Document:

Letter Agreement between the Company and Mr. Glenn R. Cole

 Exhibit 10.33 
 

 
 April 6, 2007 
 Mr. Glenn R. Cole 
 780 Braeside Place 
 Ann
Arbor, Michigan 48103 
 Dear Glenn: 
 I am pleased to offer you
a position with NightHawk Radiology Holdings, Inc., through its wholly-owned subsidiary and operating entity, NightHawk Radiology Services, LLC (the “Company”) as its Senior Vice President and Chief Financial Officer, effective with
respect to the terms contained herein as of May 1, 2007 (the “Effective Date”). You will be reporting directly to the Company’s Executive Vice President and Chief Operating Officer and shall perform such duties as are
customarily associated with such position and as the Executive Vice President and Chief Operating Officer may from time to time require. In addition, effective following the filing of the Company’s quarterly report on Form 10-Q covering the
company’s first fiscal quarter for 2007, you shall be designated by the Company’s Board of Directors as the Company’s “principal financial officer” and “principal accounting officer” for purposes of the
Company’s reporting requirements under the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder. 
 You shall devote
your full business efforts and time to the Company and agree to perform your duties faithfully and to the best of your ability. Except for limited consulting services to your former employer for a period not to exceed ninety (90) days from the
Effective Date, you agree not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Compensation Committee (the “Compensation
Committee”) of the Board of Directors of NightHawk Radiology Holdings, Inc. (the “Board”). 
 At-Will Employment 

You should be aware that your employment with the Company constitutes “at-will” employment. This means that your employment relationship with the Company may
be terminated at any time with or without notice, with or without Cause (as defined herein) or for any or no cause, at either party’s option, subject to the provisions of this letter. You understand and agree that neither your job performance
nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of your employment with the Company. 
 Base Salary & Bonus 
 While employed hereunder, the Company
will pay you as compensation for your services a base salary at an annualized rate of $350,000 (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be
subject to the usual, required withholding. Your Base Salary will be reviewed for market and performance adjustments within thirty (30) days of the beginning of each calendar year by the Compensation Committee and may be increased after such
review with the unanimous approval of such Committee. 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

 In addition to the Base Salary, you may (depending upon
satisfaction of certain criteria) be entitled to receive a performance bonus relating to the Company’s operating performance, as described below. The performance bonus could, in the aggregate, equal one-hundred percent (100%) of your Base
Salary, less applicable withholding (the “Bonus”); provided, however, that for fiscal 2007, your Bonus will be calculated on a pro rata basis based upon the number of days employed in 2007. Within thirty (30) days of the
beginning of each calendar year after the Effective Date, the Compensation Committee shall establish performance criteria upon which the Bonus shall be based. The Company shall pay the Bonus, if so earned by satisfaction of such criteria, on or
after January 1 of the following calendar year, but in no event later than January 30th of such year.

 Equity Compensation 
 We will recommend at the first
meeting of the Board following the Effective Date that you be granted (i) an option to purchase 170,000 shares of the Company’s Common Stock at a price per share equal to the fair market value per share of the Common Stock on the effective
date of grant (which shall be established in accordance with the Board’s policies) and (ii) 10,000 restricted stock units (collectively, the “Grants”). The restricted stock units will vest over three (3) years, with
one-third of the restricted stock units vesting on each of the three anniversaries following the Effective Date. One-third (33.34%) of the shares subject to the option shall vest on the one (1) year anniversary of the Effective Date, and
the remaining shares shall vest monthly over the next 24 months in equal monthly amounts subject to your continued employment with the Company. 
 In the
event that your employment is terminated within twelve (12) months of a Change in Control (as defined below), then any then-unvested stock options, restricted stock or other rights to acquire stock in the Company (as they may be assumed by the
Company’s successor) shall automatically and fully vest as of the date of such termination. For purposes of this letter agreement, the term “Change of Control” means (i) a business combination (such as a merger or
consolidation) of the Company with any other corporation or other type of business entity (such as a limited liability company), other than (A) a business combination which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities
of the Company or such controlling surviving entity outstanding immediately after such business combination, and (B) any bona fide equity financing; or (ii) the sale, lease, exchange or other transfer or disposition by the Company
of all or substantially all of the Company’s assets. 
 Severance Arrangement 
 Notwithstanding anything to the contrary contained in this letter or arising from any statements, policies, or practices of the Company relating to the employment, discipline, or termination of its employees, the
Company may at any time terminate your employment with or without Cause (as defined below). However, if your employment with the Company is terminated without Cause or if you resign within 90 days of an event that constitutes Good Reason (as defined
below), the Company shall continue to pay you your Base Salary (payable in regular monthly installments as severance payments from the date of termination) for a period of twelve (12) months thereafter (the “Severance
Payment”). 
 Notwithstanding anything to the contrary set forth herein, you shall only be entitled to the Severance Payment if, and only if,
(1) you have executed and delivered to the Company a general release in the form attached hereto as Exhibit A, (2) you have not revoked or breached the provisions of the General Release or breached the provisions of this letter or a
Confidentiality and Non-Compete Agreement between Executive and Employer (the “Non-Compete Agreement”), and (3) you do not apply for unemployment compensation chargeable to the Company. 
  

