Document:

exv10w1

Exhibit 10.1

      

SAVINGS EQUALIZATION PLAN OF NEWMONT

(Effective December 31, 2008, Except as Otherwise Indicated)

      

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 

	DEFINITIONS
	 	 	1	 
	 

	ARTICLE II

ELIGIBILITY AND PARTICIPATION

	 

	Section 2.01. Eligibility and Participation
	 	 	5	 
	 

	Section 2.02. Enrollment
	 	 	6	 
	 

	Section 2.03. Plan Re-entry
	 	 	6	 
	 

	Section 2.04. Failure of Eligibility
	 	 	6	 
	 

	Section 2.05. Forfeiture Upon Termination for Cause
	 	 	6	 
	 

	ARTICLE III

CONTRIBUTION DEFERRALS

	 

	Section 3.01. Participant Base Compensation Deferrals
	 	 	6	 
	 

	Section 3.02. Bonus Deferrals
	 	 	7	 
	 

	Section 3.03. Company Deferrals
	 	 	8	 
	 

	ARTICLE IV

INVESTMENT OF DEFERRALS AND ACCOUNTING

	 

	Section 4.01. Investment Credit
	 	 	8	 
	 

	Section 4.02. Limitations on Investments
	 	 	8	 
	 

	Section 4.03. Underlying Investments
	 	 	8	 
	 

	ARTICLE V

DISTRIBUTIONS

	 

	Section 5.01. Distribution Elections Generally
	 	 	9	 
	 

	Section 5.02. Time of Distribution
	 	 	9	 
	 

	Section 5.03. Form of Distribution
	 	 	10	 
	 

	Section 5.04. Vesting of Benefits
	 	 	10	 
	 

	Section 5.05. Election Changes
	 	 	11	 
	 

	Section 5.06. Domestic Relations Orders
	 	 	11	 
	 

	Section 5.07. Unforeseeable Emergency
	 	 	12	 
	 

	Section 5.08. Beneficiaries
	 	 	12	 

Savings Equalization Plan of Newmont

Effective December 31, 2008

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	 	 	Page
	ARTICLE VI

COMMITTEES

	 

	Section 6.01. Appointment of Committees
	 	 	13	 
	 

	Section 6.02. Responsibilities of the Administration Committee
	 	 	13	 
	 

	Section 6.03. Responsibilities of the Investment Committee
	 	 	13	 
	 

	Section 6.04. Responsibilities of the Appeals Committee
	 	 	13	 
	 

	Section 6.05. Organization of Committees
	 	 	14	 
	 

	Section 6.06. Indemnification of Committee Members
	 	 	14	 
	 

	ARTICLE VII

CLAIMS PROCEDURES

	 

	Section 7.01. Filing a Claim
	 	 	14	 
	 

	Section 7.02. Review of Initial Claim
	 	 	15	 
	 

	Section 7.03. Appeal of Denial of Initial Claim
	 	 	15	 
	 

	Section 7.04. Review of Appeal
	 	 	15	 
	 

	Section 7.05. Form of Notice to Claimant
	 	 	15	 
	 

	Section 7.06. Discretionary Authority of Committees
	 	 	16	 
	 

	ARTICLE VIII

TRUST

	 

	Section 8.01. Trust Agreement
	 	 	16	 
	 

	Section 8.02. Expenses of Trust
	 	 	16	 
	 

	ARTICLE IX

AMENDMENT AND TERMINATION

	 

	Section 9.01. Termination of Plan
	 	 	16	 
	 

	Section 9.02. Amendment by Board of Directors
	 	 	17	 
	 

	ARTICLE X

MISCELLANEOUS

	 

	Section 10.01. Funding of Benefits; No Fiduciary Relationship
	 	 	17	 
	 

	Section 10.02. Inalienability of Benefits
	 	 	17	 
	 

	Section 10.03. Disposition of Unclaimed Distributions
	 	 	18	 
	 

	Section 10.04. Tax Withholding
	 	 	18	 
	 

	Section 10.05. Employment Status
	 	 	18	 
	 

	Section 10.06. Validity and Severability
	 	 	18	 
	 

	Section 10.07. Governing Law
	 	 	18	 
	 

	Section 10.08. Right of Offset
	 	 	18	 

Savings Equalization Plan of Newmont

Effective December 31, 2008

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	 	 	Page
	Section 10.09. Conformance With Applicable Laws
	 	 	18	 
	 

	Section 10.10. Payments Due Minors or Incapacitated Persons
	 	 	19	 
	 

	Section 10.11. Distribution Delay for Specified Employees
	 	 	19	 
	 

	ARTICLE XI

TRANSITION RULES AND ELECTIONS

	 

	Section 11.01. Code Section 409A Restatement Grandfather
	 	 	19	 
	 

	Section 11.02. Election of Time and Form of Payment for Amounts Credited From January
1, 2005 to December 31, 2008
	 	 	19	 
	 

	Section 11.03. Distribution Scheduled for 2008
	 	 	20	 
	 

	Section 11.04. Credits Made in 2008
	 	 	20	 

Savings Equalization Plan of Newmont

Effective December 31, 2008

iii

 

SAVINGS EQUALIZATION PLAN OF NEWMONT

(Effective as of December 31, 2008, Except as Otherwise Indicated)

PREAMBLE

     Newmont USA Limited, a Delaware corporation, established the Newmont Savings Equalization
Plan, originally effective as of October 1, 1995 (the “Plan”). Article IX of the Plan permits the
Board of Directors of the Company to amend the Plan from time to time. Pursuant to that right, the
Plan is hereby restated effective December 31, 2008.

     The Plan was established and is maintained in consideration of the valuable services provided
by eligible employees to the Company or its affiliates and to induce such employees to enter into
or remain in the employ of the Company or its affiliates.

     The Company acquired Santa Fe Pacific Gold Corporation and Battle Mountain Gold Company and
merged the Santa Fe Pacific Gold Corporation Supplemental Retirement and Savings Plan and the
Battle Mountain Gold Company Contribution Equalization Plan into this Plan. Appendices A and B set
forth transitional rules applicable to former participants in the Santa Fe Pacific Gold Corporation
Supplemental Retirement and Savings Plan and the Battle Mountain Gold Company Contribution
Equalization Plan.

     The Plan as restated is intended to provide for the Plan’s compliance with Internal Revenue
Code (the “Code”) Section 409A and the Treasury Regulations issued thereunder as in effect from
time to time. The Plan shall be construed and administered as necessary to comply with these
requirements. Effective January 1, 2005 through December 31, 2008 the Plan shall be administered
based on a good faith interpretation of the provisions of the Code Section 409A, the applicable
Treasury Regulations and Guidance issued by the Internal Revenue Service.

     The Company intends that the Plan shall not be treated as a “funded” plan for purposes of
either the Code or ERISA. The provisions of this Plan shall apply only to individuals who
terminate their employment with the Company on or after the restated Effective Date and the Spouses
and beneficiaries of such persons.

ARTICLE I

DEFINITIONS

     Defined terms used in this Plan shall have the meanings set forth below or the same meanings
as in the Savings Plan, as the case may be, and the masculine shall be deemed to include the
feminine and the singular shall be deemed to include the plural:

     “Account” means the bookkeeping account maintained for each Participant to which shall be
credited all Deferred Contributions made by a Participant, all Company Deferrals on behalf of a
Participant and all adjustments thereto. The Account shall be an accounting record maintained by
the Company to record contributions and earnings on behalf of each Participant. A Participant’s
Account shall include any subaccounts including, but not limited to:

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Effective December 31, 2008

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	 	•	 	Base Compensation Deferral Account.
	 
	 	•	 	Bonus Compensation Deferral Account.
	 
	 	•	 	Company Deferral Account.

     “Administration Committee” means the committee appointed by the Board of Directors pursuant to
Section 6.01 of the Plan to be the Administration Committee under the Plan.

     “Appeals Committee” means the committee appointed by the Board of Directors pursuant to
Section 6.01 of the Plan to review any appeals of benefit decisions made by the Administration
Committee or its delegate.

     “Base Compensation” means regular compensation, wages and fees for services that are reported
to the Internal Revenue Service as taxable income to the Participant plus any amounts that are not
so reported under Section 125, 402(e)(3) and 132(f)(4) of the Code and amounts deferred under a
nonqualified salary deferral plan, including this Plan. “Base Compensation” does not include Bonus
Compensation or amounts excluded under the definition of Compensation.

     “Board of Directors” or “Board” means the Board of Directors of Newmont USA Limited.

     “Bonus Compensation” means cash amounts paid pursuant to the Annual Incentive Compensation
Program or the Senior Executive Compensation Program, including amounts not recognized as income on
such payments pursuant to Code Sections 125, 402(e)(3) and 132(f)(4) and amounts deferred under a
nonqualified salary deferral plan, including this Plan. “Bonus Compensation” does not include Base
Compensation or amounts excluded under the definition of Compensation.

     “Cause” means, with respect to any Participant and as determined by the Board of Directors or
its delegate:

     (i) the willful and continued failure of the Participant to perform substantially the
Participant’s duties with the Company or its affiliate (other than any such failure
resulting from incapacity due to physical or mental illness) or his failure to follow
policies, directions or the Company’s code of conduct, after a written demand for
substantial performance is delivered to the Participant by the Board of Directors or its
delegate. Such written demand shall identify the manner in which the Board of Directors or
its delegate believes that the Participant has not substantially performed the Participant’s
duties. Notwithstanding the foregoing, written demand for substantial performance shall not
be required if the Board of Directors or its delegate determines that immediate action,
including termination of the Participant, is necessary to avoid potential injury or harm to
the Company or any person; or

     (ii) the engaging by the Participant in illegal conduct or gross negligence or willful
misconduct which is potentially injurious to the Company or any affiliate; provided that if
the Participant acts in accordance with an authorized written opinion of

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Effective December 31, 2008

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the Company’s or an affiliate’s legal counsel, such action will not constitute “Cause”
under this definition; or

     (iii) any dishonest or fraudulent activity by the Participant or the reasonable belief
by the Company of the Participant’s breach of any contract, agreement or representation with
the Company or an affiliate.

     In the event that a Participant is terminated for “Cause,” and the Participant had received
payments under the Plan or otherwise been credited with amounts under the Plan, the Company shall
be entitled to recover such amounts from the Participant or offset such amount from any other
amounts owed by the Company to the Participant.

     “Change of Control” means a “Change of Control” as defined in the Savings Plan. However, for
purposes of Section 9.01 of the Plan “Change of Control” means (i) a change in ownership that
occurs on the date any one person, or more than one person acting as a group, acquires ownership of
stock of Newmont Mining that, together with stock held by such person or group, constitutes more
than 50% of the total fair market value of the stock of Newmont Mining; (ii) the date any one
person, or more than one person acting as a group, acquires ownership of stock of Newmont Mining
possessing 30% or more of the total voting power of the stock of Newmont Mining; (iii) the date a
majority of members of the Newmont Mining board of directors is replaced during any 12-month period
by directors whose appointment or election is not endorsed by a majority of the members of Newmont
Mining’s board of directors before the date of the appointment or election; or (iv) a change in the
ownership of a substantial portion of Newmont Mining’s assets which shall occur on the date that
any one person, or more than one person acting as a group, acquires assets from Newmont Mining that
have a total gross fair market value equal to or more than 40% of the total gross fair market value
of all of the assets of Newmont Mining immediately before such acquisition. “Change of Control,”
for purposes of Section 9.01 of the Plan, shall be interpreted in a manner consistent with Treasury
Regulation Section 1.409A-3.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Company” means Newmont USA Limited, a Delaware corporation and any parent, subsidiary,
affiliated company or division of the Company or other legal entity related to the Company which is
designated as a participating employer under the Plan by the Board of Directors or its delegate and
which elects to become a participating employer under the Plan by resolution of the governing body
of such subsidiary company or other legal entity or its delegate.

     “Company Deferrals” means the amount of matching Company Deferrals allocated to a
Participant’s Account pursuant to Section 3.03 of the Plan. Matching Company Deferrals shall be
deemed to be made in shares of the common stock of Newmont Mining Corporation, the Company’s
ultimate parent (“Company Stock”) subject to any limitations that may apply, or cash as determined
by the Company.

