Document:

Ex 10.17 Second Amendment to Credit Agreement

    SECOND
      AMENDMENT TO CREDIT AGREEMENT

    

    This
      SECOND AMENDMENT TO CREDIT AGREEMENT (the “Second Amendment”) dated December __,
      2006, is by and among LEAF FINANCIAL CORPORATION, a Delaware corporation (“LEAF
      Financial”), and LEAF FUNDING, INC., a Delaware corporation (“LEAF Funding” and
      together with LEAF Financial, each individually a “Borrower” and individually
      and collectively, jointly and severally, the “Borrowers”), the various financial
      institutions and other Persons parties hereto (the “Lenders”), and National City
      Bank, as administrative agent and collateral agent for the Lenders (in such
      capacity, the “Agent”).

    

    BACKGROUND

    

    A. Pursuant
      to that certain Credit Agreement dated
      July
      31,
      2006,
      by and
      among the Borrowers, the Lenders, and the Agent, as amended by a First Amendment
      dated August 14, 2006 (as the same may be modified and amended from time to
      time, including by this Second Amendment, the “Credit Agreement”), the Lenders
      agreed, inter
      alia,
      to
      extend to the Borrowers a revolving credit facility in the maximum aggregate
      principal amount of $150,000,000.

    

    B. The
      Borrowers have requested an amendment to the Credit Agreement permitting certain
      Investments, to which the Lenders are willing to agree, on the terms and subject
      to the conditions set forth herein.

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and for other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, and intending to be legally bound hereby, the parties hereto
      agree
      as follows:

    

    1. Definitions.
      

    

    (a) General
      Rule.
      Except
      as expressly set forth herein, all capitalized terms used and not defined herein
      shall have the respective meanings ascribed thereto in the Credit Agreement.
      

    

    (b) Additional
      Definition.
      The
      following additional definitions shall be added to Article 1 of the Credit
      Agreement to read in its entirety as follows:

    

    “Second
      Amendment”
means
      the Second Amendment to this Agreement dated December __, 2006.

    

    (c) Amended
      Definition.
      The
      following definition in Article 1 of the Credit Agreement shall be amended
      and
      restated to read in its entirety as follows:

    

    “Adjusted
      Tangible Net Worth”
means,
      as of any date, (a) the sum on such date of (i) Tangible Net Worth, and (ii)
      Subordinated Debt, less
      (b) the
      portion of Tangible Net Worth attributable to the value of any LEAF
      SPE.

    
      
         

      

      
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              2. Amendment
      to Section 6.8.
      Section
      6.8 of the Credit Agreement is hereby amended and restated in its entirety
      to
      read as follows:

    

    “Section
      6.8 Subsidiaries.
      The
      Borrowers have no Subsidiaries, except those Subsidiaries described on Schedule
      6.8 hereto and those which are permitted to be organized in accordance with
      Section 10.4. Schedule 6.8 hereto sets forth the capitalization of each of
      the
      Borrowers as of the date of the Second Amendment.”

    

    3. Amendment
      to Section 10.4.
      Subsection 10.4(a) of the Credit Agreement is hereby amended and restated in
      its
      entirety to read as follows: 

    

    “(a)
       Investments
      identified on Schedule 6.8 or Schedule 10.4, together with any future transfers
      of Investments described on Schedule 6.8, subject to the additional covenants
      set forth on Schedule 6.8;”

    

    4. Amendment
      to Schedule 6.8.
      Schedule 6.8 to the Credit Agreement is hereby amended and restated in its
      entirety with Schedule 6.8 attached hereto.

    

    5. Amendment
      to Guaranty.
      All
      references to “Adjusted Net Worth” in the Guaranty are hereby amended and
      restated in their entirety to be references to “Adjusted Tangible Net
      Worth”.

