Document:

Exhibit 4.1

Ontario   Corporation Number For Ministry Use Only A l'usage exclusif du ministere   Minist re des Services gouvemementaux Ministry of Government SefV!ces Ontario   CERTIFICATECERTIFICAT Ced certlfie que ies presents This Is to certify that   these articles are effective on ste.tuts entrent en vlgueur Ia I 6 MAl, 201S   .............."''"·····"' MAY <lv au or I OJ Bustness   Corporations Act 1Lolsur les t6s par acfkml Act societes par 07119 (2011/05)   © Queen's Printer for Ontario, 2011/ © lmprimeur de Ia Reine pour !'Ontario,   2011 Page 1 of/de 2 Form3 Business Corporations Formula 3 Loi surles actions   ARTICLES OF AMENDMENT STATUTS DE MODIFICATION 1. The name of the corporation   is: (Set out in BLOCK CAPITAL LETTERS) Denomination sociale actuelle de Ia   societe (ecrire en LETTRES MAJUSCULES SEULEMENT) : 2.The name of the   corporation is changed to (if applicable ): (Set out in BLOCK CAPITAL   LETTERS) Nouvelle denomination sociale de Ia societe (s'il y a lieu) (ecrire   en LETTRES MAJUSCULES SEULEMENT) : 3. Date of incorporation/amalgamation:   Date de Ia constitution ou de Ia fusion : 2011101/01 (Year, Month, Day)   (annee, mois, jour) 4.Complete only if there is a change in the number of   directors or the minimum I maximum number of directors. II faut remplir cette   partie seulement si le nombre d'administrateurs ou si le nombre minimal ou   maximal d'administrateurs a change. Number of directors is/are:minimum and   maximum number of directors is/are: Nombre d'administrateurs :nornbres   minimum et maximum d'administrateurs : Number minimum and maximum Nombre   minimum et maximum or ou 5. The articles of the corporation are amended as   follows: Les statuts de Ia societe sont modifies de Ia fa9on suivante : (i)   to delete from Section 2.1 the words "Subject to the rights of the   holders of any other class or series of shares of the Corporation," and   change "the holders"to "The holders"; N 0 T A p p L I c A   B L E I I K I N R 0 s s G 0 L D c 0 R p 0 R A T I 0 N I I I Numero de Ia   societe en Ontario 1840581 

    

 

1A (ii) to   delete from Section 2.2 the words ", except meetings at which only   holders of another specified class or series of shares are entitled to   vote," and (iii) to delete Part 3 of the Articles in its entirety. 07119   {2008/06) 

    

 

6. The   amendment has been duly authorized as required by sections 168 and 170 (as   applicable) of the Business Corporations Act. La modification a ete dument   autorisee confonnement aux articles 168 et 170 (selon le cas) de Ia Loi sur   les societes par actions. 7. The resolution authorizing the amendment was   approved by the shareholders/directors (as applicable) of the corporation on   Les actionnaires ou les administrateurs (selon le cas) de Ia societe ant   approuve Ia resolution autorisant Ia modification le 2015/05/06 (Year, Month,   Day) (annee, mois, jour) These articles are signed in duplicate. Les presents   statuts sent signes en double exemplaire. KINROSS GOLD CORPORATION (Print   name of corporation from Article 1 on page 1) (Veuillez ecrir le nom de Ia   societe de !'article un a Ia page une). VPANDCORPORATESECRETARY (Description   of Office) (Fonction) 07119 (2011/05) Page 2 of/de 2 

    

 

 

Schedule A — Text of amended and restated Articles of Kinross Gold Corporation

 

Part 1- Interpretation

 

In this Appendix

 

(a)                                 “Act” means the Business Corporations Act (Ontario), or its successor, as amended, replaced or re-enacted from time to time; and

 

(b)                                 “final distribution” means the distribution of assets of the Corporation on any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or other distribution of assets of the Corporation among its shareholders for the purpose of winding up its affairs.

 

This Appendix, as from time to time amended, shall be read without regard to paragraph headings, which are included for ease of reference only, and with all changes in gender and number permitted by the context.

 

Part 2 - Common Shares

 

The rights, privileges, restrictions and conditions attaching to the Common Shares  are as follows:

 

Section 2.1                                    Dividends and Distributions: The holders of the Common Shares are entitled to receive equally, share for share: (i) all dividends declared by the directors, (ii) all property of the Corporation that is ever distributed to any of its shareholders (including without limitation on any final distribution) and (iii) any remaining property of the Corporation on dissolution.

 

Section 2.2                                    Votes: The holders of the Common Shares are entitled to receive notice of and to attend all meetings of shareholders of the Corporation and are entitled to one vote for each Common Share held on all votes taken at such meetings.

 

 

Ontario   Corporation Number For Ministry Use Only .tM' flusif du ministere -   Government Services Ontario Mlillstere des Ser'vlces gouvernementaux   CERTIFICATE CERTIFICAT Ceci certifie que les presents statuts This is to   certify that these articles at.e effective on entrent en vigueur le   ............W.....U...A....R...Y.....K0   1....J...A...N....V....l.E...,R........2...0...f..t........... Director I   Directri Business Corporations Act I Loi sur I · societes par-actions Act Rue   et numero ou numero de Ia R.R. et, s'i/ s'agit d'un edifice a bureaux, numero   du bureau Nombre d'administrateurs : Nombre fixe L j OU minimum et maximum   07121E (05/2007) Form4 Business Corporations Formule 4 Loi sur/es societes   par actions ARTICLES OF AMALGAMATION STATUTS DE FUSION 1. The name of the   amalgamated corporation is:(Set out in BLOCK CAPITAL LETTERS) Denomination   sociale de Ia societe issue de Ia fusion: (Ecrire en LETTRES MAJUSCULES   SEULEMENT) : 2. The address of the registered office is: Adresse du siege   social : 25 York Street, 17th Floor, Street & Number or R.R. Number &   if Multi-Office Building give Room No.I Toronto ONTARIO Name of Municipality   or Post Office IPostal Code/Code postal Nom de Ia municipalite ou du bureau   de poste 3. Number of directors is: Fixed number OR minimum and maximum 3 15   4. The director(s) is/are:I Administrateur(s) : First name, middle names and   surname Prenom, autres prenoms et nom de famille Address for service, giving   Street & No. or R.R. No., Municipality, Province, Country and Postal Code   Domicile elu, y compris Ia me et le numero ou le numero de Ia R.R., le nom de   Ia municipalite, Ia province, le pays et le code postal Resident Canadian   State 'Yes' or 'No' Resident canadien Oui/Non See Page 1A attached K I N R 0   s s G 0 L D c 0 R p 0 R A T 10 N Numero de Ia societe en Ontario 1840581 

    

 

lA KINROSS GOLD   CORPORATION FORM 4-ARTICLES OF AMALGAMATION 4. The director(s) is/are:   TOR_P2Z:500Sll6.1 First name, initials and surname Address for service,   giving Street & No. or R.R No., Municipality and Postal Code - Resident   Canadian (State Yes or No) John A. Brough Tye W. Burt John K. Carrington   Richard Peter Clark John M.H. Huxley John A.Keyes Lukas Henrik Lundin   Catherine E. McLeod-Seltzer George F.Michals John E. Oliver Terence C.W. Reid   25 York Street, 17 Floor Toronto ON M5J 2V5 25 York Street, 17th Floor   Toronto ON M5J 2V5 25 York Street, 1'fh Floor Toronto ON M5J 2V5 1281 West   Cordova Street Suite 3001 Vancouver BC V6C 3R5 25 York Street, 17th Floor   Toronto ON M5J 2V5 10 Wmdhaven Drive The Woodlands TX 77381 885 West Georgia   Street Suite 2101 Vancouver BC V6C 3E8 25 York Street, 17th Floor Toronto ON   M5J 2V5 25 York Street, 1ih Floor Toronto ON MSJ 2V5 25 York Street, 17th   Floor Toronto ON M5J 2V5 25 York Street, 17th Floor Toronto ON MSJ 2V5 Yes   Yes Yes Yes Yes No Yes Yes No Yes Yes 

