Document:

Exhibit 10.1

EXECUTION VERSION

	
	
	FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT
dated as of February 14, 2013,
among
FREEPORT-MCMORAN COPPER & GOLD INC.,
PT FREEPORT INDONESIA,
FREEPORT-MCMORAN OIL & GAS LLC,
The Lenders Party Hereto,
The Issuing Banks Party Hereto,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and the Swingline Lender,
BANK OF AMERICA, N.A.,
as Syndication Agent,
and
BNP PARIBAS,  
CITIBANK, N.A., 
HSBC BANK USA, NATIONAL ASSOCIATION,  
MIZUHO BANK, LTD., 
SUMITOMO MITSUI BANKING CORPORATION, 
THE BANK OF NOVA SCOTIA and  
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
as Co-Documentation Agents,
_____________________________________________________________
J.P. MORGAN SECURITIES LLC, 
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
BNP PARIBAS SECURITIES CORP., 
CITIGROUP GLOBAL MARKETS INC.,  
HSBC SECURITIES (USA) INC.,  
MIZUHO BANK, LTD.,  
SUMITOMO MITSUI BANKING CORPORATION,  
THE BANK OF NOVA SCOTIA and  
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
as Joint Lead Arrangers and Joint Bookrunners,
_____________________________________________________________
BANK OF MONTREAL, CHICAGO BRANCH,
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY,
COMPASS BANK,
ROYAL BANK OF CANADA,
THE TORONTO-DOMINION BANK,
STANDARD CHARTERED BANK,
U.S. BANK NATIONAL ASSOCIATION and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Senior Managing Agents

    
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FIRST AMENDMENT dated as of May 30, 2014 (this “Amendment”) to the Revolving Credit Agreement dated as of February 14, 2013 (the “Credit Agreement”) among FREEPORT-MCMORAN COPPER & GOLD INC. (“FCX”), PT FREEPORT INDONESIA (“PTFI”) and FREEPORT-MCMORAN OIL & GAS LLC (together with FCX and PTFI, the “Borrowers”), the Lenders from time to time party thereto and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
WHEREAS, the Lenders have agreed to extend credit to the Borrowers under the Credit Agreement on the terms and subject to the conditions set forth therein. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement, as amended hereby.
WHEREAS, the Borrowers have requested that the Credit Agreement be amended (a) in accordance with Section 2.20 of the Credit Agreement, to establish Incremental Revolving Commitments in an aggregate principal amount such that, after giving effect to the termination of the 2018 Revolving Commitments as described below, the aggregate principal amount of Revolving Commitments shall be $4,000,000,000, (b) to effect an extension of the Maturity Date (the “Extension”) from May 31, 2018 (the “Existing Maturity Date”) to May 31, 2019 (the “Extended Maturity Date”) with respect to the Revolving Commitments and related Revolving Loans of Lenders consenting to such extension (“Consenting Lenders”) and (c) to effect certain modifications to the provisions of the Credit Agreement, in each case as set forth herein.  
WHEREAS, each Person party hereto whose name is set forth on Schedule 2.01B hereto under the heading “Incremental Revolving Lenders” (each such Person, an “Incremental Revolving Lender”) has agreed (i) to provide Incremental Revolving Commitments to the Borrowers in the amount set forth opposite its name on such Schedule (such commitments, the “Incremental Revolving Commitments”), (ii) to make Revolving Loans to the Borrowers and to participate in Swingline Loans and Letters of Credit from time to time during the Revolving Availability Period in accordance with the terms and subject to the conditions of the Credit Agreement and (iii) to become Consenting Lenders with respect to the Extension, in respect of their Incremental Revolving Commitments and, in the case of Incremental Revolving Lenders that are existing Lenders, in respect of their existing Revolving Commitments.
WHEREAS, this Amendment is, with respect to the Incremental Revolving Commitments, an Incremental Facility Agreement entered into pursuant to Section 2.20(c) of the Credit Agreement.
WHEREAS, the Consenting Lenders and the Incremental Revolving Lenders, constituting the Required Lenders under the Credit Agreement, the Administrative Agent, the Swingline Lender and each Principal Issuing Bank are willing to so amend the Credit Agreement on the terms and subject to the conditions hereof.

    

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WHEREAS, the 2018 Revolving Commitments shall be terminated immediately after the effectiveness of this Amendment on the Amendment Effective Date.
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Incremental Revolving Commitments. (a)  Schedule 2.01B hereto sets forth the Incremental Revolving Commitment of each Incremental Revolving Lender as of the Amendment Effective Date.  The Incremental Revolving Commitment of each Incremental Revolving Lender shall be several and not joint.  The Incremental Revolving Commitments will become effective on the Amendment Effective Date immediately prior to the effectiveness of the Extension and the amendments to the Credit Agreement provided for in Section 2 and Section 3 hereof.
(b) The provisions of Section 2.20 of the Credit Agreement will apply to the Incremental Revolving Commitments.  Accordingly, except as otherwise provided herein with respect to the Extension (to which each Incremental Lender agrees, as set forth in the recitals hereto) and the fees payable hereunder on the Amendment Effective Date to Incremental Lenders in respect of their Incremental Revolving Commitments, the Incremental Revolving Commitments and the Revolving Loans and other extensions of credit made thereunder shall have the terms applicable to the Revolving Commitments in effect prior to the Amendment Effective Date and the Revolving Loans and other extensions of credit made thereunder, respectively (including the Applicable Rate).  Accordingly, prior to the Maturity Date for the 2018 Revolving Commitments (as defined below) or the earlier termination of the 2018 Revolving Commitments, the Incremental Revolving Commitments and the Revolving Loans made pursuant thereto will for all purposes of the Credit Agreement be deemed to be the same class as the 2018 Revolving Commitments and Revolving Loans made pursuant thereto.  On the Amendment Effective Date, the existing Revolving Lenders and the Incremental Revolving Lenders shall effect the assignments and purchases contemplated by Section 2.20(e) in order that, after giving effect to all such assignments and purchases and other transactions contemplated hereby, such Revolving Loans and any funded participations in Letters of Credit will be held by all the Revolving Lenders (including the Incremental Revolving Lenders) ratably in accordance with their Applicable Percentages after giving effect to the effectiveness of the Incremental Revolving Commitments.
(c) The fees payable pursuant to Section 2.11(a) and (b) of the Credit Agreement for the account of the Lenders shall be calculated so as to take into account the increase in the Revolving Commitments, the addition of the Incremental Revolving Lenders, any prepayments or refinancing of outstanding Loans and the reallocation of participations in any outstanding Letters of Credit, in each case on the Amendment Effective Date.
(d) Each Incremental Revolving Lender, by delivering its signature page to this Amendment, shall be deemed to have acknowledged receipt of, and consented to 

    

