Attachment A Affected Employees Peter Cameron Gord McKenzie Richard McLellan Corrine Ricard
Exhibit 10.iii.b.
July 6, 2012
Richard L. Mack
Executive Vice President, General Counsel
and Corporate Secretary
The Mosaic Company
3033 Campus Drive, Suite 490
Plymouth, MN 55441
Re: Agreement between Cargill, Incorporated and The Mosaic Company Relating to
Certain Former Cargill Employees’ Participation in the Cargill International Pension Plan
Dear Rich:
The purpose of this letter is to clarify and confirm the understanding that has been reached between The Mosaic Company (“Mosaic”) and Cargill, Incorporated (“Cargill”) with respect to the participation of certain former Cargill employees (as indicated on the attached Exhibit A- the “Affected Employees”) in the Cargill International Pension Plan (the “Plan”). As discussed, our understanding is as follows:
| 1. | The participation of each of the Affected Employees in the Plan has been terminated as of December 31, 2010 (the “Termination Date”). |
| 2. | The “Final Average Salary” and “Benefit Service” to be used in calculating the benefit of each of the Affected Employees under the Plan as of the Termination Date shall include their employment and/or salary history with Mosaic in accordance with notices sent to the Affected Employees from Cargill on December 23, 2010. |
| 3. | In exchange for this benefit for the Affected Employees, Mosaic agrees to pay Cargill the sum of $470,000. This amount represents the increase in the cost of benefits payable under the Plan to the Affected Employees attributable to using such Final Average Salary and/or Benefit Service of the Affected Employees which includes their employment with Mosaic versus using their Final Average Salary and Benefit Service considering only their employment with Cargill. |
| 4. | Cargill agrees that, upon payment of the amount by Mosaic in Item 3 above, it shall have no further claims against Mosaic with respect to the Plan. |
July 6, 2012
The Mosaic Company
Page 2
This understanding relates to the Affected Employees and the Plan only, and it has no impact on existing agreements between Mosaic and Cargill as they relate to former Cargill employees subsequently employed by Mosaic and their participation and rights under Cargill’s U.S. Pension Plan (including the benefit of Mosaic’s salary being used to calculate the applicable Final Average Salary factor). If you are in agreement with the above, please sign this letter at the space below and return a fully signed copy to me.
Thanks very much for your cooperation.
Sincerely,
/s/ Linda Cutler
Linda L. Cutler
Vice-President
Deputy General Counsel and Assistant Corporate Secretary
Agreed to and accepted as of the 30th day of July, 2012.
| THE MOSAIC COMPANY | ||||
| By: | /s/ Richard L. Mack | |||
| Richard L. Mack | ||||
| lts: Executive Vice President, General Counsel and Corporate Secretary | ||||
July 6, 2012
The Mosaic Company
Page 3
Attachment A
Affected Employees
Peter Cameron
Gord McKenzie
Richard McLellan
Corrine Ricard
