Document:

Voting and Support Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 VOTING AND SUPPORT AGREEMENT 

This Voting and Support Agreement (this “Agreement”) is made and entered into as of December 5, 2012, among Plains
Exploration & Production Company, a Delaware corporation (“Stockholder”), Freeport-McMoRan Copper & Gold Inc., a Delaware corporation (“Florida”) and McMoRan Exploration Co., a Delaware corporation
(“Maine”). 
 WHEREAS, Florida, INAVN Corp., a Delaware corporation and wholly owned subsidiary of Florida
(“Merger Sub”), and Maine propose to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), which provides, among other things, for the merger of Merger Sub with and into
Maine (the “Merger”), with Maine to survive the Merger as a wholly owned subsidiary of Florida, upon the terms and subject to the conditions set forth in the Merger Agreement (capitalized terms used herein without definition shall
have the respective meanings specified in the Merger Agreement); 
 WHEREAS, Florida, Maine and Stockholder are executing this
agreement prior to or contemporaneously with the execution of the Merger Agreement; 
 WHEREAS, Stockholder owns shares of
common stock, par value $0.01 per share, of Maine (“Common Stock”) (together with any other shares of capital stock of Maine acquired (whether beneficially or of record) by Stockholder after the date hereof and prior to the earlier
of the Closing and the termination of all of Stockholder’s obligations under this Agreement, including any shares of Common Stock acquired by means of purchase, dividend or distribution, or issued upon the exercise of any stock options to
acquire Common Stock or warrants or the conversion of any convertible securities or otherwise, being collectively referred to herein as the “Securities”); 
 WHEREAS, adoption of the Merger Agreement in accordance with the terms thereof and approval of the related amendment to the certificate of incorporation of Maine by the stockholders of Maine (together,
the “Approval”) are conditions to the consummation of the Merger; and 
 WHEREAS, as a condition to the
willingness of Maine and Florida to enter into the Merger Agreement and as an inducement and in consideration therefor, Stockholder has agreed to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, intending to be legally bound, the parties hereto agree as follows: 
 ARTICLE I 

VOTING; GRANT AND APPOINTMENT OF PROXY 
 Section 1.1 Voting. From and after the date hereof until the earlier of (a) the consummation of the Merger and (b) the termination of the Merger Agreement pursuant to and in
compliance with the terms therein (such earlier date, the “Expiration Date”), Stockholder irrevocably and unconditionally hereby agrees that at any meeting (whether annual or special and

 
each adjourned or postponed meeting) of Maine’s stockholders, however called, or in connection with any written consent of Maine’s stockholders, the Stockholder (in such capacity and
not in any other capacity) will (i) appear at such meeting or otherwise cause all of the Securities to be counted as present thereat for purposes of calculating a quorum and (ii) vote or cause to be voted (including by proxy or written
consent, if applicable) all of the Securities: 
 (a) in favor of the Approval (and, in the event that the Approval is
presented as more than one proposal, in favor of each proposal that is part of the Approval), and in favor of any other matter presented or proposed as to approval of the Merger or any part or aspect thereof or any other transactions or matters
contemplated by the Merger Agreement, including but not limited to, any stockholder vote required by Section 251 of the Delaware Corporation Law; 
 (b) against any Company Takeover Proposal, without regard to the terms of such Company Takeover Proposal, or any other transaction, proposal, agreement or action made in opposition to adoption of the
Merger Agreement or in competition or inconsistent with the Merger and the other transactions or matters contemplated by the Merger Agreement, 
 (c) against any other action, agreement or transaction, that is intended, that could reasonably be expected, or the effect of which could reasonably be expected, to materially impede, interfere with,
delay, postpone, discourage or adversely affect the Merger or any of the other transactions contemplated by the Merger Agreement or this Agreement or the performance by Stockholder of its obligations under this Agreement, including: (i) any
extraordinary corporate transaction, such as a merger, consolidation or other business combination involving Maine or any of its Subsidiaries; (ii) a sale, lease or transfer of a material amount of assets of Maine or any of its Subsidiaries
(other than the Merger) or a reorganization, recapitalization or liquidation of Maine or any of its Subsidiaries; (iii) an election of new members to the board of directors of Maine, other than nominees to the board of directors of Maine who
are serving as directors of Maine on the date of this Agreement or as otherwise provided in the Merger Agreement; (iv) any material change in the present capitalization or dividend policy of Maine or any amendment or other change to
Maine’s certificate of incorporation or bylaws, except if approved in writing by Florida; or (v) any other material change in Maine’s corporate structure or business, except if approved in writing by Florida, 

