Document:

Exhibit 10(nn)

 Exhibit 10(nn) 

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS AGREEMENT is dated the 1st day of July, 2014. 

BETWEEN: 
 Potash Corporation of Saskatchewan
Inc. (the “Corporation”) 
 - and - 

Jochen E. Tilk (the “Executive”) 

WHEREAS the Corporation wishes to employ the Executive and the Executive wishes to be employed by the Corporation as the Chief Executive Officer of the
Corporation; 
 AND WHEREAS the Corporation and the Executive have agreed that the employment of the Executive by the Corporation will be in accordance with
the provisions of this Agreement and the Conditional Offer of Employment dated April 5, 2014 (the “Offer”) which is attached hereto as Schedule “A” and hereby incorporated into this Agreement; 

NOW THEREFORE, THIS AGREEMENT WITNESSETH that in consideration of the mutual covenants herein contained and for other good and valuable consideration, the
parties hereto agree as follows: 
  

	1.	EMPLOYMENT 

 1.1 Subject to the terms and conditions set out in this Agreement, the Corporation
shall employ the Executive as the Chief Executive Officer of the Corporation. The Executive shall report to the Corporation’s Board of Directors. 

1.2 This Agreement and the employment of the Executive in accordance herewith shall be for an indefinite period and may be terminated by the Executive or the
Corporation in accordance with the terms of this Agreement. 
 1.3 The Executive agrees to perform the duties and responsibilities which are normally
associated with the position of Chief Executive Officer, in addition to carrying out such other duties and responsibilities which are assigned to him from time to time by the Board of Directors. The Executive shall perform his duties and
responsibilities diligently and in good faith, using his energy, skill and best efforts to further the business and interests of the Corporation. 
 1.4 The
Executive shall at all times comply with all applicable laws and regulations, and all of the Corporation’s policies and procedures, including but not limited to the Core Values and Code of Conduct, the Respect in the Workplace Policy, and the
Employee Handbook for Saskatoon Corporate Employees. In the event any of the Corporation’s policies are in conflict with this Agreement, this Agreement shall govern. 

1.5 The Executive agrees to relocate to and become a resident of the City of Saskatoon and make his best efforts to actively participate in the Saskatoon
community during the term of his employment with the Corporation. 
 1.6 The Executive agrees that prior to accepting any directorship, advisory role or
other similar role with another company (except an associate or affiliate of the Corporation), the Executive shall obtain the written consent of the Corporation. Any such role with outside corporations shall not conflict with or impair the
performance of the Executive’s duties and responsibilities as set out in this Agreement. 

  
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 1.7 The Executive agrees that he shall, no later than July 1, 2019, own stock of the Corporation valued at
no less than five (5) times his then-current annual salary. Vested Restricted Share Units, Deferred Share Units and earned but unvested share units shall be considered stock for the purposes of this requirement as described in the Offer. 

1.8 The position of Chief Executive Officer of the Corporation is considered a safety-sensitive position and accordingly the Executive shall complete a
controlled substance test in accordance with the Corporation’s applicable policies. 
  

	2.	REMUNERATION AND BENEFITS 

 2.1 In consideration for performance of his duties and
responsibilities as set out herein, the Corporation shall pay the Executive the salary as described in the Offer. The Executive shall also be entitled to participate in the Corporation’s Short-Term Incentive Plan and in the Multi-Year Incentive
Plan for the Executive as described in the Offer. The specific terms of the Multi-Year Incentive Plan, shall be established in accordance with the Offer. 

2.2 The Executive shall also be entitled to participate in the Corporation’s PCS Inc. Pension Plan, and either a new supplemental defined contribution
pension plan or the Corporation’s Supplemental Executive Retirement Income plan as set out in the Offer. 
 2.3 The Executive shall also be entitled to
participate in all executive healthcare benefits that the Corporation provides, including an annual executive physical examination at a Canadian facility, as set out in the Offer. The Executive is entitled to reimbursement for relocation expenses in
accordance with the Global Relocation Policy. 
 2.4 The Executive shall be entitled to five (5) weeks’ paid vacation on an annual basis, which
will be pro-rated for 2014. 
 2.5 An assigned underground parking space is available to the Executive, the cost of which shall be shared by the Executive
and the Corporation in accordance with the Corporation’s Parking Policy. The Parking Policy and the cost of the Executive’s parking space are subject to change by the Corporation and the third party vendor from which the space is leased.

 2.6 The Corporation wishes to keep the Executive “whole” from a Canadian income tax perspective, and therefore agrees to indemnify the
Executive against any United States federal and state income tax that may arise as a result of the Executive performing or exercising his duties and responsibilities in the United States. The parties agree that the indemnity shall apply only to the
extent that the Executive’s United States federal and state income tax exceeds the amount of any Canadian federal and provincial foreign income tax credit (deduction) the Executive receives or is entitled to receive in Canada in respect of such
United States federal or state income tax. 
  

	3.	TERMINATION 

 In addition to the terms set out in the Offer, the following terms apply to the
termination of the Executive’s employment with the Corporation: 
  

	3.1	Termination by the Corporation for Just Cause 

 3.1.1 The Corporation may terminate the Executive’s
employment at any time immediately and without notice, severance or pay in lieu of notice for just cause. Just cause shall include any act or conduct which at law constitutes just cause, including but not limited to: 

 

	 	(a)	Failure to perform the duties set out in this Agreement; 

  
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	 	(b)	Breach of any of the Corporation’s policies; 

  

	 	(c)	Having a negative result on the Executive’s controlled substance test; 

  

	 	(d)	Engaging in any conduct that is materially injurious to the Corporation, financially or otherwise; 

  

	 	(e)	A breach of any provision in Article 4 of this Agreement and/or the “Non-Competition” section of the Offer; 

  

	 	(f)	The conviction of the Executive of an indictable offence; or 

  

	 	(g)	Fraud, theft, gross negligence, willful misconduct or lack of good faith by the Executive that relates to or affects the Corporation. 

3.1.2 In the event the Corporation terminates the Executive for just cause, the Corporation shall provide to the Executive a written description of the nature
of the just cause. 
  

