Freeport-McMoRan Copper & Gold Inc. chief executive officer
Richard C. Adkerson gave up his right for severance pay as he
canceled his employment agreement and received a retention
award of shares valued at $36 million.
He will continue in
his current role as president, chief executive and vice
chairman, the Phoenix-based miner said Dec. 23.
"FCX and Adkerson have
mutually agreed to terminate his employment agreement,
including Adkersons rights to any specified salary, bonus
or other compensation amounts, rights to severance or
change-of-control payments and other rights under his
employment agreement," the company said.
As a result, Adkerson
was awarded a special retention bonus of restricted stock units
representing 1 million company shares worth about $36 million
based on a $35.69-per-share closing price on the New York Stock
Exchange Dec. 20.
Adkerson was eligible
for $113 million in case of termination with good reason or no
cause, or $124 million in the case of change-of-control
termination, according to Freeports last proxy filing
with the U.S. Securities and Exchange Commission.
His base pay in 2012
was $2.5 million, but his total direct compensation including
base pay, bonus, stocks, options and incentives was $17.3
Separately, Lydia H.
Kennard and Frances Fragos Townsend have been appointed to the
companys board of directors.
Kennard is president
and chief executive officer of KDG Construction Consulting,
Glendale, Calif., and Fragos Townsend currently serves as
executive vice president of worldwide government, legal and
business affairs at New York-based MacAndrews & Forbes
Holdings Inc. and as a director of Scientific Games Corp., SIGA
Technologies Inc., New York, and Western Union Co., Englewood,
A version of this
article was first published in AMM sister publication Metal