DEF 14A of Freeport-Mcmoran Inc, Apr 23, 2026

DEF 14A of Freeport-Mcmoran Inc

Filed Apr 23, 2026 · FY20250001193125-26-173666

Open on EDGAR

  1. IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 10, 2026

    | Compensation Committee Report | 50 | | Executive Compensation Tables | 51 | | CEO Pay Ratio | 61 | | Pay-Versus-Performance | 62 | | Stock Ownership | 66 | | Director and Executive Officer Stock Ownership Guidelines | 66 | | Hedging and Pledging Policies | 66 | | Stock Ownership of Directors and Executive Officers | 67 | | Stock Ownership of Certain Beneficial Owners | 68 | | Audit Committee Matters | 69 | | Proposal No. 3: Ratification of the Appointment of Ernst & Young LLP as Our Independent Registered Public Accounting Firm for 2026 | 69 | | Vote Required to Ratify the Appointment of Ernst & Young LLP as Our Independent Registered Public Accounting Firm for 2026 | 69 | | Audit Committee Report | 70 | | Appointment of Independent Registered Public Accounting Firm; Financial Statement Review | 70 | | Internal Audit | 71 | | Independent Registered Public Accounting Firm | 71 | | Questions and Answers About the Proxy Materials, Annual Meeting and Voting | 72 | | 2027 Stockholder Proposals and Director Nominations | 79 | | Proposals for Inclusion in 2027 Proxy Statement | 79 | | Director Nominations for Inclusion in 2027 Proxy Statement – Proxy Access Nominations | 79 | | Other Proposals and Director Nominations | 79 | | Annex A – Non-GAAP Financial Measures | 80 | | Methodology Used to Calculate Certain AIP Metrics | 80 | | Methodology Used to Calculate Certain LTIP Metrics | 80 | | Other Non-GAAP Financial Measures | 81 | | Annex B – Calculation of Grant Date Fair Value of RSUs and PSUs | 81 |

  2. Proposal No. 1 – Election of Directors

    Proposal No. 1 – Election of Directors

  3. Proposal No. 1 – Election of Directors

    | ✔ The board recommends that you vote FOR each director nominee. | Page 12 |

  4. Director Nominee Overview

    Director Nominee Overview

  5. Director Nominee Overview

    | | David P. Abney, 70 Retired Chairman and Chief Executive Officer of United Parcel Service, Inc. | | Richard C. Adkerson, 79 Chairman of the Board of Freeport-McMoRan Inc. | | | Marcela E. Donadio, 71 Retired Partner and Americas Oil & Gas Sector Leader of Ernst & Young LLP | | Tenure: 5.0 years Other Public Boards: Northrop Grumman Corporation, Target Corporation Committees: Cc | | Tenure: 19.5 years Other Public Boards: None Committees: None | | Tenure: 4.7 years Other Public Boards: Norfolk Southern Corporation, NOV Inc. Committees: A, G | | | | | Hugh Grant, 68 Retired Chairman of the Board, President and Chief Executive Officer of Monsanto Company | | Lydia H. Kennard, 71 President and Chief Executive Officer of KDG Construction Consulting and Quality Engineering Solutions | | | Ryan M. Lance, 63 Chairman and Chief Executive Officer of ConocoPhillips | | Tenure: 4.3 years Other Public Boards: Linde plc Committees: C | | Tenure: 12.3 years Other Public Boards: Prologis, Inc., Vulcan Materials Company Committees: Gc, R | | Tenure: 4.5 years Other Public Boards: ConocoPhillips Committees: G, R | | | | | Sara Grootwassink Lewis, 58 Retired Chief Executive Officer of Lewis Corporate Advisors | | Dustan E. McCoy, 76 Retired Chairman and Chief Executive Officer of Brunswick Corporation | | | Kathleen L. Quirk, 62 President and Chief Executive Officer of Freeport-McMoRan Inc. | | Tenure: 4.7 years Other Public Boards: Healthpeak Properties, Inc., Weyerhaeuser Company Committees: A | | Tenure: 19.1 years Other Public Boards: Louisiana-Pacific Corporation, YETI Holdings, Inc. Committees: C Lead Independent Director | | Tenure: 3.2 years Other Public Boards: Vulcan Materials Company Committees: None | | | | | John J. Stephens, 66 Retired Senior Executive Vice President and Chief Financial Officer of AT&T Inc. | | Frances Fragos Townsend, 64 Advisory Services, Frances Fragos Townsend, LLC | | Committee Key: A Audit C Compensation G Governance R Corporate Responsibility c Chair Independent Director | | | Tenure: 6.5 years Other Public Boards: Solid Power, Inc. Committees: Ac | | Tenure: 12.3 years Other Public Boards: Chubb Limited, Leonardo DRS, Inc. Committees: Rc | | | | |

  6. Director Nominee Overview

    | 6 | Freeport |

  7. Vote Required to Elect Director Nominees

    Vote Required to Elect Director Nominees Under our by-laws, in uncontested elections, directors are elected by a majority of the votes cast, meaning a candidate for director is elected if the votes in favor of his or her election exceed the votes against his or her election. In contested elections where the number of nominees exceeds the number of directors to be elected, directors are elected by a plurality vote, meaning that the director nominees who receive the most votes will be elected. In an uncontested election, any nominee for director who receives a greater number of votes “against” his or her election than votes “for” such election will be required to promptly tender his or her resignation to the board. The governance committee will recommend to the board whether to accept or reject the tendered resignation. The board will act on the governance committee’s recommendation and publicly disclose its decision within 90 days from the date of the annual meeting of stockholders. Any director who tenders his or her resignation will not participate in the committee’s recommendation or the board action regarding whether to accept or reject the tendered resignation. In addition, if each member of the governance committee fails to be elected at the same election, the independent directors who were elected will appoint a committee to consider the tendered resignations and recommend to the board whether to accept or reject them. Any vacancies on the board may be filled by a majority of the directors then in office, with each such director holding office until his or her successor is duly elected and qualified or until his or her earlier death, resignation, removal or retirement. Each nominee has consented to being named as a nominee in this proxy statement and to serve as a director if elected. The persons named as proxies on the proxy card intend to vote your proxy for the election of each director nominee, unless otherwise directed. If, contrary to our expectations, any nominee is unable to serve or for good cause will not serve, your proxy will be voted for a substitute nominee designated by the board, or the board may reduce its size. See “Questions and Answers About the Proxy Materials, Annual Meeting and Voting” for more information about voting procedures.

  8. Vote Required to Elect Director Nominees

    | 12 | Freeport |

  9. Board Qualifications, Skills and Experience

    Board Qualifications, Skills and Experience Our board believes that it is desirable that the following qualifications, skills and experience are represented on our board because of their particular relevance to our business.

  10. Board Qualifications, Skills and Experience

    | Experience, Qualifications and Skills | | Why Is This Important to FCX? | Directors with This Experience, Qualification or Skill | | | Natural resources, mining, commodities industry or other extractives experience | Natural resources, mining, commodities or other extractives industry experience assists the board in understanding business considerations relevant to our global activities, including operational matters and requirements, strategic planning, key risks and competitive environment. | 6 of 11 | | | CEO experience | Directors with CEO experience have a demonstrated record of leadership and bring valuable perspectives and practical understanding of business processes, strategic planning, risk and risk management, maintaining effective, sustainable and safe operations, and driving growth in order to achieve our strategic goals. | 7 of 11 | | | International business/global affairs | Experience in international business/global affairs or experience related to global economic trends yields an understanding of geographically diverse business environments, regulatory matters, economic conditions and cultural perspectives that informs our global business and strategy and enhances our global operations. | 10 of 11 | | | Accounting/ financial expertise | Experience as an accountant, auditor, financial advisor or other similar experience is critical to oversight of the preparation and audit of our financial statements and compliance with related regulatory requirements and standards. We aim to have several directors who could qualify as audit committee financial experts (as defined by SEC rules). | 7 of 11 | | | Sustainability | Experience advancing and implementing sustainability strategy and programs supports our responsible production commitments and risk management, including prioritizing the health, safety and well-being of our workforce; strengthening our environmental programs; enhancing our climate resilience; respecting human rights in our business practices; and recruiting, developing and retaining employees, among other environmental and social priorities. | 8 of 11 | | | Capital markets/banking | Experience overseeing capital markets and banking transactions and mergers and acquisitions provides the knowledge and skills necessary to evaluate and oversee the company’s design and implementation of financing and capital allocation strategies. | 8 of 11 | | | Government/legal | Government relations, legal, regulatory compliance and/or public policy experience offers valuable insight into the impact of laws, rules, regulations, and other governmental actions and decisions on our company and our industry. | 11 of 11 | | | Public company board experience | Directors who serve or have served on the boards and board committees of public companies demonstrate a deep understanding of risk oversight, succession planning, corporate governance standards and best practices of public company boards and board committees. | 11 of 11 |

  11. Board Qualifications, Skills and Experience

    | 2026 Proxy Statement | 13 |

  12. Director Skills Matrix

    Director Skills Matrix Our director nominees represent a range of overall experience and tenures, which contributes to a variety of perspectives and facilitates an effective balance of institutional knowledge and fresh viewpoints and expertise in the boardroom. Our industry and strategic initiatives often have prolonged lifecycles, and it is therefore helpful to have seasoned directors who are familiar with our company, can draw on past experience and share these insights with newer directors. We believe this balanced composition across skills and tenures is in the best interest of our company and our stockholders. Our governance committee remains committed to an ongoing review of the board’s composition to ensure that we continue to have the right mix of knowledge, experience and expertise to position the company for long-term success.

  13. Director Skills Matrix

    | | | | | | | | | | | | | | | Experience, Qualifications and Skills | | | | | | | | | | | | | | | Natural resources, mining, commodities industry and other extractives experience | | ● | ● | ● | | ● | | ● | ● | | | | | CEO experience | ● | ● | | ● | ● | ● | | ● | ● | | | | | International business/global affairs | ● | ● | ● | ● | | ● | ● | ● | ● | ● | ● | | | Accounting/financial expertise | ● | ● | ● | | ● | | ● | | ● | ● | | | | Sustainability | ● | ● | | ● | ● | ● | | ● | ● | | ● | | | Capital markets/banking | ● | ● | | ● | | ● | ● | ● | ● | ● | | | | Government/legal | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | | | Public company board experience | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Tenure and Age | | | | | | | | | | | | | | Tenure (Years) | | 5.0 | 19.5 | 4.7 | 4.3 | 12.3 | 4.5 | 4.7 | 19.1 | 3.2 | 6.5 | 12.3 | | Age (Years) | | 70 | 79 | 71 | 68 | 71 | 63 | 58 | 76 | 62 | 66 | 64 |

  14. Director Skills Matrix

    | 14 | Freeport |

  15. Information About Director Nominees

    Information About Director Nominees Included below is certain information with respect to the director nominees, including information regarding key business experience, director positions with other public companies held currently or at any time during the last five years, and the experiences, qualifications and skills that led the governance committee and the board to determine that such person should be nominated at our 2026 annual meeting of stockholders to serve as a director of the company.

  16. Information About Director Nominees

    | | David P. Abney Retired Chairman and Chief Executive Officer of United Parcel Service, Inc. | | | | | Independent Age 70 Director since 2021 Committees § Compensation (Chair) | Current Public Company Directorships § Northrop Grumman Corporation § Target Corporation | Former Public Company Directorships § Macy’s Inc. |

  17. Skills and Qualifications

    Skills and Qualifications

  18. Skills and Qualifications

    | § Executive leadership experience as former Chairman and CEO of a complex global enterprise with a large, labor-intensive workforce |

  19. Skills and Qualifications

    | § Expertise in international operations, global logistics and supply chain resilience as well as broad experience with human capital management, leading global teams, information security/data privacy and overseeing sustainability driven change, including the transition to emerging technologies |

  20. Skills and Qualifications

    | § Public company board experience as well as nonprofit leadership experience |

  21. Business Experience

    Business Experience United Parcel Service, Inc. (UPS), a multinational package delivery and supply chain management company 2016 to 2020 Chairman of the Board of Directors 2014 to 2020 Chief Executive Officer 2007 to 2014 Chief Operating Officer 2003 to 2007 Senior Vice President and President of UPS International

  22. Education and Professional Credentials

    Education and Professional Credentials

  23. Education and Professional Credentials

    | § B.S. in Business Administration from Delta State University |

  24. Education and Professional Credentials

    | | Richard C. Adkerson Chairman of the Board of Freeport-McMoRan Inc. Age 79 Director since 2006 |

  25. Skills and Qualifications

    Skills and Qualifications

  26. Skills and Qualifications

    | § Recognized business leader in the mining industry, with decades of industry and operational experience, an in-depth understanding of the company’s long-term strategy, connectivity to our global workforce, and strong relationships with our stakeholders |

  27. Skills and Qualifications

    | § Current member and former Chair of the International Council on Mining and Metals from 2008 to 2011 and 2020 to 2022; previously served on the Executive Board of the International Copper Association |

