Document:

EX-10.1

 Exhibit 10.1 
 NORDSON CORPORATION 
 ASSURANCE TRUST 

THIS TRUST AGREEMENT, originally effective as of the 12th day of December, 1998 between Nordson Corporation, an Ohio corporation
(“Nordson”), and Key Trust Company of Ohio, N.A. (the “Trustee”) is hereby amended and restated effective January 22, 2014. 
 WHEREAS, Nordson is obligated to provide certain supplemental pension benefits to certain of its employees and directors and to provide benefits pursuant to certain other deferred compensation and
executive compensation arrangements, including agreements with certain of its executives under which those executives may become entitled to payments and benefits after a change in control of Nordson; 

WHEREAS, Nordson desires to establish a trust (the “Trust”) and to contribute to the Trust assets that shall be held therein
and that shall be subject to the claims of the creditors of Nordson in the event that Nordson becomes Insolvent (as defined in Section 5.1 below), until distributed as provided herein or returned to Nordson; and 

WHEREAS, it is the intention of the parties that the Trust shall constitute an unfunded arrangement for purposes of Title I of the
Employee Retirement Income Security Act of 1974, as amended; 
 NOW, THEREFORE, Nordson and the Trustee do hereby amend and
restate the Trust and agree that the Trust shall be comprised, held, and disposed of as follows: 
 Article 1. Establishment of Trust

 1.1 Nordson, upon the original establishment of the Trust, deposited with the Trustee in trust $100, which became the
principal of the Trust to be held, administered, and disposed of by the Trustee as provided in this Trust Agreement. 
 1.2 The
Trust hereby amended and restated may be revoked by Nordson at any time before the occurrence of the first to occur of (a) a Funding Event (as defined in Section 15.6) and (b) a Change of Control (as defined in Section 15.3). If
any Funding Event occurs, the Trust hereby amended and restated may not be revoked by Nordson until both that particular Funding Event and any other Funding Event that may have also occurred have been “terminated” (as defined in
Section 15.7) and the Trust then may be revoked by Nordson if and only if no Change of Control has then occurred. Upon the occurrence of a Change of Control, the Trust hereby amended and restated shall become irrevocable. Nordson’s General
Counsel shall notify the Trustee promptly upon the occurrence of any Funding Event and of any Change of Control. 
 1.3 The
Trust is intended to be a grantor trust, of which Nordson is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code, and shall be construed accordingly. 

 1.4 The principal of the Trust and any earnings thereon shall be held separate and apart
from other funds of Nordson and shall be used exclusively for the uses and purposes herein set forth. No employee of Nordson shall have any preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created
under any Covered Plan or under this Trust Agreement shall be mere unsecured contractual rights against Nordson. Any assets held by the Trust will be subject to the claims of general creditors of Nordson under federal and state law in the event
Nordson becomes Insolvent. 
 Article 2. Additional Funding 
 2.1 Nordson, in its sole discretion, may at any time, or from time to time, make or cause to be made, directly or indirectly, additional deposits of cash or other property in trust with the Trustee to
augment the principal to be held, administered, and disposed of by the Trustee as provided in this Trust Agreement. 
 2.2 If a
Funding Event occurs, Nordson shall, as soon as practicable and in no event later than the day before the occurrence of any Change of Control related to that Funding Event, contribute to the Trust an amount equal to the excess, if any, of the Full
Funding Amount (as defined in Section 15.5) over the sum of the value of the assets in the Trust (the “Current Trust Asset Value”) immediately prior to the contribution. 

2.3 Immediately upon the occurrence of the first Change of Control to occur after the execution of this Trust Agreement and thereafter on
each and every anniversary of that Change of Control, Nordson shall contribute to the Trust an amount equal to the excess, if any, of the Full Funding Amount over the Current Trust Asset Value immediately prior to the contribution. 

2.4 Any contribution made under this Article 2 shall be subject to withdrawal by Nordson only as provided in Article 3, dealing with
discretionary withdrawals. 
 2.5 In the event that any contribution described in this Article 2 would result in the imposition
of taxes and penalties under Section 409A of the Code with respect to any Participant, the Trust shall not be funded with respect to such Participant. 
 Article 3. Discretionary Withdrawals 
 3.1 Nordson, in its sole discretion,
at any time before the occurrence of the first to occur of a Funding Event or a Change of Control, may withdraw assets from the Trust provided that no such withdrawal shall reduce the Current Trust Asset Value, immediately after the withdrawal, to
an amount below $100. 
 3.2 Nordson shall not be entitled to make any discretionary withdrawal of assets from the Trust, after
any Funding Event has occurred, until both that particular Funding Event and any other Funding Event that may have also occurred have been terminated and Nordson may then make such a discretionary withdrawal only if no Change of Control has then
occurred. No discretionary withdrawal under this Section 3.2 shall reduce the Current Trust Asset Value, immediately after the withdrawal, to an amount below $100. 

 3.3 After a Change of Control has occurred, Nordson may not make any discretionary
withdrawal from the Trust. Nothing in this Article 3 shall restrict the right of Nordson to receive a reversion of excess assets under Article 6. 
 Article 4. Payments to Participants 
 4.1 Not later than 120 days after the
occurrence of a Funding Event and again not later than 10 days following the occurrence of a Change of Control, Nordson shall deliver to the Trustee a schedule (the “Payment Schedule”) that lists the names and addresses of all Participants
and indicates the amounts payable and to become payable to each Participant and/or provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable and that indicates the form in which such amounts are to be
paid, as provided for or available under each Covered Plan, and the time of commencement for payment of such amounts. At the same time as Nordson delivers the Payment Schedule to the Trustee, Nordson shall deliver to each Participant that portion of
the Payment Schedule that pertains to amounts that may become payable to that particular Participant. After the occurrence of a Change of Control, Nordson shall update the Payment Schedule, provide revised versions thereof to the Trustee, and
provide the relevant portions thereof to each Participant from time to time and at such times so that each termination of the employment of any Participant (or the occurrence of any other fact or circumstance that alters the payments due or to
become due to any Participant under any of the Covered Plans) is taken into account in a current revised Payment Schedule that has been appropriately delivered to the Trustee and to each Participant (to the extent relevant to each such Participant)
not later than ten days after its occurrence. Except as otherwise provided herein, the Trustee shall make payments to the Participants in accordance with the Payment Schedule as it may be revised from time to time. The Trustee shall make provision
for the reporting and withholding of any federal, state, or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of each Covered Plan and shall pay amounts withheld to the appropriate taxing
authorities or determine that such amounts have been reported, withheld, and paid by Nordson. 
 4.2 Except as otherwise
specifically provided herein, the entitlement of a Participant to payments from Nordson under a particular Covered Plan shall be determined under the terms of the particular Covered Plan at issue. It is Nordson’s intention that any and all
amounts that may become payable to Participants under the Covered Plans will be paid to the Participants at the times and in the amounts specified in the relevant Covered Plan and in accordance with Section 409A of the Code and any regulations
or other guidance thereunder. 
 4.3 In order to provide added assurances to the Participants that the amounts to which they may
be entitled under the Covered Plans will be calculated in good faith and paid promptly at the times and in the amounts specified in the respective Covered Plans, the following procedure shall be followed: 

