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AMENDMENT TO THE ELIP SPLIT DOLLAR LIFE INSURANCE AGREEMENT ENDORSEMENT METHOD

Life Insurance Split Dollar Agreement

AMENDMENT TO THE ELIP SPLIT DOLLAR LIFE INSURANCE AGREEMENT ENDORSEMENT METHOD | Document Parties: Life Insurance Plan Split Dollar Life Insurance | Phelps Dodge Corporation You are currently viewing:
This Life Insurance Split Dollar Agreement involves

Life Insurance Plan Split Dollar Life Insurance | Phelps Dodge Corporation

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Title: AMENDMENT TO THE ELIP SPLIT DOLLAR LIFE INSURANCE AGREEMENT ENDORSEMENT METHOD
Date: 5/10/2007
Industry: Metal Mining     Sector: Basic Materials

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Exhibit 10.76

AMENDMENT TO THE

ELIP SPLIT DOLLAR LIFE INSURANCE AGREEMENT

(ENDORSEMENT METHOD

 

 

AMENDMENT (the “ Amendment ”) to Executive Life Insurance Plan Split Dollar Life Insurance Agreement (Endorsement Method) (the “ Agreement ”), dated as of July 14, 2003 by and between Phelps Dodge Corporation, a New York corporation (the “ Corporation ”), and certain individuals as designated by the Corporation, in its sole discretion, for participation in the Executive Life Insurance Plan (the “ Participants ”), dated as of March 5, 2007. Terms used without definition herein shall have the respective meanings set forth in the Agreement.

 

WHEREAS, the Corporation adopted a revised Executive Life Insurance Plan, effective January 1, 2003 (the “ Plan ”), which is the current version of the Plan;

 

WHEREAS, some Participants in the Plan have life insurance policies issued pursuant to the Plan;

 

WHEREAS, Section 409A of the U.S. Internal Revenue Code (“ Section 409A ”) became effective as of January 1, 2005;

 

WHEREAS, guidance issued by the U.S. Internal Revenue Service permits service providers to amend their employee benefit plans (such as the Plan and the Agreement) to bring them into documentary compliance with Section 409A, including amendments which avoid the application of Section 409A;

 

WHEREAS, the Corporation has been performing its obligations under the Agreement in good faith compliance with Section 409A;

 

WHEREAS, the Corporation’s board of directors, by resolution dated November 18, 2006 (the “Resolution”), authorized certain officers of the Corporation, in the name and on behalf of the Corporation, to amend the Corporation’s employee ben


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