Document:

2011 Inducement Stock Plan.

 Exhibit 10.1 
 NEUROGESX, INC. 
 2011 INDUCEMENT STOCK PLAN 

1. Purposes of the Plan. The purposes of this Plan are to provide a material inducement for the best available individuals to
enter into the employment of the Company and thereby to promote the success of the Company’s business. The Plan shall be used exclusively for “employment inducement grants” within the meaning of The NASDAQ Stock Market Listing Rule
5635(c)(4). The Plan permits the grant of Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units and Performance Shares. 

2. Definitions. As used herein, the following definitions will apply: 

(a) “Administrator” means the Company’s independent compensation committee or a majority of the Company’s
Independent Directors, as will be administering the Plan in accordance with Section 4 of the Plan. 
 (b)
“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the
Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 
 (c) “Award” means, individually or collectively, a grant under the Plan of Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance
Units or Performance Shares. 
 (d) “Award Agreement” means the written or electronic agreement setting forth
the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 
 (e) “Board” means the Board of Directors of the Company. 
 (f)
“Change in Control” means the occurrence of any of the following events: 
 (i) Any “person” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or
more of the total voting power represented by the Company’s then outstanding voting securities; 
 (ii) The consummation
of the sale or disposition by the Company of all or substantially all of the Company’s assets; 
 (iii) A change in the
composition of the Board occurring within a two (2)-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the
effective date of the 

 
Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but
will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or 

(iv) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation 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 or its parent) at least fifty
percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 

(g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a
reference to any successor or amended section of the Code. 
 (h) “Common Stock” means the common stock of the
Company. 
 (i) “Company” means NeurogesX, Inc., a Delaware corporation, or any successor thereto. 

(j) “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render
services to such entity. 
 (k) “Director” means a member of the Board. 

(l) “Disability” means total and permanent disability, as the Administrator in its discretion may determine in
accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 
 (m)
“Employee” means any person, including Officers, employed by the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.

 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(o) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange
or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

  
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 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling
prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in The Wall Street Journal or such other source as the
Administrator deems reliable; or 
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value
will be determined in good faith by the Administrator. 
 (p) “Fiscal Year” means the fiscal year of the
Company. 
 (q) “Independent Director” means an Independent Director as defined in The NASDAQ Stock Market
Listing Rule 5605(a)(2). 
 (r) “Nonstatutory Stock Option” means an Option that by its terms does not qualify
or is not intended to qualify as an Incentive Stock Option. 
 (s) “Officer” means a person who is an officer
of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

(t) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
 (u) “Participant” means the holder of an outstanding Award. 

(v) “Performance Goals” means the attainment of performance goals related to the Company as a whole or a business unit
of the Company, which may be measured relative to a peer group or index, may provide for a targeted level or levels of achievement, and may differ from Participant to Participant and from Award to Award. 

(w) “Performance Period” means any Fiscal Year or such longer or shorter period as determined by the Administrator in
its sole discretion. 
 (x) “Performance Share” means an Award denominated in Shares which may be earned in
whole or in part upon attainment of Performance Goals or other vesting criteria as the Administrator may determine pursuant to Section 10. 
 (y) “Performance Unit” means an Award which may be earned in whole or in part upon attainment of Performance Goals or other vesting criteria as the Administrator may determine and which
may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10. 
 (z)
“Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based
on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator. 
 (aa) “Plan” means this 2011 Inducement Stock Plan. 

  
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 (bb) “Restricted Stock” means Shares issued pursuant to a Restricted Stock
award under Section 7 of the Plan, or issued pursuant to the early exercise of a Nonstatutory Stock Option. 
 (cc)
“Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 8. Each Restricted Stock Unit represents an unfunded and unsecured obligation of
the Company. 
 (dd) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in
effect when discretion is being exercised with respect to the Plan. 
 (ee) “Section 16(b)” means
Section 16(b) of the Exchange Act. 
 (ff) “Service Provider” means an Employee, Director or Consultant.

 (gg) “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 of the Plan.

 (hh) “Stock Appreciation Right” means an Award, granted alone or in connection with a Nonstatutory Stock
Option, that pursuant to Section 9 is designated as a Stock Appreciation Right. 
 (ii) “Subsidiary” means
a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 3.
Stock Subject to the Plan. 
 (a) Stock Subject to the Plan. Subject to
the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be issued under the Plan is 1,000,000 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock. 

(b) Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, or, with respect to
Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares, is forfeited to or repurchased by the Company due to failure to vest, the unpurchased Shares (or for Awards other than Nonstatutory Stock Options or Stock
Appreciation Rights the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually
issued pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that
have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock,
Restricted Stock Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to the Company, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or
to satisfy the tax withholding obligations related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing
the number of Shares available for issuance under the Plan. 

  
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 (c) Share Reserve. The Company, during the term of this Plan, will at all times
reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan. 
 4.
Administration of the Plan. 
 (a) Procedure. 

