Amendment to Executive Employment and Change of Control Agreements between Freeport-McMoRan Copper & Gold Inc. and James R. Moffett
This letter agreement amends the existing Executive Employment Agreement and Change of Control Agreement between Freeport-McMoRan Copper & Gold Inc. and James R. Moffett. Effective February 1, 2014, Mr. Moffett's annual base salary is reduced to $1,250,000. The amendment is confirmed by Mr. Moffett's signed consent. All other terms of the original agreements remain unchanged.
Exhibit 10.2
Freeport-McMoRan Copper & Gold Inc.
February 27, 2014
James R. Moffett
1615 Poydras Street
New Orleans, Louisiana 70112
Dear Mr. Moffett:
The Compensation Committee (formerly, the Corporate Personnel Committee) of the Board of Directors of Freeport-McMoRan Copper & Gold Inc., a Delaware corporation (the “Company”), has determined to amend the Amended and Restated Executive Employment Agreement between you and the Company, dated as of December 2, 2008 (the “Employment Agreement”), and the Amended and Restated Change of Control Agreement between you and the Company, dated as of December 2, 2008 (the “Change of Control Agreement” and, collectively with the Employment Agreement, the “Agreements”), to provide that, effective on February 1, 2014, your annual “Base Salary” (as defined in the Agreements) shall be reduced to $1,250,000.
Please indicate your consent to the adjustment to your annual Base Salary by signing below.
| Sincerely,
FREEPORT-MCMORAN COPPER & GOLD INC. | ||
| By: | /s/ H. Devon Graham, Jr. | |
| Name: H. Devon Graham, Jr. Title: Director and Chairman of the Compensation Committee of the Board of Directors | ||
| Acknowledged and Agreed as of February 27, 2014:
JAMES R. MOFFETT | ||
| /s/ James R. Moffett | ||
