Document:

exv10w2

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

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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

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     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

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     “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

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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

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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.

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Effective December 31, 2008

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     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.

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Effective December 31, 2008

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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

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Effective December 31, 2008

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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.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 10 of 15

 

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.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 11 of 15

 

     (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

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 12 of 15

 

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.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 13 of 15

 

     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.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 14 of 15

 

     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.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 15 of 15

 

     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	 	 
	 

	 	 	 	 	 	 

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page 16 of 15

 

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.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page
A-1 of 1

 

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.

Pension Equalization Plan of Newmont

Effective December 31, 2008

Page B-1 of 1exv10w13

Exhibit 10.13

NEWMONT MINING CORPORATION

2005 STOCK INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

     This Agreement (“Agreement”) is dated as of October 31, 2008 between Newmont Mining
Corporation, a Delaware corporation (“Newmont”) and Richard
T. O’Brien (“Executive”).

WITNESSETH:

     WHEREAS, in recognition of Executive’s contributions and services to Newmont and its
subsidiaries and affiliates and as a retention incentive, the Compensation and Management
Development Committee of the Newmont Board of Directors (“Newmont Committee”) has awarded Executive
a grant of restricted shares of Newmont’s common stock (“Restricted Stock”), subject to the
restrictions set forth in this Agreement pursuant to the terms and conditions of the 2005 Stock
Incentive Plan (“Stock Plan”); capitalized terms used but not defined herein shall have the
meanings given such terms in the Stock Plan;

     NOW, THEREFORE, in consideration of the premises and as an inducement and incentive to
Executive to perform his duties and fulfill his responsibilities on behalf of Newmont and its
subsidiaries at the highest level of dedication and competence, and other good and valuable
consideration, receipt of which is hereby acknowledged, Newmont hereby awards to Executive 100,000
shares of Restricted Stock, pursuant to the terms and subject to the conditions and restrictions
set forth in this Agreement and the Stock Plan, including the Vesting Period, as such term is
defined in this Agreement, and in connection with such award, Newmont and Executive hereby agree as
follows:

AGREEMENT:

     1. Vesting Period. The Vesting Period shall commence on the date of this Agreement and shall
end on October 30, 2013.

     2. Nontransferability. Executive acknowledges that no shares of Restricted Stock, or any
interest therein, may be sold, transferred, pledged, assigned, encumbered or otherwise disposed of
(whether voluntary or involuntary or by operation of law, by judgment, levy, attachment,
garnishment or other legal or equitable proceedings (including bankruptcy)) prior to the end of the
Vesting Period, provided, however, that Executive may, with the prior written approval of the Vice
President of Human Resources of Newmont, transfer all or any portion of his Restricted Stock to a
family trust or similar vehicle for personal estate planning purposes, in the manner and subject to
the terms prescribed by the Vice President of Human Resources of Newmont.

     3. Termination of Employment. Notwithstanding paragraph 1, upon termination of Executive’s
employment (deemed to have occurred on the last day worked) with Newmont or any of its Subsidiaries
prior to the completion of the Vesting Period under any circumstances, any shares of Restricted
Stock as to which the Vesting Period has not terminated as of the date of such termination shall be
immediately and unconditionally forfeited and revert to Newmont

 

 

without any action required by Executive or Newmont, except as provided by this section 3
below:

     (a) Death of Executive. Upon termination of Executive’s employment caused by the death
of Executive, the Vesting Period shall terminate as to the following number of shares of
Restricted Stock : 

     (b) Long Term Disability. Upon termination of Executive’s employment caused by
Executive’s disability entitling Executive to long-term disability benefits under the
Long-Term Disability Plan of Newmont (or any successor plan designated by the Committee)
(the “Long-Term Disability Plan”), the Vesting Period shall terminate as to the following
number of shares of Restricted Stock: 

     (c) Retirement. Upon Executive’s normal or early retirement entitling Executive to an
immediate pension pursuant to the Pension Plan of Newmont, or resignation with the consent
of the Board, the Vesting Period shall terminate as to the following number of shares of
Restricted Stock: 

     (d) Termination of Employment. The Vesting Period shall terminate in its entirety
(A) upon termination by Newmont or a Subsidiary of Executive’s employment without
Cause (as defined in the Executive Change of Control Plan of Newmont) or (B) upon
termination by Executive of his employment for Good Reason as defined under the Executive
Change of Control Plan of Newmont.

     (e) Short-Term Disability. This Agreement shall expire four months after termination
of Executive’s employment where Executive has received short-term disability benefits under
the Short-Term Disability Plan of Newmont immediately prior to such termination. If, during
the four-month period following such termination of employment, Newmont or a Subsidiary (or
a designee thereof) determines that Executive is entitled to long-term disability benefits
under the Long-Term Disability Plan by reason of Executive’s disability, the provisions of
paragraph 3(b) shall apply.

     (f) Other Circumstances. If Executive ceases to be employed by Newmont and/or a
Subsidiary prior to completion of the Vesting Period under any circumstances not described
in paragraphs (a) through (e) of this Section 3 including, without limitation, termination
for Cause or voluntary termination by Executive without Good Reason,

2

 

Executive agrees that the Restricted Stock will be immediately and unconditionally
forfeited and revert to Newmont, without any action required by Executive or Newmont.

