UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 3,
2009
FREEPORT-McMoRan
COPPER & GOLD INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
1-9916
|
74-2480931
|
||
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification Number)
|
|
One
North Central Avenue
|
|
|
Phoenix,
Arizona
|
85004-4414
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (602) 366-8100
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) Executive
Compensation
On
February 2, 2009, James R. Moffett, the Chairman of the Board, and Richard C.
Adkerson, the President and Chief Executive Officer of Freeport-McMoRan Copper
& Gold Inc. (FCX), informed the Corporate Personnel Committee of Board of
Directors that they would not accept an annual cash incentive award for 2008
under the FCX 2005 Annual Incentive Plan. The 2005 Annual Incentive
Plan, which was approved by the company’s shareholders in 2005, provides for
annual cash incentive awards based on operating cash flow.
In
addition, awards to executives will no longer be made under the FCX Long-Term
Performance Incentive Plan (LTPIP). The LTPIP was adopted by the
Board and approved by the company’s shareholders in 1999. Under the
LTPIP, select individuals have been awarded performance units, which are valued
and paid out after a four-year performance period based on the cumulative
earnings (or loss) per share during the performance period. On
February 2, 2009, Corporate Personnel Committee of the Board certified the
financial results under the LTPIP. After crediting the loss per share
for 2008, the performance units that vested on December 31, 2008 had no value,
and there were no longer any accrued balances remaining under outstanding
performance units. As a result, the Committee recommended that the
Board of Directors terminate the plan. On February 3, 2009, the FCX
Board of Directors, following the recommendation of the Committee, approved the
termination of the LTPIP. As a result of the termination of the plan,
no further performance units will be awarded and no further credits will be made
to the performance unit accounts of outstanding performance units in connection
with the annual earnings (or loss) per share for fiscal years 2009 and
beyond.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
FREEPORT-McMoRan
COPPER & GOLD INC.
By: /s/
C. Donald Whitmire, Jr.
----------------------------------------
C. Donald
Whitmire, Jr.
Vice
President and Controller -
Financial
Reporting
(authorized
signatory and
Principal
Accounting Officer)
Date: February
5, 2009