Document:

exv10w33

 

Exhibit 10.33

PHELPS DODGE CORPORATION RETIREE MEDICAL PLAN

WELFARE BENEFIT TRUST

     THIS AGREEMENT, effective as of the 15th day of December, 2005, is made between PHELPS
DODGE CORPORATION, a New York corporation with offices located in Phoenix, Arizona, herein
referred to as the “Company”, and THE NORTHERN TRUST COMPANY, an Illinois corporation of
Chicago, Illinois, herein referred to as the “Trustee”, and constitutes a trust agreement to be
known as the PHELPS DODGE CORPORATION RETIREE MEDICAL PLAN WELFARE BENEFIT TRUST
agreement under which the Trustee is accepting appointment as successor trustee.

     The Company intends that this trust qualifies as a tax exempt trust of a voluntary employees’
beneficiary association within the meaning of section 501(c)(9) of the Code and the regulations
issued thereunder and complies with the requirements of ERISA. The income of the Trust may be
subject to unrelated business income tax and the Investment Committee shall notify the Trustee if
such tax applies. The exclusive purpose of the association is to provide benefits described by the
Plan to those Participants and Beneficiaries entitled to such benefits under the Plan.

     With respect to each Plan for which this agreement is adopted by the Company or a Subsidiary
as the funding medium, the Company or Subsidiary shall appoint the Trustee as trustee under this
trust agreement, and the Company or Subsidiary shall direct the Trustee as trustee to add the
assets transferred to the Trustee by the predecessor trustee to the assets of the Trust Fund and
shall appoint the Administrative Committee as the fiduciary which has the responsibility for
administering the Plan and the Investment Committee as the fiduciary which has the responsibility
for Plan investments.

     The Trust Fund shall consist of all assets held by the Trustee as of the date of this
agreement or thereafter acquired by the Trustee as trustee or successor trustee with respect to a
Plan for which this agreement is adopted as the funding medium, all investments and reinvestments
thereof and all additions thereto by way of contributions, earnings and increments, and shall be
held upon the following terms.

ARTICLE ONE: DEFINITIONS

     For purposes of this agreement:

     1.1 “Administrative Committee” means the committee as constituted from time to time which has
the responsibility for administering each Plan and shall be deemed for purposes of ERISA to be the
Plan administrator and the named fiduciary for Plan administration, which committee as of the
effective date of this Agreement shall be the Phelps Dodge Corporation Benefits Administration
Committee;

     1.2 “Beneficiary” means a person designated to receive a benefit under a Plan after the death
of a Participant;

 

 

     1.3 “Benefit Account” means the assets of the Trust Fund which are allocated to a checking
account for payment of benefits in accordance with the terms and conditions of the Plan to be
disbursed by the Administrative Committee or its Representative;

     1.4 “Code” means the Internal Revenue Code of 1986, as amended;

     1.5 “Company” means Phelps Dodge Corporation and any corporation which is the successor
thereto;

     1.6 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and as in
effect from time to time, and any regulations thereunder;

     1.7 “General Account” means the assets of the Trust Fund, excluding any assets in the Benefit
Account, which may be held in one or more Separate Accounts and, with the Trustee’s written
consent, a Trustee Investment Account;

     1.8 “Investment Adviser” means an Investment Manager to whom the Investment Committee has
delegated investment responsibility for a Separate Account or the Investment Committee with respect
to any assets of the Trust Fund for which the Investment Committee has investment responsibility;

     1.9 “Investment Committee” means the committee as constituted from time to time (which
committee as of the adoption of this Agreement shall be the Phelps Dodge Corporation Trust
Investment Committee) which has the responsibility for allocating the assets of the Trust Fund
among the Separate Accounts and any Trustee Investment Account, for monitoring the diversification
of the investments of the Trust Fund, for assuring that no Plan violates any provision of ERISA
limiting the acquisition or holding of “employer securities” or other “employer real property” and
for the appointment and removal of Investment Advisers and shall be deemed for purposes of ERISA to
be the named fiduciary for Plan investments;

     1.10 “Investment Manager” means an investment manager as defined in Section 3(38) of ERISA,
which is appointed by the Investment Committee to manage a Separate Investment Account, but the
Trustee shall have no responsibility to determine whether a person or entity acting as an
Investment Manager meets or continues to meet this definition;

     1.11 “Participant” means a former employee of the Company or of a Subsidiary who is
participating in the Plan; is deemed to be a retiree for purposes of the Plan; and is not a “key
employee” as defined in the Plan, all as determined by the Administrative Committee in accordance
with the terms and conditions of the Plan;

     1.12 “Plan” means the Phelps Dodge Corporation Retiree Medical Plan;

     1.13 “Plan Account” means the interest of each Plan in the Trust Fund;

     1.14 “Representative” means the person or persons appointed by the Administrative Committee to
determine and disburse benefits from the Benefit Account in accordance with the terms and
conditions of the Plan;

2

 

     1.15 “Separate Account” means a Separate Investment Account or a Separate Insurance Contract
Account;

     1.16 “Separate Insurance Contract Account” means assets of the Trust Fund allocated by the
Investment Committee to an account of the Trust for investment in insurance contracts directed by
the Investment Committee;

     1.17 “Separate Investment Account” means assets of the Trust Fund allocated by the Investment
Committee to an account of the Trust which is to be managed by an Investment Manager or the
Investment Committee;

     1.18 “Subsidiary” means a subsidiary or affiliate of the Company;

     1.19 “Trust” means this instrument and the trust evidenced thereby, as amended from time to
time;

     1.20 “Trust Fund” means all assets subject to this agreement;

     1.21 “Trustee” means THE NORTHERN TRUST COMPANY and any successor to it as trustee
or trustees of the Trust Fund; and

     1.22 “Trustee Investment Account” means assets of the Trust Fund allocated by the Investment
Committee to an account of the Trust to be managed by the Trustee with the written consent of the
Trustee.

ARTICLE TWO: VALUATION AND ALLOCATION

     The Trustee shall hold the Trust Fund as a commingled fund or commingled funds in which each
separate Plan shall be deemed to have a proportionate undivided interest in the fund or funds in
which it participates, except that each fund or asset identified by the Administrative Committee as
allocable to a particular Plan Account, herein referred to as an “identified fund” or “identified
asset”, and income, appreciation or depreciation and expenses attributable to a particular Plan
Account or to an identified asset thereof, shall be allocated or charged to that Plan Account.
Contributions shall be designated by the Administrative Committee as allocable, and distributions
shall be designated by the Administrative Committee as chargeable, to a particular Plan Account and
shall be so allocated or charged. Upon the direction of the Administrative Committee the Trustee
shall periodically determine the value of each Plan Account on such basis as the Trustee and the
Administrative Committee shall from time to time agree (considering the fair market value of the
assets initially received from the predecessor trustee or the Company with respect to the Plan and
subsequent contributions and distributions, net income, net appreciation or depreciation and
expenses attributable to the Plan) and shall render a statement thereof to the Administrative
Committee within sixty (60) days after each valuation date.

3

 

ARTICLE THREE: DISTRIBUTIONS

     3.1 The Administrative Committee or a Representative shall have the responsibility for making
benefit payments under the Plan in accordance with the terms and conditions of the Plan. The
Administrative Committee shall open a Benefit Account which shall be a commercial checking account
in a federally insured banking institution (including the Trustee). The Administrative Committee
shall have the responsibility to assure that any such commercial banking account is established and
maintained in accordance with ERISA and is properly insured. The Trustee shall make transfers of
funds from the General Account to the Benefit Account at such time and in such amounts as the
Administrative Committee or a Representative may from time to time direct. The Administrative
Committee shall authorize one or more of its members or a Representative to sign manually or by
facsimile signature any and all checks, drafts, electronic funds transfers and orders against the
Benefit Account, and the depository bank is authorized to honor any and all checks, drafts and
orders so signed, regardless of by whom or by what the actual or purported facsimile signature or
signatures may have been affixed thereto, if such signature or signatures resemble those duly
filed.

     3.2 The Administrative Committee or Representative shall have full responsibility with respect
to all matters relating to the Benefit Account, including the power to direct stop payment on any
check, draft or order, and to reissue and deposit checks, except that if a Representative is
authorized to act with respect to the Benefit Account, the Representative shall render an
accounting to the Administrative Committee, at least annually, in the form of an account
reconcilement.

     3.3 The Trustee shall have no duty to question the propriety of any direction of the
Administrative Committee or a Representative to make transfers from the General Account to the
Benefit Account, to account for funds retained in or disbursed from the Benefit Account, or to pay
any tax arising by reason of any benefit payment made under the Plan.

ARTICLE FOUR: SEPARATE ACCOUNTS AND INVESTMENT ADVISERS

     The Trust Fund shall consist of one or more Separate Accounts and, with the Trustee’s written
consent, one or more Trustee Investment Accounts. All Separate Accounts and any Trustee Investment
Accounts shall be established by the Trustee at the direction of the Investment Committee. The
Investment Committee shall designate assets of the Trust Fund to be allocated to each Separate
Account and each Trustee Investment Account and shall direct the Trustee with respect to any
transfer of assets between Separate Accounts or between a Separate Account and a Trustee Investment
Account; provided that no asset shall be allocated or transferred to a Trustee Investment Account
without the Trustee’s written consent. The Investment Committee shall have investment
responsibility for any assets of the Trust Fund not otherwise allocated to a Separate Account or
Trustee Investment Account, and such assets shall comprise a Separate Investment Account for which
the Investment Committee serves as Investment Adviser. The following provisions shall apply to the
Separate Accounts:

     4.1 With respect to each Separate Investment Account, the Investment Committee may appoint an
Investment Manager who shall acknowledge by a writing delivered to the

4

 

Investment Committee that it is a fiduciary with respect to the assets allocated thereto, or in the
event the Investment Committee does not appoint an Investment Manager, the Investment Committee
shall have investment responsibility with respect to such Separate Investment Account. The Trustee
shall act with respect to assets allocated to a Separate Investment Account only as directed by the
Investment Manager or, in the event that the Investment Committee does not appoint an Investment
Manager, the Investment Committee.