     “Compensation” means Base Compensation and Bonus Compensation. Compensation shall not include
severance benefits, business expense reimbursements, any income realized for federal income tax
purposes as a result of group life insurance, any income or benefits paid or

Savings Equalization Plan of Newmont

Effective December 31, 2008

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received from employee benefit plans (other than as is specifically included in the
definitions of Base Compensation and Bonus Compensation), payments made under any applicable
disability plan paid to the Participant by the Employer, any extra pay for foreign service or
foreign assignment, hardship pay, moving allowances, the cost of goods and services, danger pay,
the value of any stock-based compensation (including stock options, deferred stock, restricted
stock and restricted stock units), equity incentive payments pursuant to the Employee Performance
Incentive Compensation Program or the Senior Executive Compensation Program or any other
incentive-based payroll practice except Bonus Compensation.

     “Deferred Contributions” means the amounts of a Participant’s Compensation which he elects to
defer and have allocated to his Account pursuant to Section 3.01 of the Plan.

     “Disability” or “Disabled” means a Participant is: (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months, or (ii) by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months, receiving income replacement benefits for a period of not less than 3 months under an
accident and health plan covering employees of the Company.

     “Effective Date” means, except as otherwise indicated, the original effective date of October
1, 1995, and as restated effective December 31, 2008.

     “Enrollment Agreement” means an application for participation in this Plan approved by the
Administration Committee or its delegate, execution of which by an eligible employee is required
under Article II for Plan participation, and any other form approved by the Administration
Committee used for purposes of making elections in accordance with the Plan.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “Newmont Mining” means Newmont Mining Corporation, the Company’s parent corporation.

     “Participant” means any eligible employee selected to participate in this Plan who has
completed an Enrollment Agreement and any other individual with an Account under the Plan.

     “Pension Plan” means the Pension Plan of Newmont, as amended from time to time, or a successor
plan.

     “Plan Year” means the period during which this Plan’s records are kept, which shall be the
calendar year.

     “Savings Plan” means the Retirement Savings Plan of Newmont, as amended from time to time, or
a successor plan.

     “Separation from Service” means any absence from service that ends the employment of any
Participant with the Company. The employment relationship with the Company is treated as
continuing intact while the Participant is on military leave, sick leave or other bona fide leave
of

Savings Equalization Plan of Newmont

Effective December 31, 2008

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absence if the period of such leave does not exceed six months, or if longer, so long as the
Participant’s right to reemployment with the Company is protected either by statute or contract.
The determination of whether a Participant has a Separation from Service will be determined
pursuant to Code Section 409A and the Treasury Regulations issued thereunder in respect of a
Participant’s employment relationship with the Company.

     “Specified Employee” means any employee or former employee (including any deceased employee)
who at any time during the Plan Year that includes the determination date was an officer of the
Company having an annual compensation greater than $130,000 (as adjusted under Section 416(i)(1) of
the Code), a five-percent owner of the employer or a one-percent owner of the employer having
annual compensation of more than $150,000. No more than 50 employees shall be treated as officers.
For this purpose, annual compensation means compensation within the meaning of Section 415(c)(3)
of the Code. The determination of who is a Specified Employee will be made in accordance with
Section 409(A) of the Code and the Treasury Regulations issued thereunder and in accordance with
policies and procedures adopted by the Company in conformance therewith.

     “Trust” means the trust or trusts, if any, created by the Company to provide funding for the
distribution of benefits in accordance with the provisions of the Plan, including Article VIII of
the Plan.

     “Trust Agreement” means the written instrument pursuant to which each separate Trust is
created, if any.

     “Trustee” means one or more banks, trust companies, insurance companies or other entities with
trust powers under applicable law and as designated by the Company to hold and invest the Trust
fund and to pay benefits and expenses in accordance with the terms and provisions of the Trust
Agreement.

     “Valuation Date” means the last day of the Plan Year or any other date specified by the
Administration Committee or its delegate for the valuation of the Participants’ Accounts.

ARTICLE II

ELIGIBILITY AND PARTICIPATION

     Section 2.01. Eligibility and Participation. The Board of Directors or its delegate shall
from time to time in its sole discretion select those employees of the Company who are eligible to
participate in the Plan. In order to be eligible to participate in this Plan, an employee must be
(a) eligible to participate in the Savings Plan and (b) among a select group of management or
highly compensated employees of the Company. In no event will an employee with Base Compensation
of less than $175,000 be eligible to participate in the Plan. Notwithstanding the foregoing
compensation requirement, any individual who satisfied the eligibility requirements of the Plan as
in effect prior to December 31, 2008, who meets the above requirements other than the compensation
requirement and who had assets credited to his or her account in 2008 and who continues to meet
such criteria, shall be eligible to participate in the Plan.

Savings Equalization Plan of Newmont

Effective December 31, 2008

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     Section 2.02. Enrollment. Employees who have been selected by the Board of Directors or its
delegate to participate in this Plan may enroll in this Plan by (a) completing and executing an
Enrollment Agreement within the time frame set forth in Section 3.01 or 3.02 of the Plan, as
applicable, which may contain the Participant’s beneficiary designation pursuant to Section 5.08 of
the Plan and such other terms as the Administration Committee or its delegate deems appropriate and
necessary, and (b) completing such other forms and furnishing such other information as the
Administration Committee or its delegate may reasonably require.

     Section 2.03. Plan Re-entry. A Participant who has withdrawn from the Plan or has revoked an
Enrollment Agreement in accordance with Article III and who continues to be eligible to participate
in the Plan, may re-enroll with respect to Compensation to be earned in a subsequent calendar year.
An employee who is eligible for the Plan and who returns to perform services for the Company after
a Separation from Service, may again become a Participant in the Plan by entering into a new
Enrollment Agreement as provided in Section 2.02 above. A former eligible employee who terminates
employment and is rehired and is eligible to participate in the Plan is treated as a new employee
for purposes of completing a deferral election; provided, however, that the initial deferred
election rules described in 3.01(a) and 3.02(a) shall only apply to such rehired employee if the
Participant previously received a complete distribution of his account under the Plan or the
Participant was not eligible to contribute to the Plan at any time during the 24-month period
ending on the date the Participant again becomes eligible to participate in the Plan. In all other
cases, a re-hired eligible employee shall be eligible to participate in the Plan as of the first
day of the Plan Year following the date of his re-hire and the enrollment rules applicable to
currently eligible employees shall apply.

     Section 2.04. Failure of Eligibility. No contributions shall be added to a Participant’s
Account after the Plan Year in which the Participant ceases to meet the eligibility criteria as
determined by the Administration Committee or its delegate for participation in the Plan. The
determination of the Administration Committee or its delegate with respect to the termination of
participation in this Plan shall be final and binding on all parties affected. Any benefits
accrued hereunder, however, at the time of such change, shall remain distributable in accordance
with the provisions of this Plan.

     Section 2.05. Forfeiture Upon Termination for Cause. If a Participant is terminated for
Cause, amounts attributable to the Participant’s Company Deferrals under this Plan shall be
immediately forfeited and the Participant shall be entitled to no payment of such amounts under the
Plan.

ARTICLE III

CONTRIBUTION DEFERRALS

     Section 3.01. Participant Base Compensation Deferrals.

     (a) A Participant may elect to defer a portion of his Base Compensation by filing an
Enrollment Agreement with the Administration Committee or its delegate. The Enrollment
Agreement must be filed before the first day of the Plan Year in which the services are
performed in respect of the Base Compensation to be deferred, unless the

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Participant was not eligible to participate in this Plan on such date, in which case
the Enrollment Form must be filed within 30 days after the date on which such Participant
first became eligible to participate and an election to defer Base Compensation may only be
made for Base Compensation payable with respect to services to be performed subsequent to
the election.

     (b) A Participant may elect to defer a stated percentage (up to 100%) or a flat dollar
amount of his Base Compensation under this Plan. An election to participate in this Plan
for any Plan Year, and the percentage or dollar amount of a Participant’s Base Compensation
that a Participant has elected to contribute to this Plan, shall be irrevocable for the Plan
Year. Any Participant deferral election made hereunder shall continue in effect until it is
revoked or changed pursuant to the provisions of Article II and this Article III.

     (c) Deferred Contributions of Base Compensation shall be deducted through payroll
withholding from the Participant’s Base Compensation payable by the Company and shall be
credited to the Participant’s Account as soon as administratively practicable.

     Section 3.02. Bonus Deferrals. This Section is effective December 31, 2008 and applies to
Bonus payments earned in 2009 and payable in 2010 and each Plan Year thereafter. This Section
shall be interpreted in a manner consistent with Code Section 409A and the Treasury Regulations
issued thereunder.

     (a) A Participant may elect to defer a portion of his Bonus Compensation by filing an
Enrollment Agreement with the Administration Committee or its delegate. The Enrollment
Agreement must be filed on or before the expiration of the sixth month of the Plan Year for
which the bonus payment is determined, unless the Participant was not eligible to
participate in this Plan on such date, in which case the Enrollment Form must be filed
within 30 days after the date on which such Participant first became eligible to participate
and an election to defer Bonus Compensation may only be made for Bonus Compensation payable
with respect to services performed subsequent to the election, provided that for this
purpose, the maximum amount of Bonus Compensation which shall be deemed to be payable with
respect to services performed subsequent to the election shall be the total amount of Bonus
Compensation payable with respect to the Plan Year multiplied by the ratio of the number of
days remaining in the Plan Year after the Enrollment Form is filed over the total number of
days in the Plan Year. 

     (b) A Participant may elect to defer a stated percentage (up to 100%) or a flat dollar
amount of his Bonus Compensation under this Plan. An election to participate in this Plan
with respect to the Bonus Compensation, and the percentage or dollar amount of a
Participant’s Bonus Compensation that a Participant has elected to contribute to this Plan,
shall be irrevocable for the applicable Bonus Compensation payment. Any Participant
deferral election made hereunder shall continue in effect and shall apply to any Bonus
Compensation or subsequent Bonus Compensation until it is revoked or changed by the
expiration of the sixth month of the Plan Year for which the Bonus Compensation payment is
determined.

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     (c) Deferred Contributions in respect of Bonus Compensation shall be deducted through
payroll withholding from the Participant’s Bonus Compensation payable by the Company and
shall be credited to the Participant’s Account as soon as administratively practicable.

     Section 3.03. Company Deferrals. The Company shall cause to be credited to a Participant’s
Account for each Plan Year an amount equal to the Participant’s contributions made pursuant to
Section 3.01 and 3.02 of the Plan in respect of such Plan Year; provided, however, that such
Company Deferrals shall not exceed 6% of the Participant’s Compensation. Company matching
contributions shall first be made to the Savings Plan up to the maximum permissible amount allowed
by the Savings Plan prior to Company Deferrals being made to this Plan. In no event shall the
total Company Deferrals under this Plan plus the Company matching contributions under the Savings
Plan in the same Plan Year exceed $12,000, in the aggregate, in respect of any such Participant.
All such amounts shall be credited to the Participant’s Account as soon as practicable and after
the Company is able to determine the amount of such Company Deferrals to be made for the
Participant to this Plan. The Company Deferral shall be deemed to be made in shares of Company
Stock or cash in the Company’s sole discretion in accordance with and to the extent consistent with
procedures approved by the Administration Committee or its delegate.

ARTICLE IV

INVESTMENT OF DEFERRALS AND ACCOUNTING

     Section 4.01. Investment Credit. All amounts credited to a Participant’s Account, together
with the earnings thereon, shall be credited with income and loss as if invested in the investment
funds offered through the Plan as are designated from time to time by the Investment Committee in
accordance with such procedures as may be adopted from time to time by the Administration Committee
or its delegate. For purposes of determining the amount allocated to a Participant’s Account for
purposes of making distributions or any other purpose under this Plan, each Participant’s Account
shall be valued as of the Valuation Date immediately preceding the date of payment.

     Section 4.02. Limitations on Investments. The investment or deemed investment of a
Participant’s Account shall be subject to the restrictions or limitations imposed by the Investment
Committee including limitations on the percentage of Company Stock that may be credited to a
Participant’s Account.

     Section 4.03. Underlying Investments. Nothing contained in the Plan shall require the Plan’s
Trustee, Investment Committee or Administration Committee to actually invest assets in the funds
for which a Participant’s Account is credited. Investment credits shall be recorded based on the
funds elected by the Participant regardless of the actual investment made under the Plan, if any.

