Document:

EX 10.2 Amendment 1 to Credit Agreement

Exhibit 10.2

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of December 3, 2012 and is executed and delivered by and among NACCO MATERIALS HANDLING GROUP, INC., a Delaware corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”).  All capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement (as defined below), as amended hereby.

RECITALS

A.    Reference is made to that certain Credit Agreement, dated as of June 22, 2012, by and among the Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”).

B.    The Credit Parties have requested that the Lenders and the Administrative Agent agree to amend the terms of the Credit Agreement as set forth below.  The Lenders and the Administrative Agent have agreed to these requests, but only upon and subject to the terms and conditions set forth herein.

AGREEMENT

1.    Amendment.  Subject to the satisfaction of the conditions precedent set forth in Paragraph 3 below, from and after the date hereof (the “First Amendment Effective Date”), the Credit Agreement is hereby amended as follows:

(a)    The definition of “Fixed Charge Coverage Ratio” now appearing in Section 1.01 of the Credit Agreement is hereby amended to insert the following at the end thereof:
“Notwithstanding the foregoing and solely for purposes of this definition, the calculation of “Restricted Payments” for any period that includes the date of the December 2012 Dividend (as defined below) shall exclude the December 2012 Dividend.  
For purposes of this definition, “December 2012 Dividend” shall mean a one-time dividend made by NMHG Holding to its shareholders during the month of December, 2012, in an amount not to exceed the lesser of $2.00 per share and $34,000,000.”

(b)    The definition of “NMHG Holding” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“NMHG Holding” means Hyster-Yale Materials Handling, Inc., a Delaware corporation, formerly NMHG Holding Co. following a name change effective June 27, 2012, together with its successors and assigns.
(c)    The definition of Hyster-Yale in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Hyster-Yale” means Hyster-Yale Materials Handling, Inc., a Delaware corporation that merged with and into NMHG Holding, effective as of June 27, 2012, pursuant to the Certificate of Ownership 

and Merger filed with the Secretary of State of the State of Delaware on such date, with NMHG Holding as the surviving company
(d)    Clause (a) of Section 9.06 of Credit Agreement is hereby amended and restated in its entirety as follows:
“(a)    Neither NMHG Holding nor Borrower may make any cash dividend or other distribution, direct or indirect, on account of any shares of, or interests in, any class of Capital Stock of such Person (a “Dividend”), except NMHG Holding and Borrower may make Dividends; provided that no such Dividend shall be permitted unless each of the following conditions is satisfied:
(i)      no Default has occurred or is continuing, and, after giving effect to such Dividend, no Default would occur or be continuing; and
(ii)    either: 
(I)    the Lowest Thirty Day Availability is greater than or equal to an amount equal to thirty percent (30%) of the aggregate Existing ABL Credit Agreement Commitments; or
(II)    both:
(A)    the Lowest Thirty Day Availability is greater than or equal to an amount equal to twenty percent (20%) of the aggregate Existing ABL Credit Agreement Commitments; and
(B)    after giving effect to the payment of such Dividend, NMHG Holding and its Subsidiaries shall have a Fixed Charge Coverage Ratio of at least the FCCR Minimum on a pro forma basis, computed for the most recent fiscal quarter for which financial statements have been delivered hereunder”
2.    Waiver of Requirement to Deliver Foreign Law Governed Pledge of Capital Stock of NMHG Mexico, S.A. de C.V..   Subject to the conditions herein, the Required Lenders hereby waive the requirement of Section 8.17(b) of the Credit Agreement requiring the delivery of a foreign law governed pledge agreement and foreign counsel legal opinion with respect to the pledge of 65% of the Capital Stock of NMHG Mexico, S.A. de C.V.  This waiver is a one-time waiver and is expressly limited to the purposes and matters set forth herein.  

3.    Effectiveness.  This Amendment shall be effective as of the First Amendment Effective Date, upon receipt by the Administrative Agent of each agreement, document and instrument set forth below and subject to the satisfaction of the following conditions precedent, in each case to the satisfaction of each of the Administrative Agent and the Lenders party hereto in their sole discretion:

(a)    Amendment.  The Administrative Agent shall have received a copy of this Amendment duly executed by the Borrower, the Guarantors and the Required Lenders.