	3.2	Termination by the Corporation without Just Cause 

 The Corporation may terminate the Executive’s
employment at any time in its absolute discretion for any reason. The terms and conditions applicable to a termination of the Executive without just cause are as set out in the Offer. The severance amounts payable to the Executive shall be paid upon
receipt of an executed release from the Executive. 
  

	3.3	Change in Control 

 3.3.1 For the purposes of this Agreement, “Change in Control” shall include
any of the following: 
  

	 	(a)	Within any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Corporation and any new directors whose appointment by the Board or nominated for
election by shareholders of the Corporation was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election was previously
so approved, cease for any reason to constitute a majority of the Board; 

  

	 	(b)	There occurs an amalgamation, merger, consolidation, wind-up, reorganization or restructuring of the Corporation with or into any other entity, or a similar event or series of such events, other than any such event or
series of events which results in securities of the surviving or consolidated corporation representing 50% or more of the combined voting power of the surviving or consolidated corporation’s then outstanding securities entitled to vote in the
election of directors of the surviving or consolidated corporation being beneficially owned, directly or indirectly, by the persons who were the holders of the Corporation’s outstanding securities entitled to vote in the election of directors
of the Corporation prior to such event or series of events in substantially the same proportions as their ownership immediately prior to such event of the Corporation’s then outstanding securities entitled to vote in the election of the
directors of the Corporation; 

  

	 	(c)	50% or more of the fixed assets (based on book value as shown on the most recent available audited annual or unaudited quarterly consolidated financial statements) of the Corporation are sold or otherwise disposed of
(by liquidation, dissolution, dividend or otherwise) in one transaction or series of transactions within any twelve month period; 

  

	 	(d)	 Any party, including persons acting jointly or in concert with that party, becomes (through take-over bid or otherwise) the beneficial owner, directly
or indirectly, of securities of the Corporation 

  
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representing 20% or more of the combined voting power of the Corporation’s then outstanding securities entitled to vote in the election of directors of the Corporation, unless in any
particular situation the Board determines in advance of such event that such event shall not constitute a change in control; or 

  

	 	(e)	There is a public announcement of a transaction that would constitute a change in control under clause (b) (c) or (d) of this section and the Board determines that the change in control resulting from
such transaction will be deemed to have occurred as of a specific date earlier than the date under (b) (c) or (d) as applicable. 

3.3.1 For the purposes of this Agreement, “Good Reason” shall include: 
  

	 	(a)	A substantial diminution in the Executive’s authority, duties, responsibilities or status (including offices, title and reporting requirements) from those in effect immediately prior to the Change in Control;

  

	 	(b)	The Corporation requiring the Executive to be based at a location in excess of eighty (80) kilometers from the location of the Executive’s principal job location or office immediately prior to the Change in
Control, except for required travel on Corporation business to an extent substantially consistent with the Executive’s business obligations immediately prior to the Change in Control; 

 

	 	(c)	A reduction in the Executive’s base salary, or a substantial reduction in the Executive’s target compensation under any incentive compensation plan, as in effect as of the date of the Change in Control;

  

	 	(d)	A failure by the Corporation to increase the Executive’s base salary in a manner consistent (both as to frequency and percentage increase) with practices in effect immediately prior to the Change in Control or with
practices implemented subsequent to the Change in Control with respect to similarly positioned employees; or 

  

	 	(e)	A failure by the Corporation to continue in effect the Executive’s participation in the Corporation’s short and long-term incentive plans, stock option plans, and employee benefit and retirement plans,
policies or practices at a level substantially similar or superior to and on a basis consistent with the relative levels of participation of other similarly-positioned employees, as existed immediately prior to the Change in Control.

 However, Good Reason shall not include any of the above events occurring with the consent of the Executive. 

3.3.2 If a Change in Control of the Corporation occurs which results in a Good Reason, the Executive may, within two (2) years of the effective date of
the Change in Control, terminate his employment with the Corporation upon providing written notice to the Corporation within thirty (30) days of the date of the occurrence of the Good Reason which resulted from the Change in Control. 

3.3.3 If a Change in Control occurs and either (a) the Corporation terminates the Executive without just cause within two (2) years of the effective
date of the Change in Control or (b) the Executive terminates his employment following the occurrence of a Good Reason in accordance with the terms of this Agreement, then the Corporation shall pay to the Executive, upon receipt of an executed
release from the Executive, a severance in accordance with the severance provision of the Offer. In addition, if a Change in Control occurs while the Multi-Year Incentive Plan is in effect and before the Restricted Share Units
(“RSU’s”) or Deferred Share Units (“DSU’s”) have been earned or vested and either (a) the Corporation terminates the Executive without just cause or (b) the Executive terminates his employment following the
occurrence of a Good Reason in accordance with the terms of this Agreement, then the full amount of the units granted or earned will vest as of the date of the Change in Control. 

  
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	3.4	No Duty to Mitigate 

 The amounts payable to the Executive pursuant to this section of this Agreement
shall not be reduced in the event the Executive secures or does not reasonably pursue alternate employment following the termination of his employment with the Corporation. 
  

	4.	NON-SOLICITATION AND NON-COMPETITION 

 4.1 During the Executive’s employment with the
Corporation and for a period of one (1) year after the date of termination of the Executive’s employment if the Executive’s employment is terminated within six (6) months of the date of this Agreement, or for a period of two
(2) years after the termination of the Executive’s employment if the Executive’s employment is terminated anytime after six (6) months of the date of this Agreement, the Executive shall not, without the prior written consent of
the Corporation, directly or indirectly through any person, agent, employee or representative: 
  

	 	(a)	Engage in any activity, including without limitation, as an officer, director, employee, principal, manager, agent or consultant for another entity that directly competes or is seeking to compete with the Corporation,
any subsidiary or Canpotex Limited in any actual product, service or business activity (or in any product, service or business activity which was under active development while the Executive was employed by the Corporation or a subsidiary if such
development is being actively pursued by the Corporation or a subsidiary during the one (1) or two (2) year periods referred to above as applicable) in any territory in which the Corporation, a subsidiary or Canpotex Limited operates,
engages in any business activity or sells its products; 

  

	 	(b)	Solicit or hire, including without limitation, as an officer, director, employee, principal, manager, agent or consultant for another entity, any individual who was employed by, or provided services as a consultant or
contractor to, the Corporation, a subsidiary or Canpotex Limited at any time within the six months immediately preceding such solicitation or hire; or 

  

	 	(c)	Disclose to anyone outside of the Corporation or a subsidiary, or use in other than the Corporation’s or a subsidiary’s business, any confidential, proprietary or trade secret information or material relating
to the business of the Corporation or its subsidiaries, acquired by the Executive during his employment with the Corporation. For greater certainty, nothing contained herein shall limit the Executive’s ongoing obligations regarding
confidentiality that may exist pursuant to any other agreement, policy of the Corporation or by operation of law. 

