Document:

exv10w1

EXHIBIT 10.1

PORTIONS OF THIS EXHIBIT MARKED BY AN (***) HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

February 1, 2011

Orbitz Worldwide, LLC

500 W. Madison St., Suite 1000

Chicago, IL 60661

Ladies and Gentlemen:

This letter sets out certain mutually beneficial understandings and agreements between the parties
relating to the Agreements referenced below. As used in this letter agreement, “Travelport” shall
refer to Travelport, LP, and “OWW” shall refer to Orbitz Worldwide, LLC. Capitalized terms used in
this letter agreement and not otherwise defined shall have the meanings ascribed to them in the
applicable Agreement.

Effective as of execution and delivery of this letter agreement, the parties hereby agree as
follows:

	1.	 	Subscriber Agreement. Travelport and OWW agree to amend the Subscriber Agreement, in
accordance with the terms set forth in the Eleventh Amendment to the Subscriber Agreement,
attached hereto as Schedule A.
	 
	2.	 	Air Vendor. Travelport and OWW agree to enter into the Agreement Relating to AA
Ticketing Authority attached hereto as Schedule B.
	 
	3.	 	Fare Search; ebookers Websites; Supplier Link. Travelport and OWW agree to enter
into the Agreement Relating to ITA, ebookers and Supplier Link attached hereto as Schedule
C.
	 
	4.	 	Direct Connect; General. This letter agreement, Schedule A, Schedule B and Schedule
C do not in any way constitute consent from Travelport for OWW to discuss or enter into a
direct connect arrangement with any air carrier and does not in any way constitute a waiver by
OWW of any rights to discuss or enter into a direct connect arrangement with any air carrier.
Further, this letter agreement, Schedule A, Schedule B and Schedule C shall not operate to
waive either party’s rights with respect to Section 5.C of the Subscriber Agreement. This
letter agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto or their successors in interest. This letter agreement shall be construed and
enforced in accordance with, and the rights and duties of the parties shall be governed by,
the laws of the State of Illinois without regard to the principles of conflicts of law. This
letter agreement may be executed by the parties in separate counterparts and each counterpart
shall be deemed to be an original, but all such counterparts together shall constitute one and
the same instrument.

The parties have caused this letter agreement to be executed by the signatures of their respective
authorized representatives.

	 	 	 

	Orbitz Worldwide, LLC

	 	Travelport, LP

1

 

	 	 	 	 	 	 	 

	 
	/s/ Mike Nelson	 	 	/s/ Kurt Ekert
	Name: 	 Mike Nelson	 	 	Name: 	 Kurt Ekert
	Title:	 President, PSG	 	 	Title:	 CCO
	Date: 2/1/11	 	 	Date: 2/1/11

2

 

Schedule A

Eleventh Amendment to Subscriber Agreement

A - 1

 

February 1, 2011

Travelport, LP

Travelport Global Distribution Systems, B.V.

300 Galleria Parkway, N.W.

Atlanta, GA 30339

			
	Re:	 	Subscriber Services Agreement, dated as of July 23, 2007, between Travelport, LP (f/k/a
Galileo International, L.L.C.) (“Travelport”), Travelport Global Distribution Systems B.V.
(f/k/a Galileo Nederland B.V.) (“TGDS”) and Orbitz Worldwide, LLC (“Subscriber”), as amended
to date (the “Subscriber Agreement”)

Ladies and Gentlemen:

This letter constitutes an Eleventh Amendment (this “Amendment”) to the Subscriber Agreement
referenced above. Capitalized terms used in this Amendment and not otherwise defined shall be used
as defined in the Subscriber Agreement.

Effective as of the date of this Amendment (the “Amendment Effective Date”), Travelport, TGDS and
Subscriber agree as follows:

	1.	 	Material Revenue Change. Subject to Section 2 of this Amendment, Section 20 of the
Subscriber Agreement shall be deleted in its entirety and replaced with the following:

       20. MATERIAL REVENUE CHANGE

	 	A.	 	In the event that Galileo decreases by (***) percent ((***)%) or more the
Participation Fees (as defined in Section 1.EE) per Segment payable to Galileo for (***)
Segments booked via the Orbitz Worldwide Agencies through the Travelport GDSs on a
country-by-country basis so that the blended Participation Fees per Segment after the
decrease are below the blended Participation Fees per Segment in effect as of (***) (the
“Fee Change”), then, effective as of the date of the Fee Change (the “Fee Change Effective
Date”) and subject to Section 20.B, the Segment Incentives provided under this Agreement
in the relevant country in connection with the particular Services affected shall be
reduced by (***) of the amount of the Fee Change percentage that exceeds (***) percent
((***)%). For example, assume Galileo decreased its blended Participation Fees per
Segment across the Travelport GDSs in the United States effective as of July 1, 2011 and
such decreases resulted in a (***) percent ((***)%) decrease in the blended Participation
Fees per Segment booked via the Orbitz Domestic Agencies below the blended Participation
Fees per Segment in effect as of (***), then the Segment Incentives set forth on the
Custom Terms and Conditions Attachment (Galileo Services) — North America and on the
Custom Terms and Conditions Attachment (Worldspan Services) shall be decreased by (***)%
(i.e., (***)of (***)%, which is the percentage decrease in the blended Participation Fees
per Segment that exceeds (***)%) effective as of July 1, 2011, subject to Section 20.B.

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	 	B.	 	Any decrease in Segment Incentives pursuant to Section 20.A shall further be subject
to the following, to be applied on a country-country basis:

	 	(i)	 	The blended change in participation fees per segment for Galileo’s
subscribers other than the Orbitz Worldwide Agencies establishes a “Baseline Fee
Change Percentage.” The percentage decrease to Segment Incentives payable to
Subscriber for any country shall in any event be no greater than (***) percent
((***)%) more than the Baseline Fee Change Percentage. By way of example, Examples 1,
2 and 3 set forth in Exhibit A to the Eleventh Amendment to this Agreement
demonstrate the calculation of Segment Incentives payable to Subscriber pursuant to
this Section 20.B(i).
	 
	 	(ii)	 	In the event that Galileo’s blended Participation Fees per Segment for
Segments booked through the Orbitz Worldwide Agencies are reduced by (***) percent
((***)%) or more following the effective date of the Eleventh Amendment to this
Agreement, then, notwithstanding Sections 20.A or 20.B(i), the Segment Incentives
payable to Subscriber shall be decreased such that (x) Galileo’s blended Participation
Fees less Segment Incentives per Segment, is not less than (y) $(***) plus applicable
processing costs; provided, however, if Galileo Discriminates (hereinafter defined)
against Subscriber, then this Section 20.B(ii) shall not be effective. For purposes
hereof, “Discrimination” means that the blended Participation Fees per Segment (by
ticket type) paid by Vendors shall be materially lower for Segment bookings made by
the Orbitz Worldwide Agencies than the blended participation fees per segment (by
ticket type) for segments bookings made by Galileo subscribers other than Orbitz
Worldwide Agencies. For purposes of this Section 20.B(ii), Galileo’s processing costs
in the U.S. shall be capped at $(***) per Segment booked through the Orbitz Domestic
Agencies. By way of example, Example 4 set forth in Exhibit A to the Eleventh
Amendment to this Agreement demonstrates the calculation of Segment Incentives payable
to Subscriber taking into account this Section 20.B(ii) for U.S. points of sale.

	2.	 	Effectiveness. This Amendment shall become effective as of the Amendment Effective
Date and shall continue to be in effect until the earlier of the date, if any, that
(i) the Audit Committee of the Board of Directors of OWW (the “Audit Committee”), acting
reasonably and in good faith, shall determine that OWW and any air Vendor are engaged
(directly or indirectly) in discussions that are reasonably likely to result in OWW having a
Direct Connect relationship with that air Vendor, or (ii) OWW consummates a Direct Connect
relationship with any air Vendor. Under this Section 2, a “Direct Connect” does not include
OWW’s Supplier Link obligations existing as of the Amendment Effective Date with Continental,
Delta, US Airways, Alaska, and Midwest provided such obligations are not expanded or renewed.
OWW shall ensure that the Audit Committee will diligently monitor any discussions that OWW may
have regarding a potential Direct Connect relationship with any air Vendor and will make a
determination such as described in clause (i) of the previous sentence as soon as such a
determination is reasonably justified. In addition, OWW will notify Travelport immediately if
either event described in clauses (i) and (ii) of the first sentence of this Section 2 occurs,
in which event, effective as of the date of either such event, (x) this Amendment shall be
terminated and of no further force and effect, and (y) the forgoing provisions of Section 20
of the Subscriber Agreement shall be replaced with the provisions that were in effect prior to
this Amendment.

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	3.	 	General. This Amendment shall be binding upon and inure to the benefit of and be
enforceable by the Parties hereto or their successors in interest, except as expressly
provided in the Subscriber Agreement. Each Party to this Amendment agrees that, except as
expressly provided in this Amendment, nothing in this Amendment is intended to alter the
rights, duties and obligations of the Parties under the Subscriber Agreement, which shall
remain in full force and effect as amended hereby. In the event of a conflict between the
terms and conditions of this Amendment and the terms and conditions of the Subscriber
Agreement, the terms and conditions of this Amendment shall govern. This Amendment may be
executed by the Parties in separate counterparts and each counterpart shall be deemed to be an
original, but all such counterparts together shall constitute one and the same instrument.

The Parties have caused this Amendment to be executed by the signatures of their respective
authorized representatives.

	 	 	 	 	 	 	 

	Orbitz Worldwide, LLC	 	 	Travelport, LP
	 
	/s/ Mike Nelson	 	 	/s/ Kurt Ekert
	Name: 	 Mike Nelson	 	 	Name:  Kurt Ekert
	Title:	 President, PSG	 	 	Title:    CCO
	Date: 2/1/11	 	 	Date: 2/1/11
	 
	 	 	 	 	 	Travelport Global Distribution System B.V.
	 