 

	 	(a)	If, concurrently with or after the occurrence of a Change of Control, Nordson delivers to the Trustee a Payment Schedule indicating that a Participant is entitled to
payments under a Covered Plan, the Trustee shall promptly thereafter deliver a copy of the relevant portion of the Payment Schedule to the Participant and shall make the payments so indicated in the Payment Schedule. 

	 	(b)	If, after the occurrence of a Change of Control, a Participant (either because no Payment Schedule has been delivered to the Trustee or because the Participant believes
that the amounts specified in the Payment Schedule are incorrect) delivers written notice (a “Participant Payment Notice”) to the Trustee that the Participant is entitled to payments under a Covered Plan and requesting that the Trustee
make payments to the Participant pursuant to that Covered Plan, the Trustee shall promptly deliver a copy of the Participant Payment Notice to Nordson and thereafter: 

 

	 	(i)	if Nordson has not, within ten business days of the delivery of the Participant Payment Notice to the Trustee, delivered to the Trustee a notice (a “Nordson Stop
Payment Notice”) in which Nordson asserts that the Participant is not entitled to the payments set forth in the Participant Payment Notice, the Trustee shall make the payments set forth in the Participant Payment Notice, or, alternatively,

  

	 	(ii)	if Nordson has, within ten business days of the delivery of the Participant Payment Notice to the Trustee, delivered to the Trustee a Nordson Stop Payment Notice, the
disparity between the Participant Payment Notice and the Nordson Stop Payment Notice shall be resolved as provided in Section 4.4 below and any payments or portions thereof that are not in dispute shall be paid by the Trustee as and when due to
the Participant. 

 4.4 If the Trustee has received both a Participant Payment Notice and a Nordson Stop Payment
Notice with regard to the same Covered Plan: 
  

	 	(a)	the Trustee shall engage the Accounting Firm (as defined in Section 15.1), at Nordson’s expense, to determine what payments the Participant is entitled to
under the particular Covered Plan, which determination shall be made by the Accounting Firm as promptly as practicable but in all events within 30 days of the engagement of the Accounting Firm by the Trustee, 

 

	 	(b)	Nordson shall cooperate with the Accounting Firm and provide to it all information that is available to Nordson and is required by the Accounting Firm to make the
determination referred to in (a) above within the time frame set forth therein, and 

  

	 	(c)	unless and until ordered to do otherwise by an award of arbitrators following arbitration proceedings instituted pursuant to Section 4.5 below, the Trustee shall
make payments to the Participant in the amount or amounts and at the time or times determined by the Accounting Firm. 

 4.5 In the event of any dispute between a Participant and Nordson with respect to whether
the Participant is entitled to payments (or the amounts thereof) under a Covered Plan and/or to payment thereof from the assets of the Trust, either party (Nordson or the Participant) may deliver to the other a demand for binding arbitration. If
either party delivers any such demand to the other, the dispute shall be determined by binding arbitration conducted in Cleveland, Ohio according to the Commercial Arbitration Rules of the American Arbitration Association. In any such arbitration
the arbitrators may consider, with such weight as they may deem appropriate, any determination by the Accounting Firm that may have been made as provided in Section 4.4 above. The award of the arbitrators will be final and binding and judgment
on the award may be entered in any court having jurisdiction over the subject matter and the parties. 
 4.6 In order to
discourage Nordson from disputing, other than in good faith, any amounts properly due to a Participant, the costs and expenses related to any arbitration proceeding referred to in Section 4.5 shall be borne as provided in this Section 4.6.
Nordson shall bear the cost of its own attorneys and other representatives and all of the fees and expenses of the arbitrators and the arbitration proceedings. The reasonable fees and expenses of the Participant’s attorneys relating to the
subject matter of the arbitration shall be paid by Nordson unless and to the extent the arbitrators determine (which determination shall be final and binding upon the parties) that the positions advanced by the Participant in any such arbitration
have no reasonable basis (which determination need not be made simply because the arbitrators decide against the Participant on any or all substantive points). If Nordson fails to pay any of the costs and expenses related to any arbitration as
specified in this Section 4.6, the Trustee shall pay such amounts from the assets of the Trust. Regardless of whether such reasonable fees and expenses are paid by Nordson or by the Trustee from the assets of the Trust, such reasonable fees and
expenses shall be paid no later than the last day of the calendar year following the calendar year in which the reasonable fees and expenses are incurred. 
 4.7 Nordson may make payments under any Covered Plan directly to or on behalf of a Participant as they become due under the terms of the Covered Plan. If Nordson makes any such payment it shall notify the
Trustee of its decision to make such payments directly prior to the time amounts are payable to or on behalf of the Participant. In addition, if the principal of the Trust and any earnings thereon are not sufficient to make any payments that are due
and payable under any Covered Plan in accordance with its terms, Nordson shall make the balance of each such payment as it falls due. The Trustee shall notify Nordson whenever principal and earnings are not sufficient. 

