Document:

Exhibit 10.27

Exhibit 10.27

McMoRan EXPLORATION
CO.

DIRECTOR
COMPENSATION

Cash
Compensation

Each
non-employee director and advisory director receives
an annual fee of $15,000. Committee chairs receive an additional annual fee as
follows: Audit Committee, $3,000; all other committees, $2,000. 

Each
non-employee director and each advisory director receives a fee of $1,000 for
attending each board and committee meeting (for which he is a member) and is
also reimbursed for reasonable out-of-pocket expenses incurred in attending such
meetings. Each employee director receives a fee of $1,000 for attending each
board meeting. 

1998
Stock Option Plan for Non-Employee Directors and 2004 Director Compensation
Plan

The
company provides equity compensation to the non-employee directors and advisory
directors through two incentive plans, the 1998 Stock Option Plan for
Non-Employee Directors (the 1998 Plan) and the 2004 Director Compensation Plan
(the 2004 Plan), both of which were approved by our stockholders. The 1998 Plan
provides for the annual grant of options to acquire 3,500 shares of our common
stock to each non-employee director, and will be used until the shares available
for issuance are depleted. The 2004 Plan provides for an annual grant of options
to acquire 3,500 shares of our common stock to each advisory director, and will
provide for similar grants to our non-employee directors upon depletion of the
1998 Plan. The referenced option grants under both plans are made on June
1st of each
year. The options are granted at fair market value on the grant date, vest
ratably over the first four anniversaries of the grant date and expire on the
tenth anniversary of the grant date. 

In
addition, the 2004 Plan provides that non-employee directors and advisory
directors may elect to exchange all or a portion of their annual fee for an
equivalent number of shares of our common stock on the payment date, based on
the fair market value of our common stock on such date. The 2004 Plan further
provides that non-employee directors and advisory directors may elect to defer
all or a portion of their annual fee and meeting fees, and that such deferred
amounts will accrue interest at a rate equal to the prime commercial lending
rate announced from time to time by JP Morgan Chase (compounded quarterly), and
shall be paid out at such time or times as directed by the
participant.SEQUA CORPORATION

Exhibit 10.15

	
SEQUA CORPORATION

	 	 
	
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN II

	 	 
	
FOURTH AMENDMENT

	 	 
	 	
THIS FOURTH AMENDMENT is made by Sequa Corporation (the "Company") to the

	
Sequa Corporation Supplemental Executive Retirement Plan II, as Amended and Restated effective January 1, 2000 (the "Plan").

	 	 
	
W I T N E S S E T H

	 	 
	 	
WHEREAS, the Company maintains the Plan; and

	 	 
	 	
WHEREAS, the Company desires to amend the Plan to permit recognition of certain 

	
domestic relations orders which would satisfy the provisions of Section 206(d)(3)(B) of the Employee Retirement Income Security Act of 1974 ("ERISA"), if the Plan were subject to such provision of ERISA, and which award a portion of a participant's accrued benefit under the Plan to the participant's spouse or former spouse incident to a divorce; and

	 	 
	 	
WHEREAS, the Company may amend the Plan pursuant to Section 7.1 thereof;

	 
	 	
NOW, THEREFORE, effective as of October 1, 2004, Section 8.2 of the Plan shall be

	
deleted in its entirety and replaced with the following:

	 	 
	 	
8.2
	
Nonalienation of Benefits Under the Plan.

	 	 	 
	 	
(a)
	
Except for claims of indebtedness owing to a Participating Employer and as 

	 	
provided in paragraph (b) below, the interests of Participants, their Surviving Spouses or other Beneficiaries are not subject to claims, indebtedness, attachment, execution, garnishment, or other legal or equitable process, and such interests may not be voluntarily or involuntarily sold, transferred or assigned.  Any attempt by a Participant, his Surviving Spouse or other Beneficiary or any other person to sell, transfer, alienate, assign, pledge, anticipate, encumber, charge, attach, garnish or otherwise dispose of any right to benefits payable hereunder shall be void.

	 	 
	 	
(b)
	
The provisions of paragraph (a) above shall not apply to claims pursuant to a 

	 	
domestic relations order which would satisfy the requirements of Section 206(d)(3)(B) of ERISA if the Plan were subject to such provision of ERISA and which awards any portion of a Participant's vested Accrued Benefit to the spouse or former spouse of the Participant ("Alternate Payee") incident to a divorce ("DRO").  A DRO may provide for distribution of the benefit of the Alternate Payee in any form permitted under Section 4.3(c) of the Plan as if the Alternate Payee were the Participant, and may provide for commencement of distributions to the Alternate Payee on the first day of any month coinciding with or next

	 	
following the date on which the Participant would attain Early Retirement Age (determined without regard to whether the Participant has separated from service from all members of the Affiliated Group as of such date) (the "Earliest Retirement Date"), but no later than the first day of the month coinciding with or next following the date on which the Participant would attain Normal Retirement Age (the "Latest Commencement Date").  Notwithstanding the foregoing sentence, a DRO may permit the Alternate Payee to elect to receive his benefit in any form permitted under Section 4.3(c) and/or to elect to defer commencement of his benefit to the first day of any month following the Earliest Retirement Date that is no later than the Latest Commencement Date, and to revoke any such election and select a different form of benefit payment permitted under Section 4.3(c) and/or further defer commencement of his benefit to the first day of any month that is no later than the Latest Commencement Date, by filing an appropriate form provided by the Company, provided however that no such election or change of election shall be effective unless filed with the Company on or prior to the December 31st of the year prior to the calendar year preceding the date on which distributions to Alternate Payee are due to commence.  Notwithstanding any provision of this Section 8.2 to the contrary, no recognition of a DRO under the Plan shall be permitted to the extent that such recognition would cause any Participant, Beneficiary or Alternate Payee to be in constructive receipt of any benefits under the Plan, or to recognize in income any amounts with respect to the Plan, prior to actual receipt thereof.