(i) Administrator. Absent establishment by the Board of another qualifying administrator, the Company’s independent
compensation committee shall be the Administrator. 
 (ii) Rule 16b-3. To the extent desirable to qualify transactions
hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3. 
 (b) Powers of the Administrator. Subject to the provisions of the Plan, the Administrator will have the authority, in its discretion: 

(i) to determine the Fair Market Value; 
 (ii) to select the individuals to whom Awards may be granted hereunder; 
 (iii)
to determine the number of Shares to be covered by each Award granted hereunder; 
 (iv) to approve forms of Award Agreements
for use under the Plan; 
 (v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award
granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture
restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine; 
 (vi) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 
 (vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or
for qualifying for favorable tax treatment under applicable foreign laws; 
 (viii) to modify or amend each Award (subject to
Section 18(c) of the Plan), including the discretionary authority to extend the post-termination exercisability period of Awards; 
 (ix) to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section 14; 

  
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 (x) to authorize any person to execute on behalf of the Company any instrument required to
effect the grant of an Award previously granted by the Administrator; 
 (xi) to allow a Participant to defer the receipt of
the payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award pursuant to such procedures as the Administrator may determine; and 

(xii) to make all other determinations deemed necessary or advisable for administering the Plan. 

(c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be
final and binding on all Participants and any other holders of Awards. 
 5. Eligibility. Awards may only be granted to
an individual in compliance with the rules for “employment inducement grants” under The NASDAQ Stock Market Listing Rule 5635(c)(4). These rules currently require that: (a) the individual receiving the Award was not previously an
Employee or Director or the individual is returning to the employment of the Company following a bonafide period of non-employment with the Company; and (b) the grant of an Award under the Plan is a material inducement to the individual’s
decision to enter into the employment of the Company. 
 6. Stock Options. 

(a) Number of Shares. The Administrator will have complete discretion to determine the number of Shares subject to a Nonstatutory
Stock Option granted to any Participant. 
 (b) Term of Option. The term of each Nonstatutory Stock Option will be stated
in the Award Agreement. 
 (c) Option Exercise Price and Consideration. 

(i) Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of a Nonstatutory Stock Option
will be determined by the Administrator, subject to the following: 
 (1) The per Share exercise price will be no less than one
hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
 (2) Notwithstanding the foregoing,
Nonstatutory Stock Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with,
Section 424(a) of the Code. 
 (ii) Waiting Period and Exercise Dates. At the time a Nonstatutory Stock Option is
granted, the Administrator will fix the period within which the Nonstatutory Stock Option may be exercised and will determine any conditions that must be satisfied before the Nonstatutory Stock Option may be exercised. 

  
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 (iii) Form of Consideration. The Administrator will determine the acceptable form of
consideration for exercising a Nonstatutory Stock Option, including the method of payment. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note; (4) other Shares, provided that such Shares have a
Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Nonstatutory Stock Option will be exercised and provided that accepting such Shares will not result in any adverse accounting
consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under a broker-assisted (or other) cashless exercise program implemented by the Company in connection with the Plan;
(6) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or (7) any combination of the foregoing methods of payment. 

(d) Exercise of Option. 
 (i) Procedure for Exercise; Rights as a Stockholder. Any Nonstatutory Stock Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such
conditions as determined by the Administrator and set forth in the Award Agreement. A Nonstatutory Stock Option may not be exercised for a fraction of a Share. 
 A Nonstatutory Stock Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to
exercise the Nonstatutory Stock Option, and (ii) full payment for the Shares with respect to which the Nonstatutory Stock Option is exercised (together with applicable withholding taxes). Full payment may consist of any consideration and method
of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of a Nonstatutory Stock Option will be issued in the name of the Participant or, if requested by the Participant, in the name
of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other
rights as a stockholder will exist with respect to the Shares subject to a Nonstatutory Stock Option, notwithstanding the exercise of the Nonstatutory Stock Option. The Company will issue (or cause to be issued) such Shares promptly after the
Nonstatutory Stock Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan. 

Exercising a Nonstatutory Stock Option in any manner will decrease the number of Shares thereafter available, both for purposes of the
Plan and for sale under the Nonstatutory Stock Option, by the number of Shares as to which the Nonstatutory Stock Option is exercised. 
 (ii) Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s
death or Disability, the Participant may exercise his or her Nonstatutory Stock Option within such period of time as is specified in the Award Agreement to the extent that the Nonstatutory Stock Option is vested on the date of termination (but in no
event later than the expiration of the term of such Nonstatutory Stock Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Nonstatutory Stock Option will remain exercisable for

  
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three (3) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her
entire Nonstatutory Stock Option, the Shares covered by the unvested portion of the Nonstatutory Stock Option will revert to the Plan. If after termination the Participant does not exercise his or her Nonstatutory Stock Option within the time
specified by the Administrator, the Nonstatutory Stock Option will terminate, and the Shares covered by such Nonstatutory Stock Option will revert to the Plan. 
 (iii) Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Nonstatutory Stock Option
within such period of time as is specified in the Award Agreement to the extent the Nonstatutory Stock Option is vested on the date of termination (but in no event later than the expiration of the term of such Nonstatutory Stock Option as set forth
in the Award Agreement). In the absence of a specified time in the Award Agreement, the Nonstatutory Stock Option will remain exercisable for twelve (12) months following the Participant’s termination. Unless otherwise provided by the
Administrator, if on the date of termination the Participant is not vested as to his or her entire Nonstatutory Stock Option, the Shares covered by the unvested portion of the Nonstatutory Stock Option will revert to the Plan. If after termination
the Participant does not exercise his or her Nonstatutory Stock Option within the time specified herein, the Nonstatutory Stock Option will terminate, and the Shares covered by such Nonstatutory Stock Option will revert to the Plan. 