  

	5.	GENERAL 

  

	5.1	Enurement 

 This Agreement shall enure to the benefit of and be binding upon the Corporation, its
successors and permitted assigns, and the Executive and his personal representatives. Neither the Executive nor the Corporation may assign its rights hereunder to another person without the consent of the other party. 

 

	5.2	Entire Agreement 

 This Agreement represents the entire agreement between the parties hereto with respect
to the employment of the Executive by the Corporation. While the Offer forms part of this Agreement, in the event of any conflict or inconsistency between this Agreement and the Offer, this Agreement shall govern to the extent of any conflict or
inconsistency. 

  
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	5.3	Notices 

 Any notice required or permitted to be given under this Agreement shall be in writing and shall
be properly given if delivered personally, by facsimile, by prepaid courier service or by certified or prepaid registered mail, addressed as follows (or to such other address provided by one party to the other party): 

 

			
	Executive:	  	 122 1st Avenue South

Suite 500
 Saskatoon, Saskatchewan S7K 7G3

		
	Corporation:	  	 122 1st Avenue South

Suite 500
 Saskatoon, Saskatchewan S7K 7G3

Attn: Chair of the Board of Directors

  

	5.4	Governing Law and Jurisdiction 

 This Agreement shall be governed by and construed in accordance with the
laws in force in the Province of Saskatchewan. The Executive and the Corporation each attorn to the exclusive jurisdiction of the courts of Saskatchewan except insofar as a court of another jurisdiction is required to enforce the restrictive
covenants outlined in Article 4 herein. 
  

	5.5	Counterparts 

 This Agreement may be signed in two (2) counterparts, each of which shall be deemed
an original and both of which shall together constitute the same instrument. 
  

	5.6	Legal Advice 

 The Executive acknowledges having had the full opportunity to seek independent legal
advice in connection with the negotiation and execution of this Agreement. 
 IN WITNESS WHEREOF this Agreement has been executed by the
parties hereto: 
  

			
	POTASH CORPORATION OF SASKATCHEWAN INC.

			
		
	Per:	 	 /s/ Dallas J. Howe

	Chair, Board of Directors
	
	 /s/ Jochen E. Tilk

	Jochen E. Tilk
	
	 /s/ Barb Kennedy

	Witness to Signature of Jochen E. Tilk

			
	Print Name:	 	 Barb Kennedy

  
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 SCHEDULE “A” 

POTASH CORPORATION OF SASKATCHEWAN 

April 5, 2014 
 Jochen E. Tilk 

via E-mail: jochen.tilk@gmail.com 
 Dear Jochen: 

Re:   Conditional Offer of Employment 

We are pleased to offer you the position of Chief Executive Officer of Potash Corporation of Saskatchewan Inc. (the “Company”). As discussed, this
offer is conditional upon: 1) you relocating to Saskatoon and becoming an active resident and member of the Saskatoon community; 2) the execution of a subsequent executive employment agreement; and 3) the approval of this offer by the Company’s
Board of Directors (the “Board”). 
 The following are the basic terms of your offer of employment which will be set out in a subsequent executive
employment agreement: 
 As the CEO, you will report to the Board. Should you accept this offer, you will commence your employment on July 1, 2014 or
such other date as is mutually agreed, for an indefinite period unless terminated in accordance with any executive employment agreement between you and the Company. 

Compensation: 
 Your initial annual base salary will be
$1,000,000 CDN (less applicable withholdings and deductions) which will be paid monthly. After December, 2014, you will be eligible for an increase to be effective January 1, 2015 in accordance with Company policies and procedures and based on
performance and internal and external equity. 
 You will be entitled participate in the Company’s short-term incentive program. Your target will be
100% of your salary. Your target will be prorated in 2014 based on your start date and days worked vs. total work days in the calendar year. 
 You will
also be entitled to participate in a Multi-year Incentive program unique to you for the period from your start date through December 31, 2015. This is offered to you in lieu of participation in the Company’s long-term compensation plans
and in lieu of receiving a signing bonus or other initial payment. 
 Further details are set out in the attached Schedule “A”. 

Retirement Plan: 
 You will be entitled to participate in
the Company’s base pension plan which is a defined-contribution plan involving employee and Company contributions. In addition, the Company will undertake to provide a 

  
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new supplemental defined-contribution pension plan that will be competitive with the retirement benefits provided to executives in Canada at the median level. Your benefits under that new plan
will include service retroactive to the date your employment commences and at your compensation from that date. If a new plan has not been designed by June 30, 2015, you will be included as a member in the existing defined-benefit Supplemental
Executive Retirement Income (SERI) plan effective as of the date of start of employment. 
 Benefits and Perquisites: 

You will be reimbursed (and tax gross up) for all reasonable expenses actually and properly incurred in connection with performing your duties, including
reimbursement for companion travel required by the Company for Company business. 
 You will also be reimbursed for all reasonable moving expenses incurred
in accordance with the Company policy. 
 You will be entitled to participate in all Company benefits provided to its executives, including one executive
medical physical per year at a mutually agreed Canadian medical facility. 
 Stock Ownership: 

As the CEO, you will be required to own Company stock valued at five (5) times your annual salary by the completion of five (5) years of employment.
Vested Restricted Share Units and Deferred Share Units will be considered stock for this requirement. Earned but unvested units will also be considered for this requirement if you plan to pay the taxes on exercise from other sources. 