(d) against any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any
covenant, representation or warranty or any other obligation or agreement of Maine contained in the Merger Agreement, or of Stockholder contained in this Agreement, and 
 (e) in favor of any other matter necessary or desirable to the consummation of the transactions contemplated by the Merger Agreement, including the Merger and the amendment of the certificate of
incorporation of Maine (clauses (a) through (e), the “Required Votes”). 

  
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 Section 1.2 Grant of Irrevocable Proxy; Appointment of Proxy. 

1.2.1 From and after the date hereof until the Expiration Date, Stockholder hereby irrevocably and unconditionally grants to, and
appoints, Florida and any designee thereof as Stockholder’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of Stockholder, to vote or cause to be voted (including by proxy or written consent,
if applicable) the Securities in accordance with the Required Votes. 
 1.2.2 Stockholder hereby represents that any proxies
heretofore given in respect of the Securities, if any, are revocable, and hereby revokes such proxies. 
 1.2.3 Stockholder
hereby affirms that the irrevocable proxy set forth in this Section 1.2 is given in connection with the execution of the Merger Agreement, and that such irrevocable proxy is given to secure the performance of the duties of Stockholder
under this Agreement. Stockholder hereby further affirms that the irrevocable proxy is coupled with an interest and, except as set forth in this Section 1.2, is intended to be irrevocable. If for any reason the proxy granted herein is
not irrevocable, then Stockholder agrees, until the Expiration Date, to vote the Securities in accordance with Section 1.2.1(a) through Section 1.2.1(e) above as instructed by Florida in writing. The parties agree that the
foregoing is a voting agreement. 
 Section 1.3 Restrictions on Transfers. Stockholder hereby agrees that, from the
date hereof until the Expiration Date, it shall not, directly or indirectly, (a) sell, transfer, assign, tender in any tender or exchange offer, pledge, encumber, hypothecate or similarly dispose of (by merger, by testamentary disposition, by
operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, Lien, hypothecation or other disposition of (by
merger, by testamentary disposition, by operation of law or otherwise), any Securities, (b) deposit any Securities into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect thereto
that is inconsistent with this Agreement, or (c) agree (whether or not in writing) to take any of the actions referred to in the foregoing clause (a) or (b). 
 Section 1.4 Inconsistent Agreements. Stockholder hereby covenants and agrees that, except for this Agreement, it (a) shall not enter into at any time while this Agreement remains in
effect, any voting agreement or voting trust with respect to the Securities and (b) shall not grant at any time while this Agreement remains in effect a proxy, consent or power of attorney with respect to the Securities. 

ARTICLE II 
 NO
SOLICITATION 
 Section 2.1 Restricted Activities. Prior to the Expiration Date, Stockholder (in its capacity as a
stockholder of Maine) shall not, shall cause its officers and directors not to, and shall use reasonable best efforts to cause its agents, advisors and other representatives (in each case, acting in their capacity as such to Stockholder, the
“Stockholder Representatives”) not to, (a) initiate, solicit or knowingly encourage or knowingly take or continue any other action to facilitate the submission of any inquiry, indication of interest, proposal or offer that
constitutes, 

  
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or would reasonably be expected to lead to, a Company Takeover Proposal, (b) participate in any discussions or negotiations regarding, or that would reasonably be expected to lead to any
Company Takeover Proposal (other than to inform a Person of the existence of this Section 2.1 and Section 5.3 of the Merger Agreement), (c) furnish any non-public information or data regarding Maine or any of its Subsidiaries to, or
afford access to the properties, personnel, books and records of Maine to, any Person (other than Florida and its Subsidiaries) in connection with or in response to or in circumstances that would reasonably be expected to lead to, any Company
Takeover Proposal, (d) take any action to make the provisions of any “fair price,” “moratorium,” “control share acquisition,” “business combination” or other similar anti-takeover statute or regulation
(including any transaction under, or a third party becoming an “interested stockholder” under, Section 203 of the DGCL), or any restrictive provision of any applicable anti-takeover provision in Maine’s certificate of
incorporation or bylaws, inapplicable to any Person other than Florida and its Subsidiaries or to any transactions constituting or contemplated by a Company Takeover Proposal, or (e) resolve or agree to do any of the foregoing (the activities
specified in clauses (a) through (e) being hereinafter referred to as the “Restricted Activities”). 

