Document:

EX-4.3

 Exhibit 4.3 
  

 
  

FREEPORT-MCMORAN INC., 
 Company, 

FREEPORT-MCMORAN OIL & GAS LLC., 
 Guarantor

 and 
 U.S. BANK NATIONAL ASSOCIATION, 

Trustee 
  

 
 FOURTH SUPPLEMENTAL
INDENTURE 
 Dated as of March 4, 2020 
  

 
 $600,000,000 aggregate
principal amount of 4.250% Senior Notes due 2030 
  
  

 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of March 4, 2020, among FREEPORT-MCMORAN
INC., a Delaware corporation (the “Company”), FREEPORT-MCMORAN OIL & GAS LLC, a Delaware limited liability company (the “Guarantor”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
Trustee (the “Trustee”). 
 W I T N E S S E T H: 

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

WHEREAS, pursuant to a Board Resolution, the Company has authorized the issuance of a series of securities evidencing its senior
indebtedness, consisting initially of $600,000,000 aggregate principal amount of 4.250% Senior Notes due 2030 (the “Securities”) and duly authorized the execution and delivery of the Indenture as issuer of the Securities; 

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

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

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

 ARTICLE 1 

Section 1.01. Terms of Securities. Pursuant to Section 2.01 of the Base Indenture, the following terms relating to the
Securities are hereby established: 
 (a) The Securities shall constitute a series of securities having the title “4.250%
Senior Notes due 2030”. 
 (b) The initial aggregate principal amount of the Securities is $600,000,000. There is no limit
upon the aggregate principal amount of Securities of this series that may be authenticated and delivered under the Indenture. The Company may, from time to time, without notice to or the consent of the Holders hereof, create and issue additional
Securities of this series ranking equally and ratably with the Securities in all respects (other than the issue price, the date of the issuance, the payment of interest accruing prior to the issue date of such additional Securities, the first
payment of interest following the issue date of such additional Securities and, in some cases, the first payment of interest following the issue date of such additional Securities). Any such additional Securities shall be consolidated and form a
single series with the Securities initially issued, including for purposes of voting and redemptions; provided that if the additional Securities are not fungible with the Securities of this series initially issued for U.S. federal income tax
purposes, such additional Securities shall have a separate CUSIP number. 
 (c) The entire outstanding principal of the Securities
shall be payable on March 1, 2030 plus any unpaid interest accrued to such date. 
 (d) The rate at which the Securities shall
bear interest shall be 4.250% per annum. 
 (e) The date from which interest shall accrue on the Securities shall be March 4, 2020
or from the most recent Interest Payment Date on which interest has been paid or provided for; the Interest Payment Dates for the Securities on which interest will be payable shall be September 1 and March 1 in each year, beginning
September 1, 2020; the regular record dates for the interest payable on the Securities on any Interest Payment Date shall be the August 15 and February 15 preceding the applicable Interest Payment Date; interest payable at maturity
shall be paid to the same person to whom principal of the Securities is payable; and the basis upon which interest on the Securities shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 
 (f) not applicable 

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

(h) not applicable 

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

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

 (m) not applicable 

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

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

(p) not applicable 

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

Section 1.02. Optional Redemption 

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

(i) If the redemption date is prior to March 1, 2025, the Securities may be redeemed by the Company at a Redemption
Price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of (a) the Redemption Price of the Securities at March 1, 2025 and (b) the remaining scheduled
payments of interest on the Securities to be redeemed from the date of redemption to March 1, 2025 (not including interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest on the Securities to be redeemed to
the date of redemption. 
 (ii) If the redemption date is prior to March 1, 2025, the Company may redeem in the
aggregate up to 35% of the aggregate principal amount of the Securities issued under the Indenture (including the aggregate principal amount of any additional notes) with the net cash proceeds of one or more Equity Offerings at a Redemption Price
equal to 104.250% of the principal amount of Securities redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the date of redemption (subject to the rights of holders of the Securities on the relevant record date to
receive interest on the relevant Interest Payment Date falling prior to or on the redemption date); provided that: 
 (A) after
giving effect to any such redemption at least 65% of the aggregate principal amount of the Securities issued under the Indenture (including the aggregate principal amount of any additional notes) remains outstanding immediately after the occurrence
of such redemption; and 
 (B) the redemption occurs within 90 days of the date of, and may be conditioned upon, the closing of such
Equity Offering. 
 (iii) If the redemption date is on or after March 1, 2025, the Securities may be redeemed by
the Company at the following Redemption Prices (expressed as a percentage of principal amount) plus accrued and unpaid interest on the Securities to be redeemed to, but not including, the applicable redemption date (subject to the right of holders
of record on the relevant record date to receive interest due on the relevant Interest Payment Date) if on and after the issue date, redeemed during the twelve-month period beginning on September 1 of the years indicated below: 

 

					
	 Year
	  	Redemption
Price	 
	 2025
	  	 	102.125	% 
	 2026
	  	 	101.417	% 
	 2027
	  	 	100.708	% 
	 2028 and thereafter
	  	 	100.000	% 

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

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

“Common Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of common stock of such Person which is outstanding or issued on or after the date of the Indenture, including, without limitation, all series and classes of
such common stock. 
 “Comparable Treasury Issue” means, with respect to the Securities to be redeemed, the U.S.
Treasury security selected by an Independent Investment Banker as having a maturity most nearly equal to the period from the redemption date to March 1, 2025, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities; provided that if such period is less than one year, then the U.S. Treasury security having a maturity of one year shall be used. 