    

    6. Representations
      and Warranties.
      Each
      Borrower hereby represents and warrants to the Agent and each Lender that,
      as to
      such Borrower:

    

    (a) Representations.
      each of
      the representations and warranties of such Borrower contained in the Credit
      Agreement and/or the other Credit Documents are true, accurate and correct
      in
      all material respects on and as of the date hereof as if made on and as of
      the
      date hereof, except to the extent such representation or warranty was made
      as of
      a specific date;

    

    (b) Power
      and Authority.
      (i)
      such Borrower has the power and authority under the laws of its jurisdiction
      of
      organization and under its organizational documents to enter into and perform
      this Second Amendment and any other documents which the Lenders require such
      Borrower to deliver hereunder (this Second Amendment and any such additional
      documents delivered in connection with the Second Amendment are herein referred
      to as the “Amendment Documents”); and (ii) all actions, corporate or otherwise,
      necessary or appropriate for the due execution and full performance by the
      Borrower of this Second Amendment have been adopted and taken and, upon their
      execution, the Credit Agreement, as amended by this Second Amendment will
      constitute the valid and binding obligations of the Borrower enforceable in
      accordance with their respective terms (except as may be limited by applicable
      insolvency, bankruptcy, moratorium, reorganization, or other similar laws
      affecting enforceability of creditors’ rights generally and the availability of
      equitable remedies);

    

    (c) No
      Violations of Law or Agreements.
      the
      making and performance of this Second Amendment will not violate any provisions
      of any law or regulation, federal, state,

    
      
         

      

      
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    local,
      or
      foreign, or the organizational documents of such Borrower, or result in any
      breach or violation of, or constitute a default or require the obtaining of
      any
      consent under, any agreement or instrument by which such Borrower or its
      property may be bound;

    

    (d) No
      Default.
      no
      Default or Event of Default has occurred and is continuing; and

    

    (e) No
      Material Adverse Effect.
      no
      Material Adverse Effect has occurred since July 31, 2006.

    

    7. Conditions
      to Effectiveness of Amendment.
      This
      Second Amendment shall be effective upon the Agent’s receipt of the following,
      each in form and substance reasonably satisfactory to the Lenders:

    

    (a) Second
      Amendment.
      this
      Second Amendment, duly executed by the Borrowers and the Lenders; 

    

    (b) Consent
      and Waivers.
      copies
      of any consents or waivers necessary in order for the Borrowers to comply with
      or perform any of its covenants, agreements or obligations contained in any
      agreement, which are required as a result of the Borrowers’ execution of this
      Second Amendment, if any; and

    

    (c) Other
      Documents and Actions.
      such
      additional agreements, instruments, documents, writings and actions as the
      Lenders may reasonably request.

    

    8. No
      Waiver; Ratification.
      The
      execution, delivery and performance of this Second Amendment shall not operate
      as a waiver of any right, power or remedy of the Agent or the Lenders under
      the
      Credit Agreement or any Credit Document, or constitute a waiver of any provision
      thereof. Except as expressly modified hereby, all terms, conditions and
      provisions of the Credit Agreement and the other Credit Documents shall remain
      in full force and effect and are hereby ratified and confirmed by any Borrower.
      Nothing contained herein constitutes an agreement or obligation by the Agent
      or
      any Lender to grant any further amendments to any of the Credit
      Documents.

    

    9. Acknowledgments.
      To
      induce the Lenders to enter into this Second Amendment, each Borrower
      acknowledges, agrees, warrants, and represents that:

    

    (a) Acknowledgment
      of Obligations; Collateral; Waiver of Claims.
      (i) the
      Credit Documents are valid and enforceable against, and all of the terms and
      conditions of the Credit Documents are binding on, the Borrowers; (ii) the
      liens
      and security interests granted to the Agent by the Borrowers pursuant to the
      Credit Documents are valid, legal and binding, properly recorded or filed and
      first priority perfected liens and security interests; and (iii) the Borrowers
      hereby waive any and all defenses, set-offs and counterclaims which they,
      whether jointly or severally, may have or claim to have against the Agent or
      any
      Lender as of the date hereof; and

    
      
         

      

      
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                     (b) No
      Waiver of Existing Defaults.
      no
      Default or Event of Default exists immediately before or immediately after
      giving effect to this Second Amendment. Nothing in this Second Amendment nor
      any
      communication between the Agent, any Lender, any Borrower or any of their
      respective officers, agents, employees or representatives shall be deemed to
      constitute a waiver of (i) any Default or Event of Default arising as a result
      of the foregoing representation proving to be false or incorrect in any material
      respect; or (ii) any rights or remedies which the Agent or any Lender has
      against any Borrower under the Credit Agreement or any other Credit Document
      and/or applicable law, with respect to any such Default or Event of Default
      arising as a result of the foregoing representation proving to be false or
      incorrect in any material respect.

