Document:

Exhibit 4.1

 Exhibit 4.1 
 2012 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 2012 Annual and Special Meeting of shareholders, this Potash Corporation of Saskatchewan Inc. 2012 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 21, 2012 to be effective as of January 1, 2012 (the “Effective Date”), subject to
shareholder approval at the Corporation’s 2012 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 21, 2012 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 3 year average excess of CFROI>WACC
	  	Vesting Scale
% of Stock Option
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 in 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 in 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 in 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 in 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 in control; or 

  

	 	(v)	there is a public announcement of a transaction that would constitute a change in control under clause (ii), (iii) or (iv) of this Section 14(b) and the
Committee determines that the change in 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 in 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 in 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 in 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 in control, except for required travel on Corporation business to an extent substantially consistent with the optionee’s business obligations immediately prior to the change in 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 in 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 in control or with practices implemented subsequent to the change in 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 in 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. FORFEITURE AND REPAYMENT 

 

	(a)	Notwithstanding anything to the contrary in this Plan or any other stock option plan of the Corporation that was established prior to the date of this Plan (each, a
“Prior Plan”), in the event the Committee determines that the optionee has engaged in a Detrimental Activity (a “Forfeiture Event”) during the optionee’s employment or within one year following the optionee’s
termination of employment for any reason (the “Restricted Period”), the Committee may, but is not obligated to, cancel any outstanding unexercised stock options of such optionee (whether vested or unvested), whether granted under this Plan
or a Prior Plan, by written notice to the optionee. 

  

	(b)	If a Forfeiture Event occurs during the Restricted Period, the Committee may, but is not obligated to, require the optionee to pay to the Corporation an amount in cash
up to (but not in excess of) the difference between the option price and market price of each stock option on the date of exercise with respect to any Common Shares for which a stock option has been exercised within the period of one year prior to
the date of the Forfeiture Event (the “Forfeited Spread Amount”). Any Forfeited Spread Amount shall be paid by the optionee within sixty (60) days of receipt from the Corporation of written notice requiring payment of such Forfeited Spread
Amount. To the extent that such amounts are not paid to the Corporation, in addition to any other legal remedy that the Corporation may have, the Corporation may set off the amounts so payable to it against any amounts that may be owing from time to
time by the Corporation or a subsidiary to the optionee, whether as wages, deferred compensation, severance entitlement or vacation pay or in the form of any other benefit or for any other reason, in a manner consistent with Section 409A of the U.S.
Internal Revenue Code of 1986, if applicable. 

  

	(c)	This Section 16 shall apply notwithstanding any provision to the contrary in this Plan or any Prior Plan and is meant to provide the Corporation with rights in addition
to any other remedy which may exist in law or in equity. This Section 16 shall not apply to the optionee following the effective time of a change in control. 

 

	(d)	For purposes of this Section 16, the term “Detrimental Activity” shall include: 

 

	 	(i)	Engaging in any activity, including without limitation, as an officer, director, employee, principal, manager, agent, or consultant for another entity that directly
competes or is seeking to compete with the Corporation, any subsidiary or Canpotex Limited in any actual product, service, or business activity (or in any product, service, or business activity which was under active development while the optionee
was employed by the Corporation or a subsidiary if such development is being actively pursued by the Corporation or a subsidiary during the one-year period first referred to in Section 16(b)) in any territory in which the Corporation, a subsidiary
or Canpotex Limited operates, engages in any business activity or sells its products. 

  

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

 

	 	(iii)	The disclosure to anyone outside the Corporation or a subsidiary, or the use in other than the Corporation or a subsidiary’s business, without prior written
authorization from the Corporation, of any confidential, proprietary or trade secret information or material relating to the business of the Corporation or its subsidiaries, acquired by the optionee during his or her employment with the Corporation
or its subsidiaries or while acting as a consultant for the Corporation or its subsidiaries thereafter. For greater certainty, nothing contained herein shall limit an optionee’s ongoing obligations regarding confidentiality that may exist
pursuant to any other agreement, Corporation policy or legal obligation imposed on such optionee. 

