Document:

Exhibit 10.76

    
      

    

    Exhibit
      10.76

    AMENDMENT
      TO THE 

    ELIP
      SPLIT DOLLAR LIFE INSURANCE AGREEMENT 

    (ENDORSEMENT
      METHOD

     

    AMENDMENT
      (the “Amendment”)
      to
      Executive Life Insurance Plan Split Dollar Life Insurance Agreement (Endorsement
      Method) (the “Agreement”),
      dated
      as of July 14, 2003 by and between Phelps Dodge Corporation, a New York
      corporation (the “Corporation”),
      and
      certain individuals as designated by the Corporation, in its sole discretion,
      for participation in the Executive Life Insurance Plan (the “Participants”),
      dated
      as of March 5, 2007. Terms used without definition herein shall have the
      respective meanings set forth in the Agreement. 

     

    WHEREAS,
      the Corporation adopted a revised Executive Life Insurance Plan, effective
      January 1, 2003 (the “Plan”),
      which
      is the current version of the Plan;

     

    WHEREAS,
      some Participants in the Plan have life insurance policies issued pursuant
      to
      the Plan;

     

    WHEREAS,
      Section 409A of the U.S. Internal Revenue Code (“Section
      409A”)
      became
      effective as of January 1, 2005;

     

    WHEREAS,
      guidance issued by the U.S. Internal Revenue Service permits service providers
      to amend their employee benefit plans (such as the Plan and the Agreement)
      to
      bring them into documentary compliance with Section 409A, including amendments
      which avoid the application of Section 409A; 

     

    WHEREAS,
      the Corporation has been performing its obligations under the Agreement in
      good
      faith compliance with Section 409A; 

     

    WHEREAS,
      the Corporation’s board of directors, by resolution dated November 18, 2006 (the
“Resolution”), authorized certain officers of the Corporation, in the name and
      on behalf of the Corporation, to amend the Corporation’s employee benefit plans
      or similar arrangements as are necessary and appropriate to comply with Section
      409A; and 

     

    WHEREAS,
      an authorized officer, in the name and on behalf of the Corporation, has
      determined that it is necessary or desirable to amend the Agreement to bring
      it
      into documentary compliance with Section 409A and related Internal Revenue
      Service guidance and proposed regulations. 

     

    AMENDMENT

     

     

    NOW,
      THEREFORE, the Agreement is hereby amended as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	1.  	
              This
                Amendment shall be effective as of January 1, 2005.
                

            

    

     

    
      	2.  	
              Subsection
                (a) of Section 9 of the Agreement is hereby amended by inserting
                the
                following language at the end of such subsection:
                

            

    

     

     

    “Any
      transfer of the Policy to the Participant pursuant to this Section 9(a) shall
      be
      made ten business days after the Participant’s termination date, except that if
      (i) the Participant is a “specified employee” within the meaning of Section 409A
      of the Internal Revenue Code of 1986, as amended (the “Code”), (ii) such
      Participant’s employment is terminated other than on account of his death and
      (iii) such termination occurs on or after March 1 of the calendar year following
      the calendar year in which first of the following events shall have occurred:
      (x) a Change of Control, (y) the Participant has qualified for Retirement and
      (z) the Participant has incurred a Disability then such transfer of the Policy
      shall be made on the first business day after the six month anniversary of
      the
      Participant’s termination date.” 

     

    
      	3.  	
              The
                Agreement is hereby amended to add as new Section 17 (and existing
                Section
                17 of the Agreement is hereby renumbered as Section 18 accordingly):
                

            

    

     

    “SECTION
      409A: The Corporation and the Participants acknowledge and agree that any and
      all payments and transfers made under this Agreement are intended to comply
      with
      the applicable requirements of Section 409A of the Code and the regulations
      and
      guidance of the Department of the Treasury interpreting and implementing Section
      409A.” 

     

    
      	4.  	
              The
                remaining provisions of the Agreement shall remain in full force
                and
                effect. 

            

    

     

     

    

     

    [Remainder
      of page is intentionally left blank]

     

    
      
         

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Corporation has duly executed this Amendment by its
      authorized representative and the Participant has hereunto set «Gender»
      hand, in
      each case as of the date of this Amendment.

     

     

    PHELPS
      DODGE CORPORATION

     

     

    By:__/s/
      Nancy F. Mailhot_________________________  

                                                                                       
      Name:
      Nancy F. Mailhot

                                                                                                                   
      Title: Senior Vice President-

                                                                                                                    Human
      Resources

     

    PARTICIPANT:

     

    _________________________
      

     

     

    
      
        
        

      

      
        3Exhibit 10.77

    
      

    

    Exhibit
      10.77

    PHELPS
      DODGE CORPORATION

     

    SUPPLEMENTAL

     

    RETIREMENT
      PLAN

     

    Amended
      and Restated effective January 1, 2005

     

     

     

    

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    TABLE
      OF CONTENTS

    
      	
              ARTICLE
                I PREAMBLE

            	
              1

            
	
              ARTICLE
                II DEFINITIONS

            	
              1

            
	
              2.1
                DEFINITIONS

              2.2
                CONSTRUCTION

              2.3
                REFERENCES TO RETIREMENT PLAN

            	
              1

              5

              5

            
	
              ARTICLE
                III ELIGIBILITY

              3.1
                SELECTION OF PARTICIPANTS

              3.2
                DISCONTINUANCE OF PARTICIPATION

              3.3
                ADOPTION BY AFFILIATES

              3.4
                CHANGE IN AFFILIATE STATUS

              ARTICLE
                IV ELIGIBILITY FOR BENEFITS

              4.1
                NORMAL RETIREMENT

              4.2
                EARLY RETIREMENT

              4.3
                LATE RETIREMENT

              4.4
                SPECIAL EARLY RETIREMENT

              4.5
                DISABILITY

              4.6
                TERMINATION OF EMPLOYMENT

              4.7
                DEATH BEFORE RETIREMENT

              4.8
                CYPRUS DEATH BENEFIT

              4.9
                DEATH AFTER RETIREMENT

              4.10
                SPECIAL VESTING PROVISION APPLICABLE ON SALE OF ACCURIDE

              ARTICLE
                V DETERMINATION OF BENEFITS

              5.1
                NORMAL RETIREMENT BENEFIT

              5.2
                EARLY RETIREMENT BENEFIT

              5.3
                LATE RETIREMENT BENEFIT

              5.4
                SPECIAL EARLY RETIREMENT BENEFIT

              5.5
                DISABLED EMPLOYEE BENEFIT

              5.6
                DEFERRED VESTED RETIREMENT BENEFIT

              5.7
                SURVIVING SPOUSE BENEFIT - DEATH BEFORE RETIREMENT

              5.8
                TIMING ADJUSTMENTS

              ARTICLE
                VI PAYMENT OF BENEFITS

              6.1
                TIME OF DISTRIBUTION OF BENEFITS

              6.2
                PARTICIPANT ELECTIONS

            	
              6

              6

              6

              7

              7

              7

              7

              7

              8

              8

              8

              8

              9

              9

              9

              9

              10

              10

              11

              12

              12

              12

              12

              13

              13

              13

              13

              14

               

            

    

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	
              6.3
                FORMS OF BENEFIT PAYMENTS

              6.4
                SPOUSAL CONSENT

              6.5
                BENEFICIARY DESIGNATIONS

              6.6
                IN-SERVICE PAYMENT OF BENEFITS

              6.7
                SPECIAL PAYMENT PROVISION APPLICABLE ON SALE OF AFFILIATE

              ARTICLE
                VII ADMINISTRATION OF THE PLAN

              7.1
                ADOPTION OF TRUST

              7.2
                POWERS OF THE PLA ADMINISTRATOR

              7.3
                BENEFITS ADMINISTRATION COMMITTEE

              7.4
                APPOINTMENT OF AGENTS

              7.5
                CONFLICT OF INTEREST

              7.6
                ACTION TAKEN BY COMPANY

              7.7
                DELEGATIONS OF AUTHORITY

              7.8
                INDEMNIFICATION

              ARTICLE
                VIII CLAIMS REVIEW PROCEDURE

              8.1
                APPLICATION FOR BENEFITS NOT REQUIRED

              8.2
                CLAIMS PROCEDURES

              ARTICLE
                IX LIMITATION ON ASSIGNMENT; PAYMENTS TO LEGALLY INCOMPETENT DISTRIBUTEE;
                CORRECTIONS

              9.1
                ANTI-ALIENATION CLAUSE

              9.2
                PERMITTED ARRANGEMENTS

              9.3
                PAYMENT TO MINOR OR INCOMPETENT

              9.4
                UNDERPAYMENT OR OVERPAYMENT OF BENEFITS

              ARTICLE
                X AMENDMENT, MERGER AND TERMINATION

              10.1
                AMENDMENT

              10.2
                MERGER OR CONSOLIDATION OF COMPANY

              10.3
                TERMINATION OF PLAN OR DISCONTINUANCE OF CONTRIBUTIONS

              ARTICLE
                XI CHANGE OF CONTROL PROVISIONS

              11.1
                ADDITIONAL SERVICE CREDIT

              11.2
                70/80 RETIREMENT BENEFIT

              11.3
                PLAN ADMINISTRATOR DISCRETION

              11.4
                SPECIAL LUMP SUM OPTION

              ARTICLE
                XII GENERAL PROVISIONS 

            	
              15

              16

              17

              17

              17

              18

              18

              18

              19

              19

              19

              19

              19

              19

              20

              20

              20

               

              23

              23

              24

              24

              24

              24

              24

              24

              25

              25

              25

              25

              26

              26

              27

               

            

    

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              12.1
                LIMITATION ON PARTICIPANTS’ RIGHTS

              12.2
                STATUS OF PARTICIPANTS AS UNSECURED CREDITORS

              12.3
                STATUS OF TRUST FUND

              12.4
                CANCELLATION OR REDUCTION OF BENEFITS

              12.5
                UNIFORM ADMINISTRATION

              12.6
                HEIRS AND SUCCESSORS

              12.7 NO
                LIABILITY FOR ACCELERATION OF PAYMENTS

              12.8 SECTION
                409A

            	
              27

              27

              27

              27

              27

              28

              28

              28

            

    

     

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    PHELPS
      DODGE CORPORATION

    SUPPLEMENTAL
      RETIREMENT PLAN

     

    ARTICLE
      I

    PREAMBLE

     

    Phelps
      Dodge Corporation (the “Company”), a corporation organized and existing under
      the laws of the State of New York, previously adopted the Comprehensive
      Executive Non-qualified Retirement and Savings Plan of Phelps Dodge Corporation
      (the “Comprehensive Plan”). The Comprehensive Plan consisted, primarily, of
      supplemental executive retirement provisions and supplemental executive savings
      provisions. In 1997, the Company split the Comprehensive Plan into two separate
      plans, the Phelps Dodge Corporation Supplemental Savings Plan (the “SSP”) and
      the Phelps Dodge Corporation Supplemental Retirement Plan. The Company amended
      and restated the Phelps Dodge Corporation Supplemental Retirement Plan (the
      “Plan”) in its entirety, effective, generally, as of January 1, 2001.

     

    By
      the
      adoption of this document, the Company amends and restates the Phelps Dodge
      Corporation Supplemental Retirement Plan (the “Plan”) in its entirety. This
      amended and restated Plan document is effective, generally, as of January 1,
      2005 (the “Effective Date”), but special effective dates may apply to particular
      provisions, as noted below. 

     

    By
      action
      taken on November 15, 2000, the Cyprus Amax Minerals Company Supplemental
      Executive Retirement Plan was merged into the Plan, effective as of January
      1,
      2001. Effective as of the same date, Cyprus Amax Minerals Company (“Cyprus”)
      became a participating employer under this Plan. As of the Effective Date,
      all
      benefits previously accrued under either the Plan or the Cyprus Amax Minerals
      Company Supplemental Executive Retirement Plan shall be governed by the terms
      and provisions of this Plan document, which also serves as a complete amendment
      and restatement of the Cyprus Amax Minerals Company Supplemental Executive
      Retirement Plan.