    

    10. Binding
      Effect.
      This
      Second Amendment shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assigns.

    

    11. Governing
      Law.
      This
      Second Amendment and all rights and obligations of the parties hereunder shall
      be governed by and be construed and enforced in accordance with the laws of
      the
      internal laws of the Commonwealth of Pennsylvania.

    

    12. Headings.
      The
      headings of the sections of this Second Amendment are inserted for convenience
      only and shall not be deemed to constitute a part of this Second
      Amendment.

    

    13. Counterparts.
      This
      Second Amendment may be executed in any number of counterparts with the same
      affect as if all of the signatures on such counterparts appeared on one document
      and each counterpart shall be deemed an original.

    

     

    

     

    [Remainder
      of page intentionally left blank]

     

    
      
         

      

      
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        IN
      WITNESS
      WHEREOF, the parties hereto have caused this Second Amendment to Credit
      Agreement to be executed under seal by their duly authorized officers, all
      as of
      the day and year first written above.

     

    LEAF
      FINANCIAL CORPORATION

    

    By:
      ________________________________ 

    Name:

    Title:

    

    LEAF
      FUNDING, INC.

    

    By:
      ________________________________ 

    Name:

    Title:

    

    ACKNOWLEDGEMENT
      OF GUARANTORS

    

    The
      undersigned, each by its elected officer duly authorized as of the date set
      forth below, having previously executed and delivered to the Agent, pursuant
      to
      the Credit Agreement (the “Credit Agreement”) being amended by this Second
      Amendment (the “Second Amendment”), that certain Guaranty and Suretyship
      Agreement, dated July 31, 2006, (the “Guaranty”), securing the Obligations under
      the Credit Agreement, does hereby consent and agree to the above terms and
      conditions of this Second Amendment, together with the First Amendment,
      including, without limitation, specifically as to Section 5 of the Second
      Amendment amending the Guaranty, and confirms that the Guaranty is in full
      force
      and effect, without any setoff, counterclaim, deduction or other claim of
      avoidance of any nature (except as therein expressly provided).

    

    RESOURCE
      AMERICA, INC.

    

    By:
      _________________________   

    Name:       

    Title:
            

    

    RESOURCE
      LEASING, INC.

    

    By:
      _________________________   

    Name:       

    Title:
            

    Dated
      this December __, 2006

     

     

    
      
        
          Borrowers
            Signature Page

          Second
            Amendment to Credit Agreement

          

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    

    NATIONAL
      CITY BANK, 

    as
      Agent,
      Swingline Lender and as a Lender

    

    By:
      ________________________________ 

    Name:
      

    Title:
      

    
      
        
          Lender
            Signature Page

          Second
            Amendment to Credit Agreement

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    

    HSH
      NORDBANK AG, NEW YORK BRANCH

    

    

    By:
      ________________________________ 

    Name:

    Title:

    

    

    By:
      ________________________________ 

    Name:

    Title:

    

    
      
        
          Lender
            Signature Page

          Second
            Amendment to Credit Agreement

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

     

    SOVEREIGN
      BANK

    

    

    By:
      ________________________________ 

    Name:

    Title:

     

    
      
        
          Lender
            Signature Page

          Second
            Amendment to Credit Agreement

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

     

    LASALLE
      BANK NATIONAL ASSOCIATION

    

    

    By:
      ________________________________ 

    Name:

    Title:

    

    
      
        
          Lender
            Signature Page

          Second
            Amendment to Credit Agreement

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

     

    COMMERCE
      BANK, N.A.

