8-KLeadership ChangesExhibits & Filings

NEWMONT Corp /DE/ 8-K Report, Executive Changes (May 19, 