Document:

ex10-38.htm

    
      
        

      

      
        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

      

      
        FREEPORT-MCMORAN

        COPPER
& GOLD INC.

      

      
        

        

      

      
        SUPPLEMENTAL
EXECUTIVE CAPITAL

        ACCUMULATION
PLAN

      

      
        

        

        

        

         

        

         

        

        

        

        

        

        

        

      

      
        
           

        

        
           

          
            

          

        

         

      

      

        
          	
                  TABLE
      OF CONTENTS

                
	 
      	 
      
	
                  ARTICLE
      I -- DEFINITIONS

                	
                  2

                
	 
      	 
      
	
                  1.00  Account
      or Accounts

                	
                  2

                
	
                  1.01  Compensation

                	
                  2

                
	
                  1.02  Beneficiary

                	
                  2

                
	
                  1.03  Board
      of Directors

                	
                  2

                
	
                  1.04  Cash
      or Property Dividends

                	
                  2

                
	
                  1.05  Committee

                	
                  3

                
	
                  1.06  Company

                	
                  3

                
	
                  1.07  Company
      Recognized Service

                	
                  3

                
	
                  1.08  Contributions

                	
                  3

                
	
                  1.09  Core
      Company

                	
                  3

                
	
                  1.10  Employee

                	
                  4

                
	
                  1.11  FCX-ECAP

                	
                  4

                
	
                  1.12  Internal
      Revenue Code or Code

                	
                  4

                
	
                  1.13  Participant

                	
                  4

                
	
                  1.14  Participating
      Company

                	
                  4

                
	
                  1.15  Participating
      Affiliate

                	
                  4

                
	
                  1.16  Plan

                	
                  4

                
	
                  1.17  Retirement

                	
                  4

                
	
                  1.18  Shares

                	
                  4

                
	
                  1.19  Value
      Determination Date

                	
                  4

                
	 
      	 
      
	
                  ARTICLE
      II -- ELIGIBILITY

                	
                  5

                
	 
      	 
      
	
                  2.00  Eligible
      Employee

                	
                  5

                
	
                  2.01  Conditions
      of Eligibility for Basic Credit and Company Savings Credit

                	
                  5

                
	
                  2.02  Conditions
      of Eligibility for DC Adjustment Contributions Credit

                	
                  5

                
	
                  2.03  Automatic
      Eligibility for FCX-SECAP Enhanced Company Contributions
      Credit

                	
                  5

                
	
                  2.04  Automatic
      Eligibility for Excess Section 415 Amounts

                	
                  5

                
	
                  2.05  Automatic
      Eligibility for Excess Section 401(a)(4) Amounts

                	
                  5

                
	
                  2.06  Automatic
      Eligibility for Transfer Credits

                	
                  6

                
	 
      	 
      
	
                  ARTICLE
      III -- FCX-SECAP BASIC CREDITS

                	
                  7

                
	 
      	 
      
	
                  3.00  Amount
      of FCX-SECAP Basic Credits

                	
                  7

                
	
                  3.01  Changes
      in the Amount of FCX-SECAP Basic Credit or the Participant's
      Compensation

                	
                  8

                
	
                  3.02  FCX-SECAP
      Basic Credit Account

                	
                  8

                
	 
      	 
      
	
                  ARTICLE
      IV -- OTHER FCX-SECAP CREDITS

                	
                  9

                
	 
      	 
      
	
                  4.00  FCX-SECAP
      Company Savings Credit

                	
                  9

                
	
                  4.01  FCX-SECAP
      Enhanced Company Contribution Credits and

                	 
      
	
                   FCX-SECAP
      DC Adjustment Contribution Credits

                	
                  9

                
	
                  4.02  Transfer
      Credits

                	
                  11

                
	 
      	 
      
	
                  ARTICLE
      V -- PREDECESSOR EMPLOYER CREDIT

                	
                  12

                
	 
      	 
      
	
                  5.00  Predecessor
      Employer Credit - Basic Credit Amount

                	
                  12

                
	
                  5.01  Predecessor
      Employer Credit - FTX Savings Credit Amount

                	
                  12

                

        

        

        
          
             

          

          
            i

            
              

            

          

           

        

        

        
          	
                  ARTICLE
      VI -- VALUATION OF A PARTICIPANT'S INTEREST IN A FUND

                	
                  13

                
	 
      	 
      
	
                  6.00  Annual
      Statements

                	
                  13

                
	
                  6.01  Valuation

                	
                  13

                
	 
      	 
      
	
                  ARTICLE
      VII -- PAYMENTS

                	
                  14

                
	 
      	 
      
	
                  7.00  Withdrawals
      Upon Termination of Employment

                	
                  14

                
	
                  7.01  Form
      of Payments

                	
                  14

                
	
                  7.02  Loans
      Prohibited

                	
                  14

                
	
                  7.03  Responsible
      Party

                	
                  14

                
	
                  7.04  Certain
      Transfer Credits

                	
                  15

                
	
                  7.05  Annuity
      Payments

                	
                  15

                
	
                  7.06  No
      Deferral Option for Certain Benefits

                	
                  15

                
	
                  7.07  No
      Duplication of Benefits

                	
                  15

                
	 
      	 
      
	
                  ARTICLE
      VIII -- VESTING AND FORFEITURES

                	
                  16

                
	 
      	 
      
	
                  8.00  Vesting
      and Forfeitures

                	
                  16

                
	
                  8.01  Restoration
      of Forfeitures

                	
                  16

                
	
                  8.02  Vesting
      of Transfer Accounts and Annuity Benefits

                	
                  16

                
	 
      	 
      
	
                  ARTICLE
      IX -- ADMINISTRATION

                	
                  17

                
	 
      	 
      
	
                  9.00  Committee

                	
                  17

                
	
                  9.01  Notices,
      Statements, Etc

                	
                  17

                
	
                  9.02  Indemnification

                	
                  17

                
	
                  9.03  Bookkeeping
      Accounts

                	
                  17

                
	
                  9.04  Determination
      of Eligibility

                	
                  17

                
	 
      	 
      
	
                  ARTICLE
      X -- GENERAL PROVISIONS

                	
                  18

                
	 
      	 
      
	
                  10.00  Beneficiaries
      in the Event of Death

                	
                  18

                
	
                  10.01  Participant's
      Rights

                	
                  18

                
	
                  10.02  Change
      or Discontinuance

                	
                  18

                
	
                  10.03  Construction
      and Interpretation

                	
                  19

                
	
                  10.04  Non-Assignability

                	
                  19

                
	
                  10.05  Offset

                	
                  19

                
	
                  10.06  Nature
      of Plan

                	
                  19

                

        

        
          
             

          

          
            ii

            
              

            

          

           

        

FREEPORT-MCMORAN
COPPER & GOLD INC.