	 	 	 	 	 	Signature: 	/s/ Marco van Ieperen       
	 	 	 	 	 	 	Name:  Marco van Ieperen
	 	 	 	 	 	 	Title:  Director
	 	 	 	 	 	 	Date: 2/23/11

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Schedule B

Agreement Relating to AA Ticketing Authority

B - 1

 

AGREEMENT RELATING TO AA TICKETING AUTHORITY

          THIS AGREEMENT (this “Agreement”) is entered into as of February 1, 2011 and effective as of
December 22, 2010 (the “Effective Date”) by and between Travelport, LP (“Travelport”) and Orbitz
Worldwide, LLC (“OWW”).

          WHEREAS, on November 1, 2010, American Airlines, Inc. (“AA”) notified OWW of AA’s intent to
terminate, effective December 1, 2010, certain agreements with OWW and to withdraw ticketing
authority for OWW’s websites Orbitz.com (“Orbitz.com”) and Orbitz for Business (“OFB”);

          WHEREAS, Travelport and AA are parties to Travelport, LP v. American Airlines, Inc. (the
“Travelport — AA Lawsuit”) in the Circuit Court of Cook County, concerning whether or not AA’s
actions constitute a breach of an agreement between Travelport and AA;

          WHEREAS, the court in the Travelport — AA Lawsuit granted a temporary restraining order on
November 19, 2010 prohibiting AA from terminating its agreements with OWW;

          WHEREAS, on December 21, 2010, the court in the Travelport — American Lawsuit denied
Travelport’s motion for a preliminary injunction and effective as of December 21, 2010, the
temporary restraining order previously granted is no longer in effect;

          WHEREAS, on December 21, 2010, AA withdrew ticketing authority from Orbitz.com and OFB and
AA’s flights are currently not available on Orbitz.com and OFB; and

          WHEREAS, the parties wish to agree to the terms set forth in this Agreement concerning OWW’s
commercial relationship with AA.

          NOW THEREFORE, in consideration of the mutual promises contained herein, the adequacy of which
is hereby acknowledged by the parties, the parties agree as follows:

	 	1.	 	Loss of AA Ticketing Authority. Subject to the provisions of Section 4
below, Travelport will increase the applicable air Segment Incentive to OWW by $(***) per
air Segment for air Segments booked by Orbitz.com through the Worldspan CRS under the
Subscriber Services Agreement, dated as of July 23, 2007, to which Travelport and OWW
are parties (the “Subscriber Agreement”), as “Segment” is defined in the Subscriber
Agreement and as the number of air Segment booked by Orbitz.com through the Worldspan CRS
is determined on the basis of the records maintained by Travelport in the ordinary course
of its business.
	 
	 	 	 	It is the intent of the parties that payment of the increased air Segment incentive set
forth in this Section 1 will be based on no less than (***) air Segments and no more than
(***) air Segments being booked by Orbitz.com through the Worldspan CRS during each (***)
period commencing as of the Effective Date and the (***) thereafter during the period

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	 	 	 	that this Agreement is in effect (the “Term”), as provided in Section 4. Within 10 days
after the end of the Term, Travelport will calculate the actual number of air Segments
booked by Orbitz.com through the Worldspan CRS during the Term, and if that actual number
of air Segments is more than (***) times the number of such (***) periods during the Term
or less than (***) times the number of such (***) periods during the Term, then the parties
will reconcile the amount paid pursuant to this Section 1 so that (a) in the case where the
actual number of air Segments are more than a (***) average of (***), the amount payable
will be no more than (i) $(***), multiplied by (ii) (***), multiplied by (iii) the number
of such (***) periods during the Term, with any excess amount above the amount payable
based upon (***)(***) air Segments that may have been paid being promptly repaid to
Travelport by OWW, and (b) in the case where the actual number of air Segments are less
than a (***) average of (***), the amount payable will be no less than (i) $(***)
multiplied by (ii) (***), multiplied by (iii) the number of such (***) period during the
Term, with any unpaid amount below the amount payable based upon (***) (***) air Segments
being promptly paid to OWW by Travelport. On a monthly basis during the Term, the parties
agree to review the number of air Segments booked by Orbitz.com through the Worldspan CRS
to determine if an adjustment of these terms is appropriate to accomplish the purposes of
this Agreement.
	 
	 	 	 	Other than actions that it normally takes, or fails to take, in the ordinary course of it
business, OWW shall not take any action (including, but not limited to, moving air Segments
from CheapTickets.com. to Orbitz.com), or fail to take any action, for the purpose of
increasing the compensation payable to OWW pursuant to this Section 1 or otherwise
circumventing the purposes of this Agreement.
	 
	 	 	 	Any dispute between the parties as to the amount of compensation payable by Travelport to
OWW under this Section 1 shall be resolved by binding arbitration in accordance with the
provisions of Section 13 of the Subscriber Agreement as if that dispute were a Dispute as
defined in Section 13 of the Subscriber Agreement.
	 
	 	2.	 	Mitigation. OWW shall use commercially reasonable efforts (without taking
into consideration the payments it receives from Travelport pursuant to Section 1) to
mitigate losses resulting from the loss of AA ticketing authority.
	 
	 	3.	 	Repayment. If and when this Agreement is terminated as provided in Section 4
below, then OWW shall repay to Travelport any amounts paid by Travelport pursuant to
Section 1 for periods after the effective date of such termination and any amounts that
may be determined to be overpayments made before the effective date of such termination.
OWW shall not be required to repay any amounts paid by Travelport pursuant to Section 1
for periods preceding the effective date of such termination except to the extent that
those amounts are determined to be overpayments.
	 
	 	4.	 	Effectiveness. This Agreement shall become effective as of the Effective
Date and shall continue to be in effect until the earliest of (a) April 21, 2011, (b) the
date, if any on

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	 	 	 	which OWW’s ticketing authority is reinstated by AA for Orbitz.com, or (c) the date, if
any, that (i) the Audit Committee of the Board of Directors of OWW (the “Audit Committee”),
acting reasonably and in good faith, shall determine that OWW and AA are engaged (directly
or indirectly) in discussions that are reasonably likely to result in OWW having a Direct
Connect (as defined in the Subscriber Agreement) relationship with AA, or (ii) OWW
consummates a Direct Connect relationship (directly or indirectly) with AA. OWW shall
ensure that the Audit Committee will diligently monitor any discussions that OWW may have
regarding a potential Direct Connect relationship with AA and will make a determination
such as described in clause (c)(i) of the previous sentence as soon as such a determination
is reasonably justified. In addition, OWW will notify Travelport immediately if any of the
events described in clauses (a), (b), (c)(i) and (c)(ii) of the first sentence of this
Section 4 occurs, in which event, effective as of the date of the earliest of such event,
this Agreement shall be terminated and of no further force and effect. The parties agree
to use good faith, commercially reasonable efforts to negotiate an extension of
compensation from Travelport to OWW beyond April 21, 2011 if, as of that date, all of the
following conditions exist: (x) Orbitz.com continues to lack AA ticketing authority; (y)
OWW has not consummated a Direct Connect relationship (directly or indirectly) with AA; and
(z) the Audit Committee has not determined, pursuant to its obligations in this Section 4,
that OWW is engaged (directly or indirectly) in discussions that are reasonably likely to
result in OWW having a Direct Connect relationship with AA; provided, however, neither
party shall be obligated to agree to any such compensation or any specific provisions
related to such compensation.
	 
	 	5.	 	Governing Law; Entire Agreement. This Agreement shall be governed by the
laws of the State of Illinois, without regard to its conflict-of-law principles. This
Agreement constitutes the entire agreement between the parties, and supersedes any prior
agreements (written or oral), concerning its subject matter.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
representatives as of the Effective Date.

	 	 	 	 	 	 	 

	Orbitz Worldwide, LLC	 	 	Travelport, LP
	 
	/s/ Mike Nelson	 	 	/s/ Kurt Ekert                        
	Name: 	 Mike Nelson	 	 	Name: 	 Kurt Ekert
	Title:	 President, PSG	 	 	Title:	 CCO
	Date: 2/1/11	 	 	Date: 2/1/11

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Schedule C

Agreement Relating to ITA, ebookers and Supplier Link

C - 1 

 

AGREEMENT RELATING TO ITA, EBOOKERS AND SUPPLIER LINK

     THIS AGREEMENT (this “Agreement”) is entered into as of February 1, 2011 (the “Effective
Date”) by and between Travelport, LP (“Travelport”) and Orbitz Worldwide, LLC (“OWW”).

     WHEREAS, Travelport and OWW are parties to the Subscriber Services Agreement dated as of July
23, 2007, as amended (the “Subscriber Agreement”);

     WHEREAS, OWW owns and operates numerous online travel websites, including www.orbitz.com and
www.cheaptickets.com (“OWW Domestic Consumer Websites”) and www.ebookers.com (“ebookers UK”) and
other European country websites related to ebookers UK (together with ebookers UK, the “ebookers
Websites”);

     WHEREAS, Travelport owns and operates an airfare search solution, e-Pricing (“e-Pricing”);

     WHEREAS, OWW, through its subsidiary, Orbitz, LLC, is a party to Supplier Link Agreements
(“Supplier Link Agreements”) with United, Continental, Delta, US Airways, Alaska, and Midwest
(each, a “Supplier Link Carrier”) providing for air bookings directly in the airline’s internal
reservation systems;

     WHEREAS, the parties wish to agree to the terms set forth in this Agreement concerning
e-Pricing and the Supplier Link Agreements and the other matters addressed herein.

     NOW THEREFORE, in consideration of the mutual promises contained herein, the adequacy of which
is hereby acknowledged by the parties, the parties agree as follows:

	1.	 	Travelport Consent. Subject to Section 2 below, Travelport consents to OWW
proceeding with an arrangement with ITA Software, Inc. (“ITA”), which arrangement provides for
the use of ITA’s airfare search solution after December 31, 2011 by the OWW Domestic Consumer
Websites (the “OWW-ITA Arrangement”).
	 
	2.	 	Google/ITA. If the acquisition of ITA by Google Inc. does not close by December 31,
2011, then OWW shall elect (such election to be made in OWW’s sole discretion) to either:

	 	a.	 	replace the percentage “(***)%” with the percentage “(***)%” in
subsection 3.a, and replace the amount “$(***)/PNR” with the amount “$(***)/PNR”
in subsection 3.b; or
	 
	 	b.	 	make a one-time payment of (***) dollars ($(***)) to Travelport, no
later than March 31, 2012.