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(b)    Payment of Fees.  The Borrower shall have paid (i) an amendment fee to each Lender executing this Amendment equal to 0.065% of the outstanding Loans of such Lender on the First Amendment Effective Date, (ii) all reasonable out-of-pocket costs and expenses due and payable to the Administrative Agent and Lenders on the date hereof, including without limitation, the reasonable fees and out-of-pocket costs and expenses of Moore & Van Allen PLLC as counsel to the Administrative Agent, and (iii) all other fees to be paid to the Administrative Agent and the Arranger on or before the First Amendment Effective Date.
(c)    Representations and Warranties.  All of the representations and warranties contained in Paragraph 4(b) below are true and correct.

(d)    No Default.  No Default exists under the Loan Documents or would result after giving effect to the transactions contemplated by this Amendment.

4.    Representations and Warranties.  Each Credit Party hereby represents and warrants to the Administrative Agent and the Lenders with respect to such Credit Party as follows:

(a)     After giving effect to this Amendment, no Default exists; 

(b)     After giving effect to this Amendment, all of the representations and warranties set forth in the Loan Documents are true and correct in all material respects as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date; 

(c)    The execution, delivery and performance by such Credit Party of this Amendment has been duly authorized by all necessary corporate or other organizational action, and do not: (i) contravene the terms of any of such Person’s Constituent Documents; (ii) conflict with or result in any breach or contravention of, or result in or require the creation of any Lien under (x) any Contractual Obligation to which such Person is a party or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Requirements of Law in any material respect; and

(d)     No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against such Credit Party of this Amendment other than those that have already been obtained and are in full force and effect.

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5.    Ratification of Credit Agreement.  Except as expressly modified, amended or waived in this Amendment, all of the terms, provisions and conditions of the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect.  The term “this Agreement” or “Credit Agreement” and all similar references as used in each of the Credit Agreement and the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as herein specifically agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.  Except in connection with the amendments and waiver expressly set forth above, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Credit Agreement or any of the other Loan Documents.  This Amendment shall not constitute a course of dealing with the Administrative Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by the Administrative Agent or the Lenders to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future, as amended by this Amendment, except as expressly set forth herein.  Each of the Credit Parties acknowledges and expressly agrees that the Administrative Agent and the Lenders reserve the right to, and do in fact, require strict compliance with all terms and provisions of the Credit Agreement and the other Loan Documents, as amended herein.  No Credit Party has knowledge of any challenge to the Administrative Agent’s or any Lender’s claims arising under the Loan Documents or to the effectiveness of the Loan Documents.

6.    Expenses.  The Credit Parties agree to pay all reasonable costs and expenses in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of Moore & Van Allen PLLC, counsel to the Administrative Agent, in accordance with Section 13.04 of the Credit Agreement.

7.    Binding on Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

8.    Severability.  Whenever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remaining provisions of this Amendment.

9.    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

10.    Entire Agreement.  This Amendment constitutes the entire agreement among the parties with respect to only the specific subject matter hereof, and supersedes all prior negotiations, representations, warranties, commitments, offers, letters of interest or intent, proposal letters, contracts, writings or other agreements or understandings with respect thereof.

11.    No Waiver.  No waiver, modification or amendment of any provision of this Amendment shall be effective unless specifically made in writing and duly signed by the party purportedly making such waiver.

12.    Counterparts.  This Amendment may be executed in one or more counterparts and by different parties in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which counterparts taken together shall constitute but one and the same Amendment.  Signatures by facsimile or electronic copy shall bind the parties hereto.

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13.    Titles.  Paragraph and subparagraph titles, captions and headings herein are inserted only as a matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Amendment or the intent of any provisions hereof.

14.    Exercise of Rights.  No failure or delay on the part of any party hereto to exercise any right, power or privilege hereunder or under any instrument executed pursuant hereto shall operate as a waiver, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

15.    Loan Document.  The Borrower affirms and acknowledges that this Amendment constitutes a Loan Document under the Credit Agreement and any reference to the Loan Documents under the Credit Agreement contained in any notice, request, certificate or other document executed concurrently with or after the execution and delivery of this Amendment shall be deemed to include this Amendment unless the context shall otherwise specify.

