code sections 401(a)(17) and 415; provided, however, that the accrued
benefit attributable to service credited on and after July 1, 2009 shall be determined without regard to any bonus amounts paid or payable to the Executive for any calendar year under the Company’s annual short-term incentive plan to the
extent that such amounts in the aggregate exceed the Executive’s annual base pay on which such bonus amounts were based. 

  

	(b)	is the monthly benefit that the Participant actually accrued under the Pension Plan. 

 Unless the Committee
determines otherwise, in computing the monthly benefit under this section, no benefit shall accrue for the period of service with White Spring Agricultural Chemicals, Inc. before 

  
 8 

 
November 1, 1995; with the Arcadian Corporation before March 1, 1997; or with PCS Sales (USA), Inc. before January 1, 1999. Notwithstanding the foregoing, effective for
Participants who are actively employed between January 1, 2014 and January 1, 2015, an active Participant shall accrue a benefit under this section for his or her total “benefit service” with the Arcadian Corporation. For
purposes of this section, “benefit service” shall have the meaning set forth in Supplement B to the Pension Plan. 
 In the case of a Participant
whose benefit is payable prior to the annuity starting date under the Pension Plan, the amount of the benefit shall be calculated based on the amount of the Pension Plan benefit that would be payable at the time the benefit is paid. A Participant
who is not eligible to commence his benefit under the Pension Plan at the time of his Separation from Service shall receive the Actuarial Equivalent of his benefit calculated as of the earliest date on which he could commence payment of his Pension
Plan benefit. The Committee may, in its sole discretion, provide that the benefit of any Participant is calculated taking into account future eligibility for early retirement benefits. 

4.3  Timing and Manner of Payment 
  

	(a)	In General. A Participant’s benefit under section 4.2 shall be payable in a lump sum amount as of the annuity starting date under the Pension Plan. Notwithstanding the foregoing, if a Participant
Separates from Service after December 31, 2004, the Participant’s benefit under this section 4.2 will be distributed in a lump sum amount thirty (30) days after the Participant’s Separation from Service, except as provided in
section 4.3(c) or 5.2(b). 

  

	(b)	Delay for Specified Employees. If a Participant is a Specified Employee on the date of his Separation from Service occurring after December 31, 2004, payment of his vested benefit will be made on the date
that is six (6) months after the Participant’s Separation from Service (unless the Participant dies before such date, in which case the benefit will be paid in accordance with section 5.2(b)). 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 Committee. 

  

	(c)	Section 409A Distributions. If, due to the application of the 409A Guidance, all or any portion of a Participant’s benefit under this Plan becomes taxable to the Participant prior to receipt, a
Participant 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 or her benefit that has become taxable pursuant to Code Section 409A. 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 Participant immediately available funds in an amount equal
to the taxable portion of his or her benefit (which amount shall not exceed the present value of the Participant’s benefit under the Plan). If the application is approved, the distribution shall be made within 90 days of the date when the
Participant’s application is approved. Such a distribution shall affect and reduce the benefits to be paid under this Plan. 

  

	(d)	No Change in Payment Form and Time. A Participant may not defer payment of any benefit to a later date and may not elect another form of payment. 

  
 9 

 4.4  Tax Withholding 

A Participant’s Employer shall have the right to require that Participants remit to it an amount sufficient to satisfy federal, state, and local tax
withholding requirements, or to deduct from all payments made pursuant to the Plan amounts sufficient to satisfy such withholding requirements. 
 
4.5  Nontransferability 
 A Participant’s rights to benefits under the Plan may not be sold, transferred, assigned, or otherwise
alienated or hypothecated. No payment shall be made under the Plan to any assignee or creditor of a Participant or to any assignee or creditor of a Participant’s beneficiary. 

Article 5. Preretirement Death Benefit 

5.1  Entitlement and Amount of the Death Benefit 

 

	(a)	Death before January 1, 2005. If, before January 1, 2005, a Participant dies after vesting under the Pension Plan but before the annuity starting date under the Pension Plan, the Participant’s
beneficiary under the Pension Plan shall be entitled to a benefit equal to the lump sum Actuarial Equivalent of the excess of (1) over (2) where— 

  

	 	(1)	is the amount of the preretirement death benefit that would be payable to the beneficiary under the terms of the Pension Plan determined on the basis of the monthly amount described in section 4.2(a), and

  

	 	(2)	is the amount of the preretirement death benefit that is payable to the beneficiary under the Pension Plan. 

  

	(b)	Death after December 31, 2004. If, after December 31, 2004, a Participant dies after vesting under the Plan but before the benefit is paid to the Participant under the Plan, the Participant’s
beneficiary (designated under the Pension Plan) shall be entitled to a Preretirement Death Benefit equal to the lump sum Actuarial Equivalent of the greater of (1) or (2) where 

 

	 	(1)	is the survivor benefit that would have been payable to a beneficiary had the Participant died after commencing his benefit calculated pursuant to section 4.2(a) and (b) in an Actuarially Equivalent joint and 50%
survivor annuity form of payment; and 

  

	 	(2)	is the survivor benefit that would have been payable to a beneficiary had the Participant died after commencing his benefit calculated pursuant to section 4.2(a) and (b) in an Actuarially Equivalent single life and
ten (10) year certain form of payment. 