     

    The
      purpose of this Plan is to provide a select group of management or highly
      compensated employees of the Company and certain of its affiliates with
      supplemental retirement benefits. As a result, the Plan shall be considered
      to
      be a “top hat plan”, exempt from many of the requirements of the Employee
      Retirement Income Security Act of 1974 (“ERISA”). This Plan is not intended to
“qualify” for favorable tax treatment pursuant to Section 401(a) of the
      Internal Revenue Code of 1986 (the “Code”) or any successor section or
      statute.

     

    ARTICLE
      II

    DEFINITIONS

     

     

    
      	2.1  	
              DEFINITIONS.

            

    

     

    When
      a
      word or phrase appears in this Plan with the initial letter capitalized, and
      the
      word or phrase does not begin a sentence, the word or phrase shall generally
      be
      a term defined in this Section 2.1 or in the Preamble. The following words
      and phrases used in the Plan with the initial letter capitalized shall have
      the
      meanings set forth in this Section 2.1, unless a clearly different meaning
      is required by the context in which the word or phrase is used: 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a)  “Act”
      means
      the Employee Retirement Income Security Act of 1974, as amended.

     

    (b)  “Actuarial
      Equivalent”
      means
      a
      benefit of equal value when computed using an indicated mortality table,
      interest rate and annuity conversion factors. Except as otherwise noted below,
      the mortality tables, and interest rates specified in Section 1.1(c)
      (Definitions
      - Actuarial Equivalent)
      of the
      Retirement Plan and the annuity conversion factors set forth in Article V
      (Payment
      of Benefits)
      of the
      Retirement Plan shall be utilized in making Actuarial Equivalency determinations
      for purposes of this Plan. For purposes of calculating any lump sum payments
      attributable to the Cyprus Minimum Benefit, the Plan Administrator shall use
      the
      interest rates and mortality table set forth in Section 1.2(a)
      (Definitions
      - Actuarial Equivalent)
      of the
      Phelps Dodge Retirement Plan Supplement No. 14 - Cyprus Salaried
      Employees.

     

    (c)  “Affiliate”
      means
      (1) a corporation which is a member of the same controlled group of corporations
      (within the meaning of Section 414(b) of the Code) as is the Company,
      (2) any other trade of business (whether or not incorporated) controlling,
      controlled by, or under common control with the Company (within the meaning
      of
      Section 414(c) of the Code), (3) any other corporation, partnership,
      or other organization which is a member of an affiliated service group (within
      the meaning of Section 414(m) of the Code) with the Company, and
      (4) any other corporation, partnership, or other organization which is
      otherwise required to be aggregated with the Company pursuant to
      Section 414(o) of the Code.

     

    (d)  “AICP”
      means
      the
      Phelps Dodge Annual Incentive Compensation Plan, as in effect and as amended
      from time to time or any plan or program that specifically replaces the
      AICP.

     

    (e)  “Benefits
      Administration Committee”
      or
      “Committee”
      means
      the
      committee appointed by the Board of Directors in accordance with
      Section 7.1 (Benefits
      Administration Committee)
      of the
      Retirement Plan.

     

    (f)  “Board
      of Directors”
      means
      the
      Board of Directors of the Company.

     

    (g)  “Change
      of Control”
      For
      purposes of this Plan, the phrase “Change of Control” shall have the same
      meaning as given to that phrase in the Company’s Change of Control Agreements as
      may be in effect from time to time.

     

    (h)  “Change
      of Control Agreement”
      means
      the
      agreement entered into by and between the Participant and the Company which
      provides the Participant with certain termination benefits in the event that
      the
      Participant’s employment with the Company or any subsidiary of the Company is
      terminated under certain limited circumstances as a result of a Change of
      Control.

     

    (i)  “COC
      Incremental Benefit”
      means
      the benefit defined in Section 11.4 herein. 

     

     

    (j)  “Code”
      means
      the
      Internal Revenue Code of 1986, as amended.

     

     

    (k)  “Cyprus
      Minimum Benefit”
      means
      the
“Supplemental Benefit” a Cyprus SERP Participant would have been entitled to
      receive pursuant to Article V (Computation
      of Supplemental Benefit)
      of the
      Cyprus SERP if the Cyprus SERP Participant had terminated 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    employment
      as of December 31, 2000 after taking into account any amounts previously paid
      pursuant to Section 6.6 (Change
      in Control)
      of the
      Cyprus SERP.

     

    (l)  “Cyprus
      SERP”
      means
      the
      Cyprus Amax Minerals Company Supplemental Executive Retirement Plan, as amended
      and restated by a document dated January 29, 1998, and as further amended by
      Amendment Number 1 dated November 12, 1998 and Amendment Number 2 dated June
      4,
      1999.

     

    (m)  “Cyprus
      SERP Participant”
      means
      any
      individual who, as of December 31, 2000, was a participant in the Cyprus
      SERP and who, as of January 1, 2001, became a Participant in this Plan
      pursuant to Section 3.1(d) (Selection
      of Participants - Cyprus SERP Participants).

     

    (n)  “Deferred
      Vested Retirement Benefit”
      means
      the
      benefit payable pursuant to Section 5.6 (Deferred
      Vested Retirement Benefit)
      to a
      Participant who terminates employment and is entitled to receive a benefit
      pursuant to Section 4.6 (Termination
      of Employment).

     

    (o)  “Disability”
      means
      a
      mental or physical condition that results in a Participant’s receipt, without
      considering any offsets, of long-term disability payments under the LTD Plan.
      For purposes of this Plan, a Participant shall be conclusively presumed to
      be
      under Disability only during the period of time that the Participant qualifies
      to receive such benefits under the applicable LTD Plan.

     

    (p)  “Early
      Retirement Benefit”
      means
      the
      benefit payable pursuant to Section 5.2 (Early
      Retirement Benefit).

     

    (q)  “Early
      Retirement Date”
      means
      the
      first day of the calendar month next following the later of a Participant’s
      attainment of age 55 or completion of ten years of Service.

     

    (r)  “Employee”
      means
      any
      individual classified by his Employer as a common law employee of the Employer.
      For this purpose, the classification that is relevant is the classification
      in
      which such individual is placed by the Employer for purposes of this Plan and
      the classification of such individual for any other purpose (e.g., employment
      tax or withholding purposes) shall be irrelevant. If an individual is
      characterized as a common law employee of the Employer by a governmental agency
      or court but not by the Employer, such individual shall be treated as an
      employee who has not been designated for participation in this Plan pursuant
      to
      Section 3.1 (Selection
      of Participants).

     

    (s)  “Employer”
      means
      the
      Company and any Affiliate which has elected to participate in the Plan with
      the
      approval of the Plan Administrator, as provided in Section 3.3
      (Adoption
      by Affiliates).

     

    (t)  “Late
      Retirement Benefit”
      means
      the
      benefit payable pursuant to Section 5.3 (Late
      Retirement Benefit).

     

    (u)  “Late
      Retirement Date”
      means
      the
      first day of any calendar month following a Participant’s Normal Retirement Date
      as of which the Participant retires.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (v)  “LTD Plan”
      means
      the
      Company’s Long Term Disability Insurance Plan (or any other similar plan
      sponsored by an Employer to provide long term disability benefits) as in effect
      from time to time.

     

    (w)  “Normal
      Retirement Age”
      means
      the
      day on which occurs the later of (1) the Participant’s 65th birthday or (2) the
      earlier of (A) the 5th anniversary of the date on which the Participant’s
      participation in the Retirement Plan (or any predecessor plan) commenced or
      (B)
      the date on which the Participant is credited with five years of
      Service.

     

    (x)  “Normal
      Retirement Benefit”
      means
      the
      benefit payable pursuant to Section 5.1 (Normal
      Retirement Benefit).

     

    (y)  “Normal
      Retirement Date”
      means
      the
      first day of the month coinciding with or next following a Participant’s Normal
      Retirement Age.

     

    (z)  “Participant”
      means
      any Employee of the Company or any of its Affiliates who is entitled to
      participate and who is chosen for participation pursuant to Section 3.1
      (Selection
      of Participants).

     

    (aa)  “Plan
      Administrator”
      means
      the
      Benefits Administration Committee.

     

    (bb)  “Plan
      Year”
      means
      the
      12-month period beginning on each January 1 and ending on each December
      31.

     

    (cc)  “Retirement
      Plan”
      means
      the
      Phelps Dodge Retirement Plan.

     

    (dd)  “Service”
      means,
      generally, a Participant’s periods of employment with the Employers calculated
      in accordance with the provisions of the Retirement Plan that are applicable
      to
      the Participant and subject to the following special rules:

     

    (1)  For
      Participants terminating employment prior to September 1, 1997, notwithstanding
      any provision of the Retirement Plan to the contrary, a Participant’s period of
      employment with an Affiliate (including particularly Accuride Corporation,
      Columbian Chemicals Company and Hudson International Conductors) during the
      period prior to the date such Affiliate became a member of the Company’s
      controlled group for purposes of Section 414 of the Code shall be
      disregarded for purposes of benefit accrual (e.g., the calculation of the amount
      of the Participant’s benefit) but shall be considered for purposes of
      determining the Participant’s eligibility for a particular type of
      benefit.

     

    (2)  Effective
      for Participants terminating employment on or after September 1, 1997 who were
      not on or after such date employed by Accuride Corporation, a Participant’s
      periods of employment with an Affiliate other than Nesor Alloy Corporation
      during the period prior to the date such Affiliate became a member of the
      Company’s controlled group for purposes of Section 414 of the Code shall be
      considered for all purposes under the Plan, including for purposes of benefit
      accrual (e.g., the calculation of the amount of the Participant’s benefit). The
      preceding sentence does not apply to individuals employed by Accuride
      Corporation on or after September 1, 1997.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (3)  The
      Service of a Participant who is classified as a “Cyprus Participant” in
      accordance with Section 1.1(v) (Definitions
      - Cyprus Participant)
      of the
      Retirement Plan shall be determined in accordance with all of the special
      provisions that apply to a “Cyprus Participant” pursuant to the Retirement
      Plan.

     

    (4)  The
      Service of a Participant who is classified as a “Columbian Participant” pursuant
      to Section 1.1(s) (Definitions
      - Columbian Participant)
      of the
      Retirement Plan shall be determined in accordance with all of the special
      provisions that apply to a “Columbian Participant” pursuant to the Retirement
      Plan.

     

    (ee)  “Special
      Early Retirement Benefit”
      means
      the
      benefit to which a Participant is entitled pursuant to Section 5.4
      (Special
      Early Retirement Benefit).

     

    (ff)  “Spouse”
      means
      the
      spouse of a Participant who is legally married to the Participant (under the
      laws of the jurisdiction in which the Participant resides) on the date on which
      a benefit under the Plan becomes payable to or on behalf of the
      Participant.

     

    (gg)  “Trust Agreement”
      means
      that certain trust agreement established pursuant to the Plan between the
      Company and the Trustee or any trust agreement hereafter established, the
      provisions of which are incorporated herein by reference.

     

    (hh)  “Trustee”
      means
      the
      Trustee under the Trust Agreement.

     

    (ii)  “Trust
      Fund”
      means
      all
      assets of whatsoever kind or nature held from time to time by the Trustee
      pursuant to the Trust Agreement, without distinction as to income and principal
      and without regard to source (i.e., contributions, earnings or
      forfeitures).

     

    
      	2.2  	
              CONSTRUCTION.

            

    

     

    The
      masculine gender, where appearing in the Plan, shall include the feminine gender
      (and vice versa), and the singular shall include the plural, unless the context
      clearly indicates to the contrary. Headings and subheadings are for the purpose
      of reference only and are not to be considered in the construction of this
      Plan.
      If any provision of this Plan is determined to be for any reason invalid or
      unenforceable, the remaining provisions shall continue in full force and effect.
      All of the provisions of this Plan shall be construed and enforced in accordance
      with the laws of the State of Arizona, to the extent that such laws are not
      preempted by the Act.

