Document:

Registration Rights Agreement

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into as of December 30, 2010, by and between McMoRan Exploration Co., a Delaware corporation (“McMoRan”), and Plains Exploration & Production Company, a
Delaware corporation (“PXP”). McMoRan and PXP are sometimes referred to collectively as the “Parties” and individually as a “Party.” 

RECITALS: 

WHEREAS, McMoRan, McMoRan Oil & Gas LLC, a Delaware limited liability company, McMoRan GOM, LLC, a Delaware limited liability
company, McMoRan Offshore LLC, a Delaware limited liability company, PXP, PXP Gulf Properties LLC, a Delaware limited liability company (“PXP Gulf”), and PXP Offshore LLC, a Delaware limited liability company (“PXP
Offshore”), have entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of September 19, 2010, pursuant to which McMoRan will acquire PXP Gulf and PXP Offshore in exchange
for cash and shares of common stock, par value $0.01 per share, of McMoRan (the “McMoRan Common Stock”); and 
 WHEREAS, to induce PXP to enter into the Merger Agreement and to consummate the transactions contemplated thereby, PXP has required that McMoRan agree, and McMoRan has agreed, to enter into this Agreement
and abide by the covenants and obligations with respect to the Registrable Securities as set forth herein; and 
 NOW,
THEREFORE, in consideration of the premises and of the mutual promises, representations, warranties, covenants, conditions and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows: 
 ARTICLE 1 

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

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

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

“Holder” means the record holder of any Registrable Securities; provided, that no such record holder shall
be deemed to be a “Holder” if the rights under Article II hereof have not been transferred or assigned to such record holder in accordance with Section 2.11. 

“Included Registrable Securities” has the meaning specified in Section 2.2(a) of this Agreement.

  
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 “Losses” has the meaning specified in Section 2.9(a) of
this Agreement. 
 “Managing Underwriter” means, with respect to any Underwritten Offering, the
book-running lead manager(s) of such Underwritten Offering. 
 “McMoRan” has the meaning specified in
the introductory paragraph of this Agreement. 
 “McMoRan Common Stock” has the meaning specified in the
recitals of this Agreement. 
 “Merger Agreement” has the meaning specified in the recitals of this
Agreement. 
 “NYSE” means The New York Stock Exchange, Inc. 

“Parity Securities” has the meaning specified in Section 2.2(b) of this Agreement. 

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

“PXP Gulf” shall have the meaning specified in the Recitals of this Agreement. 

“PXP Offshore” shall have the meaning specified in the Recitals of this Agreement. 

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

“Registration Expenses” has the meaning specified in Section 2.8(b) of this Agreement. 

“Registration Statement” means any registration statement of McMoRan filed under the Securities Act that covers
the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all material incorporated by reference in
such Registration Statement. 
 “Selling Expenses” has the meaning specified in
Section 2.8(b) of this Agreement. 
 “Selling Holder” means a Holder who is selling
Registrable Securities pursuant to a registration statement. 
 “Selling Holder Indemnified Persons” has
the meaning specified therefore in Section 2.9(a) of this Agreement. 
 “Underwritten
Offering” means an offering (including an offering pursuant to a Registration Statement) in which shares of McMoRan Common Stock are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a
“bought deal” with one or more investment banks. 
 Section 1.2 Registrable Securities. Any Registrable
Security will cease to be a Registrable Security upon the earliest of (a) when a registration statement covering such Registrable Security becomes or has been declared effective by the SEC and such Registrable 

  
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Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security has been disposed of pursuant to any section of Rule 144 (or any
similar provision then in effect) under the Securities Act or such Registrable Security is eligible to be disposed of by the Holder thereof under Rule 144 without restriction as to volume; (c) when such Registrable Security is held by
McMoRan or one of its subsidiaries; and (d) when such Registrable Security has been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to
Section 2.11 hereof. 
 ARTICLE 2 
 REGISTRATION RIGHTS 
 Section 2.1 Registration. 

(a) Not later than 60 days after the Closing Date, McMoRan shall file with the SEC an automatic shelf Registration Statement (or, if
McMoRan is not eligible to use an automatic shelf Registration Statement, a Registration Statement on Form S-3 or such other form as is then available to McMoRan to effect a registration for resale of the Registrable Securities) covering the resale
of the Registrable Securities. Any Registration Statement shall provide for the resale of Registrable Securities pursuant to any method or combination of methods legally available to, and requested by, the Holder of any Registrable Securities
covered by such Registration Statement. If such Registration Statement is not automatically effective upon filing, then McMoRan shall use its commercially reasonable efforts to cause such Registration Statement to be declared effective not later
than 240 days after the Closing Date. 
 (b) McMoRan shall use its commercially reasonable efforts to cause a Registration
Statement filed pursuant to this Section 2.1 to be effective, supplemented, amended and replaced to the extent necessary to ensure that it is available for the resale of all Registrable Securities by the Holders until the earliest date
on which any of the following occurs: (i) all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities and (ii) there are no longer any Registrable Securities outstanding (the
“Effectiveness Period”). Subject to Section 2.3, upon the occurrence of any event that would cause the Registration Statement or the Prospectus contained therein (i) to contain an untrue statement of material fact
or omit to state any material fact necessary to make the statements therein not misleading or (ii) not to be effective and usable for the resale of all or part of the Registrable Securities by the Holders, McMoRan shall promptly file an
appropriate amendment to the Registration Statement curing such defect, and, if SEC review is required, use its commercially reasonable efforts to cause such amendment to be declared effective as soon as practicable. McMoRan shall prepare and file
with the SEC such amendments and post-effective amendments to the Registration Statement as may be necessary to keep such Registration Statement effective during the Effective Period; cause the Prospectus to be supplemented by any required
Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the rules and regulations under the Securities Act in a timely manner; and comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by the Registration Statement during the Effectiveness Period. 

  
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 (c) Subject to Section 2.3, a Registration Statement when effective will comply as to
form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading (and, in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that a Registration
Statement becomes effective, but in any event within two (2) Business Days of such date, McMoRan shall provide PXP with written notice of the effectiveness of such Registration Statement. 