 5.2  Timing and Manner of Payment 

 

	(a)	Death before January 1, 2005. A Participant’s Preretirement Death benefit described in section 5.1(a) shall be payable as a lump sum amount as of the annuity starting date for the death benefit
that is payable under the Pension Plan. 

  

	(b)	Death after December 31, 2004. A Participant’s Preretirement Death Benefit described in section 5.1(b) shall be paid as a lump sum amount on the ninetieth (90th) day after the
Participant’s death. 

  
 10 

 The payment of the death benefit under this Article shall fully discharge the Plan’s obligation under the
Plan to all persons with respect to the Participant’s benefit. 
 Article 6. Funding 

6.1  Unfunded Plan 
  

	(a)	In General. The Plan shall not be funded for the purposes of the Code and ERISA. The obligation of the Participant’s Employer under the Plan shall be that of an unfunded and unsecured promise to pay money in
the future. 

  

	(b)	Unsecured General Creditors. Participants and their beneficiaries, heirs, successors, and assigns shall have no secured legal or equitable right, interest, or claim in any property or asset of any Employer or any
Related Organization, nor shall they be beneficiaries of, or have any right, claim, or interest in any life insurance policy, annuity contract, or any proceeds therefrom owned or which may be acquired by any Employer or any Related Organization. No
policy, annuity contract, or any other asset of any Employer or any Related Organization shall be held under any trust for the benefit of Participants, their beneficiaries, heirs, successors or assigns, or held in any way as collateral security for
fulfilling the obligations of any Employer or Related Organization under the Plan. All assets and policies of the Employers and the Related Organizations shall be their general, unpledged, unrestricted assets. 

6.2  Costs of the Plan 

Except as provided in Article 7 (rabbi trust), all costs of implementing and administering the Plan and paying the benefits of the Plan shall be borne by the
Participant’s Employer. 
 Article 7. Rabbi Trust 

7.1  Establishment 

The Committee may, at its sole and absolute discretion, at any time after the Effective Date, establish an irrevocable rabbi trust that is a grantor trust
within the meaning of Code sections 671–677 for the benefit of Participants and beneficiaries of Participants. 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 this Article shall apply only if the Committee exercises its discretion and establishes a rabbi trust. 

7.2  Terms 
 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. 
 7.3  Funding 

 

	(a)	In General. Except as provided in subsection (b), at the sole and absolute discretion of the Committee, the Participant’s Employer shall contribute cash to the rabbi trust for the benefit of the Participant
and his or her beneficiaries, as the Committee deems appropriate. 

  
 11 

	(b)	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 Plan. The Company’s actuary shall
determine the amount to be funded, unless such funding would cause Participants to be subject to tax pursuant to Code Section 409A(b). 

 
7.4  Distributions 
 Following a Change in Control, distributions of a Participant’s benefits shall be made from the rabbi trust
directly to the Participant or the Participant’s beneficiary in accordance with Article 4 or Article 5 (as the case may be). 
 To the extent any
benefits provided under the Plan are actually paid from the rabbi trust, the Employer 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 Employer. 
 Article 8.  Claims and Review Procedures 

8.1  Claim for Benefits 

Any claim for benefits under the Plan by a Participant or the Participant’s beneficiary shall be submitted to the Employee Benefits Committee
(“EBC”) in writing, including by mail, telegraph, facsimile, or electronic mail, and signed by the claimant. 

8.2  Initial Claim for Benefits 

If any Participant or other individual claims to be entitled to a benefit under the Plan, and the EBC determines that such claim should be denied in whole or
in part, the EBC shall, in writing, notify such claimant within 90 days of receipt of such claim that his claim has been denied unless special circumstances require an extension of time for processing. The EBC shall give the claimant written notice
and reason for the need for extension and the date by which a decision is expected within the original 90-day period. In no event shall the decision take longer than 180 days after receipt of the claim. If the
claim is denied, the EBC shall set forth in writing the specific reasons for such denial and such notification shall: 
  

	(a)	State the reason why the claim is being denied; 

  

	(b)	Set forth the pertinent sections of the Plan relied upon; 

  

	(c)	If applicable, set forth an explanation of any additional material or information necessary for the claimant to perfect his claim and an explanation of why such material or information is necessary; and

  

	(d)	Set forth an explanation of how the claimant can obtain a review of such denial, including a statement of the claimant’s right to bring a civil action under ERISA section 502(a) following an adverse benefit
determination. 

 The claimant may submit written comments, documents, records, and other information relating to the claim for benefits.
Further, the claimant shall be provided, upon request, and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits. 