    

 

2 5. Method of   amalgamation, check A or B Methode choisie pour Ia fusion - Cocher A ou 8 :   A-Amalgamation Agreement I Convention de fusion : D or ou The amalgamation   agreement has been duly adopted by the shareholders of each of the   amalgamating corporations as required by subsection 176 (4) of the Business   Corporations Act on the date set out below. Les actionnaires de chaque   societe qui fusionnne ant dOment adopte Ia convention de fusion conformement   au paragraphe 176(4) de Ia Loi sur les societes par actions a Ia date   mentionnee ci-dessous. B - Amalgamation of a holding corporation and one or   more of its subsidiaries or amalgamation of subsidiaries I Fusion d'une   societe mere avec une ou plusieurs de ses filiales ou fusion de filiales :   The amalgamation has been approved by the directors of each amalgamating   corporation by a resolution as required by section 177 of the Business   Corporations Act on the date set out below. Les administrateurs de chaque   societe qui fusionne ant approuve Ia fusion par voie de resolution   conformement a !'article 177 de Ia Loi sur les societes par actions a Ia date   mentionnee ci-dessous. The articles of amalgamation in substance contain the   provisions of the articles of incorporation of Les statuts de fusion   reprennent essentiellement /es dispositions des statuts constitutifs de   KINROSS GOLD CORPORATION and are more particularly set out in these articles.   et sont enonces textuellement aux presents statuts. Date d'adoption ou   d'approbation 07121E (05/2007) Names of amalgamating corporations   Denomination sociale des societes qui fusionnent Ontario Corporation Number   Numero de Ia societe en Ontario Date of Adoption/Approval Year Month Day   annee mois jour Kinross Gold Corporation Underworld Resources Inc. 1683689   2010-12-22 ! 1836216 2010-12-22 

    

 

3 6.   Restrictions, if any, on business the corporation may carry on or on powers   the corporation may exercise. Umites, s'il y a lieu, imposees aux activites   commerciales ou aux pouvoirs de Ia societe. None. 7. The classes and any   maximum number of shares that the corporation is authorized to issue:   Categories et nombre maximal, s'il y a lieu, d'actions que Ia societe est   autorisee a emettre : An unlimited number of Common Shares and 311,933   Convertible Preferred Shares. 07121E (05/2007) 

    

 

4 8. Rights,   privileges, restrictions and conditions (if any) attaching to each dass of   shares and directors authority with respect to any class of shares which may   be issued in series: Droits, privileges, restrictions et concflf:ions, s'il y   a lieu, rattaches a chaque categorie d'actions et pouvoirs des   administrateurs relatifs a chaque categorie d'actions qui peut etre emise en   serie : See pages 4A to 40 attached hereto. 07121E (05/2007) 

    

 

4A Part 1 -   Interpretation In this Appendix (a) "Act" means the Business   Corporations Act (Ontario), or its successor, as amended, replaced or   re-enacted from time to time; and (b) "final distribution" means   the distribution of assets of the Corporation on any liquidation, dissolution   or winding up of the Corporation, whether voluntary or involuntary, or other   distribution of assets of the Corporation among its shareholders for the   purpose of winding up its affairs. This Appendix, as from time to time   amended, shall be read without regard to paragraph headings, which are   included for ease of reference only, and with all changes in gender and   number permitted by the context. Part 2 - Common Shares The rights,   privileges, restrictions and conditions attaching to the Common Shares are as   follows: Section 2.1 Dividends and Distributions:Subject to the rights of the   holders of any other class or series of shares of the Corporation, the   holders of the Common Shares are entitled to receive equally, share for   share: (i) all dividends declared by the directors, (ii) all property of the   Corporation that is ever distributed to any of its shareholders (including   without limitation on any final distribution) and (iii) any remaining   property of the Corporation on dissolution. Section 2.2 Votes:The holders of   the Common Shares are entitled to receive notice of and to attend all   meetings of shareholders of the Corporation, except meetings at which only   holders of another specified class or series of shares are entitled to vote,   and are entitled to one vote for each Common Share held on all votes taken at   such meetings. Part 3 - Preferred Shares The rights, privileges, restrictions   and conditions attaching to the Preferred Shares are as follows: Section 3.1   Definitions and Interpretation: Where used in this Part 3, the following   words and phrases shall, (a) Definitions: unless there is something in the   context otherwise inconsistent therewith, have the . following meanings,   respectively: (i) ''board of directors" or "directors" means   the board of directors of the Corporation or, if duly constituted and   empowered, the executive or any other committee of the board of directors of   the Corporation for the time being, and reference without further elaboration   to action by the directors means either action by the directors of the Corporation   as a board or action by any such committee; TOR P2Z:SOI2860.2 trl3941 

    

 

4B (ii)   "business day" means a day other than a Saturday, a Sunday or any   other day that is treated as a holiday for the purpose of legislation in Canada   or in the Province or municipality in which the registered office of the   Corporation is located; "certificate of the Corporation" means a   written certificate of the Corporation signed on behalf of the Corporation by   any two of the officers or directors of the Corporation having knowledge of   the matters therein affirmed; (iii) (iv) "Common Shares" means the   Common Shares which the Corporation is authorized to issue; (v)   "Conversion Basis" means, for each Preferred Share converted, 82555   Common Shares, subject to adjustment as provided herein; (vi) "Current   Market Price" means the average closing price for at least one board lot   sale of the Common Shares on any stock exchange on which the Common Shares   are listed (and, if the Common Shares are listed on more than one stock   exchange, then on the stock exchange specified by the directors for such   purpose) for the 30 consecutive Trading Days commencing 45 Trading Days   before the date for determining the Current Market Price; (vii)   "Dividend Payment Date" means the first day of each of January,   April, .Ju1y and October in each year; (viii) ''Dividend Quarter" means   the period from but excluding a Dividend Payment Date to and including the   next succeeding Dividend Payment Date; (ix) "holder" means a person   or, in the case of joint holders, the persons, recorded on the securities   register of the Corporation as being the registered holder or holders of one   or more Preferred Shares; (x) "Initial Retraction Date" means March   31, 1998; "ranking as to the return of capital" means ranking with   respect to the distribution of assets, in the event of the liquidation,   dissolution or winding-up of the Corporation, or other distribution of assets   of the Corporation among its shareholders for the purpose of winding up its affairs,   whether voluntary or involuntary, including a final distribution; and   ''ranking as to the payment of dividends" means ranking with respect to   the payment of dividends by the Corporation on its shares; for greater   certainty, references herein to ''ranking on a parity with" do not mean   or include ''ranking prior to"; (xi) - (xii) "Trading Day"   means any day on which any stock exchange on which the Common Shares are   listed is open for trading, provided that if the TOR P2Z:50!2860.2 11239"41   

    

 

