Document:

exv10w1

Exhibit 10.1

Amendment to Term Revolving Credit Agreement

July 28, 2011

     This amendment to the “Term Revolving Credit Agreement dated May 31, 2011”, (hereinafter
referred to as “Amendment”) is made and entered into on July 28, 2011, by and between FCW and the
Company.

RECITALS

     WHEREAS, under the terms of the Term Revolving Credit Agreement dated May 31, 2011
(“Agreement”), the Company has agreed to pay interest on the unpaid balance of the Commitment in
accordance with various interest rate options that include a 30-Day LIBOR Index Rate;

     WHEREAS, FCW has determined an error in Section 6 (A) (1) in describing the 30-Day LIBOR Index
Rate option, as to lines 6, 8 and 10, which read as follows: “...offering of seven (7) day of U.S.
dollars deposits, as published by Bloomberg or another major...” and “...defined) in each week with
such rate to change weekly on such Day. The rate shall be reset...” and “...on the first U.S.
Banking Day of each succeeding week and each change in the rate shall be...”;

     WHEREAS, the references to seven (7), week, weekly and week should have read thirty (30),
month, monthly and month; and

     WHEREAS, FCW and the Company have agreed to modify the terms of the Agreement to correct,
which all terms are fully incorporated herein by this reference.

     NOW, THEREFORE, IN CONSIDERATION OF THE RECITALS SET FORTH ABOVE; the terms and provisions
contained herein, and other valuable consideration, the receipt of which is hereby acknowledged,
FCW and the Company agree to amend the terms of the Agreement as follows:

	 	1.	 	Section 6(A)(1) is hereby amended in its entirety as follows:

(1)  30-Day LIBOR Index Rate. At a rate (rounded upward to the nearest 1/100th% and adjusted
for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks
subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law
or regulation) per annum equal at all times to 150 basis points (1.50%) above the annual
rate quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time for
the offering of thirty (30) day of U.S. dollars deposits, as published by Bloomberg or
another major information vendor listed on BBA’s official website on the first U.S. Banking
Day (as hereinafter defined) in each month with such rate to change monthly on such day.
The rate shall be reset automatically, without the necessity of notice being provided to
the Company or any other party, on the first U.S. Banking Day of each succeeding month and
each change in the rate shall be applicable to all balances subject to this option and
information about the then current rate shall be made available upon telephonic request.
For purposes hereof (a) “U.S. Banking Day” shall mean a day on which CoBank is open for
business, dealings in U.S. dollar deposits are being carried out in the London interbank
market, and banks are open for business in New York City and London, England; (b)
“Eurocurrency Liabilities” shall have meaning as set forth in “FRB Regulation D”; and (c)
“FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the
Federal Reserve System, 12 CFR Part 204, as amended.

			
	 	 	 
	 	 	 
	Amendment to Term Revolving Credit Agreement 

Calavo Growers, Inc.
	 	Loan No. 3789055-101

 

 

     Except as specifically modified, amended or replaced by this Amendment, all other terms
and conditions of the Agreement remain unchanged and in full force and effect.

	 	 	 	 	 	 	 	 

	Farm Credit West, PCA
	 	Calavo Growers, Inc., a California Corporation
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ John A. Barcelos
	 	By:
	 	/s/ Arthur J. Bruno
	 

	 	 
	 	 	 	 
	 

	 	John A. Barcelos, Vice President
	 	 	 	Arthur J. Bruno, Chief Operating Officer, 

Chief Financial Officer & Corporate Secretary
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ James Snyder
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	James Snyder. Corporate Controller

 
 

			
	Amendment to Term Revolving Credit Agreement 

Calavo Growers, Inc.
	 	Loan No. 3789055-101exv4w1

Exhibit 4.1

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of September
8, 2011, by and between McMoRan Exploration Co., a Delaware corporation (“MMR”), and Whitney
Exploration, LLC, a Louisiana limited liability company (“Whitney”). MMR and Whitney are sometimes
referred to collectively as the “Parties” and individually as a “Party.”

