NEWMONT MINING CORPORATION 1700 LINCOLN STREET DENVER, COLORADO RONALD C. CAMBRE TELEPHONE (303) 863-7414 CHAIRMAN FACSIMILE (303) 837-5928 CHIEF EXECUTIVE OFFICER August 1, 1999 Mr. Wayne W. Murdy President Newmont Mining Corporation 1700 Lincoln Street Denver, CO 80203 Dear Wayne: This letter is being delivered to you regarding the Demand Promissory Note dated as of October 7, 1998 in the principal amount of $50,000 that was issued by you to Newmont Mining Corporation (the 'Original Note'). On behalf of Newmont, and in recognition of your service to Newmont, most recently evidenced by your election as President of Newmont, I wish to inform you that $25,000 of the principal amount of the Original Note and all accrued interest on the entire principal amount of the Original Note to the date hereof is hereby forgiven by Newmont. As a result, the Original Note will be canceled and you will execute and deliver to Newmont a new promissory note for the remaining principal amount of the Original Note (i.e. $25,000) (the 'New Note'). We hereby agree that, if you are still employed with Newmont on April 1, 2000, then in consideration for the services rendered by you to Newmont, Newmont will forgive the remaining principal and interest due under the New Note and the New Note will be canceled at such time. Sincerely, /s/ Ronald C. Cambre Acknowledged and Accepted: /s/ Wayne W. Murdy ---------------------------------- Wayne W. Murdy President
Employment Agreement - Newmont Mining Corp. and Wayne W. Murdy
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