Change in Control: 
 Your executive employment agreement
will contain a double-trigger change of control provision which shall be mutually agreed upon. 
 Severance: 

If, despite best efforts by all parties, the Board decides that the situation is not working, your employment may be terminated by the Board immediately
without just cause and the Company shall provide the following as severance, upon receipt of an executed release: 
  

	(a)	If terminated within six (6) months of the commencement of your employment: 

  

	 	•	 	payment representing (1) year of the then-current base salary plus your target short term incentive bonus; and 

  

	 	•	 	benefits for one (1) year. 

  

	(b)	If terminated anytime after six (6) months of the commencement of your employment: 

  

	 	•	 	payment of two (2) years’ of the then-current base salary plus your short term incentive bonus (The yearly short-term bonus amount shall be calculated by averaging the amount of short term bonuses received by
you in the two years prior to your termination. However, if you are dismissed after six months of employment but before the completion of two years of employment, the yearly bonus amount shall be the target short-term bonus for the purpose of
calculating the severance.; and 

  

	 	•	 	benefits for two (2) years. 

  
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 In the event of termination of your employment by the Company without just cause, you will continue to be under
the Company pension and SERI plans or such other pension plan for one year from the date of your termination if you are terminated within six (6) months of the commencement of your employment with the Company; and for two (2) years from
the date of your termination if you are terminated anytime after six (6) months of your employment. 
 To be clear, the above severance is not payable
where the Company terminates your employment for just cause or if you resign or retire. 
 Non-competition: 

You agree not to directly or indirectly or in any manner engage in any activities or business that is materially similar to or is competitive with or competes
with the Company or any aspect of the business of the Company following the termination of your employment with the Company for any reason, for a period of one (1) year if terminated within six (6) months of your employment; and for a
period of two (2) years if terminated anytime after six (6) months of employment. 
 We look forward to you joining the Company and hope that you
will find this position to be both challenging and professionally rewarding. 
 I look forward to hearing from you 

Yours truly, 
 Dallas Howe 

Chair, Board of Directors 
 Potash Corporation of Saskatchewan
Inc. 

  
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 SCHEDULE “A” 

Short-Term Incentive 
  

	 	•	 	Target of 100% of salary, prorated in 2014 based on start date using days worked vs. total work days in the year. 

  

	 	•	 	Nominal amount of STI dollars will be determined for each year (2014 and 2015) according to the existing STIP that applies to all members of the plan (i.e. the formula and company results will be used to calculate the
nominal amount available). 

 The percentage of this nominal amount that will actually be paid will be based on performance on goals agreed to
in the first twelve weeks after the start date. The following is an illustration of goals and the mechanics: 
  

					
	 Goal Performance
	  	Goal Rating	 
	 Exceeded above and beyond
	  	 	10	  
	 Met all of goal
	  	 	8	  
	 Met most of goal
	  	 	6	  
	 Fell well short of goal
	  	 	4	  
	 Did not perform goal
	  	 	0	  

  

													
	 Goal
	  	Weighting	 	 	Rating	 	  	Product	 
	 Goal 1: Residency
	  	 	10	% 	 	 	10	  	  	 	1.00	  
	 Goal 2: Leadership Team
	  	 	15	% 	 	 	8	  	  	 	1.20	  
	 Goal 3: PCS Knowledge
	  	 	20	% 	 	 	8	  	  	 	1.60	  
	 Goal 4: Strategy
	  	 	25	% 	 	 	7	  	  	 	1.75	  
	 Goal 5: Messaging
	  	 	15	% 	 	 	6	  	  	 	0.90	  
	 Goal 6: Compensation Plans
	  	 	15	% 	 	 	8	  	  	 	1.20	  
	 Totals
	  	 	100	% 	 				  	 	7.65	  

  
 

 
 A composite STI goal performance of 7.65 would earn 94.75% of the nominal amount. 

  
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 Multi-Year Incentive 
  

	 	•	 	In lieu of participation in the company’s long-term compensation plans and in lieu of a signing bonus or other initial payment, the following relatively simple compensation plan will be used for the period through
December 21, 2015. 

  

	 	•	 	This plan is based on full-value stock units (Restricted Stock Units (RSUs) or Deferred Share Units (DSUs) as selected by the CEO prior to employment). The units will vest in three years from the grant date and will be
subject to a performance period from the start date to December 31, 2015 with the number of units vested being based on company performance and individual CEO performance during the performance period. 

 

	 	•	 	The number of RSUs granted will be the number that would equal $7.5 million using the average price of PotashCorp stock on the TSX averaged over the 20 trading days prior to the employment start date For results at the
top award level (Level A), the full amount will be earned. For results at the lower award level (Level B), 70% of the units will be earned. If performance falls below the threshold, no units will be earned. In all cases, vesting will take place at
the end of three full years of employment. 

  

	 	•	 	Company performance would represent 50% of the evaluation and individual performance would represent 50%. 

  

	 	•	 	Company performance will be focused on important internal metrics that can be influenced in the first 18 months with the company. No amount would be earned if the metrics are below the 2013 baseline. 

 

	 	•	 	The metrics to assess company performance will be established within the first twelve weeks after the start date. The following internal metrics are used for illustration of the mechanics. All comparisons are to 2013
results. (The weightings and % improvement numbers below are also just placeholders.) 

  

													
	 Metric
	  	Weighting	 	 	Improvement	 	 	Vesting	 
		  				 	 	0	% 	 	 	None	  
	 Safety, environmental performance
	  	 	10	% 	 	 	5	% 	 	 	Level B	  
		  				 	 	10	%+ 	 	 	Level A	  
		  				 	 	0	% 	 	 	None	  
	 Gross Margin Improvement over 2013 – Potash
	  	 	25	% 	 	 	5	% 	 	 	Level B	  
		  				 	 	10	%+ 	 	 	Level A	  
		  				 	 	0	% 	 	 	None	  
	 Gross Margin Improvement over 2013 – Nitrogen
	  	 	20	% 	 	 	5	% 	 	 	Level B	  
		  				 	 	0	%+ 	 	 	Level A	  
		  				 	 	0	% 	 	 	None	  
	 Gross Margin Improvement over 2013 – Phosphate
	  	 	20	% 	 	 	5	% 	 	 	Level B	  
		  				 	 	10	%+ 	 	 	Level A	  
		  				 	 	0	% 	 	 	None	  
	 Conversion of Net Income to Cash
	  	 	25	% 	 	 	5	% 	 	 	Level B	  
		  				 	 	10	%+ 	 	 	Level A	  

  

	 	•	 	Interpolation between vesting percentages will be done using the judgment of the Compensation Committee at the end of the performance period. 