4.8 When making any payment to a Participant under a Covered Plan that is overdue, the Trustee shall increase the amount of the payment
to include interest on the overdue payment from the date due to the date of the distribution calculated on a daily basis, compounded as of the end of each calendar month, and using as the interest rate for each calendar month or part thereof during
the period with respect to which interest is due the prime lending rate published by KeyBank National Association or its successor and in effect on the first day of that calendar month. 

 4.9 Whenever a payment under a Covered Plan with respect to a participant is payable to a
beneficiary of the Participant rather than to the Participant, the beneficiary shall be entitled to all of the rights of the Participant under all of the provisions of this Trust Agreement with respect to that payment. 

Article 5. Trustee Responsibility when Nordson Is Insolvent 
 5.1 The Trustee shall cease payments to Participants from the Trust if Nordson is Insolvent. Nordson shall be considered “Insolvent” for purposes of this Trust Agreement if (a) it is unable
to pay its debts as they become due, or (b) it is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. In determining whether Nordson is Insolvent for purposes of this Trust Agreement, the Trustee may engage the
service of legal, accounting, financial and other advisors, which may be advisors to Nordson, to assist it in the determination. Nordson agrees to cooperate fully with any reasonable inquiry of the Trustee or such advisors in making the
determination of Nordson’s Insolvency. During the determination of Nordson’s Insolvency, the Trustee may, in its discretion, suspend any transfer or distribution of assets. To the extent that the Trustee engages the services of an advisor,
the Trustee may rely, without further inquiry, on the written determination of that advisor as to the solvency or Insolvency of Nordson. All costs reasonably incurred by the Trustee in making the determination of Nordson’s Insolvency shall be
reimbursed to the Trustee by Nordson, and if not so reimbursed, shall be chargeable against the Trust. 
 5.2 At all times
during the continuance of the Trust, the principal and income of the Trust shall be subject to claims of general creditors of Nordson under federal and state law as set forth below. 

 

	 	(a)	The Board of Directors (the “Board”) and the Chief Executive Officer of Nordson shall have the duty to inform the Trustee in writing of Nordson’s
Insolvency. If a person claiming to be a creditor of Nordson alleges in writing to the Trustee that Nordson has become Insolvent, the Trustee shall determine whether Nordson is Insolvent and, pending such determination, the Trustee shall not
transfer any Trust assets to any other party. 

  

	 	(b)	Unless the Trustee has actual knowledge of Nordson’s Insolvency, or has received notice from Nordson or a person claiming to be a creditor alleging that Nordson is
Insolvent, the Trustee shall have no duty to inquire whether Nordson is Insolvent. The Trustee may in all events rely on such evidence concerning Nordson’s solvency as may be furnished to the Trustee and that provides the Trustee with a
reasonable basis for making a determination concerning Nordson’s solvency. 

  

	 	(c)	If at any time the Trustee has determined that Nordson is Insolvent, the Trustee shall hold the assets of the Trust for the benefit of the general creditors of Nordson.
Nothing in this Trust Agreement shall in any way diminish any rights of Participants to pursue their rights as general creditors of Nordson. 

  

	 	(d)	The Trustee shall resume the making of payments to Participants in accordance with Section 4 of this Trust Agreement only after the Trustee has determined that
Nordson is not Insolvent (or is not any longer Insolvent). 

 5.3 Provided that there are sufficient assets, if the Trustee discontinues payments under
the Covered Plans from the Trust pursuant to Section 5.2 hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Participants under the terms of
the Covered Plans for the period of such discontinuance, less the aggregate amount of any payments made to the Participants by Nordson in lieu of the payments provided for hereunder during any such period of discontinuance. 

Article 6. Reversion of Excess Assets 
 From time to time after the third anniversary of the first Change of Control occurring after the execution of this Trust Agreement, if and when requested by Nordson to do so, the Trustee shall engage the
services of the Accounting Firm, at the expense of Nordson, to determine the Aggregate Plan Liability (as defined in Section 15.2). If the Current Trust Asset Value at the time of the calculation exceeds 150% of the dollar amount of the
Aggregate Plan Liability and the Trustee is requested to do so by Nordson, the Trustee shall pay the amount of any such excess over 150% to Nordson. The Trustee shall determine, in its sole discretion, how the funds necessary to make any such
payment are to be raised from Trust assets. 
 Article 7. Payments to Nordson 

Except as provided in Article 3 or in Article 6, Nordson shall not have any right or power to direct the Trustee to return to Nordson or
to divert to others any of the Trust assets before all payments that may become payable to any and all Participants under the Covered Plans (as defined in Section 15.4) have been made to Participants. At such point in time as no further
payments are payable or may become payable in the future to or with respect to any Participant under any Covered Plan, the remaining assets of the Trust shall be paid to Nordson. 
 Article 8. Investment Authority 
 8.1 The Trustee shall invest and reinvest
the trust property, including any income accumulated and added to principal, only in (a) annuity or life insurance contracts that either have been contributed to the trust property by Nordson or are issued by one or more insurance companies
that are rated at least A++ by Best Life Insurance Reports; (b) interest-bearing deposit accounts or certificates issued or offered by any one or more Federal Deposit Insurance Corporation insured financial institutions having in each case a
high credit rating and a capital and surplus of at least $1,000,000,000 in the aggregate; (c) direct obligations of the United States of America, or obligations the payment of which is guaranteed, as to both principal and interest, by the
government or an agency of the government of the United States of America; (d) readily marketable debt securities listed on a United States national securities exchange (other than securities of Nordson) that are rated at least “investment
grade” by one or more nationally recognized rating agencies; or (e) shares or other units of participation in any mutual fund, investment trust, or common trust fund maintained by the Trustee, which are invested exclusively or
predominantly in assets described in the foregoing clauses (a) through (d) of this Section 8.1. In no event may the Trustee invest in securities (including stock or the right to acquire stock) or obligations issued by Nordson, other
than a de minimis amount held in common investment vehicles in which the Trustee invests. All rights associated with 

 
assets of the Trust shall be exercised by the Trustee or the person designated by the Trustee. The Trustee shall not be liable to any Participant for any insufficiency of the Trust property to
discharge all benefits due the same under the Covered Plans; rather, the liability for all such benefits shall be and remain the primary and ultimate responsibility of Nordson. Further, to the extent that Nordson has either contributed, or directed
the purchase of, annuity or life insurance contracts pursuant to this Section 8.1, then the Trustee, for all purposes of this Trust Agreement, shall be deemed to be a directed trustee as to those insurance contracts, shall have no investment
discretion over those insurance contracts, and shall have no other duties, responsibilities, or other obligations with respect to those insurance contracts. 
 8.2 The Trustee is empowered to register securities, and to take and hold title to other property, in the name of the Trustee or in the name of a nominee without disclosing the Trust. Securities also may
be held in bearer form and may be held in bulk with certificates of the same class and issuer which are assets of other fiduciary accounts. The Trustee shall be responsible for any wrongful acts of any nominee of the Trustee. 