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ARTICLE V

DISTRIBUTIONS

     Section 5.01. Distribution Elections Generally. A Participant may specify the time and form
of distribution separately for amounts attributable to contributions of his Base Compensation,
Bonus Compensation and Company Deferrals and a separate distribution election may be made for each
contribution type, each year, in accordance with the following:

     (a) Distribution elections shall be made at the time of or before the date the
contribution election is made and may only be changed in accordance with Section 5.05,
relating to election changes;

     (b) In the event a distribution election sets forth a specified date of distribution,
the distributions shall not be made prior to the Participant’s being 100% vested in the type
of contribution subject to the election as of the specified date. In the event a
Participant’s election is void under this subsection due to the Participant’s account being
partially vested, the Participant’s distribution date shall be as of the Participant’s
Separation from Service unless a new election is made in accordance with Section 5.05,
relating to election changes; and

     (c) Any election made for a contribution type shall apply to subsequent contributions
in later years until changed by the Participant.

     Section 5.02. Time of Distribution.

     (a) Separation From Service Benefits. The benefit payable under this Plan in the case
of a Participant whose employment with the Company terminates on or after his Separation
from Service shall be equal to the vested value of his Accounts on the Valuation Date
immediately following such Participant’s Separation from Service. Unless otherwise
affirmatively elected by the Participant in accordance with Section 5.03 of the Plan, the
amount payable shall be paid in a single sum cash payment as soon as administratively
practicable following the Valuation Date after the Participant has a Separation from
Service. Payment under this Section shall be subject to the Specified Employee rules under
Section 10.11 of the Plan to the extent such Section is applicable.

     (b) Election of Timing of Distribution. Except as otherwise provided in Section 5.05
of the Plan, a Participant shall separately elect, at the time of each deferred election, to
receive his or her benefit at a point in time or upon an event provided for under the Plan;
provided, however, that the occurrence of an event described in paragraph (c) or (d) of this
Section shall override such election. A Participant’s election options concerning the
timing of his distributions shall include:

     (i) The earlier of a specific date which occurs no earlier than December 31 of
the second Plan Year following the Plan Year in which the deferrals designated for
distribution were earned or the date of the Participant’s Separation from Service,
or

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     (ii) Upon the date of Separation from Service, or

     (iii) A specific date which occurs no earlier than December 31 of the second
Plan Year following the Plan Year in which the deferrals designated for distribution
were earned.

     (c) Disability Benefits. The Disability benefit payable under this Plan in the case of
a Participant whose employment with the Company terminates because he is Disabled shall be
equal to 100% of the value of his Accounts on the Valuation Date immediately following his
Disability. The amount payable shall be paid in a single sum cash payment as soon as
administratively practicable following the applicable Valuation Date following his
Disability as determined by the Administration Committee or its delegate.

     (d) Death Benefits. The death benefit payable to a beneficiary under this Plan in the
case of a Participant whose employment with the Company terminates due to such Participant’s
death shall be equal to 100% of the value of his Accounts on the applicable Valuation Date
immediately following his death. The amount payable shall be paid in a single sum cash
payment as soon as administratively practicable following the applicable Valuation Date.

     (e) Latest Payment Date. Except as provided under Section 10.11 or as otherwise
required by law, in no event shall payments under this Article V be made, or begin to be
made, later than 90 days after the event giving rise to the Participant’s right of
distribution. For distributions made upon a specified date, distributions shall be made
within the same taxable year of the date or, if later, the fifteenth day of the third
calendar month following the specified date. 

     Section 5.03. Form of Distribution.

     (a) Elections. A Participant shall separately elect, at the time of each deferral of
Compensation, the associated form of distribution from his or her Account in a manner
prescribed by the Committee in accordance with one of the following payment options:

     (i) a single lump-sum payment; or

     (ii) monthly, quarterly or annual installments, with an installment term of 3
to 10 years, with the installment payment process beginning once the distribution
date is attained.

     (b) Failure To Elect. In the event a Participant fails to provide the form of
distribution, Section 5.02(a) of the Plan shall automatically apply. Active employees of
the Company may revise the form of payment in accordance with the revised distribution
election provisions in Section 5.05 of the Plan.

     Section 5.04. Vesting of Benefits. The benefit payable under this Plan in the case of a
Participant whose employment with the Company terminates for any reason other than Disability,
death or before attainment of age 65 shall be equal to:

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     (a) the value of his Base Compensation Deferral Account and Bonus Compensation Deferral
Account, as adjusted, as of the applicable Valuation Date; plus

     (b) the value of the vested portion of his Company Deferrals Account, as adjusted, as
of the applicable Valuation Date, determined as follows:

	 	 	 	 	 
	Years of Vesting Service	 	Vested Portion	 
	Less than 1
	 	 	0	%
	1
	 	 	20	 
	2
	 	 	40	 
	3
	 	 	60	 
	4 or more
	 	 	100	 

For purposes of the preceding table, Years of Vesting Service at date of termination shall be
determined in the same manner as under the Savings Plan.

     A Participant shall be fully vested in his Account upon death, Disability or the attainment of
age 65.

     Notwithstanding the above, the Company Deferrals allocated to the Accounts of all Participants
shall be fully vested as of the effective date of a “Change of Control,” as defined in the Savings
Plan, and at all times thereafter. A Participant shall also be fully vested in the Company
Deferrals allocated to his Account in the event of his retirement under the terms of the Company’s
Pension Plan.

     Section 5.05. Election Changes. With respect to each type of previously deferred Compensation
for each deferral year, a Participant may separately elect to change the Benefit Distribution Date
elected pursuant to Section 5.02 of the Plan and/or the form of benefit elected pursuant to Section
5.03 of the Plan (a “Revised Election”), if the following requirements are met:

     (a) the Revised Election shall not take effect for at least twelve (12) months after
the date of such revised election;

     (b) the first payment with respect to such Revised Election shall not be made until at
least five years after the date on which distribution would have otherwise begun, provided
that earlier distribution may be made in the event of the Participant’s death, Disability or
Unforeseeable Emergency as defined in Section 5.07; and

     (c) if required in order to comply with Section 409A of the Code and the Treasury
Regulations issued thereunder, the Revised Election shall be made at least 12 months prior
to a scheduled distribution date.

     Section 5.06. Domestic Relations Orders. Notwithstanding the Participant’s elected time and
form of distribution pursuant to Sections 5.02 and 5.03 of the Plan, the time or schedule of a
payment shall be accelerated to the extent necessary to comply with a domestic relations order (as
defined in Section 414(p)(1)(B) of the Code). A distribution may be made to an

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individual other than the Participant in accordance with a domestic relations order as defined
in Code Section 414(p)(1)(B). Such payment shall be made in a single lump-sum payment only and
shall be made at the time prescribed by such order. The Administration Committee or its delegate
may adopt and implement such policies and procedures as it deems advisable in its sole discretion
with respect to the administration and approval of payments pursuant to domestic relations orders.

     Section 5.07. Unforeseeable Emergency. A Participant who incurs severe financial hardship as
defined in subsection (a) below and does not have other available resources as described in
subsection (b) below may apply to the Administration Committee for an immediate distribution from
his or her vested Base Compensation Deferral Account, Bonus Compensation Deferral Account and
Company Deferral Account, such distribution to be limited to an amount necessary to satisfy such
financial hardship and the tax liability attributable to such distribution.

     (a) A Participant incurs a severe financial hardship as a result of the following:

     (i) a sudden and unexpected illness or accident involving the Participant or
his or her spouse or any dependent (as determined pursuant to Section 152(a) of the
Code);

     (ii) a casualty loss involving the Participant’s property; or

     (iii) another similar extraordinary and unforeseeable event beyond the
Participant’s control.

     (b) Such Participant does not have any other resources available, whether through
reimbursement or compensation (by insurance or otherwise), liquidation of existing assets
(to the extent such liquidation would not itself result in financial hardship) or cessation
of deferrals, to satisfy such financial emergency.

     (c) The determination of whether a Participant has incurred a severe financial hardship
entitling the Participant to a payment under this Section shall be made by the
Administration Committee or its delegate on a uniform and non-discriminatory basis, and
shall be based on appropriate documentation or other evidence required by the Administration
Committee or its delegate. The Administration Committee or its delegate shall approve for
distribution under this Section 5.07 only circumstances which it concludes constitute an
“unforeseeable emergency,” as defined in Section 409A(a)(2)(A)(vi) of the Code and the
Treasury Regulations issued thereunder.

     Section 5.08. Beneficiaries. Each Participant shall designate one or more persons, trusts or
other entities as his beneficiary to receive any amounts distributable hereunder at the time of the
Participant’s death. Such designation shall be made by the Participant in his Enrollment Agreement
and may be changed from time to time by the Participant. In the absence of an effective
beneficiary designation as to part or all of a Participant’s interest in the Plan, such amount
shall be distributed to the beneficiary (or beneficiaries) to whom the Participant’s benefits under
the Savings Plan are payable (including the beneficiaries to whom such amounts

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are payable under the Savings Plan in the absence of any beneficiary designation) and in the
same percentages, if applicable. In the event a Participant does not designate a beneficiary under
this Plan or under the Savings Plan in a form or manner acceptable to the Administration Committee
or its delegate, benefits under this Plan shall be paid to the Participant’s estate.

ARTICLE VI

COMMITTEES

     Section 6.01. Appointment of Committees. The Board or its delegate shall appoint the
Administration Committee, the Investment Committee and the Appeals Committee (collectively, the
“Committees”) who may be, but need not be, officers, directors or employees of the Employer or its
affiliate. The members of each Committee shall hold office at the pleasure of the Board and shall
serve without compensation.

     Section 6.02. Responsibilities of the Administration Committee. The Administration Committee
or its delegate shall be responsible for the administration, operation and interpretation of the
Plan. The Administration Committee or its delegate may establish rules from time to time for the
transaction of its business. The Administration Committee or its delegate shall have the exclusive
right to interpret the Plan’s provisions, to establish policies and procedures and to exercise
discretion where necessary or appropriate in the interpretation and administration of the Plan and
to decide any and all matters arising thereunder or in connection with the administration of the
Plan, except those matters reserved for the Appeals Committee. Such decisions, actions and records
of the Administration Committee or its delegate shall be conclusive and binding upon all persons
having or claiming to have any right or interest in or under the Plan.

     The Administration Committee may delegate some or all of its authority under the Plan to any
person, persons or entities. The Administration Committee may remove any duly appointed delegate
at any time at its sole discretion.

     Section 6.03. Responsibilities of the Investment Committee. The Investment Committee shall be
responsible for Plan investment matters, including but not limited to: (i) the establishment of
investment policies, the selection of investments, investment funds and investment options or
credits provided or offered for Participant direction under the Plan; (ii) approving processes and
policies for the payment of investment-related Plan expenses and approving such expenses; and (iii)
appointing investment managers, investment consultants and similar investment-related service
providers. The Investment Committee may establish any policies or procedures with respect to
investment related matters.

     The Investment Committee may delegate some or all of its authority under the Plan to any
person, persons or entities. The Investment Committee may remove any duly appointed delegate at
any time at its sole discretion.

     Section 6.04. Responsibilities of the Appeals Committee. The Appeals Committee shall be
responsible for the review and determination of benefit claim appeals as described in Article VII.
The Appeals Committee shall establish rules from time to time for the transaction of its business.
The Appeals Committee shall have the exclusive right to interpret the Plan’s

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provisions and to exercise discretion where necessary or appropriate in the determination of
benefit claims on appeal. Such decisions, actions and records of the Appeals Committee shall be
conclusive and binding upon all persons having or claiming to have any right or interest in or
under the Plan.

     The Appeals Committee may delegate some or all of its authority to any person, persons or
entities. The Appeals Committee may remove any duly appointed delegate at any time at its sole
discretion.

     Section 6.05. Organization of Committees. Each Committee shall adopt such rules as it deems
desirable for the conduct of its affairs and for the administration of its duties under the Plan.
Each Committee may appoint agents (who need not be members of the particular Committee) to whom it
may delegate such powers as it deems appropriate. Each Committee may make its determinations with
or without meetings and it may authorize one or more of its members or agents to sign instructions,
notices and determinations on its behalf. Any action taken by a Committee shall be taken by a
majority of the members attending a meeting of the Committee (provided at least a majority of the
Committee members are at such meeting) or by a majority of the members of the Committee executing a
written instrument setting forth the action taken.

     Section 6.06. Indemnification of Committee Members. The Company shall indemnify the members
of each Committee against any and all claims, loss, damages, expense (including attorney fees) and
liability arising from any action or failure to act, except when the same is judicially determined
to be due to the gross negligence or willful misconduct of such member. Such indemnification shall
include any Committee members or any individuals delegated authority by a Committee if such
individuals are employed by the Company or an affiliate. The Company does not hereby indemnify any
entity or person that is not an employee of the Company or its affiliate. The indemnification
provided hereunder shall continue as to a person who has ceased acting as a director, officer,
member, agent or employee of the Employer, and such person’s rights shall inure to the benefit of
his heirs and representatives. The indemnification provided hereunder is in addition to and not in
lieu of any other rights of indemnification any person may have against the Company by contract, by
virtue of the Company’s By-Laws or otherwise.