Section 2.2 Piggyback Rights. 
 (a) Participation. If at any time McMoRan proposes to file (i) a shelf registration statement other than a Registration Statement contemplated by Section 2.1, (ii) a
prospectus supplement to an effective shelf registration statement, other than a Registration Statement contemplated by Section 2.1, and Holders may be included without the filing of a post-effective amendment thereto that requires
McMoRan to request acceleration of the same from the SEC, or (iii) a registration statement, other than a shelf registration statement, in any case, for the sale of McMoRan Common Stock in an Underwritten Offering for its own account and/or
another Person, then as soon as practicable following the engagement of counsel by McMoRan to prepare the documents to be used in connection with an Underwritten Offering, McMoRan shall give written notice of such proposed Underwritten Offering to
each Holder holding outstanding Registrable Securities and such notice shall offer such Holder the opportunity to include in such Underwritten Offering such number of Registrable Securities (the “Included Registrable
Securities”) as each such Holder may request in writing; provided, however, that if McMoRan has been advised by the Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of the Holders will
have an adverse effect on the price, timing (other than by reason of the notice periods set forth herein) or distribution of the McMoRan Common Stock in the Underwritten Offering, then (a) McMoRan shall not be required to offer such opportunity
to the Holders, in which case McMoRan shall provide the Holders written advisement of their exclusion (which notice need not include any explanation of the reasons for the exclusion) from the Underwritten Offering no later than 24 hours after the
pricing of the Underwritten Offering, or (b) if any Registrable Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter, then the amount of Registrable Securities to be offered for the accounts of
Holders shall be determined based on the provisions of Section 2.2(b), in which case McMoRan shall provide the Holders written advisement of their reduced participation (which notice need not include any explanation of the reasons for
the reduced participation) in the Underwritten Offering no later than 24 hours after the pricing of the Underwritten Offering. Any notice required to be provided in this Section 2.2(a) to Holders shall be provided on a Business Day
pursuant to Section 3.1 hereof and receipt of such notice shall be confirmed by the Holder (provided that the failure of the Holder to confirm receipt shall not affect the validity or timing of delivery of such notice). Each such Holder
shall have two (2) Business Days (or one (1) Business Day in connection with any overnight or bought Underwritten Offering) after written notice has been delivered to request in writing the inclusion of Registrable Securities in the
Underwritten Offering. If no written request for inclusion from a Holder is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving

  
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written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, McMoRan shall determine for any reason not to undertake or to delay
such Underwritten Offering, McMoRan may, at its election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation
to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable
Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten
Offering by giving written notice to McMoRan of such withdrawal at least one Business Day prior to the time of pricing of such Underwritten Offering. 
 (b) Priority. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering of McMoRan Common Stock included in an Underwritten Offering involving Included Registrable
Securities advises McMoRan that the total amount of Registrable Securities that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse
effect on the price, timing (other than by reason of the notice periods set forth herein) or distribution of the McMoRan Common Stock offered, then the McMoRan Common Stock to be included in such Underwritten Offering shall include the number of
Registrable Securities that such Managing Underwriter or Underwriters advises McMoRan can be sold without having such adverse effect, with such number to be allocated (i) first, to McMoRan and (ii) second, pro rata among the Selling
Holders who have requested participation in such Underwritten Offering and any other holder of securities of McMoRan having rights of registration on parity with the Registrable Securities (the “Parity Securities”). The pro
rata allocations for each Selling Holder who have requested participation in such Underwritten Offering shall be the product of (a) the aggregate number of Registrable Securities proposed to be sold by all Selling Holders in such Underwritten
Offering multiplied by (b) the fraction derived by dividing (x) the number of Registrable Securities owned on the Closing Date by such Selling Holder by (y) the aggregate number of Registrable Securities owned on the Closing Date by
all Selling Holders and holders of Parity Securities participating in the Underwritten Offering. 
 (c) Termination of
Piggyback Registration Rights. Each Holder’s rights under Section 2.2 shall terminate upon such Holder ceasing to hold at least 1,000,000 of the then outstanding Registrable Securities. 

Section 2.3 Delay Rights. 
 Notwithstanding anything to the contrary contained herein, McMoRan may, upon written notice to any Selling Holder whose Registrable Securities are included in a Registration Statement or other
registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus which is a part of a Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales of
the Registrable Securities pursuant to such Registration Statement or other registration statement but may settle any previously made sales of Registrable Securities) if (i) McMoRan is pursuing an acquisition, merger, reorganization,
disposition or other similar transaction and McMoRan determines in 

  
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good faith that McMoRan’s ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in a Registration Statement
or other registration statement; (ii) McMoRan has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Board of Directors of McMoRan, would materially and adversely affect
McMoRan; or (iii) McMoRan would be required to prepare and file any financial statements (other than those it customarily prepares or before it customarily files such financial statements); provided, however, that in no event
shall the Selling Holders be suspended from selling Registrable Securities pursuant to a Registration Statement or other registration statement for a period that exceeds an aggregate of 45 days in any 180-day period or 90 days in any 365-day period,
in each case, exclusive of days covered by any lock-up agreement executed by PXP in connection with any Underwritten Offering. Upon disclosure of such information or the termination of the condition described above, McMoRan shall provide prompt
written notice to the Selling Holders whose Registrable Securities are included in a Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit
registered sales of Registrable Securities as contemplated in this Agreement. 
 Section 2.4 Underwritten Offerings. In
the event that one or more Holders elects to dispose of at least 1,000,000 Registrable Securities under a Registration Statement pursuant to an Underwritten Offering, McMoRan shall, upon request by such Holders, retain underwriters in order to
permit such Holders to effect such sale though an Underwritten Offering; provided, that McMoRan shall not be required to effect more than three Underwritten Offerings pursuant to this Section 2.4 and the Holders shall be limited
to one such request in any six-month period. In connection with any Underwritten Offering under this Agreement, the holders of a majority of the Registrable Securities being disposed of pursuant to the Underwritten Offering shall be entitled to
select the Managing Underwriter or Underwriters for such Underwritten Offering, subject to the consent of McMoRan, which shall not be unreasonably withheld, delayed or conditioned. In connection with an Underwritten Offering contemplated by this
Agreement in which a Selling Holder participates, each Selling Holder and McMoRan shall be obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary
in underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting
agreement and completes and executes all questionnaires, powers of attorney and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the
representations and warranties by, and the other agreements on the part of, McMoRan to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with McMoRan or the underwriters other
than representations, warranties or agreements regarding the identity of such Selling Holder, its authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended
method of distribution and any other representation required by Law. If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to McMoRan and the Managing Underwriter;
provided, however, that such withdrawal must be made at least one 

  
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Business Day prior to the time of pricing of such Underwritten Offering. No such withdrawal or abandonment shall affect McMoRan’s obligation to pay Registration Expenses. 