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

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

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

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

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

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

Section 1.03 Change of Control Triggering Event 

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

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

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

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

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

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

(f) As used herein: 

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

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

  
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Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Voting Stock representing more than 50% of the voting power of the Company’s outstanding Voting Stock
or of the Voting Stock of any of the Company’s direct or indirect parent companies; 
 (iii) the Company
consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of
such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or
exchanged for, Voting Stock representing at least a majority of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction; 

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

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

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

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

  
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 ARTICLE 2 

CERTAIN COVENANTS 

Section 2.01. Additional Guarantors 

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

(b) As used herein: 

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

“Revolving Credit Agreement” means the revolving credit agreement dated April 20, 2018, as amended by the First
Amendment to Revolving Credit Facility dated May 2, 2019 and the Second Amendment to Revolving Credit Facility dated November 25, 2019, among the Company, PT Freeport Indonesia, the Guarantor, the lenders party thereto, JPMorgan Chase
Bank, N.A., as administrative agent, and Bank of America, N.A., as syndication agent. 
 “Other Senior Debt” means
any other unsecured, unsubordinated capital market indebtedness of the Company ranking on a pari passu basis with the obligations of the Company under the Indenture that is issued in a registered public offering or a private placement transaction
(including pursuant to Rule 144A under the Securities Act of 1933, as amended). 

  
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 ARTICLE 3 

GUARANTEE 

Section 3.01.Guarantee 

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

  
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from or paid by the Guarantor and each Subsidiary Guarantor hereunder. Each of the Guarantor and each Subsidiary Guarantor hereby waives any right to which it may be entitled to require that the
Company be sued prior to an action being initiated against the Guarantor and each Subsidiary Guarantor. 
 (d) Each of the Guarantor
and each Subsidiary Guarantor further agrees that its guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any
Securityholder or the Trustee to any security held for payment of the Guaranteed Obligations. 
 (e) Except as expressly set forth in
Section 11.02 of the Base Indenture or Sections 3.02 and 3.06 hereof, the obligations of the Guarantor and each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the
Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Guarantor and each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any
Securityholder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise,
in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of the Guarantor and each Subsidiary Guarantor or would otherwise
operate as a discharge of the Guarantor and each Subsidiary Guarantor as a matter of law or equity. 
 (f) Subject to Section 3.06
hereto, each of the Guarantor and each Subsidiary Guarantor agrees that its guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations. Each of the Guarantor and each Subsidiary Guarantor further agrees
that its guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, or interest on, any Guaranteed Obligation is rescinded or must otherwise be restored by any
Securityholder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 
 (g) In furtherance of the foregoing
and not in limitation of any other right which any Securityholder or the Trustee has at law or in equity against the Guarantor and each Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay the principal of, or interest on,
on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each of the Guarantor and each Subsidiary Guarantor
hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or 

  
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cause to be paid, in cash, to the Securityholders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid
interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (iii) all other monetary obligations of the Company to the Securityholders and the Trustee. 

(h) Each of the Guarantor and each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to
the Securityholders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each of the Guarantor and each Subsidiary Guarantor further agrees that, as between it, on the one hand, and the
Securityholders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 of the Base Indenture for the purposes of the guarantee herein, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6 of
the Base Indenture, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor and each Subsidiary Guarantor for the purposes of this Section 3.01. 

(i) Each of the Guarantor and each Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Securityholder in enforcing any rights under the guarantee. 
 (j)
Upon request of the Trustee, the Guarantor and each Subsidiary Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of the Indenture.

 Section 3.02 Limitation on Liability. 

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

Section 3.03 Successors and Assigns. 

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

  
 12 

 
the Trustee, the rights and privileges conferred upon that party in the Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to
the terms and conditions of the Indenture. 
 Section 3.04 No Waiver. 

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

Section 3.05 Modification. 

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

Section 3.06 Release of the Guarantor or Subsidiary Guarantor. 

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

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

  
 13 

 
any refinancing or replacement thereof, and being released or discharged from each guarantee granted by the Guarantor or such Subsidiary Guarantor, as the case may be, with respect to all of such
indebtedness other than obligations arising under the Indenture and the Securities issued under the Indenture, except discharges or releases by, or as a result of payment under, such guarantee; or 

(C) the discharge of the Company’s obligations under the Indenture in accordance with the terms of the Indenture;
and 
 (ii) the Guarantor or such Subsidiary Guarantor, as the case may be, delivering to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions provided for in the Indenture relating to such transaction have been complied with. 