     

    
      	2.3  	
              REFERENCES
                TO RETIREMENT PLAN.

            

    

     

    Any
      references to particular sections of the Retirement Plan shall be deemed to
      be
      references to any amended or substituted provisions if the referenced section
      is
      amended or replaced.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

    ELIGIBILITY

     

     

    
      	3.1  	
              SELECTION
                OF PARTICIPANTS.

            

    

     

    (a)  General.
      Any
      Employee who was participating in the Plan prior to January 1, 2000 shall
      continue to be eligible to participate in the Plan, subject to the provisions
      of
      paragraph (c) or Section 3.2 (Discontinuance
      of Participation).
      Effective as of January 1, 2000, all Employees who are eligible to participate
      in the AICP are eligible to participate in the Plan, regardless of the
      individual Employee’s AICP Grade classification, subject to the provisions of
      paragraph (c) or Section 3.2 (Discontinuance
      of Participation).
      From
      such group, the Plan Administrator shall select Employees for participation
      in
      the Plan. The Plan Administrator’s selections shall be made in its sole
      discretion and shall be final and binding for all purposes under this
      Plan.

     

    (b)  Limitation
      on Participation.
      For
      purposes of Title I of ERISA, the Plan is intended to be an unfunded plan of
      deferred compensation covering a select group of management or highly
      compensated employees. As a result, participation in the Plan shall be limited
      to Employees who are properly included in one or both of these categories.
      The
      Plan Administrator, in the exercise of its discretion, may exclude an Employee
      who otherwise meets the requirements of paragraph (a) from participation in
      the
      Plan if it concludes that the exclusion of that Employee is necessary to satisfy
      these requirements. The Plan Administrator also may exclude an Employee who
      otherwise meets the requirements of paragraph (a) for any other reason, or
      for
      no reason, as the Plan Administrator deems to be appropriate in its sole
      discretion.

     

    (c)  Termination
      of Participation.
      A
      Participant shall cease to participate in the Plan upon his termination of
      employment with the sponsoring Employers or under the circumstances described
      in
      Section 3.2 (Discontinuation
      of Participation),
      except
      that if he has met the eligibility conditions for an immediate or deferred
      vested retirement benefit, he shall remain a Participant for purposes of
      receiving his benefit at the appropriate time.

     

    (d)  Cyprus
      SERP Participants.
      Any
      Employee who was participating in the Cyprus SERP on December 31, 2000, became
      eligible to participate in this Plan effective as of January 1, 2001, subject
      to
      the Plan Administrator’s right to exclude a Participant pursuant to paragraph
      (b) or terminate a Participant’s participation pursuant to Section 3.2
      (Discontinuance
      of Participation).

     

    
      	3.2  	
              DISCONTINUANCE
                OF PARTICIPATION.

            

    

     

    Once
      an
      individual is designated as a Participant, he will continue as such for all
      future Plan Years until his participation is discontinued pursuant to this
      Section. A Participant’s participation in the Plan is discontinued (a) if he
      terminates employment under circumstances that do not entitle him to receive
      an
      immediate or deferred benefit; (b) if he is transferred to employment with
      an
      Affiliate or other employer that is not an adopting Employer of this Plan;
      (c)
      if the Plan Administrator specifically acts to discontinue his participation;
      or
      (d) effective as of January 1, 2003, immediately when a Participant is no longer
      eligible to be a participant in the AICP for whatever reason. The Plan
      Administrator may discontinue a Participant’s participation 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    in
      the
      Plan at any time for any or no reason. If a Participant’s participation is
      discontinued, he will no longer be eligible to accrue additional benefits,
      the
      amount of his benefit, if any, and his eligibility to receive a particular
      type
      of benefit, will be determined as of the date of his discontinuance, and he
      shall remain a Participant in the Plan solely for the purpose of receiving
      his
      benefit at the appropriate time. If the Participant is entitled to receive
      a
      benefit in the future, the benefit payments will be postponed until the
      occurrence of one of the events listed in Article IV (Eligibility
      for Benefits),
      unless
      the Plan Administrator, in the exercise of its discretion, directs that a
      distribution be made as of an earlier date. If the Plan Administrator directs
      that a Participant’s benefits be distributed as of an earlier date, the
      Participant’s benefits shall be distributed in one lump sum payment that is the
      Actuarial Equivalent of the Participant’s accrued benefit, calculated as if the
      Participant’s employment had been terminated.

     

    
      	3.3  	
              ADOPTION
                BY AFFILIATES.

            

    

     

    Any
      Affiliate of the Company may adopt this Plan with the approval of the Plan
      Administrator. An Affiliate will be deemed to have adopted this Plan if any
      of
      its employees are Participants in the Plan or file an election to participate
      with the consent of the Affiliate. At the request of the Plan Administrator,
      the
      Affiliate also shall evidence its adoption of the Plan by an appropriate
      resolution of its board of directors or in such other manner as may be
      authorized by the Plan Administrator. By adopting this Plan, the Affiliate
      shall
      be deemed to have agreed to make the contributions necessary to pay the benefits
      accrued by its Participants, agreed to comply with all of the other terms and
      provisions of this Plan, delegated to the Plan Administrator the power and
      responsibility to administer this Plan with respect to the Affiliate’s
      Employees, delegated to the Company the full power to amend or terminate this
      Plan with respect to the Affiliate’s Employees and as otherwise permitted by the
      Plan.

     

    
      	3.4  	
              CHANGE
                IN AFFILIATE STATUS.

            

    

     

    If
      an
      Affiliate that has adopted this Plan ceases to be an Affiliate of the Company,
      that Affiliate shall no longer be an Employer and all Participants employed
      by
      that Affiliate on the date the Affiliate ceases to be an Affiliate shall be
      deemed to have terminated employment on such date.

     

    ARTICLE
      IV

    ELIGIBILITY
      FOR BENEFITS

     

     

    
      	4.1  	
              NORMAL
                RETIREMENT.

            

    

     

    A
      Participant
      whose
      employment with all Employers terminates on his Normal Retirement Date shall
      receive the Normal Retirement Benefit provided by Section 5.1 (Normal Retirement
      Benefit).

     

    
      	4.2  	
              EARLY RETIREMENT.

            

    

     

    A
      Participant
      whose
      employment with all Employers terminates on or after his Early Retirement Date
      shall receive an Early Retirement Benefit as provided in Section 5.2
      (Early
      

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Retirement
      Benefit)
      commencing on the first day of any month designated by him, but not later than
      his Normal Retirement Date.

     

    
      	4.3  	
              LATE
                RETIREMENT.

            

    

     

    A
      Participant
      whose
      employment with all Employers terminates after his Normal Retirement Date shall
      be entitled to receive a Late Retirement Benefit calculated in accordance with
      Section 5.3 (Late
      Retirement Benefit).

     

    
      	4.4  	
              SPECIAL
                EARLY RETIREMENT.

            

    

     

    A
      Participant
      shall be
      entitled to receive a Special Early Retirement Benefit as provided in
      Section 5.4 (Special
      Early Retirement Benefit)
      if he
      satisfies the special early retirement eligibility criteria set forth in
      Section 3.3(a) (Special
      Early Retirement)
      of the
      Retirement Plan.

     

    
      	4.5  	
              DISABILITY.

            

    

     

    (a)  Continued
      Accrual.
      A
      Participant who is suffering from a Disability and receives benefits under
      the
      LTD Plan shall for all purposes of this Plan be deemed to remain in employment
      during the period for which he receives such benefits under the same employment
      conditions that prevailed prior to his Disability. The special benefit
      computation rules applicable to a Participant who is absent from work on account
      of a Disability which are set forth in Section 1.1(ee) (Definitions
      - Final Average Monthly Compensation)
      of the
      Retirement Plan, shall apply in the computation of the benefit for such a
      Participant.

     

    (b)  Recovery.
      In
      the
      event that the Participant recovers from Disability, or ceases to receive
      benefits under the LTD Plan, and returns to the Service of an Employer, he
      shall
      thereafter become eligible for benefits under the same terms and conditions
      as
      if he had not been Disabled. If such a Participant who recovers from Disability
      or ceases to receive benefits under the LTD Plan does not return to Service
      with
      the Employer, his employment shall be deemed to have terminated as of the date
      of such recovery or cessation of benefits and, if eligible, he shall become
      entitled to a Deferred Vested Retirement Benefit, Early Retirement Benefit,
      or
      Normal Retirement Benefit as the case may be.

     

    (c)  Special
      Situations.
      A
      Participant who is Disabled but is not covered under the LTD Plan shall be
      eligible for the benefits of this Section if, in the judgment of the Plan
      Administrator, he would be eligible to receive benefits under the LTD Plan
      if he
      were so covered.

     

    
      	4.6  	
              TERMINATION
                OF EMPLOYMENT.

            

    

     

    If
      a
      Participant’s employment with all Employers is terminated, voluntarily or
      otherwise, for reasons other than death, Disability, or retirement, after the
      Participant has completed at least five years of Service, he will be entitled
      to
      a Deferred Vested Retirement Benefit. The Deferred Vested Retirement Benefit
      shall be determined in accordance with Section 5.6 (Deferred
      Vested Retirement
      Benefit)
      and
      will commence on the first day of the month following the Participant’s 65th
      birthday. If the Participant has completed at least ten years of Service prior
      to his termination of employment, the Deferred Vested Retirement Benefit may
      commence on the first day of any month following the Participant’s 55th birthday
      if the Participant so elects in 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    accordance
      with Section 6.2 (Participant
      Elections).
      Except
      as noted below, if a Participant’s employment is terminated for reasons other
      than death, Disability, or retirement and at the time of the termination the
      Participant has not completed five years of Service, the benefit accrued by
      the
      Participant prior to the termination shall be forfeited. For this purpose,
      “retirement” means the termination of employment after a Participant has
      attained his Early or Normal Retirement Date. A Cyprus SERP Participant shall
      have a fully vested interest in his Cyprus Minimum Benefit at all
      times.

     

    
      	4.7  	
              DEATH
                BEFORE RETIREMENT.

            

    

     

    If
      a
      Participant who has been married for at least one year dies (a) while in
      employment with an Employer after completing five years of Service or his age
      and Service total at least 65 or (b) following termination of employment if
      the
      Participant was entitled to a benefit under Section 4.6 (Termination
      of Employment)
      and
      benefit payments have not yet commenced, the Participant’s Spouse shall receive
      an annuity, payable for life, in accordance with Section 5.7 (Surviving
      Spouse Benefit - Death Before Retirement).
      A
      Participant shall be deemed to have died while in employment if immediately
      before his death he was Disabled for purposes of Section 4.5 (Disability).
      Except
      as otherwise provided in Section 4.8 (Cyprus
      Death Benefit),
      no
      death benefits are payable upon the death of an unmarried Participant or a
      Participant who has been married for less than one year on the date of
      death.

     

    
      	4.8  	
              CYPRUS
                DEATH BENEFIT.

            

    

     

    If
      a
      Cyprus SERP Participant dies before the commencement of benefits, a special
      death benefit will be paid to the beneficiary designated by the Cyprus SERP
      Participant in accordance with Section 6.5 (Beneficiary
      Designations).
      The
      death benefit will be paid in one lump sum on the later of 15 calendar days
      or
      the first day of the next month following such death, and will be the Actuarial
      Equivalent of the Participant’s Cyprus Minimum Benefit. The Actuarial Equivalent
      of the special death benefit shall reduce any benefits payable to the
      Participant’s Surviving Spouse pursuant to Section 5.7 (Surviving
      Spouse Benefit - Death Before Retirement).