  28. Skills and Qualifications

    | § Graduate member of The Business Council, former member of the Business Roundtable and member of the Council on Foreign Relations; 2009 recipient of The Copper Club’s Ankh Award as Copper Man of the Year; inducted into the American Mining Hall of Fame in 2010, the National Mining Hall of Fame in 2023 and Institutional Investors’ CEO Hall of Fame in 2024 |

  29. Business Experience

    Business Experience Freeport-McMoRan Inc. Since 2021 Chairman of the Board 2003 to 2024 Chief Executive Officer 2013 to 2021 Vice Chairman of the Board 2000 to 2003 Chief Financial Officer 1997 to 2007 and 2008 to 2021 President

  30. Business Experience

    | § B.S. in Accounting with highest honors and M.B.A. from Mississippi State University and completed Advanced Management Program at Harvard Business School |

  31. Business Experience

    | 2026 Proxy Statement | 15 |

  32. Business Experience

    | | Marcela E. Donadio Retired Partner and Americas Oil & Gas Sector Leader of Ernst & Young LLP | | | | | Independent Age 71 Director since 2021 Committees § Audit § Governance | Current Public Company Directorships § Norfolk Southern Corporation § NOV Inc. | Former Public Company Directorships § Marathon Oil Corporation |

  33. Business Experience

    | § Over 37 years of audit and public accounting experience with a specialization in domestic and international operations in all segments of the energy industry |

  34. Business Experience

    | § Comprehensive knowledge of public company financial reporting regulations and compliance requirements and a deep understanding of the strategic issues and risks affecting companies in the extractives industry |

  35. Business Experience

    | § Experienced audit partner for multiple companies with domestic and international operations in the natural resources sector; held various energy industry leadership positions during her career |

  36. Business Experience

    | § Significant public company board experience (including prior service as Lead Independent Director of Marathon Oil) |

  37. Business Experience

    | § National Association of Corporate Directors (NACD) Directorship 100 Honoree and 2025 Recipient of Lettie Pate Whitehead Evans Award |

  38. Business Experience

    Business Experience Ernst & Young LLP, a multinational professional services firm 2007 to 2014 Americas Oil & Gas Sector Leader 1989 to 2014 Audit Partner

  39. Education and Professional Credentials

    Education and Professional Credentials

  40. Education and Professional Credentials

    | § B.S. in Accounting from Louisiana State University and a Certified Public Accountant (Texas) |

  41. Education and Professional Credentials

    | | Hugh Grant Retired Chairman of the Board, President and Chief Executive Officer of Monsanto Company | | | | | Independent Age 68 Director since 2021 Committees § Compensation | Current Public Company Directorships § Linde plc | Former Public Company Directorships § PPG Industries, Inc. |

  42. Skills and Qualifications

    Skills and Qualifications

  43. Skills and Qualifications

    | § As Chairman, President and CEO of Monsanto, he led the company’s strategic transition to become a pioneer in agriculture biotechnology; he and the company were recognized by numerous groups for innovation, sustainability and business leadership during his tenure |

  44. Skills and Qualifications

    | § Significant executive leadership, corporate governance (including prior service as Independent Lead Director of PPG Industries, Inc.), managerial, operational, international, distribution, biological systems and technology expertise |

  45. Skills and Qualifications

    | § Director of Invaio Sciences, Inc., a private technology company focused on unlocking the potential of the planet’s interdependent natural systems to address pressing agricultural, sustainability and environmental challenges |

  46. Skills and Qualifications

    | § Director of CIBO Technologies, a private company that applies advanced technologies to deliver a deep understanding of agricultural systems to help mitigate climate change, advance food system resilience and improve grower outcomes through driving the adoption of sustainable practices |

  47. Skills and Qualifications

    | § Member of the American Academy of Arts & Sciences |

  48. Business Experience

    Business Experience Monsanto Company, a global provider of technology-based solutions and agricultural products 2003 to 2018 Chairman of the Board 2003 to 2018 President and Chief Executive Officer 2000 to 2002 Executive Vice President and Chief Operating Officer

  49. Business Experience

    | § BSc (Honors) in Molecular Biology and Agricultural Zoology from Glasgow University, Post Graduate Diploma in Agriculture from Edinburgh University and M.B.A. from the International Management Centre in Buckingham, United Kingdom |

  50. Business Experience

    | 16 | Freeport |

  51. Business Experience

    | | Lydia H. Kennard President and Chief Executive Officer of KDG Construction Consulting and Quality Engineering Solutions | | | | | Independent Age 71 Director since 2013 Committees § Corporate Responsibility § Governance (Chair) | Current Public Company Directorships § Prologis, Inc. § Vulcan Materials Company | Former Public Company Directorships § Healthpeak Properties, Inc § AECOM |

  52. Business Experience

    | § Over 40 years of executive and operational experience in aviation, construction management and real estate development |

  53. Business Experience

    | § Deep understanding of operational requirements and corporate governance matters |

  54. Business Experience

    | § Significant public company board experience |

  55. Business Experience

    | § Experience in environmental management and pollution control matters through her former involvement with the California Air Resources Board |

  56. Business Experience

    | § Named one of Board Prospects, Inc.’s 100 Black Board Members Making a Difference |

  57. Business Experience

    Business Experience KDG Construction Consulting, a construction and program management firm Since 2011 President and Chief Executive Officer Quality Engineering Solutions, a full-service pavement engineering and construction inspection company Since 2021 President and Chief Executive Officer KDG Aviation, LLC (formerly, Airport Property Ventures, LLC), a developer and operator of aviation facilities Since 2007 Principal Los Angeles World Airports 1999 to 2003 and 2005 to 2007 Chief Executive Officer

  58. Education and Professional Credentials

    Education and Professional Credentials

  59. Education and Professional Credentials

    | § B.A. in Urban Planning and Management from Stanford University, Master in City Planning from Massachusetts Institute of Technology and J.D. from Harvard Law School |

  60. Education and Professional Credentials

    | | Ryan M. Lance Chairman and Chief Executive Officer of ConocoPhillips | | | | Independent Age 63 Director since 2021 Committees § Corporate Responsibility § Governance | Current Public Company Directorships § ConocoPhillips |

  61. Skills and Qualifications

    Skills and Qualifications

  62. Skills and Qualifications

    | § Over 40 years of executive and operational experience in the oil and natural gas industry; leadership role in developing and advancing ConocoPhillips’ growth and development plans, decarbonization plans and other key sustainability initiatives |

  63. Skills and Qualifications

    | § Extensive experience in international exploration and production, including regional responsibility at various times for Asia, Africa, the Middle East and North America, and responsibility for technology, major projects, downstream strategy, integration and specialty functions |

  64. Skills and Qualifications

    | § Former Chairman of the American Petroleum Institute and currently serves on its Executive Committee; Chair of National Petroleum Council |

  65. Skills and Qualifications

    | § Member of the board of directors of the Business Roundtable, member of The Business Council and trustee of the board of the National Fish and Wildlife Foundation |

  66. Business Experience

    Business Experience ConocoPhillips, one of the world’s largest independent exploration and production companies Since 2012 Chairman of the Board and Chief Executive Officer 2009 to 2012 Senior Vice President, Exploration and Production – International 2007 to 2009 President, Exploration and Production – Europe, Asia, Africa and the Middle East 2007 Senior Vice President, Technology 2006 to 2007 Senior Vice President, Technology and Major Projects 2005 to 2006 President, Downstream Strategy, Integration and Specialty Businesses

  67. Business Experience

    | § B.S. in Petroleum Engineering from Montana Technological University |

  68. Business Experience

    | 2026 Proxy Statement | 17 |

  69. Business Experience

    | | Sara Grootwassink Lewis Retired Chief Executive Officer of Lewis Corporate Advisors | | | | | Independent Age 58 Director since 2021 Committees § Audit | Current Public Company Directorships § Healthpeak Properties, Inc. § Weyerhaeuser Company | Former Public Company Directorships § Sun Life Financial Inc. |

  70. Business Experience

    | § Over 30 years of executive leadership, accounting, corporate finance and capital markets experience |

  71. Business Experience

    | § Over 20 years of extensive public company board experience |

  72. Business Experience

    | § Observing board member of PwC USA LLP Board of Partners and Principals, senior trustee of the Brookings Institution, the Leadership Board, and Corporate Governance Committee for the U.S. Chamber of Commerce Center for Capital Markets Competitiveness, and the Audit Committee Council of the Center for Audit Quality |

  73. Business Experience

    | § Board Leadership Fellow and delegate for the Advisory Council for Risk Oversight for the NACD (since 2012) and NACD Directorship 100 Honoree; former member of the Public Company Accounting Oversight Board Standing Advisory Group (2015-2017) |

  74. Business Experience

    Business Experience Lewis Corporate Advisors, a capital markets advisory firm 2009 to 2018 Founder and Chief Executive Officer Washington Real Estate Investment Trust 2002 to 2009 Executive Vice President and Chief Financial Officer 2001 to 2002 Managing Director, Finance and Capital Markets Corporate Office Properties Trust 1999 to 2001 Vice President, Finance and Investor Relations

  75. Education and Professional Credentials

    Education and Professional Credentials

  76. Education and Professional Credentials

    | § B.S. in Finance from the University of Illinois at Urbana-Champaign, a Certified Public Accountant (Illinois) and a Chartered Financial Analyst |

  77. Education and Professional Credentials

    | § Earned the CERT (Computer Emergency Response Team) certificate in Cybersecurity Oversight from Carnegie Mellon University and the NACD, demonstrating her commitment to advanced understanding of the role of the board and management in cybersecurity oversight |

  78. Education and Professional Credentials

    | | Dustan E. McCoy, Lead Independent Director Retired Chairman and Chief Executive Officer of Brunswick Corporation | | | | Independent Age 76 Director since 2007 Committees § Compensation | Current Public Company Directorships § Louisiana-Pacific Corporation § YETI Holdings, Inc. |

  79. Skills and Qualifications

    Skills and Qualifications

  80. Skills and Qualifications

    | § Executive leadership, management and extensive public company boardroom experience |

  81. Skills and Qualifications

    | § Comprehensive experience with legal and compliance matters, corporate governance (including prior service as Lead Independent Director of Louisiana-Pacific Corporation) and disclosure matters and human capital management |

  82. Skills and Qualifications

    | § Over 20 years of experience in the natural resources and extractives industry with Ashland Oil, Inc. and as Chairman of the Board of a private quarry business |

  83. Skills and Qualifications

    | § Broad understanding of the operational, financial and strategic issues facing mining companies |

  84. Skills and Qualifications

    | § Two-time NACD Directorship 100 Honoree |

  85. Business Experience

    Business Experience Brunswick Corporation, a global manufacturer and marketer of recreational products 2005 to 2016 Chairman and Chief Executive Officer 2000 to 2005 President of the Brunswick Boat Group 1999 to 2000 Vice President, General Counsel and Corporate Secretary

  86. Business Experience

    | § B.A. in Political Science from Eastern Kentucky University and J.D. from Salmon P. Chase College of Law at Northern Kentucky University |

  87. Business Experience

    | 18 | Freeport |

  88. Business Experience

    | | Kathleen L. Quirk President and Chief Executive Officer of Freeport-McMoRan Inc. | | | | Age 62 Director since 2023 | Current Public Company Directorships § Vulcan Materials Company |

  89. Business Experience

    | § Recognized leader in the mining industry and long-standing contributor to the establishment and growth of the company as a global leader in the copper industry |

  90. Business Experience

    | § Extensive knowledge of the mining industry and the company’s business operations, supported by more than 30 years of experience within the FCX organization |

  91. Business Experience

    | § Broad expertise across corporate functions, including debt and equity capital markets, tax, investor relations, corporate development, treasury management, and operational, governmental and regulatory matters |

  92. Business Experience

    | § Member of The Business Council and the Business Roundtable; inducted into the American Mining Hall of Fame in 2025; 2024 recipient of The Copper Club’s Ankh Award |

  93. Business Experience

    Business Experience Freepoint McMoRan Inc. Since 2024 Chief Executive Officer Since 2021 President 2003 to 2022 Chief Financial Officer 2007 to 2021 Executive Vice President 2003 to 2007 Senior Vice President 2000 to 2018 Treasurer

  94. Education and Professional Credentials

    Education and Professional Credentials

  95. Education and Professional Credentials

    | § B.S. in Accounting from Louisiana State University |

  96. Education and Professional Credentials

    | | John J. Stephens Retired Senior Executive Vice President and Chief Financial Officer of AT&T Inc. | | | | Independent Age 66 Director since 2019 Committees § Audit (Chair) | Current Public Company Directorships § Solid Power, Inc. |

  97. Skills and Qualifications

    Skills and Qualifications

  98. Skills and Qualifications

    | § Over 35 years of accounting and corporate finance expertise, including experience in matters of financial planning, corporate development, accounting and accounting policy, tax, auditing, treasury, investor relations, corporate real estate, business planning and financial, operational and regulatory reporting |