     4.2 With respect to each Separate Insurance Contract Account, from assets allocated thereto,
the Trustee shall purchase or continue in effect such insurance contracts, including annuity
contracts and policies of life insurance, as the Investment Committee shall direct, the issuing
insurance company may credit those assets to its general account or to one or more of its separate
accounts, and the Trustee shall act with respect to those contracts only as directed by the
Investment Committee.

     4.3 The Investment Committee shall have investment responsibility for assets held in any
Separate Account for which an Investment Manager has not been retained, has been removed, or is for
any reason unwilling or unable to act. With respect to assets or Separate Accounts for which the
Investment Committee has investment responsibility, the Trustee, acting only as directed by the
Investment Committee, shall enter into such agreements as are necessary to facilitate any
investment, including agreements entering into a limited partnership or the participation in real
estate funds. The Trustee shall not make any investment review of, or consider the propriety of
holding or selling, or vote any assets for which the Investment Committee has investment
responsibility.

     4.4 With respect to each Separate Account, the Investment Adviser thereof shall have the
investment powers granted to the Trustee by ARTICLE FIVE, as limited by Section 6.1
through Section 6.3 of ARTICLE SIX, as if all references therein to the Trustee referred
to the Investment Adviser.

     4.5 The Investment Committee may engage the Trustee, or any of its affiliates, as the
Investment Committee’s agent, to provide transition or liquidation services in connection with the
removal of an Investment Manager, the termination of a Plan, or for any other reason, pursuant to a
separate written agreement between the Investment Committee and the Trustee or any of its
affiliates. The Investment Committee may engage Northern Trust Securities, Inc., or any other
affiliate of the Trustee, as a commission recapture service provider.

ARTICLE FIVE: POWERS OF TRUSTEE

     Except as otherwise provided in this Agreement, the Trustee shall hold, manage, care for and
protect the assets of the General Account and shall have until actual distribution thereof the
following powers and, except to the extent inconsistent herewith, those now or hereafter conferred
by law:

     5.1 To retain any asset originally included in the General Account or subsequently added
thereto;

5

 

     5.2 To invest and reinvest the assets of the General Account without distinction between
income and principal in bonds, stocks, mortgages, notes, options, futures contracts, options on
futures contracts, limited partnership interests, any common trust fund, group trust, pooled fund
or other commingled investment fund maintained by the Trustee or any other bank for trust
investment purposes, participations in regulated investment companies (including those for which
the Trustee or its affiliate is adviser), or other property of any kind, real or personal, foreign
or domestic, and to enter into insurance contracts. To the extent that assets of the General
Account are invested in common funds maintained by the Trustee or its affiliates, (i) the terms of
the declaration of trust under which such funds are maintained shall be incorporated into this
agreement and (ii) in the event that any such common fund is a stock index fund, the components of
which include the common stock of Northern Trust Corporation, the parent company of the Trustee,
the trustee of the common fund is authorized to purchase, sell and retain investments in such stock
consistent with the investment objectives of the fund;

     5.3 To deposit cash in any depository, including the banking department of the Trustee or its
affiliate and any organization acting as the fiduciary with respect to the General Account;

     5.4 To hold any part of the assets of the General Account in cash without liability for
interest, pending investment thereof or the payment of expenses or making distributions therewith,
notwithstanding the Trustee’s receipt of “float” from such uninvested cash;

     5.5 To cause any asset of the General Account, real or personal, to be held in a corporate
depository or federal book entry account system or registered in the Trustee’s name or in the name
of a nominee or in such other form as the Trustee deems best without disclosing the trust
relationship;

     5.6 To vote, either in person or by general or limited proxy, or refrain from voting, any
corporate securities for any purpose, except that any security as to which the Trustee’s possession
of voting discretion would subject the issuing company or the Trustee to any law, rule or
regulation adversely affecting either the company or the Trustee’s ability to retain or vote
company securities, shall be voted as directed by the Investment Committee; to exercise or sell any
subscription or conversion rights; to consent to and join in or oppose any voting trusts,
reorganizations, consolidations, mergers, foreclosures and liquidations and in connection therewith
to deposit securities and to accept and hold other property received therefor;

     5.7 To sell at public or private sale, contract to sell, convey, exchange, transfer and
otherwise deal with assets of the General Account in accordance with industry practice, and to sell
put and covered call options from time to time for such price and upon such terms as the Trustee
sees fit; the Company acknowledges that the Trustee may reverse any credits made to the Trust Fund
by the Trustee prior to receipt of payment in the event that payment is not received;

     5.8 To employ agents, attorneys and proxies and to delegate to any one or more of them any
power, discretionary or otherwise, granted to the Trustee;

6

 

     5.9 To compromise, contest, prosecute or abandon claims in favor of or against the General
Account;

     5.10 To pay any tax, charge or assessment and to defer making payment of any such tax, charge
or assessment until the Trust Fund is indemnified to the Trustee’s satisfaction with respect
thereto; and

     5.11 To perform other acts necessary or appropriate for the proper administration of the
General Account, execute and deliver necessary instruments and give full receipts and discharges.

ARTICLE SIX: LIMITATIONS ON POWERS

     For purposes of this agreement, the powers and responsibilities allocated to the Trustee shall
be limited as follows:

     6.1 The powers of the Trustee shall be exercisable for the exclusive purpose of providing
benefits to those Participants and Beneficiaries who are eligible to receive such benefits in
accordance with the terms and conditions of the Plan and in accordance with the standards of a
prudent man under ERISA;

     6.2 Subject to Section 6.1 and Section 6.3, the Trustee shall diversify the investments of
that portion of the Trust Fund for which it has investment responsibility so as to minimize the
risk of large losses;

     6.3 Subject to Section 6.1, the Trustee shall, with respect to that portion of the Trust Fund
for which it has investment responsibility, follow the investment guidelines established by the
Investment Committee given in exercise of that committee’s responsibility;

     6.4 The Trustee shall not make any investment review of, consider the propriety of holding or
selling, or vote, any assets of the Trust Fund allocated to a Separate Account in accordance with
ARTICLE FOUR, except as directed by the Investment Adviser thereof. Further, if the
Trustee shall not have received contrary instructions from the Investment Adviser of a Separate
Account, the Trustee, in its discretion, shall invest for short term purposes any cash of such
Separate Account, in its custody, in participations in common funds maintained by The Northern
Trust Company or any of its affiliates; and

     6.5 The Investment Committee shall have the sole investment responsibility with respect to the
retention, sale, purchase or voting of any employer stock which has not been allocated to a
Separate Account. The Trustee shall have custody of such employer stock and shall act with respect
thereto only as directed by the Investment Committee. The Trustee shall not make any investment
review of, consider the propriety of holding or selling, or vote any such employer stock. With
respect to such employer stock, the Investment Committee shall have the investment powers granted
to the Trustee by ARTICLE FIVE as limited by Section 6.1 and Section 6.2 of this
ARTICLE SIX, as if all references therein to the Trustee referred to the Investment
Committee. No provision of this Section 6.5 shall prevent the Trustee from taking any action with
respect to the voting or tender of such employer stock if the Trustee

7

 

determines in its sole discretion that such action is necessary in order for the Trustee to fulfill
its fiduciary responsibilities under ERISA.

ARTICLE SEVEN: ACCOUNTS

     7.1 With respect to the General Account, the Trustee shall maintain accounts of all
investments, receipts and disbursements, including contributions, distributions, purchases, sales
and other transactions thereunder. The accounts and the books and records relating thereto, shall
be open to inspection and audit at all reasonable times, and upon reasonable notice, by any person
or persons designated by the Administrative Committee or entitled thereto under ERISA, provided
that the Trustee shall be entitled to the reimbursement of any reasonable expenses it incurs in
connection with such inspection or audit.

     7.2 Within sixty (60) days after the close of each fiscal year of the Trust Fund and of any
other period agreed upon by the Trustee and the Investment Committee, the Trustee shall render,
with respect to the General Account, to the Investment Committee a statement of account for the
period commencing with the close of the last preceding period and a list showing each asset of the
General Account as of the close of the current period and its cost and fair market value. In
preparing the Trustee’s written account, the Trustee shall be fully protected in relying, without
duty of inquiry: (i) upon the determination of the issuing insurance company or other entity with
respect to the value of each insurance or investment contract included in such written account,
(ii) upon information provided by the general partner or other investment entity with respect to
the value of each limited partnership or other investment interest included in such written
account, and (iii) with respect to any assets of the General Account managed by an Investment
Adviser for which the Trustee deems not to have a readily ascertainable value, upon the fair market
value of such assets as determined by the applicable Investment Adviser.