  
 12 

 8.3  Appeal of Adverse Benefit Determinations 

Within 60 days after receipt by the claimant of such notice, the claimant may request, by mailing or delivery of written notice to the EBC, a review by the
EBC of the decision denying the claim. If the claimant fails to request a review within such 60-day period, it shall be conclusively determined for all purposes of this Plan that the denial of such claim by the EBC is correct. 

If the claimant requests a review, the EBC shall review the claim and send written notification of its determination to the claimant within 60 days after
receipt of the claimant’s request for review, unless special circumstances require an extension of time for processing. The EBC shall notify the claimant in writing and shall provide the reason for the need for the extension and the date by
which a decision is expected within the original 60-day period. In no event shall the determination take longer than 120 days after receipt of the request for review. If the claim is denied, the EBC shall set forth in writing the specific reasons
for the denial and such notification shall: 
  

	(a)	State the reason for the denial of the claim; 

  

	(b)	Set forth the pertinent sections of the Plan relied upon; 

  

	(c)	Provide a description of any voluntary appeal procedures offered by the Plan, if any; and 

  

	(d)	Provide a statement that the claimant has the right to bring a civil action under ERISA section 502(a) following a denial upon appeal. 

The claimant shall be provided, upon request, and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant
to the claimant’s claim for benefits. 
 If such determination is favorable to the claimant, it shall be binding and conclusive. 

8.4  Exhaustion of Administrative Remedies and Contractual Statute of Limitations 

 

	(a)	Exhaustion of Administrative Remedies. No legal or equitable action for retirement benefits under the Plan may be brought unless and until the claimant has completed all of the requirements under this Article.

  

	(b)	Contractual Statute of Limitations. Any claimant who (i) fails to complete all the requirements of this Article; (ii) fails to submit his claim for retirement benefits to the EBC under this Article
within three years from the latest date to which such claim relates; or (iii) fails to bring legal or equitable action for benefits under the Plan within six months from the date which the EBC denies his claim for benefits under section 8.3,
shall be deemed to have waived his right to bring legal or equitable action for benefits under the Plan. 

Article 9. Administration 

9.1  The Committee 

The Committee, or another committee designated by the Board, shall administer the Plan. The Committee may delegate any or all of its administrative
responsibilities. 

  
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 9.2  Authority of the Committee 

Except as otherwise provided, the Committee shall have the full power and discretion to select employees for participation in the Plan, to determine the terms
and conditions of each employee’s participation, to construe and interpret the Plan and any agreement or instrument concerning the Plan, to establish, amend, or waive procedures for the Plan’s administration, and to amend the Plan to the
extent permitted under Article 10. Further, the Committee shall have full power and discretion to make any other determination that may be necessary or advisable for the Plan’s administration. 

9.3  Decisions Binding 

All determinations and decisions made by the Committee or the Board and all related orders or resolutions of the Committee or the Board shall be final,
conclusive, and binding on all persons, including the Company, Employers, Related Organizations, Employees, and their estates and beneficiaries. 
 
9.4  Correction of Errors 
 The Committee shall have the authority to correct any error in the calculation of a Participant’s
benefit or the amount paid to a Participant or Beneficiary, regardless of the reason for the error and regardless of whether payment of the benefit has commenced. By his participation in the Plan and acceptance of benefits hereunder, each
Participant agrees that he will promptly repay to the Plan any payment that exceeds the amount to which he was entitled under the Plan (an “excess payment”), and will hold any excess payment, and any proceeds of any excess payment, or
property acquired with any excess payment, in trust for the benefit of the Plan, which trust shall remain in effect, and shall continue to apply to any excess payment, proceeds or other property even if transferred to a third party, until the total
amount of the excess payment has been repaid to the Plan. The Committee may, on behalf of the Plan, commence an action to enforce such trust, or take any other available action in law or equity, including setting off any other amount owed to the
Participant, to recover such excess payment. 
 Article 10. Amendment and Termination 

The Board reserves the right to amend, modify, or terminate the Plan at any time for any reason. Such right shall be exercised only by a written resolution or
other written instrument approved by the Board. 
 The Committee shall also have the right to amend the Plan without obtaining the approval of the Board of
Directors if the amendment does not— 
  

	(a)	have the effect of terminating the Plan; 

  

	(b)	materially increase the cost of providing benefits under the Plan, unless the amendment conforms the Plan with legislation, governmental regulations, rules, or interpretive bulletins expressing a public policy or
condition with which the Plan must comply; 

  

	(c)	revise this Article to increase the Committee’s authority to amend the Plan or derogate from the authority of the Board of Directors; and 

 

	(d)	confer any special advantage whether economic or otherwise, whether present or contingent, on the Committee or its members. 

  
 14 

 The Committee may exercise its right to amend the Plan only by a written resolution or other written instrument
approved by the Committee. 
 No amendment or termination may adversely affect the rights or benefits of a Participant previously accrued and vested under
the Plan without the consent of the Participant. 
 In the event of the Plan termination, all benefits shall be distributed to the Participants as otherwise
provided in the Plan; provided, however, that the Committee and the Board have reserved their right to accelerate payments of benefits to the Participant to the extent that and in a manner permitted by the 409A Guidance. 

