UPDATE 1-Freeport in 'at-will' pay deal with CEO, grants $36 mln in stock

Dec 23 (Reuters) - Freeport-McMoRan Copper & Gold Inc 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.

from Reuters: Company News http://feeds.reuters.com/~r/reuters/companyNews/~3/TvZtmg5C6fQ/story01.htm

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