Section 2.2 Notification. Stockholder (in its capacity as a stockholder of Maine) shall, and shall cause the Stockholder
Representatives to, immediately cease and terminate any and all existing activities, discussions or negotiations with any Person with respect to a Company Takeover Proposal. From and after the date hereof until the Expiration Date, Stockholder shall
as promptly as practicable (and in any event within 24 hours) (i) notify Florida of (x) any Company Takeover Proposal it receives in its capacity as a stockholder of Maine, (y) any request it receives in its capacity as a stockholder
of Maine for non-public information relating to Maine or its Subsidiaries, other than requests for information not reasonably expected to be related to an Company Takeover Proposal, and (z) any inquiry or request for discussion or negotiation
it receives in its capacity as a stockholder of Maine regarding a Company Takeover Proposal, (ii) if such Company Takeover Proposal, request or inquiry is in writing, deliver to Florida a copy of such Company Takeover Proposal, request or
inquiry and any related draft agreements and other written material setting forth the terms and conditions of such Company Takeover Proposal, and (iii) if such Company Takeover Proposal, request or inquiry is oral, provide to Florida a
reasonably detailed summary thereof. Stockholder shall keep Florida reasonably informed on a prompt and timely basis of the status and material details of any such Company Takeover Proposal and with respect to any material change to the terms of any
such Company Takeover Proposal within 24 hours of any such material change. This Section 2.2 shall not apply to any Company Takeover Proposal received by Maine. 
 Section 2.3 Capacity. Stockholder is signing this Agreement solely in its capacity as a stockholder of Maine and nothing contained herein shall in any way limit or affect any actions taken by
any Stockholder Representative in his capacity as a director of Maine, and no action taken in any such capacity as a director shall be deemed to constitute a breach of this Agreement. 

  
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 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 OF STOCKHOLDER 

Section 3.1 Representations and Warranties. Stockholder represents and warrants to Florida as follows: (a) Stockholder
has full legal right and capacity to execute and deliver this Agreement, to perform Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby, (b) this Agreement has been duly executed and delivered by
Stockholder and the execution, delivery and performance of this Agreement by Stockholder and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of Stockholder and no other actions
or proceedings on the part of Stockholder are necessary to authorize this Agreement or to consummate the transactions contemplated hereby, (c) this Agreement constitutes the valid and binding agreement of Stockholder, enforceable against
Stockholder in accordance with its terms, (d) the execution and delivery of this Agreement by Stockholder does not, and the consummation of the transactions contemplated hereby and the compliance with the provisions hereof will not, conflict
with or violate any Laws or agreement binding upon Stockholder or the Securities, nor require any authorization, consent or approval of, or filing with, any Governmental Entity, except for filings with the Securities and Exchange Commission by
Stockholder, (e) Stockholder owns, beneficially and of record, or controls 51,000,000 shares of Common Stock and (f) except for such transfer restrictions of general applicability as may be provided under the Securities Act of 1933, as
amended, and the “blue sky” laws of the various states of the United States, Stockholder owns, beneficially and of record, or controls all of the Securities free and clear of any proxy, voting restriction, adverse claim or other Lien
(other than any restrictions created by this Agreement) and has sole voting power with respect to the Securities and sole power of disposition with respect to all of the Securities, with no restrictions on Stockholder’s rights of voting or
disposition pertaining thereto, and no person other than Stockholder has any right to direct or approve the voting or disposition of any of the Securities. 
 Section 3.2 Covenants. Stockholder hereby: 
 (a) irrevocably waives,
and agrees not to exercise, any rights of appraisal or rights of dissent from the Merger that Stockholder may have with respect to the Securities; 
 (b) agrees to promptly notify Maine and Florida of the number of any new Securities acquired by Stockholder after the date hereof and prior to the Expiration Date. Any such Securities shall be subject to
the terms of this Agreement as though owned by Stockholder on the date hereof; 
 (c) agrees to permit Maine to publish and
disclose in the Proxy Statement Stockholder’s identity and ownership of the Securities and the nature of the Stockholder’s commitments, arrangements and understandings under this Agreement; and 