 

	 	•	 	The assessment of individual performance under this plan will be based on specific performance objectives established within the first twelve weeks after the start date. The following are examples to demonstrate the
mechanics: 

  

	 	•	 	With the senior leadership team and the Board of Directors, develop a multi-year strategy by the end of 2015 that has been approved by all. 

 

	 	•	 	Develop corporate compensation plans linked to the strategy for use in 2016 and beyond. 

  

	 	•	 	Establish and implement an effective operational excellence plan. 

  
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	 	•	 	Become familiar with the key players in the industry, the governments of influence and the community of Saskatoon and become involved in significant activities in all three areas. 

 

	 	•	 	The individual performance will be assessed in the same way as it was under the STI plan that is by weighting the goals and assigning a numerical rating. An overall rating of 10 on the objectives would earn 100% of the
eligible units (Level A) and an overall rating on the objectives of 6 would earn 70% of the eligible units (Level B). 

  

	 	•	 	The two components – company performance and individual performance – will be added together to result in a number of stock units granted. 

 

	 	•	 	If RSUs are selected for the award, they will be settled in cash. If DSUs are selected, they will be settled in cash when employment is terminated. 

  
 12XYL 09.30.2014 EX 10.1

EXHIBIT 10.1

Originally Effective on October 31, 2011
Amended and Restated on October 14, 2014

Xylem
Special Senior Executive Severance Pay Plan 

1.    Purpose
The purpose of this Xylem Special Senior Executive Severance Pay Plan (“Plan”) is to assist in occupational transition by providing Severance Benefits, as defined herein, for employees covered by this Plan whose employment is terminated under conditions set forth in this Plan.
The Plan first became effective as of October 31, 2011 following the spin-off of Xylem Inc. from ITT Corporation (the “Predecessor Corporation”) on October 31, 2011. The Predecessor Corporation maintained a similar plan prior to the spin-off (the “Predecessor Plan”), and the Plan was created to continue service accruals under the Predecessor Plan.  The Plan shall remain in effect as provided in Section 9 hereof, and covered employees shall receive full credit for their service and participation with the Predecessor Corporation as provided in Section 5 hereof.  
2.    Covered Employees
Covered employees under this Plan (“Special Severance Executives”) are active full-time, regular salaried employees of Xylem Inc., (“Xylem”) and of any subsidiary company (“Xylem Subsidiary”) (collectively or individually as the context requires “Company” ; provided, however, that for purposes of service under the Predecessor Plan, Company shall include the Predecessor Corporation) (including Special Severance Executives who are short term disabled as of a Potential Acceleration Event within the meaning of the Company’s short term disability plans) (other than Special Severance Executives on periodic severance as of a Potential Acceleration Event) who are in Band A or B or were in Band A or B at any time within the two year period immediately preceding an Acceleration Event and such other employees of the Company who shall be designated as covered employees in Band A or B under the Plan by the Leadership Development and Compensation Committee of Xylem’s Board of Directors.
“Bands A and B” shall have the meaning given such terms under the executive classification system of the Xylem Human Resources Department as in effect immediately preceding an Acceleration Event. After the occurrence of an Acceleration Event, the terms “Xylem”, “Xylem Subsidiary” and “Company” as used herein shall also include, respectively and as the context requires, any successor company to Xylem or any successor company to any Xylem Subsidiary and any affiliate of any such successor company.
3.    Definitions
An “Acceleration Event” shall occur if:
(i) a report on Schedule 13D shall be filed with the Securities and Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act of 1934 (the “Act”) disclosing that any person (within the meaning of Section 13(d) of the Act), other than the Company or a subsidiary of the Company or any employee benefit plan sponsored by the Company or a subsidiary of the Company, is the beneficial owner directly or indirectly of twenty percent (20%) or more of the outstanding Common Stock $1 par value, of the Company (the “Stock”); 
(ii) any person (within the meaning of Section 13(d) of the Act), other than the Company or a subsidiary of the Company, or any employee benefit plan sponsored by the Company or a subsidiary of the Company, shall purchase shares pursuant to a tender offer or exchange offer to acquire any Stock of the Company (or securities 

convertible into Stock) for cash, securities or any other consideration, provided that after consummation of the offer, the person in question is the beneficial owner (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of twenty percent (20%) or more of the outstanding Stock of the Company (calculated as provided in paragraph (d) of Rule 13d-3 under the Act in the case of rights to acquire Stock); 
(iii) the consummation of (A) any consolidation, business combination or merger involving the Company, other than a consolidation, business combination or merger involving the Company in which holders of Stock immediately prior to the consolidation, business combination or merger (x) hold fifty percent (50%) or more of the combined voting power of the Company (or the corporation resulting from the merger or consolidation or the parent of such corporation) after the merger and (y) have the same proportionate ownership of common stock of the Company (or the corporation resulting from the merger or consolidation or the parent of such corporation), relative to other holders of Stock immediately prior to the merger, business combination or consolidation, immediately after the merger as immediately before, or (B) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company; 
(iv) there shall have been a change in a majority of the members of the Board of Directors of the Company within a 12-month period unless the election or nomination for election by the Company’s stockholders of each new director during such 12-month period was approved by the vote of two-thirds of the directors then still in office who (x) were directors at the beginning of such 12-month period or (y) whose nomination for election or election as directors was recommended or approved by a majority of the directors who were directors at the beginning of such 12-month period or 
(v) any person (within the meaning of Section 13(d) of the Act) (other than the Company or any subsidiary of the Company or any employee benefit plan (or related trust) sponsored by the Company or a subsidiary of the Company) becomes the beneficial owner (as such term is defined in Rule 13d-3 under the Act) of twenty percent (20%) or more of the Stock.
“Cause” shall mean action by the Special Severance Executive involving willful malfeasance or gross negligence or the Special Severance Executive’s failure to act involving material nonfeasance that would tend to have a materially adverse effect on the Company. No act or omission on the part of the Special Severance Executive shall be considered “willful” unless it is done or omitted in bad faith or without reasonable belief that the action or omission was in the best interests of the Company.
“Code” shall mean the Internal Revenue Code of 1986, as amended.
“Good Reason” shall mean:
(i) without the Special Severance Executive’s express written consent and excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company or its affiliates within 30 days after receipt of notice thereof given by the Special Severance Executive, (A) a reduction in the Special Severance Executive’s annual base compensation (whether or not deferred), (B) the assignment to the Special Severance Executive of any duties inconsistent in any material respect with the Special Severance Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities, or (C) any other action by the Company or its affiliates which results in a material diminution in such position, authority, duties or responsibilities; 
(ii) without the Special Severance Executive’s express written consent, the Company’s requiring the Special Severance Executive’s work location to be other than within twenty-five (25) miles of the location where such Special Severance Executive was principally working immediately prior to the Acceleration Event; or 
(iii) any failure by the Company to obtain the express written assumption of this Plan from any successor to the Company; provided that “Good Reason” shall cease to exist for an event on the 90th day following the later of its occurrence or the Special Severance Executive’s knowledge thereof, unless the Special Severance Executive has given the Company notice thereof prior to such date.
“Potential Acceleration Event” shall mean any execution of an agreement, the commencement of a tender offer or any other transaction or event that if consummated would result in an Acceleration Event.