    

    

    By:
      ________________________________ 

    Name:

    Title:

    

      
        
          
            Lender
              Signature Page

            Second
              Amendment to Credit Agreement

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

    

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION

    

    

    By:
      ________________________________ 

    Name:

    Title:Exhibit 10.1

    
      

    

    Exhibit
      10.1

     

    RESTATEMENT
      OF THE

    

    FREEPORT-McMoRAN
      COPPER & GOLD

    

    SUPPLEMENTAL
      EXECUTIVE RETIREMENT PLAN

    

    

    PREAMBLE

    

    On
      February 26, 2004 the Corporate
      Personnel Committee of the Board of Directors of Freeport-McMoRan Copper &
Gold Inc. (“Employer”) adopted the Freeport-McMoRan Copper & Gold
      Supplemental Executive Retirement Plan for the benefit of two employees of
      Employer. The Plan was subsequently amended on May 3, 2005. Now, in order to
      bring the Plan into compliance with the provisions of Internal Revenue Code
      Section 409A, enacted by the American Jobs Creation Act of 2004, and to clarify
      certain provisions, the Plan is hereby amended to read in its entirety as
      follows, effective (except as otherwise provided) January 1, 2005:

     

    ARTICLE
      1

    PURPOSE
      OF THE PLAN

     

    The
      Employer intends and desires by the adoption of this Plan to recognize the
      value
      to the Employer of past and present services of its two senior executives,
      and
      to encourage their continued service with the Employer by making provisions
      for
      their future retirement security. Each executive’s rights under the Plan shall
      be treated as a separate plan for Code Section 409A purposes.

     

    ARTICLE
      2

    ADMINISTRATION

     

    The
      Corporate Personnel Committee of the Board of Directors of the Employer shall
      be
      the Plan Administrator. The Plan Administrator shall have full power and
      authority to interpret, construe and administer this Plan, and its
      interpretations and constructions hereof and actions hereunder, including the
      timing, form, amount or receipt of any payment to be made hereunder, within
      the
      scope of its authority, shall be binding and conclusive on all persons for
      all
      purposes. No individual member of the Corporate Personnel Committee shall be
      liable to any person in connection with the interpretation or administration
      of
      the Plan, and the Employer shall indemnify each member of the Corporate
      Personnel Committee for any liability that the member might incur, except that
      a
      member of the Corporate Personnel Committee shall be responsible for the
      consequences of his or her own willful misconduct or bad faith. The Plan
      Administrator may delegate its responsibilities hereunder to one or more
      employees of the Employer, but no person shall participate in any action or
      determination regarding his own benefit hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      3

    DEFINITIONS

     

    1.  Actuarially
      Equivalent
      benefits
      are determined using the mortality table described at Revenue Ruling 2001-62
      and
      a 6% interest rate.

     

    2.  Affiliate
      means an
      employer that is required to be aggregated with the Employer under Code Section
      414(b) or 414(c).

     

    3.  Aggregated
      Arrangement
      means a
      plan or other arrangement, sponsored by the Employer or an Affiliate, that
      constitutes a non-qualified non-account-balance plan (other than a separation
      pay arrangement), under the terms of Code Section 409A and its
      regulations.

     

    4.  Beneficiarymeans
      the
      person designated by the Participant, on a Participant Election Form provided
      by
      the Plan Administrator, to receive the benefit payable upon the death of the
      Participant. If more than one Beneficiary is named they shall share
      proportionately. If no Beneficiary is effectively named by the Participant,
      the
      Beneficiary shall be the Participant’s estate. 

     

    5.  Bonus
      for a
      year means any annual incentive bonuses paid by Employer or FM Services Company
      for that year, whether or not deferred, but not including long-term incentive
      payments and other extraordinary compensation.

     

    6.  Code
      means
      the Internal Revenue Code of 1986, as amended.

     

    7.  Credited
      Service
      means
      the period of the Participant’s current employment, but not counting any time
      prior to July 1, 1981.

     

    8.  Employer
      means
      Freeport-McMoRan Copper & Gold Inc.

     

    9.  Final
      Average Paymeans
      the
      sum of (a) the Participant’s average base pay from the Employer and from FM
      Services Company for the 3 calendar years (not necessarily consecutive) during
      the 5 calendar years immediately preceding the Participant’s Termination of
      Employment that produces the highest average, plus (b) the Participant’s
      average Bonus for the same three years; provided however, that the average
      Bonus
      can not exceed 200% of the average base pay.