  99. Skills and Qualifications

    | § Senior leadership experience in the oversight of a large, publicly traded company and vast experience in financial and accounting matters, information security, technology, international business and affairs, and mergers, acquisitions and other major corporate transactions |

  100. Skills and Qualifications

    | § Experience in oversight of enterprise risk management in role as Audit Committee Chair of a large private food retailer |

  101. Business Experience

    Business Experience AT&T inc., a diversified global leader in telecommunications, media and entertainment and technology 2011 to 2021 Senior Executive Vice President and Chief Financial Officer 2001 to 2011 Senior Vice President and Controller 2000 to 2001 Vice President – Taxes

  102. Business Experience

    | § B.S.B.A. in Accounting from Rockhurst University and J.D. from St. Louis University School of Law |

  103. Business Experience

    | 2026 Proxy Statement | 19 |

  104. Business Experience

    | | Frances Fragos Townsend Advisory Services, Frances Fragos Townsend, LLC | | | | Independent Age 64 Director since 2013 Committees § Corporate Responsibility (Chair) | Current Public Company Directorships § Chubb Limited § Leonardo DRS, Inc. (Chairperson) |

  105. Business Experience

    | § Over 25 years of domestic and international experience in legal, law enforcement and security sectors, including a strong background in strategic planning, risk management, intelligence and security matters (including cybersecurity), and domestic and international affairs |

  106. Business Experience

    | § Extensive personnel, public policy, business management and financial capabilities, and government, regulatory and legal experience, including complex international regulatory matters from her service in the Office of President George W. Bush as Homeland Security and Counterterrorism Advisor, Chair of the Homeland Security Council and Deputy Assistant to the President and Deputy National Security Advisor for Combatting Terrorism |

  107. Business Experience

    | § Member of the Global Advisory Council of Coinbase, the Council on Foreign Relations, the Executive Committees of the Atlantic Council and the Trilateral Commission |

  108. Business Experience

    Business Experience Frances Fragos Townsend, LLC, advisory services Since 2022 Founder, runs her own independent corporate consulting business Activision Blizzard, Inc. 2020 to 2022 Executive Vice President for Corporate Affairs, Corporate Secretary and Chief Compliance Officer MacAndrews & Forbes Incorporated 2020 Vice Chairman, General Counsel and Chief Administrative Officer 2013 to 2020 Executive Vice President for Worldwide Government, Legal and Business Affairs 2010 to 2013 Senior Vice President

  109. Business Experience

    | § B.A. in Political Science and a B.S. in Psychology from American University and J.D. from the University of San Diego School of Law |

  110. Business Experience

    | 20 | Freeport |

  111. Director Compensation

    Director Compensation

  112. Director Compensation Philosophy

    Director Compensation Philosophy We use a combination of cash and equity-based compensation to attract and retain qualified candidates to serve on the board. In setting director compensation, the board is guided by the following principles:

  113. Director Compensation Philosophy

    | Compensation should fairly pay directors for work required by a company of our size and scope, and differentiate among directors where appropriate to reflect different levels of work and responsibilities. | A significant portion of the total compensation should be paid in common stock to align directors’ interests with the long-term interests of our stockholders. | | Compensation should be in line with market practice to facilitate the attraction and retention of talented directors. | The structure of the compensation program should be simple and transparent. |

  114. Director Compensation Philosophy

    | 2026 Proxy Statement | 31 |

  115. Process of Setting Director Compensation

    Process of Setting Director Compensation The compensation committee has oversight of director compensation, including the authority to grant equity-based awards. The compensation committee conducts an annual review and assessment of all compensation, cash and equity-based awards, paid to our non-management directors under our director compensation program in light of the principles set forth under “Director Compensation Philosophy” above. In addition, the compensation committee seeks advice from the board’s independent compensation consultant at least every other year, or more often as needed, in connection with evaluating our director compensation program relative to relevant market data and formulating its recommendations to the full board. In December 2025, FW Cook, the committee’s independent compensation consultant, provided the compensation committee with a market review of non-management director remuneration practices and evaluated the company’s program in light of the review. FW Cook compared our practices to two reference groups: the S&P 250 and a reference group of 24 companies of comparable size to us in industries related to or adjacent to mining (which are the same reference groups used for the executive compensation market assessment in December 2024 and described on page 48, with the exception of one company that was included in the 2024 Industrial Reference Group but was acquired and removed from the group for 2025). After considering FW Cook’s report, the compensation committee determined not to make any changes to the existing program. In addition to the compensation committee’s oversight, our stockholders have placed a limit on the cash and equity compensation that may be paid to a non-management director each year. Under the terms of the 2025 Stock Incentive Plan, a limit of $750,000 per calendar year applies to the sum of all cash, equity-based awards (calculating the value of any such awards based on the grant date fair value of such awards for financial reporting purposes), and other compensation granted to each non-management director for services as a member of the board; provided, however, this limit increases to $1,000,000 for a non-management director serving as lead independent director or non-executive chair of the board. Mr. Adkerson and Ms. Quirk do not receive any compensation for serving on our board, including in Mr. Adkerson’s capacity as chairman. The compensation Mr. Adkerson and Ms. Quirk receive for their service as executive officers is reflected in the “Executive Officer Compensation – Executive Compensation Tables – Summary Compensation Table.”

  116. Process of Setting Director Compensation

    | 32 | Freeport |

  117. Director Compensation Table

    Director Compensation Table The table below summarizes the total compensation paid to or earned by our non-management directors during 2025.

  118. Director Compensation

    Director Compensation

  119. Director Compensation

    | Name of Director | Fees Earned or Paid in Cash(1) | Stock Awards(2)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(4) | All Other Compensation(5) | Total | | David P. Abney | $160,000 | $188,552 | n/a | $ — | $348,552 | | Marcela E. Donadio | 135,000 | 188,552 | n/a | — | 323,552 | | Robert W. Dudley(6) | 135,000 | 188,552 | n/a | — | 323,552 | | Hugh Grant | 135,000 | 188,552 | n/a | — | 323,552 | | Lydia H. Kennard | 160,000 | 188,552 | n/a | — | 348,552 | | Ryan M. Lance | 135,000 | 188,552 | n/a | — | 323,552 | | Sara Grootwassink Lewis | 135,000 | 188,552 | n/a | — | 323,552 | | Dustan E. McCoy | 185,000 | 188,552 | — | 17,154 | 390,706 | | John J. Stephens | 165,000 | 188,552 | n/a | — | 353,552 | | Frances Fragos Townsend | 160,000 | 188,552 | n/a | — | 348,552 |

  120. Director Compensation

    | (1) Pursuant to previous elections, during 2025 each of Messrs. Grant and Stephens received an equivalent number of shares of our common stock in lieu of all or a portion of the director’s annual fee. The amounts reflected in this column include the fees used to purchase shares of our common stock. |

  121. Director Compensation

    | (2) On June 1, 2025, each non-management director was granted 4,900 RSUs. Amounts reflect the aggregate grant date fair value of the RSUs, which are valued on the date of grant, or the previous trading day if no sales occur on that date, at the closing sale price per share of our common stock. |

  122. Director Compensation

    | (3) The following table sets forth the total number of outstanding RSUs (including vested but deferred RSUs for Messrs. Grant, Lance, McCoy and Stephens and Mses. Donadio, Lewis and Townsend) held by each non-management director as of December 31, 2025: |

  123. Director Compensation

    | Name of Director | RSUs | | David P. Abney | 4,900 | | Marcela E. Donadio | 17,900 | | Robert W. Dudley | 4,900 | | Hugh Grant | 17,900 | | Lydia H. Kennard | 4,900 | | Ryan M. Lance | 8,400 | | Sara Grootwassink Lewis | 9,400 | | Dustan E. McCoy | 82,000 | | John J. Stephens | 17,900 | | Frances Fragos Townsend | 18,800 |

  124. Director Compensation

    | (4) Represents a decrease in the actuarial present value of Mr. McCoy’s accumulated benefit under the revised retirement plan (a reduction of $8,718) as calculated in accordance with Item 402 of Regulation S-K. As noted above, the director retirement plan was terminated in 2008 for any future directors. |

  125. Director Compensation

    | (5) For Mr. McCoy, includes (a) $15,953 of interest credited on dividend equivalents on deferred RSUs during 2025 (beginning with RSU grants in 2015, interest credits on dividend equivalents are no longer provided) and (b) $1,201 representing the dollar value of life insurance premiums and the related tax reimbursement paid by the company pursuant to an arrangement assumed in 2007 in connection with our acquisition of Phelps Dodge. |

  126. Director Compensation

    | (6) In March 2026, Mr. Dudley informed the board that he would not stand for re-election following expiration of his current term at the 2026 annual meeting. |

  127. Director Compensation

    | 34 | Freeport |

  128. Executive Officer Compensation

    | Executive Compensation Tables | 51 | | Summary Compensation Table | 51 | | 2025 Grants of Plan-Based Awards | 52 | | Outstanding Equity Awards at December 31, 2025 | 53 | | 2025 Option Exercises and Stock Vested | 55 | | Nonqualified Deferred Compensation | 55 | | Pension Benefits | 56 | | Potential Payments Upon Termination or Change in Control | 57 | | CEO Pay Ratio | 61 | | Pay-Versus-Performance | 62 |

  129. 2025 Target Compensation Focused on Performance

    2025 Target Compensation Focused on Performance Our executive compensation program is significantly performance-based – linking executive pay, company performance and results for stockholders – and is balanced between short- and long-term incentives. The primary components of our executive compensation program, which we collectively refer to as our executives’ “direct compensation,” are base salary, annual incentive awards and long-term incentive awards. As reflected in the chart below, annual and long-term incentive awards, which provide variable, at-risk compensation, comprised 91% of our CEO’s target direct compensation for 2025, with 72% of her target direct compensation being based on measurable performance objectives.

  130. 2025 CEO Target Compensation Mix

    2025 CEO Target Compensation Mix Equity RSUS Vest ratably over a three-year period following date of grant, and deliver value equal to the stock price on the vesting date PSUs Three-year performance period based on achievement of ROI and relative total stockholder return (TSR) goals Represent the largest component of our long-term incentive program (LTIP) awards 19% 9% 14% 72% performance-based 58% 91% at-risk Cash Base Salary Fixed cash compensation Annual Incentive Program (AIP) Annual variable cash compensation based on achievement of performance metrics Formula-driven plan using pre-established rigorous goals to determine target and earned awards

  131. 2025 Outcomes Align with Performance

    | Base Salary | No base salary adjustments were made for our CEO, our chairman and our other NEOs in 2025. | | AIP | Based on level of achievement of the performance metrics in 2025, the AIP payout would have been 99.6% of target, but the committee exercised discretion to reduce the payout to 66.7% of target for our CEO and our chairman, and 90% of target for our other NEOs in light of the work-related fatalities during 2025 and the challenges resulting from the Grasberg mud rush incident. | | LTIP | 2023-2025 PSUs paid out at 125% of target based on target ROI achievement and relative TSR positioning in the top three relative to the performance peers. |

  132. Executive Compensation Philosophy

    | Pay for performance by linking a significant portion of our executive officers’ pay to our long-term and short-term performance. | Compensation is aligned with the interests of stockholders and our business strategy and key priorities. | | Imprudent risk-taking is discouraged by avoiding undue emphasis on any one metric or short-term goal. | A competitive level of compensation is provided to retain key executive talent. |

  133. Principal Components of Executive Compensation in 2025

    | COMPENSATION COMPONENT | CHARACTERISTICS | | | 2025 ACTIONS / RESULTS | | Base Salary | § Fixed cash compensation § Set at competitive levels and used to attract and retain talent | | | No base salary adjustments were made for our CEO, chairman and our other NEOs in 2025, as discussed on page 42. | | AIP | § Annual variable cash compensation based on pre-established performance metrics aligned with our strategic priorities for the year § Formula-driven plan using the following metrics (weighted as indicated) to determine target and earned awards: | | | Based on level of achievement of the performance metrics, the AIP payout would have been 99.6% of target. The committee exercised discretion to reduce the payout to 66.7% of target for our CEO and our chairman, and 90% of target for our other NEOs in light of the work-related fatalities during 2025 and the challenges resulting from the Grasberg mud rush incident, as discussed on page 42. | | | | FINANCIAL § Consolidated adjusted EBITDA | | | | | | OPERATIONAL § Copper sales § Gold sales § Consolidated unit net cash costs § Manyar smelter concentrate feed | | | | | | SUSTAINABILITY § Safety – TRIR (15%) § Sustainability scorecard (10%) | | | | | § Annual cash awards capped at a multiple of base salary (target awards vary by NEO ranging from 100% to 150% of base salary; maximum for all - 175% of target) | | | | | LTIP | PSUs § Payable in shares of stock after a three-year performance period, all of which are at-risk based on performance measured by a combination of ROI and TSR relative to our performance peers § PSU payout range is 0% to 225% of target depending on achievement against the performance goals § Represent the largest target component of our LTIP awards for our CEO and our Chairman (each 75%) and CFO (60%), and half for our other NEOs (50%) | | | 2023 - 2025 PSUs paid out at 125% of target, as discussed on page 46. | | | RSUs § Vest ratably over a three-year period following date of grant and provide retentive elements and alignment with stockholder interests | | | |

  134. Annual Incentive Program

    Annual Incentive Program Our AIP provides annual incentive opportunities for our executive officers.

