Document:

ex10-32.htm

    
      

    

    Exhibit
10.32

    

    

    FREEPORT-McMoRan
COPPER & GOLD INC.

    

    NOTICE
OF GRANT OF

    NONQUALIFIED
STOCK OPTIONS

    UNDER
THE

    _____
STOCK INCENTIVE PLAN

    

    1.     
   (a)      Pursuant
to the Freeport-McMoRan Copper & Gold Inc. ______ Stock
Incentive Plan (the “Plan”), _________________ (the “Optionee”) is hereby
granted effective _______________, ______, in consideration of future services,
Options to purchase from the Company, on the terms and conditions set forth in
this Notice and in the Plan, _______ shares of the Common Stock of the Company
at a purchase price of $_______ per share.

     

    (b)  Defined
terms not otherwise defined in Section 11 of this Notice shall have the meanings
set forth in Section 2 of the Plan.

     

    (c)  The
Options granted hereunder are intended to constitute nonqualified stock options
and are not intended to constitute incentive stock options within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”).

     

            2.
    (a)     
All Options granted hereunder shall terminate on __________, 20___, unless
terminated earlier as provided in Section 4 of this Notice.

     

               
(b)     The
Options granted hereunder shall become exercisable in installments as
follows:        

     

    Date
Exercisable                                                    Number of
Shares

    

    

    

                   
(c) 
The
Options granted hereunder may be exercised with respect to all or any part of
the Shares comprising each installment as the Optionee may elect at any time
after such Options become exercisable until the termination date set forth in
Section 2(a) or Section 4, as the case may be.

     

    (d)  Notwithstanding
the foregoing provisions of this Section 2, the Options granted hereunder shall
immediately become exercisable in their entirety at such time as there shall be
a Change in Control of the Company.

     

    3.     Upon each
exercise of the Options granted hereunder, the Optionee shall give written
notice to the Company, which shall specify the number of Shares to be purchased
and shall be accompanied by payment in full of the aggregate purchase price
thereof, in accordance with
procedures established by the Committee.  Such exercise shall be
effective upon receipt by the Company of such notice in good order and
payment.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

          
4.    
(a)           Except
as set forth in this Section 4, the Options provided for in this Notice shall
immediately terminate on the date that the Optionee ceases for any reason to be
an Eligible Individual.

     

                                  
(b)   If the
Optionee ceases to be an Eligible Individual for any reason other than death,
Disability, Retirement or termination for Cause, any Option granted hereunder
that is then exercisable shall remain exercisable in accordance with the terms
of this Notice within three months after the date of such cessation, but in no
event shall any such Option be exercisable after the termination date specified
in Section 2(a).

        

                                  
(c)   If the
Optionee ceases to be an Eligible Individual by reason of the Optionee’s
Disability or Retirement, any Option granted hereunder that is exercisable on
the date of such cessation, as well as any Option granted hereunder that would
have become exercisable within one year after the date of such cessation had the
Optionee continued to be an Eligible Individual, shall remain exercisable in
accordance with the terms of this Notice within three years after the date of
such cessation, but in no event shall any such Option be exercisable after the
termination date specified in Section 2(a).

     

                               
   (d)   (i)         If
the Optionee ceases to be an Eligible Individual as a result of the Optionee’s
death, any Option granted hereunder that is exercisable on the date of such
death, as well as any Option granted hereunder that would have become
exercisable within one year after the date of such death had the Optionee
continued to be an Eligible Individual, shall remain exercisable by the
Optionee’s Designated Beneficiary in accordance with the terms of this Notice
until the third anniversary of the date of such death, but in no event shall any
such Option be exercisable after the termination date specified in Section
2(a).

     

                                                  
(ii)    If the
Optionee dies after having ceased to be an Eligible Individual and any Option
granted hereunder is then exercisable in accordance with the provisions of this
Section 4, such Option will remain exercisable by the Optionee’s Designated
Beneficiary in accordance with the terms of this Notice until the third
anniversary of the date the Optionee ceased to be an Eligible Individual, but in
no event shall any such Option be exercisable after the termination date
specified in Section 2(a)

     

                   
(e)   If the
Optionee ceases to be an Eligible Individual by reason of the Optionee’s
termination for Cause, any Option granted hereunder that is exercisable on the
date of such cessation shall terminate immediately.