 -2- 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

 For purposes of this letter, “Cause” shall be defined as (i) a breach of your duty of loyalty
to the Company or any of its affiliated entities or if you engage in any acts of dishonesty or fraud with respect to the Company or any of its affiliated entities or any of their respective business relations, (ii) a commission of a felony or
any crime involving dishonesty, breach of trust, or physical or emotional harm to any person (or if you enter a plea of guilty or nolo contendere with respect thereto), (iii) a breach of any material term of this letter or any other
agreement between you and the Company or any of its affiliated entities and such breach (if capable of cure) is not cured within fifteen (15) days following written notice thereof from the Company, (iv) reporting to work under the
influence of alcohol or illegal drugs, the use of illegal drugs (whether or not at the workplace) or other repeated conduct causing the Company or any of its affiliated entities substantial public disgrace, disrepute or economic harm, (v) a
substantial and repeated failure to perform the duties as reasonably directed by the Board or by the executive officer to which you report or (vi) gross negligence or willful misconduct with respect to the Company or any of its affiliated
entities. 
 For purposes of this letter, “Good Reason” shall be defined as the occurrence of any of the following without your express
written consent: (i) a reduction in your annualized Base Salary or (ii) a material diminution in your responsibilities as the Company’s Senior Vice President and Chief Financial Officer, or (iii) any requirement that you relocate
to a work site that would increase your one-way commute distance from your principal residence by more than fifty (50) miles, unless (A) you accept such relocation opportunity or (B) you and the Board mutually and in good faith make a
determination that such relocation is necessary for you to effectively perform the duties described in this letter. 
 General Provisions 

While employed hereunder, you will be entitled to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability
to other senior executives of the Company, including, without limitation, the Company’s group medical, dental and vacation plans. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at
any time. 
 The Company will also reimburse you for reasonable and documented travel, entertainment or other expenses incurred by you in the furtherance of
or in connection with the performance of your duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 
 Upon the Effective Date, you will be covered by the Company’s Directors & Officers insurance policy. Additionally, you will be entitled to enter into the Company’s standard Indemnification Agreement applicable to all
officers and directors of the Company. 
 This letter will be binding upon and inure to the benefit of (a) your heirs, executors and legal
representatives upon your death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this letter for all purposes. For this purpose, “successor” means
any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. None of your rights to receive any
form of compensation payable pursuant to this letter may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of your right to compensation or
other benefits will be null and void. 
  

 -3- 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

 All notices, requests, demands and other communications called for hereunder shall be in writing and shall be deemed
given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight service, or (iii) three (3) days after being mailed by registered or certified mail,
return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 
 If to the Company: 
 NightHawk Radiology Services LLC. 
 250 Northwest Blvd., #202 
 Coeur d”Alene, ID 83814 
 Attn: President 
 If to Mr. Glenn Cole: 
 at the last residential address known by the Company. 
 This letter represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral. In the event that any
provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this letter will continue in full force and effect without said provision. No waiver, alteration, or modification of any of the
provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto. This letter shall be governed by the internal substantive laws, but not the choice of law rules, of the State of
Idaho. 
 [Signature page follows] 
  

 -4- 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

 To indicate your acceptance of the Company’s offer, please sign and date this letter in the
space provided below and return it to Dr. Paul Berger. A duplicate original is enclosed for your records. 
  

	
	NightHawk Radiology Holdings, Inc.
	
	

	
	 Paul E. Berger, M.D.

	President, Chief Executive Officer and
	Chairman of the Board

  

	
	Agreed and Accepted:
	
	 /s/ Glenn R. Cole

	Glenn R. Cole
	
	 April 6th, 2007

	Date

  

 -5- 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

 EXHIBIT A 
 GENERAL RELEASE 
 I, Glenn Cole, in consideration of and subject to the performance by NightHawk Radiology Holdings, Inc., a
Delaware corporation (the “Employer”), of its obligations under the letter agreement, dated as of May 1, 2007 (the “Letter Agreement”), do hereby release and forever discharge as of the date hereof the Employer
and each of its affiliates and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Employer and each of its affiliates and the Employer’s direct or indirect owners (collectively, the
“Released Parties”) to the extent provided below. 
  

	1.	I understand that any severance payments or benefits paid or granted to me under the Letter Agreement represent, in part, consideration for signing this General Release and are not
salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the severance payments described in the Letter Agreement unless I execute this General Release and do not revoke this General Release within
the time period permitted hereafter or breach this General Release. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the
Employer or its affiliates. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of any employment by the Employer. 

  

	2.	 Except as provided in paragraphs 4 and 13 below and except for the provisions of the Letter Agreement which expressly survive the termination of my employment with
the Employer, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Employer and the other Released Parties from any and all claims, suits, controversies, actions, causes of
action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity,
both past and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Employer or any of the Released Parties which I, my spouse, or any of my heirs,
executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Employer (including, but not limited to, any allegation, claim or violation, arising under: Title
VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including, without limitation, the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as
amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the
Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, 

  

 -6- 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

	 	 
defamation; or any claim for costs, fees, or other expenses, including (without limitation) attorneys’ fees incurred in these matters) (all of the
foregoing collectively referred to herein as the “Claims”). 

