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EXHIBIT 10
AMENDMENT No. 1 to the Agreement dated and entered into on the 15th
day of October, 1993 (the "Agreement") between NEWMONT MINING CORPORATION, a
Delaware corporation and NEWMONT GOLD COMPANY, a Delaware corporation
(collectively known herein as "Newmont") and XXXXXX X. XXXXXX (the
"Executive").
W I T N E S S E T H:
WHEREAS, the Executive remains in the employ of Newmont and
the Executive and Newmont have agreed to this Amendment No. 1.
NOW, THEREFORE, in consideration of the premises and mutual
agreements of the parties herein contained, it is agreed:
(1). Paragraph 2(a) of the Agreement is hereby revised to read in
its entirety as follows:
(a) Newmont will employ Executive for a period
commencing on the Effective Date and ending either two years after
Newmont delivers written notice to Executive of Newmont's intention to
terminate this Agreement or the Executive's 62nd birthday, whichever
is earlier ("Term of Employment"); provided, however, that commencing
on January 1, 1998, and each January 1 thereafter, the term of this
Agreement shall automatically be extended for one additional year
unless, not later than September 30 of the preceding year, the
Compensation Committee of Newmont shall have given written notice to
the Executive that it does not wish to extend this Agreement.
(2). Paragraph 4(vii) of the Agreement is hereby revised to read in
its entirety as follows:
(vii) In addition to the pension benefits to be
provided Executive under the Pension Plan of Newmont Gold Company and
the Salaried Retirement Savings Plan of Newmont Gold Company, and in
lieu of any benefits to Executive pursuant to the Pension Equalization
Plan of Newmont, Executive shall receive in a lump- sum amount a
non-qualified retirement benefit, payable within one year of
Executive's termination of employment, equal to the following dollar
amounts depending upon Executive's retirement date:
Retirement
Date Lump Sum Amount
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10/1/97 $1,555,000
10/1/98 $2,003,560
10/1/99 $2,500,163
10/1/00 $3,048,580
10/1/01 $3,511,418
10/1/02 $3,991,761
10/1/03 $4,488,424
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The actual lump-sum amount that the Executive will receive
shall be determined by a straight-line interpolation method depending upon the
month in which the Executive retires. For instance, if the Executive retires
on May 5, 1998, he shall receive the lump-sum amount for 10/1/97 ($1,555,000)
plus the difference between the lump-sum amount for 10/1/98 ($2,003,560) and
the lump-sum amount for 10/1/97 ($1,555,000) divided by twelve ($37,380) and
multiplied by the number of full months that elapsed between the Executive's
retirement date and the previous October 1 (7 months x $37,380 = $261,660).
Therefore, if the Executive retires on May 5, 1998 he would receive $1,816,660
($1,555,000 + $261,660).
IN WITNESS WHEREOF, Newmont and the Executive have caused this
Amendment No. 1 to the Agreement to be executed as of the 24th day of June,
1997.
NEWMONT MINING CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxx Date: 6/24/97
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Xxxxxxx X. Xxxxxxx
NEWMONT GOLD COMPANY
By: /s/ Xxxxxxx X. Xxxxxxx Date: 6/24/97
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Xxxxxxx X. Xxxxxxx
/s/ XXXXXX X. XXXXXX Date: 6/24/97
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XXXXXX X. XXXXXX