(iv) Death of Participant. If a Participant dies while a Service Provider, the Nonstatutory Stock Option may be exercised
following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Nonstatutory Stock Option is vested on the date of death (but in no event may the Nonstatutory Stock Option be exercised
later than the expiration of the term of such Nonstatutory Stock Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form
acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Nonstatutory Stock Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the
Nonstatutory Stock Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Nonstatutory Stock Option will remain
exercisable for twelve (12) months following Participant’s death. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Nonstatutory Stock Option, the Shares covered by
the unvested portion of the Nonstatutory Stock Option will immediately revert to the Plan. If the Nonstatutory Stock Option is not so exercised within the time specified herein, the Nonstatutory Stock Option will terminate, and the Shares covered by
such Nonstatutory Stock Option will revert to the Plan. 
 7. Restricted Stock. 

(a) Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to
time, may grant Shares of Restricted Stock to eligible individuals in such amounts as the Administrator, in its sole discretion, will determine. 

  
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 (b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by
an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the
Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed. 
 (c)
Transferability. Except as provided in this Section 7, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

(d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted
Stock as it may deem advisable or appropriate. 
 (e) Removal of Restrictions. Except as otherwise provided in this
Section 7, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may
determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 

(f) Voting Rights. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may
exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 
 (g) Dividends and
Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides
otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 

(h) Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which
restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. 
 8.
Restricted Stock Units. 
 (a) Grant. Restricted Stock Units may be granted at any time and from time to time as
determined by the Administrator. After the Administrator determines that it will grant Restricted Stock Units under the Plan, it shall advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant,
including the number of Restricted Stock Units and the form of payout, which, subject to Section 8(d), may be left to the discretion of the Administrator. 
 (b) Vesting Criteria and Other Terms. The Administrator shall set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of
Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment), or any
other basis determined by the Administrator in its discretion. 

  
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 (c) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the
Participant shall be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting
criteria that must be met to receive a payout. 
 (d) Form and Timing of Payment. Payment of earned Restricted Stock
Units shall be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may only settle earned Restricted Stock Units in cash, Shares, or a
combination of both. 
 (e) Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock
Units shall be forfeited to the Company. 
 9. Stock Appreciation Rights. 

(a) Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted
to eligible individuals at any time and from time to time as will be determined by the Administrator, in its sole discretion. 

(b) Number of Shares. The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted
to any Participant. 
 (c) Exercise Price and Other Terms. The per share exercise price for the Shares to be issued
pursuant to exercise of a Stock Appreciation Right shall be determined by the Administrator and shall be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to
the provisions of the Plan, shall have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan. 
 (d) Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right,
the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(e) Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date
determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) also will apply to Stock Appreciation Rights. 

  
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 (f) Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation
Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times 
 (ii) The number
of Shares with respect to which the Stock Appreciation Right is exercised. 
 At the discretion of the Administrator, the
payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof. 

10. Performance Units and Performance Shares. 
 (a) Grant of Performance Units/Shares. Performance Units and Performance Shares may be granted to eligible individuals at any time and from time to time, as will be determined by the Administrator,
in its sole discretion. The Administrator will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant. 
 (b) Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before the date of grant. Each Performance Share will have an
initial value equal to the Fair Market Value of a Share on the date of grant. 
 (c) Performance Objectives and Other
Terms. The Administrator will set performance objectives or other vesting provisions (including, without limitation, continued status as an Employee) in its discretion which, depending on the extent to which they are met, will determine the
number or value of Performance Units/Shares that will be paid out to the Participants. Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as
the Administrator, in its sole discretion, will determine. The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual goals, applicable federal or state securities laws, or any other basis
determined by the Administrator in its discretion. 
 (d) Earning of Performance Units/Shares. After the applicable
Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent
to which the corresponding performance objectives or other vesting provisions have been achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting
provisions for such Performance Unit/Share. 
 (e) Form and Timing of Payment of Performance Units/Shares. Payment of
earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form of cash, in Shares (which
have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 

  
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 (f) Cancellation of Performance Units/Shares. On the date set forth in the Award
Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. 
 11. Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A
Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company, or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. 

12. Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award
transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate. 
 13.
Adjustments; Dissolution or Liquidation; Merger or Change in Control. 
 (a) Adjustments. In the event that any
dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or
exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, shall adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award, and the numerical Share limits set forth
in Section 3 of the Plan. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation
of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the
consummation of such proposed action. 
 (c) Change in Control. In the event of a merger or Change in Control, each
outstanding Award will be treated as the Administrator determines, including, without limitation, that each Award be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor
corporation. The Administrator shall not be required to treat all Awards similarly in the transaction. 
 In the event that the
successor corporation does not assume or substitute for the Award, the Participant will fully vest in and have the right to exercise all of his or her outstanding Nonstatutory Stock Options and Stock Appreciation Rights, including Shares as to which
such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all Performance Goals or other vesting criteria will be
deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if a Nonstatutory Stock Option or Stock Appreciation Right is not assumed or substituted in the event of a Change in Control,
the 

  
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Administrator will notify the Participant in writing or electronically that the Nonstatutory Stock Option or Stock Appreciation Right will be fully vested and exercisable for a period of time
determined by the Administrator in its sole discretion, and the Nonstatutory Stock Option or Stock Appreciation Right will terminate upon the expiration of such period. 
 For the purposes of this subsection (c), an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award
immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of
the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of a Nonstatutory Stock Option or Stock Appreciation Right or upon the
payout of a Restricted Stock Unit, Performance Unit or Performance Share, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received
by holders of Common Stock in the Change in Control. 
 Notwithstanding anything in this Section 13(c) to the contrary, an
Award that vests, is earned or paid-out upon the satisfaction of one or more Performance Goals will not be considered assumed if the Company or its successor modifies any of such Performance Goals without the Participant’s consent; provided,
however, a modification to such Performance Goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 

14. Tax. 

(a) Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company
will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to
be withheld with respect to such Award (or exercise thereof). 
 (b) Withholding Arrangements. The Administrator, in its
sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have
the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld, or (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the
minimum statutory amount required to be withheld. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld. 

(c) Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from
the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise

  
 -13-

 
determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and
interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award
will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code
Section 409A. 
 15. No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a
Participant any right with respect to continuing the Participant’s relationship as an Employee of the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at
any time, with or without cause, to the extent permitted by Applicable Laws. 
 16. Date of Grant. The date of grant of
an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant
within a reasonable time after the date of such grant. 
 17. Term of Plan. The Plan will become effective upon its
adoption by the Board. It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under Section 18 of the Plan. 

18. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 
 (b) Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws. 

(c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of
any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s
ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 
 19. Conditions Upon Issuance of Shares. 
 (a) Legal Compliance.
Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance. 
 (b) Investment Representations. As a condition to the exercise of an Award, the
Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the
opinion of counsel for the Company, such a representation is required. 

  
 -14-

 20. Inability to Obtain Authority. The inability of the Company to obtain authority
from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to
issue or sell such Shares as to which such requisite authority will not have been obtained. 

  
 -15-First Amending Agreement, made as of September 23, 2011

 Exhibit 4(a) 

 

	
	  
 U.S.$2,750,000,000 REVOLVING TERM CREDIT FACILITY
  

 CREDIT AGREEMENT 
 BETWEEN 
 POTASH CORPORATION OF SASKATCHEWAN INC. 

as Borrower 

AND 

THE BANK OF NOVA SCOTIA, 
 BANK OF MONTREAL, 
 ROYAL BANK OF CANADA, 

EXPORT DEVELOPMENT CANADA, 
 CANADIAN IMPERIAL BANK OF COMMERCE, 
 RABOBANK NEDERLAND, CANADIAN BRANCH,

 THE TORONTO-DOMINION BANK, 
 GOLDMAN SACHS LENDING PARTNERS LLC, 
 MORGAN STANLEY BANK, N.A.,

 UBS AG CANADA BRANCH, 
 BANK OF AMERICA, N.A., CANADA BRANCH, 
 HSBC BANK CANADA, 

BANK OF TOKYO-MITSUBISHI UFJ (CANADA), 
 SUMITOMO MITSUI BANKING CORPORATION OF CANADA, 
 COMERICA BANK

 and such other persons as become parties hereto 

as Lenders 

AND 

THE BANK OF NOVA SCOTIA 
 as Agent of the Lenders 
 FIRST AMENDING AGREEMENT MADE AS OF SEPTEMBER
23, 2011 TO THE CREDIT 
 AGREEMENT MADE AS OF DECEMBER 11, 2009 

 

	
	  
 THE BANK OF NOVA SCOTIA
 as Administrative Agent

 
 THE BANK OF NOVA SCOTIA, BANK OF MONTREAL and RBC
CAPITAL MARKETS
 as Joint Lead Arrangers and Joint Bookrunners

 
 BANK OF MONTREAL and ROYAL BANK OF
CANADA
 as Co-Syndication Agents
  

 FIRST AMENDING AGREEMENT 

THIS AGREEMENT is made as of September 23, 2011 
 BETWEEN: 
 POTASH CORPORATION OF SASKATCHEWAN INC., a corporation subsisting
under the laws of Canada (hereinafter referred to as the “Borrower”), 
 OF THE FIRST PART, 

- and - 
 THE
FINANCIAL INSTITUTIONS SET FORTH ON THE SIGNATURE PAGES HEREOF UNDER THE HEADING “LENDERS:” (hereinafter referred to collectively as the “Lenders” and individually as a “Lender”), 

OF THE SECOND PART, 
 - and - 
 THE BANK OF NOVA SCOTIA, a Canadian chartered bank, as agent of
the Lenders (hereinafter referred to as the “Agent”), 
 OF THE THIRD PART. 