  135. Annual Incentive Program

    | How the overall design of the AIP supports our compensation philosophy and objectives: ✓ Provides short-term, performance-based cash awards to our executive officers, each of whose performance has a significant impact on our operational success, financial stability, profitability and future growth. ✓ Measures pre-established financial and operational metrics reflecting our annual business goals and objectives, as well as objectively measured sustainability metrics aligned with our commitment to safety and to sustainable and responsible copper mining. ✓ Closely aligns management and stockholder interests by focusing management on operating efficiently and generating cash flows. | Sustainability Scorecard Financial Safety Operational 10% 30% 15% 2025 AIP 45% |

  136. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025 The goal setting process is structured so that our AIP provides significant motivation to achieve our targeted results in current market conditions as communicated to our stockholders and the market. In February 2025, the committee established:

  137. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | § Performance metrics and relative weightings designed to focus our executives’ efforts on the critical elements of the company’s strategic priorities for 2025 – production, cost and capital discipline, generating cash flows and alignment with key sustainability commitments, including safety, environmental and social commitments; |

  138. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | § Target goals under each metric consistent with the company’s disclosed plan for 2025 and rigorous in the context of our strategic priorities and expectations for 2025; and |

  139. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | § Target annual incentive awards for each NEO, expressed as a percentage of annual base salary: 150% for each of our NEOs other than Mr. Adkerson, whose target was 100%, with actual payouts ranging from 50% of target for threshold performance to 175% of target for maximum performance. |

  140. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    Due to rapidly shifting business conditions routinely encountered in a commodity-based cyclical business, our financial and operating outlook is not directly tied to prior year actual results. Underscoring this reality, when setting annual target goals under each metric, the committee considers the company’s disclosed financial and operating outlook for the ensuing year in light of the anticipated business climate to ensure targets are rigorous in the context of our strategic priorities for the year. Mining is inherently a long-term business, and is also highly sensitive to shifts in commodity prices (in our case primarily copper and gold) that underpin our projections and performance expectations in the near- and longer-terms. Depending on where we are in the mining cycle for each operation and on current market conditions, our target goals may be lower or higher than prior years’ targets. Specifically, based on our projections for 2025 as compared to 2024, our consolidated adjusted EBITDA and safety targets for 2025 were higher than the targets for 2024 and our copper sales and gold sales targets were moderately lower than their respective targets for 2024. As reflected below, our performance during 2025 relative to the pre-established goals would have resulted in an AIP payout for our executives of 99.6% of the 2025 target award. However, in light of the work-related fatalities, including in connection with the Grasberg mud rush incident, and other challenges resulting from such incident, management recommended, and the committee approved, a decrease in the AIP payout to 66.7% of target for our CEO and our chairman, and 90% of target for our other NEOs.

  141. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | 42 | Freeport |

  142. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | Performance Category | Performance Metrics | Threshold | Target | Maximum | Weighting | Weighted Payout as a % of Target | Link to Strategic Goals | | Financial 30% | Consolidated Adjusted EBITDA(1) ($ in billions) | | | | | 38.3% | Generate cash flows | | Operational 45% | Copper Sales(2) (billion pounds) | | | | | 13.3% | Generate cash flows | | | Gold Sales(2) (million ounces) | | | | | 0.0% | | | | Consolidated Unit Net Cash Costs ($/pound) | | | | | 9.4% | Operate efficiently and control production costs | | | Manyar Smelter Concentrate Feed(3) (000’s DMTs) | | | | | 0.0% | Aligns with key operational goals | | Sustainability 25% | Safety – TRIR(4) | | | | | 26.3% | Aligns with our highest priority–the safety of our people | | | Sustainability Scorecard(5) | $10.1 $6.0 $9.0 $12.0 30% 3.6 3.4 4.0 4.6 20% 1.1 1.3 1.6 1.9 7.5% $1.65 $2.00 $1.60 $1.20 10% 241 300 400 500 7.5% 0.80 0.64 0.58 0.55 15% 3.63 1.00 3.00 5.00 10% | | | | 12.4% | Aligns with key sustainability commitments | | | | Formulaic Performance Result Total | | | | 99.6% | | | | | Payout Approved by the Committee | | | 66.7% of target for our CEO and our chairman, and 90% of target for our other NEOs | | |

  143. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | 2026 Proxy Statement | 43 |

  144. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | (1) Consolidated adjusted EBITDA for 2025 was above target as higher realized prices offset impacts of reduced Grasberg volumes. See Annex A for information regarding the methodology we use to measure certain of the financial and operational performance metrics, including a reconciliation and other information regarding our calculation of consolidated adjusted EBITDA. |

  145. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | (2) Sales volumes in 2025 were negatively impacted by the Grasberg mud rush incident. |

  146. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | (3) This metric was negatively impacted by concentrate availability following the Grasberg mud rush incident. |

  147. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | (4) Reported health and safety performance is based on U.S. Mine Safety and Health Administration (MSHA) reporting criteria. Data include employees (full-time and part-time employees on a full-time equivalent basis) and contractors. TRIR = ((Fatalities + Lost-time Incidents + Restricted-duty Incidents + Medical Treatment) x 200,000) / Total Hours Worked. TRIR is equivalent to MSHA All-Incidence Rate (AIR). Our consolidated TRIR results for 2025 exclude the TRIR results at PTFI’s smelter in Eastern Java, Indonesia. |

  148. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | (5) For the 2025 sustainability scorecard component of the AIP, the committee evaluated the company’s sustainability performance relative to a scorecard containing pre-established quantitative and qualitative goals and achievements linked to our key sustainability priorities for the year. References to PTFI in our sustainability scorecard refer to the Grasberg operations. Elements of our sustainability scorecard (scored from 0.0 to 5.0 based on the level of achievement as determined by the committee) included: |

  149. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | Sustainability Scorecard Performance Goals | 2025 Target Performance Metrics in Sustainability Scorecard | Weighting | | Copper Mark & Molybdenum Mark | § Prepare portfolio for Copper Mark 2.0 certifications, while maintaining all current Copper Mark and Molybdenum Mark certifications § Complete Copper Mark 2.0 certifications at New Mexico operations, Safford and Grasberg § Complete Copper Mark 2.0 gap assessment on new Indonesia smelter | 2% | | Climate | § Demonstrate continued progress towards our 2030 GHG emissions reduction targets (Americas and Grasberg intensity targets and Primary Molybdenum sites and Atlantic Copper absolute targets) § In connection with the Science Based Target initiative (SBTi) verification process for our 2030 GHG emissions reduction targets, complete an SBTi-aligned copper Sectoral Decarbonization Approach (SDA) for the copper industry in collaboration with industry peers § Update global climate scenario analysis | 2% | | Tailings Management | § Complete Global Industry Standard for Tailings Management (Tailings Standard) conformance for the remaining 2 tailings storage facilities at operating sites § Complete Tailings Standard conformance for 6 tailings storage facilities at discontinued operations sites § Complete the process to achieve the safe closure designation as defined by the Tailings Standard for the remaining 17 tailings storage facilities | 2% | | Workforce | § Launch a skilled trade internship pilot program to strengthen our pipeline for attracting and retaining current and future workforce in North America § Achieve defined Line of Progression for at least 55% of North America front-line workforce roles § Complete a comprehensive program to deliver learning management capabilities for our global workforce | 2% | | Human Rights & Social Responsibility | § Zero gross human rights violations at our operations by employees and contractors § Complete Human Rights Impact Assessment (HRIA) at new Indonesia smelter and Colorado operations § Complete implementation of new online human rights training at PTFI, Cerro Verde, and El Abra | 2% |

  150. GENERAL STRUCTURE OF THE AIP AND RESULTS FOR 2025

    | 44 | Freeport |

  151. Long-Term Incentive Program

    Long-Term Incentive Program

  152. Long-Term Incentive Program

    | How our LTIP awards support our compensation philosophy and objectives: ✓ Variable component of target direct compensation intended to reward our executive officers for the company’s success in achieving sustained, long-term profitability. ✓ PSUs granted in 2025 are earned based on achievement of three-year average ROI goals and relative TSR compared to our performance peers over a three-year performance period. This design directly links our executives’ earnings to our performance and stockholders’ returns. ✓ RSUs strengthen focus on stockholder returns and encourage executive ownership of our stock while also serving as an important retention tool. |

  153. GENERAL STRUCTURE OF THE LTIP FOR 2025

    GENERAL STRUCTURE OF THE LTIP FOR 2025 For 2025, our LTIP for the NEOs consisted of grants of PSUs and RSUs. Each of our NEO’s total target LTIP grant date value (as described on page 52) was allocated as follows: PSUs granted in 2025 are payable in shares of common stock after a three-year performance period and are entirely at-risk based on performance measured against three-year average ROI goals set at the beginning of the performance period and a relative TSR modifier. The overall range of payout is between 0% to 225% of the target PSU award depending on achievement of the performance goals.

  154. GENERAL STRUCTURE OF THE LTIP FOR 2025

    | § Three-Year Average ROI Goals: For the 2025 PSUs, the committee established three-year average ROI target ranges for payout levels ranging from 0% to 200% of the target award as set forth in the table. Results that fall in between these levels will be calculated based on a sliding scale. In establishing the ROI targets, the committee considered ROI forecasts at the time based on copper pricing models. The committee believes these ROI goals are rigorous and motivating to participants, and support alignment between company performance and stockholders’ interests. |

  155. GENERAL STRUCTURE OF THE LTIP FOR 2025

    | § TSR Modifier: For 2025, the TSR modifier may increase or decrease the payout by up to 25% based on our TSR over the performance period compared to the TSR of the eight-company performance peer group listed on page 46. |

  156. GENERAL STRUCTURE OF THE LTIP FOR 2025

    RSUs vest ratably over a three-year period following date of grant.

  157. GENERAL STRUCTURE OF THE LTIP FOR 2025

    | Three-Year Average ROI* | Target PSU Payout | | <6% | 0% | | 6% | 50% | | 8% | 80% | | 9-17% | 100% | | 20% | 120% | | 30% | 200% |

  158. GENERAL STRUCTURE OF THE LTIP FOR 2025

    | * See Annex A for information regarding the methodology we use to calculate ROI. |

  159. GENERAL STRUCTURE OF THE LTIP FOR 2025

    | FCX TSR Rank | Impact on payout | | 1-3 | +25% | | 4-6 | No Change | | 7-9 | -25% |

  160. GENERAL STRUCTURE OF THE LTIP FOR 2025

    | 2026 Proxy Statement | 45 |

  161. SETTLEMENT OF 2023-2025 PSU AWARD

    SETTLEMENT OF 2023-2025 PSU AWARD In February 2026, the committee certified the results of the PSUs granted in 2023 to our NEOs. These PSUs had a three-year performance period ending December 31, 2025, with vesting and payout based on performance measured against three-year average ROI goals and a relative TSR modifier based on the company’s TSR compared to the TSR of our performance peer group (described below). Because our TSR ranked 3rd relative to our performance peer group, the PSU payout percentage was increased by 25%, resulting in our NEOs earning 125% of their 2023-2025 target PSUs, as follows:

  162. SETTLEMENT OF 2023-2025 PSU AWARD

    | Grant Date | Three-Year Performance Period | Target Average ROI | | | 3-Year Average ROI | % Earned Before TSR | TSR Peer Ranking | Award% Earned | | | | Threshold (50% Payout) | Target (100% Payout) | Maximum (200% Payout) | | | | | | February 7, 2023 | 2023-2025 | 6% | 13-20% | 35% | 16.98% | 100% | 3rd | 125% |

  163. PSU PERFORMANCE PEER GROUP

    PSU PERFORMANCE PEER GROUP The committee uses the following mining-focused peer group to compare our TSR performance for purposes of the PSUs:

  164. PSU PERFORMANCE PEER GROUP

    | Anglo American plc Antofagasta plc BHP Group Limited Glencore plc | Rio Tinto plc Southern Copper Corporation Teck Resources Limited Vale S.A. |

  165. Post-Termination Compensation

    Post-Termination Compensation In addition to the compensation received by our executive officers during 2025 and the benefits under our tax-qualified defined contribution plans, which we provide to all qualified employees, we also provide certain post-employment benefits to our executive officers, including a nonqualified defined contribution plan, as well as supplemental retirement plans and change in control and severance benefits.