4C Common   Shares are listed on more than one stock exchange on any day which is   intended to be a Trading Day for the purposes hereof, ''Trading Day"   shall mean any day that the stock exchange on which the Common Shares are   listed, as shall be specified for such purpose by the directors, is open for   trading; and (xiii) "Transfer. Agent" means such person, fum or   corporation as the Corporation may, from time to time, appoint as the   transfer agent of the Preferred Share at such locations as the Corporation   may, from time to time, approve. (b) Business Day: In the event the date on   which or by which any action is required to be taken by the Corporation or   any holder of Preferred Shares is not a business day, then such action shall   be required or permitted to be taken on or by the next succeeding date that   is a business day. (c) Notice: (i) Notice: Any notice (which term includes   any communication or document) required or permitted to be given, sent,   delivered or otherwise served to or upon a holder of Preferred Share pursuant   to this Part 3 shall, unless some other means is specifically required, be   sufficiently given, sent, delivered or otherwise served if given, sent,   delivered or served by prepaid mail and shall be deemed to be given, sent,   delivered, served and received, if sent by prepaid mail, on the date of   mailing thereof. (ii) Postal Disru;ption: If there exists any actual or   apprehended disruption of mail services in any province of Canada in which th   re are holders of Preferred Shares whose addresses appear on the books of the   Corporation to be in such province, notice may (but need not) be given to the   holders in such province by means of publication once in each of two   successive weeks in a newspaper of general circulation published inthe   capital city of such province, or if the Corporation or the Transfer Agent   maintains a register or branch register of transfers for the Preferred Shares   in such province, then. in the city in such province where any such register   is maintained. Notice given by publication shall be deemed for all purposes   to be proper notice and to have been given on the day on which the first   publication is completed in any city in which notice is published. (iii)   Accidental Omission: Accidental failure or omission to give notice to one or   more holders of Preferred Shares in any circumstance where notice is required   to be given hereunder shall not affect the validity of the action, · event or   circumstance so concerned, but upon such failure or omission being discovered   notice shall be given forthwith to such holder or holders and shall have the   same force and effect as if given indue time. Section 3.2 Conversion   Privilege: TOR_P2Z:56!2860.2 1123941 

    

 

4D Right to   Convert: The holders of Preferred Shares shall have the right (the (a)   "Conversion Right"), exercisable at any time, to convert all or any   part of their Preferred Shares into Common Shares on the Conversion Basis.   (b) Exercise of Conversion Right: Any holder. of Preferred Shares desiring to   exercise the Conversion Right shall complete the conversion panel, if any, on   the reverse of the certificate ·or certificates representing the Preferred   Shares which such holder desires to convert (or such other document as may be   provided by or on behalf of the Corporation for such purpose), specifying the   number of Preferred Shares to be converted, and shall present and surrender   to the Corporation at its registered office the certificate or certificates representing   the Preferred Shares to be converted, naming the persons in whose name the   Common Shares are to be registered, and stating the number of Common Shares   to be issued to each. If any of the Common Shares are to be issued to persons   other than the holder of such Preferred Shares, all other conditions   precedent to the Corporation's duty to register a transfer of shares shall   also be satisfied. On the date of such delivery and if such conditions are   satisfied, each person in whose name the Common Shares are to be issued as   designated in the notice shall be deemed for all purposes the holder of fully   paid Common Shares in the number designated in such notice (not exceeding in   aggregate as among such persons the total number of Common Shares resulting   from the conversion) and such persons shall be entitled to delivery by the   Corporation of certificates representing their Common Shares promptly after   such date. If less than all of the Preferred Shares represented by any   certificate are converted, the Corporation shall issue a new certificate for   the balance without charge. (c) Adjustment for Accrued Dividends: Upon the   conversion of any Preferred Shares into Common Shares there shall be payment   or adjustment by the Corporation on account of any dividends accrued but   unpaid on the Preferred Shares. (d) Adjustment of Conversion Privilege: The   Conversion Basis shall be subject to adjustment from time to time   inaccordance with the following provisions: (i) Stock Dividends. Subdivisions   and Consolidations by Corporation: If the Corporation shall: (A) issue Common   Shares or securities exchangeable for or convertible into Common Shares   without further payment pursuant to a stock dividend to all or substantially   all of the holders of Common Shares; (B) make a distribution on its issued   and outstanding Common Shares payable in Common Shares or securities   exchangeable for or convertible into Common Shares without further payment;   subdivide its issued and outstanding Common Shares into a greater number of   Common Shares; or (C) TOR P2Z:5012860.2 Il23941 

    

 

4E consolidate   its issued and outstanding Common Shares into a smaller number of Common   Shares: (D) (any such event being called a "Common Share   Reorganization"), the Conversion Basis then in effect shall be adjusted   effective immediately after the record date <;m which the holders of   Common Shares are determined for the purposes of the Common Share   Reorganization to the Conversion Basis determined by multiplying the   Conversion Basis then in effect by the fraction, the numerator of which shall   be the number of Common Shares which will be issued and outstanding after the   completion of such Common Share Reorganization, including in . the case where   securities exchangeable for or convertible into Common Shares are   distributed, the number of Common Shares that would be issued and outstanding   had all of such securities been exchanged for or converted into Common Shares   on such record date and the denominator of which shall be the number of   Common Shares issued and outstanding on such record date. (ii) Rights   Offerings by Corporation:If the Corporation shall distribute rights, options   or warrants exercisable within a period of 45 days after the record date for   such distribution to subscribe for or purchase Common Shares or securities   exchangeable for or convertible into Common Shares at a price per Common   Share or at an exchange or conversion value per Common Share in the case of   securities exchangeable for or convertible into Common Shares equal to or   less than 90% of the Current Market Price for the Common Shares determined as   of the record date for such distribution, to all or substantially all ofthe   holders of Common Shares (any such event being called a "Rights   Offering'"), the Conversion Basis then in effect shall be adjusted   effective immediately after the record date on which holders of Common Shares   are determined for purposes of the Rights Offering to the Conversion Basis   determined by multiplying: (A) the Conversion Basis in effect on such record   date by; (B) the fraction (I) the numerator of which shall be the aggregate   of (1) the number of Common Shares issued and outstanding on such record   date, and the number of Common Shares offered pursuant to the Rights Offering   or the maximum number of Common Shares for or into which the securities so   offered pursuant to the Rights Offering may be exchanged or converted, as the   case may be, and (2) (IT) the denominator of which shall be the aggregate of   TOR P2Z;SOI28611.2 1123"941 

    

 

4F (1) the number   of Common Shares issued and outstanding on such record date, and (2) the   number determined by dividing either (x) the product of 1. the number of   Common Shares so offered, and 2. the price at which each one of such Common   Shares is offered, or (y) the product of 1. the maximum number of Common   Shares for or into which the securities so offered pursuant to the Rights   Offering may be exchanged or converted, and 2. the exchange or conversion   value of each one of such securities so offered, as the case may be, by the   Current Market Price for the Common Shares determined as of such record date.   To the extent that such options, rights or warrants are not exercised prior   to the expiry date thereof: the Conversion Basis shall be re-adjusted   effective immediately after such expiry date to the Conversion Basis which   would then have been in effect based upon the number of Common Shares or   securities exchangeable for or convertible into Common Shares actually issued   on the exercise of such options, rights or warrants. (iii) Special   Distributions by Corporation: If the cOrporation shall distribute to all or   substantially all of the holders of Common Shares: (A) (B) shares of any   class other than Common Shares; rights, options or warrants, other than   rights, options or warrants referred to in paragraph 3.2(d)(ii) hereof and   other than rights, options or warrants exercisable within a period of 45 days   after the record date for such distribution to subscn"be for or purchase   Common Shares or securities exchangeable for or convert:L"ble into   Common Shares at a price per Common Share or at an exchange or conversion   value per Common Share greater than 90% of the Current Market Price for the   Common Shares determined as of the record date for such distribution;   evidences of indebtedness; or (C) TOR P2Z:5612l!60.2 1123941 