RECITALS:

     WHEREAS, MMR, McMoRan Oil & Gas LLC, a Delaware limited liability company (“MOXY”), and
Whitney have entered into that certain Purchase Agreement (the “Purchase Agreement”), dated the
date hereof, pursuant to which MOXY will acquire Whitney’s contract rights and participation
interests in certain prospects in the Gulf of Mexico in exchange for cash and shares of common
stock, par value $0.01 per share, of MMR (the “MMR Common Stock”); and

     WHEREAS, to induce Whitney to accept MMR Common Stock as part of the consideration under the
Purchase Agreement, Whitney has required that MMR agree, and MMR has agreed, to enter into this
Agreement and abide by the covenants and obligations with respect to the Registrable Securities as
set forth herein; and

     NOW, THEREFORE, in consideration of the premises and of the mutual promises, representations,
warranties, covenants, conditions and agreements contained herein, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

ARTICLE 1

DEFINITIONS

     Section 1.1 Definitions. Capitalized terms used herein without definition shall have
the meanings given to them in the Purchase Agreement. The terms set forth below are used herein as
so defined:

     “Agreement” has the meaning specified in the introductory paragraph of this Agreement.

     “Business Day” means any day on which commercial banks are generally open for business in New
York, New York or New Orleans, Louisiana other than a Saturday, a Sunday or a day observed as a
holiday in New York, New York or New Orleans, Louisiana under the Laws of the State of New York or
the State of Louisiana or the federal Laws of the United States of America.

     “Effectiveness Period” has the meaning specified in Section 2.1(b) of this Agreement.

     “Exchange Act” means the Securities and Exchange Act of 1934, as amended.

     “Losses” has the meaning specified in Section 2.6(a) of this Agreement.

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     “MMR” has the meaning specified in the introductory paragraph of this Agreement.

     “MMR Common Stock” has the meaning specified in the recitals of this Agreement.

     “NYSE” means The New York Stock Exchange, Inc.

     “Purchase Agreement” has the meaning specified in the recitals of this Agreement.

     “Registrable Securities” means the MMR Common Stock to be acquired by Whitney pursuant to the
Purchase Agreement and any additional securities issued with respect to such shares of MMR Common
Stock.

     “Registration Expenses” has the meaning specified in Section 2.5(b) of this Agreement.

     “Registration Statement” means any registration statement of MMR filed under the Securities
Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this
Agreement, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all material incorporated by reference in such Registration Statement.

     “SEC” means the Securities and Exchange Commission.

     “Selling Expenses” has the meaning specified in Section 2.5(b) of this Agreement.

     “Underwritten Offering” means an offering (including an offering pursuant to a Registration
Statement) in which shares of MMR Common Stock are sold to an underwriter on a firm commitment
basis for reoffering to the public or an offering that is a “bought deal” with one or more
investment banks.

     “Whitney” has the meaning specified in the introductory paragraph of this Agreement.

     “Whitney Indemnified Persons” has the meaning specified therefore in Section 2.6(a) of
this Agreement.

     Section 1.2 Registrable Securities. Any Registrable Security will cease to be a
Registrable Security upon the earliest of (a) when a registration statement covering such
Registrable Security becomes or has been declared effective by the SEC and such Registrable
Security has been sold or disposed of pursuant to such effective registration statement; (b) when
such Registrable Security has been disposed of pursuant to any section of Rule 144 (or any similar
provision then in effect) under the Securities Act or such Registrable Security is eligible to be
disposed of by Whitney under Rule 144 without restriction as to volume; (c) when such Registrable
Security is held by MMR or one of its subsidiaries; and (d) when such Registrable Security has been
sold in a private transaction in which the transferor’s rights under this Agreement are not
assigned to the transferee of such securities pursuant to Section 2.8 hereof.

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ARTICLE 2

REGISTRATION RIGHTS

     Section 2.1 Registration.

          (a) Not later than 30 days after the Closing, MMR shall file with the SEC an automatic shelf
Registration Statement (or, if MMR is not eligible to use an automatic shelf Registration
Statement, a Registration Statement on Form S-3 or such other form as is then available to MMR to
effect a registration for resale of the Registrable Securities) covering the resale of the
Registrable Securities. Any Registration Statement shall provide for the resale of Registrable
Securities pursuant to any method or combination of methods legally available to, and requested by,
Whitney. If such Registration Statement is not automatically effective upon filing, then MMR shall
use its commercially reasonable efforts to cause such Registration Statement to be declared
effective not later than 240 days after the Closing.