	 	 	OWW covenants that its existing agreement, and any future agreements that it may have, with
ITA will not prevent or restrict OWW from complying with its obligations in this Section 2
and in Section 3 below.

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	3.	 	e-Pricing.

	 	a.	 	Commencing no later than December 31, 2011 and continuing through December
31, 2014, OWW shall price a minimum of (***)% of searches for the OWW Domestic
Consumer Websites using e-Pricing. OWW shall use methodology substantially consistent
with its practices with ITA to determine which searches to send to e-Pricing (i.e.,
OWW shall not send to e-Pricing Eligible Segments that OWW has a reasonable basis to
believe will generate a higher look-to-book ratio than searches sent to ITA).
	 
	 	b.	 	In connection with OWW’s use of e-Pricing pursuant to Section 3.a and subject
to Section 3.d, OWW shall pay Travelport $(***)/PNR created on the OWW Domestic
Consumer Websites using e-Pricing. Such fee includes all fixed and variable costs,
including hardware. No fee shall apply to OWW’s testing of e-Pricing pursuant to the
last sentence of Section 3.c.
	 
	 	c.	 	Commencing (***) and continuing throughout the remainder of the term of the
Subscriber Agreement, provided Google’s acquisition of ITA closes, and further
provided that Travelport has satisfied the condition stated in the next sentence
concerning e-Pricing functionality, OWW will price (***)% of its air searches for the
OWW Domestic Consumer Websites using e-Pricing. OWW’s obligation set forth in the
previous sentence is preconditioned on the functionality of e-Pricing performing equal
to or better than the ITA airfare search solution in all material respects, taking
into consideration only the actual capabilities of e-Pricing and the ITA airfare
search solution at the time of migration (rather than planned or anticipated
improvements to either product). In connection with determining whether e-Pricing
performs equal to or better than ITA in all material respects, OWW shall use all
commercially reasonable efforts to test e-Pricing until it meets the precondition
described in the preceding sentence.
	 
	 	d.	 	If OWW migrates to e-Pricing pursuant to Section 3.c, then in connection with
OWW’s use of e-Pricing for the OWW Domestic Consumer Websites, OWW shall pay
Travelport $(***)/PNR created on the OWW Domestic Consumer Websites. However, if
Travelport’s blended Participation Fees per Segment for Segments booked through the
Orbitz Domestic Agencies under the Subscriber Agreement are reduced by (***) percent
((***)%) or more following the Effective Date, then OWW shall pay Travelport
$(***)/PNR (rather than $(***)/PNR) created on the OWW Domestic Consumer Websites in
connection with OWW’s use of e-Pricing. If OWW migrates to e-Pricing pursuant to
Section 3.c, then for the duration of OWW’s use of e-Pricing for the OWW Domestic
Consumer Websites, Travelport will maintain e-Pricing’s performance levels at a
minimum consistent with those at the time of the migration, and further Travelport
will maintain the performance of the e-Pricing functionality in

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	 	 	 	a manner so that it is substantially equivalent to the functionality of other
airfare search solutions. The fees set forth in this Section 3.d shall include all
fixed and variable costs, including hardware.

	4.	 	ebookers Websites.

	 	a.	 	In addition to any other obligations that OWW may have pursuant to the
Subscriber Agreement, OWW shall use commercially reasonable, good faith efforts to
migrate the ebookers Websites that do not use the Travelport GDSs to the Galileo GDS
as soon as commercially practicable.
	 
	 	b.	 	OWW will use the following criteria to determine when e-Pricing satisfies the
threshold for ebookers to migrate to the Galileo GDS: latency, bookability, fare
diversity and ability to find the lowest price. OWW and Travelport will work together
in the thirty (30) days following the Effective Date to determine the specific
migration thresholds.
	 
	 	c.	 	Once e-Pricing satisfies the applicable metrics for a country-specific
ebookers Website, the parties will migrate that particular ebookers Website to the
Galileo GDS. Where commercially practical, the parties will test and migrate certain
country-specific ebookers Websites to the Galileo GDS simultaneously. Upon migration
of an ebookers Website to the Galileo GDS, OWW will pay Travelport $(***)/PNR created
on the migrated ebookers Website using e-Pricing.
	 
	 	d.	 	OWW shall be subject to a commercially reasonable excess transaction
allowance (“ETA”) for the ebookers Websites migrated to the Galileo GDS. The ETA will
be mutually agreed between the parties and will not be less favorable to OWW than
OWW’s current costs using a non-Galileo GDS solution. OWW shall represent to
Travelport that the ETA is equivalent to OWW’s current costs using a non-Galileo GDS
solution and shall permit a third-party auditor, selected and paid for by Travelport
and subject to OWW’s reasonable approval, which auditor shall be bound by
confidentiality obligations, to confirm that such representation is correct.

	5.	 	Supplier Link Agreements.

	 	a.	 	(***) Supplier Link. Travelport represents and warrants to OWW that
nothing in its Second Amendment to the Content Agreement (“Travelport — (***)
Agreement”) with (***) (“(***)”) is detrimental to OWW. Travelport shall permit a
third-party auditor, selected and paid for by OWW and subject to Travelport’s
reasonable approval, which auditor shall be bound by confidentiality obligations,
to confirm that the provisions in the Travelport — (***) Agreement do not
detrimentally impact OWW. OWW shall not be required to pay (in the form of a
Segment Incentive reduction or otherwise) Travelport in connection with the
contemplated migration of (***)’s Supplier Link to the Worldspan GDS.

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	 	 	 	OWW shall
use all reasonable efforts to obtain (***)’s consent to the migration of OWW’s
Supplier Link to the Worldspan GDS and, provided that (***) confirms in writing to
OWW that (***) so consents, OWW shall move (***)’s Supplier Link bookings to the
Worldspan GDS no later than February 15, 2011. OWW may keep the (***) Supplier
Link connection open for a reasonable period of time following February 15, 2011,
solely to continue to provide service in connection with bookings previously made.
OWW may re-commence making (***) Supplier Link bookings if the commercial
arrangement contemplated by the Travelport — (***) Agreement, as it relates to
OWW’s compensation and access to content, ceases, and such re-commencement shall
not be considered an expansion of Supplier Link and shall not violate Section
5.C(i) of the Subscriber Agreement, so long as OWW books only those segments
previously eligible to be booked in the (***) Supplier Link connection in
accordance with the provisions of the Subscriber Agreement.

	b.	 	Remaining Supplier Link Agreements.

	 	i.	 	OWW agrees to migrate each of the remaining Supplier Link
Carriers still processing segments through Supplier Link ((***)) to the
Worldspan GDS, upon the satisfaction of the following conditions: (1) the
Supplier Link Carrier agrees in a definitive agreement with OWW to permit OWW
to cease processing the Supplier Link Carrier’s segments through the Supplier
Link Agreement, and (2) either (A) the Supplier Link Carrier agrees with OWW
not to terminate the carrier’s Charter Associate Agreement prior to December
31, 2013, or (B) either the Supplier Link Carrier or Travelport provides OWW
with commercial benefits substantially equivalent to those provided under the
carrier’s Charter Associate Agreement through at least December 31, 2013.
	 
	 	ii.	 	OWW shall not be required to take a reduction in Segment
Incentives (as that term is defined in the Subscriber Agreement) payable by
Travelport as a result of the migration of the Supplier Link carrier to the
Worldspan GDS. Following completion of the migration of a Supplier Link
Carrier to the Worldspan GDS, OWW shall make an annual payment to
Travelport (through December 31, 2014), such payment to equal the amount
of operational cost savings realized by OWW due to the elimination of the
Supplier Link service for that Supplier Link Carrier. Other than as set
forth in this Section 6.b.ii, OWW shall have no obligation to fund any
reductions in Participation Fees (as that term is defined in the
Subscriber Agreement) agreed between Travelport and a Supplier Link
Carrier in connection with the Supplier Link Carrier’s agreement to
migrate the Supplier Link bookings to the Worldspan GDS.

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	 	iii.	 	OWW will actively cooperate with Travelport to secure and
complete the migrations of the remaining Supplier Link carriers to the
Worldspan GDS as soon as reasonable.
	 
	 	iv.	 	OWW’s Segment Incentives under the Subscriber Agreement shall
not be subject to Section 20 (Material Revenue Change) of the Subscriber
Agreement as a result of Travelport and a Supplier Link Carrier agreeing to
new Participation Fees in connection with the migration of Supplier Link
segments to the Worldspan GDS. Once an airline is migrated from Supplier Link
to the Worldspan GDS, the amounts paid by OWW to Travelport reflecting annual
operational cost savings for former Supplier Link Carriers will not be taken
into consideration in determining Travelport’s compliance with Section 21
(Subscriber Terms and Conditions Commitment) of the Subscriber Agreement.
	 
	 	v.	 	OWW may re-commence making Supplier Link bookings for a
migrated Supplier Link Carrier if the commercial arrangement contemplated by
the agreement between Travelport and the Supplier Link Carrier, as it relates
to OWW’s compensation and access to content, ceases, and such re-commencement
shall not be considered an expansion of Supplier Link and shall not violate
Section 5.C(i) of the Subscriber Agreement, so long as OWW books only those
segments previously eligible to be booked in the Supplier Link connection in
accordance with the provisions of the Subscriber Agreement.

	6.	 	Effectiveness. This Agreement shall become effective and continue as follows:

	 	a.	 	With respect to Sections 6 and 8, this Agreement shall become
effective as of the Effective Date and shall continue and survive any
termination or expiration of this Agreement or any provision thereof.
	 
	 	b.	 	With respect to Section 1, this Agreement shall become effective as
of the Effective Date and shall continue until the earlier of (i) the closing of
the OWW-ITA Arrangement, and (ii) December 31, 2011
	 
	 	c.	 	With respect to Sections 2, 3 and 4, the closing of the OWW-ITA
Arrangement on or before December 31, 2011 shall be a precondition to the
effectiveness of these provisions, and if and only if the closing of the OWW-ITA
Arrangement occurs on or before December 31, 2011, those provisions of this
Agreement shall take effect and continue through the term of the Subscriber
Agreement.
	 
	 	d.	 	With respect to Sections 5 and 7, this Agreement shall become
effective as of the Effective Date and continue until (a) with respect to Sections
5.b.ii, 5.b.iv, and 7, through the term of the Subscriber Agreement; and (b) with respect to Section 5

 - 5 - 

 

	 	 	 	(other than Sections 5.b.ii and 5.b.iv), until all Supplier
Link Carriers have been moved to the Worldspan GDS.