16.    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

17.    Acknowledgment of Guarantors.  The Guarantors acknowledge and consent to all of the terms and conditions of this Amendment and agree that this Amendment and any documents executed in connection herewith do not operate to reduce or discharge the Guarantors’ obligations under the Credit Agreement or the other Loan Documents. 

18.    Affirmation of Liens.  Each Credit Party affirms the liens and security interests created and granted by it in the Loan Documents (including, but not limited to, the Collateral Documents) and agrees that this Amendment shall in no manner adversely affect or impair such liens and security interests.  

[Signature Pages Follow]

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IN WITNESS WHEREOF, the undersigned parties have executed this Amendment as of the date first written above.

BORROWER:            NACCO MATERIALS HANDING GROUP, INC.,    
a Delaware corporation

	
			
	 
	By:
	/s/ Charles A. Bittenbender

	 
	 
	Name: Charles A. Bittenbender

	 
	 
	Title: Vice President, General Counsel and Secretary

GUARANTORS:        HYSTER-YALE MATERIALS HANDLING, INC.,    
a Delaware corporation

	
			
	 
	By:
	/s/ Charles A. Bittenbender

	 
	 
	Name: Charles A. Bittenbender

	 
	 
	Title: Vice President, General Counsel and Secretary

HYSTER OVERSEAS CAPITAL CORPORATION, LLC,    
a Delaware limited liability company

	
			
	 
	By:
	/s/ Charles A. Bittenbender

	 
	 
	Name: Charles A. Bittenbender

	 
	 
	Title: Secretary

NMHG OREGON, LLC,    
an Oregon limited liability company

	
			
	 
	By:
	/s/ Charles A. Bittenbender

	 
	 
	Name: Charles A. Bittenbender

	 
	 
	Title: Assistant Secretary

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

ADMINISTRATIVE
AGENT:            BANK OF AMERICA, N.A.,
as Administrative Agent

	
			
	 
	By:
	/s/ Tiffany Shin

	 
	 
	Name: Tiffany Shin

	 
	 
	Title: Assistant Vice President

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

LENDERS:            BANK OF AMERICA, N.A.,
as a Lender

	
			
	 
	By:
	/s/ Daryl K. Hogge

	 
	 
	Name: Daryl K. Hogge

	 
	 
	Title: Senior Vice President

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

FirstMerit Bank, N.A.,
as a Lender

	
			
	 
	By:
	/s/ Brett Johnson

	 
	 
	Name: Brett Johnson

	 
	 
	Title: Vice President

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

GENERAL ELECTRIC CAPITAL CORPORATION,
as a Lender

	
			
	 
	By:
	/s/ Rebecca A. Ford

	 
	 
	Name: Rebecca A. Ford

	 
	 
	Title: Duly Authorized Signature

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

HSBC Bank USA, National Association
as a Lender

	
			
	 
	By:
	/s/ Mike A. Mitchell

	 
	 
	Name: Mike A. Mitchell

	 
	 
	Title: Vice President

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

OneWest Bank, FSB,
as a Lender

	
			
	 
	By:
	/s/ John Farrace

	 
	 
	Name: John Farrace

	 
	 
	Title: EVP

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

TriState Capital Bank
as a Lender

	
			
	 
	By:
	/s/ Timothy A. Merriman

	 
	 
	Name: Timothy A. Merriman

	 
	 
	Title: Senior Vice President

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

GE CAPITAL BANK,
as a Lender

	
			
	 
	By:
	/s/ Heather-Leigh Glade

	 
	 
	Name: Heather-Leigh Glade

	 
	 
	Title: Duly Authorized Signature

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

KEYBANK NATIONAL ASSOCIATION,
as a Lender

	
			
	 
	By:
	/s/ Nadine M. Eames

	 
	 
	Name: Nadine M. Eames

	 
	 
	Title: Vice President

NACCO MATERIALS HANDLING GROUP, INC.
FIRST AMENDMENT TO CREDIT AGREEMENTVoting and Support Agreement Dated as of December 5, 2012