     7.3 An account of the Trustee may be approved by the Investment Committee by written notice
delivered to the Trustee or by failure to object to the account by written notice delivered to the
Trustee within 6 months of the date upon which the account was delivered to the Investment
Committee. The approval of an account shall constitute a full and complete discharge to the
Trustee as to all matters set forth in that account as if the account had been settled by a court
of competent jurisdiction in an action or proceeding to which the Trustee, the Company and the
Investment Committee were parties. In no event shall the Trustee be precluded from having its
accounts settled by a judicial proceeding. Nothing in this article shall relieve the Trustee of
any responsibility, or liability for any responsibility, under ERISA.

ARTICLE EIGHT: TRUSTEE SUCCESSION

     8.1 The Trustee may resign at any time by written notice to the Investment Committee, or the
Investment Committee may remove the Trustee by written notice to the Trustee. The resignation or
removal shall be effective one hundred twenty (120) days after the date of the Trustee’s
resignation or receipt of the notice of removal, or at such earlier date as the Trustee and the
Investment Committee may agree.

8

 

     8.2 In case of the resignation or removal of the Trustee, the Investment Committee shall
appoint a successor trustee by delivery to the Trustee of a written instrument executed by the
Investment Committee appointing the successor Trustee and a written instrument executed by the
successor trustee accepting the appointment, whereupon the Trustee shall deliver the assets of the
Trust Fund to the successor trustee but may reserve such reasonable amount as the Trustee may deem
necessary for outstanding and accrued charges against the Trust Fund.

     8.3 The successor Trustee, and any successor to the trust business of the Trustee by merger,
consolidation or otherwise, shall have all the powers given the originally named Trustee. No
successor trustee shall be personally liable for any act or omission of any predecessor. Except as
otherwise provided in ERISA, the receipt of the successor trustee and the approval of the Trustee’s
final account by the Investment Committee in the manner provided in ARTICLE SEVEN shall
constitute a full and complete discharge to the Trustee.

ARTICLE NINE: AMENDMENT AND TERMINATION

     9.1 The Company may at any time or times with the consent of the Trustee amend this agreement
in whole or in part by instrument in writing delivered to the Trustee and effective upon the date
therein provided.

     9.2 This agreement shall terminate with respect to a Plan by action of the Company or
Subsidiary responsible for making contributions to the Plan Account. Upon termination with respect
to a Plan, the Trustee shall distribute the Plan Account in the manner directed by the Investment
Committee, in kind to the extent of identified assets and the balance in cash or in kind or partly
in each as the Trustee and the Investment Committee shall agree, except that in no event shall any
part of the Trust Fund attributable to a Plan revert to the Company, and except, further, that the
Trustee may reserve such reasonable amount as the Trustee may deem necessary for outstanding and
accrued charges against the Plan or the Trust Fund. If after the satisfaction of liabilities with
respect to a Plan, any assets remain in the Trust Fund, such assets shall be applied in a manner
permitted by the regulations issued under Section 501(c)(9) of the Code.

     9.3 This agreement shall terminate in its entirety when there is no asset included in the
Trust Fund.

ARTICLE TEN: MISCELLANEOUS

     10.1 Any action required to be taken by the Company or by a Subsidiary shall be by resolution
of its board of directors or by the written direction of one or more of its president, any vice
president or treasurer or assistant treasurer, or by such other person or persons as shall be
authorized by such officers or by resolution of its board of directors, which resolution shall be
filed with the Trustee. The Trustee may take or omit to take any action in accordance with written
direction purporting to be signed by such an officer of the Company or Subsidiary or other
authorized person, or in reliance upon a certified copy of a resolution of the board of directors
which the Trustee believes to be genuine. The Trustee shall have no

9

 

responsibility for any action
taken by the Trustee in accordance with any such resolution or direction.

     10.2 The Company shall certify to the Trustee in writing the names of the members of the
Administrative Committee and the Investment Committee acting from time to time, and the Trustee
shall not be charged with knowledge of a change in the membership of either such committee until so
notified in writing by the Company. Any action required or permitted to be taken by the
Administrative Committee or the Investment Committee hereunder shall be by direction of (i) one or
more of the members of the committee authorized to take such action hereunder, (ii) such
committee’s secretary or (iii) such other designee as shall be designated in writing by the
Administrative Committee or the Investment Committee to act for such committee. The Trustee may
rely upon an instrument of designation received from the Administrative Committee or the Investment
Committee appointing a designee to act for such committee which it believes has been signed by a
majority of the members (or by the secretary or chairman) of the appropriate committee and filed
with the Trustee. The Trustee shall have no responsibility for any action taken by it in accordance
with any direction it believes to have been given as provided above.

     10.3 Notwithstanding any other provision of this agreement, instructions, directions and other
communications provided under this agreement may be given to the Trustee by letter, telex, SWIFT or
other electronic or electro-mechanical means deemed acceptable by the Trustee, including the use of
the Trustee’s Northern Trust Passport® applications, subject to such additional terms and
conditions as the Trustee may require. In its sole discretion, the Trustee may, but shall not be
required to, accept instructions, directions or other communications given to the Trustee by
telephone. Any instructions, directions or other communications given to the Trustee by telephone
shall promptly thereafter be confirmed in writing, but the Trustee will incur no liability for the
Company’s or the Administrative Committee’s or the Investment Committee’s failure, or the failure
of an Investment Manager, to send such written confirmation or for the failure of any such written
confirmation to conform to the telephonic instruction received by the Trustee.

     10.4 The Trustee may consult with legal counsel, who may be counsel for the Company, with
respect to its responsibilities under this agreement and shall be fully protected in acting or
refraining from acting in reliance upon the written advice of legal counsel.

     10.5 In no event shall the terms of the Plan, either expressly or by implication, be deemed to
impose upon the Trustee any power or responsibility other than those set forth in this agreement.
The Trustee may assume until advised to the contrary that this Trust is entitled to tax exemption
under section 501(c)(9) and related sections of the Code, or under any comparable section or
sections of any future legislation which amends, supplements or supersedes those sections of the
Code. The Trustee shall hold and safekeep all cash (or other property acceptable to the Trustee)
transferred or contributed to the General Account with respect to the Plan, but the Trustee shall
not have the right and shall not be subject to any duty to demand or collect contributions from the
Company or a Subsidiary, which, in its discretion, may deposit contributions to the General Account
or the Benefit Account, nor shall the Trustee be subject to any duty to determine whether a
contribution complies with the

10

 

provisions of the applicable Plan or of ERISA nor to determine
whether contributions are adequate to meet or discharge any liabilities under the Plan.

     10.6 In any judicial proceeding to settle the accounts of the Trustee, the Trustee, the
Company and the Investment Committee shall be the only necessary parties; in any other judicial
proceeding with respect to the Trustee or the Trust Fund, the Trustee, the Company and each
affected Subsidiary shall be the only necessary parties; and no Participant or Beneficiary shall be
entitled to any notice of process. A final judgment in any such proceeding shall be binding upon
the parties to the proceeding and all Participants and Beneficiaries.

     10.7 The Trustee shall receive such reasonable compensation for its services as the Trustee
and the Company shall from time to time determine. In addition, the Trustee shall be reimbursed
for any expenses (including accounting and legal fees) that the Trustee reasonably incurs in
connection with the Trust Fund. Those items of expense and compensation shall be paid from the
General Account to the extent that they are not paid by the Company; provided that the Company
shall be required to pay for any items that it determines are not chargeable to the General Account
under applicable law or the applicable Plan document. This paragraph shall survive the termination
of this agreement.

     10.8 Without limiting the rights of the Trustee as otherwise provided in this Agreement,
pursuant to direction by the Administrative Committee, the Trustee shall pay from the Trust Fund
expenses of a Plan or compensation to parties providing services to a Plan including but not by way
of limitation, expenses or compensation related to actuarial, legal, accounting, office space,
printing, computer, recordkeeping, investment, performance evaluation or any other material or
service provided to the Plan; and, further, pursuant to direction by the Administrative Committee,
the Trustee may reimburse the Company from the Trust Fund for expenses of the Plan to the extent
permitted by the Plan and ERISA. It shall be the responsibility of the Administrative Committee to
determine that any such expenses for which the Company is reimbursed pursuant to this paragraph are
expenses of a Plan permitted by the Plan and ERISA.

     10.9 (a) In the event that THE NORTHERN TRUST COMPANY incurs any liability, loss,
claim, suit or expense (including attorneys fees) in connection with or arising out of its
provision of services under this agreement, or its status as Trustee hereunder, under circumstances
where THE NORTHERN TRUST COMPANY cannot obtain or would be precluded by law from
obtaining payment or reimbursement of such liability, loss, claim, suit or expense (including
attorneys fees) from the Trust Fund, then the Company (which has the authority to do so under the
laws of the state of its incorporation) shall indemnify and hold THE NORTHERN TRUST
COMPANY harmless from and against such liability, loss, claim, suit or expense, except to the
extent such liability, loss, claim, suit or expense arises directly from a breach by the Trustee of
responsibilities specifically allocated to it by the terms of this agreement or the negligence,
fraud, or willful misconduct of the Trustee in the performance of its duties allocated herein.
This paragraph shall survive the termination of this agreement.

            (b) Notwithstanding the foregoing, the Trustee shall not be indemnified for any loss,
liability, claim, suit or expense to the extent the Trustee participated knowingly in, or

11

 

knowingly
undertook to conceal, an act or omission of any other person or entity constituting a breach of
such person’s or entity’s fiduciary responsibility hereunder, knowing such act or omission was a
breach; provided however, that the Trustee shall not be deemed to have “participated” in a breach
for purposes of this undertaking solely as a result of the performance
by the Trustee or its officers, employees, or agents of any custodial, reporting, recording and
bookkeeping functions with respect to any assets of the Trust Fund managed by an Investment
Manager, Investment Trustee or the Investment Committee or solely as a result of settling purchase
and sale transactions entered into or directed by an Investment Manager, Investment Trustee or the
Investment Committee or to have “knowledge” of any breach solely as a result of the normal
information received by the Trustee or its officers, employees, or agents in the normal course of
performing such functions or settling such transactions.