    

 

4G (D) any   other assets, excluding Common Shares issued by way of stock dividends and   cash dividends paid out of earnings including the value of any shares or   other property distributed in lieu of such cash dividends at the option of   shareholders; and such issue or distribution does not constitute a Common   Share Reorganization or a Rights Offering (any such event being called a   "Special Distribution"), the Conversion Basis then in effect shall   be adjusted effective immediately after the record date on which the holders   of Common Shares are detennined for the purpose of the Special Distribution   to the Conversion Basis determined by multiplying the Conversion Basis in   effect on the record date of the Special Distribution by: (E) the fraction   (I) the numerator of which shall be the number of Common Shares issued and   outstanding on such record date multiplied by the Current Market Price for   the Common Shares determined as of such record date, and the denominator of   which shall be the difference between (II) . (1) the product of (x) the   number of Common Shares issued and outstanding on such record date, and the   Current Market Price for the Common Shares determined as of such record date,   and (y) (2) the fair value, as determined by the directors of the   Corporation, whose determination shall be conclusive, to the holders of   Common Shares of the shares, rights, options, warrants, evidences of   indebtedness or other assets issued or distributed in the Special   Distribution. (iv) Other Reorganizations by Corporation:If and whenever there   is a capital reorganization of the Corporation not otherwise provided for in   this subsection 3.2(d) or a consolidation, merger or amalgamation of the   Corporation with or into another body corporate (any such event being called   a "Capital Reorganization"), any holder of Preferred Shares who   exercises the Conversion Right after the effective date of such Capital   Reorganization shall be entitled to receive and shall accept, upon the   exercise of such right, in lieu of the number of Common Shares to which such   holder was theretofore entitled on conversion, the aggregate number of shares   or other securities of the Corporation or of the body corporate TOR   P2Z:5012860.2 1123941 

    

 

4H resulting   from the Capital Reorganization that such holder would have been entitled to   receive as a result of such Capital Reorganizationon the effective date   thereof, such holder had been the registered holder of the number of Common   Shares to which such holder was theretofore entitled upon conversion, subject   to adjustment thereafter in accordance with provisions the same, as nearly as   may be possible, as those contained in paragraphs (i), (ii) and (iii) of this   subsection 32(d); provided that no such Capital Reorganization shall be made   effective unless all necessary steps shall have been taken so that the   holders of Preferred Shares shall thereafter be entitled to receive such   number of such shares or other securities of the Corporation or of the body   corporate resulting from the Capital Reorganization. (v) Reclassification by   Corporation: If the Corporation shall reclassify the issued and outstanding   Common Shares (such event being called a "Reclassification"), the   Conversion Basis shall be adjusted effective immediately after the record   date of such Reclassification so that holders of Preferred Shares who   exercise the Conversion Right thereafter shall be entitled to receive the   shares that such holders would have received had such Preferred Shares been   converted immediately prior to such record date, subject to a<ljustment   thereafter in accordance with provisions the same, as nearly as may be   possible, as those contained in paragraphs (i). (ti) and (iii) oftbis   subsection 3.2(d). (vi) Price Adjustment Rules: The following rules and   procedures shall be applicable to adjustments of the Conversion Basis made   pursuant to this subsection 3.2(d): (A) No adjustment in the Conversion Basis   shall be made in respect of any event described in this subsection 3.2(d) if   the holders of the Preferred Shares are entitled to participate in such event   on the same terms mutatis mutandis·as if such holders had converted their   Preferred Shares prior to or on the effective date or record date of such   event, provided that any such participation shall be subject to the prior   approval of The Toronto Stock Exchange if any equity securities of the   Corporation are on the effective date or record date or were at any time   during the six month period preceding such date listed on The Toronto Stock   Exchange with the exception that such prior written consent is not necessary   if any equity securities of the Corporation ceased to be listed on 'fh:e   Toronto Stock Exchange during the six month period preceding such date by   reason of all of any securities of the Corporation having been acquired by   the Corporation or other party. No adjustment in the Conversion Basis shall   be made pursuant to this subsection 3.2(d) in respect of the issue from time   to time of Common Shares to holders of Common Shares who exercise an option   to receive substantially equivalent dividends in Common Shares or securities   exchangeable for or convertible into Common (B) TOR P2Z:S0!2860.2 !123941 

    

 

41 Shares in   lieu of receiving cash dividends, and any such issue shall be deemed not to   be a Common Share Reorganization. (C) No adjustment in the Conversion Basis   shall be made if such adjustment would result in a decrease below the   applicable unadjusted Conversion Basis other than in respect of a consolidation   of the issued and outstanding Common Shares into a smaller number of Common   Shares. (D) Forthwith after any adjustment in the Conversion Basis pursuant   to this subsection 3.2(d) the Corporation shall file with the Transfer Agent   a certificate of the Corporation certifying as to the particulars of such   adjustment and, in reasonable detail, the event requiring and the manner of   determining such adjustment. The Corporation shall also at such time give   written notice to the holders of Preferred Shares of the Conversion Basis   following such adjustment. (e) Disputes: If any question arises with respect   to the number of Common Shares to be issued on any exercise of the Conversion   Right, it shall be conclusively determined by the auditors of the Corporation   or if they are liD.able or liD.willing to act, by such other firm of   independent chartered accountants as may be selected by the directors of the   Corporation and such determination shall bind the Corporation and all   shareholders of the Corporation. (f) No Fractions:In any case where a   fraction of a Common Share would otherwise be issuable on the conversion of   one or more Preferred Shares, the number of Common Shares to be issued to a   holder on conversion of Preferred Shares into Common Shares shall be rounded   down to ihe nearest whole number of Common Shares so that no fractional   shares are issuable. Section 3.3 Dividends (a) Payment of Dividends: The   holders of Preferred Shares shall be entitled to receive, and the Corporation   shall pay thereon, as and when declared by the directors of the Corporation,   out of monies of the Corporation properly applicable to the payment of   dividends, fixed, cumulative, preferential cash dividends at an annual rate   of $0.80 per share per annum, payable in equal quarterly instalments on each   Dividend Payment Date. Subject as hereinafter provided, dividends on   outstanding Preferred Shares shall accrue from day to day from the date of   issue; provided that all Preferred Shares validly issued and outstanding on   any record date for a dividend shall, regardless of their respective dates of   issue be entitled to rank equally without distinction with respect to the   amoliDt of any dividend declared payable to holders of record thereon on any   date following any of the respective dates of issue, with the intent that all   holders of outstanding·Preferred Shares on any record date for any dividend   shall be entitled to receive the same amount of dividends per share. The   holders of Preferred Shares shall not be entitled to any dividends other than   or in excess of the fixed, cumulative, preferential cash dividends provided   for herein. TOR P2Z:SOI2860.2 1!23941 

    

 

