(Reuters) - Freeport-McMoRan Copper & Gold Inc (FCX) said on Monday it reached an agreement with Chief Executive Richard Adkerson to cancel his employment agreement, giving up his guaranteed salary, benefits and rights to substantial severance in exchange for restricted stock worth about $36 million. Adkerson, 66, will stay on as president and CEO of Freeport, the world's largest publicly listed copper miner, under a new "at will" agreement, with pay and benefits to be determined by the company's compensation committee. Freeport said the move frees it of potentially sizable future severance or change-of-control payments to Adkerson. Adkerson, who has headed Freeport since 2003, had a base salary of $2.5 million a year, but his total direct compensation topped $17.3 million in 2012, including salary, bonus, stock options and incentives.
via Business News - Yahoo Finance http://finance.yahoo.com/news/freeport-pay-deal-ceo-grants-205523724.html
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