Document:

ex10-53.htm

    
      

    

    Exhibit 10.53

    FIRST
AMENDMENT

    TO
THE

    PHELPS
DODGE CORPORATION

    SUPPLEMENTAL
RETIREMENT PLAN

     

    

     

     

    Phelps
Dodge Corporation (the “Company”) has previously adopted the Plan, and most
recently amended and restated it in its entirety effective as of January 1, 2005
to bring it into documentary compliance with Section 409A of the Internal
Revenue Code and related Internal Revenue Service guidance and proposed
regulations (collectively “Section 409A”).  Pursuant to Sections 7.3
and 10.1 of the Plan, and as duly authorized by the Company, the Benefits
Administration Committee (“BAC”) may amend the Plan at any time, prospectively
or retroactively; provided, in relevant part, that (i) the amendment shall not
reduce the interest of any Participant in the Plan calculated as of the date of
the amendment, and (ii) no such amendment shall cause any benefit payable under
the Plan to become subject to additional taxes imposed under Section 409A of the
Code.  The BAC has determined that it is necessary or desirable to
further amend the Plan in a manner that shall not reduce the interest of any
Participant and is consistent with the requirements of Section
409A.

     

     

    
      	
              1.  

            	
              This
      Amendment shall take effect as of January 1,
  2005.

            

    

     

     

    2.           The
Plan is amended to add the following new Section 6.3(b)(7) (Special Lump Sum
Related to Appendix B) to provide as follows:

     

        “(7)  Special Lump Sum Related to
Appendix B. In addition, in the case of any Participant whose name is
listed on Appendix B attached hereto, the benefits shall also be paid in the
form of an Actuarially Equivalent lump sum in accordance with the provisions of
Section 11.4.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    3.   Section
11.1 of the Plan is hereby amended by inserting the following language after the
first use of the word “Participant” in the first sentence in such
section:

     

                “(other than a
Participant whose name is listed on Appendix B attached hereto)”

     

     

    4.   Section
11.2 of the Plan is amended by inserting the following language after the first
use of the word “Participant” in the first sentence in such
section:

     

                 “(other than a Participant whose name
is listed on Appendix B attached hereto)”

     

     

    5.   Section
11.4 of the Plan is amended by inserting the following language after the first
sentence in such section:

     

     “In addition, in the case of
any Participant whose name is listed on Appendix B attached hereto, the benefits
shall also be paid in the form of an Actuarially 

    Equivalent
lump sum in accordance with the provisions of this Section 11.4.”

     

     

    The
remaining provisions of the Plan, as amended and restated on January 1, 2005 and
as subsequently amended, shall remain in full force and effect.

     

     

    IN
WITNESS WHEREOF, the Corporation has duly executed this Amendment by its
authorized representative as of the 9th day of  November,
2007.

     

    PHELPS DODGE CORPORATION

    

    

    

    By   /s/ William D.
Rech                              

          William
D. Rech

          Vice
President, Human Resources

    
      
         

      

      
        2

        
          

        

      

       

    

    Appendix
B

     

     

    

     

     

    Name                                                                                                Effective
Date

     

     

    Timothy
R.
Snider                                                                         April
4, 2007

     

    

    

    
      
         

      

      
        3ex10-57.htm

    
      

    

    Exhibit 10.57

    THIRD
AMENDMENT

    TO
THE

    PHELPS
DODGE CORPORATION

    SUPPLEMENTAL
SAVINGS PLAN

     

    

     

     

    Effective
as of January 1, 1997, Phelps Dodge Corporation (the “Company”) adopted the
Phelps Dodge Corporation Supplemental Savings Plan as an amendment and
restatement of the supplemental savings provisions of the Comprehensive
Executive Non-qualified Retirement and Savings Plan of Phelps Dodge
Corporation.  The Plan was most recently amended and restated in its
entirety generally effective as of January 1, 2005 to bring it into documentary
compliance with Section 409A of the Internal Revenue Code and related Internal
Revenue Service guidance and proposed regulations (collectively, “Section
409A”).  The Plan was subsequently amended on two
occasions.  Pursuant to Sections 9.3 and 12.1 of the Plan, and as duly
authorized by the Company, the Benefits Administration Committee (“BAC”) may
amend the Plan at any time, prospectively or retroactively; provided, in
relevant part, that (i) the amendment shall not reduce the interest of any
Participant in the Plan, and (ii) no such amendment shall cause amounts to be
paid in violation of Section 409A of the Code.  The BAC has determined
that it is necessary or desirable to further amend the Plan in a manner that
shall not reduce the interest of any Participant and is consistent with the
requirements of Section 409A.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    1.  This
Amendment shall take effect as of the specific effective dates set forth
below.

     

     

    2.  Section
8.2(b) of the Plan is hereby amended, effective January 1, 2005, by inserting
the following language after the fifth sentence in such section:

     

     

    “Notwithstanding
the immediately preceding sentence, and in accordance with the transitional
relief provided for calendar years 2006 and 2007 under Section 409A of the Code,
the Company, in its discretion, may also accept a revised election form from any
Participant, provided that the revised election shall take effect only
if:  (i) the Company receives such revised election form on or prior
to December 31, 2007, (ii) the Participant terminates employment on or prior to
December 31, 2007, and (iii) the revised election form complies with all
requirements in this Section 8.2(b) other than that contained in the immediately
preceding sentence.

     

     

    3.  Section
8.2(b) of the Plan is further amended, effective January 1, 2005, by inserting
the following language at the end of the last sentence in such
section:

     

     “, provided that any election
to change the form of distribution from installment to lump sum made in
accordance with the transitional relief provided under Section 409A of the Code
shall not be considered to be a prohibited acceleration.”