4J (b)   Dividends for a Partial Quarter: The amount of the dividend or amount   calculated by reference to the dividend for any period which is less than a   Dividend Quarter with respect to any Preferred Share: (i) which is redeemed   or purchased dming such Dividend Quarter; or (ii) where assets of the   Corporations are distributed to the holders ofPreferred Shares pursuant to section   3.8 hereof dming such Dividend Quarter; shall be equal to the amount (rounded   to the nearest IllOth of one cent) calculated by multiplying $0.20 by a   fraction of which the nmnerator is the number of days in such Dividend   Quarter that such Preferred Share has been outstanding (excluding the   Dividend Payment Date at the beginning of such Dividend Quarter if such   Preferred Share was outstanding on that date and including the date of   redemption, purchase or distribution or the Dividend Payment Date at the end   of such Dividend Quarter if such Preferred Share was outstanding on that   date) and the denominator is the mnnber of days in such Dividend Quarter   (excluding the Dividend Payment Date at the beginning thereof and including   the Dividend Payment Date at the end thereof). (c) Method of Payment: Cheques   payable in lawful money of Canada at par at any branch in Canada of the bank   of the Corporation for the time being shall be issued in respect of dividends   paid on the Preferred Shares (less any tax required to be deducted or   withheld by or on behalf of the Corporation). The mailing on or before any   Dividend Payment Date of such a cheque, payable on such Dividend Payment   Date, to a holder of Preferred Shares shall be deemed to be payment of the   dividends represented thereby unless the cheque is not paid upon   presentation. Dividends which are represented by a cheque which has not been   presented to the drawee for payment or which otherwise remain unclaimed for a   period of six years from the date on which such dividends were declared   payable shall be forfeited to the Corporation. (d) Cumulative Pavment of   Dividends: If on any Dividend Payment Date the dividends accrued to such date   are not paid in full on all of the Preferred Shares then outstanding, such   dividend, or the unpaid part thereof, shall be paid on a subsequent date or   dates determined by the directors on which the Corporation shall have   sufficient monies properly applicable to the payment of such dividends.   Section 3.4 Redemption: (a) Optional Redemption: Subject to the provisions of   the Act, these articles and the provisions of this section 3.4 and of section   3.7 hereof: the Corporation may, upon giving notice as hereinafter provided,   redeem at any time all or from time to time any part of the then outstanding   Preferred Shares, on payment for each Preferred Share of $10.00 together with   the amount equal to all dividends, if any, accrued and unpaid thereon.   whether or not declared, up to and including the date specified for   redemption (the whole amount constituting and being hereinafter referred to   as the "Redemption Price"). TOR P2Z:S012860.2 1123941 

    

 

4K (b) Partial   Redemption: In case a part only of the Preferred Shares are at any time to be   redeemed, the Preferred Shares so to be redeemed shall be selected by lot or,   if the directors of the Corporation so determine, on a pro rata basis,   disregarding fractions, according to the number of Preferred Shares held by   each holder thereo£ If a part only of the Preferred Shares represented by any   certificate shall be redeemed, a new certificate representing the balance of   such Preferred Shares shall be issued to the holder at the expense of the   Corporation. · (c) Method of Redemption: In any case of redemption of   Preferred Shares, the Corporation shall, not less than 30 nor more than 60   days before the date specified for redemption, send to each holder of   Preferred Shares to be redeemed notice of the intention of the Corporation to   redeem such Preferred Shares. Such notice shall set out the number of   Preferred Shares held by the holder which are to be redeemed, the Redemption   Price, the date specified for redemption, and the place within Canada at   which holders of Preferred Shares may present and surrender such Preferred   Shares for redemption. On and after the date spe.cified for redemption, the   Corporation shall pay or cause to be paid to or to the order of the holders   of the Preferred Shares to be redeemed the Redemption Price for each   Preferred Share to be redeemed on presentation and surrender, at the   registered office of the Corporation or any other place within Canada   specified in the notice of redemption, of the certificate or certificates   representing the Preferred Shares called for redemption. Payment in respect   of Preferred Shares being redeemed shall be made by cheques payable in lawful   money of Canada at par at any branch in Canada of the Corporation's bankers   for the time being. The Corporation shall have the right at any time after   the giving of notice of redemption to deposit the aggregate Redemption Price   of the Preferred Shares called for redemption or of such of the Preferred   Shares which are represented by certificates which have not at the date of   such deposit been surrendered by the holders thereof in connection with such   redemption, to a special account in any chartered bank or any trust company   in Canada named in such notice or in a subsequent notice to the holders of   the Preferred Shares in respect of which the deposit is made, to be paid   without interest to or to the order of the respective holders of Preferred   Shares called for redemption upon presentation and surrender to such bank or   trust company of the certificates representing such Preferred Shares. Upon   such deposit being made or upon the date specified for redemption, whichever   is the later, the Preferred Shares in respect of which such deposit shall   have been made shall be and be deemed to be redeemed and the rights of the   holders thereof shall be limited to receiving. without interes4 their   proportionate part of the amount so deposited upon presentation and surrender   of the certificate or certificates representing their Preferred Shares being   redeemed. Any interest on any such deposit shall belong to the Corporation.   From and after the date specified for redemption inany notice of redemption,   the Preferred Shares called for redemption shall cease to be entitled to   dividends and to participate in the assets of the Corporation and the holders   thereof shall not be entitled to exercise any of their other rights as   holders in respect thereof unless payment of the Redemption Price shall not   be made upon presentation and surrender of the certificates in accordance   with this subsection 3.4(c), in which case the rights of the holders thereof   shall remain unaffected. Redemption monies which are represented by a cheque   which has not been TOR P2Z:SOI2860.2 1123941 

    

 

4L · presented   to the drawee for payment or which otherwise remain unclaimed (including   monies held on deposit in a special ccount as provided for above) for a   period of six years from the date specified for redemption shall be forfeited   to the Corporation. Holders of Preferred Shares receiving a notice of   redemption may, if so desired, exercise the Conversion Right in respect of   the Preferred Shares to be redeemed at any time prior to the date fixed for   redemption of such Preferred Shares unless payment of the Redemption Price   shall not be made upon presentation and surrender of the certificates in   accordance with this subsection 3.4(c), in which case the rights of the   holders shall remain unaffected. Section 3.5 Retraction: Right to Retract:   Holders of Preferred Shares shall be entitled at any time on or (a) after the   Initial Retraction Date, upon giving notice as provided in subsection 3.5(b)   hereof, to require the Corporation to redeem at any time the whole or from   time to time any part of the Preferred Shares then outstanding and registered   in the name of such holder on the books of the Corporation for the amount of   $10.00 for each Preferred Share to be redeemed plus all accrued but unpaid   dividends thereon, whether or not declared, up to and including the date   specified for redemption and, upon receiving such notice in accordance with   the provisions of subsection 3.5(b) hereof and subject to the provisions   ofthe Act and section 3.5 hereof: the Corporation shall thereafter redeem   such Preferred Shares in accordance with the provisions of this section 3.5.   (b) Mechanics of Retraction: A holder of Preferred Shares who desires to   exercise the right of retraction provided for in subsection 3.5(a) hereof in   respect of any Preferred Shares then outstanding and registered in the name   of such holder on the books of the Corporation shall, at least five days   before the date specified for redemption, tender to the Corporation at the   registered office of the Corporation a notice in writing that the holder   requires the Corporation to redeem all or part of the Preferred Shares   registered on the books of the Corporation in the name of 8uch holder. Such   notice shall set out the date on which redemption is to take place and, if   part only of the Preferred Shares held by such person is to be redeemed, the   number of Preferred Shares of such holder to be redeemed, shall be signed by   the person registered on the books of the Corporation as the holder of the   Preferred Shares in respect of which the right of retraction is being   exercised and shall be accompanied by the certificate or certificates   representing the . Preferred Shares tendered for redemption. On or before the   date specified in the notice of retraction the Corporation shall pay or cause   to be paid to or to the order of the registered holder of the Preferred   Shares tendered for redemption the redemption price of the Preferred Shares   tendered for redemption. Such payment shall be made by cheque payable at par   at any branch in Canada of the bank of the Corporation for the time being and   shall be mailed in a prepaid envelope addressed to such person at the address   as it appears in the notice of retraction or, failing an address so   appearing, at the address as it appears on the books of the Corporation or,   in the event of the address of the holder not appearing on the books of the   Corporation, then to the last known address of such holder. Such Preferred   Shares shall thereupon be redeemed. If a part only of the Preferred TOR   P2Z:SOJ2S60.2 ll2J94J 