8.3 The Trustee is empowered to take all actions necessary or advisable in order to collect any life insurance, annuity, or other
benefits or payments of which the Trustee is the designated beneficiary. 
 8.4 Nordson may maintain in force all life insurance
policies held in the Trust by paying premiums and other charges due thereon. If any such premiums or other charges are not paid directly by Nordson, the Trustee shall, to the extent it has cash or its equivalent readily available for the payment of
premiums due or policy loans and/or dividends are available for such purpose, pay premiums due with such cash or its equivalent or policy loans and/or dividends, as the Trustee may deem best; but if the Trustee does not have sufficient cash or its
equivalent readily available and policy loans and dividends are not available, then the Trustee shall dispose of or otherwise use other assets held by it in the Trust to generate the necessary cash or, if no such other assets are available, the
Trustee may surrender one or more of the life insurance policies in order to generate cash with which to pay premiums on one or more of the other life insurance policies. The Trustee shall have no liability to Nordson or any other person if, as a
result of an insufficiency of cash or its equivalent, policy loans and dividends, and assets that can be disposed of or otherwise used to generate cash, the Trustee is unable to pay premiums as they become due. 

8.5 The Trustee shall be named sole owner and beneficiary of each life insurance policy held in the Trust and shall have full authority
and power to exercise all rights of ownership relating to the policy, except that the Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a
different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy. 

8.6 The Trustee shall have the power to acquire additional life insurance coverage on Participants through application for new life
insurance. Prior to a Change in Control, the Trustee shall acquire any additional life insurance from the agent or agents designated by Nordson. After a Change in Control, the Trustee may acquire any additional life insurance from any agent or
agents that it, in its sole discretion, deems appropriate. 

 Article 9. Accounting by Trustee 

The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and other transactions required to be
made, including such specific records as shall be agreed upon in writing between Nordson and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by Nordson. Within 60 days following the
close of each calendar year and within 60 days after the removal or resignation of the Trustee, the Trustee shall deliver to Nordson a written account of its administration of the Trust during such year or during the period from the close of the
last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements, and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost
or net proceeds of such purchases or sales, and showing all cash, securities, and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. 

Article 10. Calculations of Current Trust Asset Value and Aggregate Plan Liability 

10.1 Any determination of the Current Trust Asset Value that is to be made before the occurrence of any Change of Control shall be made by
Nordson. After the occurrence of a Change of Control, all determinations of the Current Trust Asset Value shall be made by the Trustee and may be based on the determination of one or more qualified independent appraisers, consultants, or other
experts retained by the Trustee for that purpose. 
 10.2 Any determination of the Aggregate Plan Liability that is to be made
before the occurrence of any Change of Control shall be made by Nordson. After the occurrence of a Change of Control, all determinations of the Aggregate Plan Liability (as defined in Section 15.2) shall be made by the Trustee and may be based
on the determination of one or more qualified independent actuaries, consultants, or other experts retained by the Trustee for that purpose. All such determinations shall be based on the terms of the Covered Plans and the actuarial assumptions and
methodology set forth in Exhibit B. 
 10.3 Nordson shall pay all costs incurred in determining from time to time the Current
Trust Asset Value and/or the Aggregate Plan Liability. If not so paid, these costs shall be paid from the Trust. Nordson shall reimburse the Trust within 30 days after receipt of a bill from the Trustee for any such costs paid out of the Trust.

 Article 11. Responsibility of Trustee 

11.1 The Trustee shall act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person
acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant to a
direction, request, or approval that is contemplated by, and in conformity with, the terms of the Trust and is given in writing by Nordson prior to the occurrence of any Change of Control. In the event of a dispute between Nordson and any other
party, the Trustee may apply to a court of competent jurisdiction to resolve the dispute. 
 11.2 If the Trustee undertakes or
defends any litigation arising in connection with the Trust, Nordson agrees to indemnify the Trustee against the Trustee’s costs, expenses, and liabilities (including, without limitation, attorneys’ fees and expenses) relating thereto and
to be primarily liable for such payments. If such costs, expenses, and liabilities are not paid by Nordson in a reasonably timely manner, the Trustee may obtain payment from the Trust. Nordson shall reimburse the Trust within 30 days after receipt
of a bill from the Trustee for any such costs, expenses, and liabilities paid out of the Trust. 
 11.3 The Trustee may consult
with legal counsel (who may also be counsel for the Trustee generally) with respect to any of its duties or obligations hereunder. 
 11.4 The Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants, or other professionals to assist it in performing any of its duties or obligations hereunder,
including, without limitation, to assist it in enforcing against Nordson any of the obligations of Nordson under this Trust Agreement. 
 11.5 The Trustee shall have, without exclusion, all powers conferred on trustees by applicable law, unless expressly provided otherwise herein. 

11.6 Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not have
any power that could give the Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations
promulgated pursuant to the Internal Revenue Code nor shall the Trustee have any power to administer the Trust in a manner inconsistent with Section 409A of the Code or any regulations or other guidance issued thereunder. 