     

    10.  Life
      Annuity
      means a
      monthly annuity payable to the Participant for his life only.

     

    11.  Joint-and-100%-Survivor
      Annuity means
      a
      monthly benefit payable to the Participant commencing the first day of the
      month
      following the Participant’s Termination of Employment, continuing until the
      month of the Participant’s death, and continuing thereafter in the same amount
      to the Participant’s surviving spouse, continuing until the month of the
      spouse’s death.

     

    12.  Monthly
      Annuity means
      a
      hypothetical Joint-and-100% Survivor Annuity payable to the Participant and
      a
      surviving spouse who is 2 years younger than the Participant. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    13.  Other
      Pension Plan
      means
      each defined-benefit or defined-contribution plan (whether qualified under
      the
      Code or not) sponsored by the Employer or by FM Services Company, as well as
      the
      FMI Employee Retirement Plan, the Freeport-McMoRan Retirement Plan, and the
      Freeport-McMoRan Excess Benefits Plan, but not including any benefit produced
      by
      accounts funded exclusively by deductions from a Participant’s pay.

     

    14.  Participant
      means
      each of James R. Moffett and Richard C. Adkerson.

     

    15.  Participant
      Election Form
      means
      the form provided by the Plan Administrator on which a Participant can elect
      the
      form of his benefit and who will receive any death benefit.

     

    16.  Plan
      means
      the Supplemental Executive Retirement Plan set forth in this document, as it
      may
      be amended.

     

    17.  Plan
      Administrator
      means
      the Corporate Personnel Committee of the Board of Directors of the Employer.
      Communications to the Plan Administrator shall be addressed to the Chairman
      of
      the Corporate Personnel Committee, Freeport-McMoRan Copper & Gold Inc., 1615
      Poydras Street, New Orleans, Louisiana 70112.

     

    18.  Termination
      of Employment means
      the
      termination of the employment of a Participant with the Employer (or an
      Affiliate) in the absence of a qualifying transfer of employment. A qualifying
      transfer of employment occurs when the Participant transfers from the Employer
      (or an Affiliate) to the Employer or an Affiliate. A Termination of Employment
      also is deemed to occur if the Participant remains employed but no longer
      provides significant services for the Employer or Affiliate. Services are
      significant if the Participant provides services at an annual rate at least
      equal to 20% of the services rendered on average during the immediately
      preceding three full calendar years of employment, and the annual remuneration
      for such services is equal to 20% or more of the average remuneration earned
      during the final three calendar years of employment. In addition, a Termination
      of Employment will be treated as not having occurred if the Participant ceases
      to be employed by the Employer or an Affiliate, but continues to provide
      services to the Employer or an Affiliate at an annual rate that is 50% or more
      of the services rendered on average during the final three full calendar years
      of employment, and the annual remuneration is 50% or more of the average annual
      remuneration earned during the immediately preceding three full calendar years
      of employment.

     

    ARTICLE
      4

    NORMAL
      RETIREMENT BENEFIT

     

    1.  Upon
      the
      Termination of Employment of a Participant on or after his 65th birthday, the
      Participant shall be entitled to a Normal Retirement Benefit.

     

    2.  The
      Normal Retirement Benefit shall be a Monthly Annuity equal to the difference
      between X and Y, where

     

    X
      equals
      2% of the Participants’ Final Average Pay, multiplied by years of Credited
      Service after June 30, 1981, up to 25 years; and

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Y
      equals
      the total Monthly Annuity provided to the Participant under all Other Pension
      Plans, using the principles set forth in Paragraph 3, below, to determine the
      amount of the offset in each case.

     

    3.  The
      following methods shall be used in determining the amount of the benefit under
      an Other Pension Plan to offset against the Monthly Annuity.

     

    a.  If
      the
      benefit paid under an Other Pension Plan is in the form of a lump sum or a
      different form of annuity than the Monthly Annuity, the offset shall be the
      Monthly Annuity that is Actuarially Equivalent to the benefit.

     

    b.  If
      the
      benefit under an Other Pension Plan is paid in the form of a lump sum prior
      to
      the Participant’s Termination of Employment, the lump sum shall be increased by
      interest at the rate of 6.75% per annum, compounded annually, from the date
      of
      its payment to the date of the Termination of Employment, prior to determining
      the Monthly Annuity that is Actuarially Equivalent to the lump-sum
      benefit.