    

 

4M Shares   represented by any certificate are to be redeemed, a new certificate for the   balance of such Preferred Shares shall be issued at the expense the   Corporation. From and after the date specified in the notice a holder of   Preferred Shares tendered for redemption shall cease to be entitled to   receive dividends declared on the Preferred Shares and shall not be entitled   to exercise any of the rights of holders of Preferred Shares unless payment   of the redemption price shall not be made in accordance with the provisions   hereof, in which case the rights of the holder shall remain unaffected. Money   which is represented by a cheque which has not been presented for· payment   for a period of six years from the date specified inthe notice shall be   forfeited to the Corporation. (c) Pro Rata Retraction: In the event that the   Corporation is unable to redeem all of the Preferred Shares tendered for   redemption pursuant to this section 3.5, the Preferred Shares to be redeemed   shall be selected on a pro rata basis disregarding fractions. Section 3.6   Purchase for Cancellation: (a) Right to Purchase: Subject to the provisions   of the Act, these articles and to the provisions of section 3.7 hereof, the   Corporation may at any time or from time to time purchase for cancellation   all or any part of the outstanding Preferred Shares at any price by   invitation for tenders addressed to all of the holders of Preferred Shares   then outstanding or in any other manner provided that the price for each   Preferred Share so purchased for cancellation shall not exceed the Redemption   Price plus costs of purchase. (b) Pro Rata Purchase: If, in response to an   invitation for tenders under the provisions of this section 3.6, more   Preferred Shares are tendered at a price or prices acceptable to the Corporation   than the Corporation is prepared to purchase, then the Preferred Shares to be   purchased by the Corporation shall be purchased to the next lowest whole   share as nearly as may be pro rata according to the number of Preferred   Shares tendered by each holder who submits a tender to the Corporation or as   otherwise may be required by applicable law, provided that when Preferred   Shares are tendered at different prices, the pro rating shall be effected   only with respect to Preferred Shares tendered at the price at which more   Preferred Shares are tendered than the Corporation is prepared to purchase   after the Corporation has purchased all ofihe Preferred Shares tendered at   lower prices. Section 3.7 Restrictions on Dividends and Retirement and Issue   of Shares: So long as any of Preferred Shares are outstanding, the   Corporation shall not, without the prior approval of the holders of the   Preferred Shares given as specified insection 3.10 hereof: declare, pay or   set apart for payment any dividend on the Common Shares or any other shares   of the Corporation ranking as to the payment of dividends junior to the   Preferred Shares (other than stock dividends in shares . of the Corporation   ranking as to dividends junior to the Preferred Shares); (a) redeem, purchase   for cancellation or otherwise retire or make ancapital distribution on or in   respect of any Common Shares or other shares ranking as to (b) TOR   P2Z:SOI2360.2 1123941 

    

 

4N the return   of capital junior to the Preferred Shares (except out of the net cash   proceeds of a substantially concurrent issue of shares ranking as to capital   junior to the Preferred Shares); or (c) redeem, purchase for cancellation or   otherwise retire less than all of the Preferred Shares; unless (i) all   dividends then payable on the Preferred Shares then outstanding and on all   other shares of the Corporation ranking as to the payment of dividends on a   parity with the Preferred Shares shall have been declared and paid or monies   set apart for payment; and (ii) after giving effect to the payment of such   dividend or such redemption, purchase, retirement or capital distribution,   the realizable value of the assets of the Corporation would not be less than   the sum of the liabilities of the Corporation plus the amount that would be required   to give effect to the rights of holders of shares (other than the Preferred   Shares) that have a right to be paid, on redemption or liquidation, rateably   with or prior to holders of Preferred Shares plus the amount required to   redeem all of the then outstanding Preferred shares, all calculated at the   date of such redemption, purchase or capital distn"bution. as the case   may be, in accordance with the then applicable provisions of the Act In the   event 9f the liquidation. Section 3.8 Liquidation. Dissolution or Winding Up:   dissolution or winding-up of the Corporation or other distribution of the   assets of the Corporation among its shareholders for the purpose of winding   up its affairs, including a final distribution. the holders of Preferred   Shares shall be entitled to receive from the assets of the Corporation an   amount equal to $10.00 for each Preferred Share together with the amount   equal to all accrued but unpaid dividends thereon, whether declared or not,   before any amount shall be paid by the Corporation or any assets of the   Corporation shall be distributed to holders of Common Shares or other shares   of the Corporation ranking as to the return of capital junior to the   Preferred Shares. After payment to the holders of Preferred Shares of the   amounts so payable to them, such holders shall not be entitled to share in   any further payment in respect of the distribution of the assets of the   Corporation. · Section 3.9 Modification of Series: The rights, privileges,   restrictions and conditions attached to the Preferred Shares may be added to,   changed, removed or otherwise amended only with the prior approval of the   holders of the Preferred Shares given as specified in section 3.10 hereof: in   addition to any vote or authorization required by the Act or these provisions.   3.10 Approval of Holders of Preferred Shares: The approval of the holders of   Preferred Shares with respect to any matters referred to in these provisions   may be given as specified below. Approval and Quorum: Any approval required   to be given by holders of Preferred Shares shall be deemed to have been   sufficiently given if it shall be given by a resolution signed by all of the   holders of the then outstanding Preferred (a) TOR P2Z:SOI2860.2 1123941 

    

 

40 Shares or by   a resolution passed by the affirmative vote of at least two-thirds of the   votes cast by the holders of Preferred Shares who voted in respect of that   resolution at a meeting of the holders of the Preferred Shares called and   held for that purpose in accordance with the by-laws of the Corporation at   which the holders of at least one-tenth of the then outstanding Preferred   Shares are present in person or represented by proxy; provided that, if at   any such meeting a quorum is not present within one-half hour after the time   appointed for such meeting, the meeting shall be adjourned to the same day in   the next week at the same time and to such place as the chairman of the   meeting may determine and, subject to the provisions of the Act, it shall not   be necessary to give notice of such adjourned meeting. At such adjourned   meeting holders of Preferred Shares then present in person or represented by   proxy shall constitute a quorum and may transact the business for which. the   meeting was originally called and a resolution passed thereat by the   affirmative vote of not less than two-thirds of the votes cast at such   meeting shall constitute the approval of the holders ofPreferred Shares. (b)   Votes: On every poll taken at any meeting of the holders of Preferred Shares,   each holder of Preferred Shares shall be entitled to one vote in respect of   the greater of (i) each $1.00 stated capital added to the stated capital   account for the Preferred Shares in respect of the issue of each such share   and (ii) each $1.00 of the liquidation preference or redemption preference   (excluding any amount payable in respect of accrued but unpaid dividends)   attached to each such share (and if the liquidation preference and redemption   preference are not the same at the applicable time, then the greater of the two).   Subject to the foregoing, the formalities to be observed with respect to   proxies, the giving of notice and the conduct of any such meeting or any   adjourned meeting shall be those from time to time prescribed in the Act and   the by-laws of the Corporation with respect -to meetings of shareholders.   Section 3.11 Voting Rights: The holders of Preferred Shares shall not be   entitled as such (except as hereinbefore or hereinafter specifically provided   or as otherwise may be required by the Act) to receive notice of or to attend   any meeting of shareholders of the Corporation and shall not be entitled to   vote at any such meeting. TOR P2Z:50!2860.2 Jl23941 