          (b) MMR shall use its commercially reasonable efforts to cause a Registration Statement filed
pursuant to this Section 2.1 to be effective, supplemented, amended and replaced to the
extent necessary to ensure that it is available for the resale of all Registrable Securities by
Whitney until the earliest date on which any of the following occurs: (i) all Registrable
Securities covered by such Registration Statement have ceased to be Registrable Securities and (ii)
there are no longer any Registrable Securities outstanding (the “Effectiveness Period”). Subject
to Section 2.2, upon the occurrence of any event that would cause the Registration
Statement or the prospectus contained therein (i) to contain an untrue statement of material fact
or omit to state any material fact necessary to make the statements therein not misleading or (ii)
not to be effective and usable for the resale of all or part of the Registrable Securities by
Whitney, MMR shall promptly file an appropriate amendment to the Registration Statement curing such
defect, and, if SEC review is required, use its commercially reasonable efforts to cause such
amendment to be declared effective as soon as practicable. MMR shall prepare and file with the SEC
such amendments and post-effective amendments to the Registration Statement as may be necessary to
keep such Registration Statement effective during the Effective Period; cause the Prospectus to be
supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 under the Securities Act, and to comply fully with the rules and regulations under the
Securities Act in a timely manner; and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by the Registration Statement during the
Effectiveness Period.

          (c) Subject to Section 2.2, a Registration Statement when effective will comply as to
form in all material respects with all applicable requirements of the Securities Act and the
Exchange Act and will not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading (and, in the case of any prospectus contained in such Registration Statement, in the
light of the circumstances under which a statement is made). As soon as practicable following
the date that a Registration Statement becomes effective, but in any event within two (2) Business
Days of such date, MMR shall provide Whitney with written notice of the effectiveness of such
Registration Statement.

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     Section 2.2 Delay Rights.

     Notwithstanding anything to the contrary contained herein, MMR may, upon written notice to
Whitney, suspend Whitney’s use of any prospectus which is a part of a Registration Statement or
other registration statement (in which event Whitney shall discontinue sales of the Registrable
Securities pursuant to such Registration Statement or other registration statement but may settle
any previously made sales of Registrable Securities) if (i) MMR is pursuing an acquisition, merger,
reorganization, disposition or other similar transaction and MMR determines in good faith that
MMR’s ability to pursue or consummate such a transaction would be materially adversely affected by
any required disclosure of such transaction in a Registration Statement or other registration
statement; (ii) MMR has experienced some other material non-public event the disclosure of which at
such time, in the good faith judgment of the Board of Directors of MMR, would materially and
adversely affect MMR; or (iii) MMR would be required to prepare and file any financial statements
(other than those it customarily prepares or before it customarily files such financial
statements); provided, however, that in no event shall Whitney be suspended from selling
Registrable Securities pursuant to a Registration Statement or other registration statement for a
period that exceeds an aggregate of 45 days in any 180-day period or 90 days in any 365-day period,
in each case, exclusive of days covered by any lock-up agreement executed by Whitney in connection
with any offering. Upon disclosure of such information or the termination of the condition
described above, MMR shall provide prompt written notice to Whitney, and shall promptly terminate
any suspension of sales it has put into effect and shall take such other reasonable actions to
permit registered sales of Registrable Securities as contemplated in this Agreement.

     Section 2.3 Sale Procedures. In connection with its obligations under this
Article 2, MMR will, as expeditiously as possible:

          (a) subject to Section 2.2, prepare and file with the SEC such amendments and
supplements to, and replacements of, a Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective for the Effectiveness
Period and as may be necessary to comply with the provisions of the Securities Act with respect to
the disposition of all Registrable Securities covered by such Registration Statement;

          (b) furnish to Whitney (i) before filing a Registration Statement or any other registration
statement contemplated by this Agreement or any supplement or amendment thereto, copies of
reasonably complete drafts of all such documents proposed to be filed (including exhibits), and
provide Whitney the opportunity to object to any information pertaining to
Whitney and its plan of distribution that is contained therein and make the corrections
reasonably requested by Whitney with respect to such information prior to filing such Registration
Statement or such other registration statement or supplement or amendment thereto, and (ii) such
number of copies of such Registration Statement or such other registration statement and the
prospectus included therein and any supplements and amendments thereto as Whitney may reasonably
request in order to facilitate the public sale or other disposition of the Registrable Securities
covered by such Registration Statement or other registration statement;

          (c) if applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by a Registration Statement
or any other registration statement