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

Section 3.08 Non-Impairment. 

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

Section 3.09 Contribution. 

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

  
 14 

 ARTICLE 4 

EVENTS OF DEFAULT 

Section 4.01. Events of Default 

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

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

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

  
 15 

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

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

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

  
 16 

 
Securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated principal and
interest, if any, with respect to Securities of that series, have been cured or waived as provided in this Indenture.” 
 (c)
Section 6.01(c) of the Base Indenture is hereby deleted in its entirety and replaced with the following, solely for purposes of the Securities to be issued hereunder: 

“At any time after the principal of the Securities of any series shall have been declared due and payable as provided in
Section 6.01(b), and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of such series then
Outstanding (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of this Section 6.01, each such affected series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv),
(a)(v), (a)(vi) or (a)(vii) of this Section 6.01, all such affected series voting together as a single class), by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of such series and the principal of (and premium, if any, on) any and all Securities of such series that shall have
become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, applied to the Securities of each such
series at the rate per annum expressed in the Securities of each such series, respectively, to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the
Indenture with respect to such series, other than the nonpayment of principal on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06. 

No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.”

 (d) Section 6.04 of the Base Indenture is hereby deleted in its entirety and replaced with the following, solely for purposes
of the Securities to be issued hereunder: 
 “No holder of any Security of any series shall have any right by virtue or by
availing itself of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless: (a) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided;
(b) the 

  
 17 

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

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

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

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

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

  
 18 

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

(i) “(h) to release the Guarantor or to add or release a Subsidiary Guarantor as required or permitted by this Indenture;” 

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

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

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

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

  
 19 

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

			
	 FREEPORT-MCMORAN INC., the Company

		
	 By:
	 	 /s/ Kathleen L. Quirk

		 	 Name: Kathleen L. Quirk

		 	 Title: Executive Vice President & Chief Financial

         Officer

	
	 FREEPORT-MCMORAN OIL & GAS LLC, as

	 Guarantor

	
	 By: FCX OIL & GAS LLC, its sole member

		
	 By:
	 	 /s/ Kathleen L. Quirk

		 	 Name: Kathleen L. Quirk

		 	 Title: Executive Vice President

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	 /s/ Mary Ambriz-Reyes

		 	 Name: Mary Ambriz-Reyes

		 	 Title: Vice President

  

 Exhibit A 

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

			
	 Certificate No. [—]
	  	$[—]

 CUSIP No. 35671D CF0 
 ISIN No US35671DCF06 

FREEPORT-MCMORAN INC. 
 4.250% Senior Notes due
2030 
 FREEPORT-MCMORAN INC., a Delaware corporation (the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or its registered assigns, the principal sum of [—] dollars ($[—]) (which aggregate principal amount may from time
to time be increased or decreased to such other aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on March 1, 2030 and to pay interest on said principal sum from
March 4, 2020 or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid or duly provided for semiannually on September 1 and

  
 A-1 

 
March 1 of each year commencing September 1, 2020 at the rate of 4.250% per annum until the principal hereof shall have become due and payable, and on any overdue principal and premium,
if any, and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. The amount of interest payable on any Interest Payment Date
shall be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day,
then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture (hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of
business on the regular record date for such interest installment which shall be the August 15 or February 15 preceding such Interest Payment Date, except that interest payable at maturity shall be paid to the same person to whom principal
of the Securities is payable. Any such interest installment that is payable, but is not punctually paid or duly provided for on any Interest Payment Date (as defined in the Indenture, the “Defaulted Interest”) shall forthwith cease
to be payable to the registered holders on such regular record date by virtue of having been such registered holder, and such Defaulted Interest shall be paid by the Company, at its election, (i) to the person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment, and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Company maintained for that purpose in any coin or
currency of the United States of America which at the time of payment is legal tender for payment of public and private debts. Notwithstanding the foregoing, so long as the registered holder of this Note is Cede & Co., the payment of the
principal of (and premium, if any) and interest on this Note will be made at such place and to such account as may be designated by DTC. 