	7.	 	Subscriber Agreement. Except as expressly provided in this Agreement, nothing in
this Agreement is intended to alter the rights, duties and obligations of the parties under
the Subscriber Agreement, which shall remain in full force and effect. In the event of a
conflict between the terms and conditions of this Agreement and the terms and conditions of
the Subscriber Agreement, the terms and conditions of this Agreement shall govern.
	 
	8.	 	Governing Law; Entire Agreement. This Agreement shall be governed by the laws of the
State of Illinois, without regard to its conflict-of-law principles. This Agreement
constitutes the entire agreement between the parties, and supersedes any prior agreements
(written or oral), concerning its subject matter.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
representatives as of the Effective Date.

	 	 	 	 	 	 	 

	Orbitz Worldwide, LLC	 	 	Travelport, LP
	 
	/s/ Mike Nelson	 	 	/s/ Kurt Ekert                           
	Name: 	 Mike Nelson	 	 	Name: 	 Kurt Ekert
	Title:	 President, PSG	 	 	Title:	 CCO
	Date: 2/1/11	 	 	Date: 2/1/11

 - 6 -EX-4.1

Exhibit 4.1

2011 Performance Option Plan

	1.	 	PURPOSE OF PLAN

	 	 	Potash Corporation of Saskatchewan Inc. (the “Corporation”) by resolution of its Board of
Directors (the “Board”) has established, subject to shareholder approval at the Corporation’s
2011 Annual and Special Meeting of shareholders, this Potash Corporation of Saskatchewan Inc.
2011 Performance Option Plan (the “Plan”) to support the Corporation’s compensation philosophy
of providing selected employees and officers with an opportunity to: promote the growth and
profitability of the Corporation; align their interests with shareholders; and earn compensation
commensurate with corporate performance. The Corporation believes this Plan will directly assist
in supporting the Corporation’s compensation philosophy by providing participants with the
opportunity through stock options, which will vest, if at all, based on corporate performance
over a three-year period, to acquire common shares of the Corporation (“Common Shares”).

	2.	 	DURATION OF THIS PLAN

	 	 	This Plan was adopted by the Board on February 22, 2011 to be effective as of January 1, 2011
(the “Effective Date”), subject to shareholder approval at the Corporation’s 2011 Annual and
Special Meeting of shareholders, and shall remain in effect, unless sooner terminated as
provided herein, until one (1) year from the Effective Date, at which time it will terminate.
After this Plan is terminated, no stock options may be granted but stock options previously
granted shall remain outstanding in accordance with their applicable terms and conditions and
this Plan’s terms and conditions.

	3.	 	ADMINISTRATION

	 	 	This Plan shall be administered by the Compensation Committee of the Board or any other
committee designated by the Board to administer this Plan (the “Committee”). The Committee shall
be responsible for administering this Plan, subject to this Section 3 and the other provisions
of this Plan. The Committee may employ attorneys, consultants, accountants, agents, and other
individuals, any of whom may be an employee, and the Committee, the Corporation, and its
officers and directors shall be entitled to rely upon the advice, opinions, or valuations of any
such individuals. All actions taken and all interpretations and determinations made by the
Committee shall be made in the Committee’s sole discretion and shall be final and binding upon
the participants, the Corporation, and all other interested individuals. To the extent
applicable, the Plan shall be administered with respect to optionees subject to the laws of the
U.S. so as to avoid the application of penalties pursuant to Section 409A of the Internal
Revenue Code, and stock options hereunder may be subject to such restrictions as the Committee
determines are necessary to avoid application of such Section 409A.

	4.	 	AUTHORITY OF THE COMMITTEE

	 	 	The Committee shall have full and exclusive discretionary power to interpret the terms and the
intent of this Plan and any Stock Option Award Agreement or other agreement or document
ancillary to or in connection with this Plan, to determine eligibility for stock options and to
adopt such rules, regulations, forms, instruments, and guidelines for administering this Plan as
the Committee may deem necessary or proper. Such authority shall include adopting modifications
and amendments to any Stock Option Award Agreement that are necessary to comply with the laws of
the countries and other jurisdictions in which the Corporation and/or its subsidiaries operate.

	5.	 	SHARES SUBJECT TO STOCK OPTIONS

	 	 	The aggregate number of Common Shares issuable after February 22, 2011 pursuant to stock options
under this Plan may not exceed 3,000,000 Common Shares. The aggregate number of Common Shares in
respect of which stock options have been granted to any one person pursuant to this Plan and
which remain outstanding shall not at any time exceed 750,000. The authorized limits under this
Plan shall be subject to adjustment under Sections 12 and 13.

	 	 	Notwithstanding anything to the contrary contained in this Plan, no options shall be granted to
insiders if such options, together with any other outstanding security based compensation
arrangements, could result in:

	 	(a)	 	the number of Common Shares issuable to insiders at any time pursuant to security
based compensation arrangements of the Corporation exceeding ten percent (10%) of the
issued and outstanding Common Shares; or

	 	(b)	 	the issuance to insiders pursuant to security based compensation arrangements of the
Corporation, within any one year period, of a number of Common Shares exceeding ten percent
(10%) of the issued and outstanding Common Shares.

	 	 	For the purposes of the foregoing paragraphs, “security based compensation arrangement” and
“insider” have the meanings attributed thereto in the TSX Company Manual.

 

 

	 	 	If any stock option granted under this Plan, or any portion thereof, expires or terminates for
any reason without having been exercised in full, the Common Shares with respect to which such
option has not been exercised shall again be available for further stock options under this
Plan; provided, however, that any stock option that is granted under this Plan that does not
vest as a result of a failure to satisfy the Performance Measures, shall not be again available
for grant under this Plan.

	6.	 	GRANT OF STOCK OPTIONS

	 	 	From time to time the Board may designate individual officers and employees of the Corporation
and its subsidiaries eligible to be granted options to purchase Common Shares and the number of
common Shares which each such person will be granted a stock option to purchase; provided that
the aggregate number of Common Shares subject to such stock options may not exceed the number
provided for in Section 5 of this Plan. Non-employee directors and other non-employee
contractors and third party vendors are not eligible to participate in this Plan.

	7.	 	OPTION PRICE

	 	 	The option price for any option granted under this Plan to any optionee shall be fixed by the
Board when the option is granted and shall be not less than the fair market value of the Common
Shares at such time which, for optionees resident in the United States and any other optionees
designated by the Board, shall be deemed to be the closing price per Common Share on the New
York Stock Exchange on the last trading day immediately preceding the day the option is granted
and, for all other optionees, shall be deemed to be the closing price per Common Share on the
Toronto Stock Exchange on the last trading day immediately preceding the day the option is
granted; provided that, in either case, if the Common Shares did not trade on such exchange on
such day the option price shall be the closing price per share on such exchange on the last day
on which the Common Shares traded on such exchange prior to the day the option is granted.

	8.	 	VESTING OF STOCK OPTIONS

	 	 	Subject to achievement of Performance Measures as certified and approved by the Audit Committee
of the Board, stock options granted under this Plan will vest no later than thirty (30) days
after the audited financial statements for the applicable Performance Period have been approved
by the Board.

	9.	 	PERFORMANCE MEASURES FOR VESTING OF STOCK OPTIONS

	 	(a)	 	The Performance Measures which will be used to determine the degree to which stock
options will vest over the three-year period beginning the first day of the fiscal year in
which they are granted (the “Performance Period”) shall be cash flow return on investment
(“CFROI”) and weighted average cost of net debt and equity capital (“WACC”).

	 	(i)	 	CFROI is the ratio of after tax operating cash flow to average gross investment
over the fiscal year, calculated as A divided by B, where (1) A equals operating income
less/plus nonrecurring or unusual items less/plus change in unrealized gains/losses on
derivative instruments included in net income plus accrued incentive awards plus
depreciation and amortization less current taxes, and (2) B equals the average of total
assets less/plus the fair value adjustment for investments in available for sale
securities less the fair value of derivative instrument assets plus accumulated
depreciation plus accumulated amortization less cash and cash equivalents less non
interest bearing current liabilities excluding derivatives.

	 	(ii)	 	WACC is the weighted average cost of net debt and equity capital, calculated as
[A times the product of B divided by C] plus [D times the product of E divided by C],
where (1) A equals the after-tax market yield cost of debt, (2) B equals the market
value of debt less cash and cash equivalents (3) C equals the market value of debt less
cash and cash equivalents, plus the market value of equity, (4) D equals the cost of
equity, and (5) E equals the market value of equity.

	 	(b)	 	In determining the number of stock options that will actually vest based on the degree
to which the Performance Measures have been attained during the applicable Performance
Period, the following chart shall be utilized which shows the three year average excess of
CFROI being greater than WACC and the respective portion of the stock option that will
vest:

 

 

	 	 	 
	Performance Measure	 	Vesting Scale
	3 year average excess of	 	% of Stock Option
	CFROI>WACC	 	Grant Vesting
	<0%
	 	0%
	0.20%
	 	30%
	1.20%
	 	70%
	2.20%
	 	90%
	2.50%
	 	100%

	 	(c)	 	In assessing the portion of the stock options that shall vest in accordance with the
above chart, the following shall be done:

	 	(i)	 	Each year, the CFROI and WACC will be calculated in accordance with the
definitions herein, based on the audited financial statements and approved by the Audit
Committee.
	 
	 	(ii)	 	In each Performance Period, the average of the three fiscal years shall be
calculated by taking the simple average of the individual years’ results.
	 
	 	(iii)	 	The resulting three-year average will then be applied, using the scale above
to determine the number of stock options, if any, that will vest as of the end of the
Performance Period.
	 
	 	(iv)	 	For results falling between the reference points in the chart above, the level
of vesting shall be mathematically interpolated between the reference points.