      SUPPLEMENTAL EXECUTIVE
CAPITAL ACCUMULATION PLAN

      

      THIS restatement of the SUPPLEMENTAL
EXECUTIVE CAPITAL ACCUMULA­TION PLAN is made at New Orleans, Louisiana, by
FREEPORT-MCMORAN COPPER & GOLD INC., a Delaware corporation, and any of its
subsidiaries or affiliates which adopt this Plan (collectively referred to as
“Company”).

      

      W I T N E S S E T H   T
H A T:

      

      WHEREAS, the Company maintains
a plan known as the Freeport-McMoRan Copper & Gold Inc. Employee Capital
Accumulation Program (“FCX-ECAP”) for the benefit of eligible
employees;

      

      WHEREAS, the Company adopted a
deferred compensation plan, in addition to the FCX-ECAP, known as the
Freeport-McMoRan Copper & Gold Inc. Supplemental Executive Capital
Accumulation Plan (“FCX-SECAP”) for the benefit of selected employees effective
January 1, 1996; and

      

      WHEREAS, the FCX-ECAP was
amended effective January 1, 2001 and again on January 1, 2002 and the changes
to the FCX-ECAP require amendments to this FCX-SECAP in addition to further
clarifications and improvements;

      

      NOW, THEREFORE, the following
restated Plan is adopted by the Company, effective January 1, 2001 with a later
effective date of January 1, 2002 applying to references to catch-up
contributions and Code Section 414(v).

      

      
        
           

        

        
          1

          
            

          

        

         

      

      ARTICLE I --DEFINITIONS

      

      Unless otherwise required by the
context, wherever used herein:

      

      1.00 Account or Accounts means the amounts credited for bookkeeping purposes to the
Participant attributable to FCX-SECAP Basic Credits, FCX-SECAP Company
Contribution Credits, FCX-SECAP Enhanced Company Contribution Credits, FCX-SECAP
DC Adjustment Contribution Credits, Predecessor Employer Credits, and Transfer
Credits.

      

        1.01 Compensation

        

        

        
          	
                                                         
      (a)

                	
                  Basic
      Compensation means regular salary or wage paid by a Participating
      Company to a Participant including amounts which would have been payable
      to him but for his or her Basic Contributions made pursuant to Section
      3.01 of the FCX-ECAP, his or her catch-up contributions pursuant to
      Section 3.07 of the FCX-ECAP, his deferral pursuant to Section 1.08(a) of
      this Plan, contributions to Code Section 125 plans, deferrals under Code
      Section 132(f)(4) transportation fringe benefit and regularly scheduled
      overtime, but excluding other overtime, shift differentials, living and
      other allowances, and all bonuses, all as determined by the
      Company.  If an Eligible Employee is hired from a Core Company,
      his Basic Compensation for the applicable calendar year will include the
      Basic Compensation received from the Core
  Company.

                

        

        

        
          	
                   
      

                	
                        
       (b)

                	
                  Pensionable
      Compensation shall mean regular salary or wages actually paid by a
      Participating Company to a Participant, and which would have been payable
      to him or her but for his or her Basic Contributions made pursuant to
      Section 3.01 of the FCX-ECAP, his catch-up contributions pursuant to
      Section 3.07 of the FCX-ECAP, contributions to Code Section 125 Plans
      during the year and deferrals under a Code Section 132(f)(4)
      transportation fringe benefit, plus regularly scheduled overtime, and
      fifty percent of all other overtime, shift differential, and bonuses,
      excluding contributions to a plan of deferred compensation which are not
      included in the Participant’s gross income for the taxable year in which
      contributed, completion and sign-on bonuses, overseas premiums, and living
      and other allowances.

                

        

      

       

      
        1.02 Beneficiary means
the person or entity designated by the Participant on forms furnished by the
Committee to receive benefits under this Plan upon the Participant’s
death.

         

      

      1.03 Board of Directors means the Board of Directors of the
Company.

      

      1.04 Cash or
Property Dividends
means the value of cash or property dividends which would have
been declared and paid quarterly by the Company on the Shares as if such Shares
were actually held by rather than credited to the Participant’s FCX-SECAP
Company Savings Credit Account.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      1.05 Committee means a
Committee appointed by the Board of Directors consisting of one to three members
of the Board or officers of the Company.

      

      1.06 Company

       means
Freeport-McMoRan Copper & Gold Inc. (“FCX”) and any subsidiary or affiliate
that adopts this Plan.

      

      1.07 Company Recognized
Service

       means
service by a Participant with the Company that is recognized as service under
the Company’s defined contribution plan.

      

      1.08 Contributions-

      
 

      
        	
                                                
      (a)  

              	
                FCX-SECAP
      Basic Credit means amounts credited to a Participant's account
      under the Plan pursuant to Section 3.00 of this
  Plan.

              

      

      

      
        	
                (b)  

              	
                FCX-SECAP
      Company Savings Credit means contributions made by the Company on
      behalf of a Participant pursuant to Section 4.00 of this
      Plan.  Effective January 1, 1998, a Participant will not be
      eligible for a FCX-SECAP Company Savings Credit unless such Participant
      specifically elects to defer into this Plan pursuant to Section 3.00 of
      the Plan.

              

      

      

      
        	
                (c)  

              	
                FCX-SECAP
      Enhanced Company Contributions Credit means amounts that would be
      contributed to the FCX-ECAP as Enhanced Company Contributions but for the
      limits imposed by Code Sections 401(a)(4) and/or
  415.

              

      

      

      
        	
                (d)  

              	
                FCX-SECAP
      DC Adjustment Contributions Credit means amounts that would be
      contributed to the FCX-ECAP as DC Adjustment Contributions but for the
      limits imposed by Code Sections 401(a)(4) and/or 415 and amounts
      contributed to this Plan pursuant to Section 4.01 and Appendix A of the
      Plan.