  166. Change in Control and Severance Benefits

    Change in Control and Severance Benefits Ms. Quirk is our only executive officer with an employment agreement, which has been in place since 2008 and was most recently amended and restated in 2025 in connection with her promotion to CEO in June 2024. Ms. Quirk’s employment agreement provides her with contractual protections in the event of certain terminations of employment outside of the change in control context, as well as in connection with a change in control. In addition, for our other executive officers and certain eligible members of senior management, we maintain an executive change in control severance plan. We believe that severance protections, particularly in connection with a change in control transaction, can play a valuable role in attracting and retaining key executive officers by providing protections commonly provided in the market. In addition, we believe these benefits also serve the company’s and stockholders’ interests by promoting a continuity of management in the context of an actual or threatened change in control transaction. The existence of these arrangements does not impact our decisions regarding other components of our executive compensation program, although we consider these severance protections an important part of our executives’ compensation packages. We also do not believe our executive officers should be entitled to receive cash severance benefits merely because a change in control transaction occurs. The payment of cash severance benefits is only triggered by an actual or constructive termination of employment following a change in control (i.e., a “double trigger”). In addition, our LTIP awards granted to all employees, including the PSUs, RSUs and stock options granted to our executives, provide for accelerated vesting of the award following a change in control only if the recipient also experiences an actual or constructive termination of employment within one year after a change in control. We do not provide excise tax gross-up protections under any change in control arrangements with our executive officers. For more information regarding these benefits, see the section titled “Executive Compensation Tables – Potential Payments Upon Termination or Change in Control.”

  167. Equity Grant Timing Practices

    Equity Grant Timing Practices The committee’s policy is to make annual equity awards under our LTIP at its first or second regular meeting of the year, which are usually held in early February following our fourth quarter earnings release. These meetings are scheduled approximately 24 months in advance and targeted to fall within the window period following the release of the company’s earnings for the fourth quarter of the previous year. To the extent the committee approves any out-of-cycle awards at other times during the year, such awards are made during an open window period during which our executive officers and directors are generally permitted to trade company securities. The committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and the company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. The company has not granted stock options since 2021. The terms of our stock incentive plans provide that the exercise price of each stock option cannot be less than the fair market value of a share of our common stock on the grant date. Pursuant to the committee’s policies, for purposes of our stock incentive plans, the fair market value of our common stock is determined by reference to the closing quoted per share sale price of our common stock on the grant date. In addition, our stock incentive plans permit the committee to delegate to appropriate personnel its authority to make awards to employees other than those subject to Section 16 of the Exchange Act. Our current equity grant policy provides that each of our president and CEO and chief administrative officer has authority to make or modify grants to such employees, subject to the following conditions:

  168. Equity Grant Timing Practices

    | § the delegation is subject to the following limits: (1) the aggregate number of shares of our common stock granted or modified during a calendar year shall not exceed 3,000,000 shares, and (2) the aggregate grant date fair value of awards granted or modified during a |

  169. Equity Grant Timing Practices

    | 2026 Proxy Statement | 49 |

  170. Equity Grant Timing Practices

    | calendar year shall not exceed $210 million, of which no more than $3.5 million can relate to awards granted or modified with respect to a single individual; |

  171. Equity Grant Timing Practices

    | § such grants must be approved during an open window period and must be approved in writing by such officer, the grant date being the date of such written approval or such later date set forth in the grant instrument; |

  172. Equity Grant Timing Practices

    | § the exercise price of any options granted may not be less than the fair market value of our common stock on the date of grant; and |

  173. Equity Grant Timing Practices

    | § any such grants must be reported to the committee at least annually. |

  174. Risks Arising from Compensation Policies and Practices

    Risks Arising from Compensation Policies and Practices After completing the annual review of the company’s compensation program, management and our committee believe that the risks arising from our compensation policies and practices for our employees, including our executive officers, are not reasonably likely to have a material adverse effect on the company. In reaching this conclusion, we have taken into account the purpose and structure of these programs and the following design elements of our compensation programs and policies: our balance and amount of annual and long-term compensation elements at the executive and management levels; our selection of performance metrics under our annual and long-term programs that focus our executives and management level employees on the critical elements of our strategic plans, which in turn drive performance; the three-year vesting of our RSUs and three-year performance period of our PSUs that promote focus on the long-term financial performance of our company; both the AIP and PSU awards contain a maximum payout opportunity, which is a further risk mitigator; and bonus arrangements for most employees that are not guaranteed and are ultimately at the discretion of either our committee (for our executive officers and senior management) or senior management (for other employees). These features, as well as risk mitigation features such as our clawback policies and stock ownership requirements applicable to our executive officers, result in a compensation program that aligns our executives’ interests with those of our stockholders and does not promote excessive risk-taking on the part of our executives or other employees.

  175. Glossary of CD&A Terms

    | AIP | annual incentive program | PSU | performance share unit | | committee | compensation committee | ROI | return on investment | | Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | RSU | restricted stock unit | | ECAP | employee capital accumulation program | SEC | Securities and Exchange Commission | | Exchange Act | Securities Exchange Act of 1934, as amended | SECAP | supplemental executive capital accumulation plan | | FW Cook | Frederic W. Cook & Co., Inc. | SERP | supplemental executive retirement plan | | GAAP | generally accepted accounting principles in the United States | SRP | supplemental retirement plan | | LTIP | long-term incentive program | TRIR | total recordable incident rate | | NEO | named executive officer | TSR | total stockholder return |

  176. Summary Compensation Table

    Summary Compensation Table

  177. Summary Compensation Table

    | Name and Principal Position | Year | Salary | Stock Awards(2) | Non-Equity Incentive Plan Compensation(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(4) | All Other Compensation(5) | Total | | Kathleen L. Quirk President and Chief Executive Officer(1) | 2025 | $1,400,000 | $11,631,590 | $1,400,700 | $169,007 | $206,829 | $14,808,126 | | | 2024 | 1,236,583 | 9,528,290 | 2,160,311 | 187,512 | 173,388 | 13,286,084 | | | 2023 | 1,025,000 | 7,703,915 | 1,545,000 | 153,938 | 148,559 | 10,576,412 | | Richard C. Adkerson Chairman of the Board | 2025 | 1,200,000 | 8,579,520 | 800,400 | 6,540,216 | 1,023,393 | 18,143,529 | | | 2024 | 1,465,000 | 12,542,380 | 2,403,529 | 6,256,814 | 1,076,698 | 23,744,421 | | | 2023 | 1,800,000 | 12,518,840 | 3,150,000 | 5,523,987 | 1,024,494 | 24,017,321 | | Maree E. Robertson Executive Vice President and Chief Financial Officer | 2025 | 665,000 | 2,637,580 | 897,750 | 5,802 | 127,329 | 4,333,461 | | | 2024 | 660,833 | 2,311,430 | 1,162,088 | 4,330 | 106,527 | 4,245,208 | | | 2023 | 637,500 | 2,044,310 | 800,000 | 1,673 | 265,065 | 3,748,548 | | Stephen T. Higgins Executive Vice President and Chief Administrative Officer | 2025 | 560,000 | 1,943,840 | 756,000 | 258,154 | 113,566 | 3,631,560 | | | 2024 | 556,667 | 1,792,705 | 978,600 | 42,408 | 115,607 | 3,485,987 | | | 2023 | 537,500 | 1,749,405 | 810,000 | 34,162 | 101,278 | 3,232,345 | | Douglas N. Currault II Executive Vice President and General Counsel | 2025 | 510,000 | 1,772,545 | 688,500 | 58,177 | 102,754 | 3,131,976 | | | 2024 | 506,667 | 1,647,325 | 891,225 | 65,539 | 97,099 | 3,207,855 | | | 2023 | 487,500 | 1,567,365 | 735,000 | 53,876 | 91,078 | 2,934,819 |

  178. Summary Compensation Table

    | (1) Ms. Quirk assumed the role of chief executive officer on June 11, 2024. |

  179. Summary Compensation Table

    | (2) The amounts reported in the table for 2025 reflect the aggregate grant date fair value of the RSUs and PSUs awarded during 2025, computed in accordance with applicable accounting guidance, as described in Annex B. The grant date value of the 2025 PSUs for each of the NEOs assuming maximum payout of the PSUs, and based on the closing stock price on the date of grant, is as follows: for Ms. Quirk — $19,114,515, for Mr. Adkerson — $14,082,154, for Ms. Robertson — $3,467,678, for Mr. Higgins — $2,114,438, and for Mr. Currault — $1,945,283. See “Compensation Discussion and Analysis” for more information. |

  180. Summary Compensation Table

    | (3) Reflects the annual incentive award payments received under our AIP as approved by the committee. See “Compensation Discussion and Analysis” for more information. |

  181. Summary Compensation Table

    | (4) For 2025, reflects earnings under the Nonqualified Defined Contribution (NQDC) plan in excess of 120% of the applicable monthly long-term federal rate at the time the committee established the formula. As determined by the committee in January 2009, the assets in the NQDC plan are treated as if invested to produce a rate of interest equal to the prime rate, as published in the Federal Reserve Statistical Report at the beginning of each month. For Mr. Adkerson, reflects excess earnings under the NQDC plan of $1,581,774 plus the aggregate change in actuarial present value during 2025 of his SERP benefit of $4,958,442. For Mr. Higgins, reflects excess earnings under the NQDC plan of $38,631 plus the aggregate change in actuarial present value during 2025 of his SRP benefit of $219,523. See “Executive Compensation Tables – Retirement Benefit Programs” for more information. |

  182. Summary Compensation Table

    | (5) The amounts reported for 2025 are detailed in the table following and reflect (a) all perquisites and other personal benefits; (b) amounts contributed by the company to defined contribution plans, which include amounts contributed to the ECAP and the nonqualified defined contribution plan; (c) the dollar value of life insurance premiums paid by the company; and (d) the dollar value of interest credited on dividend equivalents on outstanding RSUs (we discontinued crediting interest for awards granted after 2015). |

  183. Summary Compensation Table

    The perquisites and other personal benefits reported in the table below include (a) personal financial and tax advice under the company’s executive services program, identity theft protection and security, and personal use of company-owned event tickets and cars; (b) the company’s premium payments for personal excess liability insurance provided to domestic executives; and (c) the company’s premium payments for disability insurance. The perquisites and other personal benefits for Mr. Adkerson also include (a) personal use of fractionally owned company aircraft, which includes the hourly operating rate, fuel costs and incidental fees directly related to the flight; and (b) allocated personnel costs. The amounts in the table reflect the incremental cost to the company.

  184. Summary Compensation Table

    | 2026 Proxy Statement | 51 |

  185. 2025 Grants of Plan-Based Awards

    2025 Grants of Plan-Based Awards

  186. 2025 Grants of Plan-Based Awards

    | | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units | Grant Date Fair Value of Stock Awards | | Name | | Threshold | Target | Maximum | Threshold | Target | Maximum | | | | Kathleen L. Quirk | | | | | | | | | | | AIP | 02/11/2025 | $1,050,000 | $2,100,000 | $3,675,000 | — | — | — | — | $— | | LTIP – PSUs | 02/11/2025 | — | — | — | 56,500 | 226,000 | 508,500 | — | 8,737,160 | | LTIP – RSUs | 02/11/2025 | — | — | — | — | — | — | 77,000 | 2,894,430 | | Richard C. Adkerson | | | | | | | | | | | AIP | 02/11/2025 | 600,000 | 1,200,000 | 2,100,000 | — | — | — | — | — | | LTIP – PSUs | 02/11/2025 | — | — | — | 41,625 | 166,500 | 374,625 | — | 6,436,890 | | LTIP – RSUs | 02/11/2025 | — | — | — | — | — | — | 57,000 | 2,142,630 | | Maree E. Robertson | | | | | | | | | | | AIP | 02/11/2025 | 498,750 | 997,500 | 1,745,625 | — | — | — | — | — | | LTIP – PSUs | 02/11/2025 | — | — | — | 10,250 | 41,000 | 92,250 | — | 1,585,060 | | LTIP – RSUs | 02/11/2025 | — | — | — | — | — | — | 28,000 | 1,052,520 | | Stephen T. Higgins | | | | | | | | | | | AIP | 02/11/2025 | 420,000 | 840,000 | 1,470,000 | — | — | — | — | — | | LTIP – PSUs | 02/11/2025 | — | — | — | 6,250 | 25,000 | 56,250 | — | 966,500 | | LTIP – RSUs | 02/11/2025 | — | — | — | — | — | — | 26,000 | 977,340 | | Douglas N. Currault II | | | | | | | | | | | AIP | 02/11/2025 | 382,500 | 765,000 | 1,338,750 | — | — | — | — | — | | LTIP – PSUs | 02/11/2025 | — | — | — | 5,750 | 23,000 | 51,750 | — | 889,180 | | LTIP – RSUs | 02/11/2025 | — | — | — | — | — | — | 23,500 | 883,365 |

  187. 2025 Grants of Plan-Based Awards

    | (1) For 2025, under the AIP, each NEO had a target award based on a multiple of salary, with the amount to be earned based on the company’s performance relative to defined goals established by the committee. The amounts reported represent the threshold, target and maximum possible annual cash incentive payments that could have been received pursuant to the AIP for 2025. The amounts in the “Target” column were approved by the committee. Achievement of the threshold level of performance would result in a payout of 50% of the target award, and maximum performance would result in a payout of 175% of target. See “Compensation Discussion and Analysis” for more information. |