     

    
      	4.9  	
              DEATH
                AFTER RETIREMENT.

            

    

     

    If
      a
      Participant dies after benefit payments have commenced, further payments, if
      any, under the Plan will be made in accordance with the method of payment
      applicable under ARTICLE VI (Payment
      of Benefits).

     

    
      	4.10  	
              SPECIAL
                VESTING PROVISION APPLICABLE ON SALE OF ACCURIDE.

            

    

     

    Participants
      who were
      employed by Accuride Corporation as of the date that Accuride ceased to be
      an
      Affiliate for purposes of this Plan were fully vested and are eligible to
      receive a Deferred Vested Retirement Benefit regardless of whether they have
      completed five years of Service.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

    DETERMINATION
      OF BENEFITS

     

     

    
      	5.1  	
              NORMAL
                RETIREMENT BENEFIT.

            

    

     

    (a)  General.
      Subject
      to the provisions of paragraph (b) and the offsets called for by paragraphs
      (c),
      (d) and (e), the Normal Retirement Benefit to which a Participant will be
      entitled if he terminates employment with all Employers on his Normal Retirement
      Date shall equal the monthly “Normal Retirement Benefit” (as such term is
      defined in the Retirement Plan) to which the Participant would be entitled
      under
      the Retirement Plan if:

     

    (1)  In
      the
      case of any Participant other than an Employee of Accuride Corporation, the
      Participants were covered by the “Benefit Structure” (as such term is defined in
      Section 1.1(w) (Definitions
      - Benefit Structure)
      of the
      Retirement Plan) applicable to the Company’s salaried employees and disregarding
      any special benefits applicable to “ASWI Salaried Participants” pursuant to
      Section 4.1(g) (Normal
      and Late Retirement Benefits - Termination
      after Transfer from a Transition Plan Supplement)
      of the
      Retirement Plan, “Cyprus Participants” pursuant to Section 4.1(h)
      (Normal
      and Late Retirement Benefits - Termination After
      Cyprus Plan Merger)
      of the
      Retirement Plan, “Columbian Participants” pursuant to Section 4.1(i)
      (Normal
      and Late Retirement Benefits - Termination after Transfer from Columbian Plan
      Supplement)
      of the
      Retirement Plan, or Kennecott Participants pursuant to Section 4.1(j)
      (Special
      Benefit Formula for Kennecott Participants)
      of the
      Retirement Plan.

     

    (2)  In
      the
      case of any Participant who is an Employee of Accuride Corporation, the
      Participants were covered by the Benefit Structure under the Retirement Plan
      that is applicable to Accuride Employees;

     

    (3)  The
      limitations included in the Retirement Plan to comply with the provisions of
      Section 401(a)(17) of the Code (which limits the amount of compensation
      that may be taken into account for purposes of the Plan) were not applicable;
      and

     

    (4)  The
      limitations included in the Retirement Plan to comply with the provisions of
      Section 415 of the Code (which limits the amount of a Participant’s
      benefit) were not applicable.

     

    (b)  Cyprus
      SERP Participants.
      In
      the
      case of a Cyprus SERP Participant, the Normal Retirement Benefit shall be the
      greater of (1) the Normal Retirement Benefit calculated pursuant to paragraph
      (a) as of the date on which the Participant terminates employment with all
      Employers, or (2) the Cyprus Minimum Benefit.

     

    (c)  Retirement
      Plan Offset.
      The
      benefit determined pursuant to paragraph (a) or (b) shall be reduced by the
      “Retirement Plan Offset.” The “Retirement Plan Offset” is the monthly “Normal
      Retirement Benefit” (as such term is defined in Section 1.1(ss)
      (Definitions
      - Normal Retirement Benefit)
      of the
      Retirement Plan) to which the Participant is actually entitled under the
      Retirement Plan. For purposes of calculating the Retirement Plan Offset, the
      Participant’s gross “Normal Retirement Benefit” under the Retirement Plan,
      before the reduction 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    called
      for by Section 4.7 (Reduction
      for Other Plans)
      of the
      Retirement Plan or any similar reduction or offset, will be used.

     

    (d)  Non-Qualified
      Plan Offset.
      The
      benefit determined pursuant to paragraph (a) or (b) also shall be reduced by
      the
“Non-Qualified Plan Offset.” The “Non-Qualified Plan Offset” is the monthly
      benefit to which the Participant is entitled as of his Normal Retirement Date
      under any other defined benefit plan or arrangement sponsored by an Employer
      (a
“Non-Qualified Plan”) other than the Cyprus SERP or a plan or arrangement that
      expressly provides that its purpose is to supplement the benefits provided
      by
      this Plan and the Retirement Plan.

     

    (e)  Cyprus
      SERP Offset.
      The
      Normal Retirement Benefit determined pursuant to paragraphs (a) or (b) also
      shall be reduced by the “Cyprus SERP Offset.” The Cyprus SERP Offset is equal to
      the “Supplemental Benefit” calculated pursuant to Article V (Computation
      of Supplemental
      Benefit)
      of the
      Cyprus SERP that was distributed to the Participant in the form of an
      actuarially equivalent lump sum pursuant to Section 6.6 (Change
      in Control)
      of the
      Cyprus SERP or otherwise. The Cyprus SERP Offset will be expressed as a single
      life annuity beginning on a Participant’s Normal Retirement Date. If a Cyprus
      SERP Participant’s Normal Retirement Benefit is equal to the Cyprus Minimum
      Benefit, the Cyprus SERP offset will not apply since the Cyprus Minimum Benefit
      has been adjusted to reflect the earlier payment from the Cyprus
      SERP.

     

    (f)  Adjustments.
      If
      the
      Participant is covered by a Benefit Structure of the Retirement Plan or by
      a
      Non-Qualified Plan pursuant to which the Normal Retirement Benefit is expressed
      in a normal form other than a single life annuity for the life of the
      Participant, the Participant’s benefit shall be converted to an Actuarially
      Equivalent single life annuity for purposes of calculating the Retirement Plan
      Offset and the Non-Qualified Plan Offset.

     

    (g)  Effective
      Date.
      The
      provisions of paragraph (a) only apply to a Participant who terminates
      employment on or after September 1, 1997. The Normal Retirement Benefits of
      a
      Participant who terminated employment prior to September 1, 1997 shall be
      determined in accordance with the provisions of the Comprehensive Plan as in
      effect prior to the adoption of the Plan.

     

    
      	5.2  	
              EARLY
                RETIREMENT BENEFIT.

            

    

     

    A
      Participant’s
      Early
      Retirement Benefit will be calculated in the same fashion as his Normal
      Retirement Benefit but on the basis of the Service and compensation earned
      by
      the Participant as of his actual date of retirement. The Early Retirement
      Benefit so calculated shall be reduced in the same fashion as “Early Retirement
      Benefits” (as such term is defined in Section 1.1(z) (Definitions
      - Early Retirement Benefit)
      of the
      Retirement Plan) are reduced (if at all) for individuals covered by the
      Retirement Plan Benefit Structure applicable to salaried employees of the
      Company. Since the Early Retirement Benefit reductions for individuals covered
      by the Retirement Plan Benefit Structure applicable to salaried employees of
      the
      Company will be used, the provisions of Section 4.2(d) (Early
      Retirement Benefit - Special Rules
      for All Salaried Work Force Initiative)
      of the
      Retirement Plan, Section 4.2(e) (Early
      Retirement Benefit - Special Rule for Cyprus Participants)
      of the
      Retirement Plan and Section 4.2(f) (Early
      Retirement Benefit - Special Rules for Columbian Participants)
      of the
      Retirement Plan will be disregarded. The Early Retirement Benefit of a Cyprus
      SERP Participant will not be less than the 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Cyprus
      Minimum Benefit, reduced by applying the early retirement reduction provisions
      referred to in Section 4.2(b) (Special
      Calculation Rules Applicable to Minimum Benefit)
      of the
      Phelps Dodge Retirement Plan Supplement No. 14 - Cyprus Salaried
      Employees.

     

    
      	5.3  	
              LATE
                RETIREMENT BENEFIT.

            

    

     

    A
      Participant’s
      Late
      Retirement Benefit will be calculated in the same fashion as his Normal
      Retirement Benefit but on the basis of the Service and compensation earned
      by
      the Participant as of his actual date of retirement.

     

    
      	5.4  	
              SPECIAL
                EARLY RETIREMENT BENEFIT.

            

    

     

    (a)  General
      Rule.
      The
      Special Early Retirement Benefit shall equal the monthly “Special Early
      Retirement Benefit” to which the Participant would be entitled under
      Section 4.3 (Special
      Early Retirement Benefit)
      of the
      Retirement Plan, including any supplements to which the Participant would be
      entitled under the Retirement Plan, calculated using all of the assumptions
      set
      forth in clauses (1) through (5) of the first sentence of Section 5.1 (a)
      (Normal Retirement
      Benefit - General)
      and
      disregarding the limitation set forth in Section 3.3 (b) (Special Early
      Retirement - Exclusions)
      of the
      Retirement Plan. The benefit so determined shall be reduced by the “Retirement
      Plan Offset,” the “Non-Qualified Plan Offset,” and the “Cyprus SERP Offset”
described in Section 5.1 (Normal
      Retirement Benefit).

     

    (b)  Special
      Rule for
      Cyprus
      SERP Participants.
      If
      a
      Cyprus SERP Participant is entitled to a Special Early Retirement Benefit,
      the
      benefit will equal the greater of (1) the benefit determined in accordance
      with
      paragraph (a) or (2) the Cyprus Minimum Benefit reduced for early commencement
      by applying the early retirement reduction rules set forth in
      Section 4.3(d) (Special
      Early Retirement Benefit - Special Rule for Cyprus Participants)
      of the
      Retirement Plan.

     

    
      	5.5  	
              DISABLED
                EMPLOYEE BENEFIT.

            

    

     

    A
      Participant
      who is
      suffering from a Disability and meets the requirements of Section 4.5
      (Disability)
      shall
      become entitled at his Normal Retirement Date to a benefit determined in
      accordance with Section 5.1 (Normal
      Retirement Benefit).
      A
      Participant who has recovered from Disability or has ceased to receive benefits
      under the LTD Plan, and who does not return to the Service of the Employers,
      may
      be entitled to a Deferred Vested Retirement Benefit or to an Early Retirement
      Benefit, as applicable. 

     

    
      	5.6  	
              DEFERRED
                VESTED RETIREMENT BENEFIT.

            

    

     

    A
      Participant’s
      annual
      Deferred Vested Retirement Benefit will be calculated as of the date of
      termination under Section 3.1(c) (Selection
      of Participants - Termination of Participation)
      Section 3.4 (Change
      in Affiliate Status)
      or
      Section 4.6 (Termination
      of Employment),
      the
      date of a Change of Control under ARTICLE XI (Change
      of Control Provisions),
      or the
      date of discontinuance of participation under Section 3.2 (Discontinuance
      of Participation),
      as
      applicable. A Participant’s Deferred Vested Retirement Benefit shall be reduced
      for the commencement of payments prior to the Participant’s Normal Retirement
      Date in accordance with the provisions of 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Section 4.5
      (Deferred
      Vested Retirement Benefit)
      of the
      Retirement Plan, including the special rules that apply for Cyprus and Columbian
      Participants.

     

    
      	5.7  	
              SURVIVING
                SPOUSE BENEFIT - DEATH BEFORE RETIREMENT.

            

    

     

    Subject
      to the reductions noted below, the annual amount of the annuity payable to
      a
      surviving Spouse pursuant to Section 4.7 (Death
      Before Retirement)
      shall
      equal the annuity to which the Spouse would be entitled under the Retirement
      Plan if the Participant’s “Accrued Benefit” (as that term is used in the
      Retirement Plan) under the Retirement Plan was calculated using the assumptions
      set forth in clauses (1) through (5) of the first sentence of
      Section 5.1(a) (Normal
      Retirement Benefit - General).
      The
      amount so determined shall be reduced by the annuity to which the Spouse is
      actually entitled under the Retirement Plan or any Non-Qualified Plan (as such
      term is defined in Section 5.1(d) (Normal
      Retirement Benefit - Non-Qualified Plan Offset)).
      The
      reductions referred to in the preceding sentence shall be adjusted in the same
      fashion as the “Retirement Plan Offset” and “Non-Qualified Plan Offset” are
      adjusted pursuant to Section 5.1 (Normal
      Retirement Benefit).
      The
      payments to the Spouse shall commence on the later of 15 calendar days or the
      first day of the month next following the Participant’s death. If a benefit is
      payable to the beneficiary of a Cyprus SERP Participant pursuant to
      Section 4.8 (Cyprus
      Death Benefit),
      the
      benefits payable to the Participant’s surviving Spouse shall be reduced in
      accordance with Section 4.8.