WHEREAS each of Sumitomo Mitsui Banking Corporation of Canada and Comerica Bank (collectively, the “New Lenders”) has
agreed to provide a Commitment and to become a Lender in accordance with the terms of the Credit Agreement; 
 AND WHEREAS
certain of the existing Lenders have agreed to increase their existing Commitments; 
 AND WHEREAS the parties hereto have
agreed to amend and supplement certain provisions of the Credit Agreement as hereinafter set forth; 
 NOW THEREFORE THIS
AGREEMENT WITNESSES that in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the
parties hereto covenant and agree as follows: 
  

	1.	Interpretation 

1.1.            In this Agreement and the recitals hereto, unless something in the subject
matter or context is inconsistent therewith: 

 “Agreement” means this agreement, as amended, modified, supplemented or restated from time
to time. 
 “Credit Agreement” means the credit agreement made as of December 11, 2009 between the Borrower, certain of
the Lenders and the Agent. 
 1.2.           Capitalized terms used herein without
express definition shall have the same meanings herein as are ascribed thereto in the Credit Agreement. 

1.3.           The division of this Agreement into Sections and the insertion of headings are for
convenience of reference only and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement and not to any
particular Section or other portion hereof and include any agreements supplemental hereto. 

1.4.           This Agreement shall be governed by and construed in accordance with the laws of
the Province of Ontario and the federal laws of Canada applicable therein. 
  

	2.	Amendments and Supplements 

2.1.           Decrease in Margins.  The definition of “Applicable
Pricing Rate” contained in Section 1.1 of the Credit Agreement is hereby amended to delete the chart contained therein in its entirety and to substitute the following chart therefor: 

 

											
	S&P Rating	 	 Margin on
Canadian
 Prime Rate Loans
 and U.S. Base Rate Loans
	 	  	 	 Margin on Libor
Loans
 and Acceptance Fees for
 Bankers’ Acceptances
	 	  	 	 Standby Fee on
 Credit Facility

	A or above	 	0.00% per annum	 	 	 	0.85% per annum	 	 	 	0.1700% per annum
	A-	 	0.00% per annum	 	 	 	1.00% per annum	 	 	 	0.2000% per annum
	BBB+	 	0.25% per annum	 	 	 	1.25% per annum	 	 	 	0.2500% per annum
	BBB	 	0.50% per annum	 	 	 	1.50% per annum	 	 	 	0.3000% per annum
	 BBB- or
below or if         not rated by
 S&P
	 	0.75% per annum	 	 	 	1.75% per annum	 	 	 	0.3500% per annum

 2.2.           Extension of Maturity
Date.  The definition of “Maturity Date” contained in Section 1.1 of the Credit Agreement is hereby amended to delete “December 11, 2012” therefrom and to substitute the date “December 11, 2016”
therefor. The parties hereto confirm and agree that the Maturity Date shall be and is hereby extended to December 11, 2016. 

2.3.           Increase in Credit Facility.  The existing definition of
“Credit Facility” contained in Section 1.1 of the Credit Agreement is hereby amended to delete “U.S.$2,500,000,000” where it 

  
 2 

 
appears in the first line thereof and to substitute therefor the amount of “U.S.$2,750,000,000”. The parties hereto hereby confirm and agree that the maximum principal amount of the
Credit Facility is hereby increased to U.S.$2,750,000,000 from U.S.$2,500,000,000. 

2.4.           Addition of New Lenders. 

 

	 	(a)	Addition of New Lenders.  The parties hereto hereby confirm and agree that, from and after the date hereof, each of the New Lenders shall be a
Lender for all purposes of the Credit Agreement and the other Documents having the Commitment set forth opposite its name on Schedule A hereto and all references herein or therein to “Lenders” or a “Lender” shall be deemed to
include the New Lenders. 

  

	 	(b)	Novation of New Lenders.  Each New Lender hereby agrees that it will be bound by the Credit Agreement and the other Documents as a Lender to the
extent of its Commitment as fully as if it had been an original party to the Credit Agreement. 

  

	 	(c)	The Agent.  Without in any way limiting the other provisions hereof, each New Lender irrevocably appoints and authorizes the Agent to take such
action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with
the provisions of the Credit Agreement. 

  

	 	(d)	Independent Credit Decision.  Each New Lender and, with respect to the increase in its Commitment, each Lender which has increased its
Commitment pursuant hereto, acknowledges to the Agent that such New Lender and each Lender which has increased its Commitment pursuant hereto has itself been, and will continue to be, solely responsible for making its own independent appraisal of
and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of the Borrower and its Subsidiaries, all of the matters and transactions contemplated herein and in the Credit Agreement and other Documents
and all other matters incidental to the Credit Agreement and the other Documents. Each New Lender and each Lender which has increased its Commitment pursuant hereto confirms with the Agent that it does not rely, and it will not hereafter rely, on
the Agent: 

  

	 	(i)	to check or inquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower, its Subsidiaries or any other person under or
in connection with the Credit Agreement and other Documents or the transactions therein contemplated (whether or not such information has been or is hereafter distributed to it by the Agent); or 

 

	 	(ii)	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower and its Subsidiaries.