4.    Severance Benefits Upon Termination of Employment
If a Special Severance Executive’s employment with the Company is terminated due to a Qualifying Termination, he or she shall receive the severance benefits set forth in Section 5 hereof (“Severance Benefits”). For purposes hereof, a “Qualifying Termination” shall mean a termination of a Special Severance Executive’s employment with the Company either;
(x) by the Company without Cause (A) within the two (2) year period commencing on the date of the occurrence of an Acceleration Event or (B) prior to the occurrence of an Acceleration Event and either (1) following the public announcement of the transaction or event which ultimately results in such Acceleration Event or (2) at the request of a party to, or participant in, the transaction or event which ultimately results in an Acceleration Event; or
(y) by a Special Severance Executive for Good Reason within the two (2) year period commencing with the date of the occurrence of an Acceleration Event.
5.    Severance Benefits 
Band A Benefits 
Severance Benefits for Special Severance Executives (i) in Band A at the time of a Qualifying Termination or at any time during the two (2) year period immediately preceding the Acceleration Event or (ii) designated as a covered employee in Band A in accordance with Section 2 hereof:
Accrued Rights - The Special Severance Executive’s base salary through the date of termination of employment, any annual bonus earned but unpaid as of the date of termination for any previously completed fiscal year, reimbursement for any unreimbursed business expenses properly incurred by the Special Severance Executive in accordance with Company policy prior to the date of the Special Severance Executive’s termination of employment and such employee benefits, if any, as to which the Special Severance Executive may be entitled under the employee benefit plans of the Company, including without limitation, the payment of any accrued or unused vacation under the Company’s vacation policy.
Severance Pay - The sum of:
(x) three (3) times (for hire date prior to May 1, 2012) or two (2) times (for hire date on or after May 1, 2012) the current annual base salary rate paid or in effect (whether or not deferred) with respect to the Special Severance Executive at the time of the Special Severance Executive’s termination of employment, and
(y) three (3) times (for hire date prior to May 1, 2012) or two (2) times (for hire date on or after May 1, 2012) the most recent annual bonus paid to or earned (target annual bonus for new hire without a full performance year) by the Special Severance Executive (whether or not deferred) in respect of the Company’s most recent completed fiscal year prior to the date of the Special Severance Executive’s termination of employment.
Benefits
> Continued health and life insurance benefits for a three (3) year period (for hire date prior to May 1, 2012) or two (2) year period (for hire date on or after May 1, 2012) following the Special Severance Executive’s termination of employment at the same cost to the Special Severance Executive, and at the same coverage levels, as provided to the Special Severance Executive (and the Special Severance Executive’s eligible dependents) immediately prior to his or her termination of employment.  In the event the Company changes health and/or life insurance programs, coverage levels, benefit providers and/or modifies benefit contributions, the Special Severance Executive would be treated consistent with other Band A executives.  In the event continuation of health and/or life insurance is not permissible, the Company may provide alternative benefits or payments as described under the subheading “General” below.
> Payment of a lump sum amount (“Savings Plan Lump Sum Amount”) equal to three (3) times (for hire date prior to May 1, 2012) or two (2) times (for hire date on or after May 1, 2012) the following amount:  the product of (x) the current annual base salary rate and annual bonus as determined above as “Severance Pay” and (y) the 