Section 2.5 Sale Procedures. In connection with its obligations under this Article 2, McMoRan will, as expeditiously
as possible: 
 (a) subject to Section 2.3, prepare and file with the SEC such amendments and supplements to, and
replacements of, a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 
 (b) if a
prospectus supplement will be used in connection with the marketing of an Underwritten Offering from a Registration Statement and the Managing Underwriter at any time shall notify McMoRan in writing that, in the sole judgment of such Managing
Underwriter, inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, McMoRan shall use its commercially reasonable efforts to
include such information in such prospectus supplement; 
 (c) furnish to each Selling Holder (i) before filing a
Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits), and provide each
such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such
information prior to filing such Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or such other registration statement and the
prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or
other registration statement; 
 (d) if applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by a Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten
Offering, the Managing Underwriter, shall reasonably request; provided, however, that McMoRan will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action
that would subject it to general service of process in any such jurisdiction where it is not then so subject; 
 (e) promptly
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by
this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any 

  
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other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any written comments from the SEC with respect to any filing
referred to in clause (i) of this Section 2.5(e) and any written request by the SEC for amendments or supplements to a Registration Statement or any other registration statement or any prospectus or prospectus supplement
thereto; 
 (f) immediately notify each Selling Holder, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of (i) the prospectus or prospectus supplement contained in a Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, including an untrue statement of a
material fact or omitting to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement
is made); (ii) the issuance or threat of issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for
that purpose; or (iii) the receipt by McMoRan of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Subject to
Section 2.3, following the provision of such notice, McMoRan agrees to use commercially reasonable efforts to, as promptly as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so
that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

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

(h) in the case of an Underwritten Offering, use commercially reasonable efforts to furnish upon request, (i) an opinion of counsel
for McMoRan dated the date of the closing under the underwriting agreement, and (ii) a “cold comfort” letter, dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the
underwriting agreement, in each case, signed by the independent public accountants who have certified McMoRan’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion and
the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement included therein) as have been customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by McMoRan; 
 (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an
earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

  
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 (j) make available to the appropriate representatives of the Managing Underwriter and
Selling Holders access to such information and McMoRan personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act, provided that McMoRan need not disclose any non-public information
to any such representative unless and until such representative has entered into a confidentiality agreement with McMoRan reasonably satisfactory to McMoRan; 
 (k) cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by
McMoRan are then listed; 
 (l) use its commercially reasonable efforts to cause the Registrable Securities to be registered
with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of McMoRan to enable the Selling Holders to consummate the disposition of such Registrable Securities; 

(m) in connection with any Underwritten Offering provided for hereunder, participate in “road shows” and other marketing
efforts as reasonably requested by the Selling Holders, provided that McMoRan shall not be required to participate in more than two road shows or similar marketing efforts in any 12-month period; 

(n) provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the
effective date of such registration statement; and 
 (o) enter into customary agreements and take such other actions as are
reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities. 
 Each Selling Holder, upon receipt of notice from McMoRan of the happening of any event of the kind described in subsection (e) of this Section 2.5, shall forthwith discontinue
offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (e) of this
Section 2.5 or until it is advised in writing by McMoRan that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by
McMoRan, such Selling Holder will, or will request the managing underwriter or underwriters, if any, to deliver to McMoRan (at McMoRan’s expense) all copies in their possession or control, other than permanent file copies then in such Selling
Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

Section 2.6 Cooperation by Holders. McMoRan shall have no obligation to include Registrable Securities of a Holder in a
Registration Statement or in an Underwritten Offering pursuant to Section 2.2(a) who has failed to timely furnish such information concerning such Holder that McMoRan determines, after consultation with its counsel, is reasonably
required in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

  
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 Section 2.7 Restrictions on Public Sale by Holders of Registrable Securities.
For so long as Registrable Securities in the aggregate represent more than 10% of the outstanding McMoRan Common Stock of McMoRan, each Holder of Registrable Securities agrees to enter into a customary letter agreement with underwriters providing
such Holder will not effect any public sale or distribution of the Registrable Securities during the 90 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of an
Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on McMoRan or the officers, directors or any other
stockholder of McMoRan on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.7(b) shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder.
Notwithstanding the foregoing, nothing in this Section 2.7(b) shall restrict the ability of any Holder from disposing of its Registrable Securities pursuant to a Rule 10b5-1 plan. 

Section 2.8 Expenses. 
 (a) Expenses. McMoRan will pay all Registration Expenses, including, in the case of an Underwritten Offering, whether or not any sale is made pursuant to such Underwritten Offering. Each Selling
Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder, and McMoRan shall not be responsible for any Selling Expenses. In addition, except as otherwise provided in
Section 2.8(b) and Section 2.9 hereof, McMoRan shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

(b) Certain Definitions. “Registration Expenses” means all reasonable expenses incident to McMoRan’s
performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.1 or an Underwritten Offering covered under this Agreement, and the disposition of
such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees
of the Financial Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes and the fees and disbursements of counsel and independent public accountants for
McMoRan, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance. “Selling Expenses” means all underwriting fees, discounts and selling
commissions or similar fees or arrangements and transfer taxes allocable to the sale of the Registrable Securities. 
 Section
2.9 Indemnification. 
 (a) By McMoRan. In the event of a registration of any Registrable Securities under the
Securities Act pursuant to this Agreement, McMoRan will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the
Securities Act and the Exchange Act, and its directors, officers, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including
reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such 

  
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Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened,
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in a Registration
Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of
or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings; provided, however,
that McMoRan will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished
by such Selling Holder Indemnified Person in writing specifically for use in a Registration Statement or such other registration statement, preliminary prospectus, free writing prospectus or prospectus supplement, as applicable, it being understood
that a Selling Holder will only be required to furnish information regarding its legal name, address, the number of securities being registered on its behalf and such other information as may be required by Law. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

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

(c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability that it
may have to any indemnified party other than under this Section 2.9 except to the extent that the indemnifying party is prejudiced by such omission. In any action brought against any indemnified party, it shall notify the indemnifying
party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after
notice from the indemnifying party to such indemnified party of its election so to 

  
 11 

 
assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.9 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense
or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may
be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the
indemnifying party, then the indemnified party shall have the right to select a separate counsel, with the reasonable out-of-pocket expenses and fees of such separate counsel and other reasonable out-of-pocket expenses related to such participation
to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which such indemnified party is entitled to
indemnification hereunder without the consent of the indemnifying party, unless the settlement thereof includes a complete release from all liability of, the indemnifying party. 

(d) Contribution. If the indemnification provided for in this Section 2.9 is held by a court or government agency of
competent jurisdiction to be unavailable to any indemnified party, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss
in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the lesser of (A) the amount which such Selling Holder would have been obligated
to pay under Section 2.9(b) if such indemnity was available to the indemnified party and (B) the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise
to such indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the Parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Parties agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the
equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who is not guilty of such fraudulent misrepresentation. 