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

  
 A-2 

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

  
 A-3 

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

Dated: March 4, 2020 
  

			
	 FREEPORT-MCMORAN INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	 Attest:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-4 

 CERTIFICATE OF AUTHENTICATION 

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

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

			
	 By
	 	  

		 	 Authorized Signatory

  
 A-5 

 ASSIGNMENT FORM 

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

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

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

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

 
  

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

 

			
	 Dated:
                                         
                         
	 	  

		
	
                        
                                         
             
	 	

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

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

  
 A-6 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

FREEPORT-MCMORAN INC. 
 4.250% Senior Notes due 2030

 The initial aggregate principal amount of this Global Security is $[—]. The following increases or decreases in this Global
Security have been made: 
 No: 
  

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

  
 A-7 

 [REVERSE SIDE OF NOTE] 

FREEPORT-MCMORAN INC. 
 4.250% Senior Notes due 2030

 This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the
Company (herein sometimes referred to as the “Notes”), all such Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”) dated as of August 15, 2019,
between the Company and U.S. Bank National Association, as Trustee (the “Trustee”), as supplemented in the case of the Notes by the Fourth Supplemental Indenture dated as of March 4, 2020, among the Company, the Guarantor and
the Trustee (the “Fourth Supplemental Indenture,” together with the Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the holders of the Notes. The initial aggregate principal amount of the Notes is $600,000,000. There is no limit upon the
aggregate principal amount of Notes of this series that may be authenticated and delivered under the Indenture. The Company may, from time to time, without notice to or the consent of the Holders hereof, create and issue additional Notes of this
series ranking equally and ratably with the Notes in all respects (other than the issue price, the date of the issuance, the payment of interest accruing prior to the issue date of such additional Notes, the first payment of interest following the
issue date of such additional Notes and, in some cases, the first payment of interest following the issue date of such additional Notes). Any such additional Notes shall be consolidated and form a single series with the Notes initially issued,
including for purposes of voting and redemptions; provided that if the additional Notes are not fungible with the Notes of this series initially issued for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP
number. 
 The Notes will be redeemable, at the option of the Company, at any time and from time to time, in whole or in part. The
Notes shall be redeemable at the redemption price (the “Redemption Price”), to be calculated by the Company, as follows: 

(A) If the redemption date is prior to March 1, 2025, the Securities may be redeemed by the Company at a Redemption Price equal to
the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of (a) the Redemption Price of the Securities at March 1, 2025 and (b) the remaining scheduled payments of
interest on the Securities to be redeemed from the date of redemption to March 1, 2025 (not including interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest on the Securities to be redeemed to
the date of redemption. 
 (B) If the redemption date is prior to March 1, 2025, the Company may redeem in the aggregate up to 35%
of the aggregate principal amount of the Securities issued under the Indenture (including the aggregate principal amount of any additional notes) with the net cash proceeds of one or more Equity Offerings at a Redemption Price equal to 104.250% of
the principal amount of Securities redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the date of redemption (subject to the rights of holders of the Securities on the relevant record date to receive interest on the
relevant Interest Payment Date falling prior to or on the redemption date); provided that: 
 (1) after giving
effect to any such redemption at least 65% of the aggregate principal amount of the Securities issued under the Indenture (including the aggregate principal amount of any additional notes) remains outstanding immediately after the occurrence of such
redemption; and 
 (2) the redemption occurs within 90 days of the date of, and may be conditioned upon, the closing of
such Equity Offering. 
 (C) If the redemption date is on or after March 1, 2025, the Securities may be redeemed by the Company at
the following Redemption Prices (expressed as a percentage of principal amount) plus accrued and unpaid interest on the Securities to be redeemed to, but not including, the applicable redemption date (subject to the right of holders of record on the
relevant record date to receive interest due on the relevant Interest Payment Date) if on and after the issue date, redeemed during the twelve-month period beginning on September 1 of the years indicated below: 

 

					
	 Year
	  	Redemption
Price	 
	 2025
	  	 	102.125	% 
	 2026
	  	 	101.417	% 
	 2027
	  	 	100.708	% 
	 2028 and thereafter
	  	 	100.000	% 

  
 A-8 

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

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

  
 A-9 

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

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

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

  
 A-10 

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

  
 A-11 

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

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

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

  
 A-12 

 EXHIBIT B 

[FORM OF GUARANTEE AGREEMENT] 

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

WHEREAS the Company and the Guarantor (as defined in the Indenture referred to below) have heretofore executed and delivered to the
Trustee a supplemental indenture (the “Fourth Supplemental Indenture”) dated as of March 4, 2020, as a supplement to the indenture dated August 15, 2019, between the Company, the Guarantor and the Trustee (the
“Base Indenture”, and together with the Fourth Supplemental Indenture, the “ Indenture”) providing for the issuance of the Company’s 4.250% Senior Notes due 2030 (the “Securities”); 

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

  
 B-1 

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

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

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

  
 B-2 

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

					
	 [SUBSIDIARY GUARANTOR],

			
	     
	 	 by
	 	  

		 		 	 Name:

		 		 	 Title:

	
	 FREEPORT-MCMORAN INC.,

			
		 	 by
	 	  

		 		 	 Name:

		 		 	 Title:

	
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee,

			
		 	 by
	 	  

		 		 	 Name:

		 		 	 Title:

  
 B-3Exhibit

 