              

      

      

      
        	
                (e)  

              	
                Predecessor
      Employer Credit means all amounts contributed by a participant who
      is a Transferred Employee as that term is defined in the Employee Benefits
      Allocation Agreement between Freeport-McMoRan Inc. and the Company
      (“Agreement”) and matched by Freeport-McMoRan Inc., under the
      Freeport-McMoRan Inc. Supplemental Executive Capital Accumulation Plan
      (“FTX-SECAP”) transferred from the general assets of Freeport-McMoRan Inc.
      to the general assets of Freeport-McMoRan Copper & Gold Inc. for which
      the Company has assumed liability for payment under this Plan as
      hereinafter provided.

              

      

      

      
        	
                (f)  

              	
                Transfer
      Credit means benefits transferred from the FCX-EBP or FCX-GRBP, as
      the result of the termination of those Plans, other than the annuity
      benefits described at Section 7.05.

              

      

      

      1.09 Core
Company

       means
Freeport-McMoRan Inc. and its affiliates (prior to its merger with IMC Global),
McMoRan Oil & Gas Co. and its affiliates, McMoRan Exploration

      
        
          
          

        

        
          3

          
            

          

        

        Co and its affiliates (formerly Freeport-McMoRan Sulphur Inc.), FM
Services Company and its affiliates, and Stratus Properties Inc. and its
affiliates (formerly FM Properties Inc.).

         

      

      1.10 Employee means
an Employee as defined at Section 1.14 of the FCX-ECAP.

      

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

      

      FCX-EBP
means the Freeport-McMoRan Copper & Gold Inc. Excess Benefits
Plan.

      

      FCX-GRBP
means the Freeport-McMoRan Copper & Gold Inc. Grandfathered Retirement
Benefits Plan.

      

      1.12 Internal Revenue Code or
Code means
the Internal Revenue Code of 1986, as amended from time to time.

      

      1.13 Participant means
an Employee or former Employee for whom an Account in the Plan is
maintained.

      

      1.14 Participating
Company means
the Company and each Participating Affiliate.

      

      1.15 Participating
Affiliate means
a Corporation that has been designated by the Chief Executive Officer of the
Company as a Participating Affiliate for the Employees of which the benefits of
the Plan are available.  Unless otherwise provided herein, the Company
will act for and on behalf of each such Participating Affiliate in any matter
pertaining to the Plan.

       

      1.16 Plan means
this Freeport-McMoRan Copper & Gold Inc. Supplemental Executive Capital
Accumulation Plan (“FCX-SECAP”) as adopted by a Participating Company for the
benefit of eligible Participants.

      

      1.17 Retirement means
the date a Participant attains normal retirement age of sixty-five
(65).

      

      1.18 Shares means
the common stock of the Company, including stock held in its treasury or by any
Participating Affiliate.

      

      1.19 Value Determination
Date means
any business date specified by the Company but no less frequently than on a
monthly basis.

      

      
        
           

        

        
          4

          
            

          

        

         

      

      ARTICLE II --ELIGIBILITY

      

      2.00 Eligible
Employee. An
“Eligible Employee” is an Employee who (a) in his initial year of employment is
expected to receive Basic Compensation on an annualized basis equal to or
greater than the Code Section 401(a)(17) dollar amount for that calendar year,
(b) has a salary increase during a calendar year that causes his or her
annualized Basic Compensation to exceed the Code Section 401(a)(17) dollar
amount, (c) had annualized Basic Compensation equal to or greater than the Code
Section 401(a)(17) dollar limit in a prior year, (d) was previously a
participant in a Core Company’s nonqualified deferred compensation plan which is
comparable to this Plan as determined by the Committee, or (e) becomes eligible
for certain Credits under this Plan that do not require an affirmative
election.

      

      2.01 Conditions of Eligibility
for Basic Credit and Company Savings Credit.  An
Eligible Employee may elect to participate in this Plan beginning on the first
day of the month subsequent to his or her satisfaction of one or more of the
conditions for eligibility contained in Section 2.00 of this Plan, and upon
filing of an application prior to such date.  If an Eligible Employee
does not file an application prior to such date, the Eligible Employee shall
again be eligible to participate as of the first day of January of any year
subsequent to his or her date of hire and completion of one hour of service upon
filing of an application prior to such first day of January.

      

      2.02 Conditions of Eligibility
for DC Adjustment Contributions Credit. An
Employee who as of June 30, 2000 had an account balance under the Freeport
Copper & Gold Inc. Excess Benefit Plan or Freeport Copper & Gold Inc.
Grandfathered Retirement Benefit Plan and was actively employed by the Company
or a Core Company may receive a DC Adjustment Contributions Credit and shall be
a Participant in this Plan for purposes of this Section 2.02.  A
Participant is entitled to a DC Adjustment Contributions Credit if the
Participant’s employee number is listed on Appendix A to this
Plan.  Eligibility for DC Adjustment Contributions Credits under this
Section 2.02 shall have no bearing on a Participant’s eligibility for any other
Credit provided under this Plan.

      

      2.03 Automatic Eligibility for
FCX-SECAP Enhanced Company Contributions Credit.  As
of July 1, 2000, an Employee shall be eligible for FCX-SECAP Enhanced Company
Contributions Credits if his or her Pensionable Compensation exceeds the Code
Section 401(a)(17) dollar amount.

      

      2.04 Automatic Eligibility for
Excess Section 415 Amounts.  Any
Eligible Employee who would receive contributions under the FCX-ECAP but for the
limits imposed by Code Section 415 shall automatically become a Participant
eligible for the FCX-SECAP DC Adjustment Contributions Credit and the FCX-SECAP
Enhanced Company Contributions Credit.

      

      2.05 Automatic Eligibility for
Excess Section 401(a)(4) Amounts.  Any
Eligible Employee who would receive DC Adjustment Contributions and/or Enhanced
Company Contributions under the FCX-ECAP but for concerns by the Participating
Company, as described in Section 4.01(d) herein, that such contributions will
cause the FCX-ECAP to be discriminatory 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      under Code Section 401(a)(4),
shall automatically become a Participant eligible for the FCX-SECAP DC
Adjustment Contributions Credit and FCX-SECAP Enhanced Company Contributions
Credit.