  
 12 

 (e) Other Indemnification. The provisions of this Section 2.9 shall be in
addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 
 Section 2.10 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to the public
without registration, McMoRan agrees to use its commercially reasonable efforts to: 
 (a) make and keep public information
regarding McMoRan available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after the date hereof; 
 (b) file with the SEC in a timely manner all reports and other documents required of McMoRan under the Securities Act and the Exchange Act at all times from and after the date hereof; and 

(c) so long as a Holder owns any Registrable Securities, furnish, unless otherwise available via EDGAR, to such Holder forthwith a copy
of the most recent annual or quarterly report of McMoRan, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities
without registration. 
 Section 2.11 Transfer or Assignment of Registration Rights. The rights under this Article
2 may be not transferred or assigned by PXP except to wholly owned subsidiaries of PXP and provided that (a) McMoRan is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and
identifying the securities with respect to which such registration rights are being transferred or assigned, and (b) each such transferee assumes in writing responsibility for its portion of the obligations of PXP under this Agreement.

 ARTICLE 3 
 MISCELLANEOUS 
 Section 3.1 Communications. All notices that are
required or may be given pursuant to this Agreement shall be sufficient in all respects if given in writing. Any such notice shall be deemed given (i) when made, if made by hand delivery, and upon confirmation of receipt, if made by facsimile,
(ii) one Business Day after being deposited with a next-day courier, postage prepaid, or (iii) three Business Days after being sent certified or registered mail, return receipt requested, postage prepaid, in each case addressed as follows:

 If to PXP, to: 
 Plains Exploration & Production Company 
 700 Milam Street, Suite 3100

 Houston, Texas 77002 
 Fax: (713) 579-6231 
 Attention: General Counsel 

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

  
 13 

 Latham & Watkins LLP 

717 Texas Avenue, Suite 1600 
 Houston, Texas 77002 
 Fax: (713) 546-5401 

Attention: Michael E. Dillard 
                  Sean T. Wheeler 
 If to McMoRan, to: 
 McMoRan Exploration Co. 

1615 Poydras Street 
 New Orleans, Louisiana 70112 
 Fax: 504-585-3513 

Attention: John Amato 
 With a copy to (which copy shall not constitute notice): 
 Baker Botts LLP

 One Shell Plaza 
 910 Louisiana Street 
 Houston, Texas 77002 

Fax: (713) 229-1522 
 Attention: J. David Kirkland, Jr. 

                 M. Breen Haire 

If to an assignee of PXP, to such Holder at the address provided pursuant to Section 2.11 above. 

Either Party may change its address for notice by notice to the other in the manner set forth above. All notices shall be deemed to have
been duly given at the time of receipt by the Party to which such notice is addressed. 
 Section 3.2 Successor and
Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the Parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 

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

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

  
 14 

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

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

Section 3.7 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 
 Section 3.8 Governing Law. 

(a) This Agreement and the legal relations between the Parties shall be governed by and construed in accordance with the Laws of the
State of Delaware, United States of America without regard to principles of conflicts of laws that would direct the application of the Laws of another jurisdiction. 
 (b) Any action brought in connection with this Agreement shall be brought in the federal or state courts located in the City of Wilmington, Delaware. The Parties hereto hereby (i) irrevocably consent
to the personal jurisdiction and venue of such courts, and (ii) waive any claim (by way of motion, as a defense or otherwise) of improper venue, that such parties are not subject personally to the jurisdiction of such court, that such courts
are an inconvenient forum or that this Agreement or the subject matter may not be enforced in or by such court. 
 Section 3.9
Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 
 Section 3.10 Entire Agreement. This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof, and supersede all prior agreements, understandings,
negotiations and discussions, whether oral or written, of the Parties pertaining to the subject matter hereof. 
 Section 3.11
Amendment. This Agreement may be amended only by means of a written amendment signed by McMoRan and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially
and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

  
 15 

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

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

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

  
 16 

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

			
	PLAINS EXPLORATION & PRODUCTION COMPANY
		
	By:	 	 /s/ Winston M. Talbert

	Name:	 	Winston M. Talbert
	Title:	 	Executive Vice President and Chief Financial Officer
	
	MCMORAN EXPLORATION CO.
		
	By:	 	 /s/ Kathleen L. Quirk

	Name:	 	Kathleen L. Quirk
	Title:	 	Senior Vice President & Treasurer

[Signature Page to Registration Rights Agreement]Stockholder Agreement

 Exhibit 10.2 
 STOCKHOLDER AGREEMENT 
 This STOCKHOLDER AGREEMENT, dated as of
December 30, 2010 (this “Agreement”), is entered into by and between Plains Exploration & Production Company, a Delaware corporation (“PXP”), and McMoRan Exploration Co., a Delaware
corporation (“McMoRan”). McMoRan and PXP are sometimes referred to collectively as the “Parties” and individually as a “Party.” 

RECITALS 

WHEREAS, McMoRan, McMoRan Oil & Gas LLC, a Delaware limited liability company, McMoRan GOM, LLC, a Delaware limited liability
company, McMoRan Offshore LLC, a Delaware limited liability company, PXP, PXP Gulf Properties LLC, a Delaware limited liability company (“PXP Gulf”), and PXP Offshore LLC, a Delaware limited liability company (“PXP
Offshore”), have entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of September 19, 2010, pursuant to which McMoRan will acquire PXP Gulf and PXP Offshore in exchange
for cash and shares of common stock, par value $0.01 per share, of McMoRan (the “McMoRan Common Stock”); and 
 WHEREAS, to induce PXP to enter into the Merger Agreement and to consummate the transactions contemplated thereby, McMoRan is required to deliver this Agreement, duly executed by McMoRan, to PXP
contemporaneously with the closing of the transactions contemplated by the Merger Agreement; and 
 WHEREAS, McMoRan believes it
to be in the best interests of McMoRan and its stockholders, and PXP believes it to be in the best interests of PXP and its stockholders, to have certain agreements in respect of PXP’s right to designate members of the board of directors of
McMoRan (the “Board”) pursuant to the terms of this Agreement; and 
 WHEREAS, the Board has unanimously
authorized and approved this Agreement and determined that this Agreement and the transactions contemplated hereby are in the best interests of McMoRan and its stockholders; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Party
hereto, the Parties hereby agree as follows: 
 AGREEMENT 
 Section 1. Defined Terms. The following capitalized terms, as used in this Agreement, shall have the meanings set forth below. Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed thereto in the Merger Agreement. 
 “Agreement” shall have the meaning specified in
the introductory paragraph of this Agreement. 