Article 12. Compensation and Expenses of Trustee 
 The Trustee shall be entitled to receive reasonable compensation for its services in accordance with its published fee schedule as in effect from time to time. The Trustee shall be entitled to receive its
reasonable expenses incurred with respect to the administration of the Trust, including fees incurred by the Trustee pursuant to Sections 11.3 and 11.4 of this Trust Agreement. Such compensation and expenses shall be payable by Nordson. If not so
paid, the fees and expenses shall be paid from the Trust. Nordson shall reimburse the Trust within 30 days after receipt of a bill from the Trustee for any such fees or expenses paid out of the Trust. 

 Article 13. Tenure and Succession of Trustee 

13.1 Nordson may remove any trustee from time to time serving under this Trust Agreement at any time upon giving 60 days written notice to
such trustee, and each trustee from time to time serving under this instrument shall have the right to resign by delivering a written notice of resignation to Nordson, except that: (a) Nordson shall not have any power to remove the Trustee at
any time after a Change of Control, and (b) no such removal or resignation shall become effective until the acceptance of the trust by a successor trustee designated in accordance with Section 13.2. 

13.2 If Key Trust Company of Ohio, N.A., or any successor to it designated in accordance with this Section 13.2, for any reason
shall decline, cease, or otherwise fail to serve as trustee, the vacancy in the trusteeship shall be filled by such bank or trust company, wherever located, having a capital and surplus of at least $25,000,000 in the aggregate, as shall be
designated by Nordson (if the designation is made prior to the occurrence of any Change of Control) or by the resigning Trustee (if the designation is made after the occurrence of any Change of Control). 

13.3 Upon acceptance of the Trust, each successor trustee shall be vested with the title to the Trust property possessed by the trustee
that it succeeds and shall have all the powers, discretion, and duties of such predecessor trustee. No successor trustee shall be required to furnish bond. 
 13.4 Each successor trustee may accept as complete and correct and may rely upon any accounting by any predecessor trustee and upon any statement or representation by any predecessor trustee as to the
assets comprising or any other matter pertaining to the administration of the Trust. No successor trustee shall be liable for any act or omission of any predecessor trustee or have any duty to enforce or seek to enforce any claim of any kind against
any predecessor trustee on account of any such act or omission. 
 Article 14. Amendment or Termination 

14.1 Except as provided in the second sentence of this Section 14.1, at any time before the occurrence of the first Change of Control
to occur after the execution of this Agreement, Nordson, in its sole discretion, may amend this Trust Agreement (including the exhibits hereto) in any manner and may terminate this Trust Agreement. If at any particular point in time (a) one or
more Funding Events have occurred, (b) one or more of those Funding Events has not yet been terminated, and (c) no Change of Control has occurred, then Nordson may not, at that particular time, terminate this Trust Agreement and may amend
this Trust Agreement only if and to the extent permitted by Section 14.2 below. 

 14.2 Whenever (a) one or more Funding Events have occurred, (b) one or more of
those Funding Events has not yet been terminated, and (c) no Change of Control has occurred, Nordson may not terminate this Trust Agreement but may add one or more additional plans or agreements to the class of Covered Plans and may amend this
Trust Agreement (including the exhibits hereto), provided that (x) Nordson determines, in the exercise of its reasonable discretion, that the amendment is in the best interests of the Participants, taken as a group, (y) no such amendment
shall remove any plan or agreement from the class of Covered Plans unless the plan has been terminated and there are no further obligations due or to become due thereunder to any Participant, and (z) no such amendment shall have the effect of
adding circumstances under which a Funding Event shall be deemed to have terminated, affect the determination of the Aggregate Plan Liability or the Full Funding amount so as to reduce these amounts, or in any manner permit the withdrawal or
diversion of assets from the Trust. 
 14.3 After a Change of Control has occurred, this Trust Agreement (including the exhibits
hereto) may not be amended or terminated except as provided in Section 14.5. 
 14.4 Unless earlier revoked pursuant to
Section 1.2, the Trust shall not terminate until the date on which Participants are no longer entitled to any further payments pursuant to the terms of any Covered Plans. Upon termination of the Trust on or after that date, any assets remaining
in the Trust shall be returned to Nordson. 
 14.5 Upon written approval of all Participants who are or may in the future be
entitled to receive any payment pursuant to the terms of any of the Covered Plans, Nordson may terminate the Trust prior to the time all payments that are or may become due in the future under the Covered Plans have been made. All assets in the
Trust at any such termination shall be returned to Nordson. 
 Article 15. Certain Definitions 

Certain capitalized terms not defined elsewhere in this Trust Agreement are defined in Article 15 below. 

15.1 From and after the occurrence of the first Change of Control to occur after the execution of this Trust Agreement, the term
“Accounting Firm” shall mean the independent auditors of Nordson for the fiscal year preceding the first year in which there occurred either (a) that Change of Control or (b) any Funding Event that had not terminated before the
occurrence of that Change of Control and such firm’s successor or successors; provided, however, if such firm is unable or unwilling to serve and perform in the capacity contemplated by this Trust Agreement, those members of the Board (as
constituted immediately before the Change of Control) who are not and have never been employees of Nordson shall select another national accounting firm of recognized standing to serve and perform in that capacity under this Trust Agreement, except
that such other accounting firm shall not be the then independent auditors for Nordson or any of its affiliates (as defined in Rule 12b-2 promulgated under the 1934 Act). 

15.2 The term “Aggregate Plan Liability” as at any time shall mean the maximum amount of payments that have not yet been paid
but could become payable in the future under the Covered Plans, determined as provided in Section 10.2. 

 15.3 A “Change of Control” shall mean the occurrence of one of the following
events: 
  

	 	(a)	a report is filed with the Securities and Exchange Commission on Schedule 13D or Schedule 14D-1 (or any successor schedule, form, or report), each as promulgated
pursuant to the 1934 Act, disclosing that any “person” (as the term “person” is used in Section 13(d) or Section 14(d)(2) of the 1934 Act) is or has become a beneficial owner, directly or indirectly, of securities of
Nordson representing 35% or more of the combined voting power of Nordson’s then outstanding securities; 

  

	 	(b)	Nordson is merged or consolidated with another corporation and, as a result thereof, securities representing less than 50% of the combined voting power of the surviving
or resulting corporation’s securities (or of the securities of a parent corporation in case of a merger in which the surviving or resulting corporation becomes a wholly-owned subsidiary of the parent corporation) are owned in the aggregate by
holders of Nordson’s securities immediately before such merger or consolidation; 

  

	 	(c)	all or substantially all of the assets of Nordson are sold in a single transaction or a series of related transactions to a single purchaser or a group of affiliated
purchasers; or 

  

	 	(d)	during any period of 24 consecutive months, individuals who were Directors of Nordson at the beginning of the period cease to constitute at least a majority of the
Board unless the election, or nomination for election by Nordson’s shareholders, of more than one half of any new Directors was approved by a vote of at least two-thirds of the Directors then still in office who were Directors at the beginning
of the 24 month period. 