current aggregate percentage used to determine “Company Contributions” which the Special Severance Executive would have been eligible for under the Xylem Retirement Savings Plan for Salaried Employees (the “RSP”) and Xylem Supplemental Retirement Savings Plan (the “Supplemental Plan”)  (or corresponding savings plan arrangements outside of the United States or any successor plans thereto) in respect of the plan year during which the Special Severance Executive’s termination of employment occurs.  
     “Company Contributions” means the sum of:
(i) Company core contributions (e.g., either 3% or 4% based on age and years of eligible service, based on the terms of the RSP and Supplemental Plan as in effect in March 2012);
(ii) Company matching contributions (e.g., equal to 50% of the first 6% of eligible pay contributed to the RSP and Supplemental Plan, based on the terms of the RSP and Supplemental Plan as in effect in March 2012; for calculation of Savings Plan Lump Sum Amount 3% will be applied); and
(iii) Company transition credit contributions (e.g., another 3% or 5% based on age and service as defined in the RSP and Supplemental Plan, based on the terms of the RSP and Supplemental Plan as in effect in March 2012).
In aggregate, the maximum percentage of Company Contributions for calculating the Savings Plan Lump Sum Amount may not exceed 12%.
Outplacement - Outplacement services for one (1) year.
Band B Benefits (only applicable to executives with hire date prior to May 1, 2012)
Severance Benefits for Special Severance Executives (i) in Band B at the time of a Qualifying Termination or at any time during the two (2) year period immediately preceding the Acceleration Event or (ii) designated as a covered employee in Band B in accordance with Section 2 hereof; provided, that a Special Severance Executive who is in Band B at the time of a Qualifying Termination but was in Band A anytime during the two (2) year period immediately preceding the Acceleration Event shall be entitled to Severance Benefits as a Special Severance Executive in Band A and shall not be entitled to the Severance Benefits set forth below:
Accrued Rights - The Special Severance Executive’s base salary through the date of termination of employment, any annual bonus earned but unpaid as of the date of termination for any previously completed fiscal year, reimbursement for any unreimbursed business expenses properly incurred by the Special Severance Executive in accordance with Company policy prior to the date of the Special Severance Executive’s termination of employment and such employee benefits, if any, as to which the Special Severance Executive may be entitled under the employee benefit plans of the Company, including without limitation, the payment of any accrued or unused vacation under the Company’s vacation policy.
Severance Pay - The sum of: 
(x) two (2) times the current annual base salary rate paid or in effect (whether or not deferred) with respect to the Special Severance Executive at the time of the Special Severance Executive’s termination of employment, and
(y) two (2) times the most recent annual bonus paid to or earned by the Special Severance Executive (whether or not deferred) in respect of the Company’s most recent completed fiscal year prior to the date of the Special Severance Executive’s termination of employment.
Benefits
> Continued health and life insurance benefits for a two (2) year period following the Special Severance Executive’s termination of employment at the same cost to the Special Severance Executive, and at the same coverage levels, as provided to the Special Severance Executive (and the Special Severance Executive’s eligible dependents) immediately prior to his or her termination of employment.  In the event the Company changes health and/or life insurance programs, coverage levels, benefit providers and/or modifies benefit contributions, the Special Severance Executive would be treated consistent with other Band A executives.  In the event continuation of health 

and/or insurance is not permissible, the Company may provide alternative benefits or payments as described under the subheading “General” below.
> Payment of a lump sum amount (“Savings Plan Lump Sum Amount”) equal to two (2) times the following amount:  the product of (x) the current annual base salary rate and annual bonus as determined above as “Severance Pay” and (y) the current aggregate percentage used to determine “Company Contributions” which the Special Severance Executive would have been eligible for under the RSP and Supplemental Plan (or corresponding savings plan arrangements outside of the United States or any successor plans thereto) in respect of the plan year during which the Special Severance Executive’s termination of employment occurs.  
     “Company Contributions” means the sum of:
(i) Company core contributions (e.g., either 3% or 4% based on age and years of eligible service, based on the terms of the RSP and Supplemental Plan as in effect in March 2012);
(ii) Company matching contributions (e.g., equal to 50% of the first 6% of eligible pay contributed to the RSP and Supplemental Plan, based on the terms of the RSP and Supplemental Plan as in effect in March 2012; for calculation of Savings Plan Lump Sum Amount 3% will be applied); and
(iii) Company transition credit contributions (e.g., another 3% or 5% based on age and service as defined in the RSP and Supplemental Plan, based on the terms of the RSP and Supplemental Plan as in effect in March 2012).
In aggregate, the maximum percentage of Company Contributions for calculating the Savings Plan Lump Sum Amount may not exceed 12%.
      Outplacement - Outplacement services for one year. 
General
With respect to the provision of benefits described above during the above described respective three and two year periods, if, for any reason at any time the Company is unable to treat the Special Severance Executive as being eligible for ongoing participation in any Company employee benefit plans in existence immediately prior to the termination of employment of the Special Severance Executive, and if, as a result thereof, the Special Severance Executive does not receive a benefit or receives a reduced benefit, the Company shall provide such benefits by making available equivalent benefits from other sources or making cash payments providing equivalent value (as reasonably determined in good faith by the Company) in a manner consistent with Section 15 below.
Notwithstanding any other provision of the Plan to the contrary, all prior service and participation by a Special Severance Executive with the Predecessor Corporation shall be credited in full towards a Special Severance Executive’s service and participation with the Company.
6.    Form of Payment of Severance Pay and Lump Sum Payments
Severance Pay shall be paid in cash, in non-discounted equal periodic installment payments corresponding to the frequency and duration of the severance payments that the Special Severance Executive would have been entitled to receive from the Company as a normal severance benefit under the terms of the Xylem Senior Executive Severance Pay Plan in the absence of the occurrence of an Acceleration Event. The Savings Plan Lump Sum Amount shall be paid in cash within thirty (30) calendar days after the date the employment of the Special Severance Executive terminates.  The timing of payments shall in all respects be subject to Section 15 hereof.
7.    Termination of Employment - Other
The Severance Benefits shall only be payable upon a Special Severance Executive’s termination of employment due to a Qualifying Termination; provided, that if, following the occurrence of an Acceleration Event, a Special Severance Executive is terminated due to the Special Severance Executive’s death or disability (as defined in the long-term disability plan in which the Special Severance Executive is entitled to participate (whether or not the Special Severance Executive voluntarily participates in such plan)) and, at the time of such termination, the Special 