  188. 2025 Grants of Plan-Based Awards

    | (2) These awards represent PSUs awarded as part of our 2025 LTIP. Each PSU granted in 2025 represents a contingent right to receive shares of our common stock, with the final number of shares to be issued based on the company’s level of achievement of a three-year average ROI metric and on our TSR compared to the TSR of our peer group during the three-year period ending on December 31, 2027. For the 2025 PSU awards, the NEOs will receive between 0% and 225% of the target PSU award based on achievement of applicable performance goals. See “Compensation Discussion and Analysis” for more information. |

  189. 2025 Grants of Plan-Based Awards

    | 52 | Freeport |

  190. Outstanding Equity Awards at December 31, 2025

    Outstanding Equity Awards at December 31, 2025

  191. Outstanding Equity Awards at December 31, 2025

    | | Option Awards | | | | | Stock Awards | | | | | Name | Option Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable(1) | Option Exercise Price(2) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested(3) | Market Value of Shares or Units of Stock That Have Not Vested(4) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(5) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) | | Kathleen L. Quirk | 02/07/17 | 257,000 | — | $15.52 | 02/07/27 | 148,166 | $7,525,351 | 500,000 | $25,395,000 | | | 02/06/18 | 127,500 | — | 18.74 | 02/06/28 | | | | | | | 02/05/19 | 197,500 | — | 11.87 | 02/05/29 | | | | | | | 02/04/20 | 210,500 | — | 12.04 | 02/04/30 | | | | | | | 02/02/21 | 84,000 | — | 28.14 | 02/02/31 | | | | | | Richard C. Adkerson | 02/06/18 | 255,000 | — | 18.74 | 02/06/28 | 132,833 | 6,746,588 | 631,625 | 32,080,234 | | | 02/05/19 | 131,667 | — | 11.87 | 02/05/29 | | | | | | | 02/04/20 | 421,666 | — | 12.04 | 02/04/30 | | | | | | | 02/02/21 | 112,000 | — | 28.14 | 02/02/31 | | | | | | Maree E. Robertson | — | — | — | — | — | 51,166 | 2,598,721 | 99,875 | 5,072,651 | | Stephen T. Higgins | — | — | — | — | — | 47,667 | 2,421,007 | 68,625 | 3,485,464 | | Douglas N. Currault II | 02/05/19 | 25,000 | — | 11.87 | 02/05/29 | 43,166 | 2,192,401 | 62,625 | 3,180,724 | | | 02/06/19 | 50,000 | — | 11.91 | 02/06/29 | | | | | | | 02/04/20 | 65,000 | — | 12.04 | 02/04/30 | | | | | | | 02/02/21 | 15,000 | — | 28.14 | 02/02/31 | | | | |

  192. Outstanding Equity Awards at December 31, 2025

    | (1) The stock options became exercisable in 33% annual increments on each of the first three anniversaries of the date of grant and have a term of 10 years. |

  193. Outstanding Equity Awards at December 31, 2025

    | (2) The exercise price of the stock options granted by the company was determined by reference to the closing price of our common stock on the grant date. |

  194. Outstanding Equity Awards at December 31, 2025

    | (3) Represents time-vested RSUs, which will vest and be paid out in shares of our common stock, as set forth in the table below, provided the applicable service conditions are satisfied. |

  195. Outstanding Equity Awards at December 31, 2025

    | 2026 Proxy Statement | 53 |

  196. Outstanding Equity Awards at December 31, 2025

    | Name | RSUs | Vesting Date | | Ms. Quirk | 71,500 | 02/15/26 | | | 50,999 | 02/15/27 | | | 25,667 | 02/15/28 | | Mr. Adkerson | 68,883 | 02/15/26 | | | 45,000 | 02/15/27 | | | 19,000 | 02/15/28 | | Ms. Robertson | 24,833 | 02/15/26 | | | 17,000 | 02/15/27 | | | 9,333 | 02/15/28 | | Mr. Higgins | 22,834 | 02/15/26 | | | 16,166 | 02/15/27 | | | 8,667 | 02/15/28 | | Mr. Currault | 20,667 | 02/15/26 | | | 14,666 | 02/15/27 | | | 7,833 | 02/15/28 |

  197. Outstanding Equity Awards at December 31, 2025

    | (4) The market value of the unvested RSUs and PSUs reflected in this table was based on the $50.79 closing market price per share of our common stock on December 31, 2025. |

  198. Outstanding Equity Awards at December 31, 2025

    | (5) The PSUs will vest following the end of the applicable performance period and be paid out in shares of our common stock based on satisfaction of the applicable performance goals. The NEOs will earn between 0% and 225% of the target PSU award based on the company’s average ROI and its relative TSR compared to the TSR of the company’s peer group over the three-year performance period. The number of units reported in the table above represent 125% payout with respect to the 2023 PSU awards and the target amount with respect to the 2024 and 2025 PSU awards. |

  199. Outstanding Equity Awards at December 31, 2025

    | | Grant Date | PSUs | | | Last Day of Performance Period | | Name | | Threshold(*) | Target | Maximum | | | Ms. Quirk | 2/7/2023 | 26,500 | 106,000 | 238,500 | 12/31/25(**) | | | 2/6/2024 | 28,875 | 115,500 | 259,875 | 12/31/26 | | | 6/11/2024 | 6,500 | 26,000 | 58,500 | 12/31/26 | | | 2/11/2025 | 56,500 | 226,000 | 508,500 | 12/31/27 | | Mr. Adkerson | 2/7/2023 | 49,625 | 198,500 | 446,625 | 12/31/25(**) | | | 2/6/2024 | 54,250 | 217,000 | 488,250 | 12/31/26 | | | 2/11/2025 | 41,625 | 166,500 | 374,625 | 12/31/27 | | Ms. Robertson | 2/7/2023 | 5,375 | 21,500 | 48,375 | 12/31/25(**) | | | 2/6/2024 | 8,000 | 32,000 | 72,000 | 12/31/26 | | | 2/11/2025 | 10,250 | 41,000 | 92,250 | 12/31/27 | | Mr. Higgins | 2/7/2023 | 4,625 | 18,500 | 41,625 | 12/31/25(**) | | | 2/6/2024 | 5,125 | 20,500 | 46,125 | 12/31/26 | | | 2/11/2025 | 6,250 | 25,000 | 56,250 | 12/31/27 | | Mr. Currault | 2/7/2023 | 4,125 | 16,500 | 37,125 | 12/31/25(**) | | | 2/6/2024 | 4,750 | 19,000 | 42,750 | 12/31/26 | | | 2/11/2025 | 5,750 | 23,000 | 51,750 | 12/31/27 |

  200. Outstanding Equity Awards at December 31, 2025

    | (*) | Each executive may receive 25% of the target PSU award based on threshold achievement of the applicable performance goals. |

  201. Outstanding Equity Awards at December 31, 2025

    | (**) | In February 2026, the committee certified a 125% payout with respect to the 2023 PSU awards. |

  202. Outstanding Equity Awards at December 31, 2025

    | 54 | Freeport |

  203. 2025 Option Exercises and Stock Vested

    2025 Option Exercises and Stock Vested

  204. 2025 Option Exercises and Stock Vested

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise | Value Realized on Exercise | Number of Shares Acquired on Vesting | Value Realized on Vesting | | Kathleen L. Quirk | — | $— | 157,417 | $6,045,459 | | Richard C. Adkerson | — | — | 225,375 | 8,610,026 | | Maree E. Robertson | — | — | 45,542 | 1,771,458 | | Stephen T. Higgins | — | — | 33,458 | 1,295,912 | | Douglas N. Currault II | — | — | 29,959 | 1,160,627 |

  205. Nonqualified Deferred Compensation

    Nonqualified Deferred Compensation

  206. Nonqualified Deferred Compensation

    | Name | Plan | Executive Contributions in Last Fiscal Year(1) | Registrant Contributions in Last Fiscal Year(2) | Aggregate Earnings in Last Fiscal Year(3) | Aggregate Withdrawals/ Distributions | Aggregate Balance at Last Fiscal Year End(4) | | Kathleen L. Quirk | NQDC plan | $249,000 | $146,558 | $376,105 | $ — | $5,516,610 | | Richard C. Adkerson | NQDC plan | 209,000 | 232,776 | 3,518,113 | — | 49,725,120 | | | Deferred RSUs | — | — | 13,778,711 | — | 57,728,167 | | Maree E. Robertson | NQDC plan | 2,250 | 60,440 | 12,951 | — | 217,833 | | Stephen T. Higgins | NQDC plan | 2,600 | 45,335 | 85,923 | — | 1,237,279 | | Douglas N. Currault II | NQDC plan | 71,000 | 34,731 | 129,440 | — | 1,890,920 |

  207. Nonqualified Deferred Compensation

    | (1) The amounts reflected in this column are included in the “Salary” column for each NEO for 2025 reported in the “Summary Compensation Table.” |

  208. Nonqualified Deferred Compensation

    | (2) The amounts reflected in this column are included in the “All Other Compensation” column for each NEO for 2025 in the “Summary Compensation Table,” although the “Plan Contributions” reflected in footnote 5 to that table also include contributions to the company’s ECAP. |

  209. Nonqualified Deferred Compensation

    | (3) The assets in the NQDC plan are treated as if invested to produce a rate of interest equal to the prime rate, as published in the Federal Reserve Statistical Report at the beginning of each month. For 2025, that rate of interest ranged from 7.00% to 7.50% as follows: 7.50% (January—September), 7.25% October and 7.00% (November—December). With respect to Mr. Adkerson’s deferred RSUs, the amount represents (a) the number of deferred RSUs multiplied by the change in the price of our common stock from December 31, 2024 ($38.08) to December 31, 2025 ($50.79) of $12,710,000, and (b) accrued dividend equivalents and interest (calculated using the prime rate) on those RSUs of $1,068,711. |

  210. Nonqualified Deferred Compensation

    | (4) The following amounts reflected in this column were included in the 2024 “Total” compensation for each NEO in the “Summary Compensation Table”: Ms. Quirk — $521,272, Mr. Adkerson — $2,438,737, Ms. Robertson — $65,453, Mr. Higgins — $160,616 and Mr. Currault — $167,372. The following amounts reflected in this column were included in the 2023 “Total” compensation for each NEO in the “Summary Compensation Table”: Ms. Quirk — $426,513, Mr. Adkerson — $2,297,543, Ms. Robertson — $60,509, Mr. Higgins — $152,971 and Mr. Currault — $151,243. |

  211. Nonqualified Deferred Compensation

    | 2026 Proxy Statement | 55 |

  212. Nonqualified Deferred Compensation

    Supplemental Executive Retirement Plan – Mr. Adkerson. In February 2004, we established an unfunded SERP for Mr. Adkerson. The committee, advised by its independent compensation consultant at that time, approved the SERP, which was then recommended to and approved by the board. The SERP provides for benefits payable in the form of a 100% joint and survivor annuity, life annuity or an equivalent lump sum. Mr. Adkerson has elected to receive an equivalent lump sum payment. The annuity will equal a percentage of Mr. Adkerson’s highest average base pay for any three of the five calendar years immediately preceding Mr. Adkerson’s completion of 25 years of credited service, plus his average annual incentive awards for the same three years; provided that such average amount cannot exceed 200% of the average base pay. The percentage used in this calculation is 2% for each year of credited service for the company and its predecessor beginning in 1981 but capped at 25 years. Mr. Adkerson has attained 25 years of credited service and his annuity was fixed as of January 1st of the year in which he completed 25 years of credited service and will only increase at retirement as a result of mortality and interest adjustments. The SERP benefit is reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by the company, by FM Services Company or by any predecessor employer (including our former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay. The amount provided in the table below reflects these reductions. Mr. Adkerson is 100% vested under the SERP. Supplemental Retirement Plan — Mr. Higgins. Mr. Higgins is a participant in the SRP, which is an unfunded, supplemental retirement plan we assumed in 2007 in connection with our acquisition of Phelps Dodge Corporation. Benefit accruals under the SRP were frozen effective December 31, 2008. Benefits are payable in the form of a life annuity, 25%, 50%, 75% and 100% joint and survivor annuity options, as specified by the participant. The benefit will be a monthly amount equal to the product of (1) the sum of 0.35% of the participant’s final average monthly compensation in excess of his social security benefit and (2) years of service as of December 31, 2008, the date the SRP was frozen, determined without applying the Internal Revenue Code compensation and annual addition limitations. The SRP benefit is reduced by the participant’s monthly retirement benefit under the qualified retirement plan. The SRP benefit is subject to a five-year cliff vesting schedule, and Mr. Higgins is 100% vested under the SRP.