    

 

5 9. The issue,   transfer or ownership of shares is/is not restricted and the restrictions {if   any) are as follows: L'emission, le transfert ou Ia propriete d'actions   estln'est pas restreint. Les restrictions, s'il y a lieu, sont /es suivantes:   Not applicable. 10. Other provisions, {if any): Autres dispositions, s'il y a   lieu : Not applicable. The statements required by subsection 178{2) of the   Business Corporations Act are attached as Schedule "A". Les   declarations exigees aux termes du paragraphe 178(2) de Ia Loisur les   societes par actions constituent /'annexe A. A copy of the amalgamation   agreement or directors' resolutions (as the case may be) is/are attached as   Schedule "B". Une copie de Ia convention de fusion ou /es   resolutions des administrateurs (seton le cas) constitue(nt) l'annexe B.   07121E (05/2007) 

    

 

6 These   articles are signed in duplicate. Les presents statuts sont signes en double   exemplaire. a director or authorized signing officer can sign on behalf of   the corporation.I Nom et signature originate d'un Vice President   -Chief.LegaLOfticer-' Geoffrey Gold Print name of signatory 1 Nom du   signataire en fettres moufees Description of Office I Fonction orations I   Denomination sociafe des societas Geoffrey Gold Director Description of   Office I Fonction Print name of signatoljf 1 Nom du signataire en fettres   moufees Names of Corporations I Denomnation societe des societes By/Par   Signature I Signature Print name of signatory I Nom di1 signataire en lettres   moulees Description of Office I Fonction Names of Corporations I Denomination   socieTe des societes By/ Par Signature I Signature Print name of signatory I   Nom du signataire en lettres moulees Description of Office I Fonction Names   of Corporations J Denomination sociale des societes By/Par Signature I   Signature Print name of signatory I Nom du signataire en fettres moulees   Description of Office I Fonction 07121E (0512007) Name and original signature   of a director or authorized signing officer of each of the amalgamating   corporations. Include the name of each corporation, the signatories name and   description of office (e.g. president, secretary).Only administrateur ou d'un   signataire autorise de chaque societe qui fusionne. lndiquer Ia denomination   sociale de chaque societe, /e nom du signataire et sa fonction (p. ex.   :president, secretaire). Seul un administrateur ou un dirigeant habllite peut   signer au nom de fa societe. 

    

 

SCHEDULE   "A" STATEMENT OF DIRECTOR I, Geoffrey Gold, of the City of Toronto,   in the Province of Ontario, solemnly state that: 1. I am a director of   Underworld Resources Inc., one of the amalgamating corporations (the   "Corporation") and as such have personal knowledge of the matters   herein deposed to. 2. There are reasonable grounds for believing that: (a)   the Corporation is and the amalgamated corporation will be able to pay its   liabilities as they become due; (b) the realizable value of the assets of the   amalgamated corporation will not be less than the aggregate of its   liabilities and stated capital of all classes; and (c) no creditor of the   Corporation will be prejudiced algamation. /... I !//Ij /,-DATED December 22   , 2010. TOR P2Z:5009137.1 1123941 

    

 

SCHEDULE"A"   STATEMENT OF OFFICER I, Thomas M. Boehlert, of the City of Toronto, in the   Province of Ontario, solemnly state that: 1. I am the Chief Financial Officer   of Kinross Gold Corporation, one of the amalgamating corporations (the   "Corporation") and as such have personal knowledge of the matters   herein deposed to. 2. There are reasonable grounds for believing that: (a)   the Corporation is and the amalgamated corporation will be able to pay its   liabilities as they become due; (b) the realizable value of the assets of the   amalgamated corporation will not be less than the aggregate of its   liabilities and stated capital of all classes; and (c) no creditor of the   Corporation will be prejudiced by the amalgamation. DATED December 22 , 2010.   TOR_p2Z:5009142.1 1123941 

    

 

SCHEDULE   "B" UNDERWORLD RESOURCES INC. (the "Corporation")   CERI'IFIED COPY OF THE RESOLUTION OF THE BOARD OF DIRECTORS "RESOLVED   THAT: 1. The amalgamation of the Corporation and Kinross Gold Corporation   pursuant to subsection 177(1) of the Business Corporations Act (Ontario)   ("OBCA"), effective January 1, 2011, is authorized and approved. 2.   Subject to the issuance of a Certificate of Amalgamation pursuant to the OBCA   and without affecting the validity of the incorporation and existence of the   Corporation under its articles and of any act done thereunder, all shares of   the capital of the Corporation, including all such shares which have been   issued and are outstanding, shall be cancelled without any repayment of   capital in respect thereof. 3. The articles of amalgamation of the   amalgamated corporation shall be the same as the articles of Kinross Gold   Corporation. 4. The by-laws of the amalgamated corporation, until repealed,   amended, altered or added to, shall be the same as the by-laws of Kinross   Gold Corporation. 5. No securities shall be issued and no assets shall be   distributed by the amalgamated corporation in connection with the   amalgamation. 6. Any director or officer of the Corporation is authorized and   directed to do all things and execute all instruments and documents necessary   or desirable to carry out the foregoing." CERTIFIED to be a true and   correct copy of a resolution passed by the directors of Underworld Resources   Inc. on December effect, unamended. 22 , 2010 which resolution is still in   full force and /7 I DATED December 22 '2010. TOR_P2Z:5002009.1 1123941 

    

 

SCHEDULE   "B" KINROSS GOLD CORPORATION (the "Corporation")   CERI'IF'IED COPY OF THE RESOLUTION OF THE BOARD OF DIRECTORS "RESOLVED   THAT: 1. Subject to the issuance of Certificate and Articles of Continuance   by the Director under the Business Corporations Act (Ontario)   ("OBCA") to Underworld Resources Inc. (''Underworld"), the   amalgamation of the Corporation and Underworld pursuant to subsection 177(1)   of the OBCA, effective January 1, 2011, is authorized and approved. 2.   Subject to the issuance of a Certificate of Amalgamation pursuant to the OBCA   and without affecting the validity of the incorporation and existence of   Underworld under its articles and of any act done thereunder, all shares of   the authorized capital of Underworld, including all such shares which have   been issued and are outstanding, shall be cancelled without any repayment of   capital in respect thereof. 3. The articles of amalgamation of the   amalgamated corporation shall be the same as the articles of the Corporation.   4. The by-laws of the amalgamated corporation, until repealed, amended,   altered or added to, shall be the same as the by-laws of the Corporation. 5.   No securities shall be issued and no assets shall be distributed by the   amalgamated corporation in connection with the amalgamation. 6. Any director   or officer of the Corporation is authorized and directed to do all things and   execute all instruments and documents necessary or desirable to carry out the   foregoing." CERI'IF'IED to be a true and correct copy of a resolution   passed by the directors of Kinross Gold Corporation on December22 , 2010   which resolution is still in full force and effect, unamended. DATED December   '2010. 22 e ey Gold -8effior Vice President and Chief Legal .Ecc-...<   Officer t TOR P2Z:5002018-1 1123941Exhibit 10.1

 

LINDBLAD
EXPEDITIONS HOLDINGS, INC.

