Document:

Exhibit

FIFTH SUPPLEMENTAL INDENTURE

FIFTH SUPPLEMENTAL INDENTURE dated as of March 31, 2020 (the “Fifth Supplemental Indenture”) to the THIRD SUPPLEMENTAL INDENTURE, dated as of March 4, 2020 (the “Third Supplemental Indenture”) and to the FOURTH SUPPLEMENTAL INDENTURE, dated as of March 4, 2020 (the “Fourth Supplemental Indenture” and together with the Third Supplemental Indenture, “Supplemental Indentures”), 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 executed and delivered to the Trustee the Indenture dated as of August 15, 2019 (the “Base Indenture”), providing for the issuance from time to time of the Company’s senior debt securities;
WHEREAS, the Company and the Guarantor have issued $700,000,000 aggregate principal amount of 4.125% Senior Notes due 2028 (the “2028 Notes”) pursuant to the Third Supplemental Indenture and $600,000,000 aggregate principal amount of 4.250% Senior Notes due 2030 (the “2030 Notes” and together with the 2028 Notes, the “Notes”) pursuant to the Fourth Supplemental Indenture;
WHEREAS, Sections 9.01(a) of the Base Indenture provides, among other things, that the Company and the Trustee may enter into an indenture supplemental to the Base Indenture without the consent of the Securityholders to cure any ambiguity, defect, or inconsistency in the Securities of any series;
WHEREAS, the Company desires to amend the terms of the Notes to correct a typographical error in Section 1.02(a)(iii) of each of the Third and Fourth Supplemental Indentures and has requested that the Trustee enter into this Fifth Supplemental Indenture in order to amend each of the Third Supplemental Indenture and the Fourth Supplemental Indenture to correct the errors and conform Section 1.02(a)(iii) of each of the Supplemental Indentures to the description in the prospectus supplement relating to the Notes as set forth herein (and to make conforming changes throughout the Supplemental Indentures); and
WHEREAS, all requirements necessary to make this Fifth Supplemental Indenture a valid and binding instrument in accordance with its terms, have been duly performed and complied with, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects and the Company has delivered to the Trustee an Officers’ Certificate and Opinion of Counsel as required by Sections 9.05 and 13.08 of the Base Indenture.
NOW, THEREFORE, each party hereto agrees as follows for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes:

    
    

ARTICLE 1
DEFINITIONS; EFFECT OF SUPPLEMENTAL INDENTURE

Section 1.01.  Defined Terms.  Capitalized terms used in this Fifth Supplemental Indenture and not otherwise defined herein shall have the meaning assigned to such terms in the Supplemental Indentures, the Base Indenture and the Notes.
Section 1.02.  Effect of Supplemental Indenture.  This Fifth Supplemental Indenture is intended to amend the terms only of the Notes and shall not be construed to amend the terms of any Securities, other than the Notes, issued or to be issued under the Supplemental Indentures or the Base Indenture.
 
ARTICLE 2
AMENDMENTS TO CERTAIN PROVISIONS OF THE SUPPLEMENTAL INDENTURE 

Section 2.01.  Amendments to Certain Provisions of the Supplemental Indentures. 
The Supplemental Indentures are hereby amended in the following respects: 
(a)    The text of Section 1.02(a)(iii) of the Third Supplemental Indenture is hereby amended and restated as follows:
(iii) If the redemption date is on or after March 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 March 1 of the years indicated below:
	
					
	Year
	 
	Redemption 
Price
	 

	2023
	 
	 
	102.063
	%

	2024
	 
	 
	101.375
	%

	2025
	 
	 
	100.688
	%

	2026 and thereafter
	 
	 
	100.000
	%

(b)    Exhibit A – Clause (C) of Paragraph 7 of the form of note of the Third Supplemental Indenture is hereby amended and restated as follows: 
(C) If the redemption date is on or after March 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 March 1 of the years indicated below:
 

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	Year
	 
	Redemption 
Price
	 

	2023
	 
	 
	102.063
	%

	2024
	 
	 
	101.375
	%

	2025
	 
	 
	100.688
	%

	2026 and thereafter
	 
	 
	100.000
	%

(c)    The text of Section 1.02(a)(iii) of the Fourth Supplemental Indenture is hereby amended and restated as follows:
(iii) If the redemption date is on or after March 1, 2025, 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 March 1 of the years indicated below:
	
					
	Year
	 
	Redemption 
Price
	 

	2025
	 
	 
	102.125
	%

	2026
	 
	 
	101.417
	%

	2027
	 
	 
	100.708
	%

	2028 and thereafter
	 
	 
	100.000
	%

(d)    Exhibit A – Clause (C) of paragraph 7 of the form of note of the Fourth Supplemental Indenture is hereby amended and restated as follows: 
(C) If the redemption date is on or after March 1, 2025, 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 March 1 of the years indicated below:

	
					