	10.	 	TERMS OF STOCK OPTIONS

	 	 	The period during which a stock option is exercisable (the “Term”) may not exceed 10 years from
the date the stock option is granted (the “Initial Exercise Period”), plus any Additional
Exercise Period (as defined below). If such Initial Exercise Period would otherwise expire (i)
during a Blackout Period (as defined below) applicable to the relevant optionee or (ii) within
10 trading days after the expiration of the Blackout Period applicable to the relevant optionee,
the Term of the related stock option shall expire on the date that is the tenth trading day
after the end of such Blackout Period (an “Additional Exercise Period”). For purposes of this
Plan, “Blackout Period” means any period during which the relevant optionee is prohibited by the
Corporation’s trading policy from trading in the Corporation’s securities. The Stock Option
Award Agreement may contain provisions limiting the number of Common Shares with respect to
which stock options may be exercised in any one year. Each stock option agreement shall contain
provisions to the effect that:

	 	(a)	 	if the employment of an optionee as an officer or employee of the Corporation or a
subsidiary terminates, by reason of his or her death, or if an optionee who is a retiree
pursuant to Section 10(b) dies, the legal personal representatives of the optionee will be
entitled to exercise any unexercised vested options, including such stock options that may
vest after the date of death, during the period ending at the end of the twelfth calendar
month following the calendar month in which the optionee dies, failing which exercise the
stock options terminate;

	 	(b)	 	subject to the terms of Section 10(a) above, if the employment of an optionee as an
officer or employee of the Corporation or a subsidiary terminates, by reason of retirement
in accordance with the then prevailing retirement policy of the Corporation or subsidiary,
the optionee will be entitled to exercise any unexercised vested stock options, including
such stock options that may vest after the date of retirement, during the period ending at
the end of the 36th month following the calendar month in which the optionee retires,
failing which exercise the stock options terminate;

	 	(c)	 	subject to the terms of Section 14 below, if the employment of an optionee as an
officer or employee of the Corporation or a subsidiary terminates, for any reason other
than as provided in Sections 10(a) or (b), the optionee will be entitled to exercise any
unexercised vested stock options, to the extent exercisable at the date of such event,
during the period ending at the end of the calendar month immediately following the
calendar month in which the event occurs, failing which exercise the stock options
terminate;

	 	(d)	 	for greater certainty and for these purposes, an optionee’s employment with the
Corporation or a subsidiary shall be considered to have terminated effective on the last
day of the optionee’s actual and active employment with the Corporation or subsidiary
whether such day is selected by agreement with the optionee or unilaterally by the

 

 

	 	 	 	Corporation or subsidiary and whether with or without advance notice to the optionee. For
the avoidance of doubt, no period of notice, if any, or payment in lieu of notice that is
given or ought to have been given under applicable law in respect of such termination of
employment that follows or is in respect of a period after the optionee’s last day of
actual and active employment shall be considered as extending the optionee’s period of
employment for the purposes of determining an optionee’s entitlement under the Plan. The
employment of an optionee with the Corporation shall be deemed to have terminated for all
purposes of the Plan if such person is employed by or provides services to a person that is
a subsidiary of the Corporation and such person ceases to be a subsidiary of the
corporation, unless the Committee determines otherwise; and

	 	(e)	 	each stock option is personal to the optionee and is not assignable, except (i) as
provided in Section 10(a), and (ii) at the election of the Board, a stock option may be
assignable to the spouse, children and grandchildren of the original optionee and to a
trust, partnership or limited liability company, the entire beneficial interest of which is
held, directly or indirectly, by one or more of the optionee or the spouse, children or
grandchildren of the optionee (each, a “Permitted Assignee”). If a stock option is assigned
to one or more Permitted Assignees, nothing contained in this section 10(e) shall prohibit
a subsequent assignment of such stock option to one or more other Permitted Assignees or
back to the optionee.

	 	 	Nothing contained in Sections 10(a), (b) or (c) shall extend the Term beyond its stipulated
expiration date or the date on which it is otherwise terminated in accordance with the
provisions of this Plan.

	 	 	If a stock option is assigned pursuant to Section 10(e)(ii), the references in Sections 10(a),
(b) and (c) to the termination of employment or death of an optionee shall not relate to the
assignee of a stock option but shall relate to the original optionee. In the event of such
assignment, legal personal representatives of the original optionee shall not be entitled to
exercise the assigned stock option, but the assignee of the stock option or the legal personal
representatives of the assignee may exercise the stock option during the applicable specified
period.

	11.	 	EXERCISE OF STOCK OPTIONS

	 	 	Subject to the provisions of this Plan, a vested stock option may be exercised from time to time
by delivering to the Corporation at its registered office a written notice of exercise
specifying that number of Common Shares with respect to which the stock option is being
exercised and accompanied by payment in cash or certified cheque in full of the purchase price
of the Common Shares then being purchased.

	12.	 	ADJUSTMENTS

	 	 	Appropriate adjustments to the authorized limits set forth in Section 5, in the number, class
and/or type of Common Shares optioned and in the option price per share, both as to stock
options granted or to be granted, shall be made by the Board to give effect to adjustments in
the number of Common Shares which result from subdivisions, consolidations or reclassifications
of the Common Shares, the payment of share dividends by the Corporation, the reconstruction,
reorganization or recapitalization of the Corporation or other relevant changes in the capital
of the Corporation.

	13.	 	MERGERS

	 	 	If the Corporation proposes to amalgamate or merge with another body corporate, the Corporation
shall give written notice thereof to optionees in sufficient time to enable them to exercise
outstanding vested stock options, to the extent they are otherwise exercisable by their terms
(including stock options that are accelerated pursuant to Section 14), prior to the effective
date of such amalgamation or merger if they so elect. The Corporation shall use its best efforts
to provide for the reservation and issuance by the amalgamated or continuing corporation of an
appropriate number of Common Shares, with appropriate adjustments, so as to give effect to the
continuance of the stock options to the extent reasonably practicable. In the event that the
Board determines in good faith that such continuance is not in the circumstances practicable, it
may upon 30 days’ notice to optionees terminate the stock options for a payment equal to the
excess, if any, between the per share exercise price and the per share market price of the
Common Shares on the date the stock option is cancelled and all stock options with a per share
exercise price that exceeds the per share market price of the Common Shares on the date of
cancellation will be cancelled for no consideration.

	14.	 	CIRCUMSTANCES FOR ACCELERATED VESTING

	 	(a)	 	If a “change of control” of the Corporation occurs and at least one of the two
additional circumstances described below occurs, then each outstanding stock option granted
under this Plan may be exercised, in whole or in part, even if such option is not otherwise
exercisable by its terms:

 

 

	 	(i)	 	Upon a “change of control” the surviving corporation (or any affiliate thereto)
or the potential successor (or any affiliate thereto) fails to continue or assume the
obligations with respect to each stock option or fails to provide for the conversion or
replacement of each stock option with an equivalent stock option; or

	 	(ii)	 	In the event that the stock options were continued, assumed, converted or
replaced as contemplated in (i), during the two-year period following the effective
date of a change of control, the optionee is terminated by the Corporation without
Cause (as defined below) or the optionee resigns employment for Good Reason (as defined
below).

	 	(b)	 	For purposes of this Plan, a change of control of the Corporation shall be deemed to
have occurred if any of the following occur, unless the Board adopts a plan after the
Effective Date of this Plan that has a different definition (in which case such definition
shall be applied), or the Committee decides to modify or amend the following definition
through an amendment of this Plan:

	 	(i)	 	within any period of two consecutive years, individuals who at the beginning of
such period constituted the Board and any new directors whose appointment by the Board
or nomination 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;

	 	(ii)	 	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 directors of the Corporation;

	 	(iii)	 	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;

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

	 	(v)	 	there is a public announcement of a transaction that would constitute a change
of control under clause (ii), (iii) or (iv) of this Section 14(b) and the Committee
determines that the change of control resulting from such transaction will be deemed to
have occurred as of a specified date earlier than the date under (ii), (iii) or (iv),
as applicable.

	 	(c)	 	For the purposes of Section 14(a) of this Plan, the obligations with respect to each
stock option shall be considered to have been continued or assumed by the surviving
corporation (or any affiliate thereto) or the potential successor (or any affiliate
thereto), if each of the following conditions are met, which determination shall be made
solely in the discretionary judgment of the Committee, which determination may be made in
advance of the effective date of a particular change of control:

	 	(i)	 	the Common Shares remain publicly held and widely traded on an established
stock exchange; and

	 	(ii)	 	the terms of the Plan and each option grant are not altered or impaired without
the consent of the optionee.

	 	(d)	 	For the purposes of Section 14(a) of this Plan, the obligations with respect to each
stock option shall be considered to have been converted or replaced with an equivalent
stock option by the surviving corporation (or any affiliate thereto) or the potential
successor (or any affiliate thereto), if each of the following conditions are met, which
determination shall be made solely in the discretionary judgment of the Committee, which determination may be
made in advance of the effective date of a particular change of control:

 

 

	 	(i)	 	each stock option is converted or replaced with a replacement option in a
manner that complies with Section 409A of the Internal Revenue Code, in the case of an
optionee that is taxable in the United States on all or any portion of the benefit
arising in connection with the grant, exercise and/or other disposition of such stock
option, or in a manner that qualifies under subsection 7(1.4) of the Income Tax Act
(Canada), in the case of an optionee that is taxable in Canada on all or any portion of
the benefit arising in connection with the grant, exercise and/or other disposition of
such stock option;

	 	(ii)	 	the converted or replaced option preserves the existing value of each
underlying stock option being replaced, contains provisions for scheduled vesting and
treatment on termination of employment (including the definition of Cause and Good
Reason) that are no less favourable to the optionee than the underlying option being
replaced, and all other terms of the converted option or replacement option, including
the underlying performance measures (but other than the security and number of shares
represented by the continued option or replacement option) are substantially similar to
the underlying stock option being replaced; and

	 	(iii)	 	the security represented by the converted or replaced option is of a class
that is publicly held and widely traded on an established stock exchange.

	 	(e)	 	For purposes of this Plan, “Cause” means dishonest or willful misconduct or lack of
good faith resulting in material harm to the Corporation, financial or otherwise.