     

    5.           
The
Options granted hereunder are not transferable by the Optionee otherwise than by
will or by the laws of descent and distribution or pursuant to a domestic
relations order, as defined in the Code, and shall be exercised during the
lifetime of the Optionee only by the Optionee or by the Optionee’s duly
appointed legal representative.

     

    6.   All
notices hereunder shall be in writing and, if to the Company, shall be delivered
personally to the Secretary of the Company or mailed to its principal office,
One North Central Avenue, Phoenix, Arizona 85004, addressed to the attention of
the Secretary; and, if to the Optionee, shall be delivered personally, mailed or
delivered via e-mail to the Optionee at the

     

    
      
        
        

      

      
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     address
on file with the Company.  Such addresses may be changed at any time
by notice from one party to the other.

     

    7.           
The terms
of this Notice shall bind and inure to the benefit of the Optionee, the Company
and the successors and assigns of the Company and, to the extent provided in the
Plan and in this Notice, the Designated Beneficiaries and the legal
representatives of the Optionee.

     

    8.            This
Notice is subject to the provisions of the Plan.  The Plan may at any
time be amended by the Board, except that any such amendment of the Plan that
would materially impair the rights of the Optionee hereunder may not be made
without the Optionee’s consent.  The Committee may amend, modify or
terminate this Notice and any of the Options granted hereunder at any time prior
to exercise in any manner not inconsistent with the terms of the Plan,
including, without limitation, to change the date or dates as of which the
Options granted hereunder become exercisable.  Notwithstanding the
foregoing, no such amendment, modification or termination may materially impair
the rights of the Optionee hereunder without the Optionee’s
consent.  Except as set forth above, any applicable determinations,
orders, resolutions or other actions of the Committee shall be final, conclusive
and binding on the Company and the Optionee.

     

    9.            
The
Optionee is required to satisfy any obligation in respect of withholding or
other payroll taxes resulting from the exercise of any Option granted hereunder,
in accordance with procedures established by the Committee, as a condition to
receiving any certificates for securities resulting from the exercise of any
such Option.

     

                 
10.            
Nothing
in this Notice shall confer upon Optionee any right to continue in the employ of
the Company or any of its Subsidiaries, or to interfere in any way with the
right of the Company or any of its Subsidiaries to terminate Optionee’s
employment relationship with the Company or any of its Subsidiaries at any
time.

     

                 
11.            As used
in this Notice, the following terms shall have the meanings set forth
below.

     

                                  
(a)           “Cause”
shall mean any of the following: (i) the commission by the Optionee of an
illegal act (other than traffic violations or misdemeanors punishable solely by
the payment of a fine), (ii) the engagement of the Optionee in dishonest or
unethical conduct, as determined by the Committee or its designee, (iii) the
commission by the Optionee of any fraud, theft, embezzlement, or
misappropriation of funds, (iv) the failure of the Optionee to carry out a
directive of his superior, employer or principal, or (v) the breach of the
Optionee of the terms of his engagement.

     

                                   
(b)   “Change
in Control” shall mean the earliest of the following events:  (i) any
person or any two or more persons acting as a group, and all affiliates of such
person or persons, shall acquire beneficial ownership of more than 20% of all
classes and series of the Company’s outstanding stock (exclusive of stock held
in the Company’s treasury or by the Company’s Subsidiaries), taken as a whole,
that has voting rights with respect to the election of directors of the Company
(not including any series of preferred stock of the Company that has the right
to elect directors only upon the failure of the Company to pay dividends)
pursuant to a 

     

    
      
        
        

      

      
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    tender
offer, exchange offer or series of purchases or other acquisitions, or any
combination of those transactions, or (ii) there shall be a change in the
composition of the Board at any time within two years after any tender offer,
exchange offer, merger, consolidation, sale of assets or contested election, or
any combination of those transactions (a “Transaction”), such that (A) the
persons who were directors of the Company immediately before the first such
Transaction cease to constitute a majority of the board of directors of the
corporation that shall thereafter be in control of the companies that were
parties to or otherwise involved in such Transaction or (B) the number of
persons who shall thereafter be directors of such corporation shall be fewer
than two-thirds of the number of directors of the Company immediately prior to
such first Transaction.

