Form 4: Freeport-McMoRan's Chairman Richard Adkerson Reports Changes in Beneficial Ownership

Richard Adkerson, Chairman and CEO of Freeport-McMoRan, reports changes in his beneficial ownership of the company's stock due to the expiration of a Grantor Retained Annuity Trust (GRAT) and other transactions.

Summary

• Richard C. Adkerson, Chairman and CEO of Freeport-McMoRan, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
• On May 9, 2024, 43,164 shares of common stock were transferred from a GRAT established by Adkerson in 2022 to the remaindermen of the trust upon its expiration.
• Adkerson's reported direct holdings include 3,606,881 shares of common stock and indirect holdings include 1,622,560 shares held through GRATs and 192,330 shares held by IRA.
• The amount beneficially owned includes 1,149,333 Restricted Stock Units (RSUs), with 1,000,000 of them vested but deferred.
• The report also reflects the establishment of a new GRAT and the return of shares in connection with scheduled annuity payments under previously established GRATs since his last Form 4 filing.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing changes in stock ownership, with no inherent positive or negative sentiment.

Industry Context

This filing is a routine disclosure related to changes in beneficial ownership by a company insider, which is a common practice for publicly traded companies.

Stakeholder Impact

• The changes in beneficial ownership may have a minor impact on shareholders, but the overall effect is likely negligible.

Key Dates