  

	3.	I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above. 

  

	4.	I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I
execute this General Release. I acknowledge and agree that my separation from employment with the Employer in compliance with the terms of the Letter Agreement shall not serve as the basis for any claim or action (including, without limitation, any
claim under the Age Discrimination in Employment Act of 1967). 

  

	5.	In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly
consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including, without limitation, those relating to unknown and unsuspected Claims (notwithstanding any state statute
that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an
essential and material term of this General Release and that without such waiver the Employer would not have agreed to the terms of the Letter Agreement. I further agree that in the event I should bring a Claim seeking damages against the Employer,
or in the event I should seek to recover against the Employer in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending
charge or complaint of the type described in paragraph 2 as of the execution of this General Release. 

  

	6.	I represent that I am not aware of any claim by me other than the claims that are released by this Agreement. 

  

	7.	I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the
Employer, any Released Party or myself of any improper or unlawful conduct. 

  

	8.	I agree that I will forfeit all rights to the severance payments described in the Letter Agreement if I challenge the validity of this General Release. I also agree that if I
violate this General Release by suing the Employer or the other Released Parties, I will return all payments and otherwise reimburse the Employer for all benefits received by me pursuant to the Letter Agreement. 

  

	9.	I agree that this General Release is confidential and agree not to disclose any information regarding the terms of this General Release, except to my immediate family and any tax,
legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. 

  

 -7- 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

	10.	Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying
facts and circumstances by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers, Inc. (NASD), any other self-regulatory organization or governmental entity. 

  

	11.	I agree to reasonably cooperate with the Employer in any internal investigation or administrative, regulatory, or judicial proceeding. I understand and agree that my cooperation may
include, but not be limited to, making myself available to the Employer upon reasonable notice for interviews and factual investigations; appearing at the Employer’s request to give testimony without requiring service of a subpoena or other
legal process; volunteering to the Employer pertinent information; and turning over to the Employer all relevant documents which are or may come into my possession all at times and on schedules that are reasonably consistent with my other permitted
activities and commitments. I understand that in the event the Employer asks for my cooperation in accordance with this provision, the Employer will reimburse me solely for reasonable travel expenses, including, without limitation, lodging and
meals, upon my submission of receipts. 

  

	12.	I agree not to disparage the Employer, its past and present investors, officers, directors or employees or its affiliates and to keep all confidential and proprietary information
about the past or present business affairs of the Employer and its affiliates confidential unless a prior written release from the Employer is obtained. I further agree that as of the date hereof, I have returned to the Employer any and all
property, tangible or intangible, relating to its business, which I possessed or had control over at any time (including, but not limited to, Employer-provided credit cards, building or office access cards, keys, computer equipment, manuals, files,
documents, records, software, customer data base and other data) and that I have not and shall not retain any copies, compilations, extracts, excerpts, summaries or other notes of any such manuals, files, documents, records, software, customer data
base or other data. 

  

	13.	Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims (i) arising out
of any breach by the Employer or by any Released Party of the Agreement after the date hereof and (ii) to indemnification for which I may be entitled to as a former officer or director of the Employer under their respective charter and/or
bylaws and/or other constituent documents so long as I am otherwise entitled to be indemnified as authorized thereunder. 

  

	14.	Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this
General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but
this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

  

 -8- 

 Mr. Glenn R. Cole 
 April 6, 2007 
  

 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	 	(i)	I HAVE READ IT CAREFULLY; 

  

	 	(ii)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED,
TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

  

	 	(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  

	 	(iv)	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

  

	 	(v)	I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
                 ,          TO CONSIDER IT AND THE CHANGES MADE SINCE THE
                 ,          VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED
21-DAY PERIOD; 

  

	 	(vi)	THE CHANGES TO THE AGREEMENT SINCE                  ,
         EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST. 

  

	 	(vii)	I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS
EXPIRED; 

  

	 	(viii)	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

  

	 	(ix)	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE
EMPLOYER AND BY ME. 

  

					
	 DATE:
                                        
        
	  		  	  

  

 -9-Master Services Agreement dated December 26, 2006

 Exhibit 10.ii.a 
 MASTER SERVICES AGREEMENT 
 This MASTER
SERVICES AGREEMENT (the “Agreement”) is entered into as of this 29th day of December, 2006, with
effect from October 22, 2006 (the “Effective Date”) by and between CARGILL, INCORPORATED, a Delaware corporation (hereafter “Cargill”) and THE MOSAIC COMPANY, a Delaware corporation (hereafter “Mosaic”).