     

                          
 (c)  “Disability”
shall mean long-term disability, as defined in the Company’s long-term
disability plan.

     

                                   
(d)  “Retirement”
shall mean early, normal or deferred retirement of the Optionee under a tax
qualified retirement plan of the Company or any other cessation of the provision
of services to the Company or a Subsidiary by the Optionee that is deemed by the
Committee to constitute a retirement.

     

    

                                FREEPORT-McMoRan
COPPER & GOLD INC.

    

    

    

                                        By:
___________________________________

     

     

     

     

    
      
         

      

      
        4ex10-33.htm

    
      

    

    Exhibit
10.33

    (Form
for Straight Grant)

    

    

    FREEPORT-McMoRan
COPPER & GOLD INC.

    

    RESTRICTED
STOCK UNIT AGREEMENT

    UNDER
THE ______ STOCK INCENTIVE PLAN

    

    AGREEMENT dated as of ____________,
20__ (the “Grant Date”), between Freeport-McMoRan Copper & Gold Inc., a
Delaware corporation (the “Company”), and _______________ (the
“Participant”).

    

    1. 
   (a)           Pursuant
to the Freeport-McMoRan Copper & Gold Inc. _____ Stock Incentive Plan (the
“Plan”), the Participant is hereby granted effective the Grant Date _________
restricted stock units (“Restricted Stock Units” or “RSUs”) on the terms and
conditions set forth in this Agreement and in the Plan.

     

    (b)   Defined
terms not otherwise defined herein shall have the meanings set forth in Section
2 of the Plan.

     

    (c)   Subject
to the terms, conditions, and restrictions set forth in the Plan and herein,
each RSU granted hereunder represents the right to receive from the Company, on
the respective scheduled vesting date for such RSU set forth in Section 2(a) of
this Agreement or on such earlier date as provided in Section 2(b) of this
Agreement or Section 5(b) of this Agreement (the “Vesting Date”), one share (a
“Share”) of common stock of the Company (“Common Stock”), free of any
restrictions, all amounts notionally credited to the Participant’s Dividend
Equivalent Account (as defined in Section 4 of this Agreement) with respect to
such RSU, and all securities and property comprising all Property Distributions
(as defined in Section 4 of this Agreement) deposited in such Dividend
Equivalent Account with respect to such RSU.

     

    (d)   As soon
as practicable after the Vesting Date (but no later than 2 1⁄2 months from such
date) for any RSUs granted hereunder, the Participant shall receive from the
Company the number of Shares to which the vested RSUs relate, free of any
restrictions, a cash payment for all amounts notionally credited to the
Participant’s Dividend Equivalent Account with respect to such vested RSUs, and
all securities and property comprising all Property Distributions deposited in
such Dividend Equivalent Account with respect to such vested RSUs.

     

    2   (a)          
The RSUs granted hereunder shall vest in installments as follows:

     

    
      	
              Scheduled Vesting
      Date

            	
              Number of
      RSUs

            
	
               
      

               

            	 
      

    

    

    (b)   Notwithstanding
Section 2(a) of this Agreement, at such time as there shall be a Change in
Control of the Company, all unvested RSUs shall be accelerated and shall
immediately vest.

     

    (c)           Until
the respective Vesting Date for an RSU granted hereunder, such RSU, all amounts
notionally credited in any Dividend Equivalent Account related to such
RSU,

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    and all
securities or property comprising all Property Distributions deposited in such
Dividend Equivalent Account related to such RSU shall be subject to forfeiture
as provided in Section 5 of this Agreement.