* * * * * * * * * * 
 In Witness Whereof,
Potash Corporation of Saskatchewan Inc. has caused this instrument to be executed by its duly authorized officer effective as of January 1, 2016. 
  

			
		 	Potash Corporation of Saskatchewan Inc.
		
	By:	 	 /s/ Lee Knafelc

		
	 Name:
	 	 Lee Knafelc

		
	 Title:
	 	 Senior Vice President,

		 	 Human Resources and

		 	 Administration

		
	 Date:
	 	 February 22, 2016

 SIGNED SEALED AND DELIVERED 

in the presence of: 
  

	
	
	Clint Weiland
	Name of Witness
	
	/s/ Clint Weiland
	Signature of Witness

  
 15EX-10(gg)

 Exhibit 10(gg) 
  

 
 January 13, 2016 (Revised February 2, 2016) 

STRICTLY PRIVATE AND CONFIDENTIAL 
 Mr. G. David
Delaney 
 737 North Sheridan Rd. 
 Lake Forest, IL 60045 

Dear David: 
 This letter agreement (“Letter
Agreement”) sets forth the proposed terms of your departure as Executive Vice President and Chief Operating Officer of Potash Corporation of Saskatchewan Inc. (“PotashCorp”) and as an employee of PCS Administration (USA), Inc.
(“PCS Administration” and, collectively with PotashCorp, the “Company”). If these terms are acceptable to you, please sign and return the enclosed copy of this Letter Agreement. 

1.        Separation Date. Your last day of active employment with the Company will be January 31, 2016
(the “Separation Date”). 
 2.        Severance Payments and Benefits. Provided that you execute
the Waiver and Release Agreement attached as Schedule A hereto no later than February 3, 2016, and you do not revoke the Waiver and Release in accordance with its terms, you will be entitled to receive the following severance payments
and benefits, which you acknowledge are amounts that you would not otherwise be entitled to receive: 
  

	 	(a)	A severance payment in the amount of $2,075,078, which is equal to two times the sum of (i) your base salary of $594,578, (ii) your target short-term incentive plan (“STIP”) opportunity for 2015 of
$416,205 and (iii) your regular employer contributions and target performance-related employer contribution under the PCS U.S. Employees’ Savings Plan (the “Savings Plan”) of $26,756 (3.0% plus 1.5% of your base salary of
$594,578). 

  

	 	(b)	A payment of $185,253, which is equal to $35,253 (the product of (i) your target STIP opportunity for 2016 of $416,205 and (ii) a fraction, the numerator of which is the number of days you were employed by the
Company in 2016, and the denominator of which is 366) plus $150,000 (an additional recognition for your contributions). 

  

 
 1101 Skokie Boulevard, Suite 400, P.O.
Box 3320, Northbrook, IL USA 60062 T (847) 849-4200 F (847) 849-4695 Toll Free (800) 241-6908 PCS Administration (USA), Inc. www.potashcorp.com 

	 	(c)	The Company will reimburse you for executive outplacement consulting services from a firm selected by you that is acceptable to the Company. The reimbursable outplacement consulting service fees will not exceed $10,000.

  

	 	(d)	You will be reimbursed for the legal fees you incur for the review of this Letter Agreement by your attorney, upon presentation of receipts, up to $5,000. 

 

	 	(e)	You will have continued access to Employee and Family Assistance Program (EFAP) coverage with Cigna Behavior Health for ninety (90) days following your Separation Date. 

 

	 	(f)	The Company also will make arrangements to allow you to continue to receive the following publications through the end of the year: Green Markets and Ferticon. 

The amounts set forth in subparagraphs 2(a) and 2(b) above will be paid in a lump sum within fourteen (14) days following the expiration
of the period during which you have the right to revoke the Waiver and Release. 
 3.        STIP Award, Options
and Company-Sponsored Benefits. 
  

	 	(a)	You will receive your STIP award for 2015 based on the level of achievement of the applicable corporate financial performance and safety performance goals for 2015. The 2015 STIP will not be subject to adjustment for
individual performance. Such amount will be paid on the date that STIP awards are paid to similarly situated executives, but in no event later than March 15, 2016. 

 

	 	(b)	Contributions to the Savings Plan will cease on the Separation Date and you will cease to accrue service under the PCS U.S. Employees’ Pension Plan (“Pension Plan”) on the Separation Date. You will be
eligible for the 2015 and 2016 Company performance-related employer contributions as determined in accordance with the performance requirements of the Savings Plan and payable under the terms of the Savings Plan. Such amount will be paid on the date
that such contribution is paid to similarly situated executives, but in no event later than March 31, 2016 for the 2015 performance period, and no later than March 15, 2017 for the 2016 performance period. 

 

	 	(c)	For purposes of your stock options, the termination of your employment will be treated as a termination of employment by reason of retirement. Accordingly, subject to the terms and conditions of each respective
performance option plan, you will be entitled to exercise your vested stock options, including such stock options that may vest after your Separation Date, during the period ending on January 31, 2019 (i.e., the end of the 36th month following the month of your retirement), failing which exercise the stock options will terminate. 