      
 

      2.06 Automatic Eligibility for
Transfer Credits. 

      

      
        	
                (a)  

              	
                A
      Transfer Credit shall be established effective June 30, 2000, for any
      participant in the FCX-EBP who has no accrued benefit under the FCX-GRBP,
      and who is employed by the Company on June 30,
  2000.

              

      

      

      
        	
                (b)  

              	
                A
      Transfer Credit shall be established effective November 30, 2000, for any
      participant in the FCX-EBP or the FCX-GRBP or both who does not have a
      Transfer Credit under Paragraph (a), and who has not received or commenced
      receipt of his benefit under said plans by November 30,
    2000.

              

      

       

      
         

        
          6

          
            

          

        

         

      

      ARTICLE III --FCX-SECAP BASIC
CREDITS

      

      3.00 Amount of FCX-SECAP Basic
Credits.

      

      
        	
                (a)  

              	
                Pursuant
      to Section 2.01, each Eligible Employee may elect to defer in each pay
      period for the ensuing calendar year an amount, in increments of at least
      one-half of one percent (1/2%), but not to exceed twenty percent (20%), of
      [(A) minus (B)] when (A) equals such Employee’s Basic Compensation and (B)
      equals the dollar amount established under Code Section 401(a)(17), (the
      "Elective Deferral Amount").  Further, the elected percentage
      must be the same percentage such Employee has elected to defer into the
      FCX-ECAP.

              

      

      

      
        	
                (b)  

              	
                If
      an Eligible Employee has elected to defer into this Plan pursuant to
      Section 3.00(a) above, when amounts contributed to such Employee’s account
      in the FCX-ECAP (and Core Company qualified plans if applicable), pursuant
      to the Employee’s qualified plan deferral election, reach the dollar limit
      in effect for the year under Code Section 402(g) (which amount for 2001 is
      $10,500 and for 2002 is $11,000) and, if elected by the Eligible Employee,
      the catch-up contributions under Code Section 414(v), all deferrals for
      such Participant in excess of such limit shall be credited to this Plan in
      addition to the elective deferrals pursuant to Section 3.00(a)
      above.

              

      

      

      
        	
                (c)  

              	
                An
      Employee who is an Eligible Employee, as defined in Section 2.00, but who
      will receive Basic Compensation that is less than the Code Section
      401(a)(17) dollar limit in a subsequent year, may nevertheless elect to
      participate in this Plan.  Such Participant’s FCX-SECAP Basic
      Credit shall be equal to the excess, if any, of the Participant’s Elective
      Deferral Amount for the calendar year over the dollar limit in effect for
      the year under Code Section 402(g) (which amount for 2001 is $10,500 and
      for 2002 is $11,000) and, if elected by the Eligible Employee, the
      catch-up contributions under Code Section 414(v).  Such
      Participant will receive FCX-SECAP Basic Credits only after the Code
      Section 402(g) limit and, if applicable, Code Section 414(v) has been
      reached in the FCX-ECAP and other Core Company qualified
      plans.

              

      

      

      
        	
                (d)  

              	
                Notwithstanding
      the above, an Eligible Employee who commences participation in this Plan
      during a calendar year shall be allowed to elect to defer the amount set
      forth in Section 3.00(a) of this Plan for the remainder of the calendar
      year in which he commences participation.  In addition, an
      Eligible Employee hired from a Core Company shall be deemed to have
      elected to defer to this Plan the same percentage that he or she elected
      to defer under the Core Company’s equivalent
  plan.

              

      

       

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      3.01 Changes in the Amount of
FCX-SECAP Basic Credit or the Participant's Compensation.  A
Participant's election to have a FCX-SECAP Basic Credit credited to the
Participant's Account under this Plan and the amount of such FCX-SECAP Basic
Credit shall be irrevocable for the calendar year.  The amount of a
Participant's FCX-SECAP Basic Credit shall, however, be affected by changes in
the Participant's Compensation during the calendar year.

       

      3.02 FCX-SECAP Basic Credit
Account.  The
Participant's FCX-SECAP Basic Credits shall be treated as if invested by the
Committee in a manner to produce a rate of interest similar to that earned
quarterly by the investment contract fund of the FCX-ECAP (presently the
Vanguard Retirement Savings Trust) or at such other rate as shall be determined
solely in the discretion of the Board of Directors or the Corporate Personnel
Committee of such Board.

      
 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      ARTICLE IV --OTHER FCX-SECAP
CREDITS

      

      4.00 FCX-SECAP Company Savings
Credit.

      

      
        	
                (a)  

              	
                This
      Section 4.00(a) is effective January 1, 1998.  Concurrently with
      the crediting of the FCX-SECAP Basic Credit to an Eligible Employee’s
      Account, the Participating Company shall credit a FCX-SECAP Company
      Savings Credit to the Participant’s FCX-SECAP Company Savings Credit
      Account.  The FCX-SECAP Company Savings Credit shall be equal to
      the participant’s FCX-SECAP Basic Credit, but limited to five percent (5%)
      of [(A) minus (B)] when (A) equals such Participant’s Basic Compensation
      and (B) equals the Code Section 401(a)(17) dollar limit for the applicable
      year.

              

      

      

      
        	
                (b)  

              	
                The
      Participant’s FCX-SECAP Company Savings Credits shall be treated as if
      invested by the Committee in a manner to provide a rate of interest
      similar to that earned quarterly by the investment contract fund of the
      FCX-ECAP (presently the Vanguard Retirement Savings Trust) or at such
      other rate as shall be so determined solely in the discretion of the Board
      of Directors or the Committee.

              

      

      

      
        	
                (c)  

              	
                If
      an Eligible Employee is hired from a Core Company, he or she will receive
      the same Credit under Section 4.00(a) of this Plan that he or she would
      have received under the equivalent provision in the Core Company’s
      equivalent plan.

              

      

       

      4.01 FCX-SECAP Enhanced Company
Contribution Credits and FCX-SECAP DC Adjustment Contribution
Credits.   This
Section 4.01 is effective July 1, 2000.

      

      
        	
                (a)  

              	
                When
      the Participating Company determines that amounts scheduled for
      contribution to the FCX-ECAP as DC Adjustment Contributions and/or
      Enhanced Company Contributions for a Participant will exceed the limit
      imposed by Code Section 415, the Participating Company shall credit the
      Participant's FCX-SECAP DC Adjustment Contribution Account and/or
      FCX-SECAP Enhanced Company Contribution Account with such excess
      contributions. Amounts that may result in excess Code Section 415
      contributions to the FCX-ECAP shall be credited to this Plan in the
      following order:  (i) FCX-SECAP DC Adjustment Contributions
      Credits and (ii) FCX-SECAP Enhanced Company Contributions
      Credits.