(d) shall and does authorize Florida or its counsel to notify Maine’s transfer agent that there is a stop transfer order with
respect to all of the Securities (and that this Agreement places limits on the voting and transfer of such shares), provided that Florida or its 

  
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counsel further notifies Maine’s transfer agent to lift and vacate the stop transfer order with respect to the Securities following the Expiration Date. 

ARTICLE IV 

TERMINATION 

This Agreement shall terminate and be of no further force or effect upon the earlier of (a) the Expiration Date and (b) any
breach by Florida of Section 5.17 of the Agreement and Plan of Merger, dated as of the date hereof, by and among Florida, Merger Sub and Stockholder. Notwithstanding the preceding sentence, this Article IV and Article V shall
survive any termination of this Agreement. Nothing in this Article V shall relieve or otherwise limit any party of liability for willful breach of this Agreement. 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.1 Expenses. Each party shall bear their respective expenses, costs and fees (including attorneys’,
auditors’ and financing fees, if any) in connection with the preparation, execution and delivery of this Agreement and compliance herewith, whether or not the Merger is effected. 

Section 5.2 Notices. Any notice, request, instruction or other document to be given hereunder by any party to the others
shall be in writing and delivered personally or sent by registered or certified mail, return receipt requested and postage prepaid, or by facsimile (providing confirmation of such facsimile transmission): 

To Florida: 

Freeport-McMoRan Copper & Gold Inc. 
 333 North Central Avenue 
 Phoenix, Arizona 85004 

Facsimile: (602) 366-7691 
 Attention: General Counsel 
 with copies to: 

Wachtell, Lipton, Rosen & Katz 
 51 West 52nd
Street 
 New York, New York 10019 
 Attention: David E. Shapiro 
 Facsimile: (212) 403-2000 

Email: deshapiro@wlrk.com 
 To Stockholder: 
 Plains Exploration & Production Company 

700 Milam, Suite 3100 
 Houston, Texas 77002 

  
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 Facsimile: (713) 579-6231 

Attention: General Counsel 
 with copies to: 
 Latham & Watkins LLP 

811 Main Street, Suite 3700 
 Houston, Texas 77002 
 Attention: Michael E. Dillard 

Sean T. Wheeler 

Facsimile: (713) 546-5401 
 Email: michael.dillard@lw.com 
 sean.wheeler@lw.com 

To Maine: 

McMoRan Exploration Co. 
 1615 Poydras Street 
 New Orleans, Louisiana 70112 

Facsimile: (504) 585-3513 
 Attention: General Counsel 
 with a copy to: 

Weil, Gotshal & Manges 
 767 Fifth Avenue 
 New York, NY 10153 

Attention: Michael J. Aiello 
 Facsimile: (212) 310-8007 
 Email: michael.aiello@weil.com 

or to such other Persons or addresses as may be designated in writing by the party to receive such notice as provided above. 

Section 5.3 Amendments; Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment or
waiver is in writing and signed (i) in the case of an amendment, by Florida, Maine and Stockholder, and (ii) in the case of a waiver, by the party (or parties) against whom the waiver is to be effective. No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 5.4 Assignment. No party to this Agreement may assign any of its rights or obligations under this Agreement,
including by sale of stock, operation of law in connection with a merger or sale of substantially all the assets, without the prior written consent of the other party 

  
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hereto; provided that Florida may assign its rights and obligations under this Agreement to a Subsidiary of Florida, so long as Florida remains liable for its obligations hereunder. 

Section 5.5 No Partnership, Agency, or Joint Venture. This Agreement is intended to create, and creates, a contractual
relationship and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between the parties hereto. 
 Section 5.6 Entire Agreement. This Agreement and the Merger Agreement constitute the entire agreement, and supersede all other prior and contemporaneous agreements, understandings,
undertakings, arrangements, representations and warranties, both written and oral, among the parties with respect to the subject matter hereof. 
 Section 5.7 No Third-Party Beneficiaries. This Agreement is not intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. 