SHILOH INDUSTRIES, INC.
NEO MANAGEMENT INCENTIVE PLAN 
 
Effective: November 1, 2019

ARTICLE 1.  PURPOSE AND DURATION
Section 1.1. Purpose. The purpose of the Shiloh Industries, Inc. NEO Management Incentive Plan (the “Plan”) is to retain and motivate the Company’s named executive officers to consistently and productively work towards the achievement of the organizational and individual objectives and performance goals of the Company measured on an annual basis, and  provide a cash incentive bonus when the Company objectives and individual goals are achieved.   
Section 1.2. Duration. The Plan was approved by the Committee at its February 26, 2019 meeting and made effective on November 1, 2019. The Plan will remain in effect unless terminated pursuant to Article 9.
ARTICLE 2.  DEFINITIONS AND CONSTRUCTION
Section 2.1. Definitions. Wherever used in the Plan, the following terms will have the meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized:
(a)“Active Employee” means an employee on the Company’s or any Subsidiary’s payroll, who is actively at work, on vacation, or on an authorized leave of absence, but will not include any individual who has permanently ceased providing services to the Company on a direct employee basis, without regard to whether the individual continues thereafter to receive any compensatory payments or is paid a salary in lieu of notice of termination.  
(b)“Administrator” means the Committee.
(c)“Affiliate” means any corporation, partnership, joint venture or other entity, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Company or the Successor.
(d)“Board” means the Board of Directors of the Company.
(e)“Beneficiary” means the person or persons entitled to receive any amounts due to the Participant in the event of the Participant's death as provided in Article 6.
(f)“Cause” means: (i) if applicable, the definition of “Cause” used in a Participant’s employment agreement, or, if the Participant does not have an employment agreement which defines “Cause”, (ii) any of the following as determined by the Administrator: (A) a material breach by the Participant of any agreement then in effect between the Participant, on one hand, and the Company or the Successor or any of their respective Affiliates, on the other hand; (B) the Participant’s conviction of or plea of “guilty” or “no contest” to a felony under the laws of the United States or any state thereof; (C)  any material violation or breach by the Participant of (x) the Company’s Code of Conduct, Insider Trading Policy, Conflict of Interest Policy, Antitrust Compliance Policy Statement and the Intellectual Property Agreement, (y) any other material policy of the Company (and, if applicable to the Participant, any Subsidiary) or (z) the Participant’s willful and continued failure to satisfactorily 

1

perform the duties associated with the Participant’s position (other than any such failure resulting from the Participant’s incapacity due to physical or mental illness or injury), which failure has not been cured within thirty (30) days after a written demand for improved performance is delivered to the Participant by the Board (or its designee), which demand specifically identifies the manner in which the Board believes that the Participant has not substantially performed the Participant’s duties.  
(g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a particular provision of the Code will be deemed to include the regulations thereunder and any successor amendment, provision or regulation thereto.
(h)“Company” means Shiloh Industries, Inc., a Delaware corporation, and any successor(s) thereto.  
(i)“Committee” means the Compensation Committee of the Board (or its successor(s)), or any other committee of the Board designated by the Board to administer this Plan pursuant to Article 8 of the Plan.
(j)“Effective Date” means the date this Plan is deemed effective by the Committee pursuant to Section 1.2.
(k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a particular provision of the Exchange Act will be deemed to include the regulations thereunder and any successor provision or regulation thereto.
(l) “Fiscal Year” means the period from November 1st to October 31st of each calendar year.
(m)“Incentive Bonus” means for each eligible Participant, a bonus opportunity amount determined by the Administrator pursuant to Article 5, and subject to the conditions described in the Plan and that the Administrator otherwise imposes. 
(n)“Inimical Conduct” means any act or omission that is inimical to the best interests of the Company or any Subsidiary, as determined by the Administrator in its sole discretion, including but not limited to: (i) violation of any employment, noncompete, confidentiality or other agreement in effect with the Company or any Subsidiary, (ii) taking any steps or doing anything which would damage or negatively reflect on the reputation of the Company or Subsidiary, or (iii) failure to comply with applicable laws relating to trade secrets, confidential information or unfair competition.
(o) “Management Objectives” means the achievement of a performance objective or objectives established pursuant to this Plan for Participants. Management Objectives may be described in terms of Company-wide objectives, or objectives that are related to the performance of the individual Participant, the Subsidiary, division, department or function within the Company or Subsidiary in which the Participant is employed, and may differ from Participant to Participant and from Incentive Bonus to Incentive Bonus. 
(p)“Named Executive Officers” or “NEOs” are Active Employees who are named executive officers for Exchange Act reporting purposes.  
(q)“Participant” means the Named Executive Officers who are selected by the Administrator to participate in the Plan.
(r)“Performance Period” means a period of one Fiscal Year (or less) of the Company or Subsidiary as selected by the Administrator.
(s)“Retirement” means termination of employment with the Company or a Subsidiary, other than by the Company or a Subsidiary for Cause, after the attainment of age 60 with at least 10 years of service with the Company or a Subsidiary. 
(t)“Subsidiary” means a corporation, company or other entity (i) more than fifty percent (50%) of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, 

