Document:

Exhibit
10.3

 

	 	Dated	24
    July 2020

 

		DEED OF SUBORDINATION

 

		NAKED BRAND GROUP LIMITED

	 	(Debtor)

 

		BANK OF NEW ZEALAND

		(Senior Creditor)

 

	 	and

 

		ILIAD RESEARCH AND TRADING,
    L.P.

		(Junior Creditor)

 

 

    	 

    	 

    

 

CONTENTS

 

	1.	INTERPRETATION	3
	 	 	 
	2.	PARAMOUNTCY	7
	 	 	 
	3.	SUBORDINATION	8
	 	 	 
	4.	ASSIGNMENT	11
	 	 	 
	5.	POWER
    OF ATTORNEY	12
	 	 	 
	6.	REPRESENTATIONS	12
	 	 	 
	7.	UNDERTAKINGS	13
	 	 	 
	8.	NOTICES	14
	 	 	 
	9.	GENERAL	15

 

    	 

    	 

    

 

THIS
DEED is dated 24 July 2020

 

PARTIES

 

	1.	NAKED
    BRAND GROUP LIMITED (a company registered in Australia with ACN 619 054 938) (the “Debtor”);
	 	 
	2.	BANK
    OF NEW ZEALAND (a company registered in New Zealand with company number 428849) (the “Senior Creditor”);
    and
	 	 
	3.	ILIAD
    RESEARCH AND TRADING, L.P. (a company registered in Utah, United States of America with entity number 8931086-0160) (the
    “Junior Creditor”).

 

BACKGROUND

 

	A.	Financial
    accommodation has been made to Bendon Limited by the Senior Creditor and to the Debtor by the Junior Creditor.
	 	 
	B.	The
    Senior Security has been granted in respect of, among other things, Bendon Limited’s obligations to the Senior Creditor.
    The Debtor’s obligations to the Junior Creditor are unsecured.
	 	 
	C.	The
    Debtor and the Junior Creditor have agreed in favour of the Senior Creditor that, until the Termination Date, the Junior Debt
    is to be subordinated to the Senior Debt.

 

TERMS
OF THIS DEED

 

	1.	INTERPRETATION
	 	 
	1.1	Definitions:
    In this Deed, unless the context otherwise requires:

 

“Business
Day” means a day (other than a Saturday or a Sunday) on which banks are open for business in Auckland.

 

“Creditors”
means the Senior Creditor and the Junior Creditor (and “Creditor” means either of them, as the context requires).

 

“Debt”
means, in relation to:

 

	 	(a)	the Senior Creditor, the Senior Debt; or 
	 	 	 
	 	(b)	the Junior Creditor, the Junior Debt. 

 

“Documents”
means, in relation to:

 

	 	(a)	 the Senior Creditor, the Senior Documents; or
	 	 	 
	 	(b)	the Junior Creditor, the Junior Documents.

 

“Enforcement”
means the exercise by a Secured Creditor of any right available to it by way of enforcement or realisation of a security interest
under the Senior Security (including, without limitation, service of a notice under section 119 of the Property Law Act 2007),
appointment of a receiver, exercise of a right of set-off or claiming, proving or accepting payment in a liquidation or administration
of, the Debtor.

 

“Enforcement
Date” means the first day on which the Secured Creditor becomes entitled to exercise any right of Enforcement available
to it under the Senior Security.

 

    	Page 3

    	 

    

 

“Facility
Agreement” means the Senior Facility Agreement or the Junior Facility Agreement, as the context requires.

 

“Junior
Debt” means all present and future liabilities and indebtedness of the Debtor to the Junior Creditor, absolute, contingent
or otherwise, whether or not matured, whether or not liquidated, and whether or not owed solely or jointly by the Debtor or to
the Junior Creditor solely or jointly, including without limitation (a) liabilities and indebtedness which the Junior Creditor
acquires by purchase, security assignment or otherwise, (b) interest (including any capitalised interest), (c) damages, (d) claims
for restitution, (e) costs and (f) any obligation under a guarantee or indemnity.

 

“Junior
Documents” means each Junior Facility Agreement.

 

“Junior
Event of Default” means any default or event of default (howsoever defined or described) under any Junior Document.

 

“Junior
Facility Agreement” means the Junior Note Agreement, Junior Pre-Funded Warrant, Junior Registration Rights Agreement,
Junior Securities Purchase Agreement, the Junior Warrant and all other loan facility agreements, deeds or documents entered into
at any time between (among others) the Junior Creditor and the Debtor and each other document constituting or evidencing any financial
accommodation made available by the Junior Creditor to the Debtor or the Junior Debt from time to time.

 

“Junior
Note Agreement” means the ‘Convertible Note’ dated on or about 24 July 2020 between the Junior Creditor
(as lender) and the Debtor (as borrower).

 

“Junior
Pre-Funded Warrant” means the ‘Pre-Funded Warrant to Purchase Ordinary Shares’ dated on or about 24 July
2020 between the Junior Creditor and the Debtor.

 

“Junior
Redemption Payment” means payment of a redemption amount pursuant to section 4(b) of the Junior Note Agreement.

 

“Junior
Registration Rights Agreement” means the ‘Registration Rights Agreement’ dated on or about 24 July 2020
between the Junior Creditor and the Debtor.

 

“Junior
Securities Purchase Agreement” means the ‘Securities Purchase Agreement’ dated on or about 24 July 2020
between the Junior Creditor and the Debtor.

 

“Junior
Warrant” means the ‘Warrant to Purchase Ordinary Shares’ dated on or about 24 July 2020 between the Junior
Creditor (as investor) and the Debtor (as company).

 

“Other
Property” means all of the Debtor’s assets and property, including any real property, but excluding the Personal
Property, that is subject to the Senior Security, and includes any part of it.

 

“Personal
Property” means all personal property of the Debtor that is subject to the Senior Security, and includes any part of
it.

 

“PPSA”
means the Personal Property Securities Act 1999.

 

“Secured
Property” means all Personal Property and Other Property.

 

“Senior
Debt” means all present and future liabilities and indebtedness of the Debtor to the Senior Creditor, absolute, contingent
or otherwise, whether or not matured and whether or not liquidated, including without limitation (a) any liability and indebtedness
documented under a Senior Document (b) liabilities which the Senior Creditor acquires by purchase, security assignment or otherwise,
(c) interest (including any capitalised interest), (d) damages, (e) claims for restitution and (f) costs.

 

    	Page 4

    	 

    

 

“Senior
Document” means each Senior Facility Agreement and each other ‘Transaction Document’ (however defined or
described) in the Senior Facility Agreement including, without limitation, each Senior Security.

 

“Senior
Event of Default” means any event of default (howsoever described) under any Senior Document.

 

“Senior
Event of Review” means any event of review (howsoever described) under any Senior Document.

 

“Senior
Facility Agreement” means the Facility Agreement dated 27 June 2016 (as amended from time to time) between, among others,
Bendon Limited (as initial borrower) and the Debtor (as initial guarantor), and all other loan facility agreement(s) between (among
others) the Senior Creditor and the Debtor from time to time and also includes each other document evidencing the provision of,
or setting out the terms that apply to, any Senior Debt (of whatever nature) made or to be made available by the Senior Creditor
to the Debtor from time to time (howsoever documented).

 

“Senior
Potential Event of Default” means any potential event of default (howsoever described) under any Senior Document.

 

“Senior
Security” means each guarantee or indemnity and each security interest granted by the Debtor or any other party in favour
of the Senior Creditor from time to time as security or support for the Senior Debt including, without limitation, the relevant
guarantees and securities described in Schedule 1, and any other document which constitutes a ‘Security Document’
as defined in the Senior Facility Agreement.

 

“Termination
Date” means, subject to clause 9.5, the date upon which the Senior Creditor confirms in writing to the Debtor that it
(i) has received final payment in full of all the Senior Debt and no circumstances exist which would cause it to believe on reasonable
grounds that any amount received in payment or repayment of the Senior Debt may be avoided or required to be paid or refunded
to a liquidator or similar person and (ii) is satisfied that it is not under any actual or contingent obligation to provide any
future financial accommodation to the Debtor.

 

	1.2	Construction
    of certain references: In this Deed, unless the context otherwise requires, any reference to:

 

a
Senior Event of Default, Senior Potential Event of Default, Senior Event of Review or Junior Event of Default “continuing”
is a reference to that Senior Event of Default, Senior Potential Event of Default, Senior Event of Review or Junior Event of Default
having occurred and not having been waived by the Senior Creditor or remedied to the Senior Creditor’s satisfaction;

 

    	Page 5

    	 

    

 

“costs”
include all costs, fees, commissions, charges, losses, fines, damages, expenses (including any break costs and legal fees and
disbursements on a solicitor and own client basis) and taxes, including any interest or taxes on such costs;

 

the
“dissolution” of a person also includes the winding-up or liquidation of that person and any equivalent or
analogous procedure under the law of any jurisdiction in which that person is incorporated, domiciled, resident, carries on business
or has assets;

 

a
“guarantee” also includes an indemnity, letter of credit, bond, third party security or any other obligation
(whatever called and of whatever nature) of any person to pay, purchase, provide funds (whether by the advance of money, the purchase
or subscription of shares or other securities, the purchase of assets or services or otherwise) for the payment or performance
of, indemnify against the consequences of default in the payment or performance of, or otherwise to be responsible or assume liability
for, any indebtedness or obligation of any other person;

 

“indebtedness”
includes any obligation (whether present or future, actual, absolute, prospective, contingent or otherwise, secured or unsecured,
and whether incurred alone, severally, jointly or jointly and severally, as principal or surety or otherwise) relating to the
payment or repayment of, or arising in connection with, money borrowed, raised or otherwise owing, or under any finance lease,
redeemable preference share, letter of credit, guarantee or indemnity or any financial accommodation whatsoever and “indebted”
shall be construed accordingly;

 

“law”
includes any common law, equity and statute;

 

“person”
includes any individual, any association of persons (whether corporate or not), any trust and any state or agency of a state (in
each case whether or not having separate legal personality);

 

“real
property” includes all freehold and leasehold land, all estates and interests in land and buildings, structures and
fixtures (including trade fixtures) for the time being on that land;

 

a
“receiver” includes a receiver and manager;

 

“security
interest” includes any security interest (as defined in section 17(1)(a) of the PPSA), interest in real property of
a security nature, assignment, mortgage, charge, pledge, lien, hypothecation, encumbrance and any deferred purchase, title retention,
finance lease, flawed asset arrangement, sale-and-repurchase or sale-and-leaseback arrangement and any other arrangement the economic
effect of which is to secure a creditor;

 

“writing”
includes an email communication and any means of reproducing words in a tangible and visible form;

 

the
terms “at risk”, “collateral”, “default”, “financing change
statement”, “financing statement”, “perfection”, “personal property”,
“possession”, “proceeds” and “seriously misleading” each have the meaning
given to them in the PPSA;

 

any
document or agreement includes such document or agreement as amended, restated, modified, novated or replaced from time to time;

 

any
enactment includes that enactment as amended, modified and/or replaced from time to time;

 

    	Page 6

    	 

    

 

a
party to this Deed or any other document or agreement includes a reference to that party’s successors and permitted assigns;
and

 

the
singular includes the plural and vice versa.