Severance Executive had grounds to resign with Good Reason, such termination of employment shall be deemed to be a Qualifying Termination.
8.    Administration of Plan
This Plan shall be administered by the Company, who shall have the exclusive right to interpret this Plan, adopt any rules and regulations for carrying out this Plan as may be appropriate and decide any and all matters arising under this Plan, including but not limited to the right to determine appeals. Subject to applicable Federal and state law, all interpretations and decisions by Xylem shall be final, conclusive and binding on all parties affected thereby.
Notwithstanding the preceding paragraph, following an Acceleration Event, any controversy or claim arising out of or relating to this Plan, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules and the entire cost thereof shall be borne by the Company. The location of the arbitration proceedings shall be reasonably acceptable to the Special Severance Executive. Judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The Company shall pay all legal fees, costs of litigation, prejudgment interest, and other expenses which are incurred in good faith by the Special Severance Executive as a result of the Company’s refusal to provide any of the Severance Benefits to which the Special Severance Executive becomes entitled under this Plan, or as a result of the Company’s (or any third party’s) contesting the validity, enforceability, or interpretation of this Plan, or as a result of any conflict between the Special Severance Executive and the Company pertaining to this Plan. The Company shall pay such fees and expenses from the general assets of the Company.
9.    Termination or Amendment
Xylem may terminate or amend this Plan (“Plan Change”) at any time except that following the occurrence of (i) an Acceleration Event or (ii) a Potential Acceleration Event, no Plan Change that would adversely affect any Special Severance Executive may be made without the prior written consent of such Special Severance Executive affected thereby; provided, however, that (ii) above shall cease to apply if such Potential Acceleration Event does not result in the occurrence of an Acceleration Event.
10.    Offset
Any Severance Benefits provided to a Special Severance Executive under this Plan shall be offset in a manner consistent with Section 15 by reducing (x) any Severance Pay hereunder by any severance pay, salary continuation pay, termination pay or similar pay or allowance and (y) any other Severance Benefits hereunder by corresponding employee benefits, or outplacement services, which the Special Severance Executive receives or is entitled to receive, (i) under the Xylem Senior Executive Severance Pay Plan; (ii) pursuant to any other Company policy, practice, program or arrangement; (iii) pursuant to any Company employment agreement or other agreement with the Company; or (iv) by virtue of any law, custom or practice excluding, however, any unemployment compensation in the United States, unless the Special Severance Executive voluntarily expressly waives (which the Special Severance Executive shall have the exclusive right to do) in writing any such respective entitlement.
11.    Excise Tax
In the event that it shall be determined that any Payment would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, then the aggregate of all Payments shall be reduced so that the Present Value of the aggregate of all Payments does not exceed the Safe Harbor Amount; provided, however, that no such reduction shall be effected if the Net After-tax Benefit to the Special Severance Executive of receiving all of the Payments exceeds the Net After-tax Benefit to the Special Severance Executive resulting from having such Payments so reduced. In the event a reduction is required pursuant hereto, the order of reduction shall be first all cash payments on a pro rata basis, then any equity compensation on a pro rata basis, and lastly medical and dental coverage. 
For purposes of this Section 11, the following terms have the following meanings: 
(i) “Net After-tax Benefit” shall mean the Present Value of a Payment net of all federal state and local income, employment and excise taxes imposed on Special Severance Executive with respect thereto, determined 

by applying the highest marginal rate(s) applicable to an individual for the Special Severance Executive’s taxable year in which the Qualifying Termination occurs. 
(ii) “Payment” means any payment or distribution or provision of benefits by the Company to or for the benefit of the Special Severance Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, but determined without regard to any reductions required by this Section 11. 
(iii) “Present Value” shall mean such value determined in accordance with Section 280G(d)(4) of the Code. 
(iv) “Safe Harbor Amount” shall be an amount expressed in Present Value which maximizes the aggregate Present Value of Payments without causing any Payment to be subject to excise tax under Section 4999 of the Code or the deduction limitation of Section 280G of the Code. 
All determinations required to be made under this Section 11, including whether and when a reduction is required and the amount of such reduction and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized accounting firm mutually agreed to by the Special Severance Executive and the Company (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the Special Severance Executive within ten (10) business days of the receipt of notice from the Special Severance Executive that there has been a Payment, or such earlier time as is requested by the Company; provided that for purposes of determining the amount of any reduction, the Special Severance Executive shall be deemed to pay federal income tax at the highest marginal rates applicable to individuals in the calendar year in which any such Qualifying Termination occurs.
All fees and expenses of the Accounting Firm shall be borne solely by the Company. If the Accounting Firm determines that no excise tax is payable by the Special Severance Executive, it shall so indicate to the Special Severance Executive in writing. Any determination by the Accounting Firm shall be binding upon the Company and the Special Severance Executive. 

12.     Miscellaneous
The Special Severance Executive shall not be entitled to any notice of termination or pay in lieu thereof.
Severance Benefits under this Plan are paid entirely by the Company from its general assets.
This Plan is not a contract of employment, does not guarantee the Special Severance Executive employment for any specified period and does not limit the right of the Company to terminate the employment of the Special Severance Executive at any time.
If a Special Severance Executive should die while any amount is still payable to the Special Severance Executive hereunder had the Special Severance Executive continued to live, all such amounts shall be paid in accordance with this Plan to the Special Severance Executive’s designated heirs or, in the absence of such designation, to the Special Severance Executive’s estate.
The numbered section headings contained in this Plan are included solely for convenience of reference and shall not in any way affect the meaning of any provision of this Plan.
If, for any reason, any one or more of the provisions or part of a provision contained in this Plan shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Plan not held so invalid, illegal or unenforceable, and each other provision or part of a provision shall to the full extent consistent with law remain in full force and effect.
The Plan shall be governed by and construed in accordance with the laws of the State of New York without regard to the conflicts of laws provisions thereof.
The Plan shall be binding on all successors and assigns of the Xylem Inc. and a Special Severance Executive. 

13.    Notices
Any notice and all other communication provided for in this Plan shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three (3) days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.
If to the Company:
Xylem Inc.
1 International Drive
Rye Brook, NY  10603 
Attention: General Counsel

If to Special Severance Executive:
To the most recent address of Special Severance Executive set forth in the personnel records of the Company.
14.    Adoption and Amendments
This Plan was initially adopted by Xylem Inc. on October 31, 2011 (the “Adoption Date”) and subsequently amended on each of March 26, 2012 and October 14, 2014; and does not apply to any termination of employment which occurred or which was communicated to the Special Severance Executive prior to the Adoption Date.
15.    Section 409A
This Plan is intended to comply with Section 409A of the Code and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, (i) if at the time of the Special Severance Executive’s termination of employment with the Company the Special Severance Executive is a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Special Severance Executive) until the date that is six months following the Special Severance Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code), at which point all payments deferred pursuant to this Section 15 shall be paid to the Special Severance Executive in a lump sum and (ii) if any other payments of money or other benefits due hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due under this Plan constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Plan shall be designated as a “separate payment” within the meaning of Section 409A of the Code. The Company shall consult with Special Severance Executives in good faith regarding the implementation of the provisions of this section; provided that neither the Company nor any of its employees or representatives shall have any liability to Special Severance Executives with respect thereto.

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