 15.4 The term “Covered Plan” means any one of the plans and agreements
identified on Exhibit A, as the same may be amended from time to time in accordance with Sections 14.1 and 14.2 above. 
 15.5
The term “Full Funding Amount” as of any point in time shall mean an amount equal to 125% of the Aggregate Plan Liability as of that point in time. 
 15.6 A “Funding Event” shall be deemed to occur if and when there occurs any of the circumstances set forth in any of the following clauses (a) through (d): 

 

	 	(a)	Nordson enters into a definitive agreement pursuant to which Nordson is to be merged with or into, or to be consolidated with, or is to become the subsidiary of another
corporation and the definitive agreement contemplates that, immediately after giving effect to that transaction, securities representing less than 50% of the combined voting power of the surviving or resulting corporation’s securities (or of
the securities of a parent corporation in case of a merger in which the surviving or resulting corporation becomes a wholly-owned subsidiary of the parent corporation) will be owned in the aggregate by holders of Nordson’s securities
immediately before such merger or consolidation; 

	 	(b)	a tender offer or exchange offer is commenced providing for the acquisition of 35% or more of the combined voting power of Nordson’s then outstanding securities,
or any application, letter or notice is delivered to or filed with any state or federal authority indicating an intention to acquire 35% or more of the combined voting power of Nordson’s outstanding securities; 

 

	 	(c)	without the prior approval, solicitation or recommendation of the Board, any “person” (as the term “person” is used in Section 13(d) or
Section 14(d)(2) of the 1934 Act) makes a public announcement of a bona fide intention (i) to engage in a transaction that, if consummated, would constitute a Change of Control, (ii) to “solicit” (as defined in Rule 14a-1
under the 1934 Act) proxies in connection with a proposal that is not approved or recommended by the Board, or (iii) to engage in an election contest relating to the election of directors of Nordson which, if successful, would result in the
election of one or more directors not nominated by the Board; or 

  

	 	(d)	there is delivered to shareholders of Nordson proxy material soliciting approval of a plan providing for the dissolution of Nordson or for the sale, lease, exchange or
other disposal (in one transaction or in a series of related transactions) all or substantially all of the assets of Nordson. 

 15.7 A Funding Event shall be deemed to have “terminated:” 
  

	 	(a)	In the case of a Funding Event described in Section 15.6(a), upon the termination of the definitive agreement without the occurrence of a Change of Control.

  

	 	(b)	In the case of a Funding Event described in Section 15.6(b), upon the termination of the tender or exchange offer, or the withdrawal, rejection or denial of the
application, letter or notice, without the acquisition of 35% or more of the combined voting power of Nordson’s outstanding securities. 

  

	 	(c)	In the case of a Funding Event described in Section 15.6(c), upon the abandonment of the intention to engage in the transaction that, if consummated, would have
constituted a Change of Control, the termination of the solicitation without a shareholder vote, or the defeat by the shareholders of the proposal or the termination of the election contest without the election of any director not nominated by the
Board, as the case may be. 

  

	 	(d)	In the case of a Funding Event described in Section 15.6(d), upon the abandonment of the plan before a shareholder vote or the defeat by the shareholders of the
proposal to approve the plan. 

 15.8 The term “Internal Revenue Code” shall mean the Internal Revenue
Code of 1986, as amended. 
 15.9 The term “Person” shall mean a “person” as used in Section 13(d) and
Section 14(d)(2) of the 1934 Act. 

 15.10 The term “Participant” shall mean a person who is a participant in or party
to any of the Covered Plans. 
 15.11 The term “1934 Act” shall mean the Securities Exchange Act of 1934, as amended.

 16. Miscellaneous 
 16.1 Any action to be taken by Nordson hereunder shall be by action of the Chief Executive Officer or any Vice President of Nordson, except that the actions described in Sections 1.2, 13.1, 14.1, and 14.2
may be taken only by the Board of Directors of Nordson. 
 16.2 Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. 
 16.3 This Trust
Agreement shall be governed by and construed in accordance with the laws of the State of Ohio. 
 IN WITNESS WHEREOF, Nordson
and the Trustee have executed this Trust Agreement on the dates set forth below effective as of the date first above written. 
  

									
	Key Trust Company of Ohio, N.A.	 		 	Nordson Corporation
					
	By:	 	 	 		 	By:	 	 
					
	 Printed
 Name:
	 	 	 		 	 Printed
 Name:
	 	 
				
	Title:	 	 	 		 	Vice President, General Counsel and Secretary
					
	Date:	 	 	 		 	Date:	 	 

  

 EXHIBIT A 
 COVERED PLANS 
 Nordson Corporation Excess Defined Benefit Pension Plan

 Nordson Corporation 2005 Excess Defined Benefit Pension Plan 

Nordson Corporation 2005 Excess Defined Benefit Pension Plan (as Amended and Restated Effective January 1, 2009) 

Nordson Corporation Excess Defined Contribution Retirement Plan 
 Nordson Corporation 2005 Excess Defined Contribution Retirement Plan 
 Nordson
Corporation 2005 Excess Defined Contribution Retirement Plan (as Amended and Restated Effective January 1, 2009) 
 Nordson
Corporation Deferred Compensation Plan 
 Nordson Corporation 2005 Deferred Compensation Plan 

Nordson Corporation 2005 Deferred Compensation Plan (as Amended and Restated Effective January 1, 2009) 

Amended and Restated Nordson Corporation 2004 Long-Term Performance Plan 

Nordson Corporation 2012 Stock and Incentive Award Plan 
 2013 Directors Deferred Compensation Sub-Plan 
 Employment Agreement with Michael
F. Hilton 
 Supplemental Retirement Agreement with Michael F. Hilton 

Change-of-Control Retention Agreements with Executive Officers 

 EXHIBIT B 
 Assumptions and Methodology for 
 Determining Aggregate Plan Liability

  

	 	1.	The liability for benefits under each Covered Plan will be calculated using two different assumptions as to when Participants terminate service:

  

	 	(a)	As of the date of the first Change of Control occurring after the execution of this Trust Agreement. 