     

    c.  If
      a
      benefit paid under an Other Pension Plan is paid or commences later than the
      benefit under the Plan, the value of the benefit (as determined under the terms
      of the Other Pension Plan) as of the date of the Participant’s Termination of
      Employment shall be the starting point for determining the offset
      amount.

     

    4.  On
      a
      Participant Election Form a Participant shall elect to receive as his benefit
      either (a) a Joint-and-100%-Survivor Annuity for the Participant and his spouse,
      or (b) a Life Only Annuity, or (c) a lump-sum benefit. Each benefit shall be
      Actuarially Equivalent to the Monthly Annuity determined under Paragraph 2
      of
      this Article 4. If the Participant fails to elect the form of benefit, the
      benefit shall be paid as a Joint-and-100%-Survivor Annuity if married when
      the
      benefit commences, or a Life Only Annuity if not married. If a Participant
      elects a Joint-and-100%-Survivor Annuity, and the spouse who would have been
      the
      joint annuitant dies before the Participant’s benefit commences, the
      Participant’s benefit shall be paid in the form of a Life Only
      Annuity.

     

    5.  Any
      new
      election of the form of benefit must be made by the Participant at least 12
      months prior to the Participant’s Termination of Employment, by delivering a
      completed Participant Election Form to the Plan Administrator. Any new
      Participant Election Form that is received by the Plan Administrator less than
      12 months prior to the Termination of Employment shall be ineffective. If a
      new
      election of the form of benefit is made after December 31, 2007, the payment
      of
      the benefit (or commencement of the payment of the benefit) shall be delayed
      for
      five years beyond the date on which the benefit would have been paid or
      commenced if the new election had not been made. The rule set forth in the
      preceding sentence shall not apply to an election of a new form of benefit
      that
      applies only to benefits accruing after the calendar year in which the election
      of the new form of benefit is made. During the calendar year 2006, a separate
      election may be made with respect to the form of payment of benefits that
      accrued prior to the year 2006, as opposed to the form of payment of benefits
      accruing after the year 2005.

     

    6.  A
      Participant’s lump-sum benefit shall be paid as of the first day following six
      months from the date of the Participant’s Termination of Employment. A
      Participant’s monthly 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    annuity
      form of benefit shall commence as of the first day of the month that is six
      months after the Termination of Employment, but the first payment shall include
      a payment for each month starting with the month after the Termination of
      Employment.

     

    7.  If
      a
      Participant’s Termination of Employment occurs after he has completed 25 years
      of Credited Service, the Participant’s net benefit shall be determined under
      Paragraph 2 as if his Termination of Employment occurred on January 1 of the
      year in which he completes his 25th year of Credited Service, and the benefit
      payable upon his actual Termination of Employment shall be Actuarially
      Equivalent to the benefit determined upon the January 1 of the year in which
      he
      completes 25 years of Credited Service.

     

    ARTICLE
      5

    OTHER
      PARTICIPANT BENEFITS

     

    1.  A
      Participant whose Termination of Employment occurs prior to his 65th birthday
      is
      entitled to an Early Retirement Benefit. The amount of the Monthly Annuity
      shall
      be determined in the same manner as for a Normal Retirement Benefit, except
      that
      the value of X
      at
      Paragraph 2 of Article 4 is reduced by 1/4 of 1% for each month (or part of
      a
      month) that the commencement of the benefit precedes the Participant’s 65th
      birthday.

     

    2.  If
      a
      Participant in the Plan has a Termination of Employment, no benefit shall accrue
      under the Plan with respect to any later period of employment, nor shall the
      later period of employment affect the benefit payable under the
      Plan.

     

    ARTICLE
      6

    DEATH

     

    If
      a
      Participant should die before payment of his benefit under the Plan has been
      made or begun to be made, a death benefit shall be paid in a lump sum to his
      Beneficiary. The death benefit shall be equal to the amount that would have
      been
      paid to the Participant if his Termination of Employment had occurred on the
      date of his death and he had elected a lump-sum benefit.