              

      

      

      
        	
                (b)  

              	
                Further,
      if any contributions in excess of Code Section 415 are inadvertently
      contributed on behalf of a Participant to the FCX-ECAP, and such
      Participant’s FCX-ECAP accounts are reduced pursuant to the terms of such
      plan to correct the excess contributions, the amount of such reduction
      (including any earnings accrued in the FCX-ECAP) shall be
  

              

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

                      credited to the
Participant’s applicable Accounts in this Plan as soon as administratively
feasible.

       

      
        	
                (c)  

              	
                When
      the Plan Administrator of the FCX-ECAP determines, upon the advice of the
      Participating Company’s counsel or actuary, that amounts that would be
      contributed to the FCX-ECAP as DC Adjustment Contributions and/or Enhanced
      Company Contributions for a Participant will cause the FCX-ECAP to be
      discriminatory under Code Section 401(a)(4), the Participating Company
      shall credit the Participant’s FCX-SECAP DC Adjustment Contributions
      Account and/or FCX-SECAP Enhanced Company Contributions Account with some
      or all of the Participant’s future FCX-ECAP Enhanced Company Contributions
      and/or FCX-ECAP DC Adjustment
Contributions.

              

      

      

      
        	
                (d)  

              	
                In
      addition to the Credits described above, a Participant described in
      Section 2.02 of this Plan shall receive a monthly DC Adjustment
      Contributions Credit in the amount indicated next to that Participant’s
      employee number on Appendix A to this Plan and shall receive such Credit
      in his or her FCX-SECAP DC Adjustment Contributions Account each month for
      a period of 60 months, starting in July, 2000.  No DC Adjustment
      Contributions Credit shall be provided after the last month preceding the
      month in which the Participant terminates his
  employment.

              

      

      

      
        	
                (e)  

              	
                When
      the Committee determines that an Eligible Employee’s projected annual
      Pensionable Compensation will exceed the Code Section 401(a)(17) dollar
      limit, the Participating Company shall credit a FCX-SECAP Enhanced Company
      Contribution to the Participant’s FCX-SECAP Enhanced Company Contribution
      Credit Account.  The FCX-SECAP Enhanced Company Contribution
      Credit shall be equal to the percentage determined under Section 4.04(a)
      of the FCX-ECAP times [(A) minus (B)] when (A) equals such Participant’s
      Pensionable Compensation and (B) equals the Code Section 401(a)(17) dollar
      limit for the applicable year.  The amount of a Participant’s
      FCX-SECAP Enhanced Company Contribution Credit shall be affected by
      changes in the Participant’s Pensionable Compensation during the calendar
      year.

              

      

      

      
        	
                (f)  

              	
                If
      an individual is hired directly from a Core Company and he or she was
      receiving DC Adjustment Contributions Credits under the Core Company’s
      nonqualified plan, the Company shall make the remainder of the DC
      Adjustment Contributions Credits for which the individual was eligible
      under the Core Company’s nonqualified plan to the Participant’s DC
      Adjustment Contributions Account in this
Plan.

              

      

      

      
        	
                (g)  

              	
                If
      an Eligible Employee is hired from a Core Company, he or she will receive
      the same credit under Section 4.01(e) of this Plan that he or
      she

              

      

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      
                         would have received
under the equivalent provision in the Core Company’s equivalent plan.

         

      

      
        	
                (h)  

              	
                Credits
      made under this Section 4.01 shall be treated as if invested by the
      Committee in a manner to provide a rate of interest equal to the rate for
      ten year Treasury Notes, plus a percentage to be determined annually by
      the Committee (3.5% in 2000).

              

      

       

      4.02 Transfer
Credits.

      

      
        	
                (a)  

              	
                Transfer Credit
      Starting Account Balance.

              

      

      

      
        	
                (i)  

              	
                The
      Transfer Credit under Section 2.06(a) shall be equal to the accrued
      benefit of the participant under the FCX-EBP, determined as the account
      balance of the participant in such plan as of June 30,
    2000.

              

      

      

      
        	
                (ii)  

              	
                The
      Transfer Credit under Section 2.06(b) shall be equal to the accrued
      benefit of the participant under the FCX-EBP and FCX-GRBP, determined as
      of June 30, 2000, converting any accrued benefit not expressed as an
      account balance to a present value using reasonable actuarial factors
      selected by the Plan Administrator.

              

      

      

      
        	
                (b)  

              	
                Interest
      Credits.

              

      

      

      
        	
                (i)  

              	
                If
      the participant was an employee of the Company as of June 30, 2000, his
      Transfer Credit shall be treated as if invested starting July 1, 2000, in
      a manner to provide interest at a rate equal to the rate for 10-year
      Treasury Notes, plus an additional percentage, which shall be 3.5% per
      annum in 2000 and thereafter as determined annually by the
      Committee.   This provision applies even if the Transfer
      Credit is not established until November 30,
  2000.

              

      

      

      
        	
                (ii)  

              	
                If
      the participant was not an employee of the Company as of June 30, 2000,
      his Transfer Credit shall be treated as if invested starting July 1, 2000,
      in the same manner as described at Section 3.02 of the
    Plan.

              

      

      

      
        
           

        

        
          11

          
            

          

        

         

      

      ARTICLE V --PREDECESSOR EMPLOYER
CREDIT

      

      5.00 Predecessor Employer Credit
– Basic Credit Amount.  The
portion of a Participant’s Predecessor Employer Credit that was considered to
have been a deferral of compensation under the FTX-SECAP shall be treated as if
invested by the Committee in a manner to produce a rate of interest similar to
that earned quarterly by the investment contract fund of the FCX-ECAP (presently
the Vanguard Retirement Savings Trust) or at such other rate as shall be so
determined solely in the discretion of the Board of Directors or the Corporate
Personnel Committee of such Board.