     

    
      	5.8  	
              TIMING
                ADJUSTMENTS.

            

    

     

    If
      benefits under this Plan and benefits under the Retirement Plan (or any
      Non-Qualified Plan with respect to which the Non-Qualified Plan Offset
      provisions apply pursuant to Section 5.1 (Normal
      Retirement Benefit))
      do not
      start on the same day, the Participant’s benefit under this Plan shall be
      reduced by the benefit the Participant would have received under the Retirement
      Plan (or the Non-Qualified Plan) if benefits under such plan or plans had
      commenced on the same day that benefits commence under this Plan.

     

    ARTICLE
      VI

    PAYMENT
      OF BENEFITS

     

    
      	6.1  	
              TIME
                OF DISTRIBUTION OF BENEFITS.

            

    

     

    (a)  Special
      Early,
      Normal,
      and Late Retirement.
      Distribution
      of a Participant’s Special Early, Normal or Late Retirement Benefit shall
      commence as of the first day of the month coinciding with or next following
      the
      Participant’s termination of employment after satisfying the requirements for a
      Special Early, Normal or Late Retirement Benefit (as applicable) pursuant to
      Article IV (Eligibility
      for Benefits).
      Notwithstanding the foregoing, if the Participant is a ‘specified employee’
within the meaning of the Code, then, except as may otherwise be provided in
      Article XI below, distribution of the benefit that the Participant has accrued
      after December 31, 2004 shall commence, (including with such first payment,
      interest at a rate equal to the rate used to determine the Actuarial Equivalent
      value of a lump sum payment under Section 6.3(b)(4)) on the first business
      day
      after the six-month anniversary of the Participant’s termination of employment.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (b)  Early Retirement.
      Except
      as
      provided in Section 6.2 (Participant
      Elections),
      distribution of a Participant’s Early Retirement Benefit shall commence as of
      the first day of the month coinciding with or next following the Participant’s
      termination of employment after satisfying the requirements for an Early
      Retirement Benefit pursuant to Section 4.2 (Early Retirement).
      Notwithstanding the foregoing, if the Participant is a ‘specified employee’
within the meaning of the Code, then, except as may otherwise be provided in
      Article XI below, distribution of the benefit that the Participant has accrued
      after December 31, 2004 shall commence (including with such first payment,
      interest at a rate equal to the rate used to determine the Actuarial Equivalent
      value of a lump sum payment under Section 6.3(b)(4)) on the first business
      day
      after the six-month anniversary of the Participant’s termination of employment.

     

    (c)  Deferred
      Vested Retirement.
      Except
      as
      provided in Section 6.2 (Participant
      Elections),
      distribution of a Participant’s Deferred Vested Retirement Benefit shall
      commence as of the first day of the month following the Participant’s 65th
      birthday. 

     

    (d)  Death
      and Disability.
      Distribution
      of a Participant’s Disability or death benefit shall commence in accordance with
      Section 5.5 (Disabled
      Employee Benefit)
      or
      Section 5.7 (Surviving
      Spouse Benefit - Death Before Retirement).
      

     

    
      	6.2  	
              PARTICIPANT
                ELECTIONS.

            

    

     

    (a)  Initial
      Elections.
      Each
      Participant shall elect the form in which distributions are to be made to the
      Participant. Each Participant also may file an election to postpone the
      commencement of Early Retirement Benefits to any date not later than the first
      day of the month coinciding with or next following the later of the
      Participant’s Normal Retirement Date or five years from the date payment of such
      benefits would otherwise have commenced hereunder; provided that the election
      to
      postpone is made at least 12 months prior to the original payment
      date,
      and
such
      election postpones the date on which benefits commence to be paid for not less
      than 5 years.
      No
      election may accelerate the payment of any benefit under this Plan. A Deferred
      Vested Retirement Benefit may not commence prior to the Participant’s attainment
      of age 65 unless the Participant completes at least ten years of Service prior
      to his termination of employment, in which case the Deferred Vested Retirement
      Benefit may commence at any time following the later of the Participant’s
      termination of employment or attainment of age 55. Each of these elections
      shall
      be made on a form provided or approved by the Plan Administrator. The election
      form also may set forth such other information as the Plan Administrator shall
      require. Any election filed within one year of a Participant’s termination of
      employment will be disregarded.

     

    (b)  Revised
      Elections.
      A
      Participant may file a new election form in order to change an election made
      in
      a previously filed election form. If the new election form changes the method
      of
      distribution of the Participant’s benefits, or the timing of the commencement of
      distributions, the new election will be honored only if the new election form
      is
      filed at least one year prior to the Participant’s termination of employment,
      and if the new election form otherwise complies with the conditions specified
      for delaying elections in Section 6.2(a) herein.

     

    (c)  Defaults.
      If
      a
      Participant fails to file an election specifying the form in which distributions
      are to be made to the Participant (or if the only election filed by the
      Participant is 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    disregarded
      as untimely), the Participant’s benefit will be distributed in the manner
      provided by Section 6.3(c) (Forms
      of Benefit Payments - Default Option).
      If a
      Participant fails to file an election specifying the date on which Early
      Retirement Benefits are to commence (or if the only election filed by the
      Participant is disregarded as untimely), the Early Retirement Benefits to which
      the Participant is entitled will commence at the time specified in
      Section 6.1(b) (Time
      of Distribution
      of Benefits - Early Retirement).
      If a
      Participant fails to file an election to accelerate the commencement of the
      Participant’s Deferred Vested Retirement Benefit (or if the only election filed
      by the Participant is disregarded as untimely), the Deferred Vested Retirement
      Benefits shall commence at the time specified in Section 6.1(c)
      (Time
      of Distribution of Benefits - Deferred Vested Retirement).

     

    (d)  Transitional
      Relief.
      Notwithstanding anything in the Plan to the contrary, in accordance with the
      transitional relief provided under Section 409A of the Code, any Participant
      who
      attains Normal Retirement Age during Plan Year 2006 or 2007 may elect to receive
      a distribution of his benefits commencing on or after January 1 of the Plan
      Year
      following the calendar year in which such election is made and regardless of
      whether such Participant’s employment shall have terminated as of such
      commencement date. 

     

    
      	6.3  	
              FORMS
                OF BENEFIT PAYMENTS.

            

    

     

    (a)  General.
      Each
      Participant shall select the form in which distributions are to be made to
      the
      Participant. Unless otherwise provided, the form in which benefit payments
      shall
      be made will be selected by the Participant in his initial election form filed
      in accordance with Section 6.2(a) (Participant
      Elections - Initial Elections)
      or in a
      revised election form filed in accordance with Section 6.2(b) (Participant
      Elections - Revised Elections).

     

    (b)  Available
      Options.
      The
      forms
      of payment that a Participant may select are the following:

     

    (1)  Straight
      Life Annuity Option.
      With
      this
      option, benefits will be payable for the Participant’s life, with no amount
      payable after his death.

     

    (2)  Contingent
      Annuitant Option.
      With
      this
      option, a modified amount will be payable during the Participant’s life and
      after his death an amount will be payable during the life of, and to, the
      Beneficiary named by the Participant when he elected the option. The contingent
      annuitant options available are the same as those that are available under
      the
      Retirement Plan.

     

    (3)  Ten
      Year Term Certain Annuity Option.
      With
      this
      option, a modified amount will be payable during the Participant’s life and for
      at least ten years. If the Participant does not receive at least ten years
      of
      payments, the balance will be paid to the beneficiary named by the Participant
      when he elected the option. This option may not be selected by any Participant
      on or after January 1, 1998.

     

    (4)  Lump
      Sum Option.
      With
      this
      option, a lump sum payment equal to the Actuarial Equivalent value of the amount
      otherwise payable to the Participant as a single life annuity will be paid
      to
      the Participant. This option is only available to a Participant who

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    terminates
      employment with the Employers on or after his attainment of age 64. All lump
      sum
      payments are subject to the prior approval of the Plan Administrator. In his
      election form, a Participant may condition his election of a lump sum payment
      on
      the interest rate to be used in determining the Actuarial Equivalent of the
      Participant’s benefit. Subject to the provisions of paragraph (f) dealing with
      the payment of small amounts, if the interest rate that would be used to
      calculate the Actuarial Equivalent lump sum payment is equal to or greater
      than
      the maximum interest rate specified in the Participant’s election form, the
      Participant’s benefit will not be paid in a lump sum.

     

    (5)  Lump
      Sum Option for Cyprus Minimum Benefit.
      A
      Cyprus
      SERP Participant will receive a lump sum payment equal to the Actuarial
      Equivalent of his Cyprus Minimum Benefit as soon as possible following the
      day
      on which the Participant becomes entitled to receive benefits under the Plan.
      The Actuarial Equivalent of the lump sum so received shall reduce any other
      benefits payable to the Participant. The Cyprus SERP Participant may elect
      to
      reject the lump sum in an election form that is filed in accordance with the
      provisions of Section 6.2 (Participant
      Elections).

     

    (6)  Other.
      Any
      other form of payment approved by the Plan Administrator in writing, including,
      but not limited to, the payment of benefits in installments with
      interest.

     

    (c)  Default
      Option.
      If
      a
      married Participant does not select an option pursuant to paragraph (a), or
      the
      Participant’s Spouse does not consent to the option selected by the Participant
      if and to the extent required by Section 6.4 (Spousal
      Consent),
      the
      Participant’s benefit will be paid in the form of a contingent annuity pursuant
      to which 50% of the amount paid to the Participant during the Participant’s life
      is continued to the Participant’s Spouse following the Participant’s death. If
      an unmarried Participant does not select an option pursuant to paragraph (a),
      the Participant’s benefit will be paid in the form of a single life
      annuity.

     

    (d)  Amount
      of Payments.
      The
      amount of the payments calculated pursuant to Article V are based on the
      assumption that payments are made in the form of a single life annuity for
      the
      life of the Participant alone. If payments are made in any other form, they
      will
      be adjusted to their Actuarial Equivalent.

     

    (e)  Payment
      of Small Amounts and Cash Outs.
      Notwithstanding
      any provision of this Plan to the contrary, if the value of all benefits payable
      pursuant to this Plan to a Participant, surviving Spouse or any beneficiary
      are
      Actuarially Equivalent to a lump sum of $10,000 or less, the Plan Administrator,
      regardless of any elections made by the Participant, shall direct the Trustee
      to
      pay the benefits in the form of a single lump sum distribution.

     

    
      	6.4  	
              SPOUSAL
                CONSENT.

            

    

     

    If
      a
      Participant is married at the time an election form, or a revised election
      form,
      is filed, an election to receive payments in any form other than a 50% or
      greater contingent annuitant option with the Spouse as the sole contingent
      annuitant shall be ineffective unless the Participant’s Spouse consents to the
      election on a form prescribed by or acceptable to the Plan Administrator for
      that purpose.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	6.5  	
              BENEFICIARY
                DESIGNATIONS.

            

    

     

    (a)  General
      Rule.
      Each
      Participant who elects a method of payment under Section 6.3 (Forms
      of Benefit Payments)
      pursuant to which amounts may be payable following the Participant’s death and
      each Cyprus SERP Participant entitled to a special death benefit pursuant to
      Section 4.8 (Cyprus
      Death Benefit)
      shall
      have the right to designate, on forms supplied by and delivered to the Plan
      Administrator, a beneficiary or beneficiaries.