     10.10 Neither the Company, the Administrative Committee nor the Investment Committee shall
direct the Trustee to cause any part of the Trust Fund to be diverted to any purpose other than the
exclusive benefit of the Participants and Beneficiaries and the payment of such fees and expenses,
including taxes (as the case may be), as are provided for in the Plan and this agreement, or as
otherwise permitted under the affected Plan and under applicable law (including ERISA).

     10.11 Any person dealing with the Trustee need not see to the application of any money paid or
property delivered to the Trustee or inquire into the provisions of this agreement or of any Plan
or the Trustee’s authority thereunder or compliance therewith, and may rely upon the statement of
the Trustee that the Trustee is acting in accordance with this Agreement.

     10.12 Any interest of a Participant in the Trust Fund or a Plan in any distribution therefrom
shall not be subject to the claims of any creditor, any spouse for alimony or support, or others,
or to legal process, and may not be voluntarily or involuntarily alienated or encumbered.

     10.13 Neither party shall be responsible for any delay in performance, or non-performance,
of any obligation hereunder to the extent that the same is due to forces beyond its reasonable
control, including but not limited to delays, errors or interruptions caused by third parties, any
industrial, juridical, governmental, civil or military action, acts of terrorism, insurrection or
revolution, nuclear fusion, fission or radiation, failure or fluctuation in electrical power, heat,
light, telecommunications equipment, or acts of God.

     10.14 In case any provision of this agreement shall be held illegal or invalid for any reason,
the illegality or invalidity shall not affect the remaining provisions of this agreement, but shall
be fully severable, and the agreement shall be construed and enforced as if said illegal or invalid
provisions had never been inserted herein. This agreement supersedes and replaces any prior
agreements with respect to the subject matter hereof.

     10.15 This agreement may be executed in any number of counterparts, each of which shall be
deemed an original, and the counterparts shall constitute one and the same instrument.

12

 

     10.16 Title to the Trust Fund shall be vested in and remain exclusively in the Trustee and
neither the Company, the Administrative or Investment Committee, a Participant or dependent, or a
representative of a Participant or dependent shall have any right, title or interest in or to any
of the asset of the Trust Fund or in or to any contributions made thereto.

     10.17 Except to the extent agreed otherwise in writing between the Company/ Investment
Committee and the Trustee, the Investment Committee shall (i) determine the taxability of Trust
income, (ii) calculate the amount of any taxes owed by the Trust, (iii) direct the Trustee
regarding the payment of such taxes, and (iv) be responsible for the preparation and filing of any
required tax forms relating to the Trust or distributions from the Benefit Account, including (as
applicable) Forms 990, 990-T, W-2, or any other information or tax returns. The Trustee agrees to
cooperate in providing the Investment Committee or its designee with such information as is
contained within its ordinary business records and is needed in order to timely complete any such
form. For purposes of any annual information return, the books of the voluntary employees’
beneficiary association shall be maintained in the care of the Company.

ARTICLE ELEVEN: GOVERNING LAW

     The provisions of federal law, including ERISA and Code Section 501(c)(9), and the internal
laws of Illinois shall govern the validity, interpretation and enforcement of this agreement, and
in case of conflict, the provisions of federal law shall prevail.

13

 

     IN WITNESS WHEREOF, the Company and the Trustee, respectively, have caused this
agreement to be signed by their duly authorized officers and have caused their respective corporate
seals to be hereunto affixed as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	PHELPS DODGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	ATTEST:

	 	By:
	 	/s/ S. K. Rideout
 

	 	 
	 
	 	 	 	 	 	 
	/s/ Catherine R. Hardwick
 

                     Secretary

	 	Its:
	 	Vice President & Treasurer
	 	 
	 
	 	 	 	 	 	 
	           (CORPORATE SEAL)
	 	 	 	 	 	 

          The undersigned, Catherine R. Hardwick, does hereby certify that he/she is the duly
elected, qualified and acting Assistant General Counsel and Secretary of Phelps Dodge Corporation
(the “Company”) and further certifies that the person whose signature appears above is a duly
elected, qualified and acting officer of the Company with full power and authority to execute this
Trust Agreement on behalf of the Company and to take such other actions and execute such other
documents as may be necessary to effectuate this Agreement.

	 	 	 
	/s/ Catherine R. Hardwick
 

                     Secretary

	 	 
	           Phelps Dodge Corporation
	 	 

	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	ATTEST:

	 	By:	 	/s/ Karen Guggis	 	 
	 

	 	 	 	 

	 	 
	/s/
Robert F. Deathers Jr.

	 	Its:	 	Vice President	 	 
	 

                     Assistant Secretary

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	                (CORPORATE SEAL)
	 	 	 	 	 	 

14exv10w34

 

Exhibit 10.34

Execution Copy

RECLAMATION AND REMEDIATION TRUST AGREEMENT

          AGREEMENT made as of December 22, 2005 (the “Agreement”), by and between Phelps Dodge
Corporation (the “Corporation”), a New York corporation, as grantor, and Wells Fargo Delaware Trust
Company, a Delaware limited purpose trust company (the “Trustee”), as trustee.

WITNESSETH:

          WHEREAS, the Corporation has mining and manufacturing facilities in the United States and
other regions of the world, which include open-pit mining, underground mining, sulfide ore
concentrating, leaching, solution extraction, electrowinning, smelting and refining;

          WHEREAS, the Corporation’s operations are subject to stringent laws and regulations relating
to improving or maintaining environmental quality;

          WHEREAS, under such environmental laws and regulations, the Corporation is required, among
other things, to perform certain reclamation and remediation activities, to make sure that its
operations do not pose a current or future hazard to public health and safety, that its mining
locations will be stabilized to minimize future impact to the environment and that air and water
resources will be protected (collectively, the “R&R Activities”) and in connection therewith to
guarantee or otherwise provide financial assurance that funds will be available when needed for
such R&R Activities;

          WHEREAS, the Corporation wishes to dedicate and segregate funds for such R&R Activities to
ensure that the Corporation will have the necessary funds to support these activities;

          WHEREAS, the Corporation is hereby establishing a trust (the “Trust”) for the purpose of
accumulating assets to assist it in financing or otherwise performing its R&R Activities and
related matters, to which Trust the Corporation is transferring, and will in the future transfer,
cash and/or other property, and any such contributions together with earnings (including income and
appreciation) and losses (including depreciation and loss of principal) thereon (hereinafter called
the “Trust Fund”) shall be held in trust; and

          WHEREAS, the Corporation desires that the Trustee hold and administer all assets transferred
to the Trust Fund by the Corporation and the Trustee is willing to hold, administer and dispose of
such assets pursuant to the terms of this Agreement.

          NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the Corporation and the Trustee hereby agree as follows:

 

 

ARTICLE I.

Establishment of Trust

          1.1 The Trust is intended to be a grantor trust, of which the Corporation is the grantor,
within the meaning of subpart E, part I, subchapter J, Chapter 1, subtitle A of the Internal
Revenue Code of 1986, as amended from time to time (the “Code”), and shall be construed
accordingly.

          1.2 The principal of the Trust, and any earnings thereon, shall be held separate and apart
from other funds of the Corporation by the Trustee in trust for the benefit of the Corporation and
its subsidiaries listed on Schedule A (the “Beneficiaries”). The Corporation may amend
Schedule A to add or remove subsidiaries by delivery of written notice to the Trustee.
Such instrument shall be identified as a successor Schedule A to this Agreement that
supersedes the preceding Schedule A, and shall be effective upon delivery to the Trustee in
accordance with Section 13.1.

          1.3 The purposes of the Trust are to engage in the following activities (the “Permitted
Purposes”): (i) provide a source of funds for R&R Activities or otherwise support or facilitate any
R&R Activity, (ii) guarantee, or provide any other form of financial assurance with respect to, R&R
Activities, (iii) provide a source of funds for research and development related to R&R Activities,
(iv) activities that are necessary, suitable or convenient to accomplish the foregoing or are
incidental thereto or connected therewith and (v) such other activities as may be required in
connection with conservation of the Trust Fund and distributions to the Beneficiaries.

          1.4 The Trust hereby established is revocable by the Corporation.

ARTICLE II.

Funding of Trust

          2.1 The Corporation hereby deposits with the Trustee in trust the sum of One Hundred Million
Dollars ($100,000,000), which becomes the initial principal of the Trust to be held, administered
and disposed of by the Trustee as provided in this Agreement. The Corporation may at any time, or
from time to time, make additional deposits of cash or other property to the Trustee in trust, to
augment the principal to be held, administered and disposed of by the Trustee as provided in this
Agreement. Neither the Trustee nor any Beneficiary shall have any right to compel such additional
deposits.

          2.2 Notwithstanding anything else to the contrary contained herein, the Trustee shall be
responsible only for contributions actually received by it hereunder.

2

 

ARTICLE III.

Disposition of Income

          3.1 During the term of this Trust, all income received by the Trust, net of expenses and
taxes, shall be accumulated and reinvested, pursuant to Section 6.2, to the extent that it is not
used by the Trustee to make payments or distributions required by this Agreement.