	 	 
	 	
IN WITNESS WHEREOF, this Fourth Amendment to the Sequa Corporation

	
Supplemental Executive Retirement Plan II is hereby executed on this 30th day of September, 2004.

	 	 
	 	 
	 	
SEQUA CORPORATION

	 	 
	 	 
	 	 
	 	 
	 	
By: /s/ Howard M. Leitner

	 	
Howard M. Leitner

	 	
Senior Vice President, FinanceSEQUA CORPORATION

Exhibit 10.16

	
SEQUA CORPORATION

	
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN III

	 
	
FIRST AMENDMENT

	 	 
	 	
THIS FIRST AMENDMENT is made by Sequa Corporation (the "'Company"') to the 

	
Sequa Corporation Supplemental Executive Retirement Plan III, as Amended and Restated effective January 1, 2000 (the "'Plan"').

	 	 
	
W I T N E S S E T H

	 	 
	 	
WHEREAS, the Company maintains the Plan; and

	 
	 	
WHEREAS, the Company desires to amend the Plan to permit recognition of certain 

	
domestic relations orders which would satisfy the provisions of Section 206(d)(3)(B) of the Employee Retirement Income Security Act of 1974 ("'ERISA"'), if the Plan were subject to such provision of ERISA, and which award a portion of a participant's accrued benefit under the Plan to the participant's spouse or former spouse incident to a divorce; and

	 
	 	
WHEREAS, the Company may amend the Plan pursuant to Section 7.1 thereof;

	 	 
	 	
NOW, THEREFORE, effective as of October 1, 2004, Section 8.2 of the Plan shall be 

	
deleted in its entirety and replaced with the following:

	 	 
	 	
8.2
	
Nonalienation of Benefits Under the Plan.  

	 	 
	 	
(a)
	
Except for claims of indebtedness owing to a Participating Employer and as

	 	
provided in paragraph (b) below, the interests of Participants, their Surviving Spouses or other Beneficiaries are not subject to claims, indebtedness, attachment, execution, garnishment, or other legal or equitable process, and such interests may not be voluntarily or involuntarily sold, transferred or assigned.  Any attempt by a Participant, his Surviving Spouse or other Beneficiary or any other person to sell, transfer, alienate, assign, pledge, anticipate, encumber, charge, attach, garnish or otherwise dispose of any right to benefits payable hereunder shall be void.

	 	 
	 	
(b)
	
The provisions of paragraph (a) above shall not apply to claims pursuant to a

	 	
domestic relations order which would satisfy the requirements of Section 206(d)(3)(B) of ERISA if the Plan were subject to such provision of ERISA and which awards any portion of a Participant's vested Accrued Benefit to the spouse or former spouse of the Participant ("'Alternate Payee"') incident to a divorce ("'DRO"').  A DRO may provide for distribution of the benefit of the Alternate Payee in any form permitted under Section 4.3(c) of the Plan as if the Alternate Payee were the Participant, and may provide for commencement of distributions to the Alternate Payee on the first day of any month coinciding with or next following the date on which the Participant would attain Early Retirement Age (determined without regard to whether the Participant has separated from service from all members of the Affiliated Group as of such date) (the "'Earliest Retirement Date"'), but no later than the first 

	 	
day of the month coinciding with or next following the date on which the Participant would attain Normal Retirement Age (the "'Latest Commencement Date"').  Notwithstanding the foregoing sentence, a DRO may permit the Alternate Payee to elect to receive his benefit in any form permitted under Section 4.3(c) and/or to elect to defer commencement of his benefit to the first day of any month following the Earliest Retirement Date that is no later than the Latest Commencement Date, and to revoke any such election and select a different form of benefit payment permitted under Section 4.3(c) and/or further defer commencement of his benefit to the first day of any month that is no later than the Latest Commencement Date, by filing an appropriate form provided by the Company, provided however that no such election or change of election shall be effective unless filed with the Company on or prior to the December 31st of the year prior to the calendar year preceding the date on which distributions to Alternate Payee are due to commence.  Notwithstanding any provision of this Section 8.2 to the contrary, no recognition of a DRO under the Plan shall be permitted to the extent that such recognition would cause any Participant, Beneficiary or Alternate Payee to be in constructive receipt of any benefits under the Plan, or to recognize in income any amounts with respect to the Plan, prior to actual receipt thereof.

	 	 
	 	
IN WITNESS WHEREOF, this First Amendment to the Sequa Corporation 

	
Supplemental Executive Retirement Plan III is hereby executed on this 30th day of September, 2004.

	 	 
	 	 
	 	
SEQUA CORPORATION

	 	 
	 	 
	 	 
	 	
By:/s/ Howard M. Leitner

	 	
Howard M. Leitner

	 	
Senior Vice President, Finance

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