2

joint venture, limited liability company, or unincorporated association), but more than fifty percent (50%) of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company. 
(u)“Successor” means any successor to the Company or a Subsidiary. 
(v) “Total and Permanent Disability” means (i) the Participant is unable to engage in any substantial gainful activity due to medically determinable physical or mental impairment expected to result in death or to last for a continuous period of not less than 12 months, or (ii) due to any medically determinable physical or mental impairment expected to result in death or last for a continuous period not less than 12 months, the Participant has received income replacement benefits for a period of not less than three months under an accident and health plan sponsored by the Company.
Section 2.2. Gender and Number. Except where otherwise indicated by the context, any masculine term used herein includes the feminine, the plural includes the singular, and the singular the plural.
Section 2.3. Severability. In the event any provision of the Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the said illegal or invalid provision had not been included.
ARTICLE 3.  ELIGIBILITY
Section 3.1. Eligible Participant. The NEOs are the sole eligible Participants in the Plan, provided that nothing herein shall obligate the Administrator to include any NEO as a Participant in the Plan. The Administrator may grant an Incentive Bonus award or awards to the NEOs on an annual basis, or otherwise, at the Administrator’s discretion.  To be eligible for consideration for an Incentive Bonus award, a Participant must be an Active Employee in an eligible position for at least three (3) months of the Performance Period if the Performance Period is a full Fiscal Year (or 25% of the Performance Period otherwise), except as may be recommended by the head of the Company’s Human Resources department, and confirmed by the Administrator.
Section 3.2. Termination of Participation Approval. Until the earlier of the end of a Performance Period or a Participant's termination, the Administrator may at any time withdraw its approval for the Participant's participation in the Plan, except to the extent such action is contrary to any employment or other written agreement made between the Company and such Participant. In the event of the Administrator's withdrawal of approval, the designated NEO will cease to be a Participant as of the date selected by the Administrator, the NEO's Incentive Bonus award will be cancelled, and the NEO will not be entitled to any payment under the Plan unless the Administrator determines otherwise. If payment is approved by the Administrator notwithstanding the withdrawal of participation approval, the payment will be made in accordance with Section 5.2, subject to Section 5.3, after the end of the Performance Period, and the payment amount will equal the Incentive Bonus award amount calculated under Section 5.1, reduced in such manner or by such amount (if at all) as determined in the sole discretion of the Administrator. The Participant will be notified of the Administrator's withdrawal of its approval for the Participant's participation in the Plan as soon as practicable following such action.
Section 3.3. Transfer Out of Eligible Position.  If a Participant is demoted or otherwise transferred out of an NEO position during a Performance Period, the Administrator may (i) pro-rate the potential award amount of any Incentive Bonus the Participant may be eligible to receive in accordance with the proration formula set forth in Section 4.2 (provided that any such revision may result only in a reduction of the amount that would have otherwise been payable absent such revision), as the Administrator determines is necessary to reflect the 

3

Participant’s change in position, or (ii) withdraw its approval for the Participant's participation in the Plan in accordance with Section 3.2.
Section 3.4. Termination of Employment.
(a) In addition to meeting the other conditions and requirements set forth in the Plan, the Participant will not earn an Incentive Bonus award for a Performance Period unless the Participant is an Active Employee of the Company (or is on an approved leave of absence) on the last day of such Performance Period, unless (i) the Participant's employment was terminated during the Performance Period as a result of Retirement, Total and Permanent Disability or death at a time when the Participant could not have been terminated for Cause, or (ii) payment is approved by the Administrator after considering the cause of the Participant's termination. 
(b) If the Participant's employment is terminated during the Performance Period as a result of death, Total and Permanent Disability or Retirement, the Participant (or the Participant's Beneficiary or estate in the event of his or her death) will be entitled to receive an amount that is calculated pursuant to Section 5.1 and modified in accordance with the proration formula set forth in  Section 4.2; provided, however, the Administrator may determine in its discretion to pay the Incentive Bonus in such circumstances without proration. In either case, payment of the Incentive Bonus award will be made in accordance with Section 5.2, subject to Section 5.3, after the end of the Performance Period.
(c) If the Participant's employment is terminated during the Performance Period and payment is approved by the Administrator after considering the cause of the Participant's termination, the payment will be made in accordance with Section 5.2, subject to Section 5.3, after the end of the Performance Period, and the payment amount will equal the Incentive Bonus award amount calculated under Section 5.1, reduced in such manner or by such amount (if at all) as determined in the sole discretion of the Administrator.
ARTICLE 4.  ESTABLISHMENT  OF AND ADJUSTMENT TO TARGET AWARDS 
Section 4.1. Target Awards. The Administrator will determine, at the time an Incentive Bonus award is granted, the Management Objectives for each eligible Participant and the amount of Incentive Bonus award payable (or formula for determining such amount) upon full achievement of the specified Management Objectives. The Administrator may stipulate in respect to the specified Management Objectives a minimum acceptable level of achievement below which no Incentive Bonus award payment will be made, and will set forth a formula for determining the amount of any payment to be made if performance is at or above the minimum acceptable level but falls short of full achievement of the specified Management Objectives, or exceeds the Management Objectives. The Administrator may further stipulate the maximum amount of an Incentive Bonus award payment that an eligible Participant may receive.  
Section 4.2. Prorations and Adjustments.  The Administrator may prorate any Incentive Bonus award made under the Plan  based on the amount of time the Participant is actively and continuously employed in an eligible position as compared to the length of the applicable Performance Period. Prorated payments will be equal to the product of (x) the award amount calculated under Section 5.1 and (y) a fraction; the numerator will represent all months worked by the Participant during the Performance Period and the denominator will represent the total number of calendar months in the Performance Period for such award. In calculating the Participant's calendar months of service, a Participant will receive full credit for any month during which the Participant worked at least fifteen (15) days in that month.  