  

	 	(d)	 Your active employee health care benefits under the Company-sponsored medical, dental and vision plans expire on January 31, 2016. If you and/or
your eligible dependents timely enroll, you may continue medical, dental and/or vision 

  
 - 2 - 

	 	
coverage for you and/or your eligible dependents pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). Such coverage, if elected, will be
provided in accordance with the terms of the health care plans, including the monthly premium required by the plans, and COBRA. 

  

	 	(e)	You are eligible to receive retiree medical and prescription drug coverage benefits (subject to the terms of the Company’s retiree health plan as in effect from time to time). You and your eligible dependents must
enroll within sixty (60) days of your Separation Date. If you do not enroll within such time period or you decline retiree medical and prescription drug coverage, you will not be able to enroll in the plan at a later date. 

 

	 	(f)	You will receive Company-paid retiree life insurance coverage (subject to the terms of the Company’s retiree life insurance plan as in effect from time to time). 

 

	 	(g)	You will receive a payment of $16,008 in respect of your accrued but unused vacation, based on an assumption of 5.0 days carried over from 2015, plus accrued vacation for January, 2016. This amount will be paid on the
first payroll date following the Separation Date. 

  

	 	(h)	You are eligible to receive retirement benefits under the PCS Supplemental Retirement Plan for U.S. Executives (the “SERP”). The amount of your vested benefit under the SERP is approximately $4,130,000. The
actual amount of your vested benefit will be based on your actual compensation and applicable commuted value interest rates in effect at the time of the calculation. In accordance with the terms of the SERP, your vested benefit will be paid in a
lump sum six months following your Separation Date. 

  

	 	(i)	Basic and Optional Life Insurance and Basic and Voluntary Accidental Death & Dismemberment Insurance will cease on January 31, 2016. You will have the option to convert any Optional Life Insurance coverage
in accordance with the terms of the policy. 

  

	 	(j)	Short-Term Disability and Long-Term Disability deductions and coverage will cease on your Separation Date. 

4.        Tax Withholdings. All payments required under this Letter Agreement are subject to any withholdings
required by applicable law. 
 5.        No Future Employment with the Company. You agree that you will not
knowingly apply for or accept employment with the Company. You agree that if you knowingly or unknowingly apply for a position with the Company and are offered or accept a position, the Company may withdraw the offer or terminate your employment
immediately, without notice. You agree that in the event of such an offer and withdrawal, or hiring and termination, as described in this paragraph 5, you waive any right to seek legal or administrative redress of any kind for events relating to the
withdrawal of the offer or termination of employment. 

  
 - 3 - 

 6.        Return of Property. In accordance with your existing and
continuing obligations to the Company, you represent that you have returned, on or before the Separation Date, all Company property including all copies thereof, such as, but not limited to, files, records, computer access codes, computer programs,
keys, key card passes, security access cards, employee information, instruction manuals, documents, business plans, computers or other hardware of any kind, software, and other property, which you received, prepared, or helped to prepare in
connection with your employment with the Company. You will be able to retain your Company provided iPhone (including the phone number) and iPad provided that IT removes all Company information including email from these devices as of your Separation
Date. In accordance with your existing and continuing obligations to the Company, you further represent that you have paid in full the entire outstanding balance on your Company-affiliated American Express Corporate card, and/or Diners Club
International BMO Mastercard, if any, on or before the Separation Date. 
 7.        Assistance and Witness.
You agree to fully cooperate and assist the Company with a smooth transition of your duties. You also agree to cooperate with the Company in all investigations of any kind and in providing truthful testimony as a witness or a declarant in connection
with any present or future court, administrative, agency, or arbitration proceeding involving the Company and as to which you have relevant information. You will also assist the Company during all phases of any judicial, administrative, agency, or
arbitration proceeding involving the Company and as to which you have relevant information including, without limitation, assisting and cooperating in the preparation and review of documents and meeting with counsel. In making any requests for your
cooperation with matters referenced in this paragraph, the Company will make reasonable efforts to consider your schedule. The Company will reimburse you for reasonable expenses incurred in connection with such cooperation and you will be
compensated at an hourly rate of $300 per hour for time reasonably spent in connection with such cooperation, subject to you presenting to the Company evidence of time spent. You agree not to act voluntarily as a witness, consultant or expert for
any person or party in any action against or involving the Company. You further agree that if contacted by any third party, including such third party’s agent or attorney, regarding any anticipated or pending legal action, you will immediately
notify the Company by contacting PotashCorp’s General Counsel c/o PCS Administration (USA), Inc., 1101 Skokie Boulevard, Northbrook, IL 60062. Notwithstanding this paragraph 7, nothing in this Letter Agreement is intended to interfere with your
right to participate in an agency investigation. 
 8.        Confidentiality. You agree not to disclose any
“Confidential Information” of PotashCorp, PCS Administration, or their subsidiaries and affiliates (collectively, the “Employer Group”), except upon written consent of the Company. “Confidential Information” means
information (i) disclosed or known by you as a consequence of or through your employment with the Employer Group; (ii) not generally known outside of the Employer Group; and (iii) which is related to the Employer Group business.
Examples include, but are not limited to, vendor and supplier agreements, databases, methods, programs, techniques, business information, attorney-client privileged and work product information, financial information, marketing, business plans,
proprietary software, personnel information and files, client information, pricing and other information relating to the business of the Employer Group that is not generally known outside of the Employer Group. You also agree that the terms of your
separation and the terms of the Letter Agreement, including the fact and amount of severance paid to you, is considered 