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contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as
Whitney shall reasonably request; provided, however, that MMR will not be required to qualify
generally to transact business in any jurisdiction where it is not then required to so qualify or
to take any action that would subject it to general service of process in any such jurisdiction
where it is not then so subject;

          (d) promptly notify Whitney, at any time when a prospectus relating thereto is required to be
delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or
any other registration statement contemplated by this Agreement or any prospectus or prospectus
supplement to be used in connection therewith, or any amendment or supplement thereto, and, with
respect to such Registration Statement or any other registration statement or any post-effective
amendment thereto, when the same has become effective; and (ii) the receipt of any written comments
from the SEC with respect to any filing referred to in clause (i) of this Section
2.3(d) and any written request by the SEC for amendments or supplements to a Registration
Statement or any other registration statement or any prospectus or prospectus supplement thereto;

          (e) immediately notify Whitney, at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, of (i) the prospectus or prospectus supplement contained in
a Registration Statement or any other registration statement contemplated by this Agreement, as
then in effect, including an untrue statement of a material fact or omitting to state any material
fact required to be stated therein or necessary to make the statements therein not misleading (in
the case of any prospectus contained therein, in the light of the circumstances under which a
statement is made); (ii) the issuance or threat of issuance by the SEC of any stop order suspending
the effectiveness of a Registration Statement or any other registration statement contemplated by
this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by MMR
of any notification with respect to the suspension of the qualification of any Registrable
Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Subject
to Section 2.2, following the provision of such notice, MMR agrees to use commercially
reasonable efforts to, as promptly as practicable, amend or supplement the prospectus or prospectus
supplement or take other appropriate action so that the prospectus or prospectus supplement does
not include an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing and to take such other commercially reasonable action as is necessary
to remove a stop order, suspension, threat thereof or proceedings related thereto;

          (f) subject to appropriate confidentiality obligations, furnish to Whitney copies of any and
all transmittal letters or other correspondence with the SEC or any other governmental agency or
self-regulatory body or other body having jurisdiction (including any domestic or foreign
securities exchange) relating to such offering of Registrable Securities;

          (g) otherwise use its commercially reasonable efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

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          (h) cause all such Registrable Securities registered pursuant to this Agreement to be listed
on each securities exchange or nationally recognized quotation system on which similar securities
issued by MMR are then listed;

          (i) use its commercially reasonable efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities as may be necessary
by virtue of the business and operations of MMR to enable Whitney to consummate the disposition of
such Registrable Securities;

          (j) provide a transfer agent and registrar for all Registrable Securities covered by such
registration statement not later than the effective date of such registration statement; and

          (k) enter into customary agreements and take such other actions as are reasonably requested by
Whitney in order to expedite or facilitate the disposition of such Registrable Securities.

     Upon receipt of notice from MMR of the happening of any event of the kind described in
subsection (d) of this Section 2.3, Whitney shall forthwith discontinue offers and
sales of the Registrable Securities by means of a prospectus or prospectus supplement until
Whitney’s receipt of the copies of the supplemented or amended prospectus contemplated by
subsection (d) of this Section 2.3 or until it is advised in writing by MMR that
the use of the prospectus may be resumed and has received copies of any additional or supplemental
filings incorporated by reference in the prospectus, and, if so directed by MMR, Whitney will, or
will request the managing underwriter or underwriters, if any, to deliver to MMR (at MMR’s expense)
all copies in their possession or control, other than permanent file copies then in Whitney’s
possession, of the prospectus covering such Registrable Securities current at the time of receipt
of such notice.

     Section 2.4 Cooperation by Whitney. MMR shall have no obligation to perform its
duties under Section 2.1 if Whitney has failed to timely furnish such information
concerning Whitney that MMR determines, after consultation with its counsel, is reasonably required
in order for the registration statement or prospectus supplement, as applicable, to comply with the
Securities Act.

     Section 2.5 Expenses.

          (a) Expenses. MMR will pay all Registration Expenses. Whitney shall pay all Selling
Expenses in connection with any sale of its Registrable Securities hereunder, and MMR shall not be
responsible for any Selling Expenses. In addition, except as otherwise provided in Section
2.5(b) and Section 2.6 hereof, MMR shall not be responsible for legal fees incurred by
Whitney in connection with the exercise of such its rights hereunder.