     

    3.            
Except as
provided in Section 4 of this Agreement, an RSU shall not entitle the
Participant to any incidents of ownership (including, without limitation,
dividend and voting rights) in any Share until the RSU shall vest and the
Participant shall be issued the Share to which such RSU relates nor in any
securities or property comprising any Property Distribution deposited in a
Dividend Equivalent Account related to such RSU until such RSU
vests.

     

    4.            
From and
after the Grant Date of an RSU until the issuance of the Share payable in
respect of such RSU, the Participant shall be credited, as of the payment date
therefor, with (i) the amount of any cash dividends and (ii) the amount equal to
the Fair Market Value of any Shares, Subsidiary securities, other securities, or
other property distributed or distributable in respect of one share of Common
Stock to which the Participant would have been entitled had the Participant been
a record holder of one share of Common Stock at all times from the Grant Date to
such issuance date (a “Property Distribution”).  All such credits
shall be made notionally to a dividend equivalent account (a “Dividend
Equivalent Account”) established for the Participant with respect to all RSUs
granted hereunder with the same Vesting Date.  All credits to a
Dividend Equivalent Account for the Participant shall be notionally increased by
the Account Rate (as hereinafter defined), compounded quarterly, from and after
the applicable date of credit until paid in accordance with the provisions of
this Agreement.  The “Account Rate” shall be the prime commercial
lending rate announced from time to time by JPMorgan Chase Bank, N.A. or by
another major national bank headquartered in New York, New York designated by
the Committee.  The Committee may, in its discretion, deposit in the
Participant’s Dividend Equivalent Account the securities or property comprising
any Property Distribution in lieu of crediting such Dividend Equivalent Account
with the Fair Market Value thereof.

     

    5.            
(a)           
Except as set forth in Section 5(b) of this Agreement, all unvested RSUs
provided for in this Agreement, all amounts credited to the Participant’s
Dividend Equivalent Accounts with respect to such RSUs, and all securities and
property comprising Property Distributions deposited in such Dividend Equivalent
Accounts with respect to such RSUs shall immediately be forfeited on the date
the Participant ceases to be an Eligible Individual (the “Termination
Date”).

     

                                   
(b)   Notwithstanding
the foregoing, if the Participant ceases to be an Eligible Individual (the
“Termination”) by reason of the Participant’s death, Disability, or Retirement,
the RSUs granted hereunder that are scheduled to vest on the first Vesting Date
following the Termination Date, all amounts credited to the Participant’s
Dividend Equivalent Accounts with respect to such RSUs, and all securities and
property comprising Property Distributions deposited in such Dividend Equivalent
Accounts with respect to such RSUs shall vest as of the Participant’s
Termination Date.  In the event that the Participant ceases to be an
Eligible Individual by reason of the Participant’s Termination by his employer
or principal without Cause, the Committee or any person to whom the Committee
has delegated authority may, in its or his sole discretion, determine that the
RSUs granted hereunder that are scheduled to vest on the first Vesting Date
following the Termination Date, all amounts credited to the Participant’s
Dividend Equivalent Accounts with respect to such RSUs, and all securities and
property 

    
      
        
        

      

      
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    comprising Property Distributions deposited in such Dividend
Equivalent Accounts with respect to such RSUs shall vest as of the Participant’s
Termination Date.  In the event vesting is accelerated pursuant to
this Section 5(b) and the Participant is a Key Employee, a distribution of
Shares issuable to the Participant, all amounts notionally credited to the
Participant’s Dividend Equivalent Account, and all securities and property comprising
all Property Distributions deposited in such Dividend Equivalent Account due the
Participant upon the vesting of the RSUs shall not occur until six months after
the Participant’s Termination Date, unless the Participant’s Termination is due
to death or Disability.

     

    6.            
The RSUs
granted hereunder, any amounts notionally credited in the Participant’s Dividend
Equivalent Accounts, and any securities and property comprising Property
Distributions deposited in such Dividend Equivalent Accounts are not
transferable by the Participant otherwise than by will or by the laws of descent
and distribution or pursuant to a domestic relations order, as defined in the
Code.