 

	1.3	References
    to legislation: In this Deed, any reference to New Zealand legislation (including the Companies Act 1993, Contract and
    Commercial Law Act 2017, PPSA and Property Law Act 2007) includes the equivalent legislation in any other applicable jurisdiction,
    including for the avoidance of doubt, Australia and Utah, United States of America.

 

	1.4	Headings:
    Headings and the table of contents shall be ignored in construing this Deed.

 

	2.	PARAMOUNTCY

 

	2.1	Arrangements
    not affected: The subordination and priority arrangements in this Deed will have effect in each and every circumstance
    notwithstanding:

 

	 	(a)	any
    rule of law or equity to the contrary (including, but not limited to, any application of the rule in Clayton’s Case
    (1816) 1 Mer. 529 or the rule in Hopkinson v Rolt (1861) 9 H.L. Case. 514);
	 	 	 
	 	(b)	any
    sums which may from time to time be paid to the credit of any account or accounts of the Debtor with a Secured Party;
	 	 	 
	 	(c)	the
    fact that any account or accounts of the Debtor with a Secured Party may at any time or times be or appear to be in credit;
	 	 	 
	 	(d)	any
    time or waiver granted to, or composition with the Debtor or other person;
	 	 	 
	 	(e)	the
    fact that any security interest is not enforceable, or any unenforceability, illegality or invalidity of an obligation of
    the Debtor to the Senior Creditor;
	 	 	 
	 	(f)	the
    fact that any part of the money secured by a Security may be advanced or re-advanced after the date of the other Security
    or after notice of that Security to the other Secured Party or after money has been advanced under a Security; or
	 	 	 
	 	(g)	any
    other matter which might otherwise alter or postpone the priority of the Senior Security.

 

	2.2	Inconsistent
    provisions not to apply:

 

	 	(a)	Any
    provision in any Junior Facility Agreement or any other agreement or arrangement entered into before or after the date of
    this Deed which is inconsistent with the terms of this Deed, will, for so long as this Deed is in effect, be superseded or
    varied to the extent necessary to give full effect to these arrangements.
	 	 	 
	 	(b)	The
    Junior Creditor agrees that the failure by the Debtor to comply with any obligation or undertaking of the Debtor in a Junior
    Document or any other agreement or arrangement entered into before or after the date of this Deed which is restricted or subordinated
    pursuant to this Deed shall not constitute a Junior Event of Default, provided that nothing in this clause 2.2(b) will prevent
    the Junior Creditor from taking the action permitted under clause 3.5.

 

    	Page 7

    	 

    

 

	2.3	Amendments
    to Senior Documents: Each of the Debtor and the Junior Creditor agrees for the benefit of the Senior Creditor that the
    provisions of this Deed shall not be impaired, discharged or otherwise affected by any amendment, restatement or supplement
    to any Senior Document.

 

	3.	SUBORDINATION

 

	3.1	Subordination
    of Junior Debt: The Debtor and the Junior Creditor covenant for the benefit of the Senior Creditor that the Junior Debt
    is and shall at all times be subordinated and subject in point of priority and right of payment to the prior payment in full
    of the Senior Debt. For the avoidance of doubt, the Junior Creditor agrees that:

 

	 	(a)	for
    the purposes of section 313(3) of the Companies Act 1993, it is accepting a lower priority in respect of the Junior Debt than
    that which it might otherwise have under section 313; and
	 	 	 
	 	(b)	nothing
    in section 313 will prevent this Deed from having effect in accordance with its terms.

 

	3.2	Debtor’s
    undertakings: Subject to clause 3.5, the Debtor covenants for the benefit of the Senior Creditor that it will not:

 

	 	(a)	directly
    or indirectly make any payment or distribution to, or to the order of, the Junior Creditor in respect of any of the Junior
    Debt or under any Junior Document (including, without limitation, under any guarantee or indemnity in relation to any Junior
    Document);
	 	 	 
	 	(b)	create
    or suffer or permit to exist any security interest, guarantee, indemnity or other assurance against financial loss in respect
    of the Junior Debt;
	 	 	 
	 	(c)	amend,
    supplement, novate or release any of the Junior Documents;
	 	 	 
	 	(d)	take
    or omit any action whereby the subordination contemplated by this Deed may be impaired or terminated;
	 	 	 
	 	(e)	purchase
    or acquire any of the Junior Debt;
	 	 	 
	 	(f)	enter
    into any agreement (other than any Junior Facility Agreement in the form reviewed by the Senior Creditor as at the date of
    this Deed) that constitutes or evidences any Junior Debt without the prior written consent of the Senior Creditor;
	 	 	 
	 	(g)	assign,
    sell, novate or transfer any of its rights or obligations in respect of any Junior Debt or under any Junior Document without
    the Senior Creditor’s prior written consent;
	 	 	 
	 	(h)	discharge
    any of the Junior Debt by way of set-off; or
	 	 	 
	 	(i)	 make
    available to the Junior Creditor any financial accommodation (of whatever nature).

 

	3.3	Junior
    Creditor’s undertakings: Subject to clause 3.5, the Junior Creditor covenants for the benefit of the Senior Creditor
    that it will not:

 

	 	(a)	demand,
    accelerate, declare to be due and owing, ask or sue for, take or receive payment or distribution or take or accept any assets
    in respect of, all or any of the Junior Debt, directly or indirectly and whether in any composition by the Debtor with its
    creditors, by exercise of set-off, counterclaim, merger or consolidation of accounts or in any other manner;
	 	 	 
	 	(b)	make
    any claim or demand in respect of any guarantee or indemnity in any Junior Document;

 

    	Page 8

    	 

    

 

	 	(c)	prove
    in competition with the Senior Creditor in the dissolution of the Debtor;
	 	 	 
	 	(d)	take,
    accept or receive the benefit of any security interest, guarantee, indemnity or other assurance from any person against financial
    loss in respect of the Junior Debt;
	 	 	 
	 	(e)	exercise
    any right or make any claim or demand in respect of any guarantee or indemnity in any Junior Document;
	 	 	 
	 	(f)	amend,
    supplement, terminate or release any of the Junior Documents;
	 	 	 
	 	(g)	create
    or suffer or permit to exist any security interest over or affecting any of its right, title or interest in any of the Junior
    Debt;
	 	 	 
	 	(h)	claim,
    prove or accept payment in composition by, or in a liquidation or administration of, the Debtor;
	 	 	 
	 	(i)	initiate
    or support or take any step with a view to:

 

	 	(i)	any
    insolvency, liquidation, reorganisation, administration or dissolution proceedings of the Debtor;
	 	 	 
	 	(ii)	any
    voluntary arrangement or assignment for the benefit of creditors; or
	 	 	 
	 	(iii)	any
    similar proceedings involving the Debtor whether by petition, convening a meeting, voting for a resolution or otherwise;

 

	 	(j)	receive
    any financial accommodation (of whatever nature) from the Debtor;
	 	 	 
	 	(k)	enter
    into any agreement (other than any Junior Facility Agreement in the form reviewed by the Senior Creditor as at the date of
    this Deed) that constitutes or evidences any Junior Debt without the prior written consent of the Senior Creditor;
	 	 	 
	 	(l)	assign,
    sell, novate or transfer any of its rights or obligations in respect of any Junior Debt or under any Junior Document without
    the Senior Creditor’s prior written consent;
	 	 	 
	 	(m)	bring
    or support any legal proceedings against the Debtor, or otherwise exercise any remedy for the recovery of any Junior Debt;
    or
	 	 	 
	 	(n)	take
    or omit any action whereby the subordination contemplated by this Deed may be impaired or terminated.

 

	3.4	Postponement
    absolute: The provisions of clauses 3.1 to 3.3 shall apply notwithstanding that any amount owing to the Junior Creditor
    may have become due and payable because of the making of demand for payment or the maturity of such debt or the occurrence
    of a default under a Junior Document or otherwise.

 

	3.5	Permitted
    Actions: Notwithstanding anything in this Deed to the contrary:

 

	 	(a)	the
    Junior Creditor may declare a Junior Event of Default pursuant to the Junior Note Agreement upon the occurrence of any of
    the events described in clause 4(a)(iii) or 4(a)(iv) of the Junior Note Agreement.
	 	 	 
	 	(b)	the
    Debtor may only pay the Junior Redemption Payments to Junior Creditor prior to the Termination Date, provided that such payments
    are funded in full by the issue of new equity in the Debtor (and for the avoidance of doubt not by any debt instrument) and
    no Senior Event of Default, Senior Potential Default or Senior Event of Review has occurred and is continuing as at the date
    of the relevant payment.

 

    	Page 9

    	 

    

 

	 	(c)	the
    Junior Creditor and/or the Debtor may convert all or any portion of the Outstanding Balance into Ordinary Shares (as each
    of those capitalised terms are defined in the Junior Note Agreement) in accordance with the Junior Note Agreement or exchange
    all or any portion of the Outstanding Balance for Ordinary Shares pursuant to one or more exchange transactions pursuant to
    Section 3(a)(9) of the United States Securities Act of 1933, as amended, to be agreed by the Debtor and the Junior Creditor;
    and
	 	 	 
	 	(d)	the
Junior Creditor may bring a legal proceeding against the Debtor but only for: (i) specific performance wherein the Junior Creditor
seeks to cause the Debtor to deliver Ordinary Shares pursuant to the Junior Creditor’s rights to receive Ordinary Shares
described in clause 3.5(c) above; or (ii) specific performance wherein the Junior Creditor seeks an injunction prohibiting the
Debtor from issuing Ordinary Shares as described in clause 9(m) of the Junior Securities Purchase Agreement.

 

	3.6	Turnover:
    If the Junior Creditor:

 

	 	(a)	receives
    or recovers a payment or distribution in cash or in kind of, or on account of, any Junior Debt; or
	 	 	 
	 	(b)	accepts
    any assets in respect of any Junior Debt; or
	 	 	 
	 	(c)	receives
    a discharge of any of the Junior Debt by the exercise of any rights against the Debtor (whether of set-off, combination of
    accounts or otherwise),

 

which
is not permitted by the provisions of this Deed, whether upon the dissolution of the Debtor or for any other reason, then the
Junior Creditor shall hold each such payment and any such assets (or, if any of the Junior Debt is discharged by set-off or otherwise,
an amount equal to the discharge) on trust as bare trustee for the Senior Creditor and will pay the relevant amount (plus interest
(if any)) and turn over the relevant funds and/or assets to the Senior Creditor in or towards the discharge of the Senior Debt.
Any such amount paid, or the value of any such assets held, by the Junior Creditor on account of being trustee for the benefit
of the Senior Creditor and paid over to the Senior Creditor shall be treated, for the purposes of the obligations of the Debtor
in respect of the Junior Debt, as if it had not been paid or turned over by the Debtor. The Junior Debt shall accordingly be deemed
not to be discharged to that extent.