 17. 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. 
 18. 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”). 
 19. 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. 2012 Performance Option Plan (the “2012 Plan”) and the terms and conditions
set forth below. In the event of any inconsistency between the terms of the 2012 Plan and those set forth below, the terms of the 2012 Plan shall control. Capitalized terms used below that are not defined in this certificate shall have the meanings
specified in the 2012 Plan. 
 As a condition to the Optionee’s participation in the 2012 Plan and as a further condition to the
Optionee’s receipt of the options granted under the 2012 Plan, the Optionee hereby acknowledges and agrees that all of the Optionee’s outstanding options, including those granted under any Prior Plan, shall be subject to the Detrimental
Activity Forfeiture and Repayment provisions set out in paragraph 16 of the 2012 Plan. 
  

	 	1.	Number of Shares: The Optionee is hereby granted options under the 2012 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, 2012 through December 31, 2014
if, and to the extent, the applicable Performance Measures for the Performance Period are achieved. Subject to applicable conditions under the 2012 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 2014 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 2012 Plan.

  

	 	4.	Once vested, the options will continue to be exercisable until the expiry date for the options of May 17, 2022. 

 

	 	5.	Notwithstanding the provisions of paragraph 4 above, this option will terminate as provided in paragraph 10 of the 2012 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 2012 Plan. 

 

	 	7.	Adjustments to the option may be made as provided in paragraph 12 of the 2012 Plan, the provisions of paragraph 13 of the 2012 Plan shall apply in the event of a
proposed amalgamation or merger of the Corporation, and the provisions of paragraph 14 of the 2012 Plan will apply in the event of a “change in 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. 

 

	 	9.	This grant of options is subject to receipt of the Optionee’s Acknowledgement below on or before June 15, 2012. 

 

													
		 		 	Optionee Acknowledgement:	 		 	
						
		 		 	By:	 	  
	 		 	Potash Corporation of Saskatchewan Inc.
							
	Date: May 17, 2012	 		 	Date:	 	                    , 2012	 		 	By:	 	
		 		 		 		 		 		 	President and Chief Executive Officer

 Potash Corporation of Saskatchewan Inc. 

2012 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 2012 Annual and Special Meeting of shareholders, this Potash Corporation of Saskatchewan Inc. 2012 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 21, 2012 to be effective as of January 1, 2012 (the “Effective Date”), subject to shareholder approval at the Corporation’s 2012 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 21, 2012 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 3 year average excess of CFROI > WACC
	  	Vesting Scale
% of Stock Option
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 in 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 in 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 in 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 in 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 in control; or 
 (v) there is
a public announcement of a transaction that would constitute a change in control under clause (ii), (iii) or (iv) of this Section 14(b) and the Committee determines that the change in 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 in 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 in 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 in 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 in control, except for required travel on Corporation business to an extent substantially consistent with the
optionee’s business obligations immediately prior to the change in 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 in 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 in control or
with practices implemented subsequent to the change in 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 in 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. FORFEITURE AND REPAYMENT. 
 (a) Notwithstanding anything to the contrary in this Plan
or any other stock option plan of the Corporation that was established prior to the date of this Plan (each, a “Prior Plan”), in the event the Committee determines that the optionee has engaged in a Detrimental Activity (a “Forfeiture
Event”) during the optionee’s employment or within one year following the optionee’s termination of employment for any reason (the “Restricted Period”), the Committee may, but is not obligated to, cancel any outstanding
unexercised stock options of such optionee (whether vested or unvested), whether granted under this Plan or a Prior Plan, by written notice to the optionee. 
 (b) If a Forfeiture Event occurs during the Restricted Period, the Committee may, but is not obligated to, require the optionee to pay to the Corporation an amount in cash up to (but not in excess of) the
difference between the option price and market price of each stock option on the date of exercise with respect to any Common Shares for which a stock option has been exercised within the period of one year prior to the date of the Forfeiture Event
(the “Forfeited Spread Amount”). Any Forfeited Spread Amount shall be paid by the optionee within sixty (60) days of receipt from the Corporation of written notice requiring payment of such Forfeited Spread Amount. To the extent that
such amounts are not paid to the Corporation, in addition to any other legal remedy that the Corporation may have, the Corporation may set off the amounts so payable to it against any amounts that may be owing from time to time by the Corporation or
a subsidiary to the optionee, whether as wages, deferred compensation, severance entitlement or vacation pay or in the form of any other benefit or for any other reason, in a manner consistent with Section 409A of the U.S. Internal Revenue Code
of 1986, if applicable. 
 (c) This Section 16 shall apply notwithstanding any provision to the contrary in this Plan or any Prior Plan and
is meant to provide the Corporation with rights in addition to any other remedy which may exist in law or in equity. This Section 16 shall not apply to the optionee following the effective time of a change in control. 