 WITNESSETH: 
 WHEREAS, pursuant to the terms of the Agreement and Plan of Merger and Contribution dated as of January 26, 2004 by and among Cargill, Mosaic and IMC Global Inc., a Delaware corporation (“IMC”) (the “Merger
Agreement”), Cargill and IMC combined their respective worldwide fertilizer businesses (the “Business Combination”); 
 WHEREAS, Cargill and its controlled Affiliates have agreed to provide to Mosaic and its Affiliates certain services described on various Work Orders to be entered into between the parties, from time to time, after the Effective Date
hereof, as more fully described herein (the “Services”); 
 WHEREAS, capitalized terms used in this Agreement and not
otherwise defined herein shall have the meaning ascribed to them in the Merger Agreement. 
 NOW, THEREFORE, and in consideration of
the premises and the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Services; Limitations. 
 A. Subject to the terms of this Agreement, Cargill agrees to provide (or shall cause one
or more of its Affiliates to provide) Services for and on behalf of Mosaic and its Affiliates as more fully described in one or more “Work Orders” entered into between the parties in the form set forth in Schedule 1 attached hereto. The
parties may enter into individual Work Orders to be effective as of the Effective Date or, if not entered into as of the Effective Date, at any time subsequent thereto during the term of this Agreement. The provider of a Service (either Cargill or
one of its Affiliates, as applicable) hereunder may sometimes be referred to as “Service Provider” and the recipient of a Service hereunder (either Mosaic or any of its Affiliates, as applicable) may sometimes be referred to as
“Service User.” 
 B. In providing the Services contemplated under this Agreement, Cargill, as deemed necessary or appropriate in
its reasonable discretion, may: (i) use its own personnel, or (ii) employ the services of third parties to the extent such third party services are routinely utilized to provide similar services to Cargill’s own businesses or are
reasonably necessary for the efficient performance of any Service. 
 C. Mosaic shall be responsible for complying with regulatory
requirements in relation to the performance of Services by Cargill, and Cargill shall be responsible for complying with regulatory requirements and other restrictions communicated to Cargill by Mosaic. Mosaic shall give Cargill ninety (90) days
prior notice of the regulatory requirements. . When feasible or 

 
at the request of Cargill, Mosaic agrees to provide Cargill with written instructions on restrictions regarding compliance with any such regulatory
requirements and any changes thereto. If Cargill determines that compliance with any such regulatory requirements or changes thereto will materially increase Cargill’s costs of providing Services, Cargill shall have the right to increase the
charges set forth in the applicable Work Order. If Mosaic disputes the increased charges it shall have the right to terminate the specific Service early without penalty, notwithstanding the provisions of Section 3. 
 D. Cargill and Mosaic acknowledge that Services provided pursuant to this Agreement shall constitute related party transactions and that each Work Order
shall be subject to the approval by the non-associated directors of the Mosaic board appointed by IMC (the “Mosaic Independent Committee”), as such approval process is more fully contemplated in the Merger Agreement. No Work Order shall be
effective between Cargill and Mosaic until and unless it has been approved by the Mosaic Independent Committee even if such Work Order has been signed by the parties. 
 E. Any inconsistency or conflict between the terms of this Agreement and any Work Order entered into between the parties shall be construed in accordance with the terms set forth in the Work Order, provided however,
that the parties shall not have the ability to modify or alter Sections 9 or 10 of this Agreement without a written amendment signed by authorized officers of each company. 
 2. Participation in Master Agreements 
 A. Cargill agrees to make available to Mosaic, and Mosaic agrees to make available to Cargill, the opportunity for the other party (a “Participating Affiliate”) to participate under various strategic sourcing or master agreements
(each a “Master Agreement”) whereby the Participating Affiliate may procure various products and/or services from certain third party vendors or service providers. If Mosaic is currently participating in a Master Agreement for Information
Technology Procurement, it may continue to do so until the expiration of such contract without paying a charge to Information Technology Procurement. Cargill and Mosaic agree to cause each party’s procurement professionals to work together
during the term of this Agreement to identify opportunities where cost savings may be achieved by the other party through participation under such Master Agreements. To the extent new Master Agreements are entered into by either party during the
term hereof, each party shall use reasonable efforts to provide for its Affiliates’ participation under such agreements, provided that the Participating Affiliate agrees to bear its fair share of the cost of negotiating and maintaining the new
Master Agreement, based on the parties’ mutual agreement concerning the Participating Affiliate’s proportionate share of the benefit of the total Master Agreement and the additional effort required to accommodate the Participating
Affiliate. Notwithstanding anything else herein to the contrary, it shall not be a default of either party hereunder if such party is unable to negotiate with a third party to permit Affiliates to participate under a Master Agreement. 
 B. To the extent Cargill or Mosaic, as the case may be, participates as an Affiliate under a Master Agreement entered into by the other party, such
Participating Affiliate shall (i) be solely responsible for complying with the terms and conditions required under such contract, (ii) ensure that its employees who are responsible for the performance under such contract are 

  

