Item 1.01. Entry into a Material Definitive Agreement.

On June 3, 2020, Freeport-McMoRan Inc. ("FCX"), PT Freeport Indonesia ("PTFI") and Freeport-McMoRan Oil & Gas LLC, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, and each of the lenders and issuing banks party thereto entered into the Third Amendment ("Third Amendment") to the Revolving Credit Agreement dated as of April 20, 2018, as amended by that certain First Amendment dated as of May 2, 2019 and that certain Second Amendment dated as of November 25, 2019, among the borrowers, the administrative agent, the syndication agent, and each of the lenders and issuing banks party thereto (as amended, the "Revolving Credit Facility").

The Third Amendment includes the following changes to the financial covenants during the covenant increase period, which ends on the earlier of (1) January 1, 2022 and (2) the date on which FCX delivers, at its election, a covenant reversion notice ("Covenant Increase Period"), at which time the financial covenants and other restrictions discussed below will revert to the limits applicable prior to the Third Amendment and the minimum liquidity covenant will be removed:



• Total Leverage Ratio -


•            suspension of the total leverage ratio through the quarter ending
             June 30, 2021;


•            for the quarter ending September 30, 2021, through and including the
             end of the Covenant Increase Period, the total leverage ratio cannot
             exceed 5.25 to 1.00; and


•            following the Covenant Increase Period, the total leverage ratio
             cannot exceed 3.75 to 1.00;

• Minimum Liquidity -




•            adds a minimum liquidity covenant of $1.0 billion (consisting of
             consolidated unrestricted cash and availability under the Revolving
             Credit Facility) applicable to each quarter ending on or prior to
             the earlier of (i) June 30, 2021 and (ii) the end of the Covenant
             Increase Period; and

• Interest Expense Coverage Ratio -

• the interest expense coverage ratio cannot exceed 2.00 to 1.00; and




•            following the Covenant Increase Period, the interest expense
             coverage ratio cannot exceed 2.25 to 1.00.

Other changes made pursuant to the Third Amendment include:

• limiting the priority debt basket applicable to non-borrower subsidiaries

and the corresponding general lien basket during the Covenant Increase

Period (subject to certain exceptions);

• eliminating FCX's ability to declare or make, or agree to pay or make any

restricted payments (subject to certain exceptions) during the Covenant

Increase Period; and

• increasing the drawn pricing during the Covenant Increase Period and

permanently increasing the undrawn pricing.

The Third Amendment provides for no other significant changes.

As of June 3, 2020, FCX had no borrowings outstanding under the Revolving Credit Facility and $13 million in letters of credit issued, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit.

Certain of the lenders and agents under the Revolving Credit Facility, and their respective affiliates have in the past engaged, and may in the future engage, in transactions with FCX and its affiliates, and have in the past performed, and may in the future perform, services, including

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commercial banking, financial advisory and investment banking services, for FCX and its affiliates, in the ordinary course of business for which they have received or will receive customary fees and expenses.

The foregoing description of the Third Amendment is not intended to be complete and is qualified in its entirety by reference to the Third Amendment, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See Item 1.01, which is incorporated herein by reference.

Item. 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

Effective June 3, 2020, the Board of Directors (the "Board") of FCX amended and restated FCX's By-Laws primarily to (1) modify the advance notice window for submission of stockholder director nominations and stockholder proposals, (2) add an exclusive forum provision, (3) add an emergency provision, (4) add information requirements and timing restrictions to any stockholder request for a special meeting, (5) modify certain other provisions to more closely align the By-Laws with the requirements of the Delaware General Corporation Law ("DGCL") and current market practices, and (6) make other ministerial, clarifying and conforming changes. The changes include:



•      clarifying that annual meetings of stockholders are permitted to be held
       by means of remote communication in accordance with DGCL and adding notice
       requirements for a meeting held solely by means of remote communication
       (Article IV, Sections 1, 3 and 6);



•      clarifying the majority voting standard for election of directors (Article
       IV, Section 2);



•      clarifying the right of stockholders to vote by proxy at meetings of
       stockholders (Article IV, Section 4);



•      adding information requirements and timing restrictions to the provisions
       regarding the ability of stockholders owning at least 15% of FCX's common
       stock to call special meetings (Article IV, Sections 7 and 8);



•      clarifying that the Chairman of the Board or such other person designated
       by the Board shall act as the presiding officer at meetings of
       stockholders (Article IV, Section 9 and Articles X and XI);



•      modifying the advance notice provisions to provide that stockholders may
       provide timely notice of director nominations and other business to be
       presented at FCX's annual meeting no earlier than 120 days (rather than 90
       days) and no later than 90 days (rather than 60 days) prior to the first
       anniversary of the preceding year's annual meeting of stockholders, and
       requiring that a stockholder providing notice under these provisions must
       provide the information required to be disclosed in the proxy statement
       under the applicable federal securities laws and that a stockholder
       director nominee must complete, sign and supplement upon request, a
       questionnaire provided by FCX (Article IV, Sections 10 and 11);



•      specifying that any vacancy occurring on the Board may be filled by a
       majority of the remaining members of the Board (although such majority is
       less than a quorum) or by the stockholders (Article V, new Section 4);

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•      adding an emergency provision as permitted under DGCL that eliminates
       quorum requirements for Board and/or committee meetings called during
       times of emergency, disaster or catastrophe or other similar emergency
       condition, including a pandemic or an epidemic that has been recognized as
       an emergency by the federal government (Article VIII, new Section 5);



•      modifying the notices and waivers provisions to be more closely in line
       with DGCL, including the addition of an electronic notice provision
       (Article XXIV); and



•      adding an exclusive forum provision providing that the Delaware Court of
       Chancery will be the sole and exclusive forum for certain litigation,
       including any derivative action or any action asserting a claim that is
       based upon a violation of a duty by a current or former director, officer,
       employee or stockholder of FCX in such capacity (new Article XXVII).

