Company: SCCO
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001558370-25-004735
Chunk: 32

Company: SOUTHERN COPPER CORP/
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 32
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 at least three unpaid individuals (who may be employees of the participating companies), which are appointed by the Company. The plan may be amended or terminated at any time at the Company’s discretion, but such amendment or termination must preserve acquired rights of the employees. Regardless of the manner in which an employee’s employment is terminated, he/she is entitled to receive his/her employee contributions and any amounts earned during his/her term of employment. Any severance benefits received by the terminated employee will be deducted from any employer contribution to be received under the plan. In the event of the retirement of an employee, he/she is entitled to receive amounts accrued under the plan. Severance Benefits: We do not have corporate plans providing severance benefits to our Named Executive Officers in Mexico. Our Named Executive Officers only receive severance benefits provided by Mexican law or negotiated by us when we undertake workforce reductions at our operations. Our Named Executive Officers in Mexico do not have change of control or employment agreements. Discretionary Cash Compensation:

| (a) | Base Salary: |

Mr. Lazalde received $235,703 as base salary in 2024. The base salary of Mr. Lazalde increased 8.2% in Mexican pesos in 2024; however, due to an appreciation of the dollar in foreign currency conversion, the actual increase in dollars was 5.0% from 2023 to 2024.

| (b) | Bonus: |

Mr. Lazalde received a discretionary cash bonus of $75,985 under the Executive Stock Purchase Plan in 2024 and a discretionary cash bonus $17,538 in recognition of his performance. These bonuses are reflected in the Summary Compensation Table under the Bonus column. Mexican Mandated Cash Compensation:

| (a) | Profit Sharing in the Profits of Our Mexican Operations: |

Mexican law requires us, as well as all other mining companies in Mexico, to share 10% of the annual pre-tax profits of our operations with all our workers (salaried and non-salaried). This benefit is payable in cash to each employee. Mr. Lazalde received compensation as participation in the pre-income tax earnings of our Mexican operations. This amount is reflected in the Summary Compensation Table under the All Other Compensation column.

| (b) | Mexican Christmas Bonus: |

Mexican law also requires payment each year of at least 15 days salary to each employee, with at least one completed year of service, as a bonus for Christmas. We give our employees in Mexico one month’s