 

	3.7	Perpetuity
    Period of Trust: The trust constituted by clause 6.6 of this Deed shall be for a term of 21 years from the date of this
    Deed.
	 	 
	3.8	Duties
    of the Junior Creditor as trustee: Pending the payment by the Junior Creditor to the Senior Creditor of any of the Junior
    Debt so taken or received or the turning over of any assets so accepted by the Junior Creditor, the Junior Creditor shall:

 

	 	(a)	not
    co-mingle any such amount to be paid or any assets to be turned over to the Senior Creditor with its other assets; and

 

    	Page 10

    	 

    

 

	 	(b)	place
    any such amount to be paid to the Senior Creditor in a separate, interest-bearing account (to be designated as a trust account)
    with any bank or financial institution in New Zealand.

 

The
Junior Creditor as trustee shall account to the Senior Creditor for any of the Junior Debt so taken or received by it or assets
so accepted by it.

 

	3.9	Failure
    of Trust: If and to the extent that the trust constituted by clause 6.6 of this Deed is for any reason not properly constituted
    or is otherwise not effective, the Junior Creditor agrees (on an indemnity basis) immediately on demand to pay to the Senior
    Creditor any of the Junior Debt so taken, recovered or received or any assets so accepted or any discharge received by the
    Junior Creditor as described in clause 6.6 of this Deed.
	 	 
	3.10	Exception
    - capitalisation of interest and fees: Nothing in this Deed is intended to prevent the Junior Creditor from charging interest
    or fees on or in connection with the Junior Debt in accordance with the terms of the Junior Documents (as at the date of this
    Deed), provided that such interest or fees are capitalised to the Junior Debt.
	 	 
	3.11	Deemed
    Waiver of Default:

 

Any
waiver or consent granted by or on behalf of the Senior Creditor at any time prior to the Termination Date in respect of the Senior
Documents will also be deemed to have been given by Junior Creditor if:

 

	 	(a)	in
    order for any such waiver or consent to take effect in accordance with its terms, such waiver or consent is required from
    the Junior Creditor; or
	 	 	 
	 	(b)	the
    act matter or thing the subject of the waiver or consent would, if such waiver or consent was not provided, result in a Junior
    Event of Default or a ‘Potential Event of Default’ (however described) under any Junior Document,

 

in
each case, whether or not an Enforcement Date has already occurred.

 

	4.	ASSIGNMENT

 

	4.1	Benefit
    and Burden of this Deed: This Deed shall be binding upon and enure for the benefit of the parties and their respective
    successors and any permitted assignee or transferee.
	 	 
	4.2	By
    the Debtor and the Junior Creditor: Neither the Debtor nor the Junior Creditor may assign or transfer any or all of their
    respective rights (if any) or obligations under this Deed without (i) obtaining the prior written consent of the Senior Creditor
    and (ii) procuring that any assignee or transferee enters into a deed of covenant with the other parties to this Deed in a
    form approved by the Senior Creditor, agreeing to be bound by this Deed in the place of the transferring party.
	 	 
	4.3	By
    the Senior Creditor: The Senior Creditor may assign any or all of its rights and benefits under this Deed subject to the
    requirement that any assignee enters into a deed of covenant with the Debtor and the Junior Creditor whereby the assignee
    agrees to be bound by this Deed as if it were the Senior Creditor.

 

    	Page 11

    	 

    

 

5.
POWER OF ATTORNEY

 

	5.1	The
    Junior Creditor irrevocably appoints (by way of security) the Senior Creditor, each officer and employee for the time being
    of the Senior Creditor whose title includes the term “manager” or “director” and any receiver appointed
    by the Senior Creditor severally to be its attorney (with full power to appoint substitutes and to sub-delegate), on its behalf
    and in its name or otherwise, at such time and in such manner as the attorney may think fit to do any thing which the Junior
    Creditor may be obliged to do or ought to do under this Deed and which the Junior Creditor fails to do within 3 Business Days
    of request, and generally in its name and on its behalf to carry into effect, complete or facilitate the exercise or purported
    exercise of all or any of the rights conferred on the Senior Creditor under this Deed (including without limitation by executing,
    delivering, registering and/or otherwise perfecting any release or agreement).
	 	 
	5.2	The
    Junior Creditor agrees to ratify and confirm anything an attorney lawfully does or causes to be done under clause 5.1, and
    to indemnify the Senior Creditor and each such attorney on demand against any cost or liability they may suffer or incur as
    a direct or indirect consequence of the lawful exercise of such power.

 

	6.	REPRESENTATIONS

 

	6.1	The
    Junior Creditor and the Debtor each make the following representations and warranties to the Senior Creditor on the date of
    this Deed:

 

	 	(a)	it
    has the power to enter into and perform, and has taken all necessary actions to authorise the entry into and performance of,
    this Deed and the transactions contemplated by it;
	 	 	 
	 	(b)	the
    entry into and performance by it of, and the transactions contemplated by, this Deed does and will not conflict with:

 

	 	(i)	any
    law or regulation applicable to it;
	 	 	 
	 	(ii)	its
    constitutional or establishment documents (as the case may be); or
	 	 	 
	 	(iii)	any
    agreement or instrument binding upon it or its assets; and

 

	 	(c)	true,
    complete and up-to-date copies of all Junior Documents have been provided to the Senior Creditor and there are no documents
    or agreements in place in relation to the Junior Debt which have not been disclosed in writing to the Senior Creditor prior
    to the date of this Deed;
	 	 	 
	 	(d)	its
    obligations under this Deed are legal, valid, binding and enforceable against it in accordance with the terms of this Deed,
    subject to equitable principles and laws affecting creditors’ rights generally; and
	 	 	 
	 	(e)	 no
    security interest, guarantee, indemnity or other assurance against financial loss in respect of the Junior Debt has been granted
    or exists (whether registered or unregistered).

 

    	Page 12

    	 

    

 

	7.	UNDERTAKINGS

 

	7.1	Undertakings:
    Each of the Debtor and the Junior Creditor undertakes that it will:

 

	 	(a)	at
    its own cost, promptly execute and deliver to the Senior Creditor all agreements, consents or any other document whatsoever
    and do anything else that the Senior Creditor reasonably requires, to secure to the Senior Creditor the full benefit of this
    Deed;
	 	 	 
	 	(b)	not
    enter into any agreement (other than any Junior Facility Agreement, in each case, in the form reviewed by the Senior Creditor
    as at the date of this Deed) that constitutes or evidences any Junior Debt without the prior written consent of the Senior
    Creditor;
	 	 	 
	 	(c)	not
    assign, sell, novate or transfer any of its rights or obligations in respect of any Junior Debt or under any Junior Document
    without the Senior Creditor’s prior written consent; and
	 	 	 
	 	(d)	promptly
    notify the Senior Creditor in writing after it becomes aware of any Junior Event of Default occurring.

 

	7.2	Further
    Assurance: The Junior Creditor undertakes that it will promptly and at its own cost execute and deliver to the Senior
    Creditor (or any receiver appointed by the Senior Creditor) all agreements, transfers, consents (of whatever nature), releases
    of caveats, assignments, security interests and other documents (including, without limitation, any priority registrations
    and/or filings), and do anything else that the Senior Creditor (or any receiver appointed by the Senior Creditor) reasonably
    considers necessary or desirable, in each case (i) to secure to the Senior Creditor the full benefit of this Deed, (ii) to
    assist with the Senior Debt being fully recovered from the realisation of the Secured Property or (iii) to remove any impediment
    to the exercise by the Senior Creditor of its rights under this Deed or the Senior Security;

 

	7.3	Dissolution:
    In the event of the dissolution of the Debtor:

 

	 	(a)	the
    Senior Creditor may, and is irrevocably authorised on behalf of the Junior Creditor to, claim, enforce and prove for the Junior
    Debt, file claims and proofs, accept payments, give receipts and do all such things as the Senior Creditor sees fit to recover
    the Junior Debt and receive all payments and distributions in respect of the Junior Debt for application towards the Senior
    Debt;
	 	 	 
	 	(b)	the
    Junior Creditor shall take such action as may be required by the Senior Creditor in order to enable it to enforce payment
    of the Junior Debt and to collect and receive all payments and distributions in respect of the Junior Debt for application
    towards the Senior Debt; and
	 	 	 
	 	(c)	any
    payment or distribution of any nature that is payable or deliverable in respect of the Junior Debt shall be paid or delivered
    by the liquidator or other person making the distribution directly to the Senior Creditor until the Senior Debt has been irrevocably
    paid in full to the satisfaction of the Senior Creditor (subject to clause 3.1). The Junior Creditor will give all notices
    and do all things as the Senior Creditor may direct to give effect to this provision.

 

    	Page 13

    	 

    

 

	8.	NOTICES

 

	8.1	Each
    notice or other communication under this Deed is to be in writing and is to be made by facsimile, personal delivery, email
    or post to the addressee at the facsimile number or address, and marked for the attention of the person or officeholder (if
    any), set out below (or such other address, facsimile number and/or person as the relevant party may notify the other parties
    in writing from time to time):

 

	 	(a)	The
    Debtor

 

	 	 	Naked
    Brand Group Limited 
	 	 	 
	 	Address:	c/o
    Bendon Limited
	 	 	Building
    7C, Huntley Street
	 	 	NSW
    2015, Australia
	 	 	 
	 	Attention:	Anna
    Johnson

 

	 	(b)	The
    Junior Creditor

 

	 	 	Iliad
    Research and Trading, L.P.
	 	 	 
	 	Address:	303
    East Wacker Drive, Suite 1040
	 	 	Chicago,
    Illinois 60601
	 	 	 
	 	Attention:	John
    Fife

 

With
a copy to:

 

	 	 	Hansen
    Black Anderson Ashcraft PLLC
	 	 	 
	 	Address:	3051
    West Maple Loop Drive, Suite 325
	 	 	Lehi,
    Utah 84043
	 	 	 
	 	Attention:	Jonathan
    Hansen

 

	 	(c)	The
    Senior Creditor

 

	 	 	Bank
    of New Zealand
	 	 	 
	 	Address:	Level
    5, Deloitte Centre, 80 Queen Street
	 	 	Auckland
    1010
	 	 	 
	 	Email:	Christian_Thomas@bnz.co.nz
	 	 	Amanda_Warrington@bnz.co.nz
	 	 	 
	 	Attention:	Christian
    Thomas and Amanda Warrington

 

	8.2	A
    communication under this Deed will be effective:

 

	 	(a)	in
    the case of personal delivery, when delivered;
	 	 	 
	 	(b)	if
    posted, 3 Business Days, in the place of receipt, after posting (by airmail if to another country);
	 	 	 
	 	(c)	if
    made by facsimile, upon production of a transmission report by the machine from which the facsimile was sent which indicates
    complete transmission to the facsimile number of the recipient designated for the purposes of this Deed; and
	 	 	 
	 	(d)	if
    emailed, at the time the notifying party receives an acknowledgement of receipt of delivery from the recipient’s email
    address or (if earlier) two Business Days, in the place of receipt, after the email was sent (unless the notifying party receives
    an error message relating to the sending of the email before that time), otherwise, upon receipt by the notifying party of
    a non-automated confirmation of receipt of such notice from the recipient,

 

    	Page 14

    	 

    

 

provided
that any communication received or deemed received after 5pm or on a day which is not a Business Day in the place to which it
is delivered, posted or sent shall be deemed not to have been received until the next Business Day in that place.