 

	 	(b)	Thirty months after the first Change of Control occurring after the execution of this Trust Agreement, assuming future compensation continues at current levels,
and future deferrals under deferred compensation plans continue pursuant to prior elections. 

 The
liability for accrued benefits under each Covered Plan will be the greater of the liabilities calculated in accordance with (a) and (b) above. 
  

	 	2.	Calculations will be based upon the most valuable optional form of payment available to the Participant. 

 

	 	3.	The liability for benefits under deferred compensation or other defined contribution Covered Plans shall be equal to the deferral or other account balances (vested and
unvested) of Participants as of the applicable date, plus projected deferrals expected to be made within 30 months after the applicable date pursuant to prior elections. Account balances of Participants under a Plan shall be calculated based on
crediting the highest rate of interest which may become payable to Participants under the Plan. 

  

	 	4.	The liability for benefits under other Covered Plans shall be equal to the present value of accrued benefits (vested and unvested) of Participants as of the relevant
dates under 1(a) or (b) above. 

  

	 	5.	No mortality is assumed prior to the commencement of benefits. Future mortality is assumed to occur in accordance with the 1983 Group Annuity Table Unisex Rates after
the commencement of benefits. 

  

	 	6.	The present value of amounts shall be determined using a discount rate equal to the then current Pension Benefit Guaranty Corporation immediate annuity rate for a
nonmultiemployer plan. 

  

	 	7.	In determining the dollar cost of providing any benefit that is to be provided in stock or the value of which is dependent upon the value of common shares of Nordson,
the dollar cost shall of providing those benefits shall be determined using a value for common shares of Nordson equal to 140% of the highest closing price for common shares of Nordson at any time within the six month period ending on the
determination date. 

  

	 	8.	Where left undefined above, calculations will be performed in accordance with generally accepted actuarial principles.EX-4(a)

 Exhibit 4(a) 

THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO POTASH CORPORATION OF SASKATCHEWAN INC. (“THE
COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN
THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 No. _____ 
  

			
	Registered	  	
	CUSIP No. _______	  	Principal Amount: $____________

 POTASH CORPORATION OF SASKATCHEWAN INC. 

3.625% Notes due March 15, 2024 

POTASH CORPORATION OF SASKATCHEWAN INC., a Canadian corporation (hereinafter called the “Company,” which term shall include any
successor entity under the Indenture), for value received, hereby promises to pay to Cede & Co., as nominee for DTC, or registered assigns, upon presentation, the principal sum of __________DOLLARS ($_________) on March 15, 2024 and to
pay interest thereon from September 15, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on March 15 and September 15 in each year, commencing
September 15, 2014, at the rate of 3.625% per annum, until the entire principal amount hereof is paid or made available for payment. 

 The interest so payable, and punctually paid or duly provided for on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1 or
September 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record
Date, and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not more than 15 days and not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of the principal of, interest on and Additional Amounts, if any, with respect to this global Security will be paid to DTC for
the purpose of permitting DTC to credit the principal and interest received by it in respect of this global Security to the accounts of the beneficial owners thereof; provided, however, that if this Security is not a global Security,
payment of the principal of, interest on and Additional Amounts, if any, with respect to this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Indenture, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; and provided, further, that at the option of the Company payment of interest may be made by (a) check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (b) transfer to an account of the Person entitled thereto located inside the United States. 

Additional provisions of this Security are set forth following the signature page hereof, which provisions shall for all purposes have the
same effect as if set forth at this place. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed this 7th day of March, 2014. 
  

			
	 POTASH CORPORATION OF
 SASKATCHEWAN
INC.

		
	By:	 	 
	Name:	 	Wayne R. Brownlee
	Title:	 	 Executive Vice President, Treasurer
 and
Chief Financial Officer

  

			
		
	By:	 	 
	Name:	 	Joseph A. Podwika
	Title:	 	 Senior Vice President, General
 Counsel and
Secretary

  
 3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one or all of the Securities of the series designated “3.625% Notes due March 15, 2024” pursuant to the within-mentioned
Indenture. 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 

 

			
		
	By:	 	 
	Authorized Signatory

  
 4 

 POTASH CORPORATION OF SASKATCHEWAN INC. 

3.625% Notes due March 15, 2024 

This Security is one or all of a duly authorized issue of securities of the Company (herein called the “Securities”)
issued and to be issued in one or more series under an Indenture, dated as of February 27, 2003 (herein called the “Indenture”), between the Company and U.S. Bank National Association (as successor trustee to The Bank of Nova
Scotia Trust Company of New York), as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one or all of the series designated as the “3.625% Notes due March 15, 2024.” 
 At any time prior to
December 15, 2023, the Securities in this series are redeemable, in whole or in part, at the Company’s option at any time and from time to time at a Redemption Price equal to the greater of (i) 100% of the principal amount of the
Securities to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined below) discounted to the relevant Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate (as defined below) plus 15 basis points, together with, in each case, accrued and unpaid interest on the principal amount of the Securities to be redeemed to the Redemption Date. 

At any time on or after December 15, 2023, the Securities will be redeemable in whole at any time or in part from time to time, at the
Company’s option, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 

In connection with such optional redemption, the following defined terms apply: 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual
equivalent yield to maturity (computed as of the third Business Day immediately preceding that Redemption Date) or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date.  
 “Comparable
Treasury Issue” means the United States Treasury security or securities selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Securities of this series.  