     

    7.           
All
notices hereunder shall be in writing and, if to the Company, shall be delivered
personally to the Secretary of the Company or mailed to One North Central
Avenue, Phoenix, Arizona 85004, addressed to the attention of the Secretary;
and, if to the Participant, shall be delivered personally or mailed to the
Participant at the address on file with the Company.  Such addresses
may be changed at any time by notice from one party to the other.

     

    8.           
This
Agreement is subject to the provisions of the Plan.  The Plan may at
any time be amended by the Board, except that any such amendment of the Plan
that would materially impair the rights of the Participant hereunder may not be
made without the Participant’s consent.  The Committee may amend this
Agreement at any time in any manner that is not inconsistent with the terms of
the Plan and that will not result in the application of Section 409A(a)(1) of
the Code.  Notwithstanding the foregoing, no such amendment may
materially impair the rights of the Participant hereunder without the
Participant’s consent.  Except as set forth above, any applicable
determinations, orders, resolutions or other actions of the Committee shall be
final, conclusive and binding on the Company and the Participant.

     

    9.           
The
Participant is required to satisfy any obligation in respect of withholding or
other payroll taxes resulting from the vesting of any RSU granted hereunder or
the payment of any securities, cash, or property hereunder, in accordance with
procedures established by the Committee, as a condition to receiving any
securities, cash payments, or property resulting from the vesting of any RSU or
otherwise.

     

    10.         
Nothing
in this Agreement shall confer upon the Participant any right to continue in the
employ of the Company or any of its Subsidiaries, or to interfere in any way
with the right of the Company or any of its Subsidiaries to terminate the
Participant’s employment relationship with the Company or any of its
Subsidiaries at any time.

     

    11.         
As used
in this Agreement, the following terms shall have the meanings set forth
below.

     

                                  
(a)           “Cause”
shall mean any of the following: (i) the commission by the Participant of an
illegal act (other than traffic violations or misdemeanors punishable solely
by

    
      
        
        

      

      
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    the
payment of a fine), (ii) the engagement of the Participant in dishonest or
unethical conduct, as determined by the Committee or its designee, (iii) the
commission by the Participant of any fraud, theft, embezzlement, or
misappropriation of funds, (iv) the failure of the Participant to carry out a
directive of his superior, employer or principal, or (v) the breach of the
Participant of the terms of his engagement.

     

                                  
(b)  
“Change
in Control” shall mean a change in the ownership of the Company, a change in the
effective control of the Company or a change in the ownership of a substantial
portion of the assets of the Company as provided under Section 409A of the Code,
as amended from time to time, and any related implementing regulations or
guidance.

            

                  
(c)           
“Disability”
shall have occurred if the Participant is (i) unable to engage in any
substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, or (ii) by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not
less than 12 months, receiving income replacement benefits for a period of not
less than 3 months under an accident and health plan covering employees of the
Participant’s employer.

     

                  
(d)   “Fair
Market Value” shall, with respect to a share of Common Stock, a Subsidiary
security, or any other security, have the meaning set forth in the
Freeport-McMoRan Copper & Gold Inc. Policies of the Committee applicable to
the _____ Stock Incentive Plan, and, with respect to any other property, mean
the value thereof determined by the board of directors of the Company in
connection with declaring the dividend or distribution thereof.

     

                                    (e)           
“Key
Employee” shall mean any employee who meets the definition of “key employee” as
defined in Section 416(i) of the Code.

     

                                  
 (f)            “Retirement”
shall mean early, normal or deferred retirement of the Participant under a tax
qualified retirement plan of the Company or any other cessation of the provision
of services to the Company or a Subsidiary by the Participant that is deemed by
the Committee or its designee to constitute a retirement.

     

    
      
         

      

      
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    IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the day, month, and year first above written.

     

    

    FREEPORT-McMoRan COPPER & GOLD
INC.

    

    

    By:     
 ________________________________  

    

     

                                         ________________________________
                                            
(Participant)

     

                                        _________________________________

                                               (Street Address)

    

                                        _________________________________

                                               (City)
(State) (Zip Code)

    
      
         

      

      
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