Freeport-McMoRan grants stock units to CEO, ends salary agreement

Monday, 23 Dec 2013 | 10:19 AM ET

Dec 23 (Reuters) - Freeport-McMoRan Copper & Gold Inc said it would grant Chief Executive Richard Adkerson restricted stock units representing 1 million shares of the company, while terminating his current employment agreement, including salary, bonus and other rights.

Adkerson will continue in his current role as president and CEO, the company said on Monday.

Adkerson's grant is worth about $36 million, based on Freeport's Friday close of $35.69.

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