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and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or any Lenders prior to the Amendment Effective Date.
(e) Each of the Administrative Agent, each Principal Issuing Bank and the Swingline Lender hereby consents to this Amendment and confirms that each Incremental Revolving Lender and each Replacement Lender (as defined below) not already a Lender under the Credit Agreement is acceptable to it.
SECTION 2.    Extension of Maturity Date.  (a)  Each Incremental Revolving Lender and each other Lender (including each Replacement Lender) that is party to this Amendment (each, an “Extending Lender”), agrees that the maturity date of its applicable Revolving Commitments (including all the Incremental Revolving Commitments of each Incremental Revolving Lender and all the Assigned Commitments (as defined below) of any Replacement Lender) and of any applicable Revolving Loans held by it (including, in the case of each Replacement Lender, any Revolving Loans acquired pursuant to assignment as contemplated by Section 2(c) hereof and, in the case of any Incremental Revolving Lender, any Revolving Loans acquired by assignment as contemplated by Section 1(b) hereof) shall be extended to the Extended Maturity Date.
(b) The Existing Maturity Date shall remain applicable to the Revolving Commitments and the Revolving Loans made pursuant thereto of any existing Lender that is not an Extending Lender (each, a “Declining Lender”) and that is not replaced by a Replacement Lender as contemplated by Section 2(c) hereof.
(c) In accordance with the provisions of Section 2.18(b) of the Credit Agreement, FCX may, at its option, require any Declining Lender to assign all, or less than all, its Revolving Commitment (each, an “Assigned Commitment”) and Revolving Loans, if any, to one or more assignees, including any existing Lender or Incremental Revolving Lender, that agrees to accept such assignment, and that will become party hereto and agree to the Extension in respect of such Revolving Commitment and Revolving Loans, if any, assigned to it (each, a “Replacement Lender”).  Any such assignments to Replacement Lenders shall become effective on or before the Amendment Effective Date and may be evidenced by this Amendment and Schedule 2.01 hereto.
SECTION 3.    Amendment of the Credit Agreement.  Effective as of the Amendment Effective Date, the Credit Agreement is hereby amended as follows:
(a) The following definitions are added in the appropriate alphabetical order to Section 1.01 of the Credit Agreement:
“2018 Revolving Commitment” means a Revolving Commitment that became effective on the Effective Date having a Maturity Date of May 31, 2018 that was not extended pursuant to the First Amendment or Section 2.09(f).
“2018 Revolving Lender” means, at any time, a Revolving Lender that has a 2018 Revolving Commitment at such time.

    

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“2019 Revolving Commitment” means a Revolving Commitment that, pursuant to the First Amendment or Section 2.09(f), has a Maturity Date of May 31, 2019.
“2019 Revolving Lender” means, at any time, a Revolving Lender that has a 2019 Revolving Commitment at such time.
“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, and the United Kingdom Bribery Act of 2010, as amended.
“First Amendment” means the First Amendment, dated as of May 30, 2014, to this Credit Agreement.
“Impacted Interest Period” has the meaning set forth in the definition of “LIBO Rate”.
“Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which the Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period (for which the Screen Rate is available) that exceed the Impacted Interest Period, in each case, at such time.
“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions.
“Sanctioned Person” means, at any time, (a) any Person that is named as a “specially designated national and blocked person” on the most current list published by OFAC at its official website or any replacement website or other replacement official publication of such list or (b) any Person located, organized or resident in a Sanctioned Country.
“Sanctions” means comprehensive economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.  
“Screen Rate” has the meaning set forth in the definition of “LIBO Rate”.
(b) Section 1.01 of the Credit Agreement is further amended by deleting the definition of the term “FCPA” and by revising the following defined terms to read in their entirety as set forth below:
“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration

    

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of such rate) for Dollars for a period equal in length to such Interest Period as displayed on page LIBOR01 of the Reuters screen that displays such rate (or, in the event such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information services that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion (provided, that the Administrative Agent shall have generally selected such page for similarly situated borrowers)) (in each case the “Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate.
“Loan Documents” means this Agreement, the Incremental Facility Agreements, any Guaranty Agreements and the First Amendment.
“Maturity Date” means (i) with respect to the 2018 Revolving Commitments, May 31, 2018, and (ii) with respect to the 2019 Revolving Commitments, May 31, 2019.  As used in the definition of “Disqualified Stock” in Section 1.01, Section 2.02(d), Section 2.06, Section 2.10 and clause (o) of Article VII hereof, unless the context otherwise requires, the term “Maturity Date” refers to the Maturity Date for the 2019 Revolving Commitments.
“Revolving Availability Period” means the period from and including the Closing Date to but excluding the earlier of the Maturity Date for the 2019 Revolving Commitments and the date of termination of all the Revolving Commitments.
(c) Schedule 2.01 to the Credit Agreement is replaced by Schedule 2.01 hereto, separately reflecting the 2018 Revolving Lenders and the amounts of their individual 2018 Revolving Commitments and the 2019 Revolving Lenders and the amounts of their individual 2019 Revolving Commitments.
(d) Section 2.08 of the Credit Agreement is amended by revising paragraph (a) to read in its entirety as set forth below:
“(a) Except as otherwise expressly provided herein, unless previously terminated, the 2018 Revolving Commitments shall terminate on the Maturity Date for the 2018 Revolving Commitments, and the 2019 Revolving Commitments shall terminate on the Maturity Date for the 2019 Revolving Commitments”
(e) Section 2.08 of the Credit Agreement is amended (i) by replacing the reference to “the Revolving Commitments or Swingline Commitments” in paragraph (b) with “the 2018 Revolving Commitments, the 2019 Revolving Commitments or the Swingline Commitments” and (ii) modifying the last sentence thereof to read in its entirety as follows: “Each reduction of the 2018 Revolving Commitments or the 2019

    

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Revolving Commitments shall be made ratably among the Lenders in accordance with the amounts of their individual 2018 Revolving Commitments or 2019 Revolving Commitments, respectively.”
(f) Section 2.09 of the Credit Agreement is amended by (i) adding the word “applicable” immediately prior to the reference to “Maturity Date” in clause (i) of paragraph (a) thereof and (ii) replacing the reference to “Maturity Date” with a reference to “Maturity Date for the 2019 Revolving Commitments” in clause (ii) of paragraph (a) thereof.
(g) Section 2.10 of the Credit Agreement is amended by revising paragraph (b) to read in its entirety as set forth below and by adding a new paragraph (f) thereto to read as set forth below:
“(b)  In the event and on each occasion on or prior to the Maturity Date for the 2019 Revolving Commitments that the sum of the Revolving Exposures exceeds the total Revolving Commitments, including as a result of the occurrence of the Maturity Date for the 2018 Revolving Commitments, the Borrowers shall prepay Revolving Borrowings in an aggregate amount equal to such excess on the date such excess occurs; provided that if no Revolving Borrowings are outstanding and the LC Exposure exceeds the total Revolving Commitments, the Borrowers shall provide cash collateral in an aggregate amount equal to such excess in accordance with Section 2.06(j).”
“(f)  Unless earlier terminated, on the Maturity Date for the 2018 Revolving Commitments, the 2018 Revolving Commitments will terminate, and the 2018 Revolving Lenders will have no further obligation to make Revolving Loans to the Borrowers, or to acquire participations in Swingline Loans or Letters of Credit made or issued after such Maturity Date; provided that the foregoing will not release any 2018 Revolving Lender from any such obligation to make Revolving Loans to the Borrowers, acquire or fund participations in Swingline Loans or acquire or fund participations in Letters of Credit, in each case that was required to be performed on or prior to the Maturity Date for the 2018 Revolving Commitments.  On the Maturity Date for the 2018 Revolving Commitments, each 2019 Revolving Lender will acquire and fund, in accordance with Sections 2.05 and 2.06, participations in Swingline Loans and Letters of Credit outstanding on the Maturity Date for the 2018 Revolving Commitments, and will acquire and fund, in accordance with Sections 2.05 and 2.06, participations in Swingline Loans made and Letters of Credit issued after such Maturity Date, in each case in an amount equal to such Lender’s Applicable Percentage of such Swingline Loan or Letter of Credit, as the case may be, regardless of whether any Default or Event of Default existed on such Maturity Date; provided that the Revolving Exposure of each 2019 Revolving Lender does not exceed such Lender’s Revolving Commitment.”