ARTICLE IV.

Distribution from the Trust

          4.1 After the Trust Fund is funded pursuant to Section 2.1 hereof, the Trustee shall from time
to time, make distributions or payments out of the Trust Fund, in cash or in property, to such
Beneficiaries, in such manner and in such amounts as requested by a Beneficiary and the
Corporation, but only to the extent that there are sufficient assets in the Trust Fund to make such
distributions or payments and solely for the Permitted Purposes. Disbursements shall be made from
the Trust Fund to the designated Beneficiary upon presentation to the Trustee of an executed
Certificate in the form of Exhibit 1.

          4.2 Disbursements shall be made from the Trust Fund to the Corporation, whether or not for
Permitted Purposes, in such amounts as the Corporation may direct from time to time upon
presentation to the Trustee of an executed Certificate in the form of Exhibit 2.

          4.3 Disbursements shall be made from the Trust Fund to defray reasonable expenses incurred by
the Trustee in connection with the administration of the Trust, including without limitation, the
agreed upon compensation of the Trustee and reasonable expenses of the Trustee, and reasonable fees
and expenses of independent legal counsel and any other independent consultants retained by the
Trustee to assist the Trustee in carrying out its duties and responsibilities under this Agreement.

          4.4 Disbursements shall also be made from the Trust Fund to pay all taxes levied against the
Trust itself and, in addition, so long as the Internal Revenue Service and/or any state or local
taxing authority does not dispute that the Trust established by this Agreement is a grantor trust
under Section 671 et seq. of the Internal Revenue Code of 1986, as amended (or any
successor provision), of which the Corporation is the grantor and the Trust itself has no
obligation to pay any income taxes, then disbursements shall be made from the Trust on an annual
basis to the Corporation upon presentation to the Trustee of an executed Certificate in the form of
Exhibit 3 hereto in an amount equal to twenty-five percent (25%) of the Trust’s Deemed
Taxable Income (as defined below) for the immediately preceding calendar year. The Corporation and
the Trustee agree that it is proper, in all tax reporting by the Trust, to treat the Trust as a
grantor trust of which the Corporation is the grantor and that they will so treat the Trust.

3

 

For purposes of the foregoing, the term “Deemed Taxable Income” means, for any calendar year,
the taxable investment income, including capital gains, of the Trust less the Trust’s expenses and
losses (as shown in the Form 1041 Information Statement provided to the Corporation by the Trustee
for that calendar year adjusted if necessary pursuant to the following sentence), except that
investment income shall be included in Deemed Taxable Income only to the extent that such income
would be includable in determining taxable income for federal income tax purposes if the Trust were
a separate corporate entity, and expenses and losses shall be taken into account in determining
Deemed Taxable Income only if they would be deductible in determining taxable income for federal
income tax purposes if the Trust were a separate corporate entity. For purposes of computing
Deemed Taxable Income, the Trust’s losses, if any, shall be carried over and deducted against
subsequent years’ Deemed Taxable Income, or carried back and deducted against prior years’ Deemed
Taxable Income, until fully utilized to the extent such losses would be deductible in determining
the taxable income for federal income tax purposes if the Trust were a separate corporate entity.

          4.5 Upon presentation to the Trustee of an executed Certificate in the form of Exhibit
4 hereto, all monies and assets remaining in the Trust, including earnings and profits, less
the final administration expenses of the Trust, shall be paid to the Corporation, and the Trust
shall be terminated.

ARTICLE V.

Financial Assurance

          5.1 Upon presentation to the Trustee by the Corporation and the applicable Beneficiary of an
executed Certificate in the form of Exhibit 5, the Trustee shall segregate the funds
specified in such Certificate in the manner described in such Certificate for the purpose of
providing financial assurance on behalf of the applicable Beneficiary upon the terms and conditions
set forth in such Certificate and any descriptive documentation accompanying it.

ARTICLE VI.

Powers, Duties and Responsibility of Trustee

          6.1 The Trustee acknowledges and agrees that it is under a duty to exercise reasonable care
with respect to the custody of the Trust Fund; provided, however, that the Trustee’s sole duty with
respect to the custody of the Trust Fund shall be to deal with such property in a similar manner as
the Trustee deals with similar property for its own account, subject to the protections and
limitations on liability afforded to the Trustee under this Agreement. The Trustee further
acknowledges that, in performing its duties under this Agreement, it is a fiduciary to the Trust
and shall at all times act in a fiduciary capacity to the Trust in the exercise of its duties and
responsibilities under this Trust Agreement. To the extent that, at law or in equity, the Trustee
has duties (including fiduciary duties) and liabilities relating thereto to the Trust,

4

 

to the Corporation or to the Beneficiaries, the Trustee shall not be liable to the Trust, to
the Corporation or to any Beneficiary for such Trustee’s good faith reliance on the provisions of
this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and
liabilities of the Trustee otherwise existing at law or in equity, are agreed by the Trust, the
Corporation and the Beneficiaries to replace such other duties and liabilities of the Trustee.

          6.2 Notwithstanding any other provision hereof, the Trust Fund shall be held, invested and
reinvested by the Trustee in accordance with this Section 6.2 under the written directions of the
Corporation to be provided to the Trustee by any of the individuals listed on Schedule B
(the “Authorized Persons”). The Corporation may, by delivery of written notice to the Trustee, add
or replace any of the Authorized Persons. Such instrument shall be identified as a successor
Schedule B to this Agreement that supersedes the preceding Schedule B, and shall be
effective upon delivery to the Trustee in accordance with Section 13.1. The Trustee shall not be
liable for any failure to maximize the income earned on that portion of the Trust Fund as is from
time to time invested or reinvested as set forth above. Furthermore, the Trustee shall have no
liability for loss on an investment made in accordance with this Section 6.2. The Trustee shall
not be liable for interest on uninvested funds.

          6.3 The Trustee shall, if so instructed by the Corporation, enter into investment management
agreements concerning the investment of the funds in the Trust with one or more independent
investment managers. All investments shall be held by the Trustee as custodian of the Trust Fund.

          6.4 Whenever the Trustee is required in accordance with the terms hereof to make a
disbursement of funds from the Trust, if, after application of all available cash and cash
equivalents that can be liquidated without an interest cost or penalty, liquidation of another
investment is necessary to make any such disbursement, the Trustee shall seek directions from any
of the individuals listed on Schedule B. The Trustee shall have no liability with respect
to any interest cost or penalty on the liquidation of any Permitted Trust Investment pursuant to
this Section 6.4.

          6.5 The Trustee shall act in good faith; provided, however, that the Trustee shall incur no
liability to any person for any action taken pursuant to a direction, request or approval given by
the Corporation which is in conformity with the terms of this Agreement and is given in writing by
the Corporation. In the event of a dispute, the Trustee may apply to a court of competent
jurisdiction to resolve the dispute.

          6.6 If the Trustee undertakes or defends any litigation arising in connection with this Trust,
the Corporation agrees to indemnify the Trustee against the Trustee’s costs, expenses and
liabilities (including, without limitation, reasonable attorneys’ fees and expenses) relating
thereto and to be primarily liable for such payments unless the Trustee is determined, in a final
adjudication, to have been guilty of willful misconduct or gross negligence in the performance (or
non-performance) of its duties under the Trust. If the Corporation does not pay such costs,
expenses and liabilities in a

5

 

reasonably timely manner, the Trustee may pay such costs, expenses and liabilities with assets
of the Trust. The Corporation shall remain liable for such costs, expenses and liabilities to the
extent the Trust has insufficient funds.

          6.7 The Trustee may consult with legal counsel (who may also be counsel for the Corporation
generally) with respect to any of its duties or obligations hereunder, and the reasonable fees and
expenses of such legal counsel will be paid by the Corporation, provided that if the Corporation
does not pay such fees and expenses within a reasonable time, the Trustee may pay such fees and
expenses with assets of the Trust.

          6.8 The Trustee may act directly or through its agents, accountants, actuaries, investment
advisors, financial consultants, attorneys or other professionals (collectively, “Professionals”)
to assist it in performing any of its duties or obligations hereunder, and the reasonable fees and
expenses of such Professionals shall be paid by the Corporation, provided that if such fees and
expenses are not promptly paid by the Corporation, the Trustee may pay such fees and expenses with
assets of the Trust. The Corporation shall remain liable for such costs, expenses and liabilities
to the extent the Trust has insufficient funds. The Trustee shall not be liable for the conduct or
misconduct of such Professionals if such Professionals shall have been selected by the Trustee in
good faith.

          6.9 Subject to Sections 6.1 and 6.2 hereof, the Trustee shall have, without exclusion, all
powers conferred on Trustees by applicable law, unless expressly provided otherwise herein.

          6.10 Subject to Sections 6.1 and 6.2 hereof, but in amplification of (and not in limitation
of) the powers given in Article VI hereof, the Trustee shall have the following powers and
authority in the administration of the Trust Fund at the direction of the Corporation:

     (a) To invest all contributions, investments, and reinvestments thereof and all
additions thereto by way of contributions, earnings and increments.

     (b) To sell for cash or on credit, to grant options, convert, redeem, exchange for
other securities or other property, or otherwise to dispose of any securities or other
property at any time held.

     (c) To settle, compromise or submit to arbitration, any claims, debts or damages, due
or owing to or from the Trust, to commence or defend suits or legal proceedings and to
represent the Trust in all suits or legal proceedings.