Section 5.8 Jurisdiction; Specific Enforcement; Waiver of Trial by Jury. The parties agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed, or were threatened to be not performed, in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, in addition to any other
remedy that may be available to it, including monetary damages, each of the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
exclusively in the Court of Chancery of the State of Delaware (“Delaware Court of Chancery”) and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction
over a particular matter, any federal court sitting within the State of Delaware), and all such rights and remedies at law or in equity shall be cumulative. The parties further agree that no party to this Agreement shall be required to obtain,
furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 5.8 and each party waives any objection to the imposition of such relief or any right it may have to
require the obtaining, furnishing or posting of any such bond or similar instrument. In addition, each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising
hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall be brought and determined exclusively
in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court sitting within the State of
Delaware). Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees
that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by
way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above named courts, (b) any claim that it or its
property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment

  
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or otherwise) and (c) to the fullest extent permitted by applicable law, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum,
(ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. To the fullest extent permitted by applicable law, each of the parties hereto
hereby consents to the service of process in accordance with Section 5.2; provided, however, that nothing herein shall affect the right of any party to serve legal process in any other manner permitted by law. EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 5.9 Governing Law. This Agreement, and all claims or causes of action (whether at law, in contract or in tort or
otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance hereof, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any
choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

Section 5.10 Interpretation. (a) The words “hereof”, “herein”, and “hereunder” and words
of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (b) the words “date hereof,” when used in this Agreement, shall refer to the date set
forth in the Preamble; (c) the terms defined in the singular have a comparable meaning when used in the plural, and vice versa; (d) the terms defined in the present tense have a comparable meaning when used in the past tense, and vice
versa; (e) any references herein to a specific Section or Article shall refer, respectively, to Sections or Articles of this Agreement; (f) wherever the word “include”, “includes”, or “including” is used in
this Agreement, it shall be deemed to be followed by the words “without limitation”; (g) references herein to any gender includes each other gender; (h) the word “or” shall not be exclusive; (i) the headings herein
are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof; and (j) the parties hereto have participated jointly in the negotiation and
drafting of this Agreement and, in the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of this Agreement. 
 Section 5.11 Counterparts.
This Agreement may be executed in any number of counterparts, each such counterpart (including any facsimile or electronic document transmission of such counterpart) being deemed to be an original instrument, and all such counterparts shall together
constitute the same agreement. 
 Section 5.12 Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability or the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is
invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid 

  
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and enforceable, the intent and purpose of such invalid or unenforceable provision; and (b) the remainder of this Agreement and the application of such provision to other Persons or
circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of
the date and year first written above. 
  

			
	PLAINS EXPLORATION & PRODUCTION COMPANY
		
	By:	 	/s/ James C. Flores
	Name:	 	James C. Flores
	Title:	 	 Chairman of the Board, President and
 Chief Executive Officer

  
  
  

 
  

[Signature Page to Voting and Support Agreement] 

 
			
	FREEPORT-MCMORAN COPPER & GOLD INC.
		
	By:	 	/s/ Kathleen L. Quirk
	 Name:
	 	Kathleen L. Quirk
	 Title:
	 	 Executive Vice President,

Chief Financial Officer & Treasurer

  
  
  

 
  

[Signature Page to Voting and Support Agreement] 

 
			
	 MCMORAN EXPLORATION CO.

		
	 By:
	 	/s/ Nancy D. Parmelee
	 Name:
	 	Nancy D. Parmelee
	 Title:
	 	 Senior Vice President,

Chief Financial Officer & Secretary

  
  
  

 
  

[Signature Page to Voting and Support Agreement]Letter Agreement

 Exhibit 10.2 
 Freeport-McMoRan Copper & Gold Inc. 
 December 5, 2012

 James C. Flores 
 Plains
Exploration & Production Company 
 700 Milam Street, Suite 3100 
 Houston, Texas 77002 
 Dear Jim: 