ARTICLE VII

CLAIMS PROCEDURES

     Section 7.01. Filing a Claim. All claims shall be filed in writing by the Participant, his
beneficiary, or the authorized representative of the claimant, by completing the procedures that
the Administration Committee or its delegate requires. The procedures may include the completion
of forms and the submission of documents and additional information. All claims under this Plan
shall be filed in writing with the Administration Committee or its delegate according to the
Administration Committee or its delegate’s procedures no later than one year after the occurrence
of the event that gives rise to the claim. If the claim is not filed within the time described in
the preceding sentence, the claim shall be barred.

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     Section 7.02. Review of Initial Claim.

     (a) Initial Period for Review of the Claim. The Administration Committee or its
delegate shall review all materials and shall decide whether to approve or deny the claim.
If a claim is denied in whole or in part, written notice of denial shall be furnished by the
Administration Committee or its delegate to the claimant within a reasonable time after the
claim is filed but not later than 90 days after the Administration Committee or its delegate
receives the claim. The notice shall set forth the specific reason(s) for the denial,
reference to the specific plan provisions on which the denial is based, a description of any
additional material or information necessary for the claimant to perfect his claim and an
explanation of why such material or information is necessary, and a description of the
Plan’s review procedures, including the applicable time limits.

     (b) Extension. If the Administration Committee or its delegate determines that special
circumstances require an extension of time for processing the claim, it shall give written
notice to the claimant and the extension shall not exceed 90 days. The notice shall be
given before the expiration of the 90 day period described in Section 7.02(a) above and
shall indicate the special circumstances requiring the extension and the date by which the
Committee expects to render its decision.

     Section 7.03. Appeal of Denial of Initial Claim. The claimant may request a review upon
written application, may review pertinent documents and may submit issues or comments in writing.
The claimant must request a review within the reasonable period of time prescribed by the
Administration Committee or its delegate. In no event shall such a period of time be less than 60
days.

     Section 7.04. Review of Appeal.

     (a) Initial Period for Review of the Appeal. The Appeals Committee shall conduct all
reviews of denied claims and shall render its decision within a reasonable time, but not
more than 60 days of the receipt of the appeal by the Appeals Committee. The claimant shall
be notified of the Appeals Committee’s decision in a notice, which shall set forth the
specific reason(s) for the denial, reference to the specific plan provisions on which the
denial is based, a statement that the claimant is entitled to receive, upon request and free
of charge, reasonable access to and copies of all documents, records and other information
relevant to the claimant’s claim.

     (b) Extension. If the Appeals Committee determines that special circumstances require
an extension of time for reviewing the appeal, it shall give written notice to the claimant
and the extension shall not exceed 60 days. The notice shall be given before the expiration
of the 60-day period described in Section 7.04(a) above and shall indicate the special
circumstances requiring the extension and the date by which the Appeals Committee or its
delegate expects to render its decision.

     Section 7.05. Form of Notice to Claimant. The notice to the claimant shall be given in
writing or electronically and shall be written in a manner calculated to be understood by the
claimant.

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     Section 7.06. Discretionary Authority of Committees. The Administration Committee or its
delegate and the Appeals Committee shall have full discretionary authority to determine
eligibility, status, and the rights of all individuals under the Plan; to construe any and all
terms of the Plan; and to find and construe all facts.

ARTICLE VIII

TRUST

     Section 8.01. Trust Agreement. The Company may, but shall not be required to, establish a
trust pursuant to a separate Trust Agreement for the holding, investment and administration of the
funds contributed to Accounts under this Plan. The Trustee shall maintain and allocate Trust
assets to a separate account for each Participant under this Plan. The assets of any such Trust
shall remain subject to the claims of the Company’s general creditors in the event (i) the Company
is unable to pay its debts as they become due, or (ii) the Company is subject to a pending
proceeding as a debtor under the United States Bankruptcy Code. Notwithstanding the foregoing,
upon a Change of Control (as defined in the Savings Plan), the Company shall, as soon as possible,
but in no event longer than 120 days following the Change of Control, establish a Trust if one has
not otherwise been established and make an irrevocable contribution to it in an amount, if any,
which is necessary to cause the value of each Participant’s Trust account to be no less than the
value of his Account at the time of the Change of Control, assuming for this purpose that the date
of the Change of Control is a Valuation Date. 

     Section 8.02. Expenses of Trust. The parties expect that any Trust created pursuant to
Section 8.01 of the Plan will be treated as a “grantor” trust for federal and state income tax
purposes and that, as a consequence, such Trust will not be subject to income tax with respect to
its income. However, if the Trust should be taxable, the Trustee shall pay all such taxes out of
the Trust. All expenses of administering any such Trust shall be a charge against and shall be
paid from the assets of such Trust unless the Company pays such expenses subject to the terms of
the Trust Agreement.

     The funding of a Trust upon a Change of Control shall not occur if the Administration
Committee or its delegate reasonably determines that such funding cannot be accomplished in a
manner which will likely result in accelerated taxable income or tax penalties to Participants by
reason of Section 409A of the Code. In no event will any Trust assets at any time be located or
transferred outside of the United States within the meaning of Code Section 409A(b).

ARTICLE IX

AMENDMENT AND TERMINATION

     Section 9.01. Termination of Plan. The Company expects to continue this Plan indefinitely,
but the Board of Directors of the Company may terminate this Plan at any time.

     In the event the Plan is terminated, the Participant accounts shall be fully vested and the
assets shall be distributed in a lump sum provided one of the following requirements are met:

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     (a) The Plan is terminated in accordance with the requirements of Treasury Regulation
Section 1.409A-3(j)(4)(ix)(A) within 12 months of a corporate dissolution that is either
taxed under Code Section 331 (pertaining to taxation upon complete liquidation) or approved
by a bankruptcy court.

     (b) The Plan is terminated in accordance with the requirements of Treasury Regulation
Section 1.409A-3(j)(4)(ix)(B) within 30 days before or 12 months after a Change of Control,
and all other similar nonqualified plans of the Company are also being terminated. All
payments from all such plans must be received within 12 months of their respective
terminations.

     (c) A termination that meets all of the following five requirements in accordance with
the requirements of Treasury Regulation Section 1.409A-3(j)(4)(ix)(C): (i) the termination
was not related to a downturn in the financial health of the Company; (ii) the Company
terminates all other nonqualified plans affecting the Participants of the Plan; (iii) no
payments from the Plan are made within 12 months after the termination (except payments
that, in the absence of the termination, would have been made within the 12-month period);
(iv) all payments from the Plan are made within 24 months after the termination; and (v) for
three years after the termination, no new plans are adopted covering Participants of the
Plan.

     In the event the Plan is terminated and none of the above applies, distributions shall be made
in accordance with the Plan provisions in place at the time of the Plan’s termination.

     Section 9.02. Amendment by Board of Directors. The Company’s Board of Directors may amend
this Plan, including the suspension of future contributions, at any time and from time to time,
retroactively or otherwise, but no amendment shall reduce any benefit that has accrued on the
effective date of the amendment.

ARTICLE X

MISCELLANEOUS

     Section 10.01. Funding of Benefits; No Fiduciary Relationship. All benefits payable under
this Plan shall be distributed in cash by Company check or Trustee check, if a Trust is
established, or a combination thereof. Benefits shall be paid either out of the Trust, or, if no
Trust is in existence or if the assets in the Trust are insufficient to provide fully for such
benefits, then such benefits shall be distributed by the Company out of its general assets.
Nothing contained in this Plan shall be deemed to create any fiduciary relationship between the
Company and the Participants. Notwithstanding anything herein to the contrary, to the extent that
any person acquires a right to receive benefits under this Plan, such right shall be no greater
than the right of any unsecured general creditor of the Company, except to the extent provided in
the Trust Agreement, if any.

     Section 10.02. Inalienability of Benefits. Except as provided in Section 5.06 of the Plan, no
Participant shall have the right to assign, transfer, hypothecate, encumber or anticipate his
interest in any benefits under this Plan nor shall the benefits under this Plan be subject to any

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legal process to levy upon or attach the benefits for payment for any claim against the
Participant or his spouse. If any Participant’s benefits are garnished or attached by the order of
any court, the Company may bring an action for declaratory judgment in a court of competent
jurisdiction to determine the proper recipient of the benefits to be distributed pursuant to this
Plan. Any fees, including attorney fees, court costs and related fees incurred in connection with
such proceedings or determination may be charged to the Participant’s account. During the pendency
of the action, any benefits that become distributable shall be paid into the court as they become
distributable, to be distributed by the court to the recipient it deems proper at the conclusion of
the action.

     Section 10.03. Disposition of Unclaimed Distributions. Each Participant must file with the
Company from time to time in writing his mailing address and each change of mailing address. Any
communication, statement or notice addressed to a Participant at his last mailing address on file
with the Company, or if no address is filed with the Company, then at his last mailing address as
shown on the Company’s records, will be binding on the Participant and his beneficiary for all
purposes of this Plan. The Company shall not be required to search for or locate a Participant or
his beneficiary.

     Section 10.04. Tax Withholding. All payments and other taxable events shall be subject to
applicable withholding of federal, state and local income, employment and other taxes.

     Section 10.05. Employment Status. This Plan does not constitute a contract of employment or
impose on the Participant or the Company any obligation for the Participant to remain an employee
or change the status of the Participant’s employment or the policies of the Company regarding
termination of employment.

     Section 10.06. Validity and Severability. The invalidity or unenforceability of any provision
of the Plan shall not affect the validity or enforceability of any other provision of the Plan,
which shall remain in full force and effect, and any prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     Section 10.07. Governing Law. The validity, interpretation, construction and performance of
the Plan shall in all respects be governed by the laws of Colorado, without reference to principles
of conflict of law, except to the extent preempted by federal law.

     Section 10.08. Right of Offset. To the extent permitted by applicable law, the Company may,
in its sole discretion, apply any payments otherwise due and payable under this Plan against any
employee or terminated employee loans outstanding to the Company or other debts of the employee or
terminated employee to the Company. By accepting payments under this Plan, an individual shall
consent to the reduction of any compensation paid to an individual by the Company to the extent an
individual receives an overpayment from the Plan.

     Section 10.09. Conformance With Applicable Laws. Notwithstanding anything contained herein to
the contrary, this Plan shall be administered and operated in accordance with any applicable laws
and regulations including but not limited to laws affecting the timing of payments to employees.
The Board or its delegate reserves the right to amend this Plan at any time in order for this Plan
to comply with any such laws and regulations.

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     Section 10.10. Payments Due Minors or Incapacitated Persons. If any person entitled to a
payment under this Plan is a minor, or if the Administration Committee or its delegate determines
that any such person is incapacitated by reason of physical or mental disability, whether or not
legally adjudicated as an incompetent, the Administration Committee or its delegate shall have the
power to cause the payment becoming due to such person to be made to another for his benefit,
without responsibility of the Administration Committee or its delegate, the Committee or any other
person or entity to see to the application of such payment. Payments made pursuant to such power
shall operate as a complete discharge of the Administration Committee, this Plan and the Employer.

     Section 10.11. Distribution Delay for Specified Employees. This Section applies only to
amounts credited under the Plan that accrue and become vested and earned on or after January 1,
2005 and shall apply to amounts accrued, but not vested, as of January 1, 2005. In the case of a
distribution to a Specified Employee due to his or her Separation from Service, such distribution
may not be made or commence before the date which is 6 months after the date of the Specified
Employee’s Separation from Service with the Company or, if earlier, the date of the Specified
Employee’s death or Disability.

ARTICLE XI

TRANSITION RULES AND ELECTIONS

     Section 11.01. Code Section 409A Restatement Grandfather. Pursuant to Code Section 409A, the
applicable Treasury Regulations thereunder and IRS Notice 2005-1, all amounts earned and vested
prior to January 1, 2005 are not subject to the provisions of the Plan, but are subject to the Plan
provisions of the Plan in effect at the time such amounts were deferred and vested. The Plan, as
in effect prior to January 1, 2005, is hereby ratified and approved.

     Section 11.02. Election of Time and Form of Payment for Amounts Credited From January 1, 2005
to December 31, 2008.

     (a) The Plan shall require all active Participants to elect the distribution time and
form of payment for all amounts accumulated from January 1, 2005 to December 31, 2008.