The foregoing description of the Amended and Restated By-Laws is not intended to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated By-Laws, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

Item 5.07. Submission of Matters to a Vote of Security Holders.

As a result of the public health impact of the COVID-19 pandemic and to prioritize the health and well-being of meeting participants, FCX held its 2020 annual meeting of stockholders on June 3, 2020 virtually via a live audio webcast (the "2020 Annual Meeting"). At the 2020 Annual Meeting, FCX's stockholders (1) elected each of the six director nominees listed below to serve as a director of FCX for a term that will continue until the next annual meeting of stockholders and until his or her successor is duly elected; (2) ratified the appointment of Ernst & Young LLP as FCX's independent registered public accounting firm for 2020; and (3) approved, on an advisory basis, the compensation of FCX's named executive officers.

Of the 1,451,960,774 shares of FCX's common stock outstanding as of the April 8, 2020, record date, 1,172,630,674 shares were represented in person, including by means of remote communication, or by proxy at the 2020 Annual Meeting. The inspector of election reported the final vote of stockholders as follows:

Proposal No. 1: Election of six director nominees.


                                                                        Broker
Name                       Votes For    Votes Against   Abstentions    Non-Votes
Richard C. Adkerson       915,167,754      19,317,509    28,636,265   209,509,145
Gerald J. Ford            810,556,552     123,992,646    28,572,330   209,509,145
Lydia H. Kennard          919,976,294      14,348,327    28,796,907   209,509,145
Dustan E. McCoy           818,618,583     115,682,550    28,820,396   209,509,145

John J. Stephens 924,571,193 9,861,559 28,688,776 209,509,145 Frances Fragos Townsend 903,529,240 13,547,208 46,045,081 209,509,145

Proposal No. 2: Ratification of the appointment of Ernst & Young LLP as FCX's independent registered public accounting firm for 2020.


                                               Broker
  Votes For     Votes Against   Abstentions   Non-Votes
1,158,817,681    12,327,960      1,485,032       N/A

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Proposal No. 3: Approval, on an advisory basis, of the compensation of FCX's named executive officers.


                                              Broker
 Votes For    Votes Against   Abstentions    Non-Votes
836,591,545    124,155,514     2,374,469    209,509,145

Item 8.01. Other Events.

As disclosed under Item 5.03 herein, effective June 3, 2020, the Board amended and restated FCX's By-laws to, among other changes, modify the advance notice provisions to provide that stockholders may provide timely notice of director nominations and other business to be presented at FCX's annual meeting no earlier than 120 days (rather than 90 days) and no later than 90 days (rather than 60 days) prior to the first anniversary of the preceding year's annual meeting of stockholders (Article IV, Sections 10 and 11). Accordingly, the "2021 Stockholder Proposals" section of FCX's 2020 proxy statement, filed with the Securities and Exchange Commission ("SEC") on April 22, 2020, is hereby amended and restated as follows:

2021 STOCKHOLDER PROPOSALS

If you would like us to consider including a proposal in next year's proxy statement, you must comply with the requirements of the SEC and deliver it in writing to: Corporate Secretary, Freeport-McMoRan Inc., 333 North Central Avenue, Phoenix, Arizona 85004 by December 23, 2020.

If you are an eligible stockholder, or group of stockholders, and would like us to consider including a proxy access director nomination in next year's proxy statement, you must comply with the requirements of our proxy access by-law and deliver the required notice and supporting materials in writing to: Corporate Secretary, Freeport-McMoRan Inc., 333 North Central Avenue, Phoenix, Arizona 85004 by December 23, 2020.

If you would like to present a proposal or director candidate at the next annual meeting but do not wish to have it included in our proxy statement, you must comply with the specific procedural requirements in our by-laws and deliver it in writing to: Corporate Secretary, Freeport-McMoRan Inc., 333 North Central Avenue, Phoenix, Arizona 85004 no earlier than February 3, 2021 and no later than March 5, 2021. Failure to comply with our by-law procedures and deadlines may preclude presentation of your proposal or director candidate at our 2021 annual meeting.

If you would like a copy of the requirements or procedures described above, please contact our corporate secretary as provided above, or access our by-laws on our website at fcx.com under "About Us - Corporate Governance - Governance Documents."

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.



Exhibit
Number     Exhibit Title
  3.1      Amended and Restated By-Laws of Freeport-McMoRan Inc., effective as of
           June 3, 2020.
  10.1     Third Amendment dated as of June 3, 2020 to the Revolving Credit
           Agreement dated as of April 20, 2018, as amended, among
           Freeport-McMoRan Inc., PT Freeport Indonesia, Freeport-McMoRan Oil &
           Gas LLC, JPMorgan Chase Bank, N.A., as administrative agent, and each
           of the lenders and issuing banks party thereto.
104        The cover page from this Current Report on Form 8-K, formatted in
           Inline XBRL.

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