Reference is made to the transactions contemplated by that certain Agreement and Plan of Merger by and among Freeport McMoRan
Copper & Gold Inc. (“Freeport”), Plains Exploration & Production Company (“Plains”) and IMONC LLC (“Merger Sub”), to be executed concurrently with this letter agreement (the “Merger
Agreement”) pursuant to which Plains will merge into Merger Sub and become a direct wholly owned subsidiary of Freeport (the “Merger”). The parties acknowledge that in the event that the Merger is not consummated, this letter
agreement will become null and void ab initio and of no further force and effect. 
 Following the Closing Date (as
defined in the Merger Agreement), you will be appointed the Vice-Chairman of Freeport and Chief Executive Officer of the oil and gas business of Freeport, with sole oversight of the oil and gas businesses and operations of Freeport, with the duties,
authorities and responsibilities commensurate with such titles and offices and such other duties and responsibilities as reasonably may be assigned to you by the Chairman of Freeport commensurate with that position, and you will initially be
appointed (and thereafter be nominated) to serve as a member of the Board of Directors of Freeport. During your employment with Freeport, you will report directly to the Chairman of Freeport, you will receive an annual base salary that is no less
than the annual base salary applicable to each of the current Chairman of Freeport and the current President and Chief Executive Officer of Freeport (the “peer executives”), as in effect from time to time (currently $2,500,000), you will
be eligible for an annual incentive award based on an annual target incentive opportunity that is the same as the annual target incentive opportunity applicable to the peer executives as determined by the Compensation Committee of Freeport, and you
will be eligible to participate in all incentive compensation, savings, welfare benefit and fringe benefit plans and arrangements and any retirement plan or arrangement adopted in the future (which in all cases excludes the current supplemental
executive retirement plan in which the peer executives participate), in each case applicable to the peer executives, as in effect from time to time. 
 In consideration for the foregoing and other good and valuable consideration, including the payment of the Merger Consideration (as defined in the Merger Agreement) for your wholly owned shares of Plains
common stock as of the Closing Date, you agree to waive your right to resign from Plains (or any successor entity, including Freeport) for Good Reason (as defined in your amended and restated employment agreement with Plains, dated as of
June 9, 2004, as amended on October 30, 2007 (the “Employment Agreement”)) or otherwise claim breach of the Employment Agreement solely (A) as a result of the Merger pursuant to Section 6(e)(vi) of the Employment
Agreement, (B) pursuant to clause (iv) of Section 6(e) of the Employment Agreement due to the principal executive offices of Freeport being outside the greater Houston, Texas metropolitan area or your being located somewhere other
than Freeport’s principal executive offices, it being agreed that your principal office shall be located in Houston, Texas or (C) pursuant to Section 3 and/or clauses (i) and (v) (with respect to committee membership) of
Section 6(e) of the Employment Agreement due to your not being the Chief Executive Officer or Chairman of Freeport or serving in any other position at Plains or its affiliates or on any committee existing at Plains or its affiliates,