     (b) Participants shall complete an election in a manner prescribed by the
Administration Committee or its delegate according to the options stated under this Plan.
Elections shall be based on the entire credit balance of Participants’ aggregated Accounts,
other than grandfathered amounts, as of December 31, 2008.

     (c) Distribution elections made pursuant to this Section must be made on or before
December 31, 2008. If no election is made on or by such date, the amounts credited from
January 1, 2005 to December 31, 2008 shall be payable in the form of a single lump sum upon
the Participant’s Separation from Service or, if sooner, death or Disability.

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     Section 11.03. Distribution Scheduled for 2008. Notwithstanding anything herein to the
contrary, payments scheduled to be made or to commence in 2008 must be made according to the Plan’s
distribution provisions prior to this restatement.

     Section 11.04. Credits Made in 2008. Notwithstanding anything herein to the contrary, no
credits made to Participant Accounts during 2008 may be paid earlier than January 1, 2010.

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     The
foregoing was adopted this 16 day of December, 2008.

	 	 	 	 	 	 	 
	 	 	NEWMONT USA LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	/s/ Alan R. Blank	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Executive Vice President, Legal and External Affairs	 	 
	 

	 	 	 	 	 	 

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APPENDIX A

TO

NEWMONT SAVINGS EQUALIZATION PLAN

     This Appendix A provides transition rules with respect to the calculation and payment of
benefits to persons who were participants in the Santa Fe Pacific Gold Corporation Supplemental
Retirement and Savings Plan (the “Santa Fe Plan”) as of May 5, 1997 (a “Santa Fe Participant”)
notwithstanding any other provision of the Plan to the contrary.

     1. Effective as of January 1, 1998, the Santa Fe Plan was merged with and into this Plan.

     2. All Santa Fe Participants as of May 5, 1997 who were actively employed by Santa Fe Pacific
Gold Corporation on that date (an “Active Santa Fe Participant”) shall be entitled to receive a
benefit under this Plan equal to the sum of (a) the benefit the Active Santa Fe Participant was
entitled to receive under the provisions of the Santa Fe Plan as of January 1, 1998 or, if earlier,
the date of his termination of employment, adjusted in each case for earnings or losses in
accordance with the provisions of the Santa Fe Plan and (b) the benefit provided under the
provisions of this Plan in accordance with this Plan and the provisions of this Appendix A. A
Santa Fe Participant who had terminated employment with Santa Fe Pacific Gold Corporation prior to
May 5, 1997 and who was receiving, or was entitled to receive, benefit payments under the Santa Fe
Plan (a “Retired Santa Fe Participant”) shall receive or continue to receive payments in accordance
with all of the terms and provisions of the Santa Fe Plan in effect as of May 6, 1997, but such
benefits shall be paid under and as a part of this Plan.

     3. To the extent that an Active Santa Fe Participant’s benefit is payable in part from the
Santa Fe Plan, then that portion of such benefit shall be paid in accordance with all of the terms
and provisions of the Santa Fe Plan, including, but not limited to, the form of benefits available
under the Santa Fe Plan. Any benefit payable to an Active Santa Fe Participant attributable to his
participation under this Plan shall be paid in accordance with all of the terms and provisions of
this Plan.

     4. An Active Santa Fe Participant shall be fully vested in his benefit attributable to
participation under the Santa Fe Plan and shall be credited with the service credited to such
Active Santa Fe Participant as of January 1, 1998 under the provisions of the Santa Fe Plan for
purposes of determining the Participant’s vesting under this Plan.

     5. Benefits payable from the Trust formed in connection with the Santa Fe Plan or any
successor thereto by merger or otherwise, shall continue to be paid from such Trust, and such Trust
shall serve as a potential source of funds for payments to Santa Fe Participants of their benefits
under the Santa Fe Plan.

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APPENDIX B

TO

NEWMONT SAVINGS EQUALIZATION PLAN

     This Appendix B provides transition rules with respect to the calculation and payment of
benefits to persons who were participants in the Battle Mountain Gold Company Contribution
Equalization Plan (the “Battle Mountain CEP”) as of January 10, 2001 (a “BM Participant”)
notwithstanding any other provision of the Plan to the contrary.

     1. Effective as of February 1, 2001, the Battle Mountain CEP was merged with and into this
Plan.

     2. All BM Participants as of January 10, 2001 who were actively employed by Battle Mountain
Gold Company on that date (an “Active BM Participant”) shall be entitled to receive a benefit under
this Plan equal to the sum of (a) the benefit the Active BM Participant was entitled to receive
under the provisions of the Battle Mountain CEP as of February 1, 2001 or, if earlier, the date of
his termination of employment, adjusted in each case for earnings or losses in accordance with the
provisions of the Battle Mountain CEP and (b) the benefit provided under the provisions of this
Plan in accordance with this Plan and the provisions of this Appendix B. A BM Participant who had
terminated employment with Battle Mountain Gold Company prior to January 10, 2001 and who was
receiving, or was entitled to receive, benefit payments under the Battle Mountain CEP (a “Retired
BM Participant”) shall receive or continue to receive payments in accordance with all of the terms
and provisions of the Battle Mountain CEP in effect as of January 10, 2001, but such benefits shall
be paid under and as a part of this Plan.

     3. To the extent that an Active BM Participant’s benefit is payable in part from the Battle
Mountain CEP, then that portion of such benefit shall be paid in accordance with all of the terms
and provisions of the Battle Mountain CEP, including, but not limited to, the form of benefits
available under the Battle Mountain CEP. Any benefit payable to an Active BM Participant
attributable to his participation under this Plan shall be paid in accordance with all of the terms
and provisions of this Plan.

     4. An Active BM Participant shall be fully vested in his benefit attributable to participation
under the Battle Mountain CEP and shall be credited with the service credited to such Active BM
Participant as of February 1, 2001 under the provisions of the Battle Mountain CEP for purposes of
determining the Participant’s vesting under this Plan.

     5. Benefits payable from any Trust formed in connection with the Battle Mountain CEP or any
successor thereto by merger or otherwise, shall continue to be paid from such Trust, and such Trust
shall serve as a potential source of funds for payments to BM Participants of their benefits under
the Battle Mountain CEP.

Savings Equalization Plan of Newmont

Effective December 31, 2008

Page B-1 of 1exv10w2

Exhibit 10.2

      

PENSION EQUALIZATION PLAN OF NEWMONT

(Effective December 31, 2008)

      

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	ELIGIBILITY AND PARTICIPATION

	 
	 	 	 	 
	Section 2.01. Eligibility and Participation
	 	 	5	 
	Section 2.02. Failure of Eligibility
	 	 	6	 
	Section 2.03. Forfeiture Upon Termination for Cause
	 	 	6	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	FUNDING
	 	 	6	 
	 
	 	 	 	 
	ARTICLE IV

	EXECUTIVE RETIREMENT BENEFITS

	 
	 	 	 	 
	Section 4.01. Normal Retirement Benefit
	 	 	7	 
	Section 4.02. Early Retirement Benefit
	 	 	8	 
	Section 4.03. Benefits on Other Termination of Employment
	 	 	8	 
	Section 4.04. Method and Time of Payment
	 	 	8	 
	Section 4.05. Nonduplication of Benefits
	 	 	8	 
	 
	 	 	 	 
	ARTICLE V

	SPOUSAL BENEFITS

	 
	 	 	 	 
	Section 5.01. Pre-Retirement Spousal Benefit
	 	 	9	 
	Section 5.02. Post-Retirement Spousal Benefit
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VI

	ADMINISTRATION

	 
	 	 	 	 
	Section 6.01. Appointment of Committees
	 	 	9	 
	Section 6.02. Responsibilities of the Administration Committee
	 	 	9	 
	Section 6.03. Responsibilities of the Appeals Committee
	 	 	10	 
	Section 6.04. Organization of Committees
	 	 	10	 
	Section 6.05. Indemnification of Committee Members
	 	 	10	 
	 
	 	 	 	 
	ARTICLE VII

	CLAIMS PROCEDURES

	 
	 	 	 	 
	Section 7.01. Filing a Claim
	 	 	11	 
	Section 7.02. Review of Initial Claim
	 	 	11	 
	Section 7.03. Appeal of Denial of Initial Claim
	 	 	11	 
	Section 7.04. Review of Appeal
	 	 	11	 
	Section 7.05. Form of Notice to Claimant
	 	 	12	 
	Section 7.06. Discretionary Authority of Committees
	 	 	12	 
	Section 7.07. Limitation on Claims
	 	 	12	 

Pension Equalization Plan of Newmont

Effective December 31, 2008

i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE VIII

	AMENDMENT AND TERMINATION

	 
	 	 	 	 
	Section 8.01. Termination of Plan
	 	 	12	 
	Section 8.02. Amendment by Company
	 	 	13	 
	 
	 	 	 	 
	ARTICLE IX

	MISCELLANEOUS

	 
	 	 	 	 
	Section 9.01. Inalienability of Benefits
	 	 	13	 
	Section 9.02. Domestic Relations Orders
	 	 	13	 
	Section 9.03. Disposition of Unclaimed Payments
	 	 	13	 
	Section 9.04. Withholding
	 	 	14	 
	Section 9.05. Participation in Plan by Affiliates
	 	 	14	 
	Section 9.06. Notices
	 	 	14	 
	Section 9.07. Employment Status
	 	 	14	 
	Section 9.08. Successors
	 	 	14	 
	Section 9.09. Validity and Severability
	 	 	14	 
	Section 9.10. Governing Law
	 	 	14	 
	Section 9.11. Right of Offset
	 	 	14	 
	Section 9.12. Conformance With Applicable Laws
	 	 	15	 
	Section 9.13. Payments Due Minors or Incapacitated Persons
	 	 	15	 
	Section 9.14. Distribution Delay for Specified Employees
	 	 	15	 

Pension Equalization Plan of Newmont

Effective December 31, 2008

ii

 

PENSION EQUALIZATION PLAN OF NEWMONT

(Effective December 31, 2008)

PREAMBLE

     Newmont USA Limited, a Delaware corporation, established the Pension Equalization Plan of
Newmont Mining Corporation effective September 2, 1972. The Plan has been subsequently amended
from time to time. Article VIII of the Plan permits the Board of Directors of the Company or its
delegate to amend the Plan. Pursuant to that right, the Plan is hereby restated effective December
31, 2008.

     The Plan as restated is intended to provide for the Plan’s compliance with Section 409A of the
Code with respect to benefit accruals earned and vested on and after January 1, 2005 in accordance
with applicable law.

     The Company previously established the Pension Plan, as amended from time to time. The
Company intends that this Plan shall provide certain highly compensated and select management
employees of the Company and its affiliates who adopt the Plan with deferred retirement benefits in
addition to the retirement benefits provided under the Pension Plan, to the extent that
(a) benefits under the Pension Plan are limited by Sections 401, 415 or any other applicable
section of the Code, (b) certain elements of service or compensation are not taken into account
under the provisions of the Pension Plan or (c) the Company has entered into a written agreement
with a Participant to provide additional supplemental retirement benefits under this Plan in
consideration of the valuable services provided by such employee to the Company or its affiliates
and to induce such employee to enter into or remain in the employ of the Company or its affiliates.

     The Company acquired Santa Fe Gold Corporation and Battle Mountain Gold Company and merged the
Santa Fe Pacific Gold Corporation Supplemental Retirement Plan and the Battle Mountain Gold Company
Supplemental Executive Retirement Plan into this Plan. Appendices A and B set forth transitional
rules applicable to former participants in the Santa Fe Pacific Gold Corporation Supplemental
Retirement Plan and the Battle Mountain Gold Company Supplemental Executive Retirement Plan.

     The Company intends that the Plan shall not be treated as a “funded” plan for purposes of
either the Code or ERISA. The provisions of this Plan shall apply only to individuals who
terminate their employment with the Company on or after the Effective Date and the Spouses and
beneficiaries of such persons.

ARTICLE I

DEFINITIONS

     For purposes of this Plan, the following defined terms shall have the meaning set forth below
or the meaning ascribed to such terms in the Pension Plan, as the case may be, and the

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 1 of 15

 

masculine shall be deemed to include the feminine and the singular shall be deemed to include
the plural:

     “Actuarial Equivalent” means a benefit having the same value as the benefit which such
actuarial equivalent replaces, as determined by the Administration Committee or its delegate using
the actuarial factors adopted under the Pension Plan at the time of such determination, except the
interest rate used for purposes of calculating lump-sum payments under Section 4.04. The Actuarial
Equivalent for lump-sum payments for purposes of calculating the present value of benefits shall be
determined by the Administration Committee or its delegate from time to time in its sole
discretion.

