Document:

Q414 Exhibit 10.28

Exhibit 10.26

FREEPORT-McMoRan INC.
DIRECTOR COMPENSATION
(as of January 1, 2015)

Cash Compensation

Each non-management director of Freeport-McMoRan Inc. receives an annual fee of $75,000.  The lead independent director receives an additional annual fee of $100,000 paid in shares of our common stock.  Committee chairs receive an additional annual fee as follows:  Audit Committee, $25,000; Compensation Committee, $20,000; Nominating and Corporate Governance Committee, $15,000; and Corporate Responsibility Committee, $15,000.  Each committee member, excluding the chair of each committee, receives an additional annual fee as follows:  Audit Committee members, $12,500; Compensation Committee members, $10,000; Nominating and Corporate Governance Committee, $7,500; and Corporate Responsibility Committee, $7,500.  Executive Committee members do not receive an additional annual fee.

Each non-management director also receives a fee of $3,000 for attending each board meeting and each committee meeting (for which he or she is a member) and is reimbursed for reasonable out-of-pocket expenses incurred in attending such meetings.

Equity-Based Compensation; Deferrals

Non-management directors currently receive annual equity awards payable solely in restricted stock units, with the number of restricted stock units granted determined by dividing $270,000 by the closing sale price of our common stock on June 1st, the grant date, or the previous trading day if no sales occur on that date, and rounding down to the nearest hundred shares.  The restricted stock units vest ratably over the first four anniversaries of the grant date.  Each restricted stock unit entitles the director to receive one share of our common stock upon vesting.  Dividend equivalents are accrued on the restricted stock units on the same basis as dividends are paid on our common stock and include market rate interest.  The dividend equivalents are only paid upon vesting of the restricted stock units.  In addition, in connection with an initial election to the board other than at an annual meeting, a director may receive a pro rata equity grant.  

Non-management directors may elect to exchange all or a portion of their annual fee for an equivalent number of shares of our common stock on the payment date, based on the fair market value of our common stock on the date preceding the payment date.  Non-management directors may also elect to defer all or a portion of their annual fee and meeting fees, and such deferred amounts will accrue interest at a rate equal to the prime commercial lending rate announced from time to time by JPMorgan Chase (compounded quarterly), and shall be paid out at such time or times as directed by the participant.

Frozen and Terminated Retirement Plan

We have a retirement plan for the benefit of certain of our non-management directors who reach age 65.  In April 2008, the Board amended the plan to freeze the maximum annual benefit at $40,000, except as provided below, and to terminate the plan for future directors.  Under the retirement plan, an eligible director will be entitled to an annual benefit up to a maximum of $40,000, depending on the number of years the retiree served as a non-management director for us or our predecessors.  The benefit is payable from the date of retirement until the retiree’s death.  Each eligible director who was also a director of our former parent and who did not retire from that board of directors, will receive upon retirement from our board an additional annual benefit of $20,000, which is also payable from the date of retirement until the retiree’s death.  This additional benefit is not subject to the $40,000 maximum annual benefit described above.Q414 Exhibit 10.39

FREEPORT-McMoRan COPPER & GOLD INC.
1996 SUPPLEMENTAL EXECUTIVE CAPITAL ACCUMULATION PLAN
AMENDMENT THREE

WHEREAS, Freeport-McMoRan Copper & Gold Inc. (the “Company”) adopted the Freeport-McMoRan Copper & Gold Inc. Supplemental Executive Capital Accumulation Plan (the “Plan”) effective January 1, 1996 for the benefit of its eligible employees; 
WHEREAS, the Company separated all Plan contributions made and benefits earned and vested as of December 31, 2004, along with all earnings attributable thereto (“Grandfathered Benefits”);
WHEREAS, the Plan was renamed the Freeport-McMoRan Copper & Gold Inc. 1996 Supplemental Executive Capital Accumulation Plan (“1996 Plan”) and it holds the Grandfathered Benefits, including an Account identified as the Transfer Credits Account;
WHEREAS, Amendment No. 2 to the Plan and Amendment No. 2 to the FM Services Company 1996 Supplemental Executive Capital Accumulation Plan reported that all assets accounted for in Transfer Credits Accounts were distributed to the Participant of record on or before December 31, 2004 and this Amendment clarifies such statements to report that such assets were distributed to Participants of record who had terminated employment;
WHEREAS, this Amendment also clarifies that the Transfer Credits from certain terminated non-qualified deferred compensation plans are accounted for in the FCX-SECAP Enhanced Company Contributions Credit account and also corrects a reference to FCX-SECAP Basic Credits to read FCX-SECAP Company Matching Contribution Credit;
WHEREAS, the Board of Directors, in its meeting on December 2, 2008, delegated to the Retirement Plan Administration and Investment Committee (the “Committee”) the authority to approve plan amendments that it deems necessary or desirable, provided the amendment does not result in a substantial increase in the estimated annual cost to the Company and it affiliates;
NOW, THEREFORE, the Company, having reserved the right under Section 10.02 of the Plan, does hereby amend the Plan, effective on the date stated herein or the date executed, as follows:
		
	I.
	

The following is added at the end of Section 9.03, Bookkeeping Accounts, to read as follows:  
The Corporate Personnel Committee of the Board of Directors, in its meeting on December 2, 2008, unanimously approved a change in the hypothetical earnings credits in the SECAP to the prime rate, effective January 1, 2009.