 
which waivers shall apply to all arrangements and agreements which contain any such right or commitments, including, without limitation, any Company Stock Plans (as defined in the Merger
Agreement) (and the related award agreements), the Amended and Restated Long-Term Retention and Deferral Agreement and the Plains Executives’ Long-Term Retention & Deferred Compensation Plan (and any successor or predecessor plans or
agreements). For the avoidance of doubt, you shall retain the Good Reason protections set forth in the Employment Agreement; provided; however, that none of the changes to your employment arrangements contemplated by the waivers or
other terms or arrangements set forth in this letter agreement shall contribute to or constitute Good Reason. 
 Furthermore,
the parties agree that the Merger will constitute a Change in Control (as defined in the Company Stock Plans) for purposes of the Company Stock Plans (and related award agreements), the Amended and Restated Long-Term Retention and Deferral
Agreement, the Plains Executives’ Long-Term Retention & Deferred Compensation Plan and your Employment Agreement, and pursuant to such plans and agreements, subject to the occurrence of the Closing Date, the stock-settled equity-based
awards set forth on Exhibit A to this letter agreement (the “Vesting Equity Awards”) will immediately vest (including the deferred restricted stock unit awards for which Plains has a contractual commitment to credit in the future)
and for the purposes of the Merger Agreement such Vesting Equity Awards will be “Company Non-Electing RSUs” and will be paid in shares of Freeport common stock in accordance with the Merger Agreement. You agree that, notwithstanding
anything to the contrary in any Company Stock Plan, award agreement or any other agreement or arrangement, the shares of Freeport common stock delivered to you in settlement of the Vesting Equity Awards will be subject to a holding requirement from
the Closing Date through the third anniversary of the Closing Date (the “Holding Period”); provided, however, that, at your election, the number of shares delivered in settlement of your Vesting Equity Awards will be reduced
as necessary in order to satisfy your income and employment tax liabilities with respect to such delivery at an individual Federal income tax withholding rate based on a reasonable estimate of the tax rate applicable to you. Notwithstanding the
foregoing, (i) during the Holding Period you will have the right to transfer shares of Freeport common stock for estate or charitable planning purposes to any person who would be a permitted transferee of Freeport equity awards if they were to
be registered on Form S-8 promulgated by the Securities and Exchange Commission; provided that the transfer restrictions on such shares will continue to apply to such permitted transferees through the end of the Holding Period and
(ii) the Holding Period will immediately terminate upon a “Change of Control” of Freeport as defined in Freeport’s Amended and Restated Executive Employment Agreement with its Chief Executive Officer dated as of December 2,
2008 or if your employment with Freeport is terminated (A) by you for Good Reason (as defined in your Employment Agreement taking into account the waivers set forth above and other terms and arrangements of this letter agreement), (B) by
Freeport without Cause (as defined in the Employment Agreement) or (C) due to your death or disability. 
 You also agree
that, following the execution of the Merger Agreement, you will reasonably cooperate with Freeport and Plains with respect to mitigating potential liability pursuant to Section 280G of the Internal Revenue Code of 1986, as amended, including
with respect to the valuation of non-competition arrangements, and the acceleration of bonuses and other awards in calendar year 2012, to the extent such cooperation is not detrimental to you or Plains, taking into account your 280G excise tax
gross-up set forth in Section 6(j) of the Employment Agreement (Full Tax Gross-Up of Payments), which shall remain in effect in any event. You and Freeport agree that so long as you and each of Plains’ three current executive vice
presidents are employed by Plains or any affiliate of Freeport, each of them shall report directly and exclusively to you, except if you determine that any such executive vice president shall cease reporting to you. 

You, Plains and Freeport agree that subject to your continued employment by Plains as of the Closing Date, from and after the Closing
Date, Freeport will assume the Employment Agreement and the Employment Agreement and all of its terms will continue to be in full force and effect, subject only to 

  
 2 

 
your waiver of those provisions you have expressly agreed to waive in this letter agreement and the other terms of this letter agreement. 

You acknowledge that you understand that the waivers and other provisions set forth in this letter agreement amend your Employment
Agreement and the other plans and agreements under which you have rights and obligations. As such, there will not be strict interpretation against Freeport or Plains in connection with any review of or dispute with respect to this letter agreement
in which interpretation thereof is an issue. You further acknowledge that: (i) this letter agreement is executed voluntarily and without any duress or undue influence on the part or behalf of Freeport, Plains or any of their respective
affiliates; (ii) this entire letter agreement is written in a manner calculated to be understood by you; and (iii) you are fully aware of the legal and binding effect of this letter agreement. 

The foregoing represents a legally binding commitment of the parties hereto. The parties may finalize additional documentation in forms
to be mutually agreed to reflect the above; provided, however, that if no additional documentation with respect to the matters set forth herein is entered into, this letter agreement shall continue in full force and effect. This letter
agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 3 

 Please sign below to indicate your acknowledgment and acceptance of the terms of this letter
agreement. 
  

			
	Very truly yours,
		
	By:	 	 /s/    Kathleen L. Quirk

	Name:	 	Kathleen L. Quirk
	Title:	 	 Executive Vice President,

Chief Financial Officer & Treasurer

  
  
  

 
  

[Signature Page to Waiver Letter] 

 Agreed to and acknowledged 
 as of the 5th
day of December, 2012: 
 /s/    James C. Flores 
 James C. Flores 
 Also agreed to and acknowledged as of the 5th day of December, 2012 

 

			
	 PLAINS EXPLORATION & PRODUCTION
 COMPANY

		
	By:	 	/s/    Winston M. Talbert
	Name:	 	Winston M. Talbert
	Title:	 	 Executive Vice President and