  213. Pension Benefits

    Pension Benefits

  214. Pension Benefits

    | Name | Plan Name | Number of Years Credited Service | Payments During Last Fiscal Year | Present Value of Accumulated Benefit | | Richard C. Adkerson | Supplemental Executive Retirement Plan | 25(1) | $— | $62,635,660(2) | | Stephen T. Higgins | Supplemental Retirement Plan | 17 | — | 704,618(3) |

  215. Pension Benefits

    | (1) Represents the participant’s years of service with the company and its predecessor, capped at 25 years. |

  216. Pension Benefits

    | (2) The accrued benefit was fixed as of January 1st of the year Mr. Adkerson attained 25 years of credited service but will continue to increase year to year due to actuarial increases based on (a) an assumed 6% interest component, and (b) a mortality adjustment based on the IRS mortality table (as published in Revenue Ruling 2001-62) and defined under the SERP. These actuarial increases compensate for the fact that the benefit is expected to be paid over a shorter timeframe (i.e., life expectancy). The actuarially increased benefit is then present valued to reflect a lump sum payment. |

  217. Pension Benefits

    | (3) As of December 31, 2025, the accrued benefit under the SRP was fixed (benefit accruals were frozen as of December 31, 2008), but the present value of the benefit will be adjusted from year to year resulting from the passage of time and from changes in actuarial assumptions. As of December 31, 2025, the significant assumptions used in the actuarial valuation were a discount rate of 5.48% and the mortality table and mortality improvement scale assumptions. The mortality tables are based on the Society of Actuaries tables that were published in 2019, but adjusted to reflect the company’s historical mortality experience. |

  218. Pension Benefits

    | 56 | Freeport |

  219. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control Executive Change in Control Severance Plan. We maintain an executive change in control severance plan (the CIC Plan), which provides severance benefits to those executive officers not covered under existing agreements and other key members of senior management. Ms. Quirk is our only NEO who is not a participant in the CIC Plan. Under the CIC Plan, if a participant is terminated without cause or terminates for good reason during the two-year period following a change in control, he or she will be entitled to receive certain severance benefits. A participant’s severance benefits under the CIC Plan are based on the participant’s level and include:

  220. Potential Payments Upon Termination or Change in Control

    | § a lump sum cash payment, which for Mr. Adkerson is equal to three times the sum of his base salary plus average bonus, and for each of Ms. Robertson and Messrs. Higgins and Currault is equal to two times the sum of his or her base salary plus average bonus; |

  221. Potential Payments Upon Termination or Change in Control

    | § a prorated bonus based on his or her average bonus and the number of days worked during the year of termination; and |

  222. Potential Payments Upon Termination or Change in Control

    | § continuation of health benefits for 18 months or until the participant accepts new employment, if earlier. |

  223. Potential Payments Upon Termination or Change in Control

    Payment of the severance benefits is contingent on the participant signing a general waiver and release agreement. The CIC Plan may be amended or terminated by the board in its discretion and the committee has the ability to add or remove participants under the CIC Plan, including executive officers; provided, however, that any such action that has the effect of reducing or eliminating a participant’s benefits under the CIC Plan is subject to limitations, including a 12-month delay in effectiveness. Under the CIC Plan, “average bonus” is defined as the participant’s average bonus for the three full fiscal years preceding the date of termination or the date of the change in control, whichever is higher. “Cause” is generally defined as the participant’s (1) failure to perform substantially the participant’s duties with the company, (2) felony conviction or entering of a guilty plea or plea of no contest, or (3) gross negligence or willful misconduct that is materially injurious to the company, including its reputation or business. “Good reason” is generally defined as (1) material diminution in the title, position, authority, duties or responsibilities of the participant or the person to whom the participant reports, (2) the assignment of any duties inconsistent in any material respect with the participant’s position, authority, duties or responsibilities during the one-year period prior to the change in control, under the agreement, (3) failure to provide the participant with a total pay opportunity at least commensurate with the highest total pay opportunity available to the participant within the one-year period preceding the change in control, (4) failure by the company or its affiliates to comply with any of the provisions of the CIC Plan, (5) relocation of the participant’s principal office to a location more than 50 miles from his or her current office location or requiring business travel on a more extensive basis, or (6) failure of the company to require a successor to assume its obligations under the CIC Plan. See the footnotes to the “Potential Payments Upon Termination or Change in Control” table below for more information. Employment Agreement — Ms. Quirk. We have an employment agreement with Ms. Quirk, which was amended and restated in February 2025 and approved by the committee and the board. The employment agreement with Ms. Quirk provides for an annual base salary of at least $1.4 million and provides that she is eligible to participate in our AIP, LTIP and other incentive programs generally provided to our most senior executives. The term of the agreement continues through December 31, 2027, with automatic one-year extensions unless prior written notice is given by the committee that it does not wish to extend the agreement. In the event of a change in control, the agreement will expire two years following the change in control. The agreement also contains non-competition, non-disclosure and other provisions intended to protect our interests if Ms. Quirk ceases to be employed by us and requires her to execute a general release of claims in order to receive certain severance benefits. In addition to the post-employment benefits provided under the company’s retirement benefit programs described above, Ms. Quirk’s employment agreement entitles her to the following additional benefits. Severance Benefits. If, during the term of her employment agreement, we terminate Ms. Quirk’s employment without cause or she terminates employment for good reason, she will be entitled to the following:

  224. Potential Payments Upon Termination or Change in Control

    | § payment of the amount of her base salary earned through the date of termination to the extent not previously paid and a pro rata annual incentive award for the year in which the termination of employment occurs, based on actual results under our AIP and the number of days worked during the year of termination; |

  225. Potential Payments Upon Termination or Change in Control

    | § a cash payment equal to two times the sum of (1) her base salary plus (2) the average of the annual incentive awards paid to her for the immediately preceding three years; |

  226. Potential Payments Upon Termination or Change in Control

    | § continuation of insurance and welfare benefits for two years or until she accepts new employment, if earlier; |

  227. Potential Payments Upon Termination or Change in Control

    | § acceleration of the vesting and payout of all outstanding stock options and RSUs; and |

  228. Potential Payments Upon Termination or Change in Control

    | § retention of outstanding PSUs, which will vest after the end of the applicable performance period based on the company’s achievement of the performance goals. |

  229. Potential Payments Upon Termination or Change in Control

    | 2026 Proxy Statement | 57 |

  230. Potential Payments Upon Termination or Change in Control

    Under Ms. Quirk’s employment agreement, “cause” is generally defined as Ms. Quirk’s (1) failure to perform substantially the executive’s duties with the company, (2) material breach of her employment agreement, (3) felony conviction or entering of a guilty plea or plea of no contest, (4) unauthorized acts or omissions resulting in harm to the company, (5) commission of a material act of dishonesty resulting in her enrichment at the expense of the company or (6) falsification of financial records. “Good reason” is generally defined as (1) any failure by the company to materially comply with any of the provisions of the employment agreement or (2) the assignment to Ms. Quirk of any duties inconsistent in any material respect with her position, authority, duties or responsibilities under the agreement. If Ms. Quirk’s employment terminates as a result of death, disability or retirement during the term of her employment agreement, she (or her estate, as applicable) will be entitled to receive the amount of her base salary earned through the termination date to the extent not previously paid, payment of a pro rata annual incentive award for the year of termination (based on actual results under our AIP) and, in the case of retirement, the continuation of insurance and welfare benefits for two years or until she accepts new employment, if earlier. As a condition to receipt of these severance benefits, Ms. Quirk must retain in confidence all confidential information known to her concerning our business after termination and she has agreed not to compete with us for a period of 18 months after termination of employment. Change in Control Severance Benefits. Ms. Quirk’s employment agreement provides that the terms and conditions of her employment (including position, compensation and benefits) will not be adversely changed until the second anniversary of the change in control. If Ms. Quirk is terminated without “cause,” as generally defined above, or if she terminates for “good reason” during the two-year period after a change in control, she will be entitled to the following:

  231. Potential Payments Upon Termination or Change in Control

    | § payment of the amount of her base salary earned through the date of termination to the extent not previously paid and a pro rata annual incentive award for the year in which the termination of employment occurs, calculated based on her average bonus and the number of days worked during the year of termination; |

  232. Potential Payments Upon Termination or Change in Control

    | § a cash payment equal to three times the sum of (1) her base salary plus (2) her average bonus; and |

  233. Potential Payments Upon Termination or Change in Control

    | § continuation of insurance and welfare benefits for two years or until she accepts new employment, if earlier. |

  234. Potential Payments Upon Termination or Change in Control

    In addition, she will receive any benefits due under the company’s incentive plans, including the LTIP. In the context of a change in control, “average bonus” is defined as Ms. Quirk’s average bonus for the three full fiscal years preceding the date of termination or the date of the change in control, whichever is higher. “Good reason” is generally defined as (1) material diminution in her title, position, authority, duties or responsibilities or a requirement that she report to anyone other than the board of directors, (2) the assignment of any duties inconsistent in any material respect with her position, authority, duties or responsibilities during the one-year period prior to the change in control, (3) failure to provide her with a total pay opportunity at least commensurate with the highest total pay opportunity available to her within the one-year period preceding the change in control, (4) failure by the company or its affiliates to comply with any of the provisions of the employment agreement, (5) relocation of her principal office to a location more than 50 miles from her current office location or requiring business travel on a more extensive basis, or (6) failure of the company to require a successor to assume its obligations under the employment agreement. The confidentiality and non-competition provisions continue to apply after a change in control. If employment terminates as a result of death, disability or retirement following a change in control, Ms. Quirk will receive the same benefits described above under “Severance Benefits” in the event of death, disability or retirement. Equity-Based Incentive Awards — Impact of Termination of Employment and Change in Control. The terms of our outstanding equity-based incentive award agreements (which include PSUs, RSUs and options) generally provide that the subject award will be forfeited if the award recipient terminates employment prior to the vesting of the award, except under certain circumstances described below. In addition, a change in control alone will not automatically result in an acceleration of the vesting of outstanding awards. Unless otherwise provided in a separate agreement, the following summarizes the effect of a termination of employment under certain scenarios on the outstanding equity-based incentives held by our NEOs:

  235. Potential Payments Upon Termination or Change in Control

    | § PSUs — Upon a recipient’s termination of employment due to death during the performance period of a PSU award, the award (and any related accrued dividend equivalents) will vest in full and pay out at the target level. If the termination of employment is due to disability, retirement or, at the discretion of the committee, termination without cause, the award will not be forfeited nor accelerate, but will remain outstanding and vest following the end of the performance period, provided the applicable performance conditions are met. In the event of a change in control, outstanding PSUs will convert into an equivalent number of RSUs (at the target amount), which award (and any related accrued dividend equivalents) will vest on the earlier of the last day of the applicable performance period or the date the recipient is terminated without cause or terminates for good reason. |

  236. Potential Payments Upon Termination or Change in Control

    | § RSUs — Upon a recipient’s termination due to death, any outstanding RSUs (and any related accrued dividend equivalents) will vest in full. If the termination is due to disability or retirement, any RSUs scheduled to vest within one year (and any related accrued dividend equivalents) will vest as of the termination of employment. In connection with a change in control, the RSUs (and any related accrued dividend equivalents) will vest in full if the recipient is terminated by the company without cause or terminates with good reason within one year of the change in control. |

  237. Potential Payments Upon Termination or Change in Control

    | 58 | Freeport |

  238. Potential Payments Upon Termination or Change in Control

    | § Stock Options — Upon a recipient’s termination due to disability or retirement, any unvested stock options scheduled to vest within one year will vest as of the termination of employment, and the holder will have the lesser of three years or the remaining term of the options to exercise. Upon a recipient’s death the options will vest in full if not previously vested. In connection with a change in control, any unvested options will vest in full if the recipient is terminated by the company without cause or terminates with good reason within one year of the change in control. As of December 31, 2025, none of our NEOs had unvested stock options. |

  239. Potential Payments Upon Termination or Change in Control

    The letter agreement between the company and Mr. Adkerson in December 2013 provides that with respect to Mr. Adkerson’s equity-based incentive awards, he will receive retirement treatment as set forth in the applicable award agreement following any termination of employment, except a termination due to death or termination by the company for cause. No Excise Tax Gross-Ups. We do not provide excise tax gross-up protections in any of our change in control arrangements with our executive officers. Under the CIC Plan and Ms. Quirk’s employment agreement, if any part of the payments or benefits received by the executive in connection with a termination following a change in control constitutes an excess parachute payment under Section 4999 of the Internal Revenue Code, he or she will receive the greater of (1) the amount of such payments and benefits reduced so that none of the amount constitutes an excess parachute payment, net of income taxes, or (2) the amount of such payments and benefits, net of income taxes and net of excise taxes under Section 4999 of the Internal Revenue Code. The following table quantifies the potential payments to our named executive officers under the contracts, arrangements or plans discussed above for various scenarios involving a change in control or termination of employment of each of our named executive officers. In addition to the benefits identified, our named executive officers would be entitled to receive the retirement and pension benefits described above under “Retirement Benefit Programs,” and outstanding vested stock options, which amounts are reflected in footnote (3) to the “Potential Payments Upon Termination or Change in Control” table below. In accordance with SEC rules, the information below assumes a termination date of December 31, 2025, and reflects the arrangements in effect at that time. We have used the closing price of our common stock of $50.79 on December 31, 2025, as reported on the NYSE, for purposes of calculating the value of the unvested and accelerated PSUs and RSUs. There were no unvested stock options held by the NEOs as of December 31, 2025.