      

      5.01 Predecessor Employer Credit
– FTX Savings Credit Amount.  The
portion of a Participant’s Predecessor Employer Credit that was a matching
contribution made by Freeport-McMoRan Inc. under the FTX-SECAP and for
bookkeeping purposes was treated as though invested in shares of stock of
Freeport-McMoRan Inc. (“FTX”) shall, for bookkeeping purposes under this Plan,
be treated as if invested in a fund consisting of shares of FTX.  As
of the effective date of the merger of the Company with and into IMC Global
Inc., for bookkeeping purposes, each Participant’s FTX shares were converted to
an amount determined by calculating the number of Company Shares, including
fractional shares, by the weighted average per share price of Company Shares on
the New York Stock Exchange on the last day that Company Shares were traded on
the New York Stock Exchange before the effective date of the merger of the
Company with and into IMC Global Inc.  The resulting amount is treated
as if invested by the Committee in a manner to produce a rate of interest
similar to that earned quarterly by the investment contract fund of the FCX-ECAP
(presently the Vanguard Retirement Savings Trust) or at such other rate as shall
be so determined solely in the discretion of the Board of Directors or the
Corporate Personnel Committee of such Board from time to time.

      

      That portion under FTX-SECAP that was
treated for bookkeeping purposes as if invested in shares of Freeport-McMoRan
Copper & Gold Inc. (“FCX”) shall, for bookkeeping purposes under this Plan,
be treated as if invested in a fund consisting of shares of FCX.  For
bookkeeping purposes, dividends paid on shares of FCX shall also be credited and
invested in shares of FCX.

      

      
        
           

        

        
          12

          
            

          

        

         

      

      ARTICLE VI --VALUATION OF A PARTICIPANT’S
INTEREST IN A FUND

      

      6.00 Annual
Statements.  As
soon as practicable after the close of each Plan Year (and at such intervals
during the Plan Year as may be determined by the Company from time to time), the
Company shall deliver to each Participant a statement setting forth the amount
credited for bookkeeping purposes to the Participant’s Accounts.

      

      6.01 Valuation.  The
value of a Participant’s FCX-SECAP Accounts shall be based upon the unit value
credited to the Accounts of the FCX-SECAP as of a Value Determination
Date.

      

      
        
           

        

        
          13

          
            

          

        

         

      

      ARTICLE VII --PAYMENTS

      

      7.00 Withdrawals Upon Termination
of Employment.

      

      
        	
                (a)  

              	
                Upon
      termination of a Participant’s employment, including disability as defined
      for purposes of the Company’s long-term Disability Income Plan, or death,
      a Participant, or in the proper case the Participant’s legal
      representative or the Participant’s designated Beneficiary, shall be paid
      as soon as practicable the total value of the Participant’s Accounts in
      the Plan not otherwise forfeited according to the provisions of Article
      VIII, provided, however, that if the Participant has elected by filing the
      required notice with the Company to defer payment of the total value of
      the Participant’s Accounts, the value of such Accounts shall be paid by
      February 28th of the year following the year in which such termination
      occurs.

              

      

      

      Notwithstanding
the above, if a Participant is subject to Section 16 of the Securities Exchange
Act of 1934 with respect to the Shares of the Company, then such Participant may
NOT elect to defer the value of his or her FCX-SECAP Company Savings Credit
Account, the value of which shall be paid as soon as practicable following such
termination.  Such Participant shall be allowed to defer the value of
his or her FCX-SECAP Basic Credit Account, the value of which shall be paid by
February 28th of the year following the year in which such termination
occurs.

      

      
        	
                (b)  

              	
                Notwithstanding
      the provisions of Section 7.00(a), a Participant who has terminated
      employment with the Company but has continued active employment with a
      Core Company, shall not be entitled to distribution of his or her Account
      until he or she is no longer employed by a Core
  Company.

              

      

      

      
        	
                (c)  

              	
                The
      provisions of Paragraphs (a) and (b) of 7.00 Withdrawals Upon
      Termination of Employment shall not apply to benefits paid pursuant
      to Sections 7.04 and 7.05, below.

              

      

      

      7.01 Form of
Payments.  Payments
of the amount credited to a Participant’s Accounts shall be made in
cash.

      

      7.02 Loans
Prohibited.  No
Participant shall be entitled to borrow any portion of the amount credited to
the Participant’s Accounts in this Plan.

      

      7.03 Responsible
Party.  The
Company will pay all benefits arising under this Plan and all costs, charges and
expenses relating thereto.

       

      
        
          
          

        

        
          14

          
            

          

        

         

      

      7.04 Certain Transfer
Credits.  Except
as provided under Section 7.05, if a participant was not an employee of the
Company as of June 30, 2000, the Account balance attributable to his Transfer
Credit shall be paid at such a time as the Committee determines.

      

      7.05 Annuity
Payments.  The
Company shall pay under this Plan, commencing with payments due for the month of
December, 2000, all annuity benefits that were being paid prior to December 1,
2000, under the terms of the FCX-EBP or the FCX-GRBP.  The payments
shall be made in the same amounts, to the same individuals and for the same term
as the payments that were being made under the FCX-EBP or the
FCX-GRBP.  Since the payments under this paragraph are fixed in
amount, the provisions of this Plan regarding earnings credited to account
balances have no application to these payments.

      

      7.06 No Deferral Option for
Certain Benefits.  In
the case of a benefit payable from a Transfer Credit Account, if the Participant
has no other Account under the Plan the Participant shall not have the option to
defer payment of the benefit until the year following the year of termination of
employment.

      

      7.07 No Duplication of
Benefits.  In
no event shall a benefit with respect to a Participant be paid both from a
Transfer Credit Account under this Plan and under the FCX-EBP or the
FCX-GRBP.  The payment of a benefit from a Transfer Credit Account
with respect to a Participant is conditioned on the recipient not receiving a
benefit under the FCX-EBP or FCX-GRBP. If a benefit should be paid with respect
to a Participant under the FCX-EBP or the FCX-GRBP after a benefit with respect
to the Participant has been paid under a Transfer Credit Account, the benefit
from such Participant’s Transfer Credit Account shall be returned to the
Company, plus interest at the judicial interest rate in effect in Louisiana at
the time.