    

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(h) Section 2.20(a) of the Credit Agreement shall be amended by inserting the text “(other than those established pursuant to the First Amendment)” immediately following the text “established hereunder” in the first sentence thereof.
(i) Section 2.20(c) of the Credit Agreement is amended by replacing clauses (i) and (ii) of the proviso thereto in their entirety with the following:
“(i) no Default shall have occurred and be continuing at the time of, and immediately after giving effect to, the effectiveness of such Incremental Revolving Commitments, (ii) on the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects on and as of the date of such effectiveness, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date,”
(j) Article III of the Credit Agreement is amended by deleting Sections 3.17 and 3.18 in their entirety and replacing them with the following:
“SECTION 3.17.  Sanctions.  None of (a) the Borrowers, any Subsidiary or, to the knowledge of any Borrower or such Subsidiary, any of their respective directors, officers or employees, or (b) to the knowledge of any Borrower, any agent of any Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.”
(k) Article VI of the Credit Agreement is amended by adding a new Section 6.08 to read as follows:
“SECTION 6.08.  Anti-Corruption Laws and Sanctions – Use of Proceeds.  No proceeds of any Borrowing or Letter of Credit shall be used (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country.”
(l) Section 9.04(b)(iv) of the Credit Agreement is amended by inserting the text “(as to its own interest)” immediately following the text “available for inspection by the Borrowers, any Agent, any Issuing Bank and” appearing therein.
(m) Section 9.04(d) of the Credit Agreement is amended by inserting the text “, the Swingline Lender, each Principal Issuing Bank” immediately following the text “without the consent of the Borrowers” appearing therein.
(n) Section 9.14 of the Credit Agreement is amended by replacing the text “it is required to obtain” with the text “it may be required to obtain”.

    

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(o) Section 9.16(c) of the Credit Agreement is amended by adding the following to the end thereof: “; provided that if PTFI shall cease to be domesticated under the laws of Delaware as a corporation and shall become solely a limited liability company organized under the laws of the Republic of Indonesia, PTFI shall designate, appoint and empower FCX as its process agent to receive for and on its behalf service of process in any legal action or proceeding arising out of or relating to this Agreement”. 
Except as set forth above, all schedules and exhibits to the Credit Agreement, in the forms thereof immediately prior to the Amendment Effective Date, will continue to be schedules and exhibits to the Credit Agreement as amended hereby.
SECTION 4.    Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, each of the Borrowers represents and warrants to the Administrative Agent and the Lenders (including the Incremental Revolving Lenders and the Replacement Lenders) that:
(a)  (x) the execution, delivery and performance by such Borrower of this Amendment and the performance by such Borrower of the Credit Agreement, as amended by this Amendment, are within such Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action and (y) this Amendment has been duly executed and delivered by such Borrower and, upon the Amendment Effective Date, the Credit Agreement, as amended hereby, will constitute a legal, valid and binding obligation of such Borrower enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally, concepts of reasonableness and general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(b) the representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects and as of the Amendment Effective Date, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct on and as of such earlier date; and
(c) no Default has occurred and is continuing on the Amendment Effective Date before or after giving effect to any Loans made on such date.
SECTION 5.    Effectiveness.  This Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which each of the following conditions has been satisfied:
(a) The Administrative Agent shall have executed this Amendment (and its Indonesian language version) and shall have received counterparts hereof duly executed and delivered by each Borrower, Lenders constituting the Required Lenders (determined after giving effect to the Incremental Revolving Commitments), each Extending Lender (including each Replacement Lender), the Swingline Lender, each Issuing Bank and the Administrative Agent.

    

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(b) After giving effect to the Incremental Revolving Commitments and the making of Loans and other extensions of credit thereunder to be made on the Amendment Effective Date and assuming that all Incremental Revolving Commitments are fully drawn, the Borrowers shall be in pro forma compliance with the financial covenants set forth in Sections 6.06 and 6.07 of the Credit Agreement.
(c) If there are any Replacement Lenders, all Assigned Commitments of Declining Lenders assigned to such Replacement Lenders shall have been consummated in accordance with the provisions of Section 2.18(b) of the Credit Agreement on or prior to the Amendment Effective Date.
(d) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent, the Lenders (including the Incremental Revolving Lenders and any Replacement Lenders) and the Issuing Banks and dated the Amendment Effective Date) of each of (i) Davis Polk & Wardwell LLP, New York counsel for the Borrowers, (ii) Jones Walker, L.L.P., U.S. counsel for the Borrowers, and (iii) Indonesian counsel for the Borrowers, in each case in form and substance reasonably satisfactory to the Administrative Agent.
(e) The Administrative Agent shall have received such board resolutions, secretary’s certificates, officer’s certificates and other documents as the Administrative Agent may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the transactions contemplated hereby and any other legal matters relating to the Loan Parties, the Loan Documents or the transactions contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent.
(f) The conditions set forth in clauses 2.20(c)(i), 2.20(c)(ii), 4.03(a) and 4.03(b) of the Credit Agreement, as amended hereby, shall be satisfied on and as of the Amendment Effective Date, and the Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by a Financial Officer of FCX, (i) confirming compliance with such conditions and the condition set forth in Section 5(b) hereof and (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 5(b) hereof.
(g) The Administrative Agent shall have received payment from the Borrowers of fees for the account of each Lender with Incremental Revolving Commitments or Assigned Commitments and of each Extending Lender in the amounts previously agreed to by FCX and the Administrative Agent and communicated to the Lenders.
(h) The Replacement Lenders shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act to the extent requested at least five days prior to the Amendment Effective Date.