  
 1 

 “Beneficially Own,” “Beneficial Owner” and
“Beneficial Ownership” mean ownership of securities as a “Beneficial Owner” under Rule 13d-3 under the Exchange Act. 
 “Board” shall have the meaning specified in the Recitals to this Agreement. 
 “Designated Director” shall have the meaning specified in Section 2(a) of this Agreement. 
 “McMoRan” shall have the meaning specified in the introductory paragraph of this Agreement. 
 “McMoRan Charter” means the Amended and Restated Certificate of Incorporation of McMoRan, as in effect on the date hereof. 

“McMoRan Common Stock” shall have the meaning specified in the Recitals to this Agreement. 

“Merger Agreement” shall have the meaning specified in the Recitals to this Agreement. 

“NYSE” means the New York Stock Exchange. 

“Party” or “Parties” shall have the meaning specified in the introductory paragraph of
this Agreement. 
 “PXP” shall have the meaning specified in the introductory paragraph of this
Agreement. 
 “PXP Credit Agreement” means the Amended and Restated Credit Agreement dated
August 3, 2010 between PXP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and the lenders and agents from time to time party thereto. 
 “PXP Gulf” shall have the meaning specified in the Recitals of this Agreement. 
 “PXP Offshore” shall have the meaning specified in the Recitals of this Agreement. 
 “Resignation Event” means, with respect to a Designated Director, that such Designated Director, as determined by the Board in good faith following compliance with the procedures
set forth below in this definition when applicable, (A) is prohibited or disqualified from serving as a director of McMoRan under any rule or regulation of the SEC or NYSE or by applicable law; (B) has engaged in acts or omissions
constituting a breach of such Designated Director’s duty of loyalty to McMoRan or its stockholders; (C) has engaged in any transaction involving McMoRan from which such Designated Director derived an improper personal benefit; or
(D) has engaged in acts or omissions which involve intentional misconduct, intentional violation of law or crimes of moral turpitude. 
 “Transfer” shall have the meaning specified in Section 6(a) of this Agreement. 

  
 2 

 Section 2. Director Designation Rights. 

(a) On or prior to the date hereof, the Board has adopted resolutions that (i) increase the number of individuals that constitute
the whole Board by two persons, and (ii) resolved to fill the newly-created directorships, effective as of the date hereof, with individuals designated by PXP (each, a “Designated Director”). Each time the Board appoints
a Designated Director, it will also adopt resolutions such that each Designated Director (a) qualifies as a “Continuing Director” for purposes of the indenture governing McMoRan’s 11.875% Senior Notes due 2014 and (b) will
not be in the class of persons serving on the Board that could result in (x) a “Change of Control” as defined clause (iii) of the definition thereof in McMoRan’s indenture governing its 5-1/4% Convertible Senior Notes due
2011, (y) a “Change in Control” as defined on clause (b) of the definition thereof in McMoRan’s Amended and Restated Credit Agreement dated as of August 6. 2007, as amended, or (z) a similar change of control under
any other agreement to which McMoRan is a party. 
 (b) For so long as PXP and its Affiliates are the Beneficial Owners of at
least 10% of the issued and outstanding shares of McMoRan Common Stock, then PXP shall have the right to designate two Designated Directors. In the event that PXP and its Affiliates are the Beneficial Owners of less than 10% but at least 5% of the
issued and outstanding shares of McMoRan Common Stock, then PXP shall have the right to designate one Designated Director. In the event that PXP and its Affiliates are the Beneficial Owners of less than 5% of the issued and outstanding shares of
McMoRan Common Stock, PXP shall have no right to designate any directors to the Board. 
 (c) Each Designated Director shall, in
the reasonable judgment of McMoRan, (i) have the requisite skill and experience to serve as a director of a publicly traded company, (ii) not be prohibited or disqualified from serving as a director of McMoRan pursuant to any rule or
regulation of the SEC or NYSE or by applicable law, and (iii) have not engaged in (A) acts or omissions constituting a breach of such Designated Director’s duty of loyalty to any organization, (B) any transaction from which such
Designated Director derived an improper personal benefit, or (C) acts or omissions that involve intentional misconduct, intentional violation of law or crimes of moral turpitude. PXP shall timely provide, and shall use its commercially
reasonable efforts to cause the Designated Directors to timely provide, McMoRan with accurate and complete information relating to PXP and the Designated Directors that may be required to be disclosed by McMoRan under the Securities Act or the
Exchange Act. In addition, at McMoRan’s request, PXP shall cause the Designated Directors to complete and execute McMoRan’s standard director and officer questionnaire prior to being admitted to the Board or standing for reelection at an
annual meeting of stockholders or at such other time as may be reasonably requested by McMoRan. The Parties agree that the initial Designated Directors shall be James C. Flores and John F. Wombwell. 

(d) Not less than one hundred twenty (120) days prior to each annual meeting of stockholders of McMoRan (assuming for these purposes
that each such annual meeting shall be held on the anniversary of the prior year’s annual meeting), PXP shall provide McMoRan with written notice of the names of the Designated Directors to be nominated for election at such meeting. Within ten
(10) days after receipt of such notice, McMoRan shall provide PXP with written notice as to whether the Designated Directors satisfy the requirements of Section 2(c). If 

  
 3 

 
it is determined that a Designated Director does not satisfy the requirements of Section 2(c), then PXP shall continue to appoint replacement designees in a like manner until
Section 2(c) has been satisfied. 
 (e) In accordance with the terms herein, McMoRan shall nominate each Designated
Director for election to the Board at each annual meeting of stockholders. If elected, each Designated Director will hold office until his or her term expires and such Designated Director’s successor has been duly elected and qualified or until
such Designated Director’s earlier death, resignation or removal. 
 (f) Prior to the termination of rights to designate
directors as provided herein: 
 (i) in connection with each annual meeting of stockholders, and subject to
Section 2(c), the Board shall (A) nominate the Designated Directors for election at such meeting and (B) shall not submit to McMoRan’s stockholders a greater number of Board nominees for election at such meeting than
positions to be filled by election at such meeting; 
 (ii) in connection with each annual meeting of
stockholders, and subject to the provisions of this Section 2, McMoRan will take all actions necessary or advisable to cause the Board to recommend that stockholders vote “FOR” the election of each Designated Director and to
solicit proxies in favor of each Designated Director at any such meeting; 
 (iii) PXP shall, and shall cause
each Affiliate of PXP holding shares of McMoRan Common Stock to, at any annual or special meeting of stockholders of McMoRan, however called, including any adjournment or postponement thereof, appear at each such meeting or otherwise cause its
shares of McMoRan Common Stock to be counted as present thereat for purposes of calculating a quorum; 
 (iv) if
a Designated Director is nominated and not elected at the annual meeting of stockholders, then PXP shall provide McMoRan the name of a replacement director and, provided that such person satisfies the requirements of Section 2(c), the
Board and McMoRan shall take such action as may be necessary to appoint such person to serve as a Designated Director to the Board, including, if applicable, increasing the size of the Board and appointing such Designated Director to fill the
newly-created directorship; 
 (v) any Designated Director may be removed for cause pursuant to and in accordance
with Article VI.5. of the McMoRan Charter; 
 (vi) upon written notice from McMoRan to PXP that a
Resignation Event has occurred, which notice shall set forth in reasonable detail the facts and circumstances constituting the Resignation Event, PXP will cause the applicable Designated Director to resign as a member of the Board within two
(2) Business Days of such written notice, and any vacancy created by such resignation shall be filled by the Board with an individual designated by PXP who, subject to Section 2(c) of this Agreement, shall become a Designated
Director; and 

