Summary
Freeport-McMoRan Inc. (FCX) filed an 8-K on January 24, 2005, to disclose material definitive agreements entered into by its subsidiary, FM Services Company. The primary focus is on the renewal and amendment of consulting agreements with two directors of FCX, B. M. Rankin, Jr. and J. Bennett Johnston, Jr. For Mr. Rankin, the consulting agreement has been extended for an additional year, through December 31, 2005, with no changes to the existing terms. For Mr. Johnston, his consulting arrangement includes an additional $50,000 for services rendered on a McMoRan Exploration Co. (MMR) project and a further $50,000 upon successful completion. MMR will reimburse FM Services for these consulting fees related to its project, under an existing services agreement where FM Services provides various support functions to MMR.
Key Highlights
- 1Renewal of consulting agreement with FCX Director B. M. Rankin, Jr. for one year (January 1, 2005 - December 31, 2005).
- 2Supplemental agreement with FCX Director J. Bennett Johnston, Jr. for consulting services related to a McMoRan Exploration Co. (MMR) project.
- 3Mr. Johnston to receive an additional $50,000 for services rendered and $50,000 upon successful completion of the MMR project.
- 4McMoRan Exploration Co. (MMR) will reimburse FM Services for consulting fees paid to Mr. Johnston for MMR's project.
- 5FM Services Company, a subsidiary of FCX, is the party entering into these supplemental agreements.
- 6All original terms of Mr. Rankin's consulting agreement remain unchanged.
- 7FM Services provides ongoing executive, technical, administrative, accounting, financial, tax, and other services to MMR.