 Exhibit 10.1 
 EXECUTION COPY 
 VOTING AND SUPPORT AGREEMENT 

This Voting and Support Agreement (this “Agreement”) is made and entered into as of December 5, 2012, among Plains
Exploration & Production Company, a Delaware corporation (“Stockholder”), Freeport-McMoRan Copper & Gold Inc., a Delaware corporation (“Florida”) and McMoRan Exploration Co., a Delaware corporation
(“Maine”). 
 WHEREAS, Florida, INAVN Corp., a Delaware corporation and wholly owned subsidiary of Florida
(“Merger Sub”), and Maine propose to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), which provides, among other things, for the merger of Merger Sub with and into
Maine (the “Merger”), with Maine to survive the Merger as a wholly owned subsidiary of Florida, upon the terms and subject to the conditions set forth in the Merger Agreement (capitalized terms used herein without definition shall
have the respective meanings specified in the Merger Agreement); 
 WHEREAS, Florida, Maine and Stockholder are executing this
agreement prior to or contemporaneously with the execution of the Merger Agreement; 
 WHEREAS, Stockholder owns shares of
common stock, par value $0.01 per share, of Maine (“Common Stock”) (together with any other shares of capital stock of Maine acquired (whether beneficially or of record) by Stockholder after the date hereof and prior to the earlier
of the Closing and the termination of all of Stockholder’s obligations under this Agreement, including any shares of Common Stock acquired by means of purchase, dividend or distribution, or issued upon the exercise of any stock options to
acquire Common Stock or warrants or the conversion of any convertible securities or otherwise, being collectively referred to herein as the “Securities”); 
 WHEREAS, adoption of the Merger Agreement in accordance with the terms thereof and approval of the related amendment to the certificate of incorporation of Maine by the stockholders of Maine (together,
the “Approval”) are conditions to the consummation of the Merger; and 
 WHEREAS, as a condition to the
willingness of Maine and Florida to enter into the Merger Agreement and as an inducement and in consideration therefor, Stockholder has agreed to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, intending to be legally bound, the parties hereto agree as follows: 
 ARTICLE I 

VOTING; GRANT AND APPOINTMENT OF PROXY 
 Section 1.1 Voting. From and after the date hereof until the earlier of (a) the consummation of the Merger and (b) the termination of the Merger Agreement pursuant to and in
compliance with the terms therein (such earlier date, the “Expiration Date”), Stockholder irrevocably and unconditionally hereby agrees that at any meeting (whether annual or special and

 
each adjourned or postponed meeting) of Maine’s stockholders, however called, or in connection with any written consent of Maine’s stockholders, the Stockholder (in such capacity and
not in any other capacity) will (i) appear at such meeting or otherwise cause all of the Securities to be counted as present thereat for purposes of calculating a quorum and (ii) vote or cause to be voted (including by proxy or written
consent, if applicable) all of the Securities: 
 (a) in favor of the Approval (and, in the event that the Approval is
presented as more than one proposal, in favor of each proposal that is part of the Approval), and in favor of any other matter presented or proposed as to approval of the Merger or any part or aspect thereof or any other transactions or matters
contemplated by the Merger Agreement, including but not limited to, any stockholder vote required by Section 251 of the Delaware Corporation Law; 
 (b) against any Company Takeover Proposal, without regard to the terms of such Company Takeover Proposal, or any other transaction, proposal, agreement or action made in opposition to adoption of the
Merger Agreement or in competition or inconsistent with the Merger and the other transactions or matters contemplated by the Merger Agreement, 
 (c) against any other action, agreement or transaction, that is intended, that could reasonably be expected, or the effect of which could reasonably be expected, to materially impede, interfere with,
delay, postpone, discourage or adversely affect the Merger or any of the other transactions contemplated by the Merger Agreement or this Agreement or the performance by Stockholder of its obligations under this Agreement, including: (i) any
extraordinary corporate transaction, such as a merger, consolidation or other business combination involving Maine or any of its Subsidiaries; (ii) a sale, lease or transfer of a material amount of assets of Maine or any of its Subsidiaries
(other than the Merger) or a reorganization, recapitalization or liquidation of Maine or any of its Subsidiaries; (iii) an election of new members to the board of directors of Maine, other than nominees to the board of directors of Maine who
are serving as directors of Maine on the date of this Agreement or as otherwise provided in the Merger Agreement; (iv) any material change in the present capitalization or dividend policy of Maine or any amendment or other change to
Maine’s certificate of incorporation or bylaws, except if approved in writing by Florida; or (v) any other material change in Maine’s corporate structure or business, except if approved in writing by Florida, 