  
 4 

 (vii) if a Designated Director ceases to continue in office for any reason,
PXP shall designate a replacement director and, subject to Section 2(c), the Board shall take such action as is necessary or appropriate to cause such replacement director to be appointed to the vacancy on the Board created by the
Designated Directors ceasing to serve on the Board. 
 (g) At least one Designated Director shall be a member of the executive
committee of the Board or its equivalent, if any. 
 (h) Prior to making a determination that any Resignation Event has
occurred, the Board shall provide such Designated Director with proper notice of a meeting of the Board to discuss and, if applicable, to dispute the proposed determination. At such duly called and held Board meeting, the Board shall provide such
Designated Director with a reasonable opportunity to be heard and to present information relevant to the Board’s proposed determination. The Board may make a determination that a Resignation Event has occurred only following its consideration
in good faith of such information presented by such Designated Director. 
 (i) Prior to designating a Designated Director, PXP
shall enter into a written agreement with such Designated Director whereby such Designated Director agrees to resign as a member of the Board upon a Resignation Event or as otherwise provided therein. PXP acknowledges and agrees that such an
agreement is in the best interest of McMoRan and PXP, and that McMoRan shall be a third-party beneficiary of the terms and conditions of such an agreement, and McMoRan shall have the right to enforce such an agreement to the same extent as the
parties thereto. 
 (j) McMoRan shall not take any action that would lessen, restrict, prevent or otherwise have an adverse
effect upon the foregoing rights of PXP to Board representation (or representation on any committee thereof); provided, however, that McMoRan shall not be prohibited from taking such action that the Board determines may be necessary to
(i) comply with any rule or regulation of the SEC or NYSE or (ii) comply with applicable Law. 
 Section 3. Termination of Director
Designation Rights. Promptly upon receipt of a written request from McMoRan, if PXP and its Affiliates cease to Beneficially Own less than 10% of the issued and outstanding shares of McMoRan Common Stock, then PXP shall use its commercially
reasonable efforts to cause one Designated Director to resign as a member of the Board and all committees thereof. Promptly upon receipt of a written request from McMoRan, if PXP and its Affiliates cease to Beneficially Own less than 5% of the
issued and outstanding shares of McMoRan Common Stock, then PXP shall use its commercially reasonable efforts to cause all Designated Director(s) to resign as members of the Board and all committees thereof. 

Section 4. Director Indemnification. At all times while any Designated Director is serving as a member of the Board, and following any such
Designated Director’s death, resignation, removal or other cessation as a director of McMoRan, each Designated Director shall be entitled to all rights to indemnification and exculpation as are then made available to any other member of the
Board. With respect to such rights of indemnification, as between McMoRan, on the one hand, and PXP and its Affiliates (other than McMoRan), on the other hand, McMoRan shall, in 

  
 5 

 
all events, be the full indemnitor of first resort and shall not be entitled to any contribution, indemnification or other payment by or from any of PXP or its Affiliates (other than McMoRan).

 Section 5. Standstill Agreement. 
 (a) PXP agrees that, without the prior written approval of at least a majority of the members of the Board who are not Designated Directors, neither PXP nor any of its Affiliates or representatives will,
directly or indirectly: 
  

	 	(i)	in any way acquire, offer or propose to acquire or agree to acquire, Beneficial Ownership of any (x) McMoRan Common Stock if such acquisition would result in PXP
and its Affiliates having Beneficial Ownership of more than 23.1% of the outstanding shares of McMoRan Common Stock, calculated on a fully diluted basis assuming the issuance of all shares of McMoRan Common Stock that are or may be issuable upon
conversion of any McMoRan convertible preferred security or convertible debt security, or (y) any other debt or equity securities of McMoRan; 

  

	 	(ii)	commence any tender or exchange offer for any securities of McMoRan; 

  

	 	(iii)	enter into or agree, offer, propose or seek (whether publicly or otherwise) to enter into, or otherwise be involved in or part of, any acquisition transaction, merger
or other business combination relating to all or part of McMoRan or any of its subsidiaries or any acquisition transaction for all or part of the assets of McMoRan or any of its subsidiaries or any of their respective businesses;

  

	 	(iv)	make, or in any way participate in, any “solicitation” of “proxies” (as such terms are defined under Regulation 14A under the Exchange Act,
disregarding clause (iv) of Rule 14a-1(l)(2) and including any otherwise exempt solicitation pursuant to Rule 14a-2(b)) or consents to vote, or seek to advise or influence any person or entity with respect to the voting of, any voting
securities of McMoRan; 

  

	 	(v)	call or seek to call a meeting of the shareholders of McMoRan or initiate any stockholder proposal for action by shareholders of McMoRan; 

 

	 	(vi)	form, join or in any way participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act and the rules and regulations thereunder)
with respect to McMoRan Common Stock or other debt or equity securities of McMoRan, or seek, propose or otherwise act alone or in concert with others, to influence or control the management, board of directors or policies of McMoRan;

  

	 	(vii)	publicly announce or disclose any intention, plan or arrangement inconsistent with the foregoing; 

  
 6 

  

	 	(viii)	bring any action or otherwise act to contest the validity of this Section 5 or seek a release of the restrictions contained herein, or make a request to
amend or waive any provision of this Section 5; or 

  

	 	(ix)	take any actions which would be inconsistent with the purpose and intent of this Section 5; 

provided that nothing in this Section 5 shall prevent PXP or its Affiliates from voting any shares of McMoRan Common Stock then
Beneficially Owned by PXP or its Affiliates in any manner; and provided, further, that nothing in clauses (ii), (iii), (iv) or (v) of this Section 5(a) shall apply to any Designated Director solely in his or her capacity
as a director of McMoRan. 
 (b) The provisions of Section 5(a) shall terminate, and shall be of no further force or
effect, upon the last to occur of (i) the first date on which no Designated Directors shall have been members of the Board for the preceding six-month period, and (ii) PXP and its Affiliates Beneficially Owning fewer than 20% of the issued
and outstanding shares of McMoRan Common Stock. 
 Section 6. Transfer Restrictions. 