4

ARTICLE 5.  PAYMENT
Section 5.1. Evaluating Performance and Computing Awards.
(a)As soon as practicable following the close of a Performance Period, the Administrator will determine and certify whether and to what extent the Management Objectives and other material terms of the Incentive Bonus award for that Performance Period were satisfied, and will determine whether any discretionary adjustments under Subsection (b) will be made. Based on such certification, the Administrator (or its delegate) will determine the Incentive Bonus award amount payable to the Participant under the Plan for that Performance Period.  

(b)In the event the Management Objectives during a Performance Period are not achieved, the Administrator has the discretion to grant an Incentive Bonus award that acknowledges and reflects an eligible Participant’s contributions to the Company’s overall achievement and performance during the Performance Period. 
(c)The Administrator retains discretion to reduce the amount of any Incentive Bonus award that would otherwise be payable to an eligible Participant (including a reduction in such amount to zero). 
Section 5.2. Timing and Form of Payment. Payment of each Incentive Bonus award will be made as soon as practicable after the end of the Performance Period to which the Incentive Bonus award relates and after the Incentive Bonus award is certified or granted by the Administrator, as applicable, pursuant to Section 5.1, but in no event later than the short-term deferral period as prescribed by Section 409A of the Code. Unless otherwise determined by the Administrator: (i)  to receive payment of an Incentive Bonus award, a Participant must be an Active Employee of the Company or a Subsidiary on the payment date of such Incentive Bonus Award; and (ii) each payment of an Incentive Bonus award will be paid in a single lump sum.  Each payment of an Incentive Bonus award will be paid in cash (or its equivalent).  
Section 5.3. Inimical Conduct. Notwithstanding the foregoing, after the end of the Performance Period for which a payment for an Incentive Bonus award has been determined, but before payment of such amount actually occurs, if the Participant engages in Inimical Conduct (as determined by the Administrator), or if the Company determines the Participant will be terminated for Cause, payment of the Incentive Bonus award to the Participant will be cancelled and no payment will be made.  
Section 5.4. Compliance with Executive Compensation Clawback Laws. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), every public company will be required to adopt a policy whereby, in the event of a restatement, the company will recover from current and former executives any incentive-based compensation, for the three years preceding the restatement, that would not have been awarded under the restated financial statements. Notwithstanding anything contained herein to the contrary, when this provision of the Act becomes effective, the NEOs of the Company will be subject to the executive compensation recoupment policy which may be adopted by the Administrator.
ARTICLE 6.  BENEFICIARY
If permitted by the Company, the Participant may designate a Beneficiary by filing a beneficiary designation on the form provided by the Administrator. In such event, if the Participant dies prior to receiving any payment due hereunder, such payment will be made to the Participant's Beneficiary. The Participant may change his/her beneficiary designation at any time, provided that each beneficiary designation form filed with 

5

the Company will revoke the most recent form on file, and the last form received by the Company while the Participant was alive will be given effect. In the event there is no valid beneficiary designation form on file, or in the event the Participant's designated Beneficiary is not alive at the time payment is to be made, or in the event the Participant is not entitled to file a beneficiary designation, the Participant's estate will be deemed the Beneficiary. If the Participant designates his/her spouse as a beneficiary, such beneficiary designation automatically will become null and void on the date of the Participant’s divorce or legal separation from such spouse; provided the Administrator has notice of such divorce or legal separation prior to payment.
ARTICLE 7.  RIGHTS OF PARTICIPANT
Section 7.1. No Funding. The Participant or Beneficiary will not have any interest in any fund or in any specific asset or assets of the Company (or any Subsidiary) by reason of any Incentive Bonus award under the Plan. It is intended that the Company has merely an obligation, pursuant to the terms of this Plan, to make payments when due hereunder and it is not intended that the Company (or any Subsidiary) hold any funds in reserve or trust to secure payments hereunder.
Section 7.2. No Transfer. The Participant may not assign, pledge, or encumber his/her interest under the Plan, or any part thereof, except that the Participant may designate a Beneficiary as provided herein.
Section 7.3. No Implied Rights; Employment. Nothing contained in this Plan is or will be construed as:
(a)Granting the Participant any right to receive any award under the Plan other than in the sole discretion of the Administrator;

(b)Limiting in any way the right of the Company to terminate the Participant's employment at any time;
or
(c)Evidence of an employment contract between the Company and any Participant, or an agreement or understanding, express or implied, that the Participant will be retained in any particular position, for any specific period of time or at any particular rate of remuneration.