(d) against any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any
covenant, representation or warranty or any other obligation or agreement of Maine contained in the Merger Agreement, or of Stockholder contained in this Agreement, and 
 (e) in favor of any other matter necessary or desirable to the consummation of the transactions contemplated by the Merger Agreement, including the Merger and the amendment of the certificate of
incorporation of Maine (clauses (a) through (e), the “Required Votes”). 

  
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 Section 1.2 Grant of Irrevocable Proxy; Appointment of Proxy. 

1.2.1 From and after the date hereof until the Expiration Date, Stockholder hereby irrevocably and unconditionally grants to, and
appoints, Florida and any designee thereof as Stockholder’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of Stockholder, to vote or cause to be voted (including by proxy or written consent,
if applicable) the Securities in accordance with the Required Votes. 
 1.2.2 Stockholder hereby represents that any proxies
heretofore given in respect of the Securities, if any, are revocable, and hereby revokes such proxies. 
 1.2.3 Stockholder
hereby affirms that the irrevocable proxy set forth in this Section 1.2 is given in connection with the execution of the Merger Agreement, and that such irrevocable proxy is given to secure the performance of the duties of Stockholder
under this Agreement. Stockholder hereby further affirms that the irrevocable proxy is coupled with an interest and, except as set forth in this Section 1.2, is intended to be irrevocable. If for any reason the proxy granted herein is
not irrevocable, then Stockholder agrees, until the Expiration Date, to vote the Securities in accordance with Section 1.2.1(a) through Section 1.2.1(e) above as instructed by Florida in writing. The parties agree that the
foregoing is a voting agreement. 
 Section 1.3 Restrictions on Transfers. Stockholder hereby agrees that, from the
date hereof until the Expiration Date, it shall not, directly or indirectly, (a) sell, transfer, assign, tender in any tender or exchange offer, pledge, encumber, hypothecate or similarly dispose of (by merger, by testamentary disposition, by
operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, Lien, hypothecation or other disposition of (by
merger, by testamentary disposition, by operation of law or otherwise), any Securities, (b) deposit any Securities into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect thereto
that is inconsistent with this Agreement, or (c) agree (whether or not in writing) to take any of the actions referred to in the foregoing clause (a) or (b). 
 Section 1.4 Inconsistent Agreements. Stockholder hereby covenants and agrees that, except for this Agreement, it (a) shall not enter into at any time while this Agreement remains in
effect, any voting agreement or voting trust with respect to the Securities and (b) shall not grant at any time while this Agreement remains in effect a proxy, consent or power of attorney with respect to the Securities. 

ARTICLE II 
 NO
SOLICITATION 
 Section 2.1 Restricted Activities. Prior to the Expiration Date, Stockholder (in its capacity as a
stockholder of Maine) shall not, shall cause its officers and directors not to, and shall use reasonable best efforts to cause its agents, advisors and other representatives (in each case, acting in their capacity as such to Stockholder, the
“Stockholder Representatives”) not to, (a) initiate, solicit or knowingly encourage or knowingly take or continue any other action to facilitate the submission of any inquiry, indication of interest, proposal or offer that
constitutes, 