          (b) Certain Definitions. “Registration Expenses” means all reasonable expenses
incident to MMR’s performance under or compliance with this Agreement to effect the registration of
Registrable Securities on a Registration Statement pursuant to Section 2.1, and the
disposition of such Registrable Securities, including, without limitation, all registration,
filing, securities exchange listing and NYSE fees, all registration, filing, qualification and
other fees and expenses of complying with securities or blue sky laws, fees of the Financial
Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing,
duplicating

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and printing expenses, any transfer taxes and the fees and disbursements of counsel and
independent public accountants for MMR, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and compliance. “Selling Expenses”
means all underwriting fees, discounts and selling commissions or similar fees or arrangements and
transfer taxes allocable to the sale of the Registrable Securities.

     Section 2.6 Indemnification.

          (a) By MMR. In the event of a registration of any Registrable Securities under the
Securities Act pursuant to this Agreement, MMR will indemnify and hold harmless Whitney, its
directors, officers, employees and agents and each Person, if any, who controls Whitney within the
meaning of the Securities Act and the Exchange Act, and its directors, officers, employees or
agents (collectively, the “Whitney Indemnified Persons”), against any losses, claims, damages,
expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”), joint or several, to which such Whitney Indemnified Person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact (in the case of any prospectus, in light
of the circumstances under which such statement is made) contained in a Registration Statement or
any other registration statement contemplated by this Agreement, any preliminary prospectus,
prospectus supplement, free writing prospectus or final prospectus contained therein, or any
amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse each such Whitney Indemnified Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such Loss or actions
or proceedings; provided, however, that MMR will not be liable in any such case if and to the
extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information furnished by such
Whitney Indemnified Person in writing specifically for use in a Registration Statement or such
other registration statement, preliminary prospectus, free writing prospectus or prospectus
supplement,
as applicable, it being understood that Whitney will only be required to furnish information
regarding its legal name, address, the number of securities being registered on its behalf and such
other information as may be required by Law. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Whitney Indemnified Person, and shall
survive the transfer of such securities by Whitney.

          (b) By Whitney. Whitney agrees to indemnify and hold harmless MMR, its directors,
officers, employees and agents and each Person, if any, who controls MMR within the meaning of the
Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the
same extent as the foregoing indemnity from MMR to Whitney, but only with respect to information
regarding Whitney furnished in writing by or on behalf of Whitney expressly for inclusion in a
Registration Statement or any other registration statement contemplated by this Agreement, any
preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus
contained therein, or any amendment or supplement thereof; provided, however, that the liability of
Whitney shall not be greater in amount than the

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dollar amount of the proceeds (net of any Selling
Expenses) received by Whitney from the sale of the Registrable Securities giving rise to such
indemnification.

          (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from any liability that
it may have to any indemnified party other than under this Section 2.6 except to the extent
that the indemnifying party is prejudiced by such omission. In any action brought against any
indemnified party, it shall notify the indemnifying party of the commencement thereof. The
indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume
and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party
and, after notice from the indemnifying party to such indemnified party of its election so to
assume and undertake the defense thereof, the indemnifying party shall not be liable to such
indemnified party under this Section 2.6 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of
investigation and of liaison with counsel so selected; provided, however, that, (i) if the
indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the
indemnified party or (ii) if the defendants in any such action include both the indemnified party
and the indemnifying party and counsel to the indemnified party shall have concluded that there may
be reasonable defenses available to the indemnified party that are different from or additional to
those available to the indemnifying party, or if the interests of the indemnified party reasonably
may be deemed to conflict with the interests of the indemnifying party, then the indemnified party
shall have the right to select a separate counsel, with the reasonable out-of-pocket expenses and
fees of such separate counsel and other reasonable out-of-pocket expenses related to such
participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other
provision of this Agreement, no indemnified party shall settle any action brought against it with
respect to which such indemnified party is entitled to indemnification hereunder without the
consent of the indemnifying party, unless the settlement thereof includes a complete release from
all liability of, the indemnifying party.