 2 

 
knowledgeable about its terms, and (iii) sign any documentation reasonably required by the counterparty to such Master Agreement acknowledging its
agreement to comply with the terms and conditions set forth therein. Unless otherwise determined by the parties, a Participating Affiliate shall be responsible for payment directly to the vendor or third party service provider supplying the
applicable Product or service being purchased by the Participating Affiliate. 
 C. In the event of a breach or default of a Participating
Affiliate under a Master Agreement, the Participating Affiliate shall be responsible for any damages or liability to the applicable Cargill or Mosaic entity who is the contract party in privity under such Master Agreement or to any third party, as
applicable, arising from or in connection with such breach or default. 
 D. Neither party shall terminate or materially alter the terms of a
Master Agreement if the other party is an active Participating Affiliate under such Master Agreement without keeping the other party informed in advance as to the proposed termination or modification, as applicable. In the case of a proposed
termination of a Master Agreement, the parties agree to work together in good faith in an effort to allow a Participating Affiliate the right to continue its relationship with the third party vendor or service provider should it desire to do so,
provided however, that nothing in this Agreement shall require either party to enter into, renew, maintain or extend a contractual relationship with a third party. 
 E. Each Participating Affiliate shall have the right to receive from the other party any rebates which the other party may receive as a direct result of the Participating Affiliates participation under a Master
Agreement. Rebates, if any, shall be paid to the Participating Affiliate by the party in privity of contract within thirty (30) days after receipt of the same from the applicable vendor or third party service provider. 
 3. Term of Agreement; Termination. 
 A. This Agreement shall commence on the Effective Date and shall continue in effect for a period of three years unless either party sends the other party six (6) months written notice of its desire to terminate this Agreement prior to
the end of the three year term, unless the applicable Work Order specifies a different notice period. The termination of this Agreement shall not affect any products or services ordered, but not yet delivered to a Participating Affiliate under a
Master Agreement prior to the termination of this Agreement which shall nonetheless be delivered as originally contemplated. Mosaic shall commit each January for the following fiscal year for products or services and both parties shall determine the
pricing for the products or services at that time. 
 B. Either Mosaic or Cargill may, by providing written notice to the other party,
terminate this Agreement if the other party is in material breach or default of its obligations hereunder and such party has failed to cure the alleged breach or default within thirty (30) days (or in the case such breach could not be
reasonably cured within such thirty day period, began substantial efforts to cure the breach) after receipt of notice of such breach from the other party. 
 C. Unless otherwise provided by a party in a written notice of termination, the termination of this Agreement shall also terminate each party’s ongoing ability to participate as 

  

 3 

 
a Participating Affiliate under the other party’s Master Agreements. Should Cargill or Mosaic fail to be Affiliates of each other during the term of
this Agreement, the parties’ ability to participate in future purchases of products and/or services under such Master Agreements shall terminate unless otherwise agreed to by the parties in writing. Termination of the strategic purchasing
relationship contemplated in Section 2 shall not affect any purchases of goods and/or services made by the Participating Affiliate prior to the termination of such relationship, which will continue to be governed by this Agreement. 

D. Mosaic and Cargill shall designate a representative to act as its primary contact person with respect to the provision of all Services and
participation under Master Agreements as more fully contemplated under this Agreement (each such person being a “Responsible Person”). The initial Responsible Person for Mosaic shall be Richard L. Mack and for Cargill shall be Linda L.
Cutler. 
 4. Cost of Services. 
 A. In consideration for the performance of each Service provided hereunder, Mosaic agrees to pay to Cargill the service fees set forth in the applicable Work Order entered into between the parties (hereafter
“Fees”), which are based on prevailing market rates for comparable services offered by third parties, as well as Cargill’s resource availability and actual costs to provide such services to Mosaic and its Affiliates, which may not be
consistent with the allocation practices used by Cargill and the Cargill Fertilizer Businesses prior to the Business Combination. Any taxes (other than income taxes) assessed on the provision of Services hereunder shall be paid by Mosaic.

 5. Invoices. 
 A. Unless otherwise set forth in a Work Order, Service Provider shall invoice Service User monthly for Services provided during the preceding month. All invoices shall reflect in reasonable detail the nature and quantity of the Services
rendered during the previous month and the charges for the Services. Service User agrees to pay the amounts invoiced to Service Provider within thirty (30) days after Service User’s receipt of each invoice. 
 B. Cargill acknowledges that Mosaic is a publicly traded company whose stock is listed on the New York Stock Exchange and such, is subject to
the requirements of the Sarbanes Oxley Act of 2002 (“Sarbanes Oxley”), including without limitation Section 404 thereof relating to the effectiveness of internal controls over financial reporting. In connection with Mosaic’s
compliance with Sarbanes Oxley (including without limitation Section 404), Cargill agrees, without additional cost or expense to Mosaic (unless the amount of Cargill employee time required is excessive), to cooperate with Mosaic
by providing reasonable access to data or information necessary to evaluate, test, assess and document Cargill’s internal controls insofar as they relate to the services being provided by Cargill pursuant to any Work Orders executed
pursuant to this Agreement. In doing so, Cargill agrees to make available employees who are knowledgeable of the services being provided and the internal controls implemented by Cargill relating to such services for reasonable amounts
of time without additional cost or expense to Mosaic. Should any deficiencies in internal controls be identified through this process, the parties will promptly meet to discuss the identified areas where improvements can be made and 

  