  
 - 4 - 

 
confidential and is not be disclosed or communicated in any manner except as required by law or to your spouse, attorney or financial advisor. 

9.        Non-Solicitation. You acknowledge and agree that during the 12 months following your Separation Date,
you will not, directly or indirectly, without the prior express written consent of the Company, hire, recruit, solicit, or attempt to hire, recruit, or solicit any person employed by the Company. 

10.      Non-Disparagement. You acknowledge and agree that you will not, at any time, directly or indirectly, take any
action detrimental to the interests of the Employer Group, make derogatory statements (either written or oral) about the Employer Group, or otherwise disparage the Employer Group, its products, services, present or former employees, officers or
directors, and will not permit others to make derogatory or disparaging statements on your behalf. Officers and directors of the Employer Group will not, at any time, directly or indirectly, make derogatory statements (either written or oral) about
you, or otherwise disparage you. 
 11.      Breach. You further acknowledge that if you breach any provision of
paragraphs 8, 9 or 10 above, the Company will be irreparably harmed as a matter of law and will be entitled to immediate injunctive relief without the necessity of showing any actual damages or that money damages would not be an adequate remedy, and
without the necessity of posting any bond or other security, plus its reasonable attorneys’ fees and any other litigation costs incurred in enforcing such provision. 

12.      Subsequent Proceedings. The parties agree that this Letter Agreement may be used as evidence only in a
subsequent proceeding to enforce the provisions of this Letter Agreement and/or a subsequent proceeding in which the provisions of this Letter Agreement are a defense to a claim or suit brought against the Company by you. 

13.      Entire Agreement. Except as otherwise stated herein, this Letter Agreement will supersede and nullify any
previous written or oral agreements between the Company and you dealing with the same subject matter contained herein and will settle and compromise any and all claims and/or causes of action based on any previous written or oral agreements or
alleged agreements between the Company and you. This Letter Agreement may not be modified except by a written agreement between the parties that specifically references the Letter Agreement. 

14.      Governing Law and Jurisdiction. This Letter Agreement will be governed by and construed in accordance with the
laws of the State of Illinois without regard to its choice of law provisions. Such construction will be made without regard to the authorship of this Letter Agreement. You agree that the state and federal courts located in the State of Illinois will
have exclusive jurisdiction in any action, suit or proceeding based on or arising out of this Letter Agreement. Accordingly, you hereby: (a) submit to the personal jurisdiction of such courts; (b) consent to the service of process in
connection with any action, suit, or proceeding against you; and (c) waive any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, venue or service of process. 

  
 - 5 - 

 15.      No Admission of Liability. The Letter Agreement is not, and shall
not be construed as, an admission by the Company of any unlawful act or violation of any federal, state or local laws, rules or regulations. 

16.      Waiver and Release Agreement. This Letter Agreement, and the consideration set forth in paragraph 2, is
contingent upon you signing and not revoking the Waiver and Release Agreement attached as Schedule A hereto, the terms of which are part of this Letter Agreement. If the Waiver and Release Agreement is revoked by you, your employment will terminate
on the Separation Date but this Letter Agreement will not be effective or enforceable, and you will not receive any of the severance payments and benefits set forth in paragraph 2. 

17.      Code Section 409A. It is the intention of the parties that the provisions of this Letter Agreement comply
with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and any rules, regulations or other guidance promulgated thereunder in a manner that does not impose additional taxes, interest or penalties upon you
pursuant to Section 409A, and this Letter Agreement will be construed and interpreted in a manner consistent with Section 409A. 

Notwithstanding any provision of this Letter Agreement to the contrary, any payment of any “nonqualified deferred compensation”
(within the meaning of Section 409A after taking into account all exclusions applicable to such payments under Section 409A) required to be made to you as a result of your separation from service will be delayed until the six
(6) month anniversary of the Separation Date to the extent necessary to comply with Section 409A. 
 No reimbursement of expenses
or in-kind benefit that you are entitled to will be subject to liquidation or exchange for another benefit. The reimbursement of expenses or in-kind benefits during a year will not affect the expenses eligible for reimbursement, or the in-kind
benefits to be provided in any other taxable year, and any such reimbursements will be made no later than the end of the year following the year in which the relevant expenses were incurred. 

You are solely responsible and liable for the satisfaction of all taxes and penalties that may arise under Section 409A. 