(d) For purposes of this Section 16, the term “Detrimental Activity” shall include: 

(i) Engaging in any activity, including without limitation, as an officer, director, employee, principal, manager, agent, or consultant for another
entity that directly competes or is seeking to compete with the Corporation, any subsidiary or Canpotex Limited in any actual product, service, or business activity (or in any product, service, or business activity which was under active development
while the optionee was employed by the Corporation or a subsidiary if such development is being actively pursued by the Corporation or a subsidiary during the one-year period first referred to in Section 16(b)) in any territory in which the
Corporation, a subsidiary or Canpotex Limited operates, engages in any business activity or sells its products. 
 (ii) Soliciting or hiring,
including without limitation, as an officer, director, employee, principal, manager, agent, or consultant for another entity, any individual who was employed by, or provided services as a consultant or contractor to, the Corporation, any subsidiary
or Canpotex Limited at any time within the six months immediately preceding such solicitation or hire. 
 (iii) The disclosure to anyone outside
the Corporation or a subsidiary, or the use in other than the Corporation or a subsidiary’s business, without prior written authorization from the Corporation, of any confidential, proprietary or trade secret information or material relating to
the business of the Corporation or its subsidiaries, acquired by the optionee during his or her employment with the Corporation or its subsidiaries or while acting as a consultant for the Corporation or its subsidiaries thereafter. For greater
certainty, nothing contained herein shall limit an optionee’s ongoing obligations regarding confidentiality that may exist pursuant to any other agreement, Corporation policy or legal obligation imposed on such optionee. 

17. 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. 

18. 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”). 
 19. 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.

  

	 	4.	The assignee shall agree to be bound by all of the terms and conditions of the applicable option plan and any agreement evidencing the grant of the option(s).

 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.Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This employment agreement (the
“Agreement”) is entered into by and between Carrie McQueen (“you” or “your”) and LifeVantage Corporation, a Colorado corporation, (the “Company”). This Agreement has an effective date of May 17, 2012 (the
“Effective Date”). In consideration of the mutual covenants and promises made in this Agreement, you and the Company agree as follows: 
 1. Position and Responsibilities. You have served and will continue to serve as a full-time employee of the Company as the Company’s Chief Financial Officer. You shall report directly
to the Company’s President and CEO. You shall have the duties, responsibilities and authority that are customarily associated with such position and such other senior management duties as may reasonably be assigned. You will devote your full
time, efforts, abilities, and energies to promote the general welfare and interests of the Company and any related enterprises of the Company. Nothing herein shall preclude you from (i) serving, with the prior consent of the President and CEO,
as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and
(iii) managing your personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii) and (iii) shall be limited by you so as not to materially interfere, individually or in the aggregate, with the
performance of your duties and responsibilities hereunder. 
 2. Base Salary. You will be paid an annual base
salary of $288,500 (the “Base Salary”) for your services, payable in the time and manner that the Company customarily pays its employees and subject to increase or decrease at the discretion of the President and CEO and Board of Directors.

 3. Bonuses. During your employment and while this Agreement is in effect, you will be eligible to participate
in the Employee Bonus Program at the Officer Level. Any such bonus shall be paid to you during the first three months of the fiscal year that follows the applicable performance fiscal year. The bonus will be deemed to have been earned on the date of
payment of such bonus and you must remain an employee of the Company through the date of payment in order to receive the bonus. 

4. Stock Options and Compensatory Equity. While you are an employee of the Company, you will be eligible to receive grants
of stock options (or other grants of Company equity) to purchase shares of the Company’s common stock. Such equity grants, if any, will be made in the sole discretion of the Board of Directors and will be subject to the terms and conditions
specified by the Board of Directors, the Company’s stock plan, the award agreement that you must execute as a condition of any grant and the Company’s insider trading policy. If required by applicable law with respect to transactions
involving Company equity securities, you agree that you shall use your best efforts to comply with any duty that you may have to (i) timely report any such transactions and (ii) to refrain from engaging in certain transactions from time to
time. The Company has no duty to register under (or otherwise obtain an exemption from) the Securities Act of 1933 (or applicable state securities laws) with respect to any Company equity securities that may be issued to you. Any equity compensation
awards that were granted to you before the Effective Date shall continue to be governed by their applicable terms and conditions. 
 5. Expense Reimbursement. During your employment and while this Agreement is in effect, you will be reimbursed for all reasonable business expenses (including, but without limitation, travel
expenses) upon the properly completed submission of requisite forms and receipts to the Company in accordance with the Company’s expense reimbursement policy. 
 6. Employee Benefit Programs. During your employment with the Company, and except as may be provided under an employee stock purchase plan, you will be entitled to participate, on the same
terms as generally provided to senior executives, in all Company employee benefit plans and programs at the time or thereafter made available to Company senior executive officers including, without limitation, any savings or profit sharing plans,
deferred compensation plans, stock option incentive plans, group life insurance, accidental death and dismemberment insurance, hospitalization, surgical, major medical and dental coverage, vacation, sick leave (including salary continuation
arrangements), long-term disability, holidays and other employee benefit programs sponsored by the Company. The Company may amend, modify or terminate these benefits at any time and for any reason. 