     

    ARTICLE
      7

    AMENDMENT
      AND TERMINATION

     

    1.  The
      Employer expects to continue this Plan indefinitely but reserves the right,
      acting through the Plan Administrator, to amend or terminate the Plan as to
      either or both Participants, provided, however, that no amendment can reduce
      a
      Participant’s benefit under the Plan below what the Participant has accrued as
      of the effective date of the amendment or termination.

     

    2.  The
      Plan
      may be terminated, as to either or both of the Participants, only under the
      following circumstances:

     

    a.  The
      Employer may terminate the Plan within 12 months of a corporate dissolution
      taxed under Code Section 331 or with the approval of a bankruptcy
      court.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    b.  The
      Employer may terminate the Plan within the 30 days preceding or the 12 months
      following a change of control event, as defined at Reg. Section
      1.409A-2(g)(4)(i). For purposes of this paragraph, the Plan will be treated
      as
      terminated only if all Aggregated Arrangements are also terminated, so that
      the
      Participant and all participants under such other arrangements are required
      to
      receive all amounts of compensation deferred under the terminated arrangements
      within 12 months of the date of termination.

     

    c.  The
      Employer may terminate the Plan at any time, provided that all Aggregated
      Arrangements are terminated as to all participants, no payments other than
      payments that would be payable under the terms of the arrangements if the
      termination had not occurred are made within 12 months of the termination,
      all
      payments are made within 24 months of the termination, and no Aggregated
      Arrangement is adopted at any time within 5 years following the date of
      termination of the Plan.

     

    d.  Such
      other events and conditions as the Commissioner of Internal Revenue may
      prescribe in generally applicable guidance.

     

    ARTICLE
      8

    RESTRICTIONS
      ON ASSIGNMENT

     

    The
      interest of a Participant or Beneficiary may not be sold, transferred, assigned,
      or encumbered in any manner, either voluntarily or involuntarily. Neither shall
      the benefits hereunder be liable for or subject to the claims of the creditors
      of any person to whom such benefits or funds are payable, except that (i) no
      amount shall be payable hereunder until and unless any and all amounts
      representing debts or other obligations owed to the Employer or any Affiliate
      of
      the Employer by the Participant with respect to whom such amounts would
      otherwise be payable shall have been fully paid and satisfied, and (ii) no
      amounts shall be payable hereunder to any Participant (or Beneficiary) if the
      Participant breaches any of the terms of the Participant’s employment agreement
      with the Employer governing nondisclosure, noncompetition, or proprietary
      rights.

     

    ARTICLE
      9

    NATURE
      OF AGREEMENT

     

    Participants
      and Beneficiaries under this Plan have only an unsecured right to receive
      benefits from the Employer as general creditors of the Employer. The Plan
      constitutes a mere promise to make payments in the future. Employer may set
      aside funds, in a trust or otherwise, for the purpose of satisfying its
      obligations under the Plan. The setting aside of amounts by the Employer with
      which to discharge its obligations hereunder shall not create any security
      for
      the payment of Plan benefits. Any and all funds so set aside shall remain
      subject to the claims of the general creditors of the Employer, present and
      future. This provision shall not require the Employer to set aside any funds,
      but the Employer may set aside such funds if it chooses to do so. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    ARTICLE
      10

    CLAIMS
      PROCEDURE

     

    A
      claim
      for benefits must be submitted in writing to the Plan Administrator. If a claim
      is wholly or partially denied, a notice of the decision will be furnished to
      the
      claimant not later than 90 days after receipt of the claim by the Plan
      Administrator. The notice will include the reason or reasons for the denial.
      The
      claimant will be informed if additional information is needed in order to
      properly evaluate the claim.

     

    The
      applicant will have 60 days within which to appeal a denied claim in writing
      to
      the Plan Administrator. The applicant (who may act at each stage act through
      a
      duly-authorized representative) should include in his written appeal the
      following information: a list of the findings in the claim denial that he
      chooses to contest; his position on each issue; any additional facts that he
      believes support his position; and any legal or other arguments he believes
      support his position. Upon request, the claimant will be given reasonable access
      to, and copies of, all documents and information relevant to the claim for
      benefits, at no charge.