    

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The Administrative Agent shall notify the Borrowers and the Lenders of the Amendment Effective Date and such notice shall be conclusive and binding.  Notwithstanding the foregoing, this Amendment shall not become effective unless each of the conditions set forth or referred to in this Section 5 has  been satisfied at or prior to 5:00 p.m., New York City time, on June 16, 2014 (it being understood that any such failure of this Amendment to become effective will not affect any rights or obligations of any Person under the Credit Agreement).
SECTION 6.    Expenses.  Each Borrower agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the Administrative Agent, in each case to the extent provided in Section 9.03(a) of the Credit Agreement.
SECTION 7.    Effect of Amendment.  (a)  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
(b) On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Credit Agreement as amended hereby.  Insofar as it provides for the Incremental Revolving Commitments, this Amendment shall constitute an Incremental Facility Agreement contemplated by Section 2.20(c) of the Credit Agreement. This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
(c) The Borrowers agree that they will not treat this Amendment as a significant modification within the meaning of Section 1.1001-3 of the United States Treasury Regulations.
SECTION 8.    Termination of Commitments.  Immediately after the effectiveness of this Amendment on the Amendment Effective Date, and without any further action of any party hereto, the aggregate amount of the 2018 Revolving Commitments of the 2018 Revolving Lenders in effect immediately after giving effect to this Amendment on the Amendment Effective Date will be reduced to $0  (the “Revolving Commitment Reduction”).  Schedule 2.01 attached hereto reflects such Revolving Commitment Reduction and the other transactions contemplated hereby.  The

    

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parties hereto hereby agree that the provisions of Section 2.08 of the Credit Agreement requiring notice and whole multiple reduction amounts with respect to commitment reductions are hereby waived with respect to the Revolving Commitment Reduction.
SECTION 9.    Applicable Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 10.    Counterparts; Integration; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 11.    Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
[Remainder of page intentionally left blank]

    

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first above written.
	
		
	FREEPORT-MCMORAN COPPER & GOLD INC.,

	by

	 
	/s/ Kathleen L. Quirk

	 
	Name: Kathleen L. Quirk

	 
	Title: Executive Vice President and Treasurer

	
		
	PT FREEPORT INDONESIA,

	by

	 
	/s/ Robert R. Boyce

	 
	Name: Robert R. Boyce

	 
	Title: Treasurer

	
		
	FREEPORT MCMORAN OIL & GAS LLC,

	by

	 
	/s/ Kathleen L. Quirk

	 
	Name: Kathleen L. Quirk

	 
	Title: Executive Vice President

	
		
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent, Swingline Lender and Issuing Bank,

	by

	 
	/s/ Peter S. Predun

	 
	Name: Peter S. Predun

	 
	Title: Executive Director

[Signature Page to First Amendment]
    
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LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: Bank of America, N.A., individually and as Issuing Bank,

	by

	 
	/s/ James Campbell

	 
	Name: James Campbell

	 
	Title: Director

	
		
	For any Lender requiring a second signature line:
 
Name of  
Lender:_____________________________ 
individually and as Issuing Bank, 

	by

	 
	 

	 
	Name:

	 
	Title:

[Signature Page to First Amendment]
    
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LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of  
Lender: BNP PARIBAS, 
 individually and as Issuing Bank, 

	by

	 
	/s/ Nicholas Rabier

	 
	Name: Nicholas Rabier

	 
	Title: Managing Director

	
		
	Name of  
Lender: BNP PARIBAS, 
individually and as Issuing Bank,

	by

	 
	/s/ Nicole Mitchell

	 
	Name: Nicole Mitchell

	 
	Title: Vice President

[Signature Page to First Amendment]
    
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LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of  
Lender: THE BANK OF NOVA SCOTIA, 
 individually and as Issuing Bank, 

	by

	 
	/s/ Ian Stephenson

	 
	Name: Ian Stephenson

	 
	Title: Director

	
		
	For any Lender requiring a second signature line:
Name of  
Lender: THE BANK OF NOVA SCOTIA 
individually and as Issuing Bank, 

	by

	 
	/s/ Stephen MacNeil

	 
	Name: Stephen MacNeil

	 
	Title: Associate

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of  
Lender: CITIBANK, N.A.

	By

	 
	/s/ Paul Wood

	 
	Name: Paul Wood

	 
	Title: Vice President

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of  
Lender: HSBC Bank USA, National Association

	By

	 
	/s/ Alexandra Barrows

	 
	Name: Alexandra Barrows

	 
	Title: Vice President

                

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	
Name of Lender: Mizuho Bank, Ltd.

	By

	 
	/s/ Donna DeMagistris

	 
	Name: Donna DeMagistris

	 
	Title: Authorized Signatory

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: Sumitomo Mitsui Banking Corporation

	By

	 
	/s/ James D. Weinstein

	 
	Name: James D. Weinstein

	 
	Title: Managing Director

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:_____________________________ 

	By

	Name:

	Title:

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	By

	 
	/s/ Mark Maloney

	 
	Name: Mark Maloney

	 
	Title: Authorized Signatory

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name:

	Title:

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: Standard Chartered Bank

	By

	 
	/s/ Steven Aloupis

	 
	Name: Steven Aloupis

	 
	Title:  Managing Director

	 
	Capital Markets

 	
		
	By

	 
	/s/ Hsing H. Huang

	 
	Name: Hsing H. Huang

	 
	Title:  Associate Director

	 
	Standard Chartered Bank NY

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: Bank of Montreal, Chicago Branch

	By

	 
	/s/ Yacouba Kane

	 
	Name: Yacouba Kane

	 
	Title: Vice President

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name:

	Title:

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender:  SANTANDER BANK, N.A.

	By

	 
	/s/ William Maag

	 
	Name: William Maag

	 
	Title: Senior Vice President

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

U.S. BANK NATIONAL ASSOCIATION

	By

	 
	/s/ Marty McDonald

	 
	Name: Marty McDonald

	 
	Title: AVP

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name:

	Title:

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Wells Fargo Bank, N.A.

	By

	 
	/s/ Adrienne Luzzi

	 
	Name: Adrienne Luzzi

	 
	Title: Vice President

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK

	By

	 
	/s/ Blake Wright

	 
	Name: Blake Wright

	 
	Title:  Managing Director

 	
		
	By

	 
	/s/ James Austin

	 
	Name: James Austin

	 
	Title:  Vice President

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: Societe Generale

	By

	 
	/s/ P.E. Kavanagh

	 
	Name: P.E. Kavanagh

	 
	Title: Director

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name:

	Title:

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: Compass Bank

	By

	 
	/s/ Michael Dixon

	 
	Name: Michael Dixon

	 
	Title: Sr. Vice President

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: DEUTSCHE BANK AG NEW YORK BRANCH

	By

	 
	/s/ Ming K. Chu

	 
	Name: Ming K. Chu

	 
	Title: Vice President

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	/s/ John S. McGill

	Name: John S. McGill

	Title: Director

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: ROYAL BANK OF CANADA 

	By

	 
	/s/ Stam Fountoulakis

	 
	Name: Stam Fountoulakis

	 
	Title: Authorized Signatory

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name: 

	Title: 

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: The Toronto-Dominion Bank, New York Branch

	By

	 
	/s/ Robyn Zeller

	 
	Name: Robyn Zeller

	 
	Title: Vice President

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name: 

	Title: 

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: Goldman Sachs Bank USA

	By

	 
	/s/ Mark Walton

	 
	Name: Mark Walton

	 
	Title: Authorized Signatory

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name: 

	Title: 

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: Citizens Bank, N.A.