 

	9.	GENERAL

 

	9.1	Amendments:
    This Deed may from time to time be amended if all parties agree in writing.
	 	 
	9.2	Remedies
    and waivers: Time is of the essence for this Deed but no failure to exercise, and no delay in exercising, any right or
    remedy of the Senior Creditor under this Deed is to operate as a waiver of such right or remedy, nor will any single or partial
    exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any right or remedy. No
    waiver by the Senior Creditor of any rights or remedies under this Deed is to be effective unless it is in writing signed
    by the Senior Creditor.
	 	 
	9.3	Partial
    invalidity: The illegality, invalidity or unenforceability of any provision of this Deed under any law will not affect
    the legality, validity or enforceability of that provision under any other law or the legality, validity or enforceability
    of any other provision.
	 	 
	9.4	Expiry:
    With effect from the Termination Date, this Deed shall terminate and the parties shall have no further obligations hereunder.
	 	 
	9.5	Reinstatement:
    If any payment received or recovered by a Creditor in respect of its Debt is avoided by law or has to be refunded to any liquidator
    or other person, that payment will be deemed not to have discharged the Senior Debt or the Junior Debt (as the context requires)
    in respect of which the payment was received or recovered and accordingly, if the Termination Date has occurred in such circumstances
    affecting the Senior Debt, then the Termination Date will be deemed not to have occurred.
	 	 
	9.6	Third
    party payments: If the Senior Creditor receives any amount otherwise than from the Debtor, the Senior Debt will not be
    deemed reduced by that amount until and except to the extent that it is applied towards the Senior Debt.
	 	 
	9.7	Disclosure
    of information: Each Creditor may disclose to the other such information about the Debtor, the Senior Security (in the
    case of the Senior Creditor), the facilities being provided to the Debtor and any related information as that Creditor thinks
    fit.
	 	 
	9.8	No
    requirement to enforce: The Senior Creditor may refrain from enforcing the Senior Security as long as it sees fit. The
    Junior Creditor waives any right it may have of first requiring the Senior Creditor (or any party on its behalf) to proceed
    against or enforce any other right or security or claim payment from any person before claiming the benefit of this Deed.
	 	 
	9.9	Senior
    Creditor’s discretion: The Senior Creditor (or any person on its behalf) may:

 

	 	(a)	apply
    any moneys or property received under this Deed or from the Debtor or any other person against the Senior Debt in such order
    as it sees fit;

 

    	Page 15

    	 

    

 

	 	(b)	hold
    in suspense any moneys or distributions received from the Junior Creditor under this Deed.

 

	9.10	Custody
    of documents: So long as the Senior Documents are in effect, the Senior Creditor will be entitled to hold any title documents,
    share certificates or similar original documents in respect of any Secured Property. The Senior Creditor has no responsibility
    to the Junior Creditor in connection with obtaining or maintaining custody of such documents.
	 	 
	9.11	Debtor:
    This Deed is given for the sole benefit of the Creditors and does not create any obligation or liability on the part of either
    Creditor to the Debtor.
	 	 
	9.12	Costs:

 

	 	(a)	The
    Debtor agrees to pay on demand all reasonable costs incurred by the Creditors in connection with the preparation, negotiation,
    execution and performance of this Deed, and all waivers under and amendments to this Deed.
	 	 	 
	 	(b)	The
    Debtor and the Junior Creditor (as the case may be) agree to pay on demand all costs incurred by the Senior Creditor in connection
    with the enforcement against the Debtor or the Junior Creditor (as applicable), or (in the case of the Debtor only) review
    and consideration, of the Senior Creditor’s rights under this Deed. For the avoidance of doubt, the Junior Creditor
    shall not be liable for any costs and expenses in connection with the enforcement against the Debtor.

 

	9.13	Contracts
    Privity: The parties acknowledge that, in terms of the Contract and Commercial Law Act 2017, this Deed is made for the
    benefit of and is intended to be enforceable by the Senior Creditor and any receiver appointed by it.
	 	 
	9.14	Counterparts:
    This Deed may be signed in any number of counterparts (including scanned PDF counterparts) all of which, when taken together,
    will constitute one and the same instrument. Any party may enter into this Deed by executing any such counterpart.
	 	 
	9.15	Delivery:
    For the purposes of section 9 of the Property Law Act 2007 and without limiting any other mode of delivery, this Deed will
    be delivered by each of the Debtor and the Junior Creditor immediately on the earlier of:

 

	 	(a)	physical
    delivery of an original of this Deed, executed by the relevant party, into the custody of the Senior Creditor or its solicitors;
    or
	 	 	 
	 	(b)	transmission
    by the relevant party, its solicitors or any other person authorised in writing by that party of a facsimile, photocopied
    or scanned copy of an original of this Deed, executed by that party, to the Senior Creditor or its solicitors.

 

	9.16	Copies:
    If any party transmits a facsimile, photocopied or scanned copy of this Deed to the Senior Creditor by way of delivery under
    clause 9.15:

 

	 	(a)	the
    other parties may rely on that copy as though it were the original copy; and
	 	 	 
	 	(b)	the
    transmitting party will, as soon as reasonably practicable thereafter, deliver to each other party the executed original of
    this Deed.

 

	9.17	Governing
    law: This Deed is to be governed by and construed in accordance with the laws of New Zealand and the parties submit to
    the non-exclusive jurisdiction of the courts of New Zealand.

 

EXECUTION
TO FOLLOW

 

    	Page 16

    	 

    

 

EXECUTED
as a deed

 

The
Debtor

 

	SIGNED,
    SEALED and DELIVERED as a	)	 
	DEED
    for and on behalf of NAKED	)	 
	BRAND
    GROUP LIMITED ACN 619 054 938	)	 
	by
    its attorney under power of attorney dated:	)	 
	 	)	 
	 	)	/s/
    Justin Davis-Rice
	In
    the presence of:	 	Signature
    of Attorney
	 	 	 
	/s/	 	Justin
    Davis-Rice
	Witness
    signature	 	Name
    of Attorney (BLOCK LETTERS)
	 	 	 
	 	 	 
	Name
    of witness (BLOCK LETTERS)	 	 
	 	 	 
	 	 	 
	Address
    of witness	 	 
	 	 	 
	 	 	 
	Occupation
    of witness	 	 

 

The
Senior Creditor

 

	EXECUTED
    as a DEED for and on behalf 	)	 
	of
    BANK OF NEW ZEALAND by its Attorneys	)	 
	 	 	 
	/s/	)	/s/
	in
    the presence of	)	Signature
	 	 	 
	 	 	 
	Witness
    signature	 	Name
    of Attorney
	 	 	 
	 	 	 
	Full
    name	 	 
	 	 	 
	 	 	/s/
	Address	 	Signature
	 	 	 
	 	 	 
	Occupation	 	Name
    of Attorney

 

Note:

-Person
authorised by constitution - signature must be witnessed

-Attorney
appointed under s181 Companies Act - signature does not need to be witnessed

 

    	Page 17

    	 

    

 

The
Junior Creditor

 

	EXECUTED
    as a DEED for and on behalf of	 
	Iliad
    Research and Trading, L.P.	 
	 	 
	By:	Iliad
    Management, LLC, its General Partner	 
	 	 	 
	By:	Fife
    Trading, Inc., its Manager	 
	 	 	 
	By:	/s/
    John M. Fife	 
	 	John
    M. Fife, President	 

 

    	Page 18EX-4.2

 Exhibit 4.2 
  

 
  

FREEPORT-MCMORAN INC., 
 Company, 

FREEPORT-MCMORAN OIL & GAS LLC., 
 Guarantor 

and 
 U.S. BANK NATIONAL ASSOCIATION, 

Trustee 
  

 
 SIXTH SUPPLEMENTAL INDENTURE

 Dated as of July 27, 2020 
  

 
 $650,000,000 aggregate
principal amount of 4.375% Senior Notes due 2028 
  
  

 

	
	 

  

 SIXTH SUPPLEMENTAL INDENTURE, dated as of July 27, 2020, among FREEPORT-MCMORAN
INC., a Delaware corporation (the “Company”), FREEPORT-MCMORAN OIL & GAS LLC, a Delaware limited liability company (the “Guarantor”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
Trustee (the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of August 15, 2019 (the “Base
Indenture”), as supplemented by this sixth supplemental indenture (the “Sixth Supplemental Indenture” and together with the Base Indenture, the “Indenture”), to provide for the issuance by the Company from
time to time, of senior debt securities evidencing its unsecured indebtedness, and the guarantee thereof by the Guarantor, to be issued in one or more series as provided in the Indenture; 

WHEREAS, pursuant to a Board Resolution, the Company has authorized the issuance of a series of securities evidencing its senior
indebtedness, consisting initially of $650,000,000 aggregate principal amount of 4.375% Senior Notes due 2028 (the “Securities”) and duly authorized the execution and delivery of the Indenture as issuer of the Securities; 

WHEREAS, the Guarantor has duly authorized the execution and delivery of the Indenture as guarantor of the Securities; 

WHEREAS, the entry into this Sixth Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the
Indenture; 
 WHEREAS, the Company desires to establish the terms of the Securities in accordance with Section 2.01 of the Base
Indenture and to establish the form of the Securities in accordance with Section 2.02 of the Base Indenture; and 
 WHEREAS, all
acts and requirements necessary to make this Sixth Supplemental Indenture a valid and legally binding indenture and agreement according to its terms have been done. 