	Year
	 
	Redemption 
Price
	 

	2025
	 
	 
	102.125
	%

	2026
	 
	 
	101.417
	%

	2027
	 
	 
	100.708
	%

	2028 and thereafter
	 
	 
	100.000
	%

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ARTICLE 3 
MISCELLANEOUS

 Section 3.01 Instruments to Be Read Together.  This Fifth Supplemental Indenture is an amendment to the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Base Indenture and the Notes. The Base Indenture, the Third Supplemental Indenture, the 2028 Notes and this Fifth Supplemental Indenture shall henceforth be read together with respect to the 2028 Notes. The Base Indenture, the Fourth Supplemental Indenture, the 2030 Notes and this Fifth Supplemental Indenture shall henceforth be read together with respect to the 2030 Notes. 
Section 3.02. Confirmation.  The Base Indenture, the Supplemental Indentures and the Notes, as amended and supplemented by this Fifth Supplemental Indenture, is in all respects confirmed and preserved.
Section 3.03 Governing Law.  This Fifth Supplemental Indenture shall be deemed to be a contract 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 jurisdictions).
Section 3.04 Counterparts.  This Fifth 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. The exchange of copies of this Fifth Supplemental Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery of this Fifth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fifth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes.
Section 3.05.  Effect of Headings.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
Section 3.06 Effectiveness.  This Fifth Supplemental Indenture shall become effective when executed and delivered by the Company, the Guarantor and the Trustee.
Section 3.07 Assignment.  All the covenants, stipulations, promises and agreements in this Fifth Supplemental Indenture contained by or in behalf of the Company shall bind its successors and assigns, whether so expressed or not.
Section 3.08  Seperability.  In case any provisions in this Fifth Supplemental Indenture 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 Fifth Supplemental Indenture, but this Fifth Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.
    

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Section 3.09.  Benefits of the Agreement.  Nothing in this Fifth Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors under the Base Indenture and the Holders of the Securities, any benefit or any legal or equitable right, remedy or claim under the Base Indenture or the Supplemental Indentures.
Section 3.10. The Trustee. The recitals contained herein and in the Notes, as amended hereby, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture or of the Notes, or the due execution hereof by the Company.

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

FREEPORT-MCMORAN INC., the Company

By: /s/ Robert R. Boyce            
     Name: Robert R. Boyce      
     Title:   Vice President and Treasurer   

FREEPORT-MCMORAN OIL & GAS LLC, as Guarantor
                        
By: FCX OIL & GAS LLC, its sole member

By: /s/ Robert R. Boyce            
     Name:   Robert R. Boyce    
     Title:     Treasurer

    
U.S. BANK NATIONAL ASSOCIATION,
   as Trustee

By: /s/ Mary Ambriz-Reyes            
     Name:  Mary Ambriz-Reyes
     Title:    Vice President

6Exhibit 4.1

 

SHARES

 

NUMBER

C-

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP          

 

FS DEVELOPMENT CORP.

 

CLASS A COMMON STOCK

 

THIS CERTIFIES THAT
             is the owner of 
             fully paid and non-assessable shares of Class A common stock, par value $0.0001 per share (the “Common
Stock”), of FS Development Corp., a Delaware corporation (the “Company”), transferable
on the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

 

This certificate is
not valid unless countersigned by the Transfer Agent and registered by the Registrar of the Company.

 

Witness the facsimile
signature of a duly authorized signatory of the Company.

 

	 	 	 
	Authorized Signatory	 	Transfer Agent 

  

    	 		 

     

    

 

FS DEVELOPMENT CORP.

 

The Company will furnish
without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of equity or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be
held subject to all the provisions of the Company’s Amended and Restated Certificate of Incorporation and all amendments
thereto and resolutions of the Board of Directors providing for the issue of securities (copies of which may be obtained from the
secretary of the Company), to all of which the holder of this certificate by acceptance hereof assents.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	
        TEN COM — as tenants in common

        TEN ENT  — as tenants by the entireties

        JT TEN     —
        as joint tenants with right of survivorship and not as tenants in common
	UNIF GIFT MIN ACT	
                                
        Custodian                         

        (Cust)                          (Minor)

         

        under Uniform Gifts to Minors Act

        ______________________________

        (State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,         hereby sells,
assigns and transfers unto

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER(S) OF ASSIGNEE(S))

 

(PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES),
INCLUDING ZIP CODE, OF ASSIGNEE(S))

 

shares of Common Stock
represented by the within Certificate, and hereby irrevocably constitutes and

appoints

 

Attorney to transfer
the said shares of Common Stock on the books of the within named Company with full power of substitution in the premises.

 

	Dated:	 	 
	 	 	Notice: The signature(s) to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

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	Signature(s) Guaranteed:	 
	 	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE).	 

 

As more fully described in, and subject to
the terms and conditions described in, the Company’s final prospectus for its initial public offering dated      ,
2020, the holder(s) of this certificate shall be entitled to receive a pro rata portion of certain funds held in the trust account
established in connection with the Company’s initial public offering only in the event that (i) the Company redeems the shares
of Common Stock sold in the Company’s initial public offering and liquidates because it does not consummate an initial business
combination by the date set forth (the “Last Date”) in the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time (the “Charter”), (ii) the Company redeems the shares of Common Stock sold
in its initial public offering properly submitted in connection with a stockholder vote to amend the Charter to modify the substance
or timing of the Company’s obligation to redeem 100% of the Common Stock if it does not consummate an initial business combination
by the Last Date or with respect to any other material provisions relating to stockholders’ rights or pre-initial business
combination activity, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Common Stock in
connection with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the proposed
initial business combination) setting forth the details of a proposed initial business combination. In no other circumstances shall
the holder(s) have any right or interest of any kind in or to the trust account.

 

 

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