     “Administration Committee” means the committee appointed by the Board of Directors pursuant to
Section 6.01 of the Plan to be the Administration Committee under the Plan.

     “Appeals Committee” means the committee appointed by the Board of Directors pursuant to
Section 6.01 to review any appeals of benefit decisions made by the Administration Committee or its
delegate.

     “Board of Directors” or “Board” means the Board of Directors of Newmont USA Limited.

     “Cause” means, with respect to any Eligible Employee and as determined by the Board of
Directors or its delegate:

     (i) the willful and continued failure of the Eligible Employee to perform substantially
the Eligible Employee’s duties with the Company or its affiliate (other than any such
failure resulting from incapacity due to physical or mental illness) or his failure to
follow policies, directions or the Company’s code of conduct, after a written demand for
substantial performance is delivered to the Eligible Employee by the Board of Directors or
its delegate. Such written demand shall identify the manner in which the Board of Directors
or its delegate believes that the Eligible Employee has not substantially performed the
Eligible Employee’s duties. Notwithstanding the foregoing, written demand for substantial
performance shall not be required if the Board of Directors or its delegate determines that
immediate action, including termination of the Eligible Employee, is necessary to avoid
potential injury or harm to the Company or any person; or

     (ii) the engaging by the Eligible Employee in illegal conduct or gross negligence or
willful misconduct which is potentially injurious to the Company or any affiliate; provided
that if the Eligible Employee acts in accordance with an authorized written opinion of the
Company’s or an affiliate’s legal counsel, such action will not constitute “Cause” under
this definition; or

     (iii) any dishonest or fraudulent activity by the Eligible Employee or the reasonable
belief by the Company of the Eligible Employee’s breach of any contract, agreement or
representation with the Company or an affiliate.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 2 of 15

 

     In the event “Cause” is determined to exist by the Company, and the Eligible Employee had
received payments under the Plan or otherwise been credited with amounts under the Plan, the
Company shall be entitled to recover such amounts from the Eligible Employee or offset such amount
from any other amounts owed by the Company to the Eligible Employee.

     “Change of Control” means a “Change of Control” as defined in the Pension Plan. However, for
purposes of Section 8.01 “Change of Control” means (i) a change in ownership that occurs on the
date any one person, or more than one person acting as a group, acquires ownership of stock of
Newmont Mining that, together with stock held by such person or group, constitutes more than 50% of
the total fair market value of the stock of Newmont Mining; (ii) the date any one person, or more
than one person acting as a group, acquires ownership of stock of Newmont Mining possessing 30% or
more of the total voting power of the stock of Newmont Mining; (iii) the date a majority of members
of the Newmont Mining board of directors is replaced during any 12-month period by directors whose
appointment or election is not endorsed by a majority of the members of Newmont Mining’s board of
directors before the date of the appointment or election; or (iv) a change in the ownership of a
substantial portion of Newmont Mining’s assets occurs on the date that any one person, or more than
one person acting as a group, acquires assets from Newmont Mining that have a total gross fair
market value equal to or more than 40% of the total gross fair market value of all of the assets of
Newmont Mining immediately before such acquisition.

     “Change of Control”, for purposes of Section 8.01, shall be interpreted in a manner consistent
with Treasury Regulation Section 1.409A-3.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Company” means Newmont USA Limited, a Delaware corporation, and any parent, subsidiary,
affiliated company or division of the Company or other legal entity related to the Company which is
designated as a participating employer under the Plan by the Board of Directors or its delegate and
which elects to become a participating employer under the Plan by resolution of the governing body
of such subsidiary, company or other legal entity or its delegate.

     “Effective Date” means for purposes of the original Plan, September 2, 1972, and for purposes
of this amendment and restatement of the Plan, December 31, 2008.

     “Eligible Employee” means a person who is employed by the Company on a full-time basis and
paid on a weekly, bi-weekly, semi-monthly or monthly salaried basis and who is not a member of any
collective bargaining unit. An Eligible Employee shall not include any individual (a) who provides
services to the Company under an agreement, contract or any other arrangement pursuant to which the
individual is initially classified as an independent contractor or (b) whose remuneration for
services has not been treated initially as subject to the withholding of federal income tax
pursuant to Code Section 3401, even if the individual is subsequently reclassified as a common law
employee as a result of a final decree of a court of competent jurisdiction or the settlement of an
administrative or judicial proceeding.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 3 of 15

 

     “Newmont Mining” means Newmont Mining Corporation, the Company’s parent corporation.

     “Normal Retirement Date” is the first day of the month on or next following the date the
Participant attains age 62.

     “Participant” means an Eligible Employee who becomes a Participant in this Plan pursuant to
Section 2.01. Participants shall be either Current Participants or New Participants, as defined in
the definition of “Salary” below. Participant shall include a terminated Eligible Employee who is
entitled to future benefits.

     “Pension Plan” means the Pension Plan of Newmont, as amended from time to time.

     “Plan” means the Pension Equalization Plan of Newmont as stated herein and as amended from
time to time.

     “Plan Year” means the 12-month period on which the Plan records are kept, which shall be the
calendar year.

     “Prior Plan” means the Plan as in existence prior to the Effective Date of this restatement.

     “Retirement” or “Retire” means the cessation of employment by a Participant on or after the
Participant’s Normal Retirement Date or at such earlier date as the Participant is eligible to
begin receiving benefit payments from the Pension Plan provided that such cessation of employment
constitutes a Separation from Service.

     “Retirement Payment” means the amount payable to a Participant pursuant to this Plan.

     “Salary” means Salary as defined in the Pension Plan at the relevant time plus:

     (a) with respect to a Participant who receives Executive Performance Incentive payments
(“EPI”) for 2003 (the “Current Participants”), (i) any bonus awards paid to such Current
Participant under the Newmont Intermediate Term Incentive Compensation Plan (the “ITIP”)
which were earned in 2002 and prior years (but not including transitional cash payments with
respect to the ITIP made in 2004, 2005 and 2006) and (ii) any bonus awards paid to such
Current Participant under EPI beginning with EPI year 2003 through EPI year 2007, but not
for any subsequent EPI year. Any such bonuses paid in the form of stock of the Company or
any parent or subsidiary of the Company shall be included in Salary to the extent the
Participant does not forfeit the stock and shall be included in Salary in equal monthly
amounts over the period of the Participant’s employment during which the bonus was earned.
The value of stock for this purpose shall be the value assigned by the Board of Directors of
Newmont Mining Corporation when the stock is awarded. No more than the five bonuses earned
with respect to five calendar years under the ITIP and/or EPI shall be taken into account in
determining “Salary.” A Current Participant who Retires on or after January 1, 2008 will
have an “Average Monthly Salary” equal to the greater of (x) the Current Participant’s
“Average Monthly Salary” (as defined in the Pension Plan) calculated as of

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 4 of 15

 

December 31, 2007 based upon the foregoing definition of Salary and not thereafter
changed or (y) the Current Participant’s Average Monthly Salary as calculated under the
foregoing provisions as of the date of the Current Participant’s Retirement; and

     (b) with respect to Participants who did not receive EPI for 2003 (the “New
Participants”), who are in salary grade 109, and who previously participated in the ITIP
shall have bonus awards paid to such Participant under the ITIP which were earned in 2002
and prior years (but not including any transitional cash payments with respect to the ITIP
made in 2004, 2005 and 2006) included in Salary in the year earned in the same manner as
Current Participants pursuant to paragraph (a) of the definition of “Salary” above for
purposes of determining such Participant’s “Average Monthly Salary.”

     (c) Notwithstanding the foregoing, Salary shall exclude any amount contributed by the
Participant to the Savings Equalization Plan of Newmont.

     “Separation from Service” means the termination of the Participant’s employment with the
Company, as defined in Treasury Regulation Section 1.409-1(h) and such other applicable regulations
as are promulgated pursuant to Code Section 409A.

     “Single Life Annuity” means the level monthly benefit that is payable only for the lifetime of
the Participant and which includes no guaranteed payments beyond date of death and no survivor
benefits.

     “Specified Employee” means any employee or former employee (including any deceased employee)
who at any time during the Plan Year that includes the determination date was an officer of the
Company having an annual compensation greater than $130,000 (as adjusted under Section 416(i)(1) of
the Code), a five-percent owner of the employer or a one-percent owner of the employer having
annual compensation of more than $150,000. No more than 50 employees shall be treated as officers.
For this purpose, annual compensation means compensation within the meaning of Section 415(c)(3)
of the Code. The determination of who is a Specified Employee will be made in accordance with
Section 416(i) of the Code and in accordance with policies and procedures adopted by the Company.

     “Spouse” means the person to whom the Participant is legally married, and not legally
separated from, under the laws of the state or country in which the Participant resides at the time
of his Retirement Payment or to whom he was legally married at the time of his death if his death
occurs prior to the payment of his benefit under this Plan. In addition, an individual must
satisfy the definition of “Spouse” under the Defense of Marriage Act of 1996, as amended (1 U.S.C.
§ 7 (2004)).

ARTICLE II

ELIGIBILITY AND PARTICIPATION

     Section 2.01. Eligibility and Participation. From time to time the Board of Directors of the
Company or its delegate, in its sole discretion, may determine the eligibility requirements for
participation and may specifically designate those Eligible Employees who are Executive

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 5 of 15

 

Grade employees and who are highly compensated and select management employees of the Company
to whom participation in this Plan shall be extended. Such designations may be by class of
employees or on an individual basis. Participants in the Prior Plan shall be Participants in the
Plan, subject to the provisions of Section 2.02.

     Section 2.02. Failure of Eligibility. If a Participant ceases to meet the eligibility
criteria as determined by the Board of Directors or its delegate for participation herein for any
reason other than death or Retirement but continues to be an employee of the Company, participation
herein and benefits hereunder shall cease as of the effective date of the change in employment
status, position or title which results in termination of eligibility for participation. The
determination of the Board of Directors or its delegate with respect to the termination of
participation in this Plan shall be final and binding on all parties affected. Any benefits
accrued at the time of such change shall remain payable in accordance with the provisions of the
Plan, but only to the extent such benefits are not ultimately payable under the Pension Plan.

     Section 2.03. Forfeiture Upon Termination for Cause. If a Participant is terminated for
Cause, the Participant’s retirement benefit under this Plan shall be immediately forfeited and the
Participant shall be entitled to no payments of any kind under the Plan.

ARTICLE III

FUNDING

     Except as otherwise provided in this Article III, all benefits payable under this Plan shall
be paid, as they become due and payable, out of the general assets of the Company. The Company and
each affiliated entity that adopts this Plan pursuant to Section 9.04 shall be responsible for
providing the benefits only for its own employees (and their Spouses and beneficiaries) who are
Participants in this Plan. Nothing contained in this Plan shall be deemed to create any fiduciary
relationship between the Company and the Participants. To the extent that any person acquires a
right to receive benefits under this Plan, such right shall be no greater than the right of any
unsecured general creditor of the Company. The Company reserves the right to establish a trust
fund or some other funding vehicle as a source of benefit payments and to the extent payments are
made from such trust or other fund, such payments shall satisfy the Company’s obligations under
this Plan. Notwithstanding the foregoing, upon a Change of Control (as defined in the Pension
Plan), the Company shall, as soon as possible, but in no event longer than 120 days following the
Change of Control, establish a trust fund if one has not otherwise been established, and make an
irrevocable contribution to the trust fund in an actuarially equivalent amount that is sufficient
to pay each Participant or beneficiary the benefits to which the Participant or beneficiary would
be entitled pursuant to the terms of the Plan as of the date on which the Change of Control
occurred.

     The funding of a trust upon a Change of Control shall not occur if the Administration
Committee or its delegate reasonably determines that such funding will likely result in taxable
income to Participants by reason of Section 409A of the Code. In no event will any Trust assets at
any time be located or transferred outside of the United States within the meaning of Code
Section 409A(b).