	By

	 
	/s/ Peter van der Horst

	 
	Name: Peter van der Horst

	 
	Title: Senior Vice President

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender:____________________________ 

	By

	Name: 

	Title: 

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: Canadian Imperial Bank of Commerce, New York Branch

	By

	 
	/s/ Dominic Sorresso

	 
	Name: Dominic Sorresso

	 
	Title: Authorized Signatory

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender: Canadian Imperial Bank of Commerce, New York Branch

	By

	/s/ Andrew Campbell

	Name: Andrew Campbell

	Title: Authorized Signatory

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: Bank of China, New York Branch

	By

	 
	/s/ Haifeng Xu

	 
	Name: Haifeng Xu

	 
	Title: Executive Vice President

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

Name of Lender: DBS Bank Ltd., Los Angeles Agency

	By

	 
	/s/ James McWalters

	 
	Name: James McWalters

	 
	Title: General Manager

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	THE NORTHERN TRUST COMPANY

	By

	 
	/s/ John Lascody

	 
	Name: John Lascody

	 
	Title: Vice President

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender: ____________________

	By

	Name:

	Title: 

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: Intesa Sanpaolo S.p.A., New York Branch

	By

	 
	/s/ Cristina Cignoli

	 
	Name: Cristina Cignoli

	 
	Title:  Relationship Manager

 	
		
	By

	 
	/s/ Gianluca Fiore

	 
	Name: Gianluca Fiore

	 
	Title:  GRM

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: Capital One, National Association

	By

	 
	/s/ Kristin N. Oswald

	 
	Name: Kristin N. Oswald

	 
	Title: Vice President

 	
	
	

For Lenders requiring a second signature line: 

Name of 
Lender: ____________________

	By

	Name:

	Title: 

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Natixis, New York Branch

	By

	 
	/s/ Alisa Trani

	 
	Name: Alisa Trani

	 
	Title: Director

	
		
	

For Lenders requiring a second signature line: 

	By

	 
	/s/ Stephen A. Jendras

	 
	Name: Stephen A. Jendras

	 
	Title: Managing Director

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: UBS AG, STAMFORD BRANCH

	By

	 
	/s/ Lana Gifas

	 
	Name: Lana Gifas

	 
	Title: Director

	
		
	

For lenders requiring a second signature line: 

Name of 
Lender: UBS AG, STAMFORD BRANCH

	By

	 
	/s/ Kenneth Chin

	 
	Name: Kenneth Chin

	 
	Title: Director

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	

National Bank of Kuwait, S.A.K., Grand Cayman Branch

	By

	 
	/s/ Wendy B Wanninger

	 
	Name: Wendy B Wanninger

	 
	Title: Executive Manager

	
		
	For lenders requiring a second signature line: National Bank of Kuwait, S.A.K., Grand Cayman Branch

	By

	 
	/s/ Michael G. McHugh

	 
	Name: Michael G. McHugh

	 
	Title: Executive Manager

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name of Lender: UMB Bank, n.a.

	By

	 
	/s/ David A. Proffitt

	 
	Name: David A. Proffitt

	 
	Title: SVP

[Signature Page to First Amendment]
    
[[3468335]]

LENDER SIGNATURE PAGE TO THE
FIRST AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN COPPER & GOLD INC.

	
		
	Name oF Lender: PT. Bank Negara Indonesia (Persero) Tbk New York Agency

	By

	 
	/s/ Jerry Phillips

	 
	Name: Jerry Phillips

	 
	Title: Relationship Manager

	
		
	For lenders requiring a second signature line:
PT. Bank Negara Indonesia (Persero) Tbk New York Agency

	By

	 
	/s/ Mohammad Yudayat

	 
	Name: Mohammad Yudayat

	 
	Title: General Manager

[Signature Page to First Amendment]
    
[[3468335]]ex10-19.htm

 

SEPARATION AGREEMENT

This Separation Agreement is entered into this 2nd day of June, 2014, by and between UNITED FINANCIAL BANCORP, INC. and UNITED BANK (collectively, “United”) and J. JEFFREY SULLIVAN (“Sullivan), in order to reflect the terms and conditions relating to the mutual agreement to terminate Sullivan’s employment with United (hereinafter “the Agreement”).

Whereas Sullivan and United by way of merger are parties to an Employment Agreement dated November 14, 2013 (“Employment Agreement”) and;

Whereas Sullivan and United have agreed that the employment relationship between Sullivan and United will terminate and Sullivan will resign as a Director, officer and employee of United and any all subsidiaries and affiliates (including the United Bank Foundation) thereof, and that the Parties desire to resolve, fully and finally all outstanding matters, disputes, and issues between them in this Agreement;

Whereas United is agreeable for Sullivan to receive certain separation benefits from United conditioned upon Sullivan’s entry into the Agreement and that these payments are in lieu of any and all amounts Sullivan might otherwise claim from United.

Now therefore, in consideration of the mutual covenants undertaken and promises hereinafter set forth, the parties hereby agree as follows:

	
1.  

	
Sullivan’s employment with United shall terminate by mutual agreement effective as of the expiration of Sullivan’s right of revocation as provided in Paragraph 22 (the “Effective Date”).  Sullivan’s resignation from his position as President of United and from any other office he holds with United, its subsidiaries and affiliates (including the United Bank Foundation), including any and all positions on the Board of Directors thereof, shall automatically become effective.

	
2.  

	
At the payroll period next following the Effective Date, United shall pay Sullivan any outstanding unpaid base salary accrued up to and including the Effective Date of this Agreement in a single lump sum less appropriate withholding for applicable state, federal, and local taxes and all other reductions required by law in accordance with United’s normal payroll practices.

	
3.  

	
At the payroll period next following the Effective Date and Sullivan’s  return to United of  all of its confidential or proprietary information or materials in his possession or control as set forth in Section 5 United will pay to Sullivan the following Separation Benefits (“Separation Benefits”):

	
(a)  

	
Separation pay in the total gross amount of NINE HUNDRED EIGHT THOUSAND DOLLARS ($908,000)  to be paid in three installments with the first installment paid on the payroll period next following the Effective Date in the amount of FIVE HUNDRED TWENTY THOUSAND DOLLARS ($520,000)  and thereafter on June 1, 2015, the second installment of TWO HUNDRED SIX THOUSAND DOLLARS ($206,000) and thereafter the  third and final installment on June 1, 2016 of ONE HUNDRED EIGHTY TWO THOUSAND DOLLARS ($182,000), all three installments made less withholding for applicable federal, state, and local taxes and all other deductions as required by law;

  

1

  

	
(b)  

	
Supplemental Executive Retirement Benefits (“SERP”) in the total gross amount of Eight Hundred Ninety-Two Thousand ($892,000) Dollars payable in a lump sum after the expiration of six months following the Effective Date. The parties hereby agree that Sullivan is fully vested in his right to receive his benefit under the SERP and that his benefit under the SERP is not forfeited by reason of his separation from employment with United hereunder.