 4 

 
a mutually agreed upon approach to address such identified areas. In addition, Cargill will work with Mosaic and outside parties designated by
Mosaic in gathering the information necessary and performing the tests required during audits or reviews. These audits will include but not be limited to the following: internal audit, tax audits and post-disbursement recovery. Cargill will not be
responsible for taxes, interest or penalties imposed as a result of these audits or reviews. These services will be charged to Mosaic as an hourly service based on the time involved. 
 6. Cooperation. The parties will use reasonable good faith efforts to cooperate with each other in all matters relating to the provision
and receipt of Services and participation by either party under a Master Agreement. Service User agrees to provide such facilities, information, books, records, files, supplies, etc., as may be reasonably necessary for Service Provider to provide
the Services contemplated in any Work Order and Service User shall provide, from time to time, timely decisions on such matters as required for the performance of the Services by Service Provider. 
 7. Confidentiality. 
 A. The
parties agree to treat (and to cause their respective Affiliates to treat) as confidential the other party’s Confidential Information and property and not to use or disclose Confidential Information to third parties or employees other than
those who are on a need-to-know basis, except as may be necessary in the performance of Services, the participation under Master Agreements, or as may be required by Law, during the term of this Agreement and during the five (5) year period
following the termination or expiration hereof. 
 B. “Confidential Information” may include any information conveyed to or learned
by, or in the possession of, the other party or its Affiliates in connection with the performance of this Agreement including, without limitation, the other party’s or its Affiliate’s business plans or strategies, finances, financial
performance, financial information, plant information, processes, products, costs, equipment, operations, environmental matters, employment matters, customers, intellectual property, know-how, trade secrets, data, samples, specifications, designs,
methods, formulae and other technical information, business information and other information related to a party’s business affairs. 
 C. The obligations set forth in this Section 7 shall not apply to (i) the information of the disclosing party that is, or through no fault of the receiving party, becomes, publicly available, (ii) information which lawfully
becomes available, without restriction on disclosure or use, from a third party, (iii) information already in the receiving party’s possession when the information is disclosed and not subject to obligations of confidentiality and
(iv) information that is independently developed by or on behalf of the receiving party by persons without access to the disclosing party’s confidential information. 
 D. If Confidential Information is supplied to a receiving party by a third party having legal right to disclose it, then: (i) the receiving party
shall have the right to use that portion of the Confidential Information so disclosed in connection with work done for that third party; and (ii) such disclosure by that third party; if made in confidence, shall not make that portion of the
Confidential Information available to the public, and shall not relieve the receiving party of its obligations under this Agreement. 
  

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 E. If Mosaic is required by law or court order to disclose Confidential Information, Mosaic shall give
Cargill prompt notice of such requirement so that an appropriate protective order or other relief may be sought. 
 F. Except as provided
herein, nothing in this Agreement shall be construed as granting a license or other right to a party’s confidential information to the other party, it being acknowledged that each party reserves all rights to its respective confidential
information. 
 G. Cargill acknowledges that it may receive or have access to material nonpublic information of Mosaic during the performance
of Services under one or more Work Orders entered into pursuant to this Agreement. Cargill agrees to, and shall cause its subsidiaries to, implement policies and procedures designed to restrict the ability of those employees or consultants of
Cargill and its subsidiaries having access to material nonpublic information from trading in the securities of Mosaic in accordance with applicable law. Cargill and its subsidiaries have implemented a reasonable training program to ensure that their
employees having access to Mosaic material nonpublic information are aware of insider trading laws and the limitations imposed by this Agreement. 
 8. Compliance with Laws and Regulations. Service User will use the Services and Service Provider shall provide the Services only in accordance with applicable Laws. Each party reserves the right to take all actions, including
termination of any particular Service, upon as much notice to the other party as reasonably possible, without penalty or liability to the other party, that is reasonably believed to be necessary to assure compliance with applicable Laws. 

9. Warranties; Indemnification. 
 A. CARGILL WARRANTS THAT THE SERVICES PROVIDED PURSUANT TO THIS AGREEMENT SHALL BE PERFORMED IN GOOD FAITH, AND IN A PROFESSIONAL AND WORKMANLIKE MANNER BY PERSONNEL FAMILIAR WITH THE SERVICES TO BE PROVIDED. EXCEPT AS SET FORTH IN THE
PRECEDING SENTENCE, CARGILL MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, OR ANY OTHER MATTER WITH
RESPECT TO ANY SERVICE OR THE PERFORMANCE THEREOF. 
 B. NEITHER PARTY MAKES ANY WARRANTY OR REPRESENTATION IN ANY MANNER WITH RESPECT TO ANY
GOODS AND/OR SERVICES PROCURED BY A PARTICIPATING AFFILIATE UNDER A MASTER AGREEMENT ENTERED INTO WITH ANY THIRD PARTY, EACH PARTY ACKNOWLEDGING THAT IT SHALL HAVE RECOURSE SOLELY TO THE APPLICABLE THIRD PARTY SUPPLIER OF SUCH PRODUCT OR SERVICE.
Should a Participating Affiliate under a Master Agreement need the assistance of the party in privity of contract under a Master Agreement, the contract party shall cooperate with the Participating Affiliate in preserving the Participating
Affiliate’s rights under the Master Agreement so long as it is at the sole cost and expense of the Participating Affiliate. 
  