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 6 of 15

 

ARTICLE IV

EXECUTIVE RETIREMENT BENEFITS

     Section 4.01. Normal Retirement Benefit. A Participant who Retires on or after his Normal
Retirement Date shall be entitled to receive a Retirement Payment under this Plan equal to the
excess, if any, of (a) less (b), where:

     (a) is the monthly Single Life Annuity payments to which the Participant would be
entitled under the Pension Plan upon his Retirement if:

     (i) Section 401 or 415 or any other Section of the Code would not apply to
limit the benefit payable to the Participant under the Pension Plan;

     (ii) The definition of “Salary” under the Pension Plan were the same as the
applicable definition of Salary in this Plan, the Average Monthly Salary of Current
Participants was determined in accordance with the provisions of paragraph (a) of
the definition of “Salary” above and the amount of “Salary” under the Pension Plan
taken into account for determining the Participant’s benefit under the Pension Plan
were not limited by provisions of the Pension Plan;

     (iii) Service with “Affiliates” (as defined in the Pension Plan) that would
otherwise be taken into account under the Pension Plan in accordance with the
provisions of the Pension Plan governing the crediting of service but cannot be
taken into account because of Internal Revenue Service discrimination limitations
were taken into account under the Pension Plan;

     (iv) The Participant’s “Credited Service” (as defined in the Pension Plan)
under the Pension Plan also included the period with respect to which he becomes
entitled to severance pay under the Company’s Severance Plan, a change of control
plan or under any employment or severance agreement between the Participant and the
Company, whichever is longer (to the extent such service is not taken into account
under the Pension Plan), but only if the Severance Plan, change of control plan or
employment or severance agreement between the Participant and the Company
specifically provides for crediting such period of time as “Credited Service”; and

     (v) Such other adjustments were made to any component of the calculation of the
Participant’s benefit under the Pension Plan as may be provided under any plan,
policy or program of the Company applicable to the Participant or as may be agreed
to in writing between the Company and the Participant; less

     (b) The amount of monthly Single Life Annuity payments to which the Participant is
actually entitled or would be entitled upon Retirement under the Pension Plan.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 7 of 15

 

     Section 4.02. Early Retirement Benefit. A Participant who Retires before his Normal
Retirement Date shall be entitled to receive a Retirement Payment under this Plan in an amount
determined in accordance with Section 4.01, based on the Participant’s Pension Plan benefits as of
the date his Pension Plan benefits become payable. If the Participant’s benefits under the Pension
Plan are reduced for early payment, the amount of the Participant’s Retirement Payment under this
Plan shall be reduced by the same factors.

     Section 4.03. Benefits on Other Termination of Employment. If a Participant terminates
employment with the Company prior to his Normal Retirement Date, under circumstances such that the
Participant becomes a “Terminated Vested Participant” under the Pension Plan, he shall be eligible
for a Retirement Payment hereunder. Any such Retirement Payment shall be computed in the manner
described in Section 4.01. If the Participant’s benefits under the Pension Plan are reduced for
early payment, the amount of the Participant’s Retirement Payment under this Plan shall be reduced
by the same factors. If a Participant dies prior to the commencement of benefits under this
Article IV, benefits shall be paid under this Plan only pursuant to Article V.

     Section 4.04. Method and Time of Payment. The Retirement Payment which is payable to a
Participant pursuant to Section 4.01, 4.02 or 4.03 shall be paid in the form of an Actuarial
Equivalent lump-sum payment. The lump-sum payment shall be paid in a single cash lump sum as soon
as administratively possible following the date of the Participant’s Separation from Service with
the Company, and in no event later than 75 days following the date of the Participant’s Separation
from Service, subject to the provisions of Section 9.14. If a Participant receives a lump-sum
distribution, there shall be no spousal benefits payable under Article V, but a benefit would be
payable in accordance with Article V if the Participant dies before receiving the lump sum payment.
If a Participant receives a lump-sum distribution under the Plan and is later reemployed by the
Company, the amount of any benefit payable in the future to the Participant under this Plan shall
be reduced by the Actuarial Equivalent of the benefit previously paid to the Participant as a lump
sum.

     Notwithstanding the foregoing, any payment election made pursuant to the terms of the Prior
Plan shall be paid in the manner and at the time elected by the Participant under the terms of the
Prior Plan.

     Section 4.05. Nonduplication of Benefits. Notwithstanding any other provision of this
Article IV, if a Participant participated in another retirement benefit plan or arrangement
(maintained by the Company or any other employer), including the Prior Plan, which has, or will,
provide a benefit to the Participant attributable to the same periods of service included in such
Participant’s Credited Service under the Pension Plan, the benefit payable to such Participant
under this Plan shall be reduced by the Actuarial Equivalent of the benefit earned or paid to such
Participant under such other plan. Notwithstanding the foregoing, the Company shall not offset any
benefits payable by the Plan to the extent such offset would result in the imposition of taxes or
penalties pursuant to Code Section 409A and the Treasury Regulations issued thereunder.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 8 of 15

 

ARTICLE V

SPOUSAL BENEFITS

     Section 5.01. Pre-Retirement Spousal Benefit. If a Participant dies prior to Retirement, but
while in the employ of the Company, and if a pre-retirement survivor’s benefit is payable to the
Participant’s Spouse under the Pension Plan, the Participant’s Spouse shall be entitled to a
survivor’s benefit under this Plan equal to the difference, if any, between (a) the amount of such
benefit that would be payable under the spousal benefit under the Pension Plan if the Participant’s
benefit were calculated based on Salary pursuant to Section 4.01 of this Plan, and (b) the
survivor’s benefit actually payable to the Spouse under the Pension Plan. The survivor’s benefit
shall be paid to the surviving Spouse in the form of an Actuarial Equivalent lump-sum payment.
Such payment shall be made as soon as practicable following the Participant’s death, and in no
event later than 75 days following the date of the Participant’s death.

     Section 5.02. Post-Retirement Spousal Benefit. If a Participant dies following Retirement,
and has not received a lump sum with respect to his benefit under this Plan and if a survivor’s
benefit is payable to the surviving Spouse under the Pension Plan, the Participant’s Spouse shall
be entitled to a post-Retirement survivor’s benefit under this Plan equal to the difference, if
any, between (a) the amount of such benefit that would be payable under the spousal benefit under
the Pension Plan if the Participant’s benefit were calculated based on Salary pursuant to
Section 4.01 of this Plan, and (b) the survivor’s benefit actually payable to the Spouse under the
Pension Plan. The survivor’s benefit shall be paid to the surviving Spouse in the form of an
Actuarial Equivalent lump-sum payment and shall be calculated, for purposes of this Section, as if
the Spouse were the Participant. Such payment shall be made as soon as practicable following the
Participant’s death, and in no event later than 75 days following the date of the Participant’s
death.

ARTICLE VI

ADMINISTRATION

     Section 6.01. Appointment of Committees. The Board of Directors or its delegate shall
appoint the Administration Committee and the Appeals Committee (collectively, the “Committees”),
who may be, but need not be, officers, directors or employees of the Company or its affiliate. The
members of each Committee shall hold office at the pleasure of the Board and shall serve without
compensation.

     Section 6.02. Responsibilities of the Administration Committee. The Administration Committee
shall be responsible for the administration, operation and interpretation of the Plan. The
Administration Committee may establish rules from time to time for the transaction of its business.
The Administration Committee shall have the exclusive right to interpret the Plan’s provisions, to
establish policies and procedures and to exercise discretion where necessary or appropriate in the
interpretation and administration of the Plan and to decide any and all matters arising thereunder
or in connection with the administration of the Plan, except those matters reserved for the Appeals
Committee. Such decisions, actions and records of the Administration

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 9 of 15

 

Committee or its delegate shall be conclusive and binding upon all persons having or claiming
to have any right or interest in or under the Plan.

     The Administration Committee may delegate some or all of its authority under the Plan to any
person, persons or entities. The Administration Committee may remove any duly appointed delegate
at any time at its sole discretion.

     Section 6.03. Responsibilities of the Appeals Committee. The Appeals Committee shall be
responsible for the review and determination of benefit claim appeals as described in Article VII.
The Appeals Committee shall establish rules from time to time for the transaction of its business.
The Appeals Committee shall have the exclusive right to interpret the Plan’s provisions and to
exercise discretion where necessary or appropriate in the determination of benefit claims on
appeal. Such decisions, actions and records of the Appeals Committee shall be conclusive and
binding upon all persons having or claiming to have any right or interest in or under the Plan.

     The Appeals Committee may delegate some or all of its authority to any person, persons or
entities. The Appeals Committee may remove any duly appointed delegate at any time at its sole
discretion.

     Section 6.04. Organization of Committees. Each Committee shall adopt such rules as it deems
desirable for the conduct of its affairs and for the administration of its duties under the Plan.
Each Committee may appoint agents (who need not be members of the particular Committee) to whom it
may delegate such powers as it deems appropriate. Each Committee may make its determinations with
or without meetings and it may authorize one or more of its members or agents to sign instructions,
notices and determinations on its behalf. Any action taken by a Committee shall be taken by a
majority of the members attending a meeting of the Committee (provided at least a majority of the
Committee members are at such meeting) or by a majority of the members of the Committee executing a
written instrument setting forth the action taken.

     Section 6.05. Indemnification of Committee Members. The Company shall indemnify the members
of each Committee against any and all claims, loss, damages, expense (including attorney fees) and
liability arising from any action or failure to act, except when the same is judicially determined
to be due to the gross negligence or willful misconduct of such member. Such indemnification shall
include any Committee members or any individuals delegated authority by a Committee if such
individuals are employed by the Company or an affiliate. The Company does not hereby indemnify any
entity or person who is not an employee of the Company or its Affiliate. The indemnification
provided hereunder shall continue as to a person who has ceased acting as a director, officer,
member, agent or employee of the Company, and such person’s rights shall inure to the benefit of
his heirs and representatives.

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ARTICLE VII

CLAIMS PROCEDURES

     Section 7.01. Filing a Claim. All claims shall be filed in writing by the Participant, his
beneficiary, or the authorized representative of the claimant, by completing the procedures that
the Administration Committee or its delegate requires. The procedures may include the completion
of forms and the submission of documents and additional information. All claims under this Plan
shall be filed in writing with the Administration Committee or its delegate according to the
Administration Committee’s or its delegate’s procedures.

     Section 7.02. Review of Initial Claim.

     (a) Initial Period for Review of the Claim. The Administration Committee shall review
all materials and shall decide whether to approve or deny the claim. If a claim is denied
in whole or in part, written notice of denial shall be furnished by the Administration
Committee or its delegate to the claimant within a reasonable time after the claim is filed
but not later than 90 days after the Administration Committee or its delegate receives the
claim. The notice shall set forth the specific reason(s) for the denial, reference to the
specific Plan provisions on which the denial is based, a description of any additional
material or information necessary for the claimant to perfect his claim and an explanation
of why such material or information is necessary, and a description of the Plan’s review
procedures, including the applicable time limits.

     (b) Extension. If the Administration Committee or its delegate determines that special
circumstances require an extension of time for processing the claim, it shall give written
notice to the claimant and the extension shall not exceed 90 days. The notice shall be
given before the expiration of the 90-day period described in Section 7.02(a) above and
shall indicate the special circumstances requiring the extension and the date by which the
Administration Committee or its delegate expects to render its decision.

     Section 7.03. Appeal of Denial of Initial Claim. The claimant may request a review upon
written application, may review pertinent documents and may submit issues or comments in writing.
The claimant must request a review within the reasonable period of time prescribed by the
Administration Committee or its delegate. In no event shall such a period of time be less than
60 days.

     Section 7.04. Review of Appeal.

     (a) Initial Period for Review of the Appeal. The Appeals Committee or its delegate
shall conduct all reviews of denied claims and shall render its decision within a reasonable
time, but not more than 60 days of the receipt of the appeal by the Appeals Committee. The
claimant shall be notified of the Appeals Committee’s decision in a notice, which shall set
forth the specific reason(s) for the denial, reference to the specific Plan provisions on
which the denial is based, a statement that the claimant is entitled to receive, upon
request and free of charge, reasonable access to and copies of all documents, records and
other information relevant to the claimant’s claim.

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     (b) Extension. If the Appeals Committee or its delegate determines that special
circumstances require an extension of time for reviewing the appeal, it shall give written
notice to the claimant and the extension shall not exceed 60 days. The notice shall be
given before the expiration of the 60-day period described in Section 7.04(a) above and
shall indicate the special circumstances requiring the extension and the date by which the
Appeals Committee or its delegate expects to render its decision.

     Section 7.05. Form of Notice to Claimant. The notice to the claimant shall be given in
writing or electronically and shall be written in a manner calculated to be understood by the
claimant.

     Section 7.06. Discretionary Authority of Committees. The Administration Committee or its
delegate and the Appeals Committee or its delegate shall have full discretionary authority to
determine eligibility, status and the rights of all individuals under the Plan; to construe any and
all terms of the Plan; and to find and construe all facts.