	
4.  

	
In consideration of promises made herein by United, Sullivan expressly acknowledges and agrees that although United is prepared to provide the Separation Benefits set forth in Paragraph 3 above, he has no legal right to and waives claims to any and all other benefits to which he might be entitled under the terms of any other agreement.  Also in consideration of the promises made herein by United, Sullivan also confirms that no other monies are due to him from United other than as provided for in this Agreement and that he is not entitled to participate in any other employee or executive benefit plans and that no other compensation in any form is due to him other than as set forth in this Agreement. Sullivan’s benefits, including but not limited to health and welfare (medical, dental, vision) will cease as of the Effective Date of this Agreement.  Sullivan can elect the period of continued health benefits coverage to which Sullivan is entitled under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”).

	
5.  

	
Confidentiality.

It is also agreed that Sullivan  will not, directly or indirectly, for himself or on behalf of any other person, firm, association or entity, engage in any of the following acts or conduct at any time hereafter disclose any confidential, proprietary or trade secret information of United, including but not limited to, information about its business, business plans, personnel, product information, plans or activities, marketing methods or plans, internal financial information or customer information to any person, firm, association, customer, corporation or other entity, and any such confidential or proprietary information or materials in Sullivan’s possession shall have been returned to United prior to or simultaneous with Sullivan’s execution of this Agreement. To the extent that Sullivan has confidential information of United on his personal computer or other electronic device, including but not limited to e-mail correspondence, Sullivan hereby acknowledges that he has made no use of such information and that, prior to his execution of this Agreement, he will have permanently destroyed or deleted such confidential information from his personal computer or other electronic device and that he has signed the attached Exhibit A certifying the destruction of such confidential documents to the extent that confidential information was on his personal computer or other electronic device.

  

2

  

	
6.  

	
Restrictive Covenants.

	
(a)  

	
Non-Competition  For a period of eighteen (18) months from the Effective Date, Sullivan will not, acting alone or in conjunction with  others, directly or indirectly  engage (either as owner, investor, partner, stockholder, employer, employee, consultant, agent, advisor, or director) in any business of any savings bank, savings and loan holding company, bank, bank holding company, or other institution engaged in the business of accepting deposits or making loans, or any direct or indirect subsidiary or affiliate of any such entity, that conducts business from an office located within a twenty-five (25) mile radius of West Springfield; and further, for a period of twelve (12) months from the Effective Date, Sullivan will not, acting alone or in conjunction with others, directly or indirectly engage (either as an owner, investor, partner, stockholder, employer, employee, consultant, agent, advisor, or director) in any business of any savings  bank, savings and loan holding company, bank, bank holding company, or other institution engaged in the business of accepting deposits or making loans, or any direct or indirect subsidiary or affiliate of any such entity that conducts business within a twenty-five (25) mile radius of any branch from which United conducts business at the Effective Date.

	
(b)  

	
Non-Solicitation   For a period of twenty four (24) months from the Effective Date, Sullivan will not directly or indirectly (i) encourage, induce or otherwise solicit any customer of United with whom he has had contacts or relationships or of which he has knowledge, directly or indirectly during and within the scope of your employment with United, to curtail, modify or cancel their business with United or any such affiliate; (ii) encourage, induce, or attempt to influence, any employee of United or any of its affiliates to terminate employment or leave employment with United; or (iii) solicit, encourage, hire, or retain as an employee or independent contractor, or assist any third party in the solicitation, hire, or retention as an employee or independent contractor, any person who was an employee of United (including its predecessor institution) within the last six( 6) months prior to the Effective Date.

	
7.  

	
Sullivan further agrees to cooperate with United by making himself available to testify on behalf of United or any subsidiary or affiliate of United, in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist United, or any subsidiary or affiliate of United, in any action, suit or proceeding, by providing information and meeting and consulting with the Boards or their representatives or counsel, or representatives or counsel to United, or any subsidiary or affiliate of United, as requested.

	
8.  

	
Sullivan shall not, at any time make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally or otherwise, or take any action which may directly or indirectly, disparage United or any of its subsidiaries or affiliates or their respective officers, directors, employees, advisors, businesses or reputations including any predecessors, officers, directors, employees, or advisors.  Notwithstanding the foregoing, nothing in this Agreement shall preclude Sullivan from making truthful statements that are required by applicable law, regulation or legal process.

  

3

  

	
9.  

	
 United, its Executive Officers, and its Directors shall not, at any time make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally or otherwise, or take any action which may, directly or indirectly, disparage Sullivan. Notwithstanding the foregoing, nothing in this Agreement shall preclude United from making truthful statements that are required by applicable law, regulation or legal process.

	
10.  

	
In the event you violate any of the terms of the Confidentiality,  Noncompetition, and Non-solicitation restrictions contained in Sections 5 and 6 of this Agreement,  or materially breach or violate any provision of this Agreement, or if United is required to prepare an accounting restatement of financial reports due to a material noncompliance as a result of your misconduct, or United subsequently learns of any misconduct by you which occurred prior to the Effective Date of this Agreement which you have not previously disclosed to United (provided the amount of damages to United is not less than $50,000),  United shall have the right, upon approval of not less than  2/3rds of the entire  Board of Directors of the Company ,to cease payment of  all future payments otherwise payable under this Agreement;  furthermore, in such case, Sullivan agrees to forfeit and repay immediately any Separation Benefits already paid and to forfeit any Separation Benefits you have yet to receive under Paragraph  3 of this Agreement.

	
11.  

	
All rights to indemnification by United existing in favor of Sullivan as provided in United’s Certificate of Incorporation or By-laws or the Agreement and Plan of Merger between United Financial Bancorp, Inc. and Rockville Financial, Inc. or the Employment Agreement or pursuant to other agreements in effect on or immediately prior to the Effective Date shall continue in full force and effect from the Effective Date, and United shall also advance to Sullivan expenses for which indemnification may be ultimately claimed as such expenses are incurred to the fullest extent permitted under applicable law, provided, however, that any determination required to be made with respect to whether Sullivan’s conduct complies with the standards required to be met as a condition of indemnification or advancement of expenses under applicable law and United’s Certificate of Incorporation or By-laws or the Agreement and Plan of Merger between United Financial Bancorp, Inc. and Rockville Financial, Inc. or the Employment Agreement or any other agreement shall be made by independent counsel mutually acceptable to Sullivan and United (except to the extent otherwise required by law).  After the date hereof, United shall not amend its Certificate of Incorporation or By-laws or any agreement in any manner which adversely affects the rights of Sullivan to indemnification thereunder except as is otherwise required by applicable law or regulation. United warrants that it has not amended its Certificate of Incorporation, By-laws or any other agreement in such a way as to affect Sullivan’s right to indemnification since November 14, 2013.  Any provision contained herein notwithstanding, this Agreement shall not limit or reduce any rights of Sullivan to indemnification pursuant to applicable law.  In addition, United will maintain directors’ and officers’ liability insurance in effect and covering acts and omissions of current and former executives and directors of United, including Sullivan for a period of not less than six years after the Effective Date on terms substantially no less favorable than those in effect on the date of execution of this Agreement.