  240. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control

  241. Potential Payments Upon Termination or Change in Control

    | Name | Lump Sum Payment | Restricted Stock Units (Unvested and Accelerated)(1) | Accumulated Dividends Payable on Accelerated RSUs | Performance Share Units (Unvested and Accelerated)(2) | Accumulated Dividends Payable on Accelerated PSUs | Health and Welfare Benefits | Total(3) | | Kathleen L. Quirk | | | | | | | | | Retirement | $ — | $3,631,485 | $82,250 | $ — | $ — | $65,167 | $3,778,902 | | Disability | — | 3,631,485 | 82,250 | — | — | — | 3,713,735 | | Death | — | 7,525,351 | 142,999 | 18,665,325 | 301,500 | — | 26,635,175 | | Termination – Good Reason | 7,652,907 | 7,525,351 | 142,999 | — | — | 65,167 | 15,386,424 | | Termination – Without Cause | 7,652,907 | 7,525,351 | 142,999 | — | — | 65,167 | 15,386,424 | | Qualifying Termination after Change in Control(4)(5) | 11,104,415 | 7,525,351 | 142,999 | 18,665,325 | 301,500 | 65,167 | 37,804,757 | | Richard C. Adkerson | | | | | | | | | Retirement/Termination – Without Cause | — | 3,496,028 | 85,499 | — | — | — | 3,581,527 | | Disability | — | 3,496,028 | 85,499 | — | — | — | 3,581,527 | | Death | — | 6,746,588 | 139,499 | 19,477,965 | 360,300 | — | 26,724,352 | | Qualifying Termination after Change in Control(4)(5) | 15,165,105 | 6,746,588 | 139,499 | 19,477,965 | 360,300 | 40,143 | 41,929,600 |

  242. Potential Payments Upon Termination or Change in Control

    | 2026 Proxy Statement | 59 |

  243. Potential Payments Upon Termination or Change in Control

    | Name | Lump Sum Payment | Restricted Stock Units (Unvested and Accelerated)(1) | Accumulated Dividends Payable on Accelerated RSUs | Performance Share Units (Unvested and Accelerated)(2) | Accumulated Dividends Payable on Accelerated PSUs | Health and Welfare Benefits | Total(3) | | Maree E. Robertson | | | | | | | | | Retirement | $ — | $1,261,268 | $28,899 | $ — | $ — | $ — | $1,290,167 | | Disability | — | 1,261,268 | 28,899 | — | — | — | 1,290,167 | | Death | — | 2,598,721 | 49,299 | 3,707,670 | 63,000 | — | 6,418,690 | | Qualifying Termination after Change in Control(4)(5) | 3,991,763 | 2,598,721 | 49,299 | 3,707,670 | 63,000 | 69,241 | 10,479,694 | | Stephen T. Higgins | | | | | | | | | Retirement | — | 1,159,739 | 26,201 | — | — | — | 1,185,940 | | Disability | — | 1,159,739 | 26,201 | — | — | — | 1,185,940 | | Death | — | 2,421,007 | 45,601 | 2,310,945 | 39,600 | — | 4,817,153 | | Qualifying Termination after Change in Control(4)(5) | 3,681,925 | 2,421,007 | 45,601 | 2,310,945 | 39,600 | 65,613 | 8,564,691 | | Douglas N. Currault II | | | | | | | | | Retirement | — | 1,049,677 | 23,700 | — | — | — | 1,073,377 | | Disability | — | 1,049,677 | 23,700 | — | — | — | 1,073,377 | | Death | — | 2,192,401 | 41,299 | 2,133,180 | 36,600 | — | 4,403,480 | | Qualifying Termination after Change in Control(4)(5) | 3,345,900 | 2,192,401 | 41,299 | 2,133,180 | 36,600 | 69,520 | 7,818,900 |

  244. Potential Payments Upon Termination or Change in Control

    | (1) The values of the RSUs were determined by multiplying the December 31, 2025 closing price of our common stock by the number of RSUs to be vested under each scenario. |

  245. Potential Payments Upon Termination or Change in Control

    | (2) The values of the PSUs in connection with death or a qualifying termination after a change in control were determined by multiplying the December 31, 2025 closing price of our common stock by the target number of PSUs with performance periods ending after December 31, 2025. No value is reflected for awards of PSUs in the event of termination upon retirement, disability, or for Mr. Adkerson, termination without cause, because the PSU agreements do not provide for automatic vesting of outstanding PSUs and the related dividend equivalent credits in those circumstances. Instead, the awards will remain outstanding through the performance period and vest if the applicable performance conditions are met. See the “Outstanding Equity Awards at December 31, 2025” table for more information. |

  246. Potential Payments Upon Termination or Change in Control

    | (3) In addition to the amounts reflected in this column, upon the occurrence of each event of termination listed in the table, each NEO would be entitled to the following additional benefits, as applicable: outstanding, in-the-money stock options that were vested at the time of termination, the executive’s aggregate balance in the SECAP (as reflected on page 55), and, for Mr. Adkerson and Mr. Higgins, the present value of his SERP and SRP, respectively (as reflected on page 56). The aggregate value of these additional benefits for each of our NEOs, assuming a termination on December 31, 2025, is as follows: Ms. Quirk — $36,413,550, Mr. Adkerson — $151,472,534, Ms. Robertson — $217,833, Mr. Higgins — $1,941,897, and Mr. Currault — $7,666,420. These amounts do not include benefits under our ECAP or life insurance policies generally available to all employees. In addition to the standard life insurance policy generally available to employees, Mr. Adkerson has an executive life insurance policy providing for a death benefit of $1,500,000. |

  247. Potential Payments Upon Termination or Change in Control

    | (4) With respect to our equity awards, the agreements provide for the benefits described in the table following a change in control only if the recipient is terminated without cause or terminated with good reason within one year after the change in control. The amounts stated in the rows titled “Qualifying Termination after Change in Control” assume the full vesting of all outstanding options and RSUs and full vesting and payout at target for PSUs. |

  248. Potential Payments Upon Termination or Change in Control

    | (5) The total payments may be subject to reduction if such payments result in the imposition of an excise tax under Section 280G of the Internal Revenue Code. |

  249. Potential Payments Upon Termination or Change in Control

    | 60 | Freeport |

  250. CEO Pay Ratio

    CEO Pay Ratio As required by the Dodd-Frank Act and Regulation S-K, we are providing the following information about the relationship of the annual total compensation of our median employee and the annual total compensation of our CEO. We believe the pay ratio included in this information is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K. As permitted under SEC rules, we used the same median employee group that we used for purposes of disclosing our 2024 pay ratio as there have been no changes in our employee population or employee compensation arrangements that we believe would significantly impact the pay ratio analysis. We identified the median employee by examining the total earnings for the nine-month period ending September 30, 2023 for all individuals, excluding our CEO, who were employed by us and our consolidated subsidiaries on October 1, 2023, whether employed on a full-time, part-time, seasonal or temporary basis, with the following adjustments:

  251. CEO Pay Ratio

    | § As of October 1, 2023, our employee population consisted of 26,640 individuals, with 48% of these individuals located in the U.S., 23% located in Indonesia, 20% located in Peru and the remaining 9% located in other foreign jurisdictions. To reduce administrative costs and as permitted by SEC rules, we have excluded from the calculation employees in the following foreign jurisdictions: Canada, China, Japan, the Netherlands, Serbia, Spain and the United Kingdom. This adjustment resulted in the exclusion from the calculation of approximately 1,000 total employees, representing approximately 4% of our employee population. |

  252. CEO Pay Ratio

    | § With respect to permanent employees hired after January 1, 2023, we assumed for purposes of the calculation that those employees worked the full nine-month period ending September 30. |

  253. CEO Pay Ratio

    | § With respect to employees in foreign jurisdictions, we applied a foreign currency to U.S. dollar exchange rate to the compensation paid in foreign currency based on the exchange rate as of October 1, 2023. We did not make any cost-of-living adjustments. |

  254. CEO Pay Ratio

    | § Of the possible median employees, we selected the employee without atypical elements of pay in his or her earnings, such as disability payments or special earnings while on leave. |

  255. CEO Pay Ratio

    We calculated annual total compensation for our median employee using the same methodology we use for our named executive officers as set forth in the “Executive Compensation Tables – Summary Compensation Table.” The annual total compensation of our median employee (other than our CEO) for 2025 was $115,935. As disclosed in the “Summary Compensation Table,” our CEO’s annual total compensation for 2025 was $14,808,126. Based on the foregoing, our estimate of the ratio of the annual total compensation of our CEO to the median of the annual total compensation of all other employees was 128 to 1.

  256. CEO Pay Ratio

    | 2026 Proxy Statement | 61 |

  257. Pay-Versus-Performance

    | Year | Summary Compensation Table Total for Ms. Quirk (1) | Compensation Actually Paid to Ms. Quirk (2) | Summary Compensation Table Total for Mr. Adkerson (1) | Compensation Actually Paid to Mr. Adkerson (2) | Average Summary Compensation Table Total for Non-PEO NEOs (3) | Average Compensation Actually Paid to Non-PEO NEOs (4) | Value of Initial Fixed $100 Investment Based On: | | Net Income ($ in MM) (6) | Return on Investment (7) | | | | | | | | | Total Stockholder Return | Peer Group Total Stockholder Return (5) | | | | 2025 | $14,808,126 | $24,358,128 | $— | $— | $7,310,132 | $10,297,566 | $208.56 | $330.58 | $2,204 | 15.21% | | 2024 | 13,286,084 | 10,935,875 | 23,744,421 | 16,451,198 | 3,646,350 | 3,185,580 | 154.02 | 179.48 | 1,889 | 17.95% | | 2023 | — | — | 24,017,321 | 25,276,163 | 5,123,031 | 5,798,178 | 170.03 | 187.42 | 1,848 | 17.77% | | 2022 | — | — | 20,521,929 | 7,164,637 | 5,191,453 | 3,931,649 | 149.56 | 153.72 | 3,468 | 26.79% | | 2021 | — | — | 19,111,894 | 75,686,762 | 4,086,801 | 14,711,132 | 161.41 | 135.48 | 4,306 | 38.50% |

  258. Relationship between Company Performance and Compensation Actually Paid

    Relationship between Company Performance and Compensation Actually Paid The graphs below show the relationship between the CAP amounts for our PEO and the average CAP amounts for our other NEOs for the referenced years, as compared to (1) our cumulative TSR, (2) our net income, and (3) our return on investment, and also a comparison of our cumulative TSR to that of the S&P Metals and Mining Select Industry Index. Comparison of Compensation Actually Paid to Total Stockholder Return Compensation Actually Paid (SMM) $80 $75.7 $60 $500 $400 $300 $10 $208.56 $170.03 $200 $101.41 $154.02 $149.56 $24.4 $25.3 $40 $20 $14.7 $16.5 $100 $10.9 $10.3 $7.2 $5.8 $3.9 $3.2 $0 $0 2021 2022 2023 2024 2025 Compensation Actually Paid to Ms. Quirk Compensation Actually Paid to Mr. Adkerson Avg. Compensation Actually Paid to Non-PEO NEOS Value of Initial Fixed $100 Investment Based on Total Stockholder Return Comparison of Compensation Actually Paid to Return on Investment Compensation Actually Paid (SMM) $80 $60 $75.7 38.50% 26.79% 40% 30% $40 17.77% 17.95% 20% 15.21% $25.3 $24.4 $20 $14.7 $16.5 10% $10.9 $10.3 $7.2 $5.8 $3.9 $3.2 $0 $0 2025 2021 2022 2023 2024 Compensation Actually Paid to Ms. Quirk Compensation Actually Paid to Mr. Adkerson Avg. Compensation Actually Paid to Non-PEO NEOS Annual Economic Return on Investment Return on Investment Comparison of Compensation Actually Paid to Net Income Value of Initial Fixed S100 Investment Based on Total Stockholder Return Compensation Actually Paid (SMM) $80 $75.7 $60 $4,306 $3,468 $6,000 $4,500 $40 $3,000 $2,204 $1,848 $1,889 $24.4 $20 $25.3 $14.7 $16.5 $1,500 $10.9 $10.3 $7.2 $5.0 $3.9 $3.2 $0 2021 2022 2023 2024 2025 Net Income Compensation Actually Paid to Ms. Quirk Compensation Actually Paid to Mr. Adkerson Avg. Compensation Actually Paid to Non-PEO NEOS Net Income Value of Initial Fixed $100 Investment Based on Total Stockholder Return $350 $300 $250 $330.58 $208.56 $200 $187.42 $179.18 $161.41 $153.72 $170.03 $150 $154.02 $149.56 $135.48 $100 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 FCX S&P Metals and Mining Select Industry Index

  259. Relationship between Company Performance and Compensation Actually Paid

    | 2026 Proxy Statement | 65 |