	 	(f)	 	For purposes of this Plan, “Good Reason” means:

	 	(i)	 	a substantial diminution in the optionee’s authorities, duties,
responsibilities, status (including offices, titles, and reporting requirements) from
those in effect immediately prior to the change of control;

	 	(ii)	 	the Corporation requires the optionee to be based at a location in excess of
fifty (50) miles from the location of the optionee’s principal job location or office
immediately prior to the change of control, except for required travel on Corporation
business to an extent substantially consistent with the optionee’s business obligations
immediately prior to the change of control;

	 	(iii)	 	a reduction in the optionee’s base salary, or a substantial reduction in
optionee’s target compensation under any incentive compensation plan, as in effect as
of the date of the change of control;

	 	(iv)	 	the failure to increase the optionee’s base salary in a manner consistent (both
as to frequency and percentage increase) with practices in effect immediately prior to
the change of control or with practices implemented subsequent to the change of control
with respect to similarly positioned employees; or

	 	(v)	 	the failure of the Corporation to continue in effect the optionee’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 of control.

	 	 	A termination of employment by the optionee for one of the reasons set forth in clause (i),
(ii), (iii), (iv) or (v) of this Section 14(f), will not constitute Good Reason unless, within
the 30-day period immediately following the optionee’s knowledge of the occurrence of such Good
Reason event, the optionee has given written notice to the Corporation of the event relied upon
for such termination and the Corporation has not remedied such event within 30 days (the “Cure
Period”) of the receipt of such notice. For the avoidance of doubt, the optionee’s employment
shall not be deemed to terminate for Good Reason unless and until the Cure Period has expired
and, if curable, the Corporation has not remedied the applicable Good Reason event. The
Corporation and the optionee may mutually waive in writing any of the foregoing provisions with
respect to an event that otherwise would constitute Good Reason.

	15.	 	RECOUPMENT POLICY

	 	 	Each stock option granted under this Plan to an optionee that, as of the date the option is
granted, participates in the Corporation’s Medium-Term Incentive Plan shall be subject to the
terms and conditions of the Corporation’s Policy on Recoupment of Unearned Compensation (as
previously adopted and, from time to time, amended by the Board) attached to such optionee’s
Stock Option Award Agreement (as defined below).

	16.	 	AMENDMENT OR DISCONTINUANCE OF THIS PLAN

	 	 	The Board may amend or discontinue the Plan at any time, without obtaining the approval of
shareholders of the Corporation unless required by the relevant rules of the Toronto Stock
Exchange, provided that, subject to Sections 12, 13, and 14, no such amendment may increase the
aggregate maximum number of Common Shares that may be subject to

 

 

	 	 	stock options under this Plan, change the manner of determining the minimum option price, extend the Term under any option
beyond 10 years (plus any Additional Exercise Period) or the date on which the option would
otherwise expire under the Plan, expand the assignment provisions of the Plan, permit
non-employee directors to participate in the Plan or, without the consent of the holder of the
option, alter or impair any option previously granted to an optionee under this Plan; and,
provided further, for greater certainty, that, without the prior approval of the Corporation’s
shareholders, stock options issued under this Plan shall not be repriced, replaced, or regranted
through cancellation, or by lowering the option price of a previously granted stock option.
Pre-clearance of the Toronto Stock Exchange of amendments to the Plan will be required to the
extent provided under the relevant rules of the Toronto Stock Exchange.

	17.	 	EVIDENCE OF STOCK OPTIONS

	 	 	Each stock option granted under this Plan shall be evidenced by a written stock option agreement
between the Corporation and the optionee which shall give effect to the provisions of this Plan
and include such other terms as the Committee shall determine (“Stock Option Award Agreement”).

	18.	 	WITHHOLDING

	 	 	To the extent that the Corporation is required to withhold federal, provincial, state, local or
foreign taxes in connection with any payment made or benefit realized by an optionee or other
person hereunder, and the amounts available to the Corporation for such withholding are
insufficient, it shall be a condition to the receipt of such payment or the realization of such
benefit that the optionee or such other person make arrangements satisfactory to the Corporation
for payment of the balance of such taxes required to be withheld, which arrangements (in the
discretion of the Board) may include relinquishment of a portion of such benefit. Participants
shall also make such arrangements in connection with the disposition of Common Shares acquired
upon the exercise of option rights with respect to this Plan.

 

 

           Potash Corporation of Saskatchewan Inc.

This certificate evidences and confirms the grant to       
     
          (the “Optionee”) of options
to purchase the number of Common Shares of the Corporation specified under Paragraph (1) on the
terms and subject to the conditions of the Potash Corporation of Saskatchewan Inc. 2011 Performance
Option Plan (the “2011 Plan”) and the terms and conditions set forth below. In the event of any
inconsistency between the terms of the 2011 Plan and those set forth below, the terms of the 2011
Plan shall control. Capitalized terms used below that are not defined in this certificate shall
have the meanings specified in the 2011 Plan.

	 	1.	 	Number of Shares:  The Optionee is hereby granted options under the 2011 Plan to
purchase          
           Common Shares.

	 	2.	 	Option Exercise Price:  The exercise price for
each Common Share is
$               .

	 	3.	 	Time and Conditions to Vesting:  The options will become vested following the
end of the Performance Period of January 1, 2011 through December 31, 2013 if, and to
the extent, the applicable Performance Measures for the Performance Period are
achieved. Subject to applicable conditions under the 2011 Plan with respect to
continued employment during the Performance Period and achievement of the minimum
Performance Measures, the date for vesting will be determined but will not be later
than 30 days after the audited financial statements of the Corporation for the 2013
fiscal year of the Corporation have been approved by the Board. Upon vesting, the
Optionee will have the right to purchase a number of Common Shares covered by the
option equal to the percentage determined in accordance with the Performance Measure
and Vesting Scale provided under the 2011 Plan.

	 	4.	 	Once vested, the options will continue to be exercisable until the expiry date
for the options of May 12, 2021.

	 	5.	 	Notwithstanding the provisions of paragraph 4 above, this option will terminate
as provided in paragraph 10 of the 2011 Plan in the event that the actual and active
employment of the Optionee ceases. The option is personal to the Optionee and is not
assignable, except in accordance with the conditions attached hereto as Appendix I.

	 	6.	 	Notice of exercise of the option is to be given in accordance with paragraph 11
of the 2011 Plan.

	 	7.	 	Adjustments to the option may be made as provided in paragraph 12 of the 2011
Plan, the provisions of paragraph 13 of the 2011 Plan shall apply in the event of a
proposed amalgamation or merger of the Corporation, and the provisions of paragraph
14 of the 2011 Plan will apply in the event of a “change of control” of the
Corporation as defined in that paragraph.

	 	8.	 	This grant of option is subject to receipt of any necessary regulatory approvals
and shall be governed by the laws of Saskatchewan.

	 	 	 	 	 
	 	
Potash Corporation of Saskatchewan Inc.

 	 
	Date:  May 12, 2011 	By:  	 	 
	 	 	President and Chief Executive Officer 	 

 

Potash Corporation of Saskatchewan Inc.

2011 Performance Option Plan

1.     PURPOSE OF PLAN.  Potash Corporation of Saskatchewan Inc. (the “Corporation”) by resolution of its Board of Directors (the “Board”) has established,
subject to shareholder approval at the Corporation’s 2011 Annual and Special Meeting of
shareholders, this Potash Corporation of Saskatchewan Inc. 2011 Performance Option Plan (the
“Plan”) to support the Corporation’s compensation philosophy of providing selected employees and
officers with an opportunity to: promote the growth and profitability of the Corporation; align
their interests with shareholders; and earn compensation commensurate with corporate performance.
The Corporation believes this Plan will directly assist in supporting the Corporation’s
compensation philosophy by providing participants with the opportunity through stock options, which
will vest, if at all, based on corporate performance over a three-year period, to acquire common
shares of the Corporation (“Common Shares”).

2.     DURATION OF THIS PLAN.  This Plan was adopted by the Board on February 22, 2011 to be effective
as of January 1, 2011 (the “Effective Date”), subject to shareholder approval at the Corporation’s
2011 Annual and Special Meeting of shareholders, and shall remain in effect, unless sooner
terminated as provided herein, until one (1) year from the Effective Date, at which time it will
terminate. After this Plan is terminated, no stock options may be granted but stock options
previously granted shall remain outstanding in accordance with their applicable terms and
conditions and this Plan’s terms and conditions.

3.     ADMINISTRATION.  This Plan shall be administered by the Compensation Committee of the Board or
any other committee designated by the Board to administer this Plan (the “Committee”). The
Committee shall be responsible for administering this Plan, subject to this Section 3 and the other
provisions of this Plan. The Committee may employ attorneys, consultants, accountants, agents, and
other individuals, any of whom may be an employee, and the Committee, the Corporation, and its
officers and directors shall be entitled to rely upon the advice, opinions, or valuations of any
such individuals. All actions taken and all interpretations and determinations made by the
Committee shall be made in the Committee’s sole discretion and shall be final and binding upon the
participants, the Corporation, and all other interested individuals. To the extent applicable, the
Plan shall be administered with respect to optionees subject to the laws of the U.S. so as to avoid
the application of penalties pursuant to Section 409A of the Internal Revenue Code, and stock
options hereunder may be subject to such restrictions as the Committee determines are necessary to
avoid application of such Section 409A.

4.     AUTHORITY OF THE COMMITTEE.  The Committee shall have full and exclusive discretionary power to
interpret the terms and the intent of this Plan and any Stock Option Award Agreement or other
agreement or document ancillary to or in connection with this Plan, to determine eligibility for
stock options and to adopt such rules, regulations, forms, instruments, and guidelines for
administering this Plan as the Committee may deem necessary or proper. Such authority shall include
adopting modifications and amendments to any Stock Option Award Agreement that are necessary to
comply with the laws of the countries and other jurisdictions in which the Corporation and/or its
subsidiaries operate.

5.     SHARES SUBJECT TO STOCK OPTIONS.  The aggregate number of Common Shares issuable after February
22, 2011 pursuant to stock options under this Plan may not exceed 3,000,000 Common Shares. The
aggregate number of Common Shares in respect of which stock options have been granted to any one
person pursuant to this Plan and which remain outstanding shall not at any time exceed 750,000. The
authorized limits under this Plan shall be subject to adjustment under Sections 12 and 13.

