Summary
Freeport-McMoRan Inc. (FCX) has entered into a material definitive agreement with Dr. J. Taylor Wharton through its wholly-owned subsidiary, FM Services Company. This agreement, effective January 11, 2008, establishes Dr. Wharton as a consultant for medical and health affairs at an annual fee of $400,000. The initial term is for one year, with automatic annual renewals thereafter, covering FM Services, its affiliates, and their personnel. In conjunction with this consulting role, Dr. Wharton has resigned from his positions as Chairman of the Public Policy Committee and a member of the Corporate Personnel Committee of FCX's Board of Directors. He will continue to serve as a director and as a member of the Public Policy Committee. The Board has appointed Stephen H. Siegele as the new Chairman of the Public Policy Committee. This filing also confirms FCX's Board comprises sixteen directors, with nine meeting NYSE independence standards.
Key Highlights
- 1FCX subsidiary FM Services Company entered into a consulting agreement with Dr. J. Taylor Wharton.
- 2Dr. Wharton will provide consulting services related to medical and health affairs.
- 3The annual consulting fee for Dr. Wharton is $400,000.
- 4The agreement has an initial term of one year (January 11, 2008 - December 31, 2008) with automatic one-year renewals.
- 5Dr. Wharton resigned as Chairman of the Public Policy Committee and from the Corporate Personnel Committee.
- 6Dr. Wharton will remain a member of the Board of Directors and the Public Policy Committee.
- 7Stephen H. Siegele has been appointed as the new Chairman of the Public Policy Committee.