     (g) Change of Control. Notwithstanding section 16 of the Plan, in the event of a
Change of Control, the Vesting Period shall not terminate by reason of such Change of
Control, and this Agreement shall remain in full force and effect as if such Change of
Control had not occurred.

     4. Rights as a Stockholder. Executive shall have all rights of a stockholder (including,
without limitation, dividend and voting rights) with respect to the Restricted Stock, for record
dates occurring on or after the date of this Agreement and prior to the date any such shares of
Restricted Stock are forfeited in accordance with this Agreement.

     5. Withholding Taxes. Executive acknowledges the existence of federal, state, local and
foreign income tax and employment tax withholding obligations with respect to the Restricted Stock
and agrees that such obligations must be met. If Executive properly elects, within the period
permitted under Section 83(b) of the Code after the date on which the shares of Restricted Stock
are transferred to Executive, to be taxed with respect to all or any portion of such shares as of
the date of transfer rather than the date or dates upon which Executive would otherwise be taxable
under Section 83(a) of the Code, Executive shall file a copy of such election with Newmont within
the period prescribed by the Treasury Regulations promulgated under Section 83(b) of the Code, and
Executive agrees to pay to Newmont in cash at the time of such election any taxes required to be
withheld with respect to such shares. To the extent that the immediately preceding sentence does
not apply, upon the expiration or termination of the Vesting Period or any portion thereof with
respect to shares of Restricted Stock (such shares, the “Vested Stock”), Executive hereby (a)
directs Newmont to deliver on behalf of Executive to Mellon Investor Services, or its successors or
assigns, or such other entity that may be designated by Newmont for such purpose from time to time
(the “Designated Entity”), the number of shares of Vested Stock that will result in proceeds at
least equal to the amount of any withholding taxes due in respect of the vested Restricted Stock,
and (b) directs the Designated Entity (or its designated broker) to sell such shares on behalf of
Executive and to deliver to Newmont a portion of the proceeds from such sale equal to the amount of
such withholding taxes in respect of such Vested Stock (or portion thereof); provided, however,
that if the Newmont Committee determines that such a sale of shares of vested Restricted Stock
would or may be prohibited by Newmont’s Stock Trading Policy or by any applicable law, regulation
or rule, such shares shall not be sold in the manner described above but instead shall be withheld
by Newmont and returned to Newmont’s Treasury Account in satisfaction of such applicable
withholding taxes (based on the minimum statutory tax withholding rates that are applicable to
supplemental taxable income); provided further, however, that, in lieu of any such sale or
retention of shares, Executive may elect to pay any such taxes to Newmont in cash by filing written
notice of such election with Newmont not less than five (5) days prior to the date any shares of
Restricted Stock become Vested Stock and remitting such payment to Newmont not later than such
date. Notwithstanding the foregoing, to the extent any such taxes are required by law to be
withheld with respect to Restricted Stock prior to the end of the Vesting Period, Executive shall
be required to pay to Newmont in cash the amount of such taxes promptly following written notice
thereof by Newmont.

3

 

     6. Acknowledgements.

     (a) Executive hereby acknowledges receipt of a copy of the Stock Plan and agrees to be
bound by all of the terms and provisions thereof, including the terms and provisions adopted
after the award of the Restricted Stock but prior to the completion of the Vesting Period,
subject to the last paragraph of Paragraph 19 of the Stock Plan as in effect on the date
hereof. If and to the extent that any provision contained in this Agreement is inconsistent
with the Stock Plan, the Stock Plan shall govern.

     (b) This Agreement and the obligation of Newmont to transfer shares of Restricted
Stock hereunder shall be subject to (a) all applicable federal and state laws, rules and
regulations and (b) any registration, qualification, approvals or other requirements imposed
by any government or regulatory agency or body which the Newmont Committee shall, in its
sole discretion, determine to be necessary or applicable.

     7. Notices. Any notice or other communication required or permitted hereunder shall, if to
Newmont, be in accordance with the Stock Plan, and, if to Executive, be in writing and delivered in
person or by registered or certified mail or overnight courier, postage prepaid, addressed to
Executive at his last known address as set forth in Newmont’s records.

     8. Severability. If any of the provisions of this Agreement should be deemed unenforceable,
the remaining provisions shall remain in full force and effect.

     9. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware.

     10. Transferability of Agreement. This Agreement may not be transferred, assigned, pledged or
hypothecated by either party hereto, other than by operation of law. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns, including, in the case of Executive, his estate, heirs, executors, legatees,
administrators, designated beneficiary and personal representatives. Nothing contained in this
Agreement shall be deemed to prevent transfers of the Restricted Stock in the event of Executive’s
death in accordance with Paragraph 17(b) of the Stock Plan.

     11. Counterparts. This Agreement has been executed in two counterparts, each of which shall
constitute one and the same instrument.

4

 

     IN WITNESS WHEREOF, Newmont Mining Corporation has caused this Agreement to be executed by its
Vice President and Secretary and Executive has executed this Agreement, both as of the day and year
first written above.

	 	 	 	 	 
	 	NEWMONT MINING CORPORATION

 	 
	 
	 	By:  	/s/ Sharon E. Thomas	 
	 	 	Sharon E. Thomas 	 
	 	 	Vice President and Secretary 	 
	 

Agreed to this 31st day of October, 2008.

	 	 	 
	/s/ Richard T. O’Brien

Richard T. O’Brien

	 	 

5

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