  

4

  

	
12.  

	
Sullivan and United agree that money damages would not be a sufficient remedy for a breach of the obligations under this Agreement and that, as a consequence of any such breach, Sullivan and United would suffer irreparable harm and would be without an adequate remedy at law.  Accordingly, in addition to all other remedies that the parties may have available to them, including those of forfeiture and repayment, Sullivan and United shall be entitled to specific performance and/or injunctive or other equitable relief as a remedy for breach of the provisions of this Agreement.  Sullivan and United agree to waive any requirement for a bond in connection with any such injunctive or other equitable relief. In any action for such injunctive or other equitable relief, the prevailing party shall be entitled to the recovery of its reasonable costs, including attorneys’ fees, incurred in the enforcement of any provision of this Agreement.

	
13.  

	
United agrees and acknowledges that prior to  commencing any action seeking  injunctive or other equitable relief against Sullivan, United shall obtain not less than 2/3rd approval of the entire  Board of Directors of the Company.

	
14.  

	
United will respond to requests for employment verification by confirming Sullivan’s dates of employment and position held and by advising that Sullivan’s separation from United was by mutual agreement.  Sullivan will refer such requests to United’s Human Resources Department.  If Sullivan re-applies for employment with United after the Effective Date of this Agreement, United, in its sole and exclusive discretion, may refuse the application and reject Sullivan’s employment without incurring any liability of any type whatsoever, based on this Agreement.  Sullivan agrees that any refusal or failure by United to employ or re-employ him shall not be unlawful retaliation or discrimination against him.

	
15.  

	
In exchange for and in consideration of the promises made herein by United to provide the separation benefits described in Paragraph 3 of this Agreement, Sullivan hereby fully and finally waive, release and forever discharge United, their respective officers, directors, agents and employees (collectively “Released Parties”), from any and all actions, causes of action, claims for bonuses, wages, benefits or other forms of compensation, charges, complaints and demands whatsoever, including any and all claims under any agreement, plan, program, the Employment Agreement, or the SERP, Change in Control Agreement by and between the former United Bank and J. Jeffrey Sullivan, or any claims in law or equity, which against United, or any of the other Released Parties,  dependents, heirs, creditors, executors, administrators, successors and assigns ever had or may have, whether now known or unknown, including, but not limited to, all claims relating to  employment with United and the termination thereof up to and through the date of this Agreement.  This total and complete waiver also includes, without limitation, all claims arising under the National Labor Relations Act, the Fair Labor Standards Act, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Equal Pay Act, the Sarbanes-Oxley Act of 2002, the Connecticut Human Rights Law, the Connecticut Fair Employment Practices Act, the Vocational Rehabilitation Act, the Americans with Disabilities Act, as amended, the Family Medical Leave Act, the Older Workers Benefit Protection Act of 1990, and any other federal, state or local discrimination, bias, human or civil rights, wage-hour, pension or labor law, rule, and/or public policy, any contract claim including any breach of contract claim,  any claim arising out of common law, or any claim, whether known or unknown, of any kind whatsoever up to and including the date of the signing of this Agreement.

  

5

  

 

	
 

	
United hereby releases Sullivan only from claims, charges, complaints, and demands and any claims in law or equity, which it has against Sullivan which it knows about up to and including the date of the signing of this Agreement. Specifically it is the intent of this Release and Agreement to only release claims that United knows about with respect to Sullivan and that it does not release any claims of which it is not aware including any claims related to actions of misconduct by Sullivan prior to the Effective Date of this Agreement. United agrees that prior to commencing any action with respect to any such claim, it will obtain approval of not less than 2/3rds of the entire Board of Directors of the Company.

 

	
16.  

	
Sullivan and United affirm that neither has any currently pending lawsuits or demands for arbitration in any Court or other forum as of the date on which the Agreement is executed.

 

 

	
17.  

	
Sullivan understands that he is releasing claims that Sullivan may not know about.  Sullivan acknowledges and agrees that it is his intent to release all possible claims, whether or not he is aware of them, and that Sullivan does so knowingly and voluntarily.  Sullivan further understand that this Release applies to any claims  may have related to the amount of the payments you receive pursuant to this Agreement

	
18.  

	
Sullivan and United agree that neither they nor anyone acting on their behalves will encourage or induce any person or entity, including but not limited to any past, present, or prospective employee, consultant, contractor, customer, or competitor of United to bring claims, complaints or suits of any kind against any of the Released Parties.

	
19.  

	
This release will not prohibit Sullivan from filing a charge or complaint with, communicating with, or cooperating with any investigation of unfair or illegal employment practices by, the United States Equal Employment Opportunity Commission (“E.E.O.C.”) or Connecticut Commission on Human Rights and Opportunities or Massachusetts Commission Against Discrimination.  However, Sullivan agrees that he will not accept any monetary recovery from any charge or complaint filed against the Released Parties before the E.E.O.C. or the Connecticut Commission on Human Rights and Opportunities or the Massachusetts Commission Against Discrimination.

  

6

  

	
20.  

	
Governing Law; Disputes.

	
a.  

	
Governing Law.  This Agreement shall be binding upon the parties, their heirs, executors, administrators, successors and assigns, and shall be deemed to have been made in the State of Connecticut. This Agreement and the rights and obligations of United and Sullivan are governed by and are to be construed, administered, and enforced in accordance with the laws of the State of Connecticut, without regard to conflicts of law principles.  If under the governing law, any portion of this Agreement is at any time deemed to be in conflict with any applicable statute, rule, regulation, ordinance, or other principle of law, such portion shall be deemed to be modified or altered to the extent necessary to conform thereto or, if that is not possible, to be omitted therefrom.  The invalidity of any such portion shall not affect the force, effect, and validity of the remaining portion thereof.  If any court determines that any provision of Section 6 of this Agreement is unenforceable because of the duration or geographic scope of such provision, as the case may be, to the extent necessary to render the provision enforceable and, in its modified form, such provision shall be enforced.  Anything in this Agreement to the contrary notwithstanding, The terms of this agreement shall be interpreted and applied in a manner consistent with the requirements of Section 409A of  the Code.

	
b.  

	
Dispute Resolution:

	
i.  

	
Negotiation.  United and Sullivan shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement promptly by negotiation between the Chairman of the Board of the Bank and Sullivan.  Any party may give the other party written notice of any dispute to the other party.  Within 15 days after delivery of the notice, the receiving party shall submit to the other, a written response.  The notice and response shall include a statement of that party’s position and summary of arguments supporting that position.  Within 30 days after delivery of the initial notice, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary to attempt to resolve the dispute.  All negotiations pursuant to this clause (i) are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules of evidence.  Notwithstanding the foregoing, Sullivan and United shall be permitted to pursue injunctive relief contemplated by paragraph 12 of this Agreement without first pursuing negotiation.

	
ii.  