NOW, THEREFORE, for and in consideration of the premises, the Company, the Guarantor and the Trustee mutually covenant and agree for the
equal and proportionate benefit of the respective holder from time to time of the Securities as follows: 

	
	 

  

 ARTICLE 1 

Section 1.01. Terms of Securities. Pursuant to Section 2.01 of the Base Indenture, the following terms relating to the
Securities are hereby established: 
 (a) The Securities shall constitute a series of securities having the title “4.375%
Senior Notes due 2028”. 
 (b) The initial aggregate principal amount of the Securities is $650,000,000. There is no limit
upon the aggregate principal amount of Securities of this series that may be authenticated and delivered under the Indenture. The Company may, from time to time, without notice to or the consent of the Holders hereof, create and issue additional
Securities of this series ranking equally and ratably with the Securities in all respects (other than the issue price, the date of the issuance, the payment of interest accruing prior to the issue date of such additional Securities, the first
payment of interest following the issue date of such additional Securities and, in some cases, the first payment of interest following the issue date of such additional Securities). Any such additional Securities shall be consolidated and form a
single series with the Securities initially issued, including for purposes of voting and redemptions; provided that if the additional Securities are not fungible with the Securities of this series initially issued for U.S. federal income tax
purposes, such additional Securities shall have a separate CUSIP number. 
 (c) The entire outstanding principal of the Securities
shall be payable on August 1, 2028 plus any unpaid interest accrued to such date. 
 (d) The rate at which the Securities shall
bear interest shall be 4.375% per annum. 
 (e) The date from which interest shall accrue on the Securities shall be July 27, 2020
or from the most recent Interest Payment Date on which interest has been paid or provided for; the Interest Payment Dates for the Securities on which interest will be payable shall be August 1 and February 1 in each year, beginning
February 1, 2021; the regular record dates for the interest payable on the Securities on any Interest Payment Date shall be the July 15 and January 15 preceding the applicable Interest Payment Date; interest payable at maturity shall
be paid to the same person to whom principal of the Securities is payable; and the basis upon which interest on the Securities shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 
 (f) not applicable 

(g) The provisions of Section 1.02 herein shall be applicable to the Securities. 

(h) not applicable 

  
 2 

	
	 

  

 (i) The form of the Securities is attached hereto as Exhibit A. 

(j) The Securities shall be issuable in denominations equal to two thousand U.S. dollars ($2,000) and integral multiples of $1,000 in
excess thereof. 
 (k) The Securities shall be issued as a Global Security and The Depository Trust Company, New York, New York shall
be the initial Depository. 
 (l) The Securities are not convertible into shares of common stock or other securities of the Company.

 (m) not applicable 

(n) The provisions of Section 2.01, Article 3 and Section 4.01 herein shall be applicable to the Securities. 

(o) The provisions of Section 1.03 herein shall be applicable to the Securities. 

(p) not applicable 

(q) Payments of the principal of and interest on the Securities shall be made in U.S. dollars, and the Securities shall be denominated in
U.S. dollars. The Securities shall not be subordinated to any other debt of the Company, and shall constitute senior unsecured obligations of the Company. 

Section 1.02. Optional Redemption 

(a) The Securities will be redeemable, at the option of the Company, at any time and from time to time, in whole or in part. The
Securities shall be redeemable at the redemption price (the “Redemption Price”), to be calculated by the Company, as follows: 

(i) If the redemption date is prior to August 1, 2023, the Securities may be redeemed by the Company at a Redemption
Price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of (a) the Redemption Price of the Securities at August 1, 2023 and (b) the remaining scheduled
payments of interest on the Securities to be redeemed from the date of redemption to August 1, 2023 (not including interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest on the Securities to be redeemed to
the date of redemption. 
 (ii) If the redemption date is prior to August 1, 2023, the Company may redeem in the
aggregate up to 35% of the aggregate principal amount of the Securities issued under the Indenture (including the aggregate principal amount of any additional notes) with the net cash proceeds of one or more Equity Offerings at a Redemption Price
equal to 104.375% of the principal amount of Securities redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the date of redemption (subject to the rights of holders of the Securities on the relevant record date to
receive interest on the relevant Interest Payment Date falling prior to or on the redemption date); provided that: 

(A) after giving effect to any such redemption at least 65% of the aggregate principal amount of the Securities issued
under the Indenture (including the aggregate principal amount of any additional notes) remains outstanding immediately after the occurrence of such redemption; and 

(B) the redemption occurs within 90 days of the date of, and may be conditioned upon, the closing of such Equity Offering.

 (iii) If the redemption date is on or after August 1, 2023, the Securities may be redeemed by the Company at the
following Redemption Prices (expressed as a percentage of principal amount) plus accrued and unpaid interest on the Securities to be redeemed to, but not including, the applicable redemption date (subject to the right of holders of record on the
relevant record date to receive interest due on the relevant Interest Payment Date) if on and after the issue date, redeemed during the twelve-month period beginning on August 1 of the years indicated below: 

 

					
	Year	  	 Redemption

Price
	  	 
	 2023
	  	102.188%
	 2024
	  	101.458%
	 2025
	  	100.729%
	 2026 and thereafter
	  	100.000%

  
 3 

	
	 

  

 (b) In case the Company shall desire to exercise such right to redeem all or, as the
case may be, a portion of the Securities in accordance with Section 1.01(a) above, the Company shall (with a copy provided to the Trustee), or shall cause the Trustee to, give notice of such redemption to holders of the Securities to be
redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption to such holders at their last addresses as they shall appear upon the Security
Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder received the notice. In any case, failure duly to give such notice to the holder of any
Security designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Security. Any notice of redemption with respect to the Securities may, at the
Company’s discretion, be conditioned on the satisfaction of one or more conditions precedent. 
 (c) As used herein: 

“Capital Stock” shall mean, with respect to any Person, any and all shares, interests, participations or other
equivalents (however designated, whether voting or non-voting) of, or interests in (however designated), the equity of such Person which is outstanding or issued on or after the date of the Indenture,
including, without limitation, all Common Stock and Preferred Stock and partnership and joint venture interests of such Person. 

“Common Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of common stock of such Person which is outstanding or issued on or after the date of the Indenture, including, without limitation, all series and classes of
such common stock. 
 “Comparable Treasury Issue” means, with respect to the Securities to be redeemed, the U.S.
Treasury security selected by an Independent Investment Banker as having a maturity most nearly equal to the period from the redemption date to August 1, 2023, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities; provided that if such period is less than one year, then the U.S. Treasury security having a maturity of one year shall be used. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
Reference Treasury Dealer Quotations obtained. 
 “Disqualified Capital Stock” means that portion of any Capital Stock
that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute a Change of
Control), matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control) on or prior to the date
91 days after the final maturity date of the Securities. 
 “Equity Interests” means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means a public or private sale of Equity Interests of the Company (other than Disqualified Capital
Stock and other than to a subsidiary of the Company) by the Company. 
 “Independent Investment Banker” means one of
the Reference Treasury Dealers appointed by the Company. 
 “Person” has the meaning set forth in Section 1.03.

 “Preferred Stock” is defined to mean, with respect to any Person, any and all shares, interests, participations or
other equivalents (however designated, whether voting or non-voting) of preferred or preference stock of such Person which is outstanding or issued on or after the date of the Indenture. 

“Reference Treasury Dealer” means J.P. Morgan Securities LLC and its successors and up to three other primary U.S.
government securities dealers in the U.S. (each a “Primary Treasury Dealer”) specified from time to time by the Company, except that if any of the foregoing ceases to be a “Primary Treasury Dealer”, the Company is required to
designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00
p.m., New York City time, on the third Business Day preceding such redemption date. 

  
 4 

	
	 

  

 “Treasury Rate” means, with respect to any redemption date, the rate
per annum equal to the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 
 The provisions of Article 3,
Section 2.05(c) and Section 2.05(d) of the Base Indenture in respect of the Securities shall apply to any optional redemption of the Securities except when such provisions conflict with the foregoing. 

Section 1.03 Change of Control Triggering Event 

(a) Upon the occurrence of a Change of Control Triggering Event with respect to the Securities, unless the Company has exercised its
right to redeem the Securities pursuant to Section 1.02 by giving irrevocable notice to the Trustee in accordance with the Indenture, each holder of Securities shall have the right to require the Company to purchase all or a portion of such
holder’s Securities pursuant to the offer described in this Section 1.03 (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the
date of purchase (the “Change of Control Payment”), subject to the rights of holders of Securities on the relevant record date to receive interest due on the relevant Interest Payment Date. 

(b) Unless the Company has exercised its right to redeem the Securities, within 30 days following the date upon which the Change of
Control Triggering Event occurred with respect to the Securities or, at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first
class mail, a notice to each holder of Securities, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days
nor later than 60 days from the date such notice is sent, other than as may be required by law (the “Change of Control Payment Date”). The notice, if sent prior to the date of consummation of the Change of Control, shall state that
the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

(c) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept or cause a third party to accept for payment all Securities or portions of Securities properly tendered
pursuant to the Change of Control Offer; 

  
 5 

	
	 

  

 (ii) deposit or cause a third party to deposit with the paying agent an
amount equal to the Change of Control Payment in respect of all Securities or portions of Securities properly tendered; and 

(iii) deliver or cause to be delivered to the Trustee the Securities properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Securities or portions of Securities being repurchased and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company of Securities pursuant to the Change
of Control Offer have been complied with. 
 (d) The Company shall not be required to make a Change of Control Offer with respect to
the Securities if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Securities properly tendered and not withdrawn
under its offer. 
 (e) The Company shall comply in all material respects with the requirements of Rule
14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of
a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Securities, the Company shall comply with those securities laws and
regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Securities by virtue of any such conflict. 

(f) As used herein: 

“Change of Control” means the occurrence of any of the following after the date of issuance of the Securities: 

(i) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any “person” or “group” (as those terms are used in
Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries; 
 (ii) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being
agreed that an employee of the Company or any of its subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of
such employee shall not be a member of a “group” (as that term is used in 

  
 6 

	
	 

  

 Section 13(d)(3) of the Exchange Act) solely because such employee’s shares
are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of
Voting Stock representing more than 50% of the voting power of the Company’s outstanding Voting Stock or of the Voting Stock of any of the Company’s direct or indirect parent companies; 

(iii) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with
or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any
such transaction where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing at least a majority of the voting power of the Voting Stock of the
surviving Person immediately after giving effect to such transaction; 
 (iv) the first day on which a majority of the
members of the Board of Directors or the board of directors of any of the Company’s direct or indirect parent companies are not Continuing Directors; or 

(v) the adoption of a plan relating to the Company’s liquidation or dissolution. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control solely because the Company becomes a
direct or indirect wholly owned subsidiary of a holding company if the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s
Voting Stock immediately prior to that transaction. 
 “Change of Control Triggering Event” means, with respect to the
Securities, (i) the rating of the Securities is lowered by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing on the earlier of (a) the occurrence of a Change of Control and
(b) the first public announcement by the Company of any Change of Control (or pending Change of Control), and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a
Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) the Securities are rated below Investment Grade by each of the Rating Agencies on any day during the
Trigger Period; provided that a Change of Control Triggering Event will not be deemed to have occurred in respect of a particular Change of Control if each Rating Agency making the reduction in rating does not publicly announce or confirm or
inform the Trustee at the Company’s request that the reduction was the result, in whole or 

  
 7 

	
	 

  

 
in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control. 

Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular
Change of Control unless and until such Change of Control has actually been consummated. 
 “Continuing Director”
means, as of any date of determination, any member of the applicable board of directors who: (1) was a member of such board of directors on the date of issuance of the Securities or (2) was nominated for election, elected or appointed to
such board of directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy statement in
which such member was named as a nominee for election as a director). 
 “Investment Grade” means a rating of Baa3 or
better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and
the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement
agency, in each case as set forth in the definition of “Rating Agency.” 
 “Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Person” means any
individual, corporation, partnership, limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof. 

“Rating Agency” means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to
provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the
Exchange Act as a replacement for such Rating Agency. 
 “S&P” means S&P Global Ratings, a division of S&P
Global, Inc., and its successors. 
 “Voting Stock” of any specified Person as of any date means the capital stock of
such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

  
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 ARTICLE 2 

CERTAIN COVENANTS 

Section 2.01. Additional Guarantors 

(a) If any Subsidiary of the Guarantor that has not already guaranteed the Securities guarantees or becomes a borrower or guarantor under
any obligations pursuant to any of the Company’s Revolving Credit Agreement, any other bank credit facility of the Company, or any Other Senior Debt or, in each case, any refinancing or replacement thereof, then such Subsidiary shall
(A) promptly execute and deliver a Guarantee Agreement to the Trustee pursuant to which such subsidiary shall fully and unconditionally guarantee payment of the Securities on the same terms and conditions as those set forth in the Indenture and
(B) deliver to the Trustee an opinion of counsel (which may contain customary exceptions) that such Guarantee Agreement complies with the requirements of this Section 2.01 and has been duly authorized, executed and delivered by such
subsidiary of the Guarantor and constitutes a legal, valid, binding and enforceable obligation of such subsidiary of the Guarantor. 

(b) As used herein: 

“Guarantee Agreement” means a supplemental indenture to this Indenture, substantially in the form of Exhibit B hereof,
pursuant to which a Subsidiary Guarantor guarantees the Company’s obligations with respect to the Securities on the terms provided for in this Indenture. 

“Revolving Credit Agreement” means the revolving credit agreement dated April 20, 2018, as amended by the First
Amendment to Revolving Credit Facility dated May 2, 2019, the Second Amendment to Revolving Credit Facility dated November 25, 2019 and the Third Amendment to Revolving Credit Facility dated June 3, 2020, among the Company, PT
Freeport Indonesia, the Guarantor, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Bank of America, N.A., as syndication agent. 

“Other Senior Debt” means any other unsecured, unsubordinated capital market indebtedness of the Company ranking on a
pari passu basis with the obligations of the Company under the Indenture that is issued in a registered public offering or a private placement transaction (including pursuant to Rule 144A under the Securities Act of 1933, as amended). 

  
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 ARTICLE 3 

GUARANTEE 

Section 3.01.Guarantee 

(a) Each of the Guarantor and each Subsidiary Guarantor hereby jointly and severally irrevocably and unconditionally guarantees, as a
primary obligor and not merely as a surety, to each Securityholder and to the Trustee and its successors and assigns (i) the full and punctual payment when due, whether at fixed maturity, by acceleration, by redemption or otherwise, of all
obligations of the Company under the Indenture (including obligations to the Trustee) and the Securities, whether for payment of principal of, or interest on, in respect of the Securities and all other monetary obligations of the Company under the
Indenture and the Securities and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Company whether for fees, expenses, indemnification or otherwise under this Indenture and the Securities
(all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each of the Guarantor and each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in
part, without notice or further assent from the Guarantor and each Subsidiary Guarantor, and that the Guarantor and each Subsidiary Guarantor shall remain bound under this Article 3 notwithstanding any extension or renewal of any Guaranteed
Obligation. 
 (b) Each of the Guarantor and each Subsidiary Guarantor waives presentation to, demand of payment from and protest to
the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each of the Guarantor and each Subsidiary Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The obligations
of the Guarantor and each Subsidiary Guarantor hereunder shall not be affected by (i) the failure of any Securityholder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under
this Indenture, the Securities or any other agreement or otherwise, (ii) any extension or renewal of any thereof, (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities
or any other agreement, (iv) the failure of any Securityholder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations or (v) any change in the ownership of the Guarantor or such Subsidiary
Guarantor. 
 (c) Each of the Guarantor and each Subsidiary Guarantor hereby waives any right to which it may be entitled to have the
assets of the Company first be used and depleted as payment of the Company’s, the Guarantor’s or each Subsidiary Guarantor’s obligations hereunder prior to any amounts being claimed 

  
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 from or paid by the Guarantor and each Subsidiary Guarantor hereunder. Each of the Guarantor and each Subsidiary
Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an action being initiated against the Guarantor and each Subsidiary Guarantor. 

(d) Each of the Guarantor and each Subsidiary Guarantor further agrees that its guarantee herein constitutes a guarantee of payment,
performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Securityholder or the Trustee to any security held for payment of the Guaranteed Obligations. 

(e) Except as expressly set forth in Section 11.02 of the Base Indenture or Sections 3.02 and 3.06 hereof, the obligations of the
Guarantor and each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to
any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of
the Guarantor and each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Securityholder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the
Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or
thing which may or might in any manner or to any extent vary the risk of the Guarantor and each Subsidiary Guarantor or would otherwise operate as a discharge of the Guarantor and each Subsidiary Guarantor as a matter of law or equity. 

(f) Subject to Section 3.06 hereto, each of the Guarantor and each Subsidiary Guarantor agrees that its guarantee shall remain in
full force and effect until payment in full of all the Guaranteed Obligations. Each of the Guarantor and each Subsidiary Guarantor further agrees that its guarantee herein shall continue to be effective or be reinstated, as the case may be, if at
any time payment, or any part thereof, of principal of, or interest on, any Guaranteed Obligation is rescinded or must otherwise be restored by any Securityholder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 

(g) In furtherance of the foregoing and not in limitation of any other right which any Securityholder or the Trustee has at law or in
equity against the Guarantor and each Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay the principal of, or interest on, on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each of the Guarantor and each Subsidiary Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay,
or 

  
 11 

	
	 

  

 cause to be paid, in cash, to the Securityholders or the Trustee an amount equal to the sum of
(i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (iii) all other monetary obligations of the Company to
the Securityholders and the Trustee. 
 (h) Each of the Guarantor and each Subsidiary Guarantor agrees that it shall not be entitled to
any right of subrogation in relation to the Securityholders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each of the Guarantor and each Subsidiary Guarantor further agrees that, as
between it, on the one hand, and the Securityholders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 of the Base Indenture for the purposes of the
guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed
Obligations as provided in Article 6 of the Base Indenture, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor and each Subsidiary Guarantor for the purposes of this
Section 3.01. 
 (i) Each of the Guarantor and each Subsidiary Guarantor also agrees to pay any and all costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Securityholder in enforcing any rights under the guarantee. 

(j) Upon request of the Trustee, the Guarantor and each Subsidiary Guarantor shall execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of the Indenture. 

Section 3.02 Limitation on Liability. 

Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by the Guarantor and each Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering the Indenture, as it relates to the Guarantor and each Subsidiary Guarantor, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

Section 3.03 Successors and Assigns. 

This Article 3 shall be binding upon each of the Guarantor and each Subsidiary Guarantor and its respective successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the Securityholders and, in the event of any transfer or assignment of rights by any Securityholder or 

  
 12 

	
	 

  

 the Trustee, the rights and privileges conferred upon that party in the Indenture and in the Securities
shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of the Indenture. 

Section 3.04 No Waiver. 

Neither a failure nor a delay on the part of either the Trustee or the Securityholders in exercising any right, power or privilege under
this Article 3 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Securityholders herein
expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 3 at law, in equity, by statute or otherwise. 

Section 3.05 Modification. 

No modification, amendment or waiver of any provision of this Article 3, nor the consent to any departure by the Guarantor or a
Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice to or demand on the Guarantor or a Subsidiary Guarantor in any case shall entitle the Guarantor or a Subsidiary Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

Section 3.06 Release of the Guarantor or Subsidiary Guarantor. 

(a) The Guarantor or a Subsidiary Guarantor, as the case may be, shall be released from its obligations under this Article 3 (other than
any obligation that may have arisen under Section 3.07 hereof) with respect to the Securities issued pursuant to this Sixth Supplemental Indenture upon: 

(i) (A) the sale, transfer or other disposition of the Guarantor or such Subsidiary Guarantor, as the case may be,
(including by way of merger or consolidation or the sale of all or substantially all of the Guarantor’s or such Subsidiary Guarantor’s equity interests or assets, as the case may be) to a Person that is not (either before or after giving
effect to such transaction) the Company, a Subsidiary of the Company or an Affiliate of the Company; 
 (B) the
Guarantor or such Subsidiary Guarantor, as the case may be, no longer guaranteeing any obligations of the Company in respect of (and no longer being a co-borrower under) any of the Company’s Revolving
Credit Agreement or Other Senior Debt or, in each case, 

  
 13 

	
	 

  

 any refinancing or replacement thereof, and being released or discharged from each
guarantee granted by the Guarantor or such Subsidiary Guarantor, as the case may be, with respect to all of such indebtedness other than obligations arising under the Indenture and the Securities issued under the Indenture, except discharges or
releases by, or as a result of payment under, such guarantee; or 
 (C) the discharge of the Company’s obligations
under the Indenture in accordance with the terms of the Indenture; and 
 (ii) the Guarantor or such Subsidiary Guarantor, as the case
may be, delivering to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions provided for in the Indenture relating to such transaction have been complied with. 

At the request of the Company, the Trustee shall execute and deliver an appropriate instrument evidencing such release pursuant to this
Section 3.06 (in the form provided by the Company). 
 Section 3.07 Execution of Guarantee Agreement for Future Subsidiary
Guarantors. 
 Each Subsidiary that is required to become a subsidiary guarantor pursuant to Section 2.01 hereto (a
“Subsidiary Guarantor”) shall execute and deliver to the Trustee a Guarantee Agreement pursuant to which such Subsidiary shall become a Subsidiary Guarantor under this Article 3 and shall guarantee the Guaranteed Obligations. 

Section 3.08 Non-Impairment. 

The failure to endorse a subsidiary guarantee on any Security shall not affect or impair the validity thereof. 

Section 3.09 Contribution. 

Each Subsidiary Guarantor that makes a payment under its subsidiary guarantee shall be entitled upon payment in full of all Guaranteed
Obligations under the Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment based on the respective net assets of all the
Subsidiary Guarantors at the time of such payment determined in accordance with U.S. generally accepted accounting principles. 