        
          
             

          

          
            15

            
              

            

          

           

        

      ARTICLE VIII --VESTING AND
FORFEITURES

      

      8.00 Vesting and
Forfeitures.

      

      
        	
                (a)  

              	
                If
      a Participant (other than a Participant to whom Section 7.00(b) applies)
      has not accrued 36 months of service as of the date the Participant's
      employment terminates (which service shall include any period of absence
      from work for less than 12 months other than severance due to the
      participant's quitting), the Participant shall, as of the Value
      Determination Date immediately following such termination, all in
      accordance with nondiscriminatory rules and procedures established by the
      Company, forfeit the entire value of his or her Account attributable to
      FCX-SECAP Company Savings Credit, the FCX-SECAP Enhanced Company Savings
      Credit and the FCX-SECAP DC Adjustment Savings Credit.  In
      addition, a Participant shall become Vested in all Accounts upon death,
      Retirement, total and permanent disability, long term disability, as a
      result of layoff, or Section 2.03(g) of the FCX-ECAP, if
      applicable.  Notwithstanding the foregoing, a Participant who is
      actively employed by the Company or a Core Company on June 30, 2000 shall
      be vested in all Accounts.  The vested portion of the Accounts
      of a Participant who terminated employment prior to July 1, 2000 shall be
      determined based upon the vesting schedule in effect at the time of
      termination.

              

      

      

      
        	
                (b)  

              	
                Notwithstanding
      the provisions of Section 8.00(a), if a Participant is not vested as of
      his termination of employment with the Company but said Participant is
      employed by a Core Company, then said Participant shall continue to accrue
      Company Recognized Service under this Plan so long as he or she is
      employed by a Core Company.

              

      

      

      8.01 Restoration of
Forfeitures.  If
a Participant who has forfeited his or her FCX-SECAP Company Savings Credit
Account pursuant to Section 8.00(a) is subsequently employed by a Participating
Company and the Participant elects to repay to the FCX-ECAP the full amount, if
any, the Participant previously received (unadjusted by any subsequent gains or
losses) from the FCX-ECAP before the Participant has a 60 consecutive-month
period of severance, then on the Value Determination Date next following the
date on which repayment is made, the previously forfeited amount (unadjusted by
any subsequent gains or losses) under this Plan shall be credited by the
Participating Company with which the Participant is employed to the
Participant’s FCX-SECAP Company Savings Credit Account.

      

      8.02 Vesting of Transfer Accounts
and Annuity Benefits.  All
Transfer Credits and benefits payable under Section 7.05 are fully vested, and
the provisions of Sections 8.00 and 8.01 shall have no application to
them.

      

      
         

        
          16

          
            

          

        

         

      

      ARTICLE IX --ADMINISTRATION

      

      9.00 Committee.  The
operation, administration and determination and answering of all questions
arising under or in connection with the Plan shall be the responsibility of the
Committee.  The initial Committee shall consist of one member, Claude
Donald Whitmire, Jr., who shall serve until a successor is appointed by the
Board of Directors of the Company.  Subject to the limitations set
forth in the Plan, the Committee may from time to time establish and amend
uniform and nondiscriminatory rules and regulations for the operation and
administration of the Plan.

      

      The Committee shall have the exclusive
right to interpret the Plan and to determine any questions arising under or in
connection with the administration of the Plan.  The Committee’s
decision or action in respect thereof shall be conclusive and binding upon all
persons having an interest in the Plan.

      

      9.01 Notices, Statements,
Etc.  The
Company and other Participating Companies may as a matter of accommodation
assist any Employee in the delivery of applications, notices, forms, statements,
records, remittances and other documents required or permitted to be served or
delivered under the Plan and in doing so will endeavor to exercise ordinary
diligence, but shall not be liable for any failure so to do or for any delay in
so doing, nor shall any director, officer, or employee of the Company and
Participating Companies be personally liable for any act or omission to act in
connection with the operation or administration of the Plan except for his or
her own willful misconduct or gross negligence.

      

      9.02 Indemnification.  The
Company will indemnify and hold harmless the Committee against any cost or
expense (including attorney’s fees) or liability (including any sum paid in
settlement of a claim with the approval of the Company) arising out of any act
or omission to act as Committee, except in the case of willful misconduct or
gross negligence.

      

      9.03 Bookkeeping
Accounts.  The
Company or its duly authorized record keeping agent, as determined by the
Company, shall establish and maintain Accounts for each Participant that will
separately reflect the amount credited to the Participant attributable to (i)
FCX-SECAP Basic Credits, (ii) FCX-SECAP Company Savings Credits, (iii) FCX-SECAP
Enhanced Company Contribution Credits, (iv) FCX-SECAP DC Adjustment Contribution
Credits, (v) Predecessor Employer Credits, and (vi) Transfer
Credits.  Contributions and interest shall be allocated separately
with respect to each such Account in a reasonable and consistent
manner.

      

      9.04 Determination of
Eligibility.  If
the Company determines that an Employee is ineligible or becomes ineligible to
participate or to continue to participate in the Plan, the Company may terminate
Participant’s participation upon ten (10) days’ notice to the
Participant.

      

      
        
           

        

        
          17

          
            

          

        

         

      

      ARTICLE X --GENERAL
PROVISIONS

      

      10.00 Beneficiaries in the Event
of Death.  A
Participant may file with the Company a designation of a Beneficiary or
Beneficiaries to receive the value of his or her Account or Accounts on the
Participant’s death, and the Participant may from time to time change or revoke
any such designation.  The last such designation received by the
Company shall be controlling; provided, however, that no designation or change
or revocation thereof shall be effective unless received by the Company prior to
the Participant’s death, and in no event shall it be effective as of a date
prior to such receipt.

      

      Upon the death of a Participant, the
value of the Participant’s Account or Accounts, to the extent permitted by law,
shall be paid to the Beneficiary or Beneficiaries, if any, designated by the
Participant, or if the Participant is not survived by any such designated
Beneficiary, then to the Participant’s estate.  If the Committee is in
doubt as to the right of any Beneficiary to receive any amount, the Committee
may retain such amount, with liability for any interest thereon, until the
rights thereto are determined, or the Committee may pay such amount into any
court of appropriate jurisdiction, in either of which events neither the
Committee nor any Participating Company shall be under any further liability to
anyone.

      

      10.01 Participant’s
Rights.  Nothing
in the Plan shall be deemed or construed to impair or affect in any manner
whatsoever the rights of any Participating Company with respect to the
termination of employment of any person, whether or not a Participant, all of
which rights shall remain as if the Plan had not been established.