 7. Termination of Employment. Unless the Company requests otherwise in
writing, upon termination of your employment for any reason, you understand and agree that you shall be deemed to have also immediately resigned from all positions as an officer (and/or director, if applicable) with the Company (and its affiliates)
as of your last day of employment (the “Termination Date”). Upon termination of your employment for any reason, you shall receive payment or benefits from the Company covering the following: (i) all unpaid salary and unpaid vacation
accrued pursuant to the paid time off policy through the Termination Date, (ii) any payments/benefits to which you are entitled under the express terms of any applicable Company employee benefit plan, (iii) any unreimbursed valid business
expenses for which you have submitted properly documented reimbursement requests, and (iv) your then outstanding equity compensation awards as governed by their applicable terms (collectively, (i) through (iv) are the “Accrued
Pay”). You may also be eligible for other post-employment payments and benefits as provided in this Agreement. Termination shall not be made until on or after the date of a “separation from service” within the meaning of Code
Section 409A. 
 a. At-Will Employment. Your employment with the Company is at-will and either you or the Company
may terminate your employment at any time and for any reason (or no reason), with or without Cause (as defined below), in each case subject to the terms and provisions of this Agreement. 

b. For Cause. For purposes of this Agreement, your employment may be terminated by the Company for “Cause” as a result
of the occurrence of one or more of the following: 
 i. a charge, through indictment or criminal complaint, entry of pretrial
diversion or sentencing agreement, or your conviction of, or a plea of guilty or nolo contendere to, a felony or other crime involving moral turpitude, dishonesty or fraud, or any other criminal arrest (for example D.U.I.) which the Company, in its
discretion considers inappropriate or harmful to its interests; 
 ii. your refusal to perform in any material respect your
duties and responsibilities for the Company or your failure to comply in any material respect with the terms of this Agreement and the Confidentiality Agreement and the policies and procedures of the Company; 

iii. fraud or deceptive or illegal conduct in your performance of duties for the Company; 

iv. your material breach of any material term of this Agreement; or 

v. any conduct by you which is materially injurious to the Company or materially injurious to the business reputation of the Company or
a Company affiliate. 
 In the event your employment is terminated by the Company for Cause you will be entitled only to your
Accrued Pay and you will be entitled to no other compensation from the Company. 
 c. Without Cause. The Company may
terminate your employment Without Cause at any time and for any reason with notice. If you are terminated without cause, you will be asked to execute and deliver to the Company a Separation Agreement in a form prescribed by the Company (the
“Separation Agreement”) within not later than thirty (30) days after your Termination Date. The Separation Agreement shall provide, among other things (i) a release of all claims against the Company and its affiliates,
(ii) a covenant not to sue the Company or its affiliates and (iii) a consulting agreement effective for up to three (3) months after your Termination Date, during which time you will be required to assist in promoting a smooth
transition of your duties to a new Chief Financial Officer who may be hired by the Company. Provided that you execute and do not revoke the Separation Agreement, and remain in full compliance with the Separation Agreement during its term, you shall
be entitled to the following payments: 
 i. Your Accrued Pay; 

ii. Payments equal in the aggregate to your then annualized Base Salary. The payments shall be paid to you in cash, in substantially
equal monthly installments payable over the twelve (12) month period following your Termination Date, provided, however, the first payment (in an amount equal to two (2) months of Base Salary) shall be made on the sixtieth (60th) day
following the Termination Date; and 