EMPLOYEE
INCENTIVE PLAN 

 

PURPOSE:

 

The
compensation strategy of Lindblad Expeditions Holdings, Inc. (“Company”) is to reward its managers and eligible employees
in a manner that permits the Company to attract, retain and motivate outstanding individuals.

 

The
Employee Incentive Plan (“EIP”) is designed under the Company’s shareholder approved 2015 Long-Term Incentive
Plan to compensate managers and eligible employees of the Company for achieving annual Company performance objectives. The EIP
is intended to align the interests of the Company’s managers and eligible employees with the objectives and goals of the
Company and its shareholders.

 

ELIGIBILITY:

 

Executive
officers and other employees of the Company, as approved by the Chief Executive Officer of the Company or his or her delegate(s)
(in either case, the “CEO”), are eligible to participate in the EIP. Eligible positions and target incentive amounts
will be reviewed and determined each year and may change from year to year. Participants will typically be full time employees
of the Company in order to participate or receive payments under the EIP. A participant in the EIP will not be eligible to participate
in any other annual cash incentive plan maintained by the Company.

 

TARGET
INCENTIVE:

 

For
each EIP participant, there will be a target incentive (“Target Incentive”) equal to an established percentage (“Target
Incentive Percentage”) of each participant’s base salary (“Base Salary”). Actual payouts will be awarded
upon the achievement of financial and other targets. Actual payouts (if any) may be higher or lower than the calculated Target
Incentive, based on whether the Company’s performance is above or below its annual target goals for each Component and may
be reduced or increased on account of individual performance or other considerations, subject to compliance with Section 162(m)
of the Internal Revenue Code for awards that are intended to qualify as “performance based compensation” thereunder.
All awards under the EIP are granted under and subject to the terms, conditions and limitations of the Company’s shareholder
approved 2015 Long-Term Incentive Plan as then in effect. For executive officers of the Company, the final determination of
any incentive payments must be approved by the Compensation Committee (the “Compensation Committee”) of the Company’s
Board of Directors (the “Board”), except as otherwise provided herein.

 

BONUS
POOL:

 

Each
year, the Company plans for a 100% payout of the Target Incentive for each individual if target goals are attained. At the conclusion
of the year, the Company’s management will propose to the Board a total pool of funds to be made available for payout of
individual bonuses (“Bonus Pool”). The total Bonus Pool will be based upon the achievement of the Company’s
‘Adjusted EBITDA’, ‘Net Yield’ and ‘Guest Satisfaction’ targets as well as individual Target
Incentive Percentages. The Company may not distribute funds in excess of the Board-approved Bonus Pool. The Target Incentive Components
for 2017 are described below.

 

INCENTIVE
COMPONENTS:

 

There
are three Components to the EIP:

 

	COMPONENT A:	ADJUSTED EBITDA 	Weight 50%

 

A
“target goal” for Company Adjusted EBITDA is established annually by the Compensation Committee. There are a range
of goals both below and above the target goal that will qualify the EIP participant for an incentive award. However, an established
baseline goal must be achieved before any payout for Component A can occur. Payouts for this Component can range from 0-150% based
on actual Company results.

 

     

     

    

 

Exhibit 10.1

 

	COMPONENT
    B:	NET
    YIELD	Weight
    25%

 

A
target goal for Company Net Yield is established annually by the Compensation Committee. There are a range of goals below and
above the target goal that will qualify the EIP participant for an incentive award. However, an established baseline goal must
be achieved before any payout for Component B can occur. Payouts for this Component can range from 0-150% based on actual Company
results.

 

	COMPONENT
    C:	GUEST SATISFACTION 	Weight 25%

 

A
target goal for Company Guest Satisfaction is established annually by the Compensation Committee. There are a range of goals below
and above the target goal that will qualify the EIP participant for an incentive award. However, an established baseline goal
must be achieved before any payout for Component C can occur. Payouts for this Component can range from 0-150% based on actual
Company results.

 

The
components of the EIP and/or the weightings of each component may change in future years. The specific goals and payout formulas
will be communicated to participants, which, for certain senior executive officers of the Company covered by Section 162(m)
of the Internal Revenue Code, will be during the first 90 days of the year or upon commencement of participation in the plan.

 

DETERMINATION
OF AWARDS:

 

Following
the end of the fiscal year, the Company’s management will submit to the Compensation Committee an evaluation of the bonus
earnings of each participant in the EIP and the Compensation Committee shall make the final determination as to the amount of
bonus that may be received by each executive officer of the Company and a total pool of funds to be made available for payout
of bonuses to other eligible employees. When a question arises regarding extraordinary gains or losses, for example, the impact
of an acquisition (which would not have been included in the target calculation), or the operation (gain or loss) of a particular
division, the Compensation Committee will have sole discretion in making any adjustments to any bonus amount, subject to applicable
limitations under Section 162(m) of the Internal Revenue Code.

 

PAYOUTS
AND PRO-RATED INCENTIVE AWARDS

 

A
participant must be on active payroll and a full-time employee of the Company during the year AND at the time awards are distributed
in order to be eligible to receive an incentive award payout, unless otherwise determined by the Company. Prior to actual payment
of a bonus award, no bonus will be earned under the EIP. A participant who is hired or promoted within the fiscal year may be
entitled to receive a pro-rated incentive award based upon the hire date or time spent in each position, respectively, unless
otherwise determined by the Company.

 

GENERAL:

 

Participants
will be notified that they are a participant in the EIP and their participation shall continue unless the employee is terminated
or transferred to other jobs not covered by the EIP. Notice of participation in the EIP shall not restrict the Company’s
rights to transfer participants to other jobs or terminate their employment.

 

CODE
SECTION 162(m):

 

Notwithstanding
anything herein, certain senior executive Company employees may be eligible to receive awards or other compensation that is intended
to qualify as “performance based compensation” for purposes of Section 162(m) of the Internal Revenue Code. All such
awards or other compensation are subject to separate terms and conditions as may be determined by the Compensation Committee.
With respect to such compensation, all Target Incentives, performance goals, final award determinations and other decisions will
be made by the Compensation Committee in a manner consistent with the requirement of Code Section 162(m), unless otherwise determined
by the Compensation Committee. In addition, to the extent necessary to comply with the “performance based compensation”
exception to Code Section 162(m), a separate committee or subcommittee may be formed to carry out the responsibilities of the
Compensation Committee under the EIP. The provisions of this paragraph and all decisions of the Compensation Committee shall control
over any conflicting provision of the EIP.

 

DISABILITY,
DEATH OR SPECIAL CIRCUMSTANCES:

 

In
the event of disability, death or special circumstances affecting a participant, the Company may, but has no obligation to, approve
partial or pro-rated awards.

 

ADMINISTRATION:

 

The
Company reserves the right to change or cancel the EIP at any time. In addition, all exceptions or modifications to the EIP must
be approved by the Company’s CEO or, with respect to the executive leadership team, the Compensation Committee and subject
to the provisions above relating to Code Section 162(m). The Company, through its Board or its delegate(s) shall have all powers
and discretion necessary or appropriate to administer the EIP and to control its operation. All determinations and decisions made
by the Company shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law.

 

DISCLAIMER:

 

The
Company is an “at will” employer and participation in the EIP is not to be construed in any way as an employment contract
or agreement and does not in any way guarantee continued employment.

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