     

    (b)  Spouse
      as Beneficiary.
      The
      beneficiary of a married Participant shall be the Participant’s Spouse unless
      the Participant has made an effective election under this Section to name a
      person other than his Spouse as beneficiary. The designation of a person other
      than his Spouse as beneficiary by a married Participant shall not be effective
      unless consented to in writing by the Participant’s Spouse in accordance with
      Section 6.4 (Spousal
      Consent).

     

    (c)  Changes
      in Designation.
      Subject
      to the Spousal consent requirements noted in the preceding paragraph, each
      Participant may change his beneficiary designation from time to time by
      execution and delivery of a new beneficiary designation form. Upon receipt
      of
      such designation by the Benefits Administration Committee, such designation
      or
      change of designation shall become effective as of the date of the notice,
      whether or not the Participant is living at the time the notice is
      received.

     

    (d)  No
      Living Beneficiary.
      If
      no
      designated beneficiary is living when benefits become payable, or if there
      is no
      designated beneficiary, the beneficiary shall be the Participant’s Spouse; or if
      no Spouse is then living, such Participant’s issue, including any legally
      adopted child or children, in equal shares by right of representation; or if
      no
      such designated beneficiary and no such Spouse or issue, including any legally
      adopted child or children, is living upon the death of a Participant, or if
      all
      such persons die prior to the full distribution of such Participant’s benefits,
      then the beneficiary shall be the estate of the Participant.

     

    (e)  Reliance.
      There
      shall be no liability on the part of the Company, the Benefits Administration
      Committee, the Plan Administrator, or the Trustee with respect to any payment
      authorized by the Benefits Administration Committee in accordance with the
      most
      recent valid beneficiary designation of the Participant in its possession before
      receipt of a more recent and valid beneficiary designation.

     

    
      	6.6  	
              IN-SERVICE
                PAYMENT OF BENEFITS.

            

    

     

    No
      payments will be made before a Participant terminates employment with all
      Employers.

     

    
      	6.7  	
              SPECIAL
                PAYMENT PROVISION APPLICABLE ON SALE OF AFFILIATE.

            

    

     

    Participants
      who are
      employed by an Affiliate as of the date that the Affiliate ceases to be an
      Affiliate for purposes of this Plan shall be treated as though they terminated
      employment as of the date the Affiliate ceases to be an Affiliate.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

    ADMINISTRATION
      OF THE PLAN

     

    
      	7.1  	
              ADOPTION
                OF TRUST.

            

    

     

    The
      Company shall enter into a Trust Agreement with the Trustee, which Trust
      Agreement shall form a part of this Plan and is hereby incorporated herein
      by
      reference.

     

    
      	7.2  	
              POWERS
                OF THE PLAN ADMINISTRATOR.

            

    

     

    (a)  General
      Powers of Plan Administrator.
      The
      Plan
      Administrator shall have the power and discretion to perform the administrative
      duties described in this Plan or required for proper administration of the
      Plan
      and shall have all powers necessary to enable it to properly carry out such
      duties. Without limiting the generality of the foregoing, the Plan Administrator
      shall have the power and discretion to construe and interpret this Plan, to
      hear
      and resolve claims relating to the Plan and to decide all questions and disputes
      arising under the Plan. The Plan Administrator shall determine, in its
      discretion, the Service credited to the Participants, the status and rights
      of a
      Participant, and the identity of the Beneficiary or Beneficiaries entitled
      to
      receive any benefits payable on account of the death of a
      Participant.

     

    (b)  Participation.
      The Plan
      Administrator also shall have the discretion to exclude Employees from
      participation in the Plan and to discontinue a Participant’s participation in
      the Plan.

     

    (c)  Distributions.
      All
      benefit disbursements by the Trustee shall be made upon the instructions of
      the
      Plan Administrator.

     

    (d)  Decisions
      Conclusive.
      The
      decisions of the Plan Administrator upon all matters within the scope of its
      authority shall be binding and conclusive upon all persons.

     

    (e)  Reporting.
      The
      Plan
      Administrator shall file all reports and forms lawfully required to be filed
      by
      the Plan Administrator and shall distribute any forms, reports or statements
      to
      be distributed to Participants and others.

     

    (f)  Investments.
      The
      Plan
      Administrator shall keep itself advised with respect to the investment of the
      Trust Fund and shall report to the Company regarding the investment and
      reinvestment of the Trust Fund not less frequently than annually.

     

    (g)  Electronic
      Administration.
      The
      Plan
      Administrator shall have the authority to employ alternative means (including,
      but not limited to, electronic, internet, intranet, voice response, or
      telephonic) by which Participants may submit elections, directions, and forms
      required for participation in, and the administration of, this Plan. If the
      Plan
      Administrator chooses to use these alternative means, any elections, directions
      or forms submitted in accordance with the rules and procedures promulgated
      by
      the Plan Administrator will be deemed to satisfy any provision of this Plan
      calling for the submission of a written document, direction or
      form.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	7.3  	
              BENEFITS
                ADMINISTRATION COMMITTEE.

            

    

     

    The
      Benefits Administration Committee shall be the Plan Administrator unless
      otherwise designated by the Company. The Committee shall carry out its duties,
      responsibilities, and powers under the Plan in accordance with its charter,
      by-laws, or other rules of governance adopted by the Benefits Administration
      Committee and by which it carries out its duties, responsibilities, and powers
      with respect to administering the other employee benefit plans sponsored by
      the
      Company and for which it has been designated the plan
      administrator.

     

    
      	7.4  	
              APPOINTMENT
                OF AGENTS.

            

    

     

    The
      Committee may appoint such other agents, who need not be members of the
      Committee, as it may deem necessary for the effective performance of its duties,
      whether ministerial or discretionary, as the Committee may deem expedient or
      appropriate. The compensation of any agents who are not employees of the Company
      shall be fixed by the Committee within any limitations set by the Board of
      Directors.

     

    
      	7.5  	
              CONFLICT
                OF INTEREST.

            

    

     

    No
      member
      of the Committee who is a Participant shall take any part in any action in
      connection with his participation as an individual. Such action shall be voted
      or decided by the remaining members of the Committee.

     

    
      	7.6  	
              ACTION
                TAKEN BY COMPANY.

            

    

     

    Any
      action to be taken by the Company shall be taken by resolution adopted by the
      Board of Directors; provided, however, that by resolution the Board of Directors
      may delegate to any committee of the Board of Directors, any committee of
      officers or other employees of the Company or an Affiliate of the Company,
      or
      any officer of the Company the authority to take any actions
      hereunder.

     

    
      	7.7  	
              DELEGATIONS
                OF AUTHORITY.

            

    

     

    All
      delegations of responsibility set forth in this document regarding the
      determination of benefits and the interpretation of the terms of the Plan confer
      discretionary authority upon the Plan Administrator.

     

    
      	7.8  	
              INDEMNIFICATION.

            

    

     

    To
      the
      extent permitted by law, the Company shall and does hereby jointly and severally
      indemnify and agree to hold harmless the employees, officers and directors
      of it
      and its Affiliates who serve in any capacity with respect to the Plan from
      any
      and all loss, damage, or liability, joint or several, including payment of
      expenses in connection with defense against any such claim, for their acts,
      omissions and conduct, and for the acts, omissions or conduct of their duly
      appointed agents, which acts, omissions or conduct constitute or are alleged
      to
      constitute a breach of such individual’s fiduciary or other responsibilities
      under the Act or any other law, except for those acts, omissions, or conduct
      resulting from his own willful misconduct, willful failure to act, or gross
      negligence; provided, however, that if any party would otherwise be entitled
      to

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    indemnification
      hereunder in respect of any liability and such party shall be insured against
      loss as a result of such liability by any insurance contract or contracts,
      such
      party shall be entitled to indemnification hereunder only to the extent by
      which
      the amount of such liability shall exceed the amount thereof payable under
      such
      insurance contract or contracts.

     

    ARTICLE
      VIII

    CLAIMS
      REVIEW PROCEDURE

     

    
      	8.1  	
              APPLICATION
                FOR BENEFITS NOT REQUIRED.

            

    

     

    A
      Participant,
      a
      surviving Spouse, a contingent annuitant or a beneficiary (all of whom are
      referred to in this Article as a “Claimant”) need not file a written claim
      to receive benefits.

     

    
      	8.2  	
              CLAIMS
                PROCEDURES.

            

    

     

    (a)  Review
      by the Retirement Manager.
      If
      a
      Claimant is dissatisfied with the determination of his benefits, eligibility,
      participation, or any other right or interest under this Plan, the Claimant
      may
      file a written request for review with the Company’s “Retirement Manager.” The
“Retirement Manager” is the Company’s Manager of Retirement Plans or the Company
      representative occupying a comparable position if the Company does not then
      have
      a representative with the title “Manager of Retirement Plans.” The Retirement
      Manager will notify the Claimant of the disposition of the claim within 90
      days
      after the request for review is filed with the Retirement Manager. The
      Retirement Manager may have an additional period of up to 90 days to decide
      the
      claim if the Retirement Manager determines that special circumstances require
      an
      extension of time to decide the claim and the Retirement Manager advises the
      Claimant in writing of the need for an extension (including an explanation
      of
      the special circumstances requiring the extension) and the date on which the
      Retirement Manager expects to decide the claim. If, following the review, the
      claim is denied, in whole or in part, the notice of disposition shall set
      forth:

     

    (1)  The
      specific reason(s) for denial of the claim;

     

    (2)  Reference
      to the specific Plan provisions upon which the determination is
      based;

     

    (3)  A
      description of any additional material or information necessary for the Claimant
      to perfect the claim and an explanation of why such material or information
      is
      necessary;

     

    (4)  An
      explanation of the Plan’s appeal procedures, including the applicable time
      limits; and

     

    (5)  A
      specific statement that an appeal to the Claim Appeals Subcommittee is
      available.

     

    (b)  Appeal
      to Claim Appeals Subcommittee.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (1)  Appeal.
      Within
      60
      days after receiving the written notice of the Retirement Manager’s disposition
      of the claim, the Claimant, or the Claimant’s authorized representative, may
      request in writing that the Claim Appeals Subcommittee appointed by the Benefits
      Administration Committee review the denied claim. The Claimant may submit a
      written statement of his claim (including any written comments, documents,
      records and other information relating to the claim) and the reasons for
      granting the claim. The Claim Appeals Subcommittee shall have the right to
      request of and receive from a Claimant such additional information, documents
      or
      other evidence as the Claim Appeals Subcommittee may reasonably require. The
      review by the Claim Appeals Subcommittee will take into account all comments,
      documents, records and other information submitted by the Claimant relating
      to
      the claim, without regard to whether such documents, records or other
      information was submitted or considered in the initial benefit determination
      or
      the review by the Retirement Manager. If the Claimant does not request a review
      of the denied claim within sixty (60) days after receiving written notice of
      the
      Retirement Manager’s disposition of the claim, the Claimant shall be deemed to
      have accepted the Retirement Manager’s written disposition and the Retirement
      Manager’s written disposition will be final and binding on the Claimant and
      anyone claiming benefits through the Claimant, unless the Claimant shall have
      been physically or mentally incapacitated so as to be unable to request review
      within the 60 day period.