          (d) Contribution. If the indemnification provided for in this Section 2.6 is
held by a court or government agency of competent jurisdiction to be unavailable to any indemnified
party, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such Loss in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the one
hand and of such indemnified party on the other in connection with the statements or omissions that
resulted in such Losses, as well as any other relevant equitable considerations; provided, however,
that in no event shall Whitney be required to contribute an aggregate amount in excess of the
lesser of (A) the amount which Whitney would have been obligated to pay under Section
2.6(b) if such indemnity was available to the indemnified party and (B) the dollar amount of
proceeds (net of Selling Expenses) received by Whitney from the sale of Registrable Securities
giving rise to such indemnification. The relative fault of the indemnifying party on the one hand
and the indemnified party on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact has been made by, or relates to, information supplied by such
party, and the Parties’ relative intent, knowledge, access to

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information and opportunity to
correct or prevent such statement or omission. The Parties agree that it would not be just and
equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations
referred to herein. The amount paid by an indemnified party as a result of the Losses referred to
in the first sentence of this paragraph shall be deemed to include any legal and other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any
Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who is not guilty of such fraudulent misrepresentation.

          (e) Other Indemnification. The provisions of this Section 2.6 shall be in
addition to any other rights to indemnification or contribution that an indemnified party may have
pursuant to law, equity, contract or otherwise.

     Section 2.7 Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to
the public without registration, MMR agrees to use its commercially reasonable efforts to:

          (a) make and keep public information regarding MMR available, as those terms are understood
and defined in Rule 144 under the Securities Act, at all times from and after the date hereof;

          (b) file with the SEC in a timely manner all reports and other documents required of MMR under
the Securities Act and the Exchange Act at all times from and after the date hereof; and

          (c) so long as Whitney owns any Registrable Securities, furnish, unless otherwise available
via EDGAR, to Whitney forthwith a copy of the most recent annual or quarterly report of MMR, and
such other reports and documents so filed as Whitney may
reasonably request in availing itself of any rule or regulation of the SEC allowing Whitney to
sell any such securities without registration.

     Section 2.8 Transfer or Assignment of Registration Rights. The rights under this
Article 2 may be not transferred or assigned by Whitney unless (a) MMR is given written
notice prior to any said transfer or assignment, stating the name and address of each such
transferee and identifying the securities with respect to which such registration rights are being
transferred or assigned, and (b) each such transferee assumes in writing responsibility for its
portion of the obligations of Whitney under this Agreement, and (c) MMR gives written consent,
which consent will be in the sole discretion of MMR. In the event that a transfer is consummated
pursuant to this Section 2.8, the transferee shall assume all of the rights and obligations
of Whitney under this Agreement.

ARTICLE 3

MISCELLANEOUS

     Section 3.1 Communications. All notices that are required or may be given pursuant to this
Agreement shall be sufficient in all respects if given in writing. Any such notice shall be deemed
given (i) when made, if made by hand delivery, and upon confirmation of receipt, if

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made by
facsimile, (ii) one Business Day after being deposited with a next-day courier, postage prepaid, or
(iii) three Business Days after being sent certified or registered mail, return receipt requested,
postage prepaid, in each case addressed as follows:

     If to Whitney, to:

Whitney Exploration, LLC

P.O. Box 1607

11864 Highway 308, Box 1580

LaRose, Louisiana 70373

     If to MMR, to:

McMoRan Exploration Co.

1615 Poydras Street

New Orleans, Louisiana 70112

Fax: 504-585-3513

Attention: John Amato

	 	 	With a copy to (which copy shall not constitute notice):

Jones, Walker, Waechter, Poitevent, Carrère & Denègre LLP

333 N. Central Avenue

Phoenix, Arizona 85004

Fax: (225) 248-3334

Attention: Monique A. Cenac

     Either Party may change its address for notice by notice to the other in the manner set forth
above. All notices shall be deemed to have been duly given at the time of receipt by the Party to
which such notice is addressed.

     Section 3.2 Successor and Assigns. This Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of each of the Parties.

     Section 3.3 Recapitalization, Exchanges, Etc. Affecting the MMR Common Stock. The
provisions of this Agreement shall apply to the full extent set forth herein with respect to any
and all securities of MMR or any successor or assign of MMR (whether by merger, consolidation, sale
of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of,
the Registrable Securities, and shall be appropriately adjusted for combinations, stock splits,
recapitalizations, pro rata distributions of securities and the like occurring after the date of
this Agreement.

     Section 3.4 Aggregation of Registrable Securities. All Registrable Securities held
or acquired by Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights and applicability of any obligations under
this Agreement.