  
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 ARTICLE 4 

EVENTS OF DEFAULT 

Section 4.01. Events of Default 

(a) Section 6.01(a) of the Base Indenture is hereby deleted in its entirety and replaced with the following, solely for purposes of the
Securities to be issued hereunder: 
 “Whenever used herein with respect to Securities of a particular series, “Event of
Default” means any one or more of the following events that has occurred and is continuing: 
 (i) the Company
defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and continuance of such default for a period of 30 days; 

(ii) the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series
as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; 

(iii) the Company fails to observe or perform any other of its covenants or agreements with respect to that series
contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture specifically relating to, and
solely for the benefit of, one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of
Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in aggregate principal amount of the Securities of all series affected by
such failure at the time Outstanding; 
 (iv) a guarantee ceases to be in full force and effect or is declared to be
null and void and unenforceable or the guarantee is found to be invalid or the Guarantor or any Subsidiary Guarantor denies its liability under its guarantee (other than by reason of release of such Guarantor or Subsidiary Guarantor in accordance
with the terms of the Indenture); 
 (v) the Company, the Guarantor or any Subsidiary Guarantor pursuant to or within
the meaning of any Bankruptcy Law (A) commences a voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all
of its property or (D) makes a general assignment for the benefit of its creditors; 
 (vi) a court of competent
jurisdiction enters an order under any Bankruptcy Law that (A) is for relief against the Company, the Guarantor 

  
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 or any Subsidiary Guarantor in an involuntary case, (B) appoints a Custodian of the
Company, the Guarantor or any Subsidiary Guarantor for all or substantially all of their respective property, or (C) orders the liquidation of the Company, the Guarantor or any Subsidiary Guarantor, and the order or decree remains unstayed and
in effect for 90 days; or 
 (vii) any other Event of Default provided for with respect to the Securities of such series
in accordance with Section 2.01.” 
 (b) Section 6.01(b) of the Base Indenture is hereby deleted in its entirety and replaced
with the following, solely for purposes of the Securities to be issued hereunder: 
 “If an Event of Default described in clauses
(a)(i) or (a)(ii) of this Section 6.01 with respect to the Securities of any series then Outstanding hereunder occurs and is continuing, then, unless the principal of the Securities of such series shall have already become due and payable,
either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the
principal of all the Securities of such series and interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, notwithstanding anything contained
in this Indenture or in the Securities of such series or established with respect to such series pursuant to Section 2.01 to the contrary. 

If an Event of Default described in clauses (a)(iii), (a)(iv) or (a)(vii) of this Section 6.01 with respect to Securities of one or
more series then Outstanding hereunder occurs and is continuing, then, except with respect to any such affected series for which the principal of all the Securities thereof shall have already become due and payable, either the Trustee or the holders
of not less than 25% in aggregate principal amount of the Securities of all affected series then Outstanding (all such series voting together as a single class), by notice in writing to the Company (and to the Trustee if given by such
Securityholders), may declare the principal of all the Securities then Outstanding of such series and interest accrued thereon, if any, to be due and payable immediately, and upon such declaration the same shall become immediately due and payable.

 If an Event of Default described in clauses (a)(v) or (a)(vi) of this Section 6.01 with respect to Securities of one or more
series then Outstanding hereunder occurs and is continuing, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all Outstanding Securities will become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any holder of Outstanding Securities. At any time after a declaration of acceleration with respect to Securities of any series has been made, and before a judgment or decree for payment of the money due has
been obtained by the Trustee, the holders of a majority in principal amount of the Outstanding 

  
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 Securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated principal and interest, if any, with respect to Securities of that series, have been cured or waived as provided in this Indenture.” 

(c) Section 6.01(c) of the Base Indenture is hereby deleted in its entirety and replaced with the following, solely for purposes of the
Securities to be issued hereunder: 
 “At any time after the principal of the Securities of any series shall have been declared
due and payable as provided in Section 6.01(b), and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the
Securities of such series then Outstanding (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of this Section 6.01, each such affected series voting as a separate class, and in the case of an Event of Default described
in clauses (a)(iii), (a)(iv), (a)(v), (a)(vi) or (a)(vii) of this Section 6.01, all such affected series voting together as a single class), by written notice to the Company and the Trustee, may rescind and annul such declaration and its
consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of such series and the principal of (and premium, if any, on) any and all Securities of
such series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, applied to
the Securities of each such series at the rate per annum expressed in the Securities of each such series, respectively, to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all
Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in
Section 6.06. 
 No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right
consequent thereon.” 
 (d) Section 6.04 of the Base Indenture is hereby deleted in its entirety and replaced with the following,
solely for purposes of the Securities to be issued hereunder: 
 “No holder of any Security of any series shall have any right by
virtue or by availing itself of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless: (a) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore
provided; (b) the 

  
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 holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series
(in the case of an Event of Default described in Section 6.01(a)(i) or Section 6.01(a)(ii), each such series voting as a separate class, and in the case of an Event of Default described in Section 6.01(a)(iii),
Section 6.01(a)(iv), Section 6.01(a)(v), Section 6.01(a)(vi) or Section 6.01(a)(vii), all affected series voting together as a single class) or shall have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as trustee hereunder; (c) such holder or holders shall have offered indemnity satisfactory to the Trustee as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (d) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding; and (e) during such 60 day period, the holders of a majority in principal amount of the
Securities of such series (voting as provided in clause (b) above) do not give the Trustee conflicting directions with the request. 

Notwithstanding anything contained herein to the contrary, any other provisions of this Indenture, the right of any holder of any
Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to
institute suit for the enforcement of any such payment on or after such respective dates or redemption date, is absolute and unconditional and shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder
it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any
manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such
holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.” 
 ARTICLE
5 
 MISCELLANEOUS 

Section 5.01. Definitions. Capitalized terms used but not defined in this Sixth Supplemental Indenture shall have the
meanings ascribed thereto in the Base Indenture. 
 Section 5.02. Confirmation of Indenture. The Base Indenture, as
heretofore supplemented and amended by this Sixth Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this Sixth Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as
one and the same instrument. This Sixth Supplemental Indenture shall be deemed to be part of the Base Indenture in the manner and to the extent herein and therein provided. 

This Sixth Supplemental Indenture supplements and, to the extent inconsistent therewith, replaces the provisions of the Base Indenture to
which provisions reference is hereby made. The changes, modifications and supplements to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Securities issued
pursuant to the Indenture, as supplemented through the date hereof and shall not apply to any other Securities that have been or may be issued under the Indenture unless a supplemental indenture with respect to such other Securities specifically
incorporates such changes, modifications and supplements. 
 Section 5.03. Modification of the Indenture 

(a) Section 9.01(d) of the Base Indenture is hereby deleted in its entirety and replaced with the following, solely for purposes of the
Securities to be issued hereunder: 
 (i) “(d) to add to the covenants of the Company, the Guarantor or any
Subsidiary Guarantor for the benefit of the holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the
benefit of such series) or to surrender any right or 

  
 18 

	
	 

  

 power herein conferred upon the Company, the Guarantor or any Subsidiary
Guarantor;” 
 (b) Section 9.01 of the Base Indenture is hereby amended to add a new clause (h) as follows: 

(i) “(h) to release the Guarantor or to add or release a Subsidiary Guarantor as required or permitted by this
Indenture;” 
 (c) The proviso in the first paragraph of Section 9.02 of the Base Indenture is hereby amended as follows,
solely for purposes of the Securities to be issued hereunder: 
 (i) “provided, however, that no such
supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate
or extend the time for payment of interest thereon, or reduce any premium payable upon the redemption thereof, (ii) release the Guarantor or any Subsidiary Guarantor from any of their respective obligations under their respective guarantees or
this Indenture other than in accordance with the terms of this Indenture or (iii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture.” 

Section 5.04. Concerning the Trustee. The Trustee assumes no duties, responsibilities or liabilities by reason of this Sixth
Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, shall have all of the rights, protections and immunities which it possesses under the Indenture. The Trustee makes no
representations as to the validity or sufficiency of this Sixth Supplemental Indenture. The recitals herein are deemed to be those of the Company and not of the Trustee. 

Section 5.05. Governing Law. This Sixth Supplemental Indenture, the Indenture and the Securities shall be deemed to be a
contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State (without giving effect to any provision thereof relating to conflicts of laws principles that would
apply the laws of another jurisdiction). 
 Section 5.06. Severability. In case any one or more of the provisions contained
in this Sixth Supplemental Indenture or the Securities shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Sixth
Supplemental Indenture or the Securities, but this Sixth Supplemental Indenture or the Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 5.07. Counterparts. This Sixth Supplemental Indenture may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute but one and the same instrument. 

  
 19 

	
	 

  

 IN WITNESS WHEREOF, this Sixth Supplemental Indenture has been duly executed by the Company, the
Guarantor and the Trustee as of the day and year first written above. 
  

			
	FREEPORT-MCMORAN INC., the Company
		
	By:	 	/s/ Kathleen L. Quirk
		 	Name: Kathleen L. Quirk
		 	Title: Executive Vice President & Chief Financial Officer

  

			
	FREEPORT-MCMORAN OIL & GAS LLC, as Guarantor
	
	By: FCX OIL & GAS LLC, its sole member
		
	By:	 	/s/ Kathleen L. Quirk
		 	Name: Kathleen L. Quirk
		 	Title: Executive Vice President

	
	 

  

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Mary Ambriz-Reyes
		 	Name: Mary Ambriz-Reyes
		 	Title: Vice President

	
	 

  

 Exhibit A 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO, HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE
WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC
OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

					
	Certificate No. [—]	  		  	$[—]

 CUSIP No. 35671D CG8 
 ISIN No. US35671DCG88 

FREEPORT-MCMORAN INC. 
 4.375% Senior Notes due 2028

 FREEPORT-MCMORAN INC., a Delaware corporation (the “Company”, which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or its registered assigns, the principal sum of [—] dollars ($[—]) (which aggregate principal amount may from time to time be
increased or decreased to such other aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on August 1, 2028 and to pay interest on said principal sum from July 27,
2020 or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid or duly provided for semiannually on August 1 and 

  
 A-1 

	
	 

  

 February 1 of each year commencing February 1, 2021 at the rate of 4.375% per annum until the
principal hereof shall have become due and payable, and on any overdue principal and premium, if any, and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum. The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other
payment in respect of any such delay). The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (hereafter defined), be paid to the person in whose name this Note
(or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such interest installment which shall be the July 15 or January 15 preceding such Interest Payment
Date, except that interest payable at maturity shall be paid to the same person to whom principal of the Securities is payable. Any such interest installment that is payable, but is not punctually paid or duly provided for on any Interest Payment
Date (as defined in the Indenture, the “Defaulted Interest”) shall forthwith cease to be payable to the registered holders on such regular record date by virtue of having been such registered holder, and such Defaulted Interest
shall be paid by the Company, at its election, (i) to the person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date for the payment of such Defaulted Interest, which
shall not be more than 15 nor less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment or (ii) in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the interest on this
Note shall be payable at the office or agency of the Company maintained for that purpose in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts. Notwithstanding
the foregoing, so long as the registered holder of this Note is Cede & Co., the payment of the principal of (and premium, if any) and interest on this Note will be made at such place and to such account as may be designated by DTC. 

The indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior and unsecured and will rank in right of
payment on parity with all other senior unsecured obligations of the Company. 
 This Note shall not be entitled to any benefit under
the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 

  
 A-2 

	
	 

  

 The provisions of this Note are continued on the reverse side hereof and such continued
provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 A-3 

	
	 

  

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed. 

Dated: July 27, 2020 
  

			
	FREEPORT-MCMORAN INC.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Attest:
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-4 

	
	 

  

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By	 	 
		 	Authorized Signatory

  
 A-5 

	
	 

  

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 
 sells,
assigns and transfers to 
  
  

(Insert Social Security number or other identifying number of assignee) 
  

 
 (Please print or typewrite name and address,
including zip code of assignee) 
  
  

the within Note of Freeport-McMoRan Inc. and hereby does irrevocably constitute and appoint 
  

 
 Attorney to transfer said Note on the books of the within-named
Company with full power of substitution in the premises. 
  

									
	Dated:	  	 	  		  		  	 
			
		  	 	  	

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations
and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 

NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever. 

  
 A-6 

	
	 

  

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

FREEPORT-MCMORAN INC. 
 4.375% Senior Notes due 2028 

The initial aggregate principal amount of this Global Security is $[—]. The following increases or decreases in this Global Security have been made:

 No: 
  

													
	 Date
	  	Principal
Amount
of this
Global
Security	 	  	Notation
Explaining
Principal
Amount
Recorded	 	  	Signature
of
authorized
officer of
Trustee or
Depositary	 
	     
	  				  				  			
	     
	  				  				  			
	     
	  				  				  			

  
 A-7 

	
	 

  

 [REVERSE SIDE OF NOTE] 

FREEPORT-MCMORAN INC. 
 4.375% Senior Notes due 2028

 This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the
Company (herein sometimes referred to as the “Notes”), all such Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”) dated as of August 15, 2019,
between the Company and U.S. Bank National Association, as Trustee (the “Trustee”), as supplemented in the case of the Notes by the Sixth Supplemental Indenture dated as of July 27, 2020, among the Company, the Guarantor and
the Trustee (the “Sixth Supplemental Indenture,” together with the Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the holders of the Notes. The initial aggregate principal amount of the Notes is $650,000,000. There is no limit upon the
aggregate principal amount of Notes of this series that may be authenticated and delivered under the Indenture. The Company may, from time to time, without notice to or the consent of the Holders hereof, create and issue additional Notes of this
series ranking equally and ratably with the Notes in all respects (other than the issue price, the date of the issuance, the payment of interest accruing prior to the issue date of such additional Notes, the first payment of interest following the
issue date of such additional Notes and, in some cases, the first payment of interest following the issue date of such additional Notes). Any such additional Notes shall be consolidated and form a single series with the Notes initially issued,
including for purposes of voting and redemptions; provided that if the additional Notes are not fungible with the Notes of this series initially issued for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP
number. 
 The Notes will be redeemable, at the option of the Company, at any time and from time to time, in whole or in part. The
Notes shall be redeemable at the redemption price (the “Redemption Price”), to be calculated by the Company, as follows: 

(A) If the redemption date is prior to August 1, 2023, the Securities may be redeemed by the Company at a Redemption Price equal to
the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of (a) the Redemption Price of the Securities at August 1, 2023 and (b) the remaining scheduled payments of
interest on the Securities to be redeemed from the date of redemption to August 1, 2023 (not including interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest on the Securities to be redeemed to
the date of redemption. 
 (B) If the redemption date is prior to August 1, 2023, the Company may redeem in the aggregate up to 35%
of the aggregate principal amount of the Securities issued under the Indenture (including the aggregate principal amount of any additional notes) with the net cash proceeds of one or more Equity Offerings at a Redemption Price equal to 104.375% of
the principal amount of Securities redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the date of redemption (subject to the rights of holders of the Securities on the relevant record date to receive interest on the
relevant Interest Payment Date falling prior to or on the redemption date); provided that: 
 (1) after giving
effect to any such redemption at least 65% of the aggregate principal amount of the Securities issued under the Indenture (including the aggregate principal amount of any additional notes) remains outstanding immediately after the occurrence of such
redemption; and 
 (2) the redemption occurs within 90 days of the date of, and may be conditioned upon, the closing of
such Equity Offering.     
 (C) If the redemption date is on or after August 1, 2023, the Securities may be
redeemed by the Company at the following Redemption Prices (expressed as a percentage of principal amount) plus accrued and unpaid interest on the Securities to be redeemed to, but not including, the applicable redemption date (subject to the right
of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date) if on and after the issue date, redeemed during the twelve-month period beginning on August 1 of the years indicated below: 

 

			
	Year	  	 Redemption

Price

		
	 2023
	  	102.188%
		
	 2024
	  	101.458%
		
	 2025
	  	100.729%
		
	 2026 and thereafter
	  	100.000%

  
 A-8 

	
	 

  

 In case the Company shall desire to exercise such right to redeem all or, as the case
may be, a portion of the Notes, the Company shall (with a copy provided to the Trustee), or shall cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such
redemption not less than 30 days and not more than 60 days before the date fixed for redemption to such holders at their last addresses as they shall appear upon the Security Register. Any notice that is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the
notice, shall not affect the validity of the proceedings for the redemption of any other Note. 
 Upon the occurrence of a Change of
Control Triggering Event with respect to the Notes, unless the Company has exercised its right to redeem the Notes pursuant to Section 1.03 of the Supplemental Indenture, by giving irrevocable notice to the Trustee in accordance with the
Indenture, each holder of Notes shall have the right to require the Company to purchase all or a portion of such holder’s Notes, at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the
date of purchase, subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date as provided in, and subject to the terms of, the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in
aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such series voting together as a single class), as defined in the Indenture, to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 of the Base Indenture the rights of the holders of
the Notes; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Note then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities, including the Notes, or reduce the
principal amount thereof, or reduce the rate or extend the time for payment of interest thereon, or reduce any premium payable upon the redemption thereof, (ii) release the Guarantor or any Subsidiary Guarantor from any of their respective
obligations under their respective guarantees or the 

  
 A-9 

	
	 

  

 
Indenture other than in accordance with the terms of the Indenture, or (iii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such
supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected thereby (all such series voting together as a single
class except with respect to a default in the payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case, each such affected series voting as a separate class), on behalf of the holders of all
of the Securities of such series, to waive any past default in the performance of any of the covenants contained in the Base Indenture or established pursuant to the Base Indenture with respect to such series and its consequences, except a default
in the payment of the principal of, or premium, if any, or interest on, any of the Securities of any such series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured
and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee in accordance with the Indenture). Except as provided in the Indenture, any such action taken by the registered holder
of this Note shall be conclusive and binding upon such holder and upon all future holders and owners of this Note, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or
not any notation in regard thereto is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed.

 The Company is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the
Notes. The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the
Indenture; provided, however, that nothing herein shall relieve the Trustee of its obligations under Article 7 of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have the right to institute any suit,
action or proceeding in equity or at law upon or under or with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of
a continuing Event of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default 

  
 A-10 

	
	 

  

 
described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base Indenture, each such series voting as a separate class, and in the case of an Event of Default described in clauses
(a)(iii), (a)(iv), (a)(v), (a)(vi) or (a)(vii) of Section 6.01 of the Base Indenture, all affected series voting together as a single class) shall have made written request to the Trustee to institute such action, suit or proceeding in respect
of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to the Trustee, the Trustee shall have failed to institute any such action, suit or proceeding for 60 days after receipt of such notice, request and offer of
indemnity and during such 60 day period, the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.04(b) of the Base Indenture) conflicting
directions with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof (and premium, if any) or any interest on this Note on or after the respective due
dates expressed herein. 
 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable
by the registered holder hereof on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Security Registrar duly executed by the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any paying agent and
any Security Registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor any Note Registrar
shall be affected by any notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement of the Indenture,
or of the Notes, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation,
either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise. 

  
 A-11 

	
	 

  

 The Notes are issuable only in registered form without coupons in authorized
denominations. As provided in the Indenture and subject to certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the
holder surrendering the same. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. In the event of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 

THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
(WITHOUT GIVING EFFECT TO ANY PROVISION THEREOF RELATING TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION). 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
“CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and reliance may be placed only on the
other identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been executed by or on behalf of
the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 A-12 

	
	 

  

 EXHIBIT B 

[FORM OF GUARANTEE AGREEMENT] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of , among [GUARANTOR] (the “Subsidiary Guarantor”),
a subsidiary of FREEPORT-MCMORAN INC. (or its successor), a Delaware corporation (the “Company”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee under the indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H : 

WHEREAS the Company and the Guarantor (as defined in the Indenture referred to below) have heretofore executed and delivered to the
Trustee a supplemental indenture (the “Sixth Supplemental Indenture”) dated as of July 27, 2020, as a supplement to the indenture dated August 15, 2019, between the Company, the Guarantor and the Trustee (the “Base
Indenture”, and together with the Sixth Supplemental Indenture, the “ Indenture”) providing for the issuance of the Company’s 4.375% Senior Notes due 2028 (the “Securities”); 

WHEREAS Section 2.01 and Section 3.07 of the Sixth Supplemental Indenture provides that under certain circumstances the Company
is required to cause a Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all the Company’s obligations under the Securities pursuant to
a subsidiary guarantee on the terms and conditions set forth herein; 
 WHEREAS pursuant to Section 9.01 of the Base Indenture, as
amended, the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture; and 
 NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Subsidiary Guarantor, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Securities as follows (capitalized terms used herein and not defined shall have the meaning ascribed to them in the Indenture): 

  
 B-1 

	
	 

  

 1. Agreement to Guarantee. The Subsidiary Guarantor hereby agrees[, jointly and
severally with the Guarantor [and [all] the existing Subsidiary Guarantor[s]] , to unconditionally guarantee the Company’s obligations under the Securities on the terms and subject to the conditions set forth in Article 3 of the Sixth
Supplemental Indenture and to be bound by all other applicable provisions of the Indenture and the Securities. 
 2. Ratification of
Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. 

3. Governing Law. This Supplemental Indenture shall be deemed to be a contract made under the internal laws of the State of New
York, and for all purposes shall be construed in accordance with the laws of said State. 
 4. Trustee Makes No Representation.
The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 5. Counterparts. This
Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

6. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 

  
 B-2 

	
	 

  

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of
the date first above written. 
  

					
	[SUBSIDIARY GUARANTOR],
			
		 	by  	 	 
		 		 	Name:
		 		 	Title:

  

					
	FREEPORT-MCMORAN INC.,
			
		 	by  	 	 
		 		 	Name:
		 		 	Title:

  

					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee,
			
		 	by  	 	 
		 		 	Name:
		 		 	Title:

  
 B-3

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