  
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or would reasonably be expected to lead to, a Company Takeover Proposal, (b) participate in any discussions or negotiations regarding, or that would reasonably be expected to lead to any
Company Takeover Proposal (other than to inform a Person of the existence of this Section 2.1 and Section 5.3 of the Merger Agreement), (c) furnish any non-public information or data regarding Maine or any of its Subsidiaries to, or
afford access to the properties, personnel, books and records of Maine to, any Person (other than Florida and its Subsidiaries) in connection with or in response to or in circumstances that would reasonably be expected to lead to, any Company
Takeover Proposal, (d) take any action to make the provisions of any “fair price,” “moratorium,” “control share acquisition,” “business combination” or other similar anti-takeover statute or regulation
(including any transaction under, or a third party becoming an “interested stockholder” under, Section 203 of the DGCL), or any restrictive provision of any applicable anti-takeover provision in Maine’s certificate of
incorporation or bylaws, inapplicable to any Person other than Florida and its Subsidiaries or to any transactions constituting or contemplated by a Company Takeover Proposal, or (e) resolve or agree to do any of the foregoing (the activities
specified in clauses (a) through (e) being hereinafter referred to as the “Restricted Activities”). 

Section 2.2 Notification. Stockholder (in its capacity as a stockholder of Maine) shall, and shall cause the Stockholder
Representatives to, immediately cease and terminate any and all existing activities, discussions or negotiations with any Person with respect to a Company Takeover Proposal. From and after the date hereof until the Expiration Date, Stockholder shall
as promptly as practicable (and in any event within 24 hours) (i) notify Florida of (x) any Company Takeover Proposal it receives in its capacity as a stockholder of Maine, (y) any request it receives in its capacity as a stockholder
of Maine for non-public information relating to Maine or its Subsidiaries, other than requests for information not reasonably expected to be related to an Company Takeover Proposal, and (z) any inquiry or request for discussion or negotiation
it receives in its capacity as a stockholder of Maine regarding a Company Takeover Proposal, (ii) if such Company Takeover Proposal, request or inquiry is in writing, deliver to Florida a copy of such Company Takeover Proposal, request or
inquiry and any related draft agreements and other written material setting forth the terms and conditions of such Company Takeover Proposal, and (iii) if such Company Takeover Proposal, request or inquiry is oral, provide to Florida a
reasonably detailed summary thereof. Stockholder shall keep Florida reasonably informed on a prompt and timely basis of the status and material details of any such Company Takeover Proposal and with respect to any material change to the terms of any
such Company Takeover Proposal within 24 hours of any such material change. This Section 2.2 shall not apply to any Company Takeover Proposal received by Maine. 
 Section 2.3 Capacity. Stockholder is signing this Agreement solely in its capacity as a stockholder of Maine and nothing contained herein shall in any way limit or affect any actions taken by
any Stockholder Representative in his capacity as a director of Maine, and no action taken in any such capacity as a director shall be deemed to constitute a breach of this Agreement. 

  
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 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 OF STOCKHOLDER 

Section 3.1 Representations and Warranties. Stockholder represents and warrants to Florida as follows: (a) Stockholder
has full legal right and capacity to execute and deliver this Agreement, to perform Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby, (b) this Agreement has been duly executed and delivered by
Stockholder and the execution, delivery and performance of this Agreement by Stockholder and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of Stockholder and no other actions
or proceedings on the part of Stockholder are necessary to authorize this Agreement or to consummate the transactions contemplated hereby, (c) this Agreement constitutes the valid and binding agreement of Stockholder, enforceable against
Stockholder in accordance with its terms, (d) the execution and delivery of this Agreement by Stockholder does not, and the consummation of the transactions contemplated hereby and the compliance with the provisions hereof will not, conflict
with or violate any Laws or agreement binding upon Stockholder or the Securities, nor require any authorization, consent or approval of, or filing with, any Governmental Entity, except for filings with the Securities and Exchange Commission by
Stockholder, (e) Stockholder owns, beneficially and of record, or controls 51,000,000 shares of Common Stock and (f) except for such transfer restrictions of general applicability as may be provided under the Securities Act of 1933, as
amended, and the “blue sky” laws of the various states of the United States, Stockholder owns, beneficially and of record, or controls all of the Securities free and clear of any proxy, voting restriction, adverse claim or other Lien
(other than any restrictions created by this Agreement) and has sole voting power with respect to the Securities and sole power of disposition with respect to all of the Securities, with no restrictions on Stockholder’s rights of voting or
disposition pertaining thereto, and no person other than Stockholder has any right to direct or approve the voting or disposition of any of the Securities. 
 Section 3.2 Covenants. Stockholder hereby: 
 (a) irrevocably waives,
and agrees not to exercise, any rights of appraisal or rights of dissent from the Merger that Stockholder may have with respect to the Securities; 
 (b) agrees to promptly notify Maine and Florida of the number of any new Securities acquired by Stockholder after the date hereof and prior to the Expiration Date. Any such Securities shall be subject to
the terms of this Agreement as though owned by Stockholder on the date hereof; 
 (c) agrees to permit Maine to publish and
disclose in the Proxy Statement Stockholder’s identity and ownership of the Securities and the nature of the Stockholder’s commitments, arrangements and understandings under this Agreement; and 