  
 -2-

 iii. An amount equal to the product of (a) thirty seven thousand five hundred
(37,500) and (b) the difference between the closing price of the Company’s common stock on your Termination Date and one dollar and fifty-seven cents ($1.57). Such payment shall be made as a lump sum at the end of your consulting term
as described in the Separation Agreement. 
 d. Voluntary Termination. In the event you voluntarily terminate your
employment with the Company, you will be entitled to receive only your Accrued Pay. You will be entitled to no other compensation from the Company. 
 e. Death or Disability. In the event your employment with the Company is terminated due to your Disability, death or presumed death, then you or your estate will be entitled to receive your Accrued
Pay. For purposes of this Agreement, “Disability” is defined to occur when you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 
 f.
Termination Within Twelve (12) Months of a Change of Control. The provisions of this Section set forth certain terms of an agreement reached between you and the Company regarding your rights and obligations upon the occurrence of a
Change in Control of Company. These provisions are intended to assure and encourage in advance your continued attention and dedication to your assigned duties and your objectivity during the pendency and after the occurrence of any such event. These
provisions shall terminate and be of no further force or effect beginning twelve (12) months after each occurrence of a Change of Control. 
 i. “Change in Control” shall mean an event which shall be deemed to have occurred if (a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, is or becomes the “beneficial owner” (as
defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly owner, of securities of Company representing 60% or more of the combined voting power of Company’s then outstanding securities; or (b) the stockholders of
the Company approve a merger or consolidation of the Company with or into any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 60% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 

ii. If within twelve (12) months after the occurrence of an event constituting a Change in Control, your employment terminates for
any reason other than for Cause, Disability, death or presumed death, or voluntary termination, then Company shall pay you those benefits described in Section 7 (c) above, entitled Without Cause; 

iii. Unless otherwise provided in the applicable option agreement or award agreement, all stock options and other stock-based awards
granted to you by Company shall immediately accelerate and become exercisable or non-forfeitable as of the date of Change in Control, and you shall be entitled to any other rights and benefits with respect to stock-related awards, to the extent and
upon the terms provided in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or awards were granted. 

8. Limitation on Golden Parachute Payments. Notwithstanding any other provision of this Agreement or any such other
agreement or plan, if any portion of the Total Payments (as defined below) would constitute an Excess Parachute Payment (as defined below) and therefore would be nondeductible to the Company by reason of the operation of Code Section 280G
relating to golden parachute payments and/or would be subject to 

  
 -3-

 
the golden parachute excise tax (“Excise Tax”) by reason of Section 4999 of the Code, then the full amount of the Total Payments shall not be provided to you and you shall instead
receive the Reduced Total Payments (as defined below). 
 If the Total Payments must be reduced to the Reduced Total Payments,
the reduction shall occur in the following order: (1) reduction of cash payments for which the full amount is treated as a Parachute Payment; (2) cancellation of accelerated vesting (or, if necessary, payment) of cash awards for which the
full amount is not treated as a parachute payment; (3) cancellation of any accelerated vesting of equity awards; and (4) reduction of any continued employee benefits. In selecting the equity awards (if any) for which vesting will be
reduced under clause (3) of the preceding sentence, awards shall be selected in a manner that maximizes the after-tax aggregate amount of Reduced Total Payments provided to you, provided that if (and only if) necessary in order to avoid the
imposition of an additional tax under Section 409A of the Code, awards instead shall be selected in the reverse order of the date of grant. 
 For the avoidance of doubt, for purposes of measuring an equity compensation award’s value to you when performing the determinations under the preceding paragraph, such award’s value shall equal
the then aggregate fair market value of the vested shares underlying the award less any aggregate exercise price less applicable taxes. Also, if two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.
In no event shall (i) you have any discretion with respect to the ordering of payment reductions or (ii) the Company be required to gross up any payment or benefit to you to avoid the effects of the Excise Tax or to pay any regular or
excise taxes arising from the application of the Excise Tax. 
 All mathematical determinations and all determinations of
whether any of the Total Payments are Parachute Payments that are required to be made under this Section shall be made by a nationally recognized independent audit firm selected by the Company (the “Accountants”), who shall provide their
determination, together with detailed supporting calculations regarding the amount of any relevant matters, both to the Company and to you. Such determination shall be made by the Accountants using reasonable good faith interpretations of the Code.
The Company shall pay the fees and costs of the Accountants which are incurred in connection with this Section. 
 “Excess
Parachute Payment” has the same meaning provided to such term by Treasury Regulations section 1.280G-1 Q/A-3. 