     

    Upon
      receipt of an appeal, the Plan Administrator will consider all items submitted
      by the claimant, regardless of whether such information was submitted or
      considered in the initial benefit determination. No deference will be afforded
      to the initial determination. The decision on review will be rendered as
      promptly as is feasible, but not later than 60 days after the receipt of a
      request for review unless the Plan Administrator, in its sole discretion,
      determines that special circumstances require an extension of time for
      processing, in which case a decision will be rendered as promptly as is
      feasible, but not later than 120 days after receipt of a request for review,
      and
      the claimant will be notified of the delay before the end of the initial 60-day
      period.

     

    In
      the
      event of a decision to deny the claim, in whole or in part, the Plan
      Administrator’s decision will contain: (1) specific reasons for the decision,
      written in a clear and simple manner; (2) specific references to the pertinent
      plan provisions on which the decision is based; (3) a statement that the
      claimant may request, at no charge, reasonable access to and copies of all
      documents, records and other information relevant to the claim for benefits;
      and
      (4) a description of the claimant’s further rights to pursue his
      claim.

     

    If
      the
      claimant wishes to contest the Plan Administrator’s decision on appeal, the
      claimant and the Plan Administrator may enter into voluntary binding arbitration
      to resolve the dispute. Alternatively, the Participant may bring a civil action
      for recovery of benefits, pursuant to Section 502(a) of ERISA. No legal action
      for recovery of benefits may be commenced before the claimant has exhausted
      the
      claims review procedure described above.

     

    ARTICLE
      11

    MISCELLANEOUS

     

    1.  If
      the
      Employer, through a mistake of law or fact, pays to a Participant or other
      person a Plan benefit that the recipient is not entitled to, the recipient
      shall
      repay the mistaken amount to the Employer. The Employer may offset the future
      benefits of any recipient who refuses to return an erroneous payment, in
      addition to pursuing other remedies provided by law.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    2.  Nothing
      contained herein shall be construed as conferring upon any Participant the
      right
      to continue in the employ of the Employer in any capacity.

     

    3.  The
      Plan
      shall be binding upon and inure to the benefit of the Employer, its successors
      and assigns and each Participant and his or her heirs, executors, administrators
      and legal representatives.

     

    4.  The
      Plan
      shall be construed in accordance with and governed by the laws of the State
      of
      Louisiana, except to the extent that the Plan is governed by the Employee
      Retirement Income Security Act of 1974 (“ERISA”). It is the Employer’s intent
      that the Plan shall be exempt from ERISA’s provisions to the maximum extent
      permitted by law. The Plan is intended to be unfunded for federal income tax
      purposes and for the purposes of Title I of ERISA, and is intended to provide
      a
      pension benefit only for a select group of executive management or highly
      compensated employees, so as to be exempt from Parts 2, 3 and 4 of Title I
      of
      ERISA, pursuant to Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. The
      Plan
      is also intended to comply with the requirements of Code Section 409A. Any
      ambiguity shall be resolved by giving effect to these intentions.

     

    5.  To
      the
      extent required under Code Section 409A, each Participant’s participation in
      this Plan shall be aggregated with his participation in any and all Aggregated
      Arrangements to determine if a violation of Code Section 409A has
      occurred.

     

    6.  The
      ERISA
      plan number of the Plan is 003. The EIN and address of the Employer are:
      Freeport-McMoRan Copper & Gold Inc, 74-2480931, 1615 Poydras Street, New
      Orleans, LA 70112. 

     

    7.  This
      Plan
      document, and any amendment hereto, shall also serve as the Plan’s Summary Plan
      Description. A copy of this Plan document and each amendment hereto shall be
      provided to each Participant.

     

    Executed
      this 30th
      day of
      January, 2007. 

     

    

    WITNESSES:

    FREEPORT-McMoRAN
      COPPER

    AND
      GOLD INC.

    

    /s/
      Douglas N. Currault
      II                                                 
By:
      The Corporate Personnel Committee

                                                                                             
      of the Board of Directors

    

    /s/
      C.
      Donald Whitmire, Jr.                                               
      By: /s/
      H.
      Devon Graham, Jr.   

                                                                                                          
      H.
      Devon Graham, Jr., Chairman

     

    
      
        
        

      

      
        8

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