     Notwithstanding anything to the contrary contained in this Plan, no options shall be granted
to insiders if such options, together with any other outstanding security based compensation
arrangements, could result in:

(a)     the number of Common Shares issuable to insiders at any time pursuant to security based
compensation arrangements of the Corporation exceeding ten percent (10%) of the issued and
outstanding Common Shares; or

(b)     the issuance to insiders pursuant to security based compensation arrangements of the
Corporation, within any one year period, of a number of Common Shares exceeding ten percent (10%)
of the issued and outstanding Common Shares.

     For the purposes of the foregoing paragraphs, “security based compensation arrangement” and
“insider” have the meanings attributed thereto in the TSX Company Manual.

     If any stock option granted under this Plan, or any portion thereof, expires or terminates for
any reason without having been exercised in full, the Common Shares with respect to which such
option has not been exercised shall again be available for further stock options under this Plan;
provided, however, that any stock option that is granted under this Plan that does not vest as a
result of a failure to satisfy the Performance Measures, shall not be again available for grant
under this Plan.

6.     GRANT OF STOCK OPTIONS.  From time to time the Board may designate individual officers and
employees of the Corporation and its subsidiaries eligible to be granted options to purchase Common
Shares and the number of common Shares which each such person will be granted a stock option to
purchase; provided that the aggregate number of Common Shares subject to such stock options may not
exceed the number provided for in Section 5 of this Plan. Non-employee directors and other
non-employee contractors and third party vendors are not eligible to participate in this Plan.

7.     OPTION PRICE.  The option price for any option granted under this Plan to any optionee shall be
fixed by the Board when the option is granted and shall be not less than the fair market value of
the Common Shares at such time which, for optionees resident in the United States and any other
optionees designated by the Board, shall be deemed to be the closing price per Common Share on the
New York Stock Exchange on the last trading day immediately preceding the day the option is granted
and, for all other optionees, shall be deemed to be the closing price per Common Share on the
Toronto Stock Exchange on the last trading day immediately preceding the day the option is granted;
provided that, in either case, if the Common Shares did not trade on such exchange on such day the
option price shall be the closing price per share on such exchange on the last day on which the
Common Shares traded on such exchange prior to the day the option is granted.

8.     VESTING OF STOCK OPTIONS.  Subject to achievement of Performance Measures as certified and
approved by the Audit Committee of the Board, stock options granted under this Plan will vest no
later than thirty (30) days after the audited financial statements for the applicable Performance
Period have been approved by the Board.

9.     PERFORMANCE MEASURES FOR VESTING OF STOCK OPTIONS.

(a)     The Performance Measures which will be used to determine the degree to which stock options will
vest over the three-year period beginning the first day of the fiscal year in which they are
granted (the “Performance Period”) shall be cash flow return on investment (“CFROI”) and weighted
average cost of net debt and equity capital (“WACC”).

(i)     CFROI is the ratio of after tax operating cash flow to average gross investment over the fiscal
year, calculated as A divided by B, where (1) A equals operating income less/plus nonrecurring or
unusual items less/plus change in unrealized gains/losses on derivative instruments included in net
income plus accrued incentive awards plus depreciation and amortization less current taxes, and (2)
B equals the average of total assets less/plus the fair value adjustment for investments in
available for sale securities less the fair value of derivative instrument assets plus accumulated
depreciation plus accumulated amortization less cash and cash equivalents less non interest bearing
current liabilities excluding derivatives.

(ii)     WACC is the weighted average cost of net debt and equity capital, calculated as [A times the
product of B divided by C] plus [D times the product of E divided by C], where (1) A equals the
after-tax market yield cost of debt, (2) B equals the market value of debt less cash and cash
equivalents (3) C equals the market value of debt less cash and cash equivalents, plus the market
value of equity, (4) D equals the cost of equity, and (5) E equals the market value of equity.

(b)     In determining the number of stock options that will actually vest based on the degree to which
the Performance Measures have been attained during the applicable Performance Period, the following
chart shall be utilized which shows the three year average excess of CFROI being greater than WACC
and the respective portion of the stock option that will vest:

	 	 	 
	Performance Measure	 	Vesting Scale
	3 year average excess of	 	% of Stock Option
	CFROI > WACC	 	Grant Vesting
	<0%
	 	0%
	0.20%
	 	30%
	1.20%
	 	70%
	2.20%
	 	90%
	2.50%
	 	100%

(c)     In assessing the portion of the stock options that shall vest in accordance with the above
chart, the following shall be done:

(i)     Each year, the CFROI and WACC will be calculated in accordance with the definitions herein,
based on the audited financial statements and approved by the Audit Committee.

(ii)     In each Performance Period, the average of the three fiscal years shall be calculated by taking the simple average of the individual years’ results.

(iii)     The resulting three-year average will then be applied, using the scale above to determine the number of stock options, if any, that will vest as of the end of the Performance Period.

(iv)     For results falling between the reference points in the chart above, the level of vesting shall be mathematically interpolated between the reference points.

10.     TERMS OF STOCK OPTIONS.  The period during which a stock option is exercisable (the “Term”) may
not exceed 10 years from the date the stock option is granted (the “Initial Exercise Period”), plus
any Additional Exercise Period (as defined below). If such Initial Exercise Period would otherwise
expire (i) during a Blackout Period (as defined below) applicable to the relevant optionee or (ii)
within 10 trading days after the expiration of the Blackout Period applicable to the relevant
optionee, the Term of the related stock option shall expire on the date that is the tenth trading
day after the end of such Blackout Period (an “Additional Exercise Period”). For purposes of this
Plan, “Blackout Period” means any period during which the relevant optionee is prohibited by the
Corporation’s trading policy from trading in the Corporation’s securities. The Stock Option Award
Agreement may contain provisions limiting the number of Common Shares with respect to which stock
options may be exercised in any one year. Each stock option agreement shall contain provisions to
the effect that:

(a)     if the employment of an optionee as an officer or employee of the Corporation or a subsidiary
terminates, by reason of his or her death, or if an optionee who is a retiree pursuant to Section
10(b) dies, the legal personal representatives of the optionee will be entitled to exercise any
unexercised vested options, including such stock options that may vest after the date of death,
during the period ending at the end of the twelfth calendar month following the calendar month in
which the optionee dies, failing which exercise the stock options terminate;

(b)     subject to the terms of Section 10(a) above, if the employment of an optionee as an officer or
employee of the Corporation or a subsidiary terminates, by reason of retirement in accordance with
the then prevailing retirement policy of the Corporation or subsidiary, the optionee will be
entitled to exercise any unexercised vested stock options, including such stock options that may
vest after the date of retirement, during the period ending at the end of the 36th month following
the calendar month in which the optionee retires, failing which exercise the stock options
terminate;

(c)     subject to the terms of Section 14 below, if the employment of an optionee as an officer or
employee of the Corporation or a subsidiary terminates, for any reason other than as provided in
Sections 10(a) or (b), the optionee will be entitled to exercise any unexercised vested stock
options, to the extent exercisable at the date of such event, during the period ending at the end
of the calendar month immediately following the calendar month in which the event occurs, failing
which exercise the stock options terminate;

(d)     for greater certainty and for these purposes, an optionee’s employment with the Corporation or
a subsidiary shall be considered to have terminated effective on the last day of the optionee’s
actual and active employment with the Corporation or subsidiary whether such day is selected by
agreement with the optionee or unilaterally by the Corporation or subsidiary and whether with or
without advance notice to the optionee. For the avoidance of doubt, no period of notice, if any,
or payment in lieu of notice that is given or ought to have been given under applicable law in
respect of such termination of employment that follows or is in respect of a period after the
optionee’s last day of actual and active employment shall be considered as extending the optionee’s
period of employment for the purposes of determining an optionee’s entitlement under the Plan. The
employment of an optionee with the Corporation shall be deemed to have terminated for all purposes
of the Plan if such person is employed by or provides services to a person that is a subsidiary of
the Corporation and such person ceases to be a subsidiary of the corporation, unless the Committee
determines otherwise; and

(e)     each stock option is personal to the optionee and is not assignable, except (i) as provided in
Section 10(a), and (ii) at the election of the Board, a stock option may be assignable to the
spouse, children and grandchildren of the original optionee and to a trust, partnership or limited
liability company, the entire beneficial interest of which is held, directly or indirectly, by one
or more of the optionee or the spouse, children or grandchildren of the optionee (each, a
“Permitted Assignee”). If a stock option is assigned to one or more Permitted Assignees, nothing
contained in this section 10(e) shall prohibit a subsequent assignment of such stock option to one
or more other Permitted Assignees or back to the optionee.

     Nothing contained in Sections 10(a), (b) or (c) shall extend the Term beyond its stipulated
expiration date or the date on which it is otherwise terminated in accordance with the provisions
of this Plan.

     If a stock option is assigned pursuant to Section 10(e)(ii), the references in Sections 10(a),
(b) and (c) to the termination of employment or death of an optionee shall not relate to the
assignee of a stock option but shall relate to the original optionee. In the event of such
assignment, legal personal representatives of the original optionee shall not be entitled to
exercise the assigned stock option, but the assignee of the stock option or the legal personal
representatives of the assignee may exercise the stock option during the applicable specified
period.

11.     EXERCISE OF STOCK OPTIONS.  Subject to the provisions of this Plan, a vested stock option may
be exercised from time to time by delivering to the Corporation at its registered office a written
notice of exercise specifying that number of Common Shares with respect to which the stock option
is being exercised and accompanied by payment in cash or certified cheque in full of the purchase
price of the Common Shares then being purchased.

12.     ADJUSTMENTS.  Appropriate adjustments to the authorized limits set forth in Section 5, in the
number, class and/or type of Common Shares optioned and in the option price per share, both as to
stock options granted or to be granted, shall be made by the Board to give effect to adjustments in
the number of Common Shares which result from subdivisions, consolidations or reclassifications of
the Common Shares, the payment of share dividends by the Corporation, the reconstruction,
reorganization or recapitalization of the Corporation or other relevant changes in the capital of
the Corporation.