 

							
	Date:	 	2/3/2016	 	POTASH CORPORATION OF SASKATCHEWAN INC.
				
		 		 	By:	 	 /s/ Jochen E. Tilk

		 		 	Name:	 	Jochen E. Tilk
		 		 	Title:	 	President and Chief Executive Officer
			
	Date:	 	2/3/2016	 	PCS ADMINISTRATION (USA), INC.
				
		 		 	By:	 	 /s/ Jochen E. Tilk

		 		 	Name:	 	Jochen E. Tilk
		 		 	Title:	 	President and Chief Executive Officer

  
 - 6 - 

 YOU EXPRESSLY ACKNOWLEDGE THAT YOU HAVE BEEN ADVISED TO SEEK LEGAL COUNSEL, HAVE HAD THE OPPORTUNITY TO CONSULT
WITH LEGAL COUNSEL REGARDING THE ADVISABILITY OF ENTERING INTO THIS AGREEMENT, HAVE CAREFULLY READ THE AGREEMENT, FULLY UNDERSTAND THE FINAL AND BINDING EFFECT, AND ARE EXECUTING THE AGREEMENT VOLUNTARILY. 

 

					
	 	 	 	 	Agreed to:
			
	Date:	 	Feb. 3, 2016	 	 /s/ G. David Delaney

		 		 	G. David Delaney

  
 - 7 - 

 SCHEDULE A 

WAIVER AND RELEASE AGREEMENT 

1.        General Release. As consideration for the severance payments and benefits I will receive as described
in paragraph 2 of the attached letter agreement dated January 13, 2016 (“Letter Agreement”), I, on behalf of myself and my heirs, executors, administrators, representatives, attorneys and assigns, hereby waive, release and forever
discharge PCS Administration (USA), Inc. and Potash Corporation of Saskatchewan Inc. (collectively, the “Company”) together with the Company’s parent, sister companies, subsidiaries, divisions and affiliates, whether direct or
indirect, its and their joint ventures and joint venturers (including their respective directors, officers, employees, shareholders, attorneys, partners and agents, past, present and future), and each of its and their respective successors and
assigns (hereinafter collectively, the “Releasees”), from any and all known or unknown actions, causes of action, damages, claims or liabilities of any kind that have or could be asserted against any of the Releasees arising out of or
related to my employment with and/or separation from employment with the Company or any of the other Releasees up to and including the date of this Waiver and Release Agreement, including, but not limited to: 

 

	 	(a)	claims, actions, causes of action or liabilities arising under Title VII of the Civil Rights Act, as amended; the Equal Pay Act, as amended; the Genetic Information Nondiscrimination Act, as amended: the Occupational
Safety and Health Act, as amended; the Employee Retirement Income Security Act, as amended (with respect to unvested benefits); the Rehabilitation Act, as amended; the Americans with Disabilities Act, as amended; the Sarbanes-Oxley Act; the Family
and Medical Leave Act, as amended; the National Labor Relations Act, as amended; and/or any other federal, state, municipal or local employment discrimination statutes or ordinances (including, but not limited to, claims based on sex, attainment of
benefit plan rights, race, color, religion, national origin, marital status, sexual orientation, ancestry, harassment, parental status, protected genetic information, handicap, disability, retaliation and veteran status); and/or 

 

	 	(b)	claims, actions, causes of action or liabilities arising under the Age Discrimination in Employment Act (“ADEA”) or under any other federal, state or local statute, law, ordinance or regulation regarding
discrimination on the basis of age; and/or 

  

	 	(c)	claims, actions, causes of action or liabilities arising under any other federal, state, municipal or local statute, law, ordinance or regulation; and/or 

 

	 	(d)	any other claim whatsoever including, but not limited to, claims for severance pay or benefits (other than payments and benefits paid under the Letter Agreement), claims based upon breach of contract, promissory or
equitable estoppel, detrimental reliance, constructive discharge, breach of any duty, wrongful termination, defamation, false light, fraud, intentional and/or negligent infliction of emotional distress, tort, personal injury, invasion of privacy,
violation of public policy, whistleblower, negligence, any quasi-contractual claim and/or any other common law, statutory or other claim whatsoever arising out of or relating to my employment with and/or separation from employment; and/or

	 	(e)	claims, actions, causes of action or liabilities arising under the Worker Adjustment and Retraining Notification Act, as amended, or under any other federal, state or local statute, law, ordinance or regulation
regarding layoffs or plant closings; and/or 

  

	 	(f)	claims under the Lilly Ledbetter Fair Pay Act, including claims that I have been adversely affected by the application of a discriminatory compensation decision or other discriminatory practice; and/or

  

	 	(g)	wage claims, including but not limited to any claims for back wages, vacation, sick leave, bonuses, commissions, or other benefits of any nature or kind, and claims under the Fair Labor Standards Act, as amended.