(d) shall and does authorize Florida or its counsel to notify Maine’s transfer agent that there is a stop transfer order with
respect to all of the Securities (and that this Agreement places limits on the voting and transfer of such shares), provided that Florida or its 

  
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counsel further notifies Maine’s transfer agent to lift and vacate the stop transfer order with respect to the Securities following the Expiration Date. 

ARTICLE IV 

TERMINATION 

This Agreement shall terminate and be of no further force or effect upon the earlier of (a) the Expiration Date and (b) any
breach by Florida of Section 5.17 of the Agreement and Plan of Merger, dated as of the date hereof, by and among Florida, Merger Sub and Stockholder. Notwithstanding the preceding sentence, this Article IV and Article V shall
survive any termination of this Agreement. Nothing in this Article V shall relieve or otherwise limit any party of liability for willful breach of this Agreement. 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.1 Expenses. Each party shall bear their respective expenses, costs and fees (including attorneys’,
auditors’ and financing fees, if any) in connection with the preparation, execution and delivery of this Agreement and compliance herewith, whether or not the Merger is effected. 

Section 5.2 Notices. Any notice, request, instruction or other document to be given hereunder by any party to the others
shall be in writing and delivered personally or sent by registered or certified mail, return receipt requested and postage prepaid, or by facsimile (providing confirmation of such facsimile transmission): 

To Florida: 

Freeport-McMoRan Copper & Gold Inc. 
 333 North Central Avenue 
 Phoenix, Arizona 85004 

Facsimile: (602) 366-7691 
 Attention: General Counsel 
 with copies to: 

Wachtell, Lipton, Rosen & Katz 
 51 West 52nd
Street 
 New York, New York 10019 
 Attention: David E. Shapiro 
 Facsimile: (212) 403-2000 

Email: deshapiro@wlrk.com 
 To Stockholder: 
 Plains Exploration & Production Company 

700 Milam, Suite 3100 
 Houston, Texas 77002 

  
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 Facsimile: (713) 579-6231 

Attention: General Counsel 
 with copies to: 
 Latham & Watkins LLP 

811 Main Street, Suite 3700 
 Houston, Texas 77002 
 Attention: Michael E. Dillard 

Sean T. Wheeler 

Facsimile: (713) 546-5401 
 Email: michael.dillard@lw.com 
 sean.wheeler@lw.com 

To Maine: 

McMoRan Exploration Co. 
 1615 Poydras Street 
 New Orleans, Louisiana 70112 

Facsimile: (504) 585-3513 
 Attention: General Counsel 
 with a copy to: 

Weil, Gotshal & Manges 
 767 Fifth Avenue 
 New York, NY 10153 

Attention: Michael J. Aiello 
 Facsimile: (212) 310-8007 
 Email: michael.aiello@weil.com 

or to such other Persons or addresses as may be designated in writing by the party to receive such notice as provided above. 

Section 5.3 Amendments; Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment or
waiver is in writing and signed (i) in the case of an amendment, by Florida, Maine and Stockholder, and (ii) in the case of a waiver, by the party (or parties) against whom the waiver is to be effective. No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 5.4 Assignment. No party to this Agreement may assign any of its rights or obligations under this Agreement,
including by sale of stock, operation of law in connection with a merger or sale of substantially all the assets, without the prior written consent of the other party 

  
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hereto; provided that Florida may assign its rights and obligations under this Agreement to a Subsidiary of Florida, so long as Florida remains liable for its obligations hereunder. 