      

      10.02 Change or
Discontinuance.  Notwithstanding
anything to the contrary in this Plan, the rights of a Participant or a
Participant’s Beneficiary to benefits under this Plan shall be solely those of
an unsecured creditor of the Company.  Any assets acquired or held by
the Company or funds allocated by the Company in connection with liabilities
assumed by the Company pursuant to this Plan shall not be deemed to be held
under any trust for the benefit of the Participant or Participants’
Beneficiaries or to be security for the performance of the Company’s obligations
pursuant hereto, but shall be and remain general assets of the
Company.

      

      It is the expectation of the Company
that the Plan will continue indefinitely, but the Company reserves the right by
written action of its Board of Directors, or individual(s) specifically
designated by the Board to act on its behalf, to change or discontinue the Plan
at any time.  Any such change or discontinuance shall be effective at
such date as the Company may determine.  No change, however, shall
impair such rights of withdrawal under Article VII as the Participant would have
had, if such change had not been made, with respect to deferrals made by the
Participant or by any Participating Company prior to such change.

      

      In the event of termination or partial
termination of the Plan, or upon the complete discontinuance of deferrals under
the Plan, the right of each Participant to the amount credited to the
Participant’s Account at such time will be non-forfeitable.  In the
case of partial termination, the preceding sentence shall apply only to that
portion of the Plan that is terminated.

      

      
        
          
          

        

        
          18

          
            

          

        

         

      

      If the Plan is discontinued, each
Participant shall be paid the total value of the Participant’s Accounts as of
the date as near as practicable to the effective date of such
discontinuance.

      

      10.03 Construction and
Interpretation.  The
Plan shall be governed by and construed in accordance with the laws of the State
of Louisiana.

      

      10.04 Non-Assignability.  Neither
a Participant nor any other person shall have any right to commute, sell,
assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable
under this Plan, or any part thereof, which are, and all rights to which are,
expressly declared to be non-assignable and non-transferable.  No part
of the amounts payable shall, prior to actual payment, be subject to seizure or
sequestration for the payment of any debts, contracts, liabilities, torts,
judgments, alimony, or separate maintenance owed by a Participant or any other
person, nor be transferable by operation of law in the event of a Participant’s
or any other person’s bankruptcy or insolvency.

      

      10.05 Offset.  If
at the time benefit payments are to be made under the Plan, the Participant, the
Participant’s Beneficiary or both are indebted to the Company, then the payments
remaining to be made to the Participant, the Participant’s Beneficiary or both,
may, at the Company’s discretion, be reduced by the amount of such
indebtedness.

      

      10.06 Nature of
Plan.  This
Plan shall be an unfunded Plan and no actual contributions shall be made to this
Plan, nor will any Participant have any interest in any Shares which the Company
may in its discretion allocate or reserve for the purpose of paying benefits
under this Plan.  Any deferrals of Compensation and Credits to a
Participant's Accounts hereunder shall remain part of the Company's general
assets.

      

      Executed
in New Orleans, Louisiana this 21st day of December, 2001.

      

      

      WITNESSES:                                                                           Freeport-McMoRan
Copper & Gold Inc.

      

      _____________________________

      

      

      _____________________________                                             /s/ C. Donald Whitmire,
Jr.

      C.
Donald Whitmire, Jr.

      Plan
Administrator

      

      
        
           

        

        
          19

          
            

          

        

         

      

      APPENDIX
A

      FCX-SECAP

      

      DC
Adjustment Contributions Credits

      

      

      
        	
                Employee

                Number

              	
                Monthly

                Payment

              
	
                25201

              	
                9.16

              
	
                51391

              	
                72.14

              
	
                52711

              	
                62.91

              
	
                52746

              	
                17.19

              
	
                54136

              	
                1,013.90

              

      

      

      

      Adopted on September 18, 2000,
effective July 1, 2000.

      
        
           

        

        
          20ex10-39.htm

    
      

    

    FREEPORT-MCMORAN
COPPER & GOLD, INC.

    SUPPLEMENTAL
EXECUTIVE CAPITAL ACCUMULATION PLAN

    AMENDMENT
ONE

    

    

    WHEREAS, Freeport-McMoRan
Copper & Gold Inc. (“Company”) maintains a plan known as a Freeport-McMoRan
Copper & Gold Inc. Employee Capital Accumulation Program (“FCX-ECAP” or
“Plan”) for the benefit of a select group of employees, which Plan was restated
December 21, 2001; and

    

    WHEREAS, Section 10.02 of the
Plan provides that the Company reserves the right by written action of its Board
of Directors, or individual(s) specifically designated by the Board to act on
its behalf, to change or discontinue the Plan at any time and such authority was
granted to C. Donald Whitmire, Jr. on March 16, 2001;

    

    NOW, THEREFORE, the Plan is
hereby amended to clarify the eligibility provisions for the Company Savings
contributions, as follows:

    

    I.

    

    Paragraph (b), FCX-SECAP
Company Savings Credit, Section 1.08, Contributions,
is amended effective January 1, 2001 to delete the last sentence.

    

    II.

    

    Section 2.01, Conditions
of Eligibility for Basic Credit and Company Savings Credit, is amended to
add the following at the end:

    

    Notwithstanding,
effective January 1, 2001, if an Employee’s Basic Compensation exceeds the Code
Section 401(a)(17) dollar limit for the applicable year, such Employee is
automatically eligible for a Company Savings Credit, provided such Employee is
making deferrals to the FCX-ECAP.

    

    III.

    

    The first paragraph of Section 4.00,
FCX-SECAP
Company Savings Credit, is amended and restated to read as
follows:

    

    Effective
January 1, 2001, each eligible Employee who has Basic Compensation in excess of
the Code Section 401(a)(17) dollar limit will receive a Company Savings Credit
equal to 100% of the ECAP Basic Contributions percentage (as defined in the
FCX-ECAP) as applied to (A) minus (B) [when (A) equals such
individual’s Basic Compensation and (B) equals the Code Section 401(a)(17)
dollar limit for the applicable year,] limited to 5% of (A) minus
(B).

    

    
      
        
        

      

      
        1

        
          

        

      

          Executed at
New Orleans, Louisiana this 28th day of October,
2002.

    

    

    WITNESSES:

    

    

    ______________________________                                          /s/ C. Donald Whitmire,
Jr.

                            C.
Donald Whitmire, Jr.

    Plan Administrator

    ______________________________

    

    
      
         

      

      
        2

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