Chief Financial Officer

		
	By:	 	/s/    John F. Wombwell
	Name:	 	John F. Wombwell
	Title:	 	 Executive Vice President,

General Counsel and Secretary

  
  
  

 
 [Signature Page to Waiver Letter] 

 EXHIBIT A 

OUTSTANDING OR COMMITTED UNVESTED EQUITY-BASED AWARDS 

 

																	
	 Form of
 Equity
	  	Number of
Shares/Units
Outstanding	 	  	Grant Date	 	  	Regular Vesting
Date
(no CIC)	 	  	Form of
Consideration
(Company
Non-Electing RSUs)	 
	 RSU
	  	 	29,250	  	  	 	2/10/2010	  	  	 	3/31/2014	  	  	 	Parent Common Stock	  
	 RSU
	  	 	29,250	  	  	 	2/10/2010	  	  	 	3/31/2015	  	  	 	Parent Common Stock	  
	 RSU
	  	 	40,500	  	  	 	2/9/2011	  	  	 	3/31/2014	  	  	 	Parent Common Stock	  
	 RSU
	  	 	29,250	  	  	 	2/9/2011	  	  	 	3/31/2015	  	  	 	Parent Common Stock	  
	 RSU
	  	 	29,250	  	  	 	2/9/2011	  	  	 	3/31/2016	  	  	 	Parent Common Stock	  
	 RSU
	  	 	20,250	  	  	 	2/8/2012	  	  	 	3/31/2014	  	  	 	Parent Common Stock	  
	 RSU
	  	 	20,250	  	  	 	2/8/2012	  	  	 	3/31/2015	  	  	 	Parent Common Stock	  
	 RSU
	  	 	14,625	  	  	 	2/8/2012	  	  	 	3/31/2016	  	  	 	Parent Common Stock	  
	 RSU
	  	 	14,625	  	  	 	2/8/2012	  	  	 	3/31/2017	  	  	 	Parent Common Stock	  
	 RSU*
	  	 	200,000	  	  	 	9/30/2008	  	  	 	9/30/2013	  	  	 	Parent Common Stock	  
	 RSU*
	  	 	200,000	  	  	 	9/30/2009	  	  	 	9/30/2014	  	  	 	Parent Common Stock	  
	 RSU*
	  	 	200,000	  	  	 	9/30/2010	  	  	 	9/30/2015	  	  	 	Parent Common Stock	  
	 RSU*
	  	 	200,000	  	  	 	9/30/2011	  	  	 	9/30/2015	  	  	 	Parent Common Stock	  
	 RSU*
	  	 	200,000	  	  	 	9/30/2012	  	  	 	9/30/2015	  	  	 	Parent Common Stock	  
	 RSU**
	  	 	200,000	  	  	 	9/30/2013	  	  	 	9/30/2015	  	  	 	Parent Common Stock	  
	 RSU**
	  	 	200,000	  	  	 	9/30/2014	  	  	 	9/30/2015	  	  	 	Parent Common Stock	  
	 RSU***
	  	 	200,000	  	  	 	9/30/2015	  	  	 	9/30/2020	  	  	 	Parent Common Stock	  
	 RSU***
	  	 	200,000	  	  	 	9/30/2016	  	  	 	9/30/2020	  	  	 	Parent Common Stock	  
	 RSU***
	  	 	200,000	  	  	 	9/30/2017	  	  	 	9/30/2020	  	  	 	Parent Common Stock	  
	 RSU***
	  	 	200,000	  	  	 	9/30/2018	  	  	 	9/30/2019, 2020 & 2021	  	  	 	Parent Common Stock	  
	 RSU***
	  	 	200,000	  	  	 	9/30/2019	  	  	 	9/30/2020, 2021 & 2022	  	  	 	Parent Common Stock	  
		  	  
	  
	 	  				  				  			
	 TOTAL
	  	 	2,627,250	  	  				  				  			
		  	  
	  
	 	  				  				  			

  
 A-1

	*	Each RSU marked with an * was granted pursuant to the Long-Term Retention and Deferral Arrangement. 

	**	Each RSU marked with an ** is committed to be granted pursuant to the Long-Term Retention and Deferral Arrangement. 

	***	Each RSU marked with an *** is committed to be granted pursuant to the Executive’s Employment Agreement, as amended. 

  
 A-2

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