     

     

    4.  Effective
April 4, 2007, the Plan is amended to add the following new Section 4.4 (Special
Discretionary Company Contributions) to provide as follows:

     

    4.4 SPECIAL
DISCRETIONARY COMPANY CONTRIBUTIONS

    

    (a) ELIGIBILITY.  Participants
eligible to receive Special Discretionary Company Contributions pursuant to this
Section 4.4 may be designated by the Employer from time to time, in the
Employer’s sole discretion, and any such designation shall be reflected in
Appendix A attached hereto.

    

    (b) AMOUNT.  The
determination of the amount of any Special Discretionary Company Contributions
to be made to an eligible Participant shall be made in the sole discretion of
the Employer and the amount contributed for the benefit of any eligible
Participant shall be set forth in Appendix A attached hereto.  This
amount and any and all investment earnings or losses thereon shall be allocated
to the Special Discretionary Company Contributions Account established under the
Plan for this purpose.  The Special Discretionary Company
Contributions shall be credited to the Participant’s Account as of the date
set

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

     forth
in Appendix A, or as soon thereafter as administratively feasible, which shall
be incorporated into and made a part of the Plan.

    

    (c) VESTING.  Participants
shall always be one hundred percent (100%) vested in amounts in the
Participant’s Special Discretionary Company Contributions Account.

    

    (d) PAYMENT OF
BENEFITS.  Payment of benefits from a Participant’s Special
Discretionary Company Contributions Account will be made in accordance with the
provisions of Section 8.1 (Time of Payment).

     

    5. Effective
April 4, 2007, Section 2.1(p) (DEFINITIONS-Employer Contributions Accounts) is
amended and restated in its entirety to provide as follows:

     

     

    (p)           “Employer
Contributions Account” means the Profit Sharing Contributions Account, the
Matching Contributions Account and the Special Discretionary Company
Contributions Account maintained for a Participant.

     

     

    6. Effective
April 4, 2007, a new Section 2.1(hh) (DEFINITIONS-Special Discretionary Company
Contributions Account) is added to the Plan to provide as follows:

     

     

    (hh)
“Special Discretionary Company Contributions Account” means the Account
maintained to record the Special Discretionary Company Contributions made on
behalf of a Participant pursuant to Section 4.4 (Special Discretionary Company
Contributions).

     

     

    7. Effective
January 1, 2007, Section 9.3B (APPOINTMENT AND MEMBERSHIP OF THE INVESTMENT
COMMITTEE) is amended and restated in its entirety to provide as
follows:

     

    9.3B                      APPOINTMENT AND MEMBERSHIP
OF THE INVESTMENT COMMITTEE.  The Investment Committee will
consist of individuals holding the following positions with the Company, or who
are filling these positions on an acting basis:  Assistant Treasurer;
Director, Internal Audit; Senior Director, Global Benefits; Director, Corporate
and International HR Operations; Vice President, Global Supply Chain and
Information Services; and Vice President, Southeastern Arizona,
PDMC.  If, with respect to one or more of these positions, the Company
does not have a representative holding such title or filling such position on an
acting basis, then the individual serving on the Investment Committee shall be
the Company representative occupying a comparable position to such
title.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    The
Assistant Treasurer shall serve as the chair of the Investment Committee and the
Investment Committee members shall appoint a secretary.  Membership of
the Investment Committee shall automatically change as the individuals holding
the designated positions change.  As individuals are added to or
removed from the Investment Committee due to changes in position, they may be
asked to sign an acceptance of their fiduciary responsibilities under the Plan
or a resignation from their fiduciary responsibilities under the Plan, but the
appointments and resignation will be effective automatically without the
execution of such documents.

     

    8. Effective
November 7, 2007, Section 9.3B (APPOINTMENT AND MEMBERSHIP OF THE INVESTMENT
COMMITTEE) is amended and restated in its entirety to provide as
follows:

     

     

    9.3B                      APPOINTMENT AND MEMBERSHIP
OF THE INVESTMENT COMMITTEE. Effective
November 7, 2007, the Investment Committee will consist of the following
employees of the Company:  David E. Brooks; Lyman D. Edwards; Eric E.
Kinneberg; Stacey G. Koon; and William D. Rech.  William D. Rech shall
serve as the chair of the Investment Committee and the Investment Committee
members shall appoint a secretary.  As individuals are added to or
removed from the Investment Committee, they may be asked to sign an acceptance
of their fiduciary responsibilities under the Plan or a resignation from their
fiduciary responsibilities under the Plan, but the appointments and resignation
will be effective automatically without the execution of such
documents.

     

     

    The
remaining provisions of the Plan, as amended and restated on January 1, 2005 and
as subsequently amended, shall remain in full force and effect.

     

     

    IN
WITNESS WHEREOF, the undersigned has executed this Third Amendment as of the
14th day of November, 2007.

     

    PHELPS DODGE CORPORATION

    

    

    By  /s/William D.
Rech                                                                         

          William
D. Rech

          Vice
President, Human Resources

    

    
       

      
        4

        
          

        

      

      
         

      

    

    APPENDIX
A

    

    

    

    
      	
              NAME

            	
              AMOUNT
      OF SPECIAL DISCRETIONARY COMPANY CONTRIBUTION

            	
              EFFECTIVE
      DATE OF SPECIAL DISCRETIONARY COMPANY CONTRIBUTION

            
	
              Timothy
      R. Snider

            	
              $2,378,345.94

            	
              November
      16, 2007

            

    

    

    

    
      
         

      

      
        5

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