     (d) To exercise any conversion privilege and/or subscription right available in
connection with any securities or other property at any time held; to oppose or to consent
to the reorganization, consolidation, merger, or readjustment of the finances of any
corporation, company or association or to the sale, mortgage, pledge or lease of the
property of any corporation, company or

6

 

association any of the securities of which may at any time be held and to do any act
with reference thereto, including the exercise of options, the making of agreements or
subscriptions, which may be deemed necessary or advisable in connection therewith, and to
hold and retain any securities or other property so acquired.

     (e) To exercise, personally or by general or by limited power of attorney, any right,
including the right to vote, appurtenant to any securities or other property held at any
time.

     (f) To borrow money from any lender in such amounts and upon such terms and conditions
as shall be deemed advisable or proper to carry out the purposes of the Trust and to pledge
any securities or other property for the repayment of any such loan at the direction, or
with the approval, of an Authorized Person.

     (g) To hold cash uninvested for a reasonable period of time under the circumstances
without liability for interest, pending investment thereof or the payment of expenses or
making distributions therewith.

     (h) To register any securities held hereunder in the name of the Trustee or in the
name of a nominee with or without the addition of words indicating that such securities are
held in a fiduciary capacity and to hold any securities in bearer form.

     (i) To make, execute and deliver, as Trustee, any and all conveyances, contracts,
waivers, releases or other instruments in writing necessary or proper for the
accomplishment of any of the foregoing powers.

     (j) Subject to the express provisions of this Agreement, to invest and reinvest all or
any portion of the Trust Fund.

          6.11 The Trustee shall have no duty to see to any recording, filing or registration of any
instrument (including any financing or continuation statement) or any filing under tax or
securities laws or any rerecording, refiling, or reregistration thereof.

ARTICLE VII.

Trustee Compensation

          7.1 The Trustee shall be paid such reasonable compensation as shall from time to time be
agreed upon by the Trustee and the Corporation. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Corporation shall reimburse the
Trustee for all reasonable and documented out-of-pocket disbursements, fees and expenses incurred
by the Trustee in connection

7

 

with the performance of its duties under this Agreement. Such expenses may include the
reasonable compensation and out-of-pocket expenses of the Trustee’s agents and counsel.

ARTICLE VIII.

Reporting and Quarterly Valuation

          8.1 The Trustee shall, so long as any monies or other assets remain in the Trust, prepare and
distribute to the Corporation reports on a quarterly basis.

ARTICLE IX.

Trustee Protection

          9.1 The Corporation shall indemnify and hold harmless the Trustee for any action, or failure
to take action, in reliance in good faith upon any certification, instruction, direction or
approval of the Corporation.

          9.2 The Corporation shall indemnify and hold harmless the Trustee for acting upon any
instrument, certificate, or paper believed by it to be genuine and to be signed or presented by the
proper person or persons, and the Trustee shall be under no duty to make any investigation or
inquiry as to any statement contained in any such writing but may accept the same as conclusive
evidence of the truth and accuracy of the statements therein contained. The Trustee (in its
individual and trust capacities) and its officers, directors, affiliates, successors, assigns and
agents (collectively, the “Indemnified Parties”) shall be indemnified and held harmless by the
Corporation from and against, any and all liabilities, obligations, losses, damages, taxes, claims,
actions and suits, and any and all reasonable costs, expenses and disbursements (including
reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”)
which may at any time be imposed on, incurred by, or asserted against any Indemnified Party in any
way relating to or arising out of this Agreement, the Trust assets, the administration of the Trust
assets or the action or inaction of the Trustee hereunder, except only that the Indemnified Parties
shall not be entitled to indemnification from and against Expenses arising or resulting from its
own willful misconduct or gross negligence. The indemnities contained in this Section shall
survive the resignation or removal of the Trustee or the termination of this Agreement.

          9.3 The Trustee shall not be liable for the proper application of any part of the Trust Fund
if distributions are made in accordance with written instructions furnished to the Trustee by the
Corporation in accordance with this Agreement. All persons dealing with the Trustee are released
from inquiry into the decision or authority of the Trustee and from seeing to the application of
any moneys, securities or other property paid or delivered to the Trustee.

8

 

          9.4 The Trustee shall not be liable hereunder for any loss or diminution of the Trust Fund
resulting from any action taken or omitted unless caused by Trustee’s gross negligence or willful
misconduct.

          9.5 The duties and obligations of the Trustee acting as Trustee hereunder shall be strictly
limited to those expressly imposed upon the Trustee by this Agreement and the Trustee shall have no
implied duties or obligations.

          9.6 The Trustee shall not be liable for default or failure of any other party to carry out
their obligations under this Agreement. The Trustee shall have no liability for following the
direction or instruction of the Corporation.

          9.7 The Trustee shall not be required to act if it reasonably determines or is advised by
counsel that action will likely create personal liability, is contrary to law or conflicts with
other obligations unless it receives indemnity or other security satisfactory to it. Furthermore,
the Trustee may request instructions from the Corporation whenever it is unable to decide between
alternative courses of action or there exists an ambiguous provision. Where, after request to the
Corporation for instruction, no instruction has been received, the Trustee may but is not obligated
to, take no action.

          9.8 The Trustee shall have no duty to manage, register, record, sell or otherwise deal with
Trust assets, or otherwise take any action in connection with any document contemplated hereby,
except as expressly provided in this Agreement or pursuant to instruction.

          9.9 The Trustee acts under this Agreement solely in its capacity as Trustee and not in its
individual capacity.

          9.10 The Trustee shall not be responsible to the Corporation, the Beneficiaries or any other
person for any recitals or other statements contained in this Agreement or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of the Trust Fund or this Agreement nor
shall the Trustee be held accountable for the Corporation’s use of the proceeds of the Trust Fund.

          9.11 No provision of this Agreement shall require the Trustee to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

          9.12 The Trustee shall not be liable for any error of judgment made in good faith by a
responsible officer of the Trustee, unless it is proven that the Trustee was grossly negligent, or
committed willful misconduct or acted in bad faith, in ascertaining the pertinent facts or
otherwise.

9

 

          9.13 The Trustee shall not be required to give any bond or surety in respect of the execution
of its trusts and powers or in respect of this Agreement.

          9.14 In no event shall the Trustee be liable for any damages in the nature of special,
indirect or consequential damages, however styled, including, without limitation, lost profits, or
for any losses due to forces beyond the control of the Trustee, including, without limitation,
strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural
catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services provided to the Trustee by third parties.

ARTICLE X.

Resignation or Removal of Trustee; Appointment of Successor Trustee

          10.1 At any time the Trustee may be removed by the Corporation on thirty (30) days notice or
upon shorter notice accepted by the Trustee. A Trustee may resign at any time by written notice to
the Corporation, which resignation shall be effective ninety (90) days after receipt of such notice
by the Corporation unless the Corporation agrees otherwise. Notwithstanding the foregoing
provisions of this Article X, any Trustee which is removed or resigns shall continue to serve until
its successor Trustee accepts the appointment and receives delivery of the Trust Fund.

          10.2 If notice is given that the Trustee is being removed or is resigning, the Corporation
shall appoint a successor Trustee hereof prior to the effective date of the Trustee’s resignation
or removal. The appointment of a successor Trustee shall be by a written instrument delivered to
the Trustee then acting hereunder and the successor Trustee being appointed.

          10.3 The appointment of a successor Trustee shall be effective when accepted in writing by the
new Trustee. The new Trustee shall have all the rights, powers and duties of the prior Trustee,
including ownership rights in Trust Fund assets.

          10.4 A successor Trustee need not examine the records and acts of any prior Trustee. The
successor Trustee shall not be responsible for, and the Corporation shall indemnify and defend the
successor Trustee from any claim or liability resulting from, any action or inaction of any prior
Trustee or from any other past event, or any condition existing at the time it becomes successor
Trustee.

          10.5 If the Trustee ceases to act as Trustee and appointment of a successor Trustee is made,
all Trust Fund assets shall subsequently be transferred to the successor Trustee. The transfer
shall be completed within thirty (30) days after the appointment of the successor Trustee becomes
effective, unless the Corporation extends the time limit.

10

 

          10.6 The appointment or succession of a person as successor Trustee in accordance with this
Agreement shall be effective without any court proceeding or decree.

          10.7 Any person into which the Trustee may be merged or with which it may be consolidated, or
any Person resulting from any merger or consolidation to which the Trustee shall be a party, or any
person which succeeds to all or substantially all of the corporate trust business of the Trustee,
shall be the successor Trustee under this Agreement without the execution, delivery or filing of
any paper or instrument or further act to be done on the part of the parties hereto, except as may
be required by applicable law.

ARTICLE XI.

Instructions to the Trustee

          11.1 A Certificate submitted in support of a disbursement request or financing assurance shall
be substantially in the written form described herein and such Certificate shall be signed by an
authorized official of the Corporation. All other orders, instructions, or approvals required by
this Agreement to be given to the Trustee by the Corporation, shall be in writing, signed by an
authorized official thereof. The Trustee shall have the right to assume, in the absence of written
notice to the contrary, that no event constituting a change or a termination of the authority to
act of any authorized official has occurred. The Trustee shall have no duty to act in the absence
of such written Certificates and directions.

          11.2 The Trustee is authorized to communicate with and take direction with respect to
ministerial matters from the contact Person of the Corporation. The contact Person for the
Corporation is Stanton K. Rideout, Phelps Dodge Tower, One North Central Avenue, Phoenix, Arizona
85004, (602-366-8589). The corporation may change its contact Person by written notice to the
Trustee.