  
 3 

 Each New Lender and each Lender which has increased its Commitment pursuant hereto
acknowledges to the Agent that a copy of the Credit Agreement (including a copy of the Schedules annexed thereto) has been made available to it for review and further acknowledges and agrees that it has received copies of such other Documents and
such other information that it has requested for the purposes of its investigation and analysis of all matters related to this Agreement, the Credit Agreement, the other Documents and the transactions contemplated hereby and thereby. Each New Lender
and each Lender which has increased its Commitment pursuant hereto acknowledges to the Agent that it is satisfied with the form and substance of the Credit Agreement (as amended and supplemented hereby) and the other Documents. 

 

	 	(e)	Consent of Agent.  The Agent hereby consents to the addition of each New Lender into the Credit Agreement as a Lender and agrees to recognize
each New Lender as a Lender under the Credit Agreement as fully as if each New Lender had been an original party to the Credit Agreement. 

 2.5.           New Schedule A; Revised Commitments.  Schedule A to the Credit Agreement is hereby deleted in its entirety and
replaced with Schedule A attached hereto, inter alia, to increase the Commitment of certain Lenders to the amount set forth opposite its name on such new Schedule A, to set out the Commitment of each New Lender and to set out the new
Swingline Sub-Commitment of each Swingline Lender. 
 2.6.           New Permitted
Lien.  The definition of “Permitted Liens” contained in Section 1.1 of the Credit Agreement is hereby amended to add the following new subparagraph (r.1) immediately after the existing subparagraph (r): 

“(r.1) Liens which are not otherwise Permitted Liens; provided that (i) the aggregate amount of obligations secured thereby
does not at any time exceed U.S.$300,000,000 (or the Equivalent Amount thereof in any other currency) and (ii) such Liens do not attach generally to all or substantially all of the undertaking, assets and property of the Borrower (such as a
Lien in the nature of a floating charge on all or substantially all of the undertaking, assets and property of a person);”. 

2.7.           Increase in Accordion. Section 2.18(c) of the Credit Agreement
is hereby amended to delete “U.S.$3,000,000,000” where it appears in the second line thereof and to substitute therefor the amount of “U.S.$3,250,000,000”. 
 2.8.           Deletion of Tangible Net Worth Covenant.  Section 9.1(g) of the Credit Agreement is hereby amended to
delete the heading and the text therefrom in their entirety and to substitute the phrase “intentionally deleted.” therefor. 

2.9.           Increase in Subsidiary Debt Limit.  Section 9.2(e) of
the Credit Agreement is hereby amended to delete the amount “U.S.$650,000,000” therefrom and to substitute the amount “U.S.$1,000,000,000” therefor. 

  
 4 

 2.10.           Change in
Law.  Section 11.3(1) of the Credit Agreement is hereby amended to delete the word “hereof” contained at the end of the first paragraph thereof and to substitute the words “of the first amending agreement hereto
made as of September 23, 2011” therefor. 
 2.11.           Event of
Default Thresholds.  Sections 10.1(j), 10.1(k) and 10.1(m) of the Credit Agreement are each hereby amended to delete the amount “Cdn.$40,000,000” each time it appears in such Sections and to substitute the amount
“Cdn.$100,000,000” therefor. 
  

	3.	Fees 

3.1.           Fees.  The Borrower hereby agrees to pay to the Agent, for
each Lender, a fee in United States Dollars in an amount equal to 0.25% of the Commitment of each such Lender set out in Schedule A hereto. 
  

	4.	Representations and Warranties 

 The Borrower hereby represents and warrants as follows to each Lender and the Agent and acknowledges and confirms that each Lender and the Agent is relying upon such representations and warranties:

  

	 	(a)	Status and Power 

It is a corporation duly incorporated and organized and validly subsisting in good standing under the laws of Canada. It is duly
qualified, registered or licensed in all jurisdictions where such qualification, registration or licensing is required, except where the failure to be so qualified would not have and would not reasonably be expected to have a Material Adverse
Effect. It has all requisite capacity, power and authority to own, hold under licence or lease its properties necessary for the conduct of its business and to carry on its business as currently conducted. It has all requisite corporate capacity,
power and authority to enter into and carry out the transactions contemplated by this Agreement. 
  

	 	(b)	Authorization and Enforcement 

 All necessary action, corporate or otherwise, has been taken to authorize the execution, delivery and performance by the Borrower of this Agreement. It has duly executed and delivered this Agreement. This
Agreement is a legal, valid and binding obligation of the Borrower enforceable against the Borrower by the Agent and the Lenders in accordance with its terms, subject to the qualifications contained in the opinion of the Borrower’s counsel
delivered pursuant to Section 5(c). 
  