(a) Restrictions on Transfer. Except as otherwise permitted in this Agreement, during the twelve month period ending on the first
anniversary of the date hereof, PXP will not, and shall cause its Affiliates not to, transfer, sell, assign, pledge or otherwise dispose, directly or indirectly (“Transfer”), of any shares of McMoRan Common Stock acquired
pursuant to the Merger Agreement. Following the first anniversary of the date hereof, PXP’s Transfers of McMoRan Common Stock under the Registration Rights Agreement shall be limited to Transfers (i) in Underwritten Offerings (as such term
is defined in the Registration Rights Agreement), (ii) in periodic sales under a Registration Statement (as such term is defined in the Registration Rights Agreement) so long as, in the case of Transfers made pursuant to this clause (ii), the
aggregate number of shares so Transferred in any three-month period does not exceed the amount permitted to be sold pursuant to the provisions of Rule 144(e) under the Securities Act, regardless of whether such shares are actually being Transferred
in reliance on such Rule (it being understood that shares of McMoRan Common Stock sold in an Underwritten Offering shall not be taken into account in such calculation) and (iii) pursuant to the exercise of piggyback registration rights under
the Registration Rights Agreement. Any Transfer or attempted Transfer of shares of McMoRan Common Stock in violation of this Section 6 shall, to the fullest extent permitted by law, be null and void ab initio, and McMoRan shall not, and
shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on the share register of McMoRan. PXP acknowledges that this Section 6 may be enforced by McMoRan at the direction of a
majority of the members of the Board who are not Designated Directors. Following the first anniversary of the date hereof, other than limitations on Transfer under the Registration Rights Agreement set forth in the second sentence of this
Section 6(a), PXP may Transfer shares of McMoRan Common Stock in any way permitted by applicable law. 
 (b)
Permitted Transfers. Notwithstanding Section 6(a), PXP shall be permitted to Transfer any portion or all of its shares of McMoRan Common Stock at any time 

  
 7 

 
under the following circumstances: 
  

	 	(i)	Transfers to any direct or indirect wholly owned Subsidiary of McMoRan; 

  

	 	(ii)	Transfers pursuant to a merger, tender offer or exchange offer or other business combination, acquisition of assets or similar transaction or change of control
involving McMoRan or any of its subsidiaries, provided that such transaction has been approved by the Board; 

  

	 	(iii)	Transfers pursuant to a merger, tender offer or exchange offer or other business combination, acquisition of all or substantially all of the assets or similar
transaction that would result in a change of control involving PXP; 

  

	 	(iv)	Transfers pursuant to the exercise of piggyback registration rights under the Registration Rights Agreement; and 

 

	 	(v)	pledges of McMoRan Common Stock under the PXP Credit Agreement or other bona fide instruments or agreements representing indebtedness for borrowed money.

 (c) Hedging. Except as prohibited by applicable law, notwithstanding anything contained in this
Agreement to the contrary, PXP may enter into or effect any hedging transaction with respect to the Shares, including, without limitation, calls, puts and options. 
 Section 7. Use of Information. PXP shall not, and shall cause its Affiliates and each Designated Director not to, use nonpublic information obtained from the Designated Directors’ service on
the Board in any manner adverse to McMoRan. 
 Section 8. Nonsolicitation of Employees. Until the first anniversary of the first date on
which PXP shall no longer have the right to designate Designated Directors, PXP shall not, and shall cause its Affiliates and any employment agencies acting on its behalf not to, solicit, recruit or hire, without McMoRan’s express written
consent, any Persons who are employed by McMoRan or any of its Affiliates immediately after the date hereof. Notwithstanding the foregoing, this prohibition on solicitation, recruitment and hiring does not apply to actions taken solely as a result
of an employee’s affirmative response to a general recruitment effort carried out through a public solicitation or general solicitation. 

Section 9. Legend. 
 (a)
PXP agrees that all certificates or other instruments representing the shares of McMoRan Common Stock acquired pursuant to the Merger Agreement will bear a legend substantially to the following effect: 

 

	 	(i)	 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE
AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING 

  
 8 

	 	 
THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

 

	 	(ii)	THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A STOCKHOLDER AGREEMENT, DATED AS OF DECEMBER 30, 2010,
COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. 

 (b) Upon request of PXP, upon receipt by McMoRan
of an opinion of counsel reasonably satisfactory to McMoRan to the effect that such legend is no longer required under the Securities Act and applicable state laws, McMoRan shall promptly cause clause (i) of the legend to be removed from any
certificate for any shares of McMoRan Common Stock to be Transferred in accordance with the terms of this Agreement and clause (ii) of the legend shall be removed upon the expiration of such transfer and other restrictions set forth in this
Agreement. 
 Section 10. Amendment to Certificate of Incorporation. McMoRan shall call, hold and convene a meeting of its stockholders
at least once each year until the Amendment (as defined hereinafter) is approved by McMoRan’s stockholders (each such meeting, or any adjournments or postponements thereof, the “Stockholders Meeting”) for the purpose of
approving and adopting an amendment to McMoRan’s certificate of incorporation (as in effect on the date hereof). The form of such amendment (the “Amendment”) is set forth on Exhibit A hereto. The first such
Stockholders Meeting shall be held at the next regularly scheduled annual meeting of McMoRan’s stockholders. Further, (i) the Board of Directors of McMoRan shall recommend that the stockholders of McMoRan vote in favor of the Amendment at
each such Stockholders Meeting and the Board of Directors of McMoRan shall use its commercially reasonable efforts to solicit from stockholders of McMoRan proxies in favor of the Amendment and (ii) the proxy materials for each such Stockholder
Meeting shall include a statement to the effect that the Board of Directors of McMoRan has recommended that McMoRan’s stockholders vote in favor of the Amendment at each such Stockholders Meeting. McMoRan may adjourn or postpone each such
Stockholders Meeting to the extent necessary to ensure that any required supplement or amendment to the proxy materials for each such Stockholder Meeting is provided to McMoRan’s stockholders and such stockholders have adequate time to review
such supplement or amendment or, if as of the time for which any such Stockholders Meeting is originally scheduled, there are insufficient shares of McMoRan Common Stock represented (either in person or by proxy) to constitute a quorum necessary to
conduct business at such meeting. 
 Section 11. Miscellaneous. 
 (a) Adjustments. Notwithstanding anything herein to the contrary, all measurements and references in this Agreement related to McMoRan Common Stock shall be, in each instance, appropriately
adjusted for any subdivisions or combinations of the McMoRan Common Stock, including but not limited to stock splits, stock combinations, stock distributions and the like. 