“Parachute Payment” has the same meaning provided to such term by Treasury Regulations section 1.280G-1 Q/A-2. 

“Reduced Total Payments” means the lesser portion of the Total Payments that may be provided to you instead of the Total
Payments. The Reduced Total Payments shall be the maximum amount from the Total Payments that can be provided to you without incurring Excess Parachute Payments. 
 “Total Payments” means collectively the benefits or payments provided by the Company (or by any person who acquires ownership or effective control of the Company or ownership of a substantial
portion of the Company’s assets within the meaning of Section 280G of the Code and the regulations thereunder) to or for the benefit of you under this Agreement or any other agreement or plan. 

9. Proprietary Information and Inventions Agreement; Confidentiality. You have executed the Company’s form of
proprietary information and inventions agreement as may be amended from time to time by the Company (“Confidentiality Agreement”); that agreement will remain in effect in accord with its terms, i.e., during your employment and following
your employment termination. 
 10. Assignability; Binding Nature. Commencing on the Effective Date, this
Agreement will be binding upon you and the Company and your respective successors, heirs, and assigns. This Agreement may not be assigned by you except that your rights to compensation and benefits hereunder, subject to the limitations of this
Agreement, may be transferred by will or operation of law. No rights or obligations of the Company under this Agreement may be assigned or transferred except in the event of a merger or consolidation in which the Company is

  
 -4-

 
not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company provided that the assignee or transferee is the successor to all or substantially
all of the assets of the Company and assumes the Company’s obligations under this Agreement contractually or as a matter of law. The Company will require any such purchaser, successor or assignee to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such purchase, succession or assignment had taken place. Your rights and obligations under this Agreement shall not be transferable by you by
assignment or otherwise provided, however, that if you die, all amounts then payable to you hereunder shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your
estate. 
 11. Governing Law; Arbitration. To the extent not preempted by federal law, this Agreement will be
deemed a contract made under, and for all purposes shall be construed in accordance with, the laws of Utah. Any controversy or claim relating to this Agreement or any breach thereof, and any claims you may have arising from or relating to your
employment with the Company, will be settled solely and finally by arbitration in Salt Lake City, Utah before a single arbitrator and judgment upon such award rendered by the arbitrator may be entered in any court having jurisdiction thereof,
provided that this Section shall not be construed to eliminate or reduce any right the Company or you may otherwise have to obtain a temporary restraining order or a preliminary or permanent injunction to enforce any of the covenants contained in
this Agreement before the matter can be heard in arbitration. 
 12. Taxes. The Company shall have the right to
withhold and deduct from any payment hereunder any federal, state or local taxes of any kind required by law to be withheld with respect to any such payment. The Company shall not be liable to you or other persons as to any unexpected or adverse tax
consequence realized by you and you shall be solely responsible for the timely payment of all taxes arising from this Agreement that are imposed on you. This Agreement is intended to comply with the applicable requirements of Code Section 409A
and shall be limited, construed and interpreted in a manner so as to comply therewith. Each payment made pursuant to any provision of this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Code
Section 409A. While it is intended that all payments and benefits provided under this Agreement to you will be exempt from or comply with Code Section 409A, the Company makes no representation or covenant to ensure that the payments under
this Agreement are exempt from or compliant with Code Section 409A. The Company will have no liability to you or any other party if a payment or benefit under this Agreement is challenged by any taxing authority or is ultimately determined not
to be exempt or compliant. In addition, if upon your Termination Date, you are then a “specified employee” (as defined in Code Section 409A), then solely to the extent necessary to comply with Code Section 409A and avoid the
imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified deferred compensation” subject to Code Section 409A payable as a result of and within six (6) months following your Termination
Date until the earlier of (i) the first business day of the seventh (7th) month following your Termination Date or (ii) ten (10) days after the Company receives written confirmation of your death. Any such delayed payments shall
be made without interest. Additionally, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement shall be subject to the following conditions: (1) the expenses eligible for reimbursement or in-kind benefits in one
taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (2) the reimbursement of eligible expenses or in-kind benefits shall be made promptly, subject to the Company’s applicable
policies, but in no event later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 

13. Entire Agreement. Except as otherwise specifically provided in this Agreement, this Agreement (and the agreements
referenced herein) contains all the legally binding understandings and agreements between you and the Company pertaining to the subject matter of this Agreement and supersedes all such agreements, whether oral or in writing, previously discussed or
entered into between the parties including without limitation any term sheets regarding your potential employment with the Company. As a material condition of this Agreement, you represent that by entering into this Agreement or by becoming a
Company employee you are not violating the terms of any other contract or agreement or other legal obligations that would prohibit you from performing your duties for the Company. You further agree and represent that in providing your services to
the Company you will not utilize or disclose any other entity’s trade secrets or confidential information or proprietary information. You represent that you are not resigning employment or relocating any residence in reliance on any promise or
representation by the Company regarding the kind, character, or existence of such work, or the length of time such work will last, or the compensation therefor. 