ARTICLE XII.

Amendment or Termination

          12.1 The Corporation may amend this Agreement (including making an amendment which terminates
the Trust), without the consent of the Trustee, by written instrument executed by the Corporation
effective upon delivery of the instrument to the Trustee in accordance with Section 13.1; provided,
however, that the written approval of the Trustee shall be required for amendments of Sections 2.2,
6.1, 6.2, 6.4, 6.5, 6.6, 6.7, 6.8, 7.1, Article IX, Article X, Article XI and Article XII to the
extent that such amendments adversely affect the rights, indemnities, immunities and obligations of
the Trustee.

11

 

ARTICLE XIII.

Notices

          13.1 Any notice or communication which the Corporation or the Trustee may be required or may
desire to give to another entity or individual under any provision of this Agreement shall be given
in writing and personally delivered to, or mailed or delivered by overnight courier service or sent
by telex, telecopier or email to the address (or addresses) given below.

	 	 	 	 	 
	 

	 	If to the Corporation:
	 	Stanton K. Rideout, Treasurer
	 

	 	 	 	Phelps Dodge Corporation
	 

	 	 	 	One North Central Avenue
	 

	 	 	 	Phoenix, AZ 85004
	 

	 	 	 	Phone: (602) 366-8589
	 

	 	 	 	Fax: (602) 366-7132
	 

	 	 	 	Email: srideout@phelpsdodge.com
	 
	 	 	 	 
	 

	 	If to Trustee:
	 	Ann Roberts Dukart
	 

	 	 	 	Vice President
	 

	 	 	 	Wells Fargo Delaware Trust Company
	 

	 	 	 	919 North Market Street
	 

	 	 	 	Suite 700
	 

	 	 	 	Wilmington, DE 19801
	 

	 	 	 	Tel: 302-575-2004
	 

	 	 	 	Fax: 302-575-2006
	 

	 	 	 	E-mail: ann.roberts.dukart@wellsfargo.com

Any notice which is personally delivered shall be deemed to have been given on the date it is
personally delivered. Any notice which is mailed shall be deemed to have been given on the third
business day after deposit in the mail, registered or certified mail, postage prepaid and return
receipt requested. Any notice which is delivered by overnight courier service shall be deemed to
have been given on the business day after deposit with such courier service. Any notice which is
transmitted by telex, telecopy or email shall be deemed to have been given on the day that such
notice is transmitted.

          The Corporation or the Trustee may change the address to which notices, requests and other
communications are to be sent to it, by giving written notice of such address change to the party
in conformity with this Article, but such change shall not be effective until notice of such change
has been received by the other party.

12

 

ARTICLE XIV.

Miscellaneous

          14.1 If any one or more of the covenants, agreements, provisions or terms of this Agreement
(including any amendment or supplement hereto) shall be for any reason whatsoever held invalid or
unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions and terms of this Agreement, as the same may be
amended or supplemented, and shall in no way affect the validity or enforceability of the other
covenants, agreements, provisions or terms of this Agreement or any amendment or supplement hereto.

          14.2 This Agreement and the Trust created herein shall in all respects be governed by, and
construed in accordance with, the laws of the State of Delaware (excluding conflict of law rules),
including all matters of construction, validity and performance, unless such laws are pre-empted by
the federal laws of the United States. Sections 3540 and 3561 of Title 12 of the Delaware Code
shall not apply to the Trust.

          14.3 All covenants and agreements contained herein shall be binding upon, and inure to the
benefit of, the Trustee and its successors and assigns and the Corporation and its successors and
assigns, all as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by the Trustee or the Corporation shall bind the successors and assigns of
such Person..

          14.4 This Agreement may be executed in two or more counterparts, each of which shall be an
original, but all such counterparts shall together constitute one and the same agreement.

          14.5 This Agreement represents the entire agreement between the parties hereto with respect to
the subject matter hereof, and supersedes all prior agreements and understandings between the
parties, whether written or oral.

          14.6 Nothing in this Agreement, whether express or implied, shall be construed to give to any
Person other than the Trustee, the Beneficiaries and the Corporation any legal or equitable right,
remedy or claim in the Trust Fund or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

13

 

          IN WITNESS WHEREOF, this instrument has been executed as of the day and year first above
written.

	 	 	 	 	 	 	 
	 	 	PHELPS DODGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ S.K. Rideout
 

Name: Stanton K. Rideout
	 	 
	 

	 	 	 	Title: Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO DELAWARE TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	/s/ A.R. Dukart	,	 as Trustee
	 

	 	 
Title:
	 	 

Vice President
	 	 

14

 

Schedule A

BENEFICIARIES

AAV Corporation

Ajo Improvement Company

Alambres y Cables de Panama, S.A. (ALCAP)

Alambres y Cables Venezolanos, C.A. (ALCAVE)

ALCAP Commercial, S.A. (ALCOMER)

Alcave Trading

Amax Arizona, Inc.

Amax de Chile, Inc.

Amax Energy Inc.

Amax Exploration (Ireland), Inc.

Amax Exploration, Inc.

Amax Metals Recovery, Inc.

Amax Nickel Overseas Ventures, Inc.

Amax Realty Development, Inc.

Amax Research & Development, Inc.

Amax Specialty Coppers Corporation

Amax Specialty Metals (Driver), Inc.

Amax Zinc (Newfoundland) Limited

American Metal Climax, Inc.

Ametalco, Inc.

Ametalco Limited

Amur Minerals LLC

Annavas Development Co., Ltd.

Arizona Community Investment Corporation

Ashfork Mines Limited

Balkan Metals and Minerals EOOD

Bisbee Queen Mining Company

Blackwell Zinc Company, Inc.

Byner Cattle Company

Cables Electricos Ecuatorianos, C.A. (CABLEC)

Cahosa, S.A.

Cates Douglas Corporation

Caucasus Metal and Minerals LLC

Chino Acquisition Inc.

Chino Mines Company

Chui Ltd.

CIS Venture Kazakstan, L.L.C.

Climax Canada Ltd.

A-1

 

Schedule A (cont’d)

Climax Engineered Materials, LLC

Climax Molybdenum Asia Corporation

Climax Molybdenum B.V.

Climax Molybdenum Company

Climax Molybdenum GmbH

Climax Molybdenum Marketing Corporation

Climax Molybdenum U.K. Limited

Cobre Cerrillos S.A. (COCESA)

Cobre Mining Company

Cocesa Ingenieria y Construccion, S.A. (COCETEL)

Cocetel Ingenieria y Construccion, C.A. (Venezuela)

Compania Contractual Minera Candelaria

Compania Contractual Minera Ojos del Salado

Conducen Phelps Dodge Centro America El Salvador, S.A. de C.V.

CONDUCEN, S.A.

Conductores Electricos de Centro America, S.A. (CONELCA)

Copper Market, Inc.

Copreco, L.L.C.

Cyprus Amax Australia Corporation

Cyprus Amax Chile Holdings, Inc.

Cyprus Amax Indonesia Corporation

Cyprus Amax Leasing Corporation

Cyprus Amax Minerals Company

Cyprus Canada Inc.

Cyprus Climax Metals Company

Cyprus Copper Marketing Corporation

Cyprus Copperstone Gold Corporation

Cyprus El Abra Corporation

Cyprus Exploration and Development Corporation

Cyprus Gold Company

Cyprus Gold Exploration Corporation

Cyprus Metals Company

Cyprus Metals Exploration Corporation

Cyprus Mexico Corporation

Cyprus Minera de Chile, Inc.

Cyprus Mines Corporation

Cyprus Pima Mining Company

Cyprus Pinos Altos Corporation

Cyprus Speciality Metals Company

Cyprus Tohono Corporation

Cyprus Zinc Corporation

A-2

 

Schedule A (cont’d)

Dodge & James Insurance Company, Ltd.

Electroconductores de Honduras, S.A. de C.V. (ECOHSA)

Fabrica de Conductores Electricos, S.A. (FACELEC)

Faru Ltd.

Geomining L.L.P.

Habirshaw Cable and Wire Corporation

Hidalgo Mining, LLC

Inversiones de Cobre Chile Co., S.A.

James Douglas Insurance Company, Ltd.

Kamchatka Minerals LLC

Kinetics Climax, Inc.

Kumakata Mining Company, Inc.

Lambunao Mining Company, Inc.

Las Quintas Serenas Water Co.

Lundin Holdings Ltd.

Macote Mining Company, Inc.

Makilala Mining Company, Inc.

Malampay Mining Company, Inc.

Malibato Mining Company, Inc.

Mambusao Mining Company, Inc.

Mboko Ltd.

Metal Fabricators of Zambia Limited (ZAMEFA)

Metallic Ventures, Inc.

Minera Aurex (Chile) Limitada

Mineracao Floresta Doeste Ltda.

Minera Cobre Chile Co., S.A.

Minera Cobre Chile Limitada

Minera Cuicuilco S.A. de C.V.

Minera Cyprus Amax Chile Limitada

Minera Cyprus Antacori Corporation

Minera Cyprus Chile Limitada

Minera Las Clauditas, S.A.

Minera Phelps Dodge del Peru S.A.C.

Minera Phelps Dodge Mexico, S de RL de CV

Mining Development Investments Ltd.

Missouri Lead Smelting Company

Mofia Ltd.

Mt. Emmons Mining Company

Pacific Western Land Company

PD Candelaria, Inc.