     Section 7.07. Limitation on Claims. All claims under this Plan must be filed in writing
according to the foregoing claims procedures no later than three years after the occurrence of the
event that gives rise to the claim. Any claim filed after the expiration of the three year period
shall be barred and the claimant shall be ineligible for benefits under the Plan.

ARTICLE VIII

AMENDMENT AND TERMINATION

     Section 8.01. Termination of Plan. The Company and each affiliated entity which has adopted
the Plan expect to continue this Plan indefinitely, but the Company and each such affiliate may
terminate this Plan, through action of its Board of Directors or its delegate, as to its employees,
at any time.

     In the event the Plan is terminated, the Participant accounts shall be fully vested and the
assets shall be distributed in a lump sum provided one of the following requirements are met:

     (a) The Plan is terminated in accordance with the requirements of Treasury Regulation
Section 1.409A-3(j)(4)(ix)(A) within 12 months of a corporate dissolution that is either
taxed under Code Section 331 (pertaining to taxation upon complete liquidation) or approved
by a bankruptcy court.

     (b) The Plan is terminated in accordance with the requirements of Treasury Regulation
Section 1.409A-3(j)(4)(ix)(B) within 30 days before or 12 months after a Change of Control,
and all other similar nonqualified plans of the Company are also being terminated. All
payments from all such plans must be received within 12 months of their respective
terminations.

     (c) A termination that meets all of the following five requirements in accordance with
Treasury Regulation Section 1.409A-3(j)(4)(ix)(C): (i) the termination was not related to a
downturn in the financial health of the Company; (ii) the Company

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terminates all other nonqualified plans affecting the Participants of the Plan; (iii)
no payments from the Plan are made within 12 months after the termination (except payments
that, in the absence of the termination, would have been made within the 12-month period);
(iv) all payments from the Plan are made within 24 months after the termination; and (v) for
three years after the termination, no new plans are adopted covering Participants of the
Plan.

     Section 8.02. Amendment by Company. The Board of Directors or its delegate may amend this
Plan, including the suspension of future benefit accruals, at any time and from time to time,
provided that no such amendment shall deprive any Participant or Spouse of his Retirement Payment
or Spousal survivor’s benefit, respectively, based upon the Retirement Payment payable to such
Participant at age 62 in the form of a single life annuity accrued at the time of such amendment;
provided, however, that the accrued benefits under this Plan may be reduced to the extent such
benefits ultimately become payable under the provisions of the Pension Plan and Prior Plan and to
the extent that such reductions do not result in adverse tax consequences under Section 409A of the
Code. Nothing in this Section shall be interpreted to restrict any change in actuarial assumptions
or formulas used to determine benefits under the Plan.

ARTICLE IX

MISCELLANEOUS

     Section 9.01. Inalienability of Benefits. Except as provided in Section 9.02, no Participant
shall have the right to assign, transfer, hypothecate, encumber or anticipate his interest in any
benefits under this Plan, nor shall the benefits under this Plan be subject to any legal process to
levy upon or attach the benefits for payment for any claim against the Participant or his Spouse.
If any Participant’s benefits are garnished or attached by the order of any court, the Company may
bring an action for declaratory judgment in a court of competent jurisdiction to determine the
proper recipient of the benefits to be paid under the Plan. During the pendency of the action, any
benefits that become payable shall be paid into the court as they become payable, to be distributed
by the court to the recipient it deems proper at the conclusion of the action.

     Section 9.02. Domestic Relations Orders. A distribution may be made to an individual other
than the Participant in accordance with a domestic relations order as defined in Code Section
414(p)(1)(B). Such payment shall be made in a single lump-sum payment only and shall be made at
the time prescribed by such order. The Administration Committee may adopt and implement such
policies and procedures as it deems advisable in its sole discretion with respect to the
administration and approval of payments pursuant to domestic relations orders.

     Section 9.03. Disposition of Unclaimed Payments. Each Participant must file with the Company
from time to time in writing his mailing address and each change of mailing address. Any
communication, statement or notice addressed to a Participant at his last mailing address filed
with the Company or, if no address is filed with the Company, then at his last mailing address as
shown on the Company’s records, will be binding on the Participant and his Spouse for all purposes
of the Plan. The Company shall not be required to search for or locate a Participant, Spouse or
other beneficiary.

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     Section 9.04. Withholding. All benefits paid or accrued pursuant to this Plan will be
subject to all legally required tax and other withholdings.

     Section 9.05. Participation in Plan by Affiliates. Any legal entity, whether or not
presently existing, which is or shall become affiliated with the Company may become a party to the
Plan, with the consent of the Board of Directors of the Company, by electing to participate in the
Plan. Such legal entity shall, upon request of the Company, deliver to the Company a certified
copy of the resolutions or other documents evidencing its election to participate in the Plan.

     Section 9.06. Notices. All notices required or permitted under this Plan shall be given in
writing to the Company at its principal offices at:

Newmont USA Limited

1700 Lincoln Street

Denver, CO 80203

Attention: Corporate Secretary

and, if given to a Participant, at the Participant’s address on the records of the Company. Notice
to the Company shall be effective when delivered at the address specified in this Section 9.05.

     Section 9.07. Employment Status. This Plan does not constitute a contract of employment or
impose on the Eligible Employee or the Company any obligation for the Eligible Employee to remain
an employee or change the status of the Eligible Employee’s employment or the policies of the
Company regarding termination of employment.

     Section 9.08. Successors. This Plan shall be binding upon and inure to the benefit of the
Company, the Participants, Spouses and their respective heirs, representatives and successors.

     Section 9.09. Validity and Severability. The invalidity or unenforceability of any provision
of the Plan shall not affect the validity or enforceability of any other provision of the Plan,
which shall remain in full force and effect, and any prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     Section 9.10. Governing Law. The validity, interpretation, construction and performance of
the Plan shall in all respects be governed by the laws of Colorado, without reference to principles
of conflict of law, except to the extent preempted by federal law.

     Section 9.11. Right of Offset. To the extent permitted by applicable law, the Company may,
in its sole discretion, apply any payments otherwise due and payable under this Plan against any
employee or terminated employee loans outstanding to the Company or other debts of the employee or
terminated employee to the Company. By accepting payments under this Plan, an individual shall
consent to the reduction of any compensation paid to the individual by the Company to the extent
the individual receives an overpayment from the Plan. Notwithstanding the foregoing, the Company
shall not offset any benefits payable by the Plan to the extent such offset would result in the
imposition of taxes or penalties pursuant to Code Section 409A and the Treasury Regulations issued
thereunder.

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     Section 9.12. Conformance With Applicable Laws. Notwithstanding anything contained herein to
the contrary, this Plan shall be administered and operated in accordance with any applicable laws
and regulations. The Board or its delegate reserves the right to amend this Plan at any time in
order for this Plan to comply with any such laws and regulations.

     Section 9.13. Payments Due Minors or Incapacitated Persons. If any person entitled to a
payment under this Plan is a minor, or if the Administration Committee or its delegate determines
that any such person is incapacitated by reason of physical or mental disability, whether or not
legally adjudicated as an incompetent, the Administration Committee or its delegate shall have the
power to cause the payment becoming due to such person to be made to another for his benefit,
without responsibility of the Administration Committee or its delegate, the Company or any other
person or entity to see to the application of such payment. Payments made pursuant to such power
shall operate as a complete discharge of the Administration Committee, this Plan and the Company.

     Section 9.14. Distribution Delay for Specified Employees. This Section applies only to
amounts credited under the Plan that accrue and become vested and earned on or after January 1,
2005. In the case of a distribution to a Specified Employee due to the Specified Employee’s
Separation from Service, such distribution may not be made before the date which is 6 months after
the date of the Specified Employee’s Separation from Service with the Company or, if earlier, the
date of the Specified Employee’s death.

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     The
foregoing was adopted this 16 day of December, 2008.

	 	 	 	 	 	 	 
	 	 	NEWMONT USA LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	/s/ Alan R. Blank	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Executive Vice President, Legal and External Affairs	 	 
	 

	 	 	 	 	 	 

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APPENDIX A

     This Appendix A provides transition rules with respect to the calculation and payment of
benefits to persons who were participants in the Santa Fe Pacific Gold Corporation Supplemental
Retirement Plan (the “Santa Fe Plan”), as of May 5, 1997 (a “Santa Fe Participant”).

     1. Effective as of December 31, 2000, the Santa Fe Plan was merged with and into the Plan.

     2. All Santa Fe Participants as of May 5, 1997 who were actively employed by Santa Fe Pacific
Gold Corporation on that date (an “Active Santa Fe Participant”) shall be entitled to receive a
benefit under this Plan equal to the greater of (a) the benefit the Active Santa Fe Participant
would have received under the provisions of the Santa Fe Plan as of December 31, 2000, or if
earlier, the date of his termination of employment and (b) the benefit provided under the
provisions of this Plan in accordance with the Plan and the provisions of this Appendix A. A
Santa Fe Participant who had terminated employment with Santa Fe Pacific Gold Corporation prior to
May 5, 1997 and who was receiving, or was entitled to receive, benefit payments under the Santa Fe
Plan (a “Retired Santa Fe Participant”) shall receive or continue to receive payments in accordance
with all of the terms and provisions of the Santa Fe Plan in effect as of May 6, 1997, but such
benefits shall be paid under and as a part of this Plan.

     3. For purposes of calculating an Active Santa Fe Participant’s benefit under this Plan, an
Active Santa Fe Participant shall be credited with the service credited to such Participant under
the provisions of the Santa Fe Plan.

     4. If an Active Santa Fe Participant’s benefit is payable in accordance with the terms of the
Santa Fe Plan, then such benefit shall be paid in accordance with all of the terms and provisions
of the Santa Fe Plan, including, but not limited to, the form of benefits available under the
Santa Fe Plan. If an Active Santa Fe Participant’s benefit is payable in accordance with the
provisions of this Plan, then such benefit shall be paid in accordance with all the terms and
provisions of this Plan.

     5. Benefits payable from the Trust formed in connection with the Santa Fe Plan, or any
successor thereto by merger or otherwise, shall continue to be paid from such Trust and such Trust
shall serve as a potential source of funds for payments to Santa Fe Participants of their benefits
under both the Santa Fe Plan and this Plan.

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APPENDIX B

     This Appendix B provides transition rules with respect to the calculation and payment of
benefits to persons who were participants in the Battle Mountain Gold Company Supplemental
Executive Retirement Plan, as amended and restated December 2, 1997 (the “Battle Mountain SERP”),
as of December 31, 2001 (a “BM Participant”).

     1. Effective as of December 31, 2001, the Battle Mountain SERP was merged with and into the
Plan.

     2. All BM Participants as of December 31, 2001 who were actively employed by Battle Mountain
Gold Company on that date (an “Active BM Participant”) shall be entitled to receive a benefit under
this Plan equal to the greater of (a) the benefit the Active BM Participant would have received
under the provisions of the Battle Mountain SERP as of December 31, 2001, or if earlier, the date
of his termination of employment and (b) the benefit provided under the provisions of this Plan in
accordance with the Plan and the provisions of this Appendix B. A BM Participant who had
terminated employment with Battle Mountain Gold Company prior to January 1, 2002 and who was
receiving, or was entitled to receive, benefit payments under the Battle Mountain SERP (a “Retired
BM Participant”) shall receive or continue to receive payments in accordance with all of the terms
and provisions of the Battle Mountain SERP in effect as of December 31, 2001, but such benefits
shall be paid under and as a part of this Plan.

     3. For purposes of calculating an Active BM Participant’s benefit under this Plan, an Active
BM Participant shall be credited with the service credited to such Participant under the provisions
of the Battle Mountain SERP, including Attachment A to the Battle Mountain SERP; provided, however,
that any Active BM Participant listed on Attachment A to the Battle Mountain SERP shall be subject
to the reductions set forth on Attachment A to the Battle Mountain SERP.

     4. If an Active BM Participant’s benefit is payable in accordance with the terms of the Battle
Mountain SERP, then such benefit shall be paid in accordance with all of the terms and provisions
of the Battle Mountain SERP, including, but not limited to, the form of benefits available under
the Battle Mountain SERP. If an Active BM Participant’s benefit is payable in accordance with the
provisions of this Plan, then such benefit shall be paid in accordance with all the terms and
provisions of this Plan.

     5. Benefits payable from the Trust formed in connection with the Battle Mountain SERP, or any
successor thereto by merger or otherwise, shall continue to be paid from such Trust and such Trust
shall serve as a potential source of funds for payments to BM Participants of their benefits under
both the Battle Mountain SERP and this Plan.

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