	 	(c)	Compliance with Other Instruments 

 The execution, delivery and performance by the Borrower of this Agreement and the consummation of the transactions contemplated herein do not conflict with, result in any breach or violation of, or
constitute a default under the terms, conditions or provisions of the charter or constating documents or by-laws of, or 

  
 5 

 
any unanimous shareholder agreement relating to, the Borrower or of any law, regulation, judgment, decree or order binding on or applicable to the Borrower or to which its property is subject or
of any material agreement, lease, licence, permit or other instrument to which the Borrower is a party or is otherwise bound or by which the Borrower benefits or to which its property is subject and do not require the consent or approval of any
Governmental Authority or any other party of which the failure to have received or obtained would have or would reasonably be expected to have a Material Adverse Effect. 
 The representations and warranties set out in this Agreement shall survive the execution and delivery of this Agreement and the making of each Drawdown, notwithstanding any investigations or examinations
which may be made by or on behalf of the Agent, the Lenders or Lenders’ Counsel. Such representations and warranties shall survive until the Credit Agreement has been terminated. 

 

	5.	Condition Precedent 

 The
amendments and supplements to the Credit Agreement contained in herein shall be effective upon, and shall be subject to, the following conditions precedent: 
  

	 	(a)	the Borrower shall have paid to the Agent, for each Lender, the fees required to be paid pursuant to Section 3.1 hereof; 

 

	 	(b)	the Borrower shall have delivered to the Agent a current certificate of compliance in respect of its jurisdiction of incorporation, certified copies of its constating
documents, by-laws (or a certification there have been no changes to such documents since December 11, 2009) and the resolutions authorizing this Agreement and the transactions hereunder and an Officer’s Certificate as to the incumbency of
the officers thereof signing this agreement; 

  

	 	(c)	the Agent and the Lenders shall have received legal opinions from counsel to the Borrower respecting this Agreement and the transactions contemplated hereby in form and
substance as may be required by the Agent, acting reasonably; 

  

	 	(d)	no Default or Event of Default shall have occurred and be continuing and the representations and warranties contained in Section 8.1 of the Credit Agreement shall
be true and correct in all material respects and the Borrower shall have delivered to the Agent an Officer’s Certificate confirming the same; and 

  

	 	(e)	no consents, approvals or authorizations are required for the increase in the Credit Facility (except for those that have been unconditionally obtained and are in full
force and effect, unamended) and the Borrower shall have delivered to the Agent an Officer’s Certificate confirming the same. 

 The foregoing conditions precedent are inserted for the sole benefit of the Lenders and the Agent and may be waived in writing by the Lenders, in whole or in part (with or without terms and conditions).

  
 6 

	6.	Confirmation of Credit Agreement and other Documents 

 The Credit Agreement and the other Documents to which the Borrower is a party and all covenants, terms and provisions thereof, except as expressly amended and supplemented by this Agreement, shall be and
continue to be in full force and effect and the Credit Agreement as amended and supplemented by this Agreement and each of the other Documents to which the Borrower is a party is hereby ratified and confirmed and shall from and after the date hereof
continue in full force and effect as herein amended and supplemented, with such amendments and supplements in Section 2 hereof being effective from and as of the date hereof upon satisfaction of the conditions precedent set forth in
Section 5 hereof. 
  

	7.	Further Assurances 

 The
parties hereto shall from time to time do all such further acts and things and execute and deliver all such documents as are required in order to effect the full intent of and fully perform and carry out the terms of this Agreement. 

 

	8.	Enurement 

 This Agreement
shall enure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns. 
  

	9.	Counterparts 

 This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this
Agreement to produce or account for more than one such counterpart. Such executed counterparts may be delivered by facsimile or other electronic transmission and, when so delivered, shall constitute a binding agreement of the parties hereto.

 [the remainder of this page has intentionally been left blank] 

  
 7 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement. 

 

			
	 POTASH CORPORATION OF
 SASKATCHEWAN INC.

		
	By:	 	/s/ Wayne R. Brownlee
		 	 Name: Wayne R. Brownlee

Title: Executive Vice President and Chief

Financial Officer

		
	By:	 	/s/ Denis A. Sirois
		 	 Name: Denis A. Sirois

Title: Vice President and Corporate

Controller

 
			
	LENDERS:
	
	THE BANK OF NOVA SCOTIA
		
	By:	 	/s/ Richard Lee
		 	 Name: Richard Lee
 Title:
Managing Director & Industry Head

		
	By:	 	/s/ Chris Freeman
		 	Name: Chris Freeman
		 	Title: Associate
	
	BANK OF MONTREAL
		
	By:	 	/s/ Philip Langheim
		 	 Name: Philip Langheim

Title: Managing Director

	
	ROYAL BANK OF CANADA
		
	By:	 	/s/ Stam Fountoulakis
		 	 Name: Stam Fountoulakis

Title: Authorized Signatory

	
	EXPORT DEVELOPMENT CANADA
		
	By:	 	/s/ Christiane de Billy
		 	 Name: Christiane de Billy

Title: Financing Manager

		
	By:	 	/s/ Deepak Dave
		 	Name: Deepak Dave
		 	Title: Principal

 
			