13.     MERGERS.  If the Corporation proposes to amalgamate or merge with another body corporate, the
Corporation shall give written notice thereof to optionees in sufficient time to enable them to
exercise outstanding vested stock options, to the extent they are otherwise exercisable by their
terms (including stock options that are accelerated pursuant to Section 14), prior to the effective
date of such amalgamation or merger if they so elect. The Corporation shall use its best efforts to
provide for the reservation and issuance by the amalgamated or continuing corporation of an
appropriate number of Common Shares, with appropriate adjustments, so as to give effect to the
continuance of the stock options to the extent reasonably practicable. In the event that the Board
determines in good faith that such continuance is not in the circumstances practicable, it may upon
30 days’ notice to optionees terminate the stock options for a payment equal to the excess, if any,
between the per share exercise price and the per share market price of the Common Shares on the
date the stock option is cancelled and all stock options with a per share exercise price that
exceeds the per share market price of the Common Shares on the date of cancellation will be
cancelled for no consideration.

14.     CIRCUMSTANCES FOR ACCELERATED VESTING.

(a)     If a “change of control” of the Corporation occurs and at least one of the two additional
circumstances described below occurs, then each outstanding stock option granted under this Plan
may be exercised, in whole or in part, even if such option is not otherwise exercisable by its
terms:

(i)     Upon a “change of control” the surviving corporation (or any affiliate thereto) or the
potential successor (or any affiliate thereto) fails to continue or assume the obligations with
respect to each stock option or fails to provide for the conversion or replacement of each stock
option with an equivalent stock option; or

(ii)     In the event that the stock options were continued, assumed, converted or replaced as
contemplated in (i), during the two-year period following the effective date of a change of
control, the optionee is terminated by the Corporation without Cause (as defined below) or the
optionee resigns employment for Good Reason (as defined below).

(b)     For purposes of this Plan, a change of control of the Corporation shall be deemed to have
occurred if any of the following occur, unless the Board adopts a plan after the Effective Date of
this Plan that has a different definition (in which case such definition shall be applied), or the
Committee decides to modify or amend the following definition through an amendment of this Plan:

(i)     within any period of two consecutive years, individuals who at the beginning of such period
constituted the Board and any new directors whose appointment by the Board or nomination 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;

(ii)     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 directors of the
Corporation;

(iii)     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;

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

(v)     there is a public announcement of a transaction that would constitute a change of control under
clause (ii), (iii) or (iv) of this Section 14(b) and the Committee determines that the change of
control resulting from such transaction will be deemed to have occurred as of a specified date
earlier than the date under (ii), (iii) or (iv), as applicable.

(c)     For the purposes of Section 14(a) of this Plan, the obligations with respect to each stock
option shall be considered to have been continued or assumed by the surviving corporation (or any
affiliate thereto) or the potential successor (or any affiliate thereto), if each of the following
conditions are met, which determination shall be made solely in the discretionary judgment of the
Committee, which determination may be made in advance of the effective date of a particular change
of control:

(i)     the Common Shares remain publicly held and widely traded on an established stock exchange; and

(ii)     the terms of the Plan and each option grant are not altered or impaired without the consent of
the optionee.

(d)     For the purposes of Section 14(a) of this Plan, the obligations with respect to each stock
option shall be considered to have been converted or replaced with an equivalent stock option by
the surviving corporation (or any affiliate thereto) or the potential successor (or any affiliate
thereto), if each of the following conditions are met, which determination shall be made solely in
the discretionary judgment of the Committee, which determination may be made in advance of the
effective date of a particular change of control:

(i)     each stock option is converted or replaced with a replacement option in a manner that complies
with Section 409A of the Internal Revenue Code, in the case of an optionee that is taxable in the
United States on all or any portion of the benefit arising in connection with the grant, exercise
and/or other disposition of such stock option, or in a manner that qualifies under subsection
7(1.4) of the Income Tax Act (Canada), in the case of an optionee that is taxable in Canada on all
or any portion of the benefit arising in connection with the grant, exercise and/or other
disposition of such stock option;

(ii)     the converted or replaced option preserves the existing value of each underlying stock option
being replaced, contains provisions for scheduled vesting and treatment on termination of
employment (including the definition of Cause and Good Reason) that are no less favourable to the
optionee than the underlying option being replaced, and all other terms of the converted option or
replacement option, including the underlying performance measures (but other than the security and
number of shares represented by the continued option or replacement option) are substantially
similar to the underlying stock option being replaced; and

(iii)      the security represented by the converted or replaced option is of a class that is publicly
held and widely traded on an established stock exchange.

(e)     For purposes of this Plan, “Cause” means dishonest or willful misconduct or lack of good faith
resulting in material harm to the Corporation, financial or otherwise.

(f)     For purposes of this Plan, “Good Reason” means:

(i)     a substantial diminution in the optionee’s authorities, duties, responsibilities, status
(including offices, titles, and reporting requirements) from those in effect immediately prior to
the change of control;

(ii)     the Corporation requires the optionee to be based at a location in excess of fifty (50) miles
from the location of the optionee’s principal job location or office immediately prior to the
change of control, except for required travel on Corporation business to an extent substantially
consistent with the optionee’s business obligations immediately prior to the change of control;

(iii)     a reduction in the optionee’s base salary, or a substantial reduction in optionee’s target
compensation under any incentive compensation plan, as in effect as of the date of the change of
control;

(iv)     the failure to increase the optionee’s base salary in a manner consistent (both as to
frequency and percentage increase) with practices in effect immediately prior to the change of
control or with practices implemented subsequent to the change of control with respect to similarly
positioned employees; or

(v)     the failure of the Corporation to continue in effect the optionee’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 of control.

     A termination of employment by the optionee for one of the reasons set forth in clause (i),
(ii), (iii), (iv) or (v) of this Section 14(f), will not constitute Good Reason unless, within the
30-day period immediately following the optionee’s knowledge of the occurrence of such Good Reason
event, the optionee has given written notice to the Corporation of the event relied upon for such
termination and the Corporation has not remedied such event within 30 days (the “Cure Period”) of
the receipt of such notice. For the avoidance of doubt, the optionee’s employment shall not be
deemed to terminate for Good Reason unless and until the Cure Period has expired and, if curable,
the Corporation has not remedied the applicable Good Reason event. The Corporation and the optionee
may mutually waive in writing any of the foregoing provisions with respect to an event that
otherwise would constitute Good Reason.

15.     RECOUPMENT POLICY.  Each stock option granted under this Plan to an optionee that, as of the
date the option is granted, participates in the Corporation’s Medium-Term Incentive Plan shall be
subject to the terms and conditions of the Corporation’s Policy on Recoupment of Unearned
Compensation (as previously adopted and, from time to time, amended by the Board) attached to such
optionee’s Stock Option Award Agreement (as defined below).

16.     AMENDMENT OR DISCONTINUANCE OF THIS PLAN.  The Board may amend or discontinue the Plan at any
time, without obtaining the approval of shareholders of the Corporation unless required by the
relevant rules of the Toronto Stock Exchange, provided that, subject to Sections 12, 13, and 14, no
such amendment may increase the aggregate maximum number of Common Shares that may be subject to
stock options under this Plan, change the manner of determining the minimum option price, extend
the Term under any option beyond 10 years (plus any Additional Exercise Period) or the date on
which the option would otherwise expire under the Plan, expand the assignment provisions of the
Plan, permit non-employee directors to participate in the Plan or, without the consent of the
holder of the option, alter or impair any option previously granted to an optionee under this Plan;
and, provided further, for greater certainty, that, without the prior approval of the Corporation’s
shareholders, stock options issued under this Plan shall not be repriced, replaced, or regranted
through cancellation, or by lowering the option price of a previously granted stock option.
Pre-clearance of the Toronto Stock Exchange of amendments to the Plan will be required to the
extent provided under the relevant rules of the Toronto Stock Exchange.

17.     EVIDENCE OF STOCK OPTIONS.  Each stock option granted under this Plan shall be evidenced by a
written stock option agreement between the Corporation and the optionee which shall give effect to
the provisions of this Plan and include such other terms as the Committee shall determine (“Stock
Option Award Agreement”).

18.     WITHHOLDING.  To the extent that the Corporation is required to withhold federal, provincial,
state, local or foreign taxes in connection with any payment made or benefit realized by an
optionee or other person hereunder, and the amounts available to the Corporation for such
withholding are insufficient, it shall be a condition to the receipt of such payment or the
realization of such benefit that the optionee or such other person make arrangements satisfactory
to the Corporation for payment of the balance of such taxes required to be withheld, which
arrangements (in the discretion of the Board) may include relinquishment of a portion of such
benefit. Participants shall also make such arrangements in connection with the disposition of
Common Shares acquired upon the exercise of option rights with respect to this Plan.

 

APPENDIX I

This option may be assigned, in whole or in part, only if the following conditions are
satisfied:

	 	1.	 	No consideration may be paid in connection with the assignment.

	 	2.	 	An assignment may be made only to one or more persons or entities included in
the following: the original Optionee’s spouse, children and grandchildren and a
trust, partnership or limited liability company, the entire beneficial interest of
which is held, directly or indirectly, by one or more of the Optionee or the
Optionee’s spouse, children and grandchildren (each a “Permitted Assignee”). If this
option is assigned to one or more Permitted Assignees, nothing contained herein shall
prohibit a subsequent assignment of this option to one or more Permitted Assignees or
to the original Optionee.

	 	3.	 	Prior to any such assignment,

	 	(a)	 	the assignor shall advise the Corporation, in a writing
delivered to Potash Corporation of Saskatchewan Inc., 122 1st
Avenue South, Saskatoon, Saskatchewan, Canada S7K 7G3, Attention: General
Counsel, of all pertinent information concerning the proposed assignment,
including the date of the assignment, the number of shares involved, the
relationship of the assignee to the original Optionee and the address and
telephone number of the assignee; and

	 	(b)	 	the assignee shall agree in a writing so delivered to advise
the Corporation in writing of any change in the name, address or telephone
number of the assignee.

The decision to assign all or part of this option involves complex tax and financial
considerations. An Optionee should consult the Optionee’s own tax and financial advisors before
such assignment.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]