     

    (2)  Decision
      of the Claim Appeals Subcommittee.
      A
      decision on appeal to the Claim Appeals Subcommittee shall be rendered in
      writing by the Claim Appeals Subcommittee ordinarily not later than 60 days
      after the Claimant requests review of a denied claim. A written copy of such
      decision shall be delivered to the Claimant. If special circumstances require
      an
      extension of the ordinary period, the Claim Appeals Subcommittee shall so notify
      the Claimant of the extension with such notice containing an explanation of
      the
      special circumstances requiring the extension and the date by which the Claim
      Appeals Subcommittee expects to render a decision. Any such extension shall
      not
      extend beyond 60 days after the ordinary period. If the appeal to the Claim
      Appeals Subcommittee is denied, in whole or in part, the notice of decision
      referred to in the first sentence of this paragraph (2) shall set forth all
      of
      the information referred to in clauses (1) through (4) of the last sentence
      of
      paragraph (a). The notice of decision also will include a statement that the
      Claimant is entitled to receive, upon request and free of charge, reasonable
      access to, and copies of, all documents, records, and other information relevant
      to the Claimant’s claim for benefits. The notice of decision also will include
      an explanation of the Plan’s appeal procedure, including a specific statement
      that an appeal to the Benefits Administration Committee is
      available.

     

    (c)  Appeal
      to the Benefits Administration Committee.

     

    (1)  Appeal.
      Within
      60 days after receiving the written notice of the Claim Appeals Subcommittee’s
      disposition of the claim, the Claimant, or the Claimant’s authorized
      representative, may request in writing that the Benefits Administration
      Committee review the denied appeal. The Claimant may submit a written statement
      of his claim (including any written comments, documents, records and other
      information relating to the claim) and the reasons for granting the claim.
      The
      Benefits Administration Committee shall have the right to request of and receive
      from the Claimant such additional information, documents or other evidence
      as
      the Benefits Administration Committee may reasonably require. If the Claimant
      does not request a review of the denied appeal within 60 days after receiving
      written notice of the 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Claim
      Appeals Subcommittee’s disposition of the appeal, the Claimant shall be deemed
      to have accepted the Claim Appeals Subcommittee’s written disposition of the
      appeal and the Claim Appeals Subcommittee’s written disposition will be final
      and binding on the Claimant and anyone claiming benefits through the Claimant,
      unless the Claimant shall have been physically or mentally incapacitated so
      as
      to be unable to request review within the 60 day period. As with an appeal
      to
      the Claim Appeals Subcommittee, the review shall take into account all comments,
      documents, records and other information submitted by the Claimant relating
      to
      the claim, without regard to whether such documents, records or other
      information were submitted or considered in the initial benefit determination
      or
      by the Retirement Manager or the Claim Appeals Subcommittee.

     

    (2)  Decision
      of the Benefits Administration Committee.
      A
      decision on appeal to the Benefits Administration Committee shall be rendered
      in
      writing by the Benefits Administration Committee ordinarily not later than
      60
      days after the Claimant requests review. A written copy of the decision shall
      be
      delivered to the Claimant. If special circumstances require an extension of
      the
      ordinary period, the Benefits Administration Committee shall so notify the
      Claimant of the extension with such notice containing an explanation of the
      special circumstances requiring the extension and the date by which the Benefits
      Administration Committee expects to render a decision. Any such extension shall
      not extend beyond 60 days after the ordinary period. If the appeal to the
      Benefits Administration Committee is denied, in whole or in part, the notice
      of
      decision referred to in the first sentence of this paragraph (2) shall set
      forth:

     

    (A) The
      specific reason(s) for denial of the claim;

     

    (B) Reference
      to the specific Plan provisions upon which the denial is based;

     

    (C) A
      statement that the Claimant is entitled to receive, upon request and free of
      charge, reasonable access to, and copies of, all documents, records, and other
      information relevant to the Claimant’s claim for benefits; and

     

    (d) A
      statement of the Claimant’s right to bring a civil action under
      Section 502(a) of the Act.

     

    (d)  Right
      to Examine Plan Documents and to Submit Materials.
      In
      connection with the determination of a claim, or in connection with review
      of a
      denied claim or appeal pursuant to this Section 8.2, the Claimant may
      examine this Plan and any other pertinent documents generally available to
      Participants relating to the claim and may submit written comments, documents,
      records and other information relating to the claim for benefits. The Claimant
      also will be provided, upon request and free of charge, reasonable access to,
      and copies of, all documents, records, and other information relevant to the
      claimant’s claim for benefits with such relevance to be determined in accordance
      with Section 8.2(e) (Claims
      Procedure — Relevance).

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (e)  Relevance.
      For
      purpose of this Section 8.2, documents, records, or other information shall
      be considered “relevant” to a Claimant’s claim for benefits if such documents,
      records or other information:

     

    (1)  Were
      relied upon in making the benefit determination;

     

    (2)  Were
      submitted, considered, or generated in the course of making the benefit
      determination, without regard to whether such documents, records or other
      information were relied upon in making the benefit determination;
      or

     

     

    (3)  Demonstrate
      compliance with the administrative processes and safeguards required pursuant
      to
      this Section 8.2 regarding the making of the benefit
      determination.

     

    (f)  Decisions
      Final; Procedures Mandatory.
      To
      the
      extent permitted by law, a decision on review by the Retirement Manager, Claim
      Appeals Subcommittee, or the Benefits Administration Committee shall be binding
      and conclusive upon all persons whomsoever. To the extent permitted by law,
      completion of the claims procedures described in this Section 8.2 shall be
      a mandatory precondition that must be complied with prior to commencement of
      a
      legal or equitable action in connection with the Plan by a person claiming
      rights under the Plan or by another person claiming rights through such a
      person. The Benefits Administration Committee may, in its sole discretion,
      waive
      these procedures as a mandatory precondition to such an action.

     

    (g)  Time for
      Filing Legal or Equitable Action.
      Any
      legal
      or equitable action filed in connection with this Plan by a person claiming
      rights under this Plan or by another person claiming rights through such a
      person must be commenced not later than the earlier of: (1) the shortest
      applicable statute of limitations provided by law; or (2) two years from
      the date the Benefits Administration Committee’s decision on appeal is delivered
      to the Claimant in accordance with Section 8.2(c)(2) (Claims
      Procedure - Appeal to the Benefits Administration Committee
      - Decision of the Benefits Administration Committee).

     

    ARTICLE
      IX

    LIMITATION
      ON ASSIGNMENT; PAYMENTS TO LEGALLY INCOMPETENT 

    DISTRIBUTEE;
      CORRECTIONS

     

    
      	9.1  	
              ANTI-ALIENATION
                CLAUSE.

            

    

     

    No
      benefit which shall be payable under the Plan to any person shall be subject
      in
      any manner to anticipation, alienation, sale, transfer, assignment, pledge,
      encumbrance or charge, and any attempt to anticipate, alienate, sell, transfer,
      assign, pledge, encumber, charge or otherwise dispose of the same shall be
      void.
      No benefit shall in any manner be subject to the debts, contracts, liabilities,
      engagements or torts of any person, nor shall it be subject to attachment or
      legal process for or against any person, except to the extent as may be required
      by law.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	9.2  	
              PERMITTED
                ARRANGEMENTS.

            

    

     

    Section 9.1
      (Anti-Alienation
      Clause)
      shall
      not preclude arrangements for the withholding of taxes from benefit payments,
      arrangements for the recovery of benefit overpayments, arrangements for direct
      deposit of benefit payments to an account in a bank, savings and loan
      association or credit union (provided that such arrangement is not part of
      an
      arrangement constituting an assignment or alienation), or the transfer, incident
      to a divorce, of a Participant’s interest in the Plan to a former
      spouse.

     

    
      	9.3  	
              PAYMENT
                TO MINOR OR INCOMPETENT.

            

    

     

    Whenever
      any benefit which shall be payable under the Plan is to be paid to or for the
      benefit of any person who is then a minor or determined by the Plan
      Administrator to be incompetent by qualified medical advice, the Plan
      Administrator need not require the appointment of a guardian or custodian,
      but
      shall be authorized to cause the same to be paid over to the person having
      custody of the minor or incompetent, or to cause the same to be paid to the
      minor or incompetent without the intervention of a guardian or custodian, or
      to
      cause the same to be paid to a legal guardian or custodian of the minor or
      incompetent if one has been appointed or to cause the same to be used for the
      benefit of the minor or incompetent.

     

    
      	9.4  	
              UNDERPAYMENT
                OR OVERPAYMENT OF BENEFITS.

            

    

     

    In
      the
      event that, through mistake or computational error, benefits are underpaid
      or
      overpaid, there shall be no liability for any more than the correct amount
      of
      benefits under the Plan. Overpayments may be deducted from future payments
      under
      the Plan and underpayments may be added to future payments under the Plan.
      In
      lieu of receiving reduced benefits under the Plan, a Participant or Beneficiary
      may elect to make a lump sum repayment of any overpayment.

     

    ARTICLE
      X

    AMENDMENT,
      MERGER AND TERMINATION

     

    
      	10.1  	
              AMENDMENT.

            

    

     

    The
      Company shall have the right at any time, by an instrument in writing duly
      executed, acknowledged and delivered to the Plan Administrator, to modify,
      alter
      or amend this Plan, in whole or in part, prospectively or retroactively;
      provided, however, that the duties and liabilities of the Plan Administrator
      and
      the Trustee hereunder shall not be substantially increased without their written
      consent; and provided further that the amendment shall not reduce any
      Participant’s interest in the Plan, calculated as of the date on which the
      amendment is adopted, and shall not cause any benefit payable under the Plan
      to
      become subject to additional taxes imposed under Section 409A of the
      Code.

     

    
      	10.2  	
              MERGER
                OR CONSOLIDATION OF COMPANY.

            

    

     

    The
      Plan
      shall not be automatically terminated by the Company’s acquisition by or merger
      into any other employer, but the Plan shall be continued after such acquisition
      or merger if the successor employer elects and agrees to continue the Plan.
      All
      rights to amend, modify, 

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    suspend,
      or terminate the Plan shall be transferred to the successor employer, effective
      as of the date of the merger. If an Employer other than the Company is acquired
      by or merged into any organization other than an Affiliate, the Plan shall
      be
      terminated as to the acquired Employer unless the Company and the acquirer
      agree
      otherwise in writing.

     

    
      	10.3  	
              TERMINATION
                OF PLAN OR DISCONTINUANCE OF CONTRIBUTIONS.

            

    

     

    It
      is the
      expectation of the Company and each of the Employers that this Plan will be
      continued indefinitely. However, continuance of the Plan is not assumed as
      a
      contractual obligation of the Company or any other Employer, and the right
      is
      reserved at any time to terminate this Plan or to reduce, temporarily suspend
      or
      discontinue contributions hereunder. If the Plan is terminated or contributions
      are reduced, temporarily suspended, or discontinued with respect to all
      Employers or any one or more Employers, the benefits of the affected
      Participants will continue to be held pursuant to the Plan until the date or
      dates on which such benefits would have become distributable had the Plan not
      been terminated or had contributions not been reduced, temporarily suspended,
      or
      discontinued. In the exercise of its discretion, however, the Plan Administrator
      may direct that the benefits of any Participant affected by the termination
      of
      the Plan as to all Employers or a particular Employer, or the reduction,
      temporary suspension, or discontinuance of contributions, be distributed as
      of
      an earlier date or dates.

     

    ARTICLE
      XI

    CHANGE
      OF CONTROL PROVISIONS

     

    
      	11.1  	
              ADDITIONAL
                SERVICE CREDIT.

            

    

     

    A
      Participant
      whose
      employment is terminated under such circumstances that the Participant, because
      of a Change of Control, is entitled to receive termination benefits under the
      Participant’s Change of Control Agreement will receive an additional 36 months
      of Service credit for purposes of this Plan.

     

    
      	11.2  	
              70/80
                RETIREMENT BENEFIT.