 2.        Exclusions from General Release. Excluded from the General Release above are any
claims or rights which cannot be waived by law, including my rights to accrued vacation, if any. Specifically excluded from the General Release above are: (i) Mr. Delaney’s Agreement of Indemnification with the Company dated
September 30, 2004 to the extent provided for by the terms of the Agreement; (ii) D&O coverage to the extent provided for by the terms of the applicable insurance policy; (iii) payments and benefits provided in the Letter
Agreement; and (iv) any vested benefits under the PCS U.S. Employees’ Savings Plan and the PCS U.S. Employees’ Pension Plan. Nothing in this Waiver and Release Agreement shall be construed to prohibit me from filing a charge with an
administrative agency, including the Equal Employment Opportunity Commission or participating in an agency investigation. I am, however, waiving all rights to recover money or other individual relief in connection with any administrative charge,
whether filed by me or another individual or entity. 
 3.        Covenant Not To Sue. A “covenant not
to sue” is a legal term which means I promise not to file a lawsuit in court. It is different from the General Release of claims contained in paragraph 1 above. In addition to waiving and releasing the claims covered by that paragraph 1 above,
I further agree never to sue the Company and/or any of the other Releasees or become party to a lawsuit on the basis of any claim of any type whatsoever arising out of or related to my employment with and/or separation from employment with the
Company and/or any of the other Releasees. I agree not to become a member of any class in any case in which claims are asserted against the Company. I warrant and represent that I have not filed any complaint, claim or lawsuit against the Company
with any governmental agency or with any court. Notwithstanding this Covenant Not To Sue, I may bring a claim against the Company and/or any of the other Releasees to enforce this Agreement or to challenge the validity of this Waiver and Release
Agreement under the ADEA. I further acknowledge and agree in the event that I breach this paragraph, then (i) the Company shall be entitled to apply for and receive an injunction to restrain such violation of this paragraph, (ii) I shall
be obligated to pay the Company its costs and expenses incurred in enforcing this paragraph and defending against such lawsuit (including court costs, expenses and reasonable legal fees), and (iii) as an alternative to (ii), at the
Company’s option, I shall be obligated upon demand to repay to the Company all but $250 of any severance payment paid to me under paragraph 2 of the Letter Agreement. I further agree that this Covenant Not to Sue will not affect the validity of
the Letter Agreement and will not be deemed to be a penalty or a forfeiture. 

  
 - 9 - 

 4.        Employee Acknowledgements. I acknowledge that my
employment with the Company is terminated as of my Separation Date. I further waive, release and discharge the Company and/or any of the other Releasees from any reinstatement rights I have or could have. I acknowledge that I (i) have not
suffered any on-the-job injury for which I have not already filed a claim, (ii) have received all compensation owed to me for hours worked, including overtime, if any, and (iii) have been provided all leave required by law or regulation.

 5.        Additional Employee Acknowledgements. I further acknowledge and agree that: 

 

	 	•	 	I have read this Waiver and Release Agreement and understand all of its terms; 

  

	 	•	 	I have signed it voluntarily with full knowledge of its legal significance; 

  

	 	•	 	I was encouraged to consult with my personal attorney, if desired, before signing this Waiver and Release Agreement; 

  

	 	•	 	I acknowledge that I received a copy of this Waiver and Release Agreement on January 13, 2016 and I have been given at least 21 days to consider this Waiver and Release Agreement thoroughly. I agree that any
modification of the Letter Agreement or this Waiver and Release Agreement does not restart the 21-day consideration period; 

  

	 	•	 	I understand that I cannot sign this Waiver and Release Agreement prior to my Separation Date; and 

  

	 	•	 	I understand that if I sign this Waiver and Release Agreement, I can change my mind and revoke it within 7 days after signing. I understand the Waiver and Release Agreement will not be effective or enforceable until
after the 7-day revocation period has expired. 

 6.        Revocation. I understand that I may
revoke this Waiver and Release Agreement within 7 days after its signing and that any revocation must be made in writing and submitted within such 7-day period to PCS Administration (USA), Inc., 1101 Skokie Boulevard, Suite 400, Northbrook, IL 60062
Attn: Danielle Good, either in person or by mail with a postmark within the 7-day period. I further understand that if I revoke this Waiver and Release Agreement, my employment with the Company will still be terminated and I will not receive the
severance pay set forth in paragraph 2 of the Letter Agreement. 
 7.        Unemployment. I understand that
I am not waiving my right to file for unemployment insurance benefits. 
 8.        Consideration. I also
understand that the severance payments and benefits which I will receive in exchange for signing and not later revoking this Waiver and Release Agreement are in addition to anything of value to which I already am entitled. 

  
 - 10 - 

 9.        Severability. I acknowledge and agree that if any
provision of the Waiver and Release Agreement is found, held or deemed by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable statute or controlling law, the remainder of the Waiver and Release Agreement
shall continue in full force and effect. 
  

			
		  	G. David Delaney
		
	 /s/ Kelly P. Delaney
	  	 /s/ G. David Delaney

	Witness	  	Signature
		
		  	 Feb. 3, 2016

		  	Date

  
 - 11 -

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