	
Mediation.  If a dispute has not been resolved by negotiation as provided herein within 45 days after delivery of the initial notice of negotiation, or if the parties failed to meet with 30 days after delivery, the parties shall endeavor to settle the dispute by mediation under CPR Mediation Procedure then currently in effect; provided, however, that if one party fails to participate in the negotiation as provided herein, the other party can initiate mediation prior to the expiration of the 45 days.  Unless otherwise agreed, the parties will select a mediator from the CPR Panels of Distinguished Neutrals. Notwithstanding the foregoing, Sullivan and United shall be permitted to pursue injunctive relief contemplated by paragraph 12 of this Agreement without first pursuing mediation.

  

7

  

	
iii.  

	
Arbitration.  Any dispute arising under or in connection with this Agreement which has not been resolved by mediation as provided herein within 45 days after initiation of the mediation procedure, shall be finally resolved by arbitration in accordance with the CPR Rules for Non-Administered Arbitration then currently in effect, by three independent and impartial arbitrators, of whom each party shall designate one; provided, however, that if one party fails to participate in either the negotiation or mediation as agreed herein, the other party can commence arbitration prior to the expiration of the time periods set forth above.  The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award rendered by the arbitrations may be entered by any court having jurisdiction thereof.  The place of arbitration shall be Hartford, Connecticut.  For purposes of entering any judgment upon an award rendered by the arbitrators, United and Sullivan hereby consent to the jurisdiction of any of all of the following courts: (1) the United Stated District Court for the District of Connecticut, (ii) any of the courts of the State of Connecticut, or (iii) any other court having jurisdiction.  United and Sullivan hereby agree that a judgment upon an award rendered by the arbitrators may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Notwithstanding the foregoing, Sullivan and United shall be permitted to pursue injunctive relief contemplated by paragraph 12 of this Agreement without first pursuing arbitration.

Interest on Unpaid Amounts.  Any amount which has become payable pursuant to the terms of this Agreement or any decision by arbitrators or judgment by a court of law pursuant to this Section but which has not been timely paid shall bear interest at the prime rate in effect at the time such amount first becomes payable, as quoted by United.

	
21.  

	
United shall reimburse Sullivan for all reasonable legal fees and consulting fees he has incurred in connection with this Agreement and events leading to the negotiation, drafting and execution of the same and will provide details of invoices related to such billings for review by United in advance of this Agreement’s execution.

	
22.  

	
Sullivan acknowledges that he has been advised that he can have up to twenty-one (21) days to consider the meaning and effect of this Agreement.  Any revisions to its terms as a result of negotiation of the parties will not re-start the running of the up to 21 day period.  Sullivan understands also that he may revoke his execution of this Agreement within the seven (7) day period immediately following the day he signs this Agreement.  Sullivan understands that this Agreement shall not become effective or enforceable until the revocation period has expired.  Any revocation within this period must be submitted in a signed writing to United and state, “I hereby revoke my acceptance of our Separation Agreement”.  Said revocation must be mailed or personally delivered to United, at its headquarters located at 45 Glastonbury Boulevard, Glastonbury, Connecticut 06033, addressed to the attention of the Chief Executive Officer, so it is received within seven (7) days of Sullivan’s execution of this Agreement.

  

8

  

	
23.  

	
Sullivan and United acknowledge that they have been advised of their right to consult with an attorney prior to executing this Agreement, that they have been afforded ample opportunity to do so, and they have in fact done so.

	
24.  

	
Sullivan and United acknowledge that they have carefully read and fully understand the terms of this Agreement.  They acknowledge that they have signed this Agreement of their own free will in exchange for the consideration to be provided to them as set forth herein.

	
25.  

	
No representative of either party has made any representations or promises to the other party concerning the terms or effects of this Agreement other than those contained in this Agreement, and in executing this Agreement, the Parties do not rely and have not relied upon any representation or statement not set forth herein with regard to the subject matter, basis or effect of this Agreement or otherwise.

	
26.  

	
This Agreement constitutes the entire Agreement of the parties and supersedes all prior agreements and understandings concerning its subject matter.  This Agreement may not be modified or amended except by a writing signed by both parties.

	
27.  

	
This Agreement is not and shall not be considered an admission of any wrongdoing on the part of Sullivan or United.

	
28.  

	
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.  If any provision contained in this Agreement is found to be unenforceable by reason of the extent, duration or scope thereof, or otherwise, then the Court making such determination shall have the right to reduce such extent, duration, scope or other parameter so that in its reduced form any such restriction shall thereafter be enforceable to the maximum extent permitted by law.

	
29.  

	
The language used herein will be deemed to be language chosen by the parties to express their mutual intent.  In the event any ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

  

9

  

IN WITNESS WHEREOF, the parties have hereby executed this Agreement as of the day and year first above written.

 

	 	UNITED FINANCIAL BANCORP, INC.
	  	  
	  	  
	
June 2, 2014

	
/s/  William H. W. Crawford IV

	
Date Signed

	
 William H. W. Crawford IV

	  	
 Its Chief Executive Officer

	  	
 Duly Authorized

	  	  
	  	  
	  	  
	  	  
	  	  
	  	
UNITED BANK

	  	  
	  	  
	

June 2, 2014

	
/s/ William H. W. Crawford IV

	
Date Signed

	
William H. W. Crawford IV

	  	
Its Chief Executive Officer

	  	
Duly Authorized

	  	  
	  	  
	  	  
	  	  
	  	  
	

June 2, 2014

	
/s/ J. Jeffrey Sullivan

	
Date Signed

	
J. Jeffrey Sullivan

  

10

  

EXHIBIT A

AFFIDAVIT OF J. JEFFREY SULLIVAN

I, J. Jeffrey Sullivan, being duly sworn, hereby depose and say:

 

1.  I am over the age of eighteen (18) and believe in the duties and obligations of an oath;

 

2.  I have neither used nor have distributed, disseminated, shared or disclosed or otherwise permitted access to any confidential or trade secrets or proprietary information of United or any information specifically referred to in Paragraph 5 of the Separation Agreement.

 

3.  I, or somebody at my direction, have destroyed, deleted, or made otherwise completely inaccessible all electronic versions of any confidential and/or proprietary information of United  that I had on any personal computer or other electronic device including but not limited to any iPad, iPhone, or in any drop box or other electronic storage device. I further certify that to the extent I had any United confidential documents or proprietary information, that said information has been returned prior to, or simultaneous with, the execution of the Separation Agreement.

 

4.  The foregoing is true and correct to the best of my knowledge, information and belief.

 

Executed at ________, Connecticut, this __ day of June, 2014.

________________________________

  J. Jeffrey Sullivan

  

1

  

STATE OF CONNECTICUT                                              )

)           ss: _______________

COUNTY OF __________                                                )

Personally appeared, J. Jeffrey Sullivan, who swore to and subscribed the above affidavit before me, this __ day of June, 2014.

________________________________

Notary Public

My Commission Expires

 

 

2

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