Tom Palmer

President and Chief Executive Officer at Newmont Corporation

Board

Since October 1, 2019

Age

57 years

Education

Holds a Bachelor of Science degree in Engineering and a Master of Science in Engineering from Monash University in Melbourne, Australia.

Tenure

Joined NEM as Senior Vice President, Indonesia in March 2014, then advanced through roles including Senior Vice President Asia Pacific, Executive Vice President and Chief Operating Officer, President, and ultimately was appointed President and Chief Executive Officer on October 1, 2019.

Also at Newmont Corporation

Karyn Ovelmen

Executive Vice President and CFO

Natascha Viljoen

Chief Operating Officer

Peter Toth

Executive Vice President and Chief Development Officer

About

A veteran of the mining industry, he built a substantial career at Rio Tinto where he held a variety of leadership roles such as Chief Operating Officer for Pilbara Mines and General Manager in key operational functions.

After transitioning to NEM in March 2014, he quickly demonstrated his capability, taking on increased responsibilities with roles that spanned geographic leadership as Senior Vice President for Indonesia and Asia Pacific.

His rapid rise continued with appointments as Executive Vice President and Chief Operating Officer, followed by serving as President before his appointment as President and Chief Executive Officer on October 1, 2019, a role in which he now shapes the strategic direction and operational excellence of the company.

Throughout his tenure, his focus on operational performance, safety, sustainability, and shareholder returns has cemented his reputation as a key leader in the global mining sector, driving major initiatives and acquisitions that have redefined the company’s portfolio.

$NEM Performance Under Tom Palmer

Past Roles

Organization	Role	Date Range	Details
Newmont Corporation (NEM)	President and Chief Operating Officer	November 2018 - June 2019	Held as a transitional role before becoming CEO
Newmont Corporation (NEM)	Executive Vice President and Chief Operating Officer	May 2016 - (Ended by promotion)	N/A
Newmont Corporation (NEM)	Senior Vice President, Asia Pacific	February 2015 - (Ended by promotion)	N/A
Newmont Corporation (NEM)	Senior Vice President, Indonesia	March 2014 - (Ended by promotion)	N/A
Rio Tinto Iron Ore	Chief Operating Officer, Pilbara Mines	Prior to joining NEM	Part of his 20-year career with Rio Tinto
Rio Tinto	General Manager, Technology for the Bauxite and Alumina business	Prior to joining NEM	N/A
Rio Tinto	General Manager, Operations at Hail Creek coal mine	Prior to joining NEM	N/A
Palabora Mining Company (via Rio Tinto career)	General Manager, Asset Management	Prior to joining NEM	Located in South Africa; part of his extensive mining experience

External Roles

Organization	Role	Date Range	Details
International Council on Mining and Metals (ICMM)	Chair of the ICMM CEO Advisory Group on Social Performance	Present	N/A
International Council on Mining and Metals (ICMM)	Member of the three-person Administrative Committee	Present	N/A
World Gold Council (WGC)	Vice Chair	Present	N/A
World Gold Council (WGC)	Chair of the Sustainability Taskforce	Present	N/A
World Economic Forum	Chair of the Mining and Metals Community	Present	N/A

Fixed Compensation

Data from FY 2023

Component Name [Source]	Amount [Source]	Payment Schedule [Source]	Additional Details [Source]
Base Salary	$1,435,000	Annual	Base salary for 2023
Company Contributions to Defined Contribution Plans	$19,800	Annual	Contributions to defined contribution plans
Perquisites	$33,550	Annual/One-Time	Includes $12,000 for tax preparation reimbursement, $17,000 for financial advisory services, and $3,350 for executive health assessment benefits
Pension Plan	$257,421	As Accumulated Benefit	Present value of the accumulated benefit
Pension Equalization Plan	$2,612,188	As Accumulated Benefit	Present value of the accumulated benefit

Performance Compensation

Data from FY 2023

Annual Bonus

Metric [Source]	Value [Source]	Details [Source]
Achievement Percentage	33%	Percentage achieved based on corporate performance metrics
Total Payout	$710,325	Corporate Performance Bonus payout for 2023
Threshold	$430,500	Minimum payout threshold for bonus eligibility
Target	$2,152,500	Target bonus amount
Maximum	$4,305,000	Maximum cap on bonus payout
Condition	20% minimum payout	Zero payout if performance criteria are not met

Performance Stock Units (PSUs)

Metric [Source]	Value [Source]	Details [Source]
Weighting – Relative TSR	80%	Relative Total Shareholder Return forms 80% of the evaluation
Weighting – Sustainability Metrics	10% each	Two sustainability metrics: executive female representation and carbon reduction milestones (each 10%)
Grant Date	February 27, 2023	Grant date for performance stock units
Grant Date Fair Value	$50.39 per share	Determined using a Monte Carlo valuation model
Grant Date Stock Price	$43.34	Fair market value of the stock on the grant date
Vesting Schedule	3-Year Period (2023-2025)	PSUs vest based on performance with payout in 2026
Performance Conditions	Percentile-Based Payouts	100th percentile: 200%, 75th: 150%, 55th: 100%, 25th: 50%, below 25th: 0%; capped at 100% of target if absolute TSR is negative and limited to 4x target

Long-Term Incentive (LTI) Program

Metric [Source]	Value [Source]	Details [Source]
Composition	67% PSUs, 33% RSUs	LTI is divided between performance stock units and restricted stock units
PSUs – Threshold/Target/Maximum	50% / 100% / 200% of target	PSUs performance metrics with a maximum payout of 200%
RSUs Vesting	33% per year over 3 years	RSUs vest pro-rata over three years
Total LTI Target Value	$8,900,000	Comprising $5,933,333 for PSUs and $2,966,667 for RSUs
Grant Date	February 27, 2023	Same grant date for both PSU and RSU awards
Grant Date Stock Price	$43.34	Fair market value on the grant date
Evaluation Criteria	Relative TSR and Sustainability Metrics	PSUs subject to performance against a peer group and sustainability goals (diversity and environmental targets)
Vesting for PSUs	3-Year Cliff (2023-2025)	PSUs vest contingent on performance, with a three-year cliff

This table consolidates the available performance compensation details for 2023 using data from the documents.