 6 

 C. Subject to the limitations set forth in Section 10 herein, Mosaic agrees to defend, indemnify and
hold harmless Cargill and its Affiliates and their respective directors, officers, employees and agents (collectively, “DOEAs”) from and against any and all claims, losses, damages, liabilities, actions, suits, proceedings, judgments,
orders, fines, penalties or injuries (including costs of defense and investigation) (collectively “Damages”) incurred by Cargill, its Affiliates or their respective DOEAs in the performance of the Services hereunder or for any breach by
Mosaic as a Participating Affiliate under any Cargill Master Agreements; provided, however, the foregoing indemnity shall not apply to any such Damages to the extent caused by acts or omissions of Cargill, its Affiliates or their respective DOEAs
constituting gross negligence or willful misconduct. This indemnity includes, but is not limited to, (a) any injury to or death of any persons or damage to or loss or destruction of any property, (b) any contamination of or injury or
damage to or adverse effect upon persons, animals, aquatic life or wildlife, vegetation, air, land, water or the environment, and (c) any governmental agency related claims, losses, liabilities, damages and expenses. 
 D. Subject to the limitations set forth in Section 10 herein, Cargill agrees to defend, indemnify and hold harmless Mosaic and its Affiliates and
their respective DOEAs from and against any and all Damages incurred by Mosaic, its Affiliates or their respective DOEAs arising out of or in connection with the gross negligence or willful misconduct by any Service Provider during the performance
of Services hereunder or for any breach by Cargill as a Participating Affiliate under any Mosaic Master Agreements. This indemnity includes, but is not limited to, (a) any injury to or death of any persons or damage to or loss or destruction of
any property, (b) any contamination of or injury or damage to or adverse effect upon persons, animals, aquatic life or wildlife, vegetation, air, land, water or the environment, and (c) any governmental agency related claims, losses,
liabilities, damages and expenses. 
 E. Notwithstanding anything to the contrary contained herein, to the extent that Cargill utilizes third
parties to provide Services hereunder, Cargill shall not have any liability to Mosaic or their respective DOEAs for the acts and omissions of such Third Party Suppliers (as hereafter defined); provided, however, if Mosaic, any of its Affiliates or
any of their respective DOEAs suffer Damages, due to an act or omission of a Third Party Supplier which gives rise to a claim against the Third Party Supplier pursuant to the applicable agreement, Cargill will present a claim to the Third Party
Supplier on behalf of Mosaic to the extent permitted under Cargill’s agreement with the Third Party Supplier and will pursue the claim in the same manner that Cargill would pursue a claim with respect to its other businesses, and any recovery
shall be remitted to the affected indemnitee(s). 
 F. The provisions of this Section 9 shall survive the termination of this Agreement.

 10. LIMITATION OF LIABILITY AND DISCLAIMER OF CERTAIN TYPES OF DAMAGES. 
 A. EXCEPT IN THE CASE OF EITHER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, EACH PARTY’S LIABILITY FOR ANY BREACH OR DEFAULT ARISING UNDER
THIS AGREEMENT SHALL BE LIMITED TO THE ACTUAL DAMAGES INCURRED AS A RESULT OF SUCH BREACH OR DEFAULT. EXCEPT FOR EITHER 

  

 7 

 
PARTY’S BREACH OF PAYMENT OBLIGATIONS ARISING HEREUNDER, IN NO EVENT SHALL A PARTY’S LIABILITY HEREUNDER EXCEED, WITH RESPECT TO ANY SINGLE CLAIM,
THE GREATER OF (i) $100,000 OR (ii) THE AGGREGATE AMOUNT PAID BY MOSAIC TO CARGILL UNDER THIS AGREEMENT DURING THE SIX (6) MONTH PERIOD PRECEDING THE ALLEGED BREACH OR DEFAULT. 
 B. EXCEPT IN THE CASE OF EITHER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY UNDER
THIS AGREEMENT FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS, REGARDLESS OF THE CLAIM OR CAUSE OF ACTION, WHETHER ARISING IN CONTRACT, TORT, STRICT
LIABILITY OR OTHERWISE. Neither party shall have any liability to the other party for losses resulting from acts of unaffiliated third parties, including fraud or theft.  
 11. Force Majeure. Neither party shall be liable for any failure to perform or delay in performing its obligations pursuant to this Agreement to
the extent its failure to do so is caused by or results from any act of God; war; riot; fire; explosion; accident; flood; hurricane; sabotage; lack of (despite reasonable efforts of such party to obtain) adequate fuel; power; raw materials; labor;
containers or transportation facilities; breakdown of equipment; failure of third party telecommunications or data processing services or vendors; ; national defense requirements; or any other cause or circumstances beyond the reasonable control of
the affected party. The party which is rendered unable to perform its obligations as a result of the foregoing shall notify the other party as soon as reasonably possible to discuss the circumstances and potential solutions of such force majeure
event, including reasonable efforts as to mitigation of such force majeure event and provision of substitute Services by a Third Party Supplier, and the parties shall reasonably cooperate in respect thereto. 
 12. Third Party Suppliers. 
 A.
Service User understands that the provision of some Services may involve services historically provided by an unaffiliated third party (a “Third Party Supplier”) to Service Provider or the lease or license of property (including, without
limitation, computer software) to Service Provider by a Third Party Supplier. If permitted by the agreement governing the provision of such services or property by a Third Party Supplier (a “Third Party Agreement”), Service Provider will
provide, or arrange for such Third Party Supplier to provide, such Service for Service User in accordance with the terms of this Agreement; provided, however, if the provision of such Service would result in the breach of the terms of such Third
Party Agreement, then Service Provider shall be relieved of its obligation to provide such Service and shall instead use its commercially reasonable best efforts to assist Service User in obtaining an amendment to such Third Party Agreement or such
other authorization from such Third Party Supplier which would allow Service Provider to provide such Service in accordance with the terms of this Agreement. In the event that Service Provider is unable to obtain an amendment of such Third Party
Agreement or an authorization from such Third Party Supplier that would allow Service Provider to provide such Service to Service User, Service Provider shall use its commercially reasonable best efforts to assist Service User in obtaining a similar
service (in both quality and quantity) from a Third Party Supplier. Service User shall be solely responsible for the cost of any such Third Party Supplier Services. 
  