  
 -5-

 14. Non-Competition and Non-Solicitation. 

a. Non-solicitation of employees and consultants. During your employment and for a period of one year after your employment
terminates, you will not directly or indirectly solicit or induce, or attempt to solicit or induce, any employee or consultant of the Company to quit their employment or cease rendering services to the Company, unless you are specifically authorized
to do so by the Company. 
 b. Non-solicitation of Customers. To the extent permitted under applicable law, and in order
to protect the Confidential Information and preserve the Company’s relationships with its prospects and customers, you agree that for a period of one year after your employment with the Company ends for any reason, you will not directly or
indirectly solicit any business consisting of nutritional supplements or any other product or service of the Company at the time of your termination with any prospect or customer of the Company. 

c. Non-Competition. You shall not, for a period of one year after your employment with the Company ends for any reason, engage in,
advise or consult with, or accept employment with any company, business or any entity, or contribute your knowledge to any work or activity that involves a product, process, provision of services or distribution channel (network marketing) as
offered by the company, the development and/or sales of nutritional supplements, or any other product or service of the Company which is competitive with and the same as or similar to a product, process, or provision of services or distribution
channel (network marketing) on which you worked or with respect to which you had access to confidential information while with the Company. Following expiration of said one-year period, you shall continue to be obligated under the confidential
provisions of this Agreement and of your proprietary information and inventions agreement not to disclose and/or use confidential information so long as it shall remain proprietary or protectible as confidential or trade secret information. You
acknowledge that this restraint is reasonable as to time and geographic limits and is necessary to protect the Company’s Confidential Information, and that it will not unduly restrict your ability to secure suitable employment after leaving the
Company. 
 d. Modification By Court. If any court or arbitrator determines that any post-employment restrictive covenant
is unreasonable in any respect, you agree that the Court may modify any unreasonable terms and enforce the agreement as modified. 
 e. Extension of Non-Compete. For any period of time in which you are found to be in violation of any of the above non-compete or non-solicitation agreements, that period of time shall be added on
to the length of the restriction or period of protection for the Company. 
 f. Notice to Subsequent Employers. You agree
that the Company may provide notice of your obligations under any provision of this Agreement to any company or future employer of yours should the Company consider it necessary for the enforcement of those obligations. 

15. Covenants. As a condition of this Agreement and to your receipt of any post-employment benefits, you agree that you
will fully and timely comply with all of the covenants set forth in this subsection (which shall survive your termination of employment and termination or expiration of this Agreement): 

i. You will continue to fully comply with all obligations under the Confidentiality Agreement and further agree that the provisions of
the Confidentiality Agreement shall survive any termination or expiration of this Agreement or termination of your employment or any subsequent service relationship with the Company; 

ii. Within five (5) days of the Termination Date, you shall return to the Company all Company confidential information including,
but not limited to, intellectual property, etc., and you shall not retain any copies, facsimiles or summaries of any Company proprietary information; 
 iii. You will not at any time make (or direct anyone to make) any disparaging statements (oral or written) about the Company, or any of its affiliated entities, officers, directors, employees,
stockholders, representatives or agents, or any of the Company’s products or services or work-in-progress, that are harmful to their businesses, business reputations or personal reputations.; 