	
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:	 	/s/ Kevin Charko
		 	 Name: Kevin Charko
 Title:
Director

		
	By:	 	/s/ Scott Black
		 	Name: Scott Black
		 	Title: Executive Director
	
	ROBOBANK, NEDERLAND, CANADIAN BRANCH
		
	By:	 	/s/ Raj Joshi
		 	 Name: Raj Joshi
 Title: Vice
President

		
	By:	 	/s/ Nicolas Stoupak
		 	Name: Nicolas Stoupak
		 	 Title: Vice President

          Senior Credit Analyst

	
	THE TORONTO-DOMINION BANK
		
	By:	 	/s/ Matt Hendel
		 	 Name: Matt Hendel
 Title:
Managing Director

		
	By:	 	/s/ Sanup Gupta
		 	Name: Sanup Gupta
		 	Title: Vice President
	
	 GOLDMAN SACHS LENDING
 PARTNERS LLC

		
	By:	 	/s/ Anna Ostrovsky
		 	 Name: Anna Ostrovsky
 Title:
Authorized Signatory

			
	
	MORGAN STANLEY BANK, N.A.
		
	By:	 	/s/ Sherrese Clarke
		 	Name: Sherrese Clarke
		 	Title: Authorized Signatory
	
	UBS AG CANADA BRANCH
		
	By:	 	/s/ Irja R. Otsa
		 	Name: Irja R. Otsa
		 	Title: Associate Director
		
	By:	 	/s/ Mary E. Evans
		 	Name: Mary E. Evans
		 	Title: Associate Director
	
	BANK OF AMERICA, N.A., CANADA BRANCH
		
	By:	 	/s/ Medina Sales De Andrade
		 	Name: Medina Sales De Andrade
		 	Title: Vice President
	
	HSBC BANK CANADA
		
	By:	 	/s/ Greg Gannett
		 	Name: Greg Gannett
		 	Title: Managing Director
		
	By:	 	/s/ Vivek Varma
		 	Name: Vivek Varma
		 	Title: Director

 
			
	
	BANK OF TOKYO-MITSUBISHI UFJ (CANADA)
		
	By:	 	/s/ Davis J. Stewart
		 	Name: Davis J. Stewart
		 	Title: Senior Vice President
		
	By:	 	/s/ Hirokazu Maruta
		 	Name: Hirokazu Maruta
		 	Title: EVP & General Manager Vancouver Office
	
	SUMITOMO MITSUI BANKING CORPORATION OF CANADA
		
	By:	 	/s/ Ming Chang
		 	Name: Ming Chang
		 	Title: Vice President
	
	COMERICA BANK
		
	By:	 	/s/ Larry S. Yamamoto
		 	Name: Larry S. Yamamoto
		 	Title: Vice President

 
			
	AGENT:
	
	 THE BANK OF NOVA SCOTIA,
 in its capacity as Agent

		
	By:	 	/s/ Ian D. McKay
		 	Name: Ian D. McKay
		 	Title: Managing Director

 SCHEDULE A 

LENDERS AND COMMITMENTS 
  

					
	 Lender
	  	 Commitment
	    	 Swingline Sub-Commitment

			
	The Bank of Nova Scotia	  	 Commitment:

U.S.$300,000,000
	    	 Swingline Sub-Commitment:
 U.S.$125,000,000

			
	Bank of Montreal	  	 Commitment:

U.S.$300,000,000
	    	 Swingline Sub-Commitment:

U.S.$125,000,000

			
	Royal Bank of Canada	  	 Commitment:

U.S.$300,000,000
	    	 Swingline Sub-Commitment:

U.S.$125,000,000

			
	Export Development Canada	  	 Commitment:

U.S.$200,500,000
	    	
			
	Canadian Imperial Bank of Commerce	  	 Commitment:

U.S.$200,000,000
	    	 Swingline Sub-Commitment:

U.S.$62,500,000

			
	Rabobank, Nederland, Canadian Branch	  	 Commitment:

U.S.$200,000,000
	    	
			
	The Toronto-Dominion Bank	  	 Commitment:

U.S.$200,000,000
	    	 Swingline Sub-Commitment:

U.S.$62,500,000

			
	Goldman Sachs Lending Partners LLC	  	 Commitment:

U.S.$166,500,000
	    	
			
	Morgan Stanley Bank, N.A.	  	 Commitment:

U.S.$166,500,000
	    	
			
	UBS AG Canada Branch	  	 Commitment:

U.S.$166,500,000
	    	
			
	Bank of America, N.A., Canada Branch	  	 Commitment:

U.S.$125,000,000
	    	
			
	HSBC Bank Canada	  	 Commitment:

U.S.$125,000,000
	    	
			
	Bank of Tokyo-Mitsubishi UFJ (Canada)	  	 Commitment:

U.S.$125,000,000
	    	
			
	Sumitomo Mitsui Banking Corporation of Canada	  	 Commitment:

U.S.$125,000,000
	    	
			
	Comerica Bank	  	 Commitment:

U.S.$50,000,000

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