“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of the Reference Treasury
Dealer Quotations for that Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Independent 

  
 5 

 
Investment Banker for the Securities obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the
“Independent Investment Banker.”  
 “Reference Treasury Dealer” means Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC and their respective successors and one other nationally recognized investment banking firm that is a primary U.S. Government securities dealer in New
York City (herein called a “Primary Treasury Dealer”) specified from time to time by the Company; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall
substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.  

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding that Redemption Date.  

“Remaining Scheduled Payments” means, with respect to each Security to be redeemed, the remaining scheduled payments
of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if that Redemption Date is not an Interest Payment Date with respect to such Security,
the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date. 

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Securities
in this series to be redeemed. On and after any Redemption Date, interest will cease to accrue on the Securities in this series or any portion thereof called for redemption. On or before any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent money sufficient to pay the Redemption Price of and accrued interest on the Securities in this series to be redeemed on such date. If less than all the Securities in this series are to be redeemed, the Securities to be
redeemed shall be selected by the Trustee at the Company’s direction by such method as the Company and the Trustee shall deem fair and appropriate. The Redemption Price shall be calculated by the Independent Investment Banker, and the Company,
the Trustee and any Paying Agent for the Securities of this series shall be entitled to rely on such calculation. 
 If a Change of Control
Triggering Event occurs, unless the Company has exercised its right to redeem the Securities as described above, it will be required to make an offer to repurchase all, or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof), of each Holder’s Securities pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment in cash
equal to 101% of the aggregate principal amount of Securities repurchased 

  
 6 

 
plus accrued and unpaid interest, if any, on the Securities repurchased, to the date of purchase (the “Change of Control Payment”). 

Within 30 days following any Change of Control Triggering Event, the Company will be required to mail a notice to Holders of Securities
describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days
from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required herein and described in such notice. The Company must comply with the requirements of Rule 14e-1 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result
of a Change of Control Triggering Event. To the extent that the provisions of any applicable securities laws or regulations conflict with the Change of Control provisions herein, the Company will be required to comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts. 

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to: 

(a) accept for payment all Securities or portions of Securities properly tendered pursuant to the Change of Control Offer; 

(b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities or portions of Securities
properly tendered; and 
 (c) deliver or cause to be delivered to the Trustee the Securities properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Securities or portions of Securities being purchased by the Company. 

The Paying Agent will be required to mail promptly to each Holder who properly tendered Securities the purchase price for such Securities and
the Trustee will be required to authenticate and mail (or cause to be transferred by book entry) promptly to each such Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided
that each new Security will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 For purposes of
the foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable: 
 “Below Investment
Grade Rating Event” means the rating on the Securities is changed from an Investment Grade Rating to below an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an
arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Securities is under
publicly announced consideration for possible downgrade by any of the Rating Agencies). 

  
 7 

 “Change of Control” means the occurrence of any of the following: (1) the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger, amalgamation, arrangement or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s properties or
assets and those of its subsidiaries taken as a whole to any Person other than the Company or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger, amalgamation, arrangement or
consolidation) the result of which is that any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting power in the aggregate of all classes of the Company’s voting stock normally entitled to vote in
elections of directors; or (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of
Directors who (1) was a member of such Board of Directors on March 4, 2014; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such
Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such
nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s
and BBB- (or the equivalent) by S&P. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Person” means any individual, partnership, corporation, limited liability company, joint stock company, business trust,
trust, unincorporated association, joint venture or other entity, or a government or political subdivision or agency thereof. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to
rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the
Exchange Act, selected by the Company (as certified by a resolution of its Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

The failure by the Company to comply with its obligations in the event of a Change of Control Triggering Event described above will constitute
an Event of Default with respect to the Securities. 

  
 8 

 The Indenture contains provisions for defeasance of (a) the entire indebtedness of the
Company on this Security and (b) certain restrictive covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which
provisions apply to this Security. This Security is not subject to repayment at the Holder’s option. 
 If an Event of Default with
respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Notwithstanding the previous
sentence, if an Event of Default occurs as a result of the failure by the Company to comply with its obligations in the event of a Change of Control Triggering Event as described above, the principal of, and any premium and accrued interest on the
Securities will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of the Securities. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this series at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any interest on or after the respective due dates expressed herein. 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders
of not less than a majority in principal amount of the Outstanding Securities. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities at the time Outstanding, on behalf of the
Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 9 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any Place of Payment where the principal of and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Securities of this series, of authorized denomination and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary. 

The obligations of the Company under the Indenture and this Security and all documents delivered in the name of the Company in connection
herewith and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the Company or any of them, and shall not involve any claim against or personal liability on the part of any
of them, and all persons including the Trustee shall look solely to the assets of the Company for the payment of any claim thereunder or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or
shareholders of the Company or any of them or any of their personal assets for such satisfaction. The performance of the obligations of the Company under the Indenture and this Security and all documents delivered in the name of the Company in
connection therewith shall not be deemed a waiver of any rights or powers of the Company or its directors or its shareholders under the Company’s Articles of Continuance. 

All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the law of the State of New
York. 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
“CUSIP” numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the 

  
 10 

 
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers printed hereon. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 11 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers unto 
 PLEASE INSERT
SOCIAL 
 SECURITY OR OTHER IDENTIFYING 
 NUMBER OF ASSIGNEE

  
  

 
  

(Please Print or Typewrite Name and Address, including Zip Code, of Assignee) 
  

 
 the within Security
of Potash Corporation of Saskatchewan Inc. and __________ __ 
 hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer said Security on the books of the within-named Company 

with full power of substitution in the premises 
  

			
	 Dated: 
	  	 

  

			
	 Signature 
	  	 

 NOTICE: The signature to this assignment must correspond with the name as it 

appears on the first page of the within Security in every particular, without 

alteration or enlargement or any change whatever. 
 Signature
Guaranteed:___________________________________________________ 
 NOTICE: Signature(s) must be guaranteed by an “eligible guarantor
institution” 
 that is a member or participant in a “signature guarantee program” (e.g., the 

Securities Transfer Agents Medallion Program, the Stock Exchange Medallion 

Program and the New York Stock Exchange Medallion Program). 

  
 12

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