  
 -6-

 iv. You agree that during the period of your employment with the Company and thereafter,
you will not utilize any trade secrets of the Company in order to solicit, either on behalf of yourself or any other person or entity, the business of any client or customer of the Company, whether past, present or prospective. The Company considers
the following, without limitation, to be its trade secrets: Financial information, administrative and business records, analysis, studies, governmental licenses, employee records (including but not limited to counts and goals), prices, discounts,
financials, electronic and written files of Company policies, procedures, training, and forms, written or electronic work product that was authored, developed, edited, reviewed or received from or on behalf of the Company during period of
employment, Company developed technology, software, or computer programs, process manuals, products, business and marketing plans and or projections, Company sales and marketing data, Company technical information, Company strategic plans, Company
financials, vendor affiliations, proprietary information, technical data, trade secrets, know-how, copyrights, patents, trademarks, intellectual property, and all documentation related to or including any of the foregoing; and 

v. You agree that, upon the Company’s request and without any payment therefore, you shall reasonably cooperate with the Company
(and be available as necessary) after the Termination Date in connection with any matters involving events that occurred during your period of employment with the Company. 
 b. You also agree that you will fully and timely comply with all of the covenants set forth in this subsection (which shall survive your termination of employment and termination or expiration of this
Agreement): 
 i. You will fully pay off any outstanding amounts owed to the Company no later than their applicable due date or
within thirty days of your Termination Date (if no other due date has been previously established); 
 ii. Within five
(5) days of the Termination Date, you shall return to the Company all Company property including, but not limited to, computers, cell phones, pagers, keys, business cards, etc.; 

iii. Within thirty (30) days of the Termination Date, you will submit any outstanding expense reports to the Company on or prior to
the Termination Date; and 
 iv. As of the Termination Date, you will no longer represent that you are an officer, director or
employee of the Company and you will immediately discontinue using your Company mailing address, telephone, facsimile machines, voice mail and e-mail; 
 c. You agree that you will strictly adhere to and obey all Company rules, policies, procedures, regulations and guidelines, including but not limited to those contained in the Company’s employee
handbook, as well any others that the Company may establish including without limitation any policy the Company adopts on the recoupment of compensation (“Clawback Policy”). 

16. Offset. Any severance or other payments or benefits made to you under this Agreement may be reduced, in the
Company’s discretion, by any amounts you owe to the Company provided that any such offsets do not violate Code Section 409A. 
 17. Notice. Any notice that the Company is required to or may desire to give you shall be given by personal delivery, recognized overnight courier service, email, telecopy or registered or
certified mail, return receipt requested, addressed to you at your address of record with the Company, or at such other place as you may from time to time designate in writing. Any notice that you are required or may desire to give to the Company
hereunder shall be given by personal delivery, recognized overnight courier service, email, telecopy or by registered or certified mail, return receipt requested, addressed to the Company’s General Counsel at its principal office, or at such
other office as the Company may from time to time designate in writing. The date of actual delivery of any notice under this Section shall be deemed to be the date of delivery thereof. 

  
 -7-

 18. Waiver; Severability. No provision of this Agreement may be amended or
waived unless such amendment or waiver is agreed to by you and the Company in writing and such amendment or waiver expressly references this Section. No waiver by you or the Company of the breach of any condition or provision of this Agreement will
be deemed a waiver of a similar or dissimilar provision or condition at the same or any prior or subsequent time. Except as expressly provided herein to the contrary, failure or delay on the part of either party hereto to enforce any right, power,
or privilege hereunder will not be deemed to constitute a waiver thereof. In the event any portion of this Agreement is determined to be invalid or unenforceable for any reason, the remaining portions shall be unaffected thereby and will remain in
full force and effect to the fullest extent permitted by law. 
 19. Voluntary Agreement. You acknowledge that you
have been advised to review this Agreement with your own legal counsel and other advisors of your choosing and that prior to entering into this Agreement, you have had the opportunity to review this Agreement with your attorney and other advisors
and have not asked (or relied upon) the Company or its counsel to represent you or your counsel in this matter. You further represent that you have carefully read and understand the scope and effect of the provisions of this Agreement and that you
are fully aware of the legal and binding effect of this Agreement. This Agreement is executed voluntarily by you and without any duress or undue influence on the part or behalf of the Company. 

20. Key-Man Insurance. The Company shall have the right to insure your life for the sole benefit of the Company, in such
amounts, and with such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. You shall have no interest in any such policy, but you agree to cooperate with the Company in taking out such insurance by
submitting to physical examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation is imposed on you by any such documents. 

ACKNOWLEDGED AND AGREED: 
  

					
	 This 17th day of May, 2012.
	 		  	 This
17th day of May, 2012.

 LIFEVANTAGE CORPORATION 
  

					
	 /s/ Douglas C. Robinson
	 	 	  	 /s/ Carrie E. McQueen

	 BY: Douglas C. Robinson
	 		  	Carrie E. McQueen
	 TITLE: President and CEO
	 		  	

  
 -8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]