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     Section 3.5 Specific Performance. Damages in the event of breach of this Agreement by
a Party may be difficult, if not impossible, to ascertain, and it is therefore agreed that each
such Person, in addition to and without limiting any other remedy or right it may have, will have
the right to an injunction or other equitable relief in any court of competent jurisdiction,
enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of
the Parties hereto hereby waives any and all defenses it may have on the ground of lack of
jurisdiction or competence of the court to grant such an injunction or other equitable relief. The
existence of this right will not preclude any such Person from pursuing any other rights and
remedies at law or in equity that such Person may have.

     Section 3.6 Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original instrument, but all such counterparts together shall constitute but one
agreement. Facsimiles of signatures or signatures delivered in portable document format (.pdf)
will be deemed to be originals.

     Section 3.7 Headings. The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

     Section 3.8 Governing Law.

          (a) This Agreement and the legal relations between the Parties shall be governed by and
construed in accordance with the Laws of the State of Delaware, United States of America without
regard to principles of conflicts of laws that would direct the application of the Laws of another
jurisdiction.

          (b) Any action brought in connection with this Agreement shall be brought in the federal or
state courts located in the City of Wilmington, Delaware. The Parties hereto hereby (i)
irrevocably consent to the personal jurisdiction and venue of such courts, and (ii) waive any claim
(by way of motion, as a defense or otherwise) of improper venue, that such parties are not subject
personally to the jurisdiction of such court, that such courts are an inconvenient forum or that
this Agreement or the subject matter may not be enforced in or by such court.

     Section 3.9 Severability of Provisions. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof or affecting or impairing the validity or enforceability of such provision in any other
jurisdiction.

     Section 3.10 Entire Agreement. This Agreement constitutes the entire agreement
between the Parties pertaining to the subject matter hereof, and supersede all prior agreements,
understandings, negotiations and discussions, whether oral or written, of the Parties pertaining to
the subject matter hereof.

     Section 3.11 Amendment. This Agreement may be amended only by means of a written
amendment signed by MMR and Whitney.

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     Section 3.12 No Presumption. If any claim is made by a Party relating to any
conflict, omission, or ambiguity in this Agreement, no presumption or burden of proof or persuasion
shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a
particular Party or its counsel. Each Party has been represented by its own counsel in connection
with the negotiation and preparation of this Agreement and, consequently, each Party hereby waives
the application of any rule of Law that would otherwise be applicable in connection with the
interpretation of this Agreement, including but not limited to any rule of Law to the effect that
any provision of this Agreement will be interpreted or construed against the Party whose counsel
drafted that provision.

     Section 3.13 Obligations Limited to Parties to Agreement. Each of the Parties hereto covenants, agrees and acknowledges that no Person other than
Whitney (and its permitted assignees) and MMR shall have any obligation hereunder and that,
notwithstanding that Whitney is a limited liability company, no recourse under this Agreement or
under any documents or instruments delivered in connection herewith or therewith shall be had
against any former, current or future director, officer, employee, agent, manager, stockholder or
Affiliate of Whitney or any former, current or future director, officer, employee, agent, general
or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by
the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever
shall attach to, be imposed on or otherwise by incurred by any former, current or future director,
officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of
Whitney or any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any
obligations of Whitney under this Agreement or any documents or instruments delivered in connection
herewith or therewith or for any claim based on, in respect of or by reason of such obligation or
its creation, except in each case for any assignee of Whitney hereunder.

     Section 3.14 Interpretation. Article and Section references to this Agreement, unless
otherwise specified. All references to instruments, documents, contracts and agreements are
references to such instruments, documents, contracts and agreements as the same may be amended,
supplemented and otherwise modified from time to time, unless otherwise specified. The word
“including” shall mean “including but not limited to.” Whenever any determination, consent or
approval is to be made or given by Whitney under this Agreement, such action shall be in Whitney’s
sole discretion unless otherwise specified.

[Next page is the signature page.]

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     IN WITNESS WHEREOF, this Agreement has been signed by each of the Parties as of the date first
above written.

	 	 	 	 	 
	 	WHITNEY EXPLORATION, LLC

 	 
	 	By:  	/s/ Stephen J. Williams 	 
	 	 	Name:  	Stephen J. Williams 	 
	 	 	Title:  	Sole Member 	 
	 
	 	MCMORAN EXPLORATION CO.

 	 
	 	By:  	/s/ Nancy D. Parmelee 	 
	 	 	Name:  	Nancy D. Parmelee 	 
	 	 	Title:  	Senior Vice President, Chief Financial
Officer and Secretary 	 
	 

[Signature Page to Registration Rights Agreement]

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