  
 9 

 (b) Entire Agreement. The Merger Agreement and this Agreement constitute the entire
agreement between the Parties pertaining to the subject matter hereof, and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties pertaining to the subject matter hereof. 

(c) Notices. All notices that are required or may be given pursuant to this Agreement shall be sufficient in all respects if given
in writing. Any such notice shall be deemed given (i) when made, if made by hand delivery, and upon confirmation of receipt, if made by facsimile, (ii) one Business Day after being deposited with a next-day courier, postage prepaid, or
(iii) three Business Days after being sent certified or registered mail, return receipt requested, postage prepaid, in each case addressed as follows: 
  

					
		 	If to PXP, to:
		
		 	 Plains Exploration & Production Company
 700 Milam Street, Suite 3100
 Houston, Texas 77002

Fax: (713) 579-6231

		 	Attention:	  	General Counsel
		
		 	With a copy to (which copy shall not constitute notice):
		
		 	Latham & Watkins LLP
		 	717 Texas Avenue, Suite 1600
		 	Houston, Texas 77002
		 	Fax: (713) 546-5401
		 	Attention:	  	Michael E. Dillard
		 		  	Sean T. Wheeler
		
		 	If to McMoRan:
		
		 	 McMoRan Exploration Co.
 1615 Poydras Street
 New Orleans, Louisiana 70112

Fax: 504-585-3513

		 	Attention:	  	John Amato
		
		 	With a copy to (which copy shall not constitute notice):
		
		 	Baker Botts L.L.P.
		 	One Shell Plaza
		 	910 Louisiana Street
		 	Houston, Texas 77002
		 	Fax: (713) 229-1522
		 	Attention:	  	J. David Kirkland, Jr.
		 		  	M. Breen Haire

  
 10 

 (d) Interpretation. 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, and section references are to this Agreement unless otherwise specified.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
This Agreement is the product of negotiation by the Parties having the assistance of counsel and other advisers. It is the intention of the Parties that this Agreement not be construed more strictly with regard to one Party than with regard to the
others. 
 (e) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original
instrument, but all such counterparts together shall constitute but one agreement. Facsimiles of signatures or signatures delivered in portable document format (.pdf) will be deemed to be originals. 

(f) Entire Agreement. This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof,
and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties pertaining to the subject matter hereof. 
 (g) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement and the legal relations between the Parties shall be governed by and construed in accordance with the laws of the
State of Delaware, United States of America without regard to principles of conflicts of laws that would direct the application of the laws of another jurisdiction. Any action brought in connection with this Agreement shall be brought in the federal
or state courts located in the City of Wilmington, Delaware. The Parties hereto hereby (i) irrevocably consent to the personal jurisdiction and venue of such courts, and (ii) waive any claim (by way of motion, as a defense or otherwise) of
improper venue, that such parties are not subject personally to the jurisdiction of such court, that such courts are an inconvenient forum or that this Agreement or the subject matter may not be enforced in or by such court. THE PARTIES HEREBY
ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED BY AND HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE, AND HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT, THE TRANSACTION DOCUMENTS, ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 (h) Amendment; Waiver. This Agreement may not be amended except by an instrument in writing signed by PXP and McMoRan. Each Party may waive any right of such Party hereunder by an instrument in
writing signed by such Party and delivered to PXP and McMoRan. 
 (i) Remedies. The Parties agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not performed in accordance with its 

  
 11 

 
specific terms or were otherwise breached. Each Party agrees that, in the event of any breach or threatened breach by any other Party of any covenant or obligation contained in this Agreement,
the non-breaching Party shall be entitled (in addition to any other remedy that may be available to it, including monetary damages) to seek and obtain (a) a decree or order of specific performance to enforce the observance and performance of
such covenant or obligation, and (b) an injunction restraining such breach or threatened breach. Each Party further agrees that no other Party or any other Person 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 9(i), and each Party hereto irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar
instrument. Each Party further agrees that it shall not object to the granting of an order of specific performance, an injunction or other equitable relief on the basis that there exists an adequate remedy at law. All rights, powers and remedies
provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any Party shall not preclude the simultaneous or
later exercise of any other such right, power or remedy by such Party. 
 (j) Severability. Any term or provision of this
Agreement which is determined by a court of competent jurisdiction to be invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or
unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction, and if any provision of this Agreement is determined to be
so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable, in all cases so long as neither the economic nor legal substance of the transactions contemplated hereby is affected in any manner adverse to
any Party or its equityholders. Upon any such determination, the Parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the Parties as closely as possible and
to the end that the transactions contemplated hereby shall be fulfilled to the maximum extent possible. 
 (k) Successors and
Assigns; Third Party Beneficiaries. Neither this Agreement nor any of the rights or obligations of any Party under this Agreement shall be assigned, in whole or in part (by operation of law or otherwise), by any Party without the prior written
consent of the other Parties hereto. Subject to the foregoing, this Agreement shall bind and inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted assigns. Nothing in this Agreement, express
or implied, is intended to confer on any Person other than (a) the Parties hereto or (b) the Parties’ respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 [Next page is the signature page.] 

  
 12 

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

			
	PLAINS EXPLORATION & PRODUCTION COMPANY
		
	 By:
	 	 /s/ Winston M.
Talbert

			
	 Name:
	 	Winston M. Talbert
	 Title:
	 	Executive Vice President and Chief Financial Officer

			
	
	MCMORAN EXPLORATION CO.
		
	 By:
	 	 /s/ Kathleen L.
Quirk

			
	 Name:
	 	Kathleen L. Quirk
	 Title:
	 	Senior Vice President & Treasurer

Signature Page to Stockholder Agreement 

 Exhibit A 
 Form of Amendment to Certificate of Incorporation 
  

	 	1.	Amend and restate the first parenthetical in the definition of “Interested Stockholder” in Article X, Section (k) of the McMoRan Amended and Restated
Certificate of Incorporation as follows: (other than the Corporation, any Subsidiary, Plains Exploration & Production Company, any Employee Benefit Plan or any fiduciary with respect to an Employee Benefit Plan acting in such capacity, any
person owning Capital Stock as of November 9, 1998, or any Affiliate or Associate of any of the foregoing) 

  

	 	2.	Add the following language at the end of the definition of “Continuing Director” in Article X(f) of the McMoRan Amended and Restated Certificate of
Incorporation: “For purposes of this Amended and Restated Certificate of Incorporation, directors who are not nominated for or designated for election by an Interested Stockholder shall not be deemed to be an Affiliate or Associate of such
Interested Stockholder.”

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