ARTICLE 8.  ADMINISTRATION
Section 8.1. General. The Plan will be administered by the Administrator. The Administrator may from time to time delegate all or any part of its authority under this Plan to a subcommittee thereof. To the extent of any such delegation, references in this Plan to the Administrator will be deemed to be references to such subcommittee. If at any time the Administrator is not in existence, the Board will assume the Administrator's functions and each reference to the Administrator herein will be deemed to include the Board.

Section 8.2. Authority.  The interpretation and construction by the Administrator of any provision of this Plan (or related documents) and any determination by the Administrator pursuant to any provision of this Plan will be final and conclusive. The Administrator shall not be liable for any such action or determination made in good faith. In addition, the Administrator is authorized to take any action it determines in its sole discretion to be appropriate subject only to the express limitations contained in this Plan, and no authorization in any Plan Section or other provision of this Plan is intended or may be deemed to constitute a limitation on the authority of the Administrator.

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Section 8.3. Delegation of Authority. To the extent permitted by law, the Administrator may delegate to one or more of its members or to one or more officers of the Company, or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Administrator, the subcommittee, or any person to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Administrator, the subcommittee or such person may have under the Plan.   The subcommittee will report periodically to the Administrator regarding the nature and scope of the awards granted pursuant to the authority delegated.

Section 8.4. Binding Decision(s). The Administrator's determinations and decisions made pursuant to the provisions of the Plan and all related orders or resolutions of the Administrator will be final, conclusive and binding on all persons who have an interest in the Plan or an Incentive Bonus award, and such determinations and decisions will not be reviewable.
ARTICLE 9.  AMENDMENT AND TERMINATION
Section 9.1. Amendment. The Company, by action of the Committee, has the right to amend or modify the Plan at any time.   
Section 9.2. Termination. After the Effective Date, the Committee may terminate this Plan at any time that there are no outstanding Incentive Bonus award payments that are not completed.   
ARTICLE 10.  TAX WITHHOLDING
The Company will have the right to deduct from all cash payments made hereunder (or from any other payments due the Participant) any foreign, federal, state, or local taxes required by law to be withheld with respect to such cash payments.
ARTICLE 11.  OFFSET
The Company will have the right to offset from any amount payable hereunder any amount that the Participant owes to the Company or to any Subsidiary without the consent of the Participant (or his/her Beneficiary, in the event of the Participant's death).

ARTICLE 12. EMPLOYEES OUTSIDE OF THE UNITED STATES
To comply with the laws in other countries in which the Company or any of its Subsidiaries operates or has employees, the Administrator, in its sole discretion, shall have the power and authority to:
(a)    Determine which Subsidiaries shall be covered by the Plan;
(b)    Determine which employees outside the United States are eligible to participate in the Plan;
(c)    Modify the terms and conditions of any Incentive Bonus award granted to employees outside the United States;
(d)    Establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable; and

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(e)    Take any action, before or after an Incentive Bonus award is made, that it deems advisable to obtain approval or comply with any applicable government regulatory exemptions or approvals. 
Although in establishing such sub-plans, terms or procedures, the Company may endeavor to (i) qualify any Incentive Bonus award for favorable foreign tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants receiving Incentive Bonus awards under the Plan.
ARTICLE 13. SECTION 409A REQUIREMENTS
(a)To the extent applicable, it is intended that this Plan and any Incentive Bonus awards made hereunder comply with or be exempt from the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants. This Plan and any Incentive Bonus awards made hereunder will be administered in a manner consistent with this intent. Any reference in this Plan to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

(b)Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under this Plan to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s benefit under this Plan may not be reduced by, or offset against, any amount owing by a Participant to the Company or any of its Subsidiaries.

(c)For purposes of this Plan, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein).

(d)If, at the time of a Participant’s separation from service (within the meaning of Section 409A of the Code), (i) the Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company makes a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company will pay such amount on the earlier of (A) the first business day after the date that is six-months following the Participant’s separation from service or (B) the date of the Participant’s death.

(e)Notwithstanding any provision of this Plan to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and Incentive Bonus awards hereunder as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant’s account in connection with this Plan and Incentive Bonus awards hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to defend, indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties.

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