A-3

 

Schedule A (cont’d)

PD Cayman Corporation

PD Cobre, Inc.

PD Colombia S.A.

PDEP Inc.

PD Las Bambas Corporation

PDM Energy, L.L.C.

PD Ojos del Salado, Inc.

PD Peru, Inc.

PD Receivables LLC

PDSMM Holding Ltd.

PD Wire & Cable Sales Corporation

Phelps Dodge Africa Cable Corporation

Phelps Dodge Ajo, Inc.

Phelps Dodge Australasia, Inc.

Phelps Dodge Bagdad, Inc.

Phelps Dodge Brasil Ltda.

Phelps Dodge Centro America Honduras, S.A. de C.V.

Phelps Dodge Centro America, S.A. Nicaragua

Phelps Dodge Chicago Rod, Inc.

Phelps Dodge China Corporation

Phelps Dodge Chino, Inc.

Phelps Dodge Chita, LLC

Phelps Dodge Congo S.P.R.L.

Phelps Dodge Corporation of Canada, Limited

Phelps Dodge Development Corporation

Phelps Dodge do Brasil Mineracao Ltda

Phelps Dodge Dublin

Phelps Dodge Energy Services, LLC

Phelps Dodge Enfield Corporation

Phelps Dodge Exploracion Mexico, S.A. de C.V.

Phelps Dodge Exploration Corporation

Phelps Dodge Exploration Moscow, LLC

Phelps Dodge Exploration Sweden AB

Phelps Dodge Hidalgo, Inc.

Phelps Dodge High Performance Conductors of NJ, Inc.

Phelps Dodge Holdings Mexico, S.A. de C.V.

Phelps Dodge Industries, Inc.

Phelps Dodge International Corporation

Phelps Dodge Kamchatka, LLC

Phelps Dodge Katanga Corporation

A-4

 

Schedule A (cont’d)

Phelps Dodge Khabarovsk, LLC

Phelps Dodge Magadan, LLC

Phelps Dodge Magnet Wire (Austria) GmbH

Phelps Dodge Mercantile Company

Phelps Dodge-Metdist Mining India Pvt. Ltd.

Phelps Dodge Miami, Inc.

Phelps Dodge Mining Services, Inc.

Phelps Dodge Mining (Zambia) Limited

Phelps Dodge Molybdenum Corporation

Phelps Dodge Morenci, Inc.

Phelps Dodge of Africa, Ltd.

Phelps Dodge Overseas Capital Corporation

Phelps Dodge Power Marketing, LLC

Phelps Dodge Refining Corporation

Phelps Dodge Safford, Inc.

Phelps Dodge Sales Company, Incorporated

Phelps Dodge Sierrita, Inc.

Phelps Dodge Suzhou Holdings, Inc.

Phelps Dodge (Suzhou) Magnet Wire Company Ltd.

Phelps Dodge Thailand Limited

Phelps Dodge Tyrone, Inc.

Phelps Dodge Yantai Cable Company

Phelps Dodge Yantai China Holdings Inc.

Proveedora de Cables y Alambres PDCA Guatemala, S.A.

Pt Cyprus Amax Indonesia

PT Kutaraja Tembaga Raya

Servicios Especiales Nacionales, S.A. de C.V.

Servicios Phelps Dodge Mexico, S.A. de C.V.

Shilka Minerals

Silver Springs Ranch, Inc.

Sociedad Contractual Minera El Abra

Sociedad Minera Cerro Verde S.A.A.

Somin Ltd. (partnership)

Soner, Inc.

South Danube Metals, D.O.O., Beograd

Tambuli Mining Co., Inc.

Tembo Ltd.

Tenke Fungurume Mining S.A.R.L.

The Morenci Water & Electric Company

Tucson, Cornelia and Gila Bend Railroad Co.

A-5

 

Schedule A (cont’d)

Tyrone Mining, LLC

United States Metals Refining Company

Warren Company

Western Nuclear Australia Limited

Western Nuclear, Inc.

A-6

 

Schedule B

AUTHORIZED PERSONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Phone Number	 	Fax Number	 	Address	 	Email	 	Signature	 
	 
	 	 	 	 	 	Phelps Dodge Corporation	 	 	 	 	 	 
	Stanton K. Rideout
	 	(602) 366-8589	 	(602) 366-7132	 	One North Central Avenue	 	srideout@phelpsdodge.com	 	 	 	 
	 
	 	 	 	 	 	Phoenix, AZ  85004	 	 	 	 	 	 
	 
	 	 	 	 	 	Phelps Dodge Corporation	 	 	 	 	 	 
	Carol L. Lindsay
	 	(602) 366-7810	 	(602) 453-1674	 	One North Central Avenue	 	cmlindsay@phelpsdodge.com	 	 	 	 
	 
	 	 	 	 	 	Phoenix, AZ  85004	 	 	 	 	 	 
	 
	 	 	 	 	 	Phelps Dodge Corporation	 	 	 	 	 	 
	Scott Barker
	 	(602) 366-8016	 	(602) 366-7323	 	One North Central Avenue	 	sbarker@phelpsdodge.com	 	 	 	 
	 
	 	 	 	 	 	Phoenix, AZ  85004	 	 	 	 	 	 

B-1

 

Exhibit 1

BENEFICIARY DISBURSEMENT CERTIFICATE

Reference is made to the RECLAMATION AND REMEDIATION TRUST AGREEMENT, entered into as of
                    , 2006 (the “Trust Agreement”), by and among Wells Fargo Delaware Trust Company, as
trustee (the “Trustee”), and Phelps Dodge Corporation, a New York corporation, as grantor (the
“Grantor,” or the “Corporation”).

Pursuant to Section 4.1, and in accordance with Section 1.4, of the Trust Agreement the Corporation
and [NAME OF BENEFICIARY] direct the Trustee to disburse to [NAME OF BENEFICIARY] $                    .

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed by its authorized
officers as of this ___day of                     ,                     .

	 	 	 	 	 	 	 
	 	 	PHELPS DODGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF BENEFICIARY]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

 

Exhibit 2

CORPORATION DISBURSEMENT CERTIFICATE

Reference is made to the RECLAMATION AND REMEDIATION TRUST AGREEMENT, entered into as of
                    , 2006 (the “Trust Agreement”), by and among Wells Fargo Delaware Trust Company, as
trustee (the “Trustee”), and Phelps Dodge Corporation, a New York corporation, as grantor (the
“Grantor,” or the “Corporation”).

Pursuant to Section 4.2 of the Trust Agreement the Corporation directs the Trustee to disburse to
the Corporation $                    .

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed by its authorized
officers as of this ___day of                     ,                     .

	 	 	 	 	 	 	 
	 	 	PHELPS DODGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

 

Exhibit 3

TAX DISBURSEMENT CERTIFICATE

Reference is made to the RECLAMATION AND REMEDIATION TRUST AGREEMENT, entered into as of
                    , 2006 (the “Trust Agreement”), by and among Wells Fargo Delaware Trust Company, as
trustee (the “Trustee”), and Phelps Dodge Corporation, a New York corporation, as grantor (the
“Grantor” or the “Corporation”). Capitalized terms not otherwise defined herein shall have the
meanings granted to them by the Trust Agreement.

Pursuant to Section 4.4 of the Trust Agreement, the undersigned directs the Trustee to transfer to
the Grantor the sum of $                    , which represents 25% of the Fund’s Deemed Taxable Income for
the immediately preceding calendar year.

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed by its authorized
officers as of this ___day of                     ,                     .

	 	 	 	 	 	 	 
	 

	 	PHELPS
	 	DODGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

 

Exhibit 4

TERMINATION DISBURSEMENT CERTIFICATE

Reference is made to the RECLAMATION AND REMEDIATION TRUST AGREEMENT, entered into as of
                    , 2006 (the “Trust Agreement”), by and among Wells Fargo Delaware Trust Company, as
trustee (the “Trustee”), and Phelps Dodge Corporation, a New York corporation, as grantor (the
“Grantor”).

Pursuant to Section 4.5 of the Trust Agreement, the undersigned directs the Trustee to disburse to
the Grantor the balance of Trust Fund less final Trust administration expenses.

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed by its authorized
officers as of this ___day of                     ,                     .

	 	 	 	 	 	 	 
	 	 	PHELPS DODGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

 

Exhibit 5

FINANCIAL ASSURANCE REQUEST

Reference is made to the RECLAMATION AND REMEDIATION TRUST AGREEMENT, entered into as of
                    , 2006 (the “Trust Agreement”), by and among Wells Fargo Delaware Trust Company, as
trustee (the “Trustee”), and Phelps Dodge Corporation, a New York corporation, as grantor (the
“Grantor”). Capitalized terms not otherwise defined herein shall have the meanings granted to them
by the Trust Agreement.

Pursuant to Section 5.1, and in accordance with Section 1.4, of the Trust Agreement, the
Corporation and [NAME OF BENEFICIARY] direct the Trustee to deposit $[___] in a separate account
segregated from the other assets of the Trust Fund for the purpose of providing financial assurance
on behalf of [NAME OF BENEFICIARY] pursuant to the terms of the documents attached to this
certificate as Schedule A. As compensation for providing such financial assurance, the
Trust shall be entitled to the amounts set forth in the Agreement in accordance with the terms and
conditions of the Agreement.

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed by its authorized
officers as of this ___day of                     ,                     .

	 	 	 	 	 	 	 
	 	 	PHELPS DODGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF BENEFICIARY]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

 

Schedule A

Financial Assurance Documents

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]