 8 

 B. At its option and upon reasonable notice to Service User, Service Provider may terminate or fail to
renew any Third Party Agreement and contract with another Third Party Supplier to provide the affected Service or, alternatively, perform such Service itself. 
 13. Mutual Dispute Resolution. Any dispute or difference arising subsequent to the Effective Date out of or in connection with this Agreement or the formation of this Agreement (including any contested claim
for indemnification pursuant to Section 9), shall be first submitted for resolution pursuant to the following procedure. First, a senior executive officer for each party will meet in person to resolve the dispute within ten (10) days after
written notice of such dispute is provided by a party to the other party hereunder. If the executive officers are unable to resolve the dispute within five (5) days after their meeting, the Chief Executive Officers of each party shall promptly
attempt to resolve the dispute. If the Chief Executive Officers are unable to resolve the dispute within thirty (30) days following the original notice of the claim or dispute, then either party may seek any remedy available under Law,
including bringing an action for relief in any court having appropriate jurisdiction. 
 14. Amendment. This Agreement may be amended,
modified or supplemented only by a writing signed by authorized officers of Cargill and Mosaic. 
 15. Notices. Any notice, request,
instruction or other document to be given hereunder by a party hereto shall be in writing and shall be deemed to have been given (a) when received if given in person or by courier or a courier service, (b) on the date of transmission if
sent by telex, facsimile or other wire transmission (receipt confirmed) or (c) five (5) Business Days after being deposited in the mail, certified or registered, postage prepaid: 
 If to Cargill, addressed as follows: 
 Cargill, Incorporated 
 15407 McGinty Road West 
 Minneapolis, MN 55440-5624 
 Attn: Deputy General Counsel 
 Telephone: (952) 742-6377 
 Facsimile: (952) 742-6349 
 If to Mosaic, addressed as follows: 
 The Mosaic Company 
 Atria Corporate Center, Suite E490 
 3033 Campus Drive 
 Plymouth, MN 55441 
 Attn: General Counsel 
 Telephone: (763) 577-2851 
 Facsimile: (763) 577-2990 
  

 9 

 16. Waivers. The failure of a party hereto at any time or times to require performance of any
provision hereof shall in no manner affect its right at a later time to enforce the same. No waiver by a party of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless
in writing, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term, covenant, representation
or warranty. 
 17. Successors. This Agreement shall be binding upon and shall inure to the benefit of the parties and their
respective successors and permitted assigns, provided, however, that neither this Agreement nor any right or obligation hereunder may be assigned by a party without the prior written consent of the other party, which consent may be withheld for any
or no reason. Mosaic shall remain responsible for the full and timely performance of this Agreement by all Service Users and Cargill shall remain responsible for the obligations of all Service Providers under this Agreement. 
 18. Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Minnesota
without giving effect to the principles of conflicts of law thereof. 
 19. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same original instrument. 
 20. Entire Understanding. This Agreement, including any referenced Schedules, sets forth the entire agreement and understanding of Mosaic and Cargill with respect to the transactions contemplated hereby and thereby and supersedes any
and all prior agreements, arrangements and understandings among such parties relating to the subject matter hereof. 
 21. No Third Party
Beneficiaries. This Agreement is solely for the benefit of the parties hereto and, to the extent provided herein, their respective Affiliates, and no provision of this Agreement shall be deemed to confer upon any other third parties any remedy,
claim, liability, reimbursement, cause of action or other right. 
 22. Strict Construction. The language used in this Agreement shall
be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any person. 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective duly authorized representatives as of the day and year first above written. 
  

			
	CARGILL, INCORPORATED
		
	 By:
	 	  

	 Name (Print):
	 	  

	 Title:
	 	  

	
	 THE MOSAIC COMPANY

		
	 By:
	 	  

	 Name (Print):
	 	  

	 Title:
	 	  

  

 11 

 Schedule 1 
 Form of Work Order 
 This Schedule of Services is issued pursuant to the Services Agreement
dated as of                     , 20046(the “Agreement”), between The Mosaic Company, a Delaware corporation, and Cargill,
Incorporated, a Delaware corporation, which Agreement is hereby incorporated into this Schedule of Services by reference. 
 1. Description of
Services. Service Provider,                                 , will perform
the following Services for                                 (“Mosaic”):

 Functional areas of services provided: 
 2. Term. 
 3. Compensation. 
 4. Special Provisions. 
  

									
	SERVICE PROVIDER	 		    	SERVICE USER
			
	  
	 		    	  

					
	By:	 	  
	 		    	By:	 	  

	Name (Print):	 	  
	 		    	Name (Print):	 	  

	Title:	 	  
	 		    	Title:	 	  

	Date:	 	  
	 		    	Date:	 	  

  

 12

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