		
	II.
	

Paragraph (a) of Section 4.00, FCX-SECAP Company Matching Contribution Credit, is amended, effective January 1, 2008, to replace the references to FCX-SECAP Basic Credit with FCX-SECAP Company Matching Contribution Credit. 

		
	III.
	

Paragraph (c) of Section 4.02, Transfer Credits, is amended and restated effective January 1, 2008, to read as follows:
		
	(c)
	All assets accounted for in Transfer Credits Accounts in this Plan, including Transfer Credit Accounts formerly maintained in the FM Services Company 1996 Supplemental Executive Capital Accumulation Plan, have been distributed to the Participants of record who have terminated employment.  The Transfer Credit Contributions, defined in Section 1.07(f) of the FM Services Company 1996 Supplemental Executive Capital Accumulation Plan and Section 1.08(f) of the Freeport-McMoRan Copper & Gold Inc. 1996 Supplemental Executive Capital Accumulation Plan, are maintained with employer contributions in the FCX-SECAP Enhanced Company Contributions Credit Account.

Executed at Phoenix, Arizona this 22nd day of September, 2011.

WITNESSES:
FREEPORT-McMoRan COPPER
AND GOLD INC.
Signed                

Signed                        By:        William D. Rech    
William D. Rech, Vice-President

ACKNOWLEDGMENT
STATE OF ARIZONA

COUNTY OF MARICOPA

BEFORE ME, the undersigned Notary Public, personally came and appeared WILLIAM D. RECH who, being by me sworn, did depose and state that he signed the foregoing Amendment to the Freeport-McMoRan Copper & Gold Inc. 1996 Supplemental Executive Capital Accumulation Plan as a free act and deed on behalf of Freeport-McMoRan Copper & Gold Inc. for the purposes therein set forth.

William D. Rech                
William D. Rech
Vice-President

Sworn to and signed before me 
this 22nd day of September, 2011.

Stacy Young        
NOTARY PUBLICQ414 Exhibit 10.40

FREEPORT-McMoRan INC.
1996 SUPPLEMENTAL EXECUTIVE CAPITAL ACCUMULATION PLAN
(formerly FREEPORT-McMoRan COPPER & GOLD INC. 1996 SUPPLEMENTAL
 EXECUTIVE CAPITAL ACCUMULATION PLAN)

AMENDMENT FOUR

WHEREAS, Freeport-McMoRan Copper & Gold Inc. (the “Company”) adopted the Freeport-McMoRan Copper & Gold Inc. Supplemental Executive Capital Accumulation Plan (the “Plan”) effective January 1, 1996 for the benefit of its eligible employees; 
WHEREAS, the Board of Directors, in its meeting on December 2, 2008, delegated to the Retirement Plan Administration and Investment Committee (the “Committee”) the authority to approve plan amendments that it deems necessary or desirable, provided the amendment does not result in a substantial increase in the estimated annual cost to the Company and its affiliates;
WHEREAS, the name of the Company has changed from Freeport-McMoRan Copper & Gold Inc. to Freeport-McMoRan Inc.;
WHEREAS, the Committee wishes to amend the Plan to change the name of the Plan to Freeport-McMoRan Inc. 1996 Supplemental Executive Capital Accumulation Plan and to make other revisions to reflect the new Company name and new Plan name;
NOW, THEREFORE, the Company, having reserved the right under Section 10.02 of the Plan, does hereby amend the Plan, effective July 14, 2014, as follows:
I.

The name of the Company has changed from Freeport-McMoRan Copper & Gold Inc. to Freeport-McMoRan Inc., and all references to Freeport-McMoRan Copper & Gold Inc. and all references to Freeport-McMoRan Copper & Gold Inc. are hereby amended accordingly, and the definition of Company in Section 1.05, Article I - Definitions, is amended and restated to read as follows:
1.05  Company means Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc. or any Company that is a successor as a result of a merger, consolidation, liquidation, transfer of assets, or reorganization.
II.

The definition of FCX-ECAP in Section 1.10, Article I - Definitions, is hereby amended and all references to FCX-ECAP are hereby amended accordingly, to read as follows:

ECAP means the Freeport-McMoRan Inc. Employee Capital Accumulation Program, formerly Freeport-McMoRan Copper & Gold Inc. Employee Capital Accumulation Program, maintained by the Company, as may be amended from time to time.

III.

The name of the Plan is hereby amended to be the Freeport-McMoRan Inc. 1996 Supplemental Executive Capital Accumulation Plan, and all references to the Freeport-McMoRan Copper & Gold Inc. 1996 Supplemental Executive Capital Accumulation Plan are hereby amended accordingly; further, all references to FCX-SECAP are amended to SECAP and the definition of Plan in Section 1.19 of Article I - Definitions is hereby amended to read as follows:

1.19    Plan or SECAP means this Freeport-McMoRan Inc. 1996 Supplemental Executive Capital Accumulation Plan, formerly Freeport-McMoRan Copper & Gold Inc. 1996 Supplemental Executive Capital Accumulation Plan (“Plan or SECAP”), as set forth herein, together with any and all amendments and supplements hereto.

Executed in Phoenix, Arizona this 30th day of December, 2014.

       FREEPORT-MCMORAN INC.

Douglas N. Currault II
By:  ___________________________________
       Douglas N. Currault II
       Secretary

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