50 of the Top 250 law firms use our Products every day
|
Exhibit
10.53
FIRST AMENDMENT
TO THE
PHELPS DODGE CORPORATION
SUPPLEMENTAL RETIREMENT PLAN
Phelps
Dodge Corporation (the “Company”) has previously
adopted the Plan, and most recently amended and restated it in
its entirety effective as of January 1, 2005 to bring it into
documentary compliance with Section 409A of the Internal
Revenue Code and related Internal Revenue Service guidance and
proposed regulations (collectively “Section
409A”). Pursuant to Sections 7.3 and 10.1 of
the Plan, and as duly authorized by the Company, the Benefits
Administration Committee (“BAC”) may amend the
Plan at any time, prospectively or retroactively; provided, in
relevant part, that (i) the amendment shall not reduce the
interest of any Participant in the Plan calculated as of the
date of the amendment, and (ii) no such amendment shall cause
any benefit payable under the Plan to become subject to
additional taxes imposed under Section 409A of the
Code. The BAC has determined that it is necessary
or desirable to further amend the Plan in a manner that shall
not reduce the interest of any Participant and is consistent
with the requirements of Section 409A.
|
1.
|
This
Amendment shall take effect as of
|
|