Section 5.5 No Partnership, Agency, or Joint Venture. This Agreement is intended to create, and creates, a contractual
relationship and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between the parties hereto. 
 Section 5.6 Entire Agreement. This Agreement and the Merger Agreement constitute the entire agreement, and supersede all other prior and contemporaneous agreements, understandings,
undertakings, arrangements, representations and warranties, both written and oral, among the parties with respect to the subject matter hereof. 
 Section 5.7 No Third-Party Beneficiaries. This Agreement is not intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. 

Section 5.8 Jurisdiction; Specific Enforcement; Waiver of Trial by Jury. The parties agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed, or were threatened to be not performed, in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, in addition to any other
remedy that may be available to it, including monetary damages, each of the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
exclusively in the Court of Chancery of the State of Delaware (“Delaware Court of Chancery”) and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction
over a particular matter, any federal court sitting within the State of Delaware), and all such rights and remedies at law or in equity shall be cumulative. The parties further agree that no party to this Agreement shall be required to obtain,
furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 5.8 and each party waives any objection to the imposition of such relief or any right it may have to
require the obtaining, furnishing or posting of any such bond or similar instrument. In addition, each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising
hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall be brought and determined exclusively
in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court sitting within the State of
Delaware). Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees
that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by
way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above named courts, (b) any claim that it or its
property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment

  
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or otherwise) and (c) to the fullest extent permitted by applicable law, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum,
(ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. To the fullest extent permitted by applicable law, each of the parties hereto
hereby consents to the service of process in accordance with Section 5.2; provided, however, that nothing herein shall affect the right of any party to serve legal process in any other manner permitted by law. EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 5.9 Governing Law. This Agreement, and all claims or causes of action (whether at law, in contract or in tort or
otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance hereof, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any
choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

Section 5.10 Interpretation. (a) The words “hereof”, “herein”, and “hereunder” and words
of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (b) the words “date hereof,” when used in this Agreement, shall refer to the date set
forth in the Preamble; (c) the terms defined in the singular have a comparable meaning when used in the plural, and vice versa; (d) the terms defined in the present tense have a comparable meaning when used in the past tense, and vice
versa; (e) any references herein to a specific Section or Article shall refer, respectively, to Sections or Articles of this Agreement; (f) wherever the word “include”, “includes”, or “including” is used in
this Agreement, it shall be deemed to be followed by the words “without limitation”; (g) references herein to any gender includes each other gender; (h) the word “or” shall not be exclusive; (i) the headings herein
are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof; and (j) the parties hereto have participated jointly in the negotiation and
drafting of this Agreement and, in the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of this Agreement. 
 Section 5.11 Counterparts.
This Agreement may be executed in any number of counterparts, each such counterpart (including any facsimile or electronic document transmission of such counterpart) being deemed to be an original instrument, and all such counterparts shall together
constitute the same agreement. 
 Section 5.12 Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability or the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is
invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid 

  
 -9-

 
and enforceable, the intent and purpose of such invalid or unenforceable provision; and (b) the remainder of this Agreement and the application of such provision to other Persons or
circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

[Signature Pages Follow] 

  
 -10-

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of
the date and year first written above. 
  

			
	PLAINS EXPLORATION & PRODUCTION COMPANY
		
	By:	 	/s/ James C. Flores
	Name:	 	James C. Flores
	Title:	 	 Chairman of the Board, President and
 Chief Executive Officer

  
  
  

 
  

[Signature Page to Voting and Support Agreement] 

 
			
	FREEPORT-MCMORAN COPPER & GOLD INC.
		
	By:	 	/s/ Kathleen L. Quirk
	 Name:
	 	Kathleen L. Quirk
	 Title:
	 	 Executive Vice President,

Chief Financial Officer & Treasurer

  
  
  

 
  

[Signature Page to Voting and Support Agreement] 

 
			
	 MCMORAN EXPLORATION CO.

		
	 By:
	 	/s/ Nancy D. Parmelee
	 Name:
	 	Nancy D. Parmelee
	 Title:
	 	 Senior Vice President,

Chief Financial Officer & Secretary

  
  
  

 
  

[Signature Page to Voting and Support Agreement]

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