            

    

     

    A
      Participant
      whose
      employment is terminated under such circumstances that the Participant, because
      of a Change of Control, is entitled to receive termination benefits under the
      Participant’s Change of Control Agreement and whose age and years of Service, as
      of the date of termination of Service, equal or exceed (i) 70 if such
      Participant has attained age 55 on or before such date or (ii) 80 if he has
      not
      attained age 55 on or before such date, may elect (with the same rights of
      election as under the Retirement Plan or any other applicable plan) on or before
      the date of termination of Service to retire on such date (or on such other
      date
      as may be
      mutually agreed to between such Participant and the Company) and to receive,
      commencing on the first day of the month following or coinciding with his
      retirement, a retirement benefit in the amount computed under the provisions
      of
      Section 5.1 (Normal
      Retirement Benefit)
      and
      Section 5.2 (Early Retirement
      Benefit)
      without
      any reduction in such retirement benefit on account of the commencement thereof
      prior to attainment of his Normal Retirement Date; provided that the provisions
      of Section 5.1 (Normal
      Retirement Benefit)
      and
      Section 5.2 (Early
      Retirement Benefit)
      shall
      be applicable without regard to whether or not the Participant has attained
      age
      55. If such a retired Participant shall subsequently become reemployed by the
      Company, any retirement 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    benefit
      paid to him hereunder shall cease, his Service completed on and after the date
      of his reemployment shall continue to accrue and upon his subsequent retirement
      or termination of employment his retirement benefit shall be computed in
      accordance with the applicable provisions of the Plan, reduced by the Actuarial
      Equivalent of the amount of any retirement benefit previously paid
      hereunder.

     

    Each
      Participant in this Plan to whom this Section applies shall be fully vested
      in his or her benefits under the Plan whether or not he or she meets the Service
      requirements for a Deferred Vested Retirement Benefit.

     

    
      	11.3  	
              PLAN
                ADMINISTRATOR DISCRETION.

            

    

     

    The
      Plan
      Administrator shall determine, in accordance with uniform and nondiscriminatory
      rules designed to carry out the purpose of this Article to encourage and
      facilitate the retirement of older employees with long Service, whether this
      Section shall apply to any Participant whose age or length of Service is in
      doubt.

     

    
      	11.4  	
              SPECIAL
                LUMP SUM OPTION.

            

    

     

    Notwithstanding
      any other provision of this Plan to the contrary, the benefits of any
      Participant whose employment is terminated under such circumstances that the
      Participant, because of a Change of Control, is entitled to receive termination
      benefits under the Participant’s Change of Control Agreement shall be paid in
      the form of an Actuarially Equivalent lump sum. If such a Participant shall
      subsequently become reemployed by the Company, his Service completed on and
      after the date of his reemployment shall continue to accrue and upon his
      subsequent retirement or termination of employment his retirement benefit shall
      be computed in accordance with the applicable provisions of this Plan, reduced
      by the Actuarial Equivalent of the amount of any retirement benefit previously
      paid hereunder. The portion of the lump sum which 

     

    
      	 	
              (i)

            	
              is
                an incremental benefit arising from the foregoing provisions of this
                Article XI (the “COC Incremental Benefit”),
                or

            

    

     

    
      	 	
              (ii)

            	
              relates
                to the Participant’s accrued benefit at December 31, 2004
                

            

    

     

    shall
      be
      paid as of the date of the Participant’s termination of employment; provided
      that if the Participant is a ‘specified employee’ within the meaning of Section
      409A of the Code, and such Participant is terminated after March 15 in the
      calendar year following the year in which the Change of Control occurs then
      the
      COC Incremental Benefit shall be paid, with interest at a rate equal to the
      rate
      used to determine the Actuarial Equivalent value of such lump sum, on the first
      business day after the six-month anniversary of the Participant’s termination of
      employment. The portion of the lump sum which relates to the benefit that the
      Participant has accrued after December 31, 2004 which is not part of the COC
      Incremental Benefit shall be paid, with interest at a rate equal to the rate
      used to determine the Actuarial Equivalent value of such lump sum, on the first
      business day after the six-month anniversary of the Participant’s termination of
      employment. 

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XII

    GENERAL
      PROVISIONS

     

    
      	12.1  	
              LIMITATION
                ON PARTICIPANTS’ RIGHTS.

            

    

     

    Participation
      in the
      Plan shall not give any Participant the right to be retained in the employ
      of
      the Company or any Affiliate or any right or interest in the Trust Fund other
      than as herein provided. The Company and each Affiliate reserves the right
      to
      dismiss any Participant without any liability for any claim either against
      the
      Trust Fund, except to the extent herein provided, or against the Company, or
      Affiliate.

     

    
      	12.2  	
              STATUS
                OF PARTICIPANTS AS UNSECURED CREDITORS.

            

    

     

    Each
      Participant is an unsecured creditor of the Company or the Affiliate that
      employs the Participant and no Participant has any preferred or secured claim
      to
      any assets of the Company or any Affiliate for the payment of benefits under
      this Plan. If the Company or any Affiliate acquires any insurance policies
      or
      other investments to assist it in meeting its obligations to Participants,
      those
      policies or other investments will nonetheless remain part of the general assets
      of the Company or Affiliate.

     

    
      	12.3  	
              STATUS
                OF TRUST FUND.

            

    

     

    The
      Trust
      Fund is being established to assist the Company and the adopting Affiliates
      in
      meeting their obligations to the Participants and to provide the Participants
      with a measure of protection in certain limited instances. In certain
      circumstances described in the Trust Agreement, the assets of the Trust Fund
      may
      be used for the benefit of the Company’s or an Affiliate’s creditors and, as a
      result, the Trust Fund is considered to be part of the Company’s and adopting
      Affiliate’s general assets. Benefit payments due under this Plan shall either be
      paid from the Trust Fund or from the Company’s or Affiliate’s general assets as
      directed by the Plan Administrator. Despite the establishment of the Trust
      Fund,
      it is intended that the Plan be considered to be “unfunded” for purposes of the
      Act and the Code.

     

    
      	12.4  	
              CANCELLATION
                OR REDUCTION OF BENEFITS.

            

    

     

    An
      Employer and one of its Participants may agree from time to time to reduce
      the
      amount of the Participant’s benefit under this Plan. Any such agreement must be
      in writing, must be signed by the Participant and the Employer, shall relate
      only to the benefits to which the Participant is entitled and shall not
      circumvent the provisions of Sections 6.2 (Participant Elections),
      or 6.3
      (Forms
      of Benefit Payments)
      regarding the timing or manner of distributions from this Plan.

     

    
      	12.5  	
              UNIFORM
                ADMINISTRATION.

            

    

     

    Whenever
      in the administration of the Plan any action is required by the Plan
      Administrator, such action shall be uniform in nature as applied to all persons
      similarly situated.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    
      	12.6  	
              HEIRS
                AND SUCCESSORS.

            

    

     

    All
      of
      the provisions of this Plan shall be binding upon all persons who are entitled
      to any benefits hereunder and their heirs and legal
      representatives.

     

    
      	12.7  	
              NO
                LIABILITY FOR ACCELERATION OF PAYMENTS.

            

    

     

    Under
      the
      Plan, Participants are allowed, to a certain extent, to designate the dates
      on
      which distributions are to be made to them. The Plan Administrator, however,
      also has the right, in the exercise of its discretion, to accelerate payments.
      By accepting the benefits offered by the Plan, each Participant (and each
      beneficiary claiming through a Participant) acknowledges that the Plan
      Administrator may override the Participant’s elections and agrees that neither
      the Participant nor any Beneficiary shall have any claim against the Plan
      Administrator, the Trustee, or any Employer if distributions are made earlier
      than anticipated by the Participant due to the Plan Administrator’s exercise of
      its discretion to accelerate payments. Notwithstanding the foregoing, the Plan
      Administrator shall not accelerate any payment if such acceleration would result
      in a violation of Section 409A of the Code. 

     

    
      	12.8  	
              SECTION
                409A

            

    

     

    The
      Corporation and the Participants acknowledge and agree that any and all payments
      and transfers made under this Agreement will be made in compliance with and
      subject to the applicable requirements of Section 409A of the Code and the
      regulations and guidance of the Department of the Treasury interpreting and
      implementing Section 409A. 

     

    
      
         

        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    To
      signify its adoption of this Plan document, the Company has caused this Plan
      document to be executed by a duly authorized officer of the Company on this
            
      day of
      March, 2007.

     

     

    PHELPS
      DODGE CORPORATION

     

    By____________________________

     

    Its_______________________

     

    

    

    
      
        
        

        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    Appendix
      A

     

    The
      Company may enter into “Special Benefit Agreements” with individuals who satisfy
      the eligibility standards of Section 3.1 (Selection
      of Participants)
      which
      provide such individuals with benefits from the Plan on some basis other than
      pursuant to the generally applicable provisions of the Plan. All such Special
      benefit Agreements shall be set forth in writing and shall be signed by a duly
      authorized officer of the Company pursuant to such procedures as may be
      established from time to time by the Board or the Plan Administrator. If any
      provision of this Plan conflicts with a provision included in a Special Benefit
      Agreement, the provision of the Special Benefit Agreement shall
      control.

     

    The
      following Special Benefit Agreements have been entered into:

     

    
      	1.  	
              Letter
                agreement between L. William Seidman and the Company dated August
                15,
                1977.

            

    

     

    
      	2.  	
              Letter
                agreement between Edson L. Foster and the Company dated January 27,
                1988.

            

    

     

    
      	3.  	
              Letter
                agreement between Dr. Patrick J. Ryan and the Company dated January
                27,
                1988.

            

    

     

    
      	4.  	
              Letter
                agreement between G. Robert Durham and the Company dated March 1,
                1989.

            

    

     

    
      	5.  	
              Letter
                agreement between William C. Tubman and the Company dated November
                1,
                1989.

            

    

     

    
      	6.  	
              Letter
                agreement between A.L. (John) Lawrence and the Company dated November
                1,
                1989.

            

    

     

    
      	7.  	
              Agreement
                and General Release between Julio Bague and Phelps Dodge International
                Corporation, made as of September 8,
                1993.

            

    

     

    
      	8.  	
              Agreement
                and General Release between Herbert Dunham and Phelps Dodge Mining
                Company
                made as of June 1, 1994.

            

    

     

    
      	9.  	
              Retirement
                Agreement and General Release between John C. Replogle and the Company
                dated December 4, 1997.

            

    

     

    
      	10.  	
              Retirement
                Agreement and General Release between Henry W. Konerko and the Company
                dated August 11, 1998.

            

    

     

    
      	11.  	
              Retirement
                Agreement and General Release between Richard W. Rice and the Company
                dated December 31, 1998 by Mr. Rice and December 28, 1998 by the
                Company.

            

    

     

    
      	12.  	
              Agreement,
                General Release and Covenant Not to Sue between George M. Meseha
                and
                Phelps Dodge Copper Products Co. dated December 31, 1998 by Mr. Meseha
                and
                January 11, 1999 by Phelps Dodge Copper Products
                Co.

            

    

     

    
      	13.  	
              Agreement
                and General Release between Thomas M. St. Clair and the Company dated
                June
                15, 1999.

            

    

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    
      	14.  	
              Agreement
                and General Release between Roger Weadock and the Phelps Dodge Magnet
                Wire
                Company dated December 11, 1998 by Mr. Weadock and November 9, 1998
                by
                Phelps Dodge Magnet Wire Company.

            

    

     

    
      	15.  	
              Agreement
                and General Release between James L. Madson and the Company dated
                September 24, 1999.

            

    

     

    
      	16.  	
              Agreement
                between Douglas C. Yearley and the Company dated December 9,
                1999.

            

    

     

    
      	17.  	
              Agreement
                and General Release between A. L. Lawrence and the Company dated
                January 28, 2000.

            

    

     

    
      	18.  	
              Letter
                agreement between James B. McBiles and the Company dated January
                6,
                1994.

            

    

     

    
      	19.  	
              Agreement
                and General Release between Kirk D. Kemmish and the Company dated
                August
                31, 2000.

            

    

     

    
      	20.  	
              Agreement
                and General Release between Bernard G. Rethore and the Company dated
                January 6, 1995.

            

    

     

    
      	21.  	
              Agreement
                and General Release between Manuel J. Iraola and the Company dated
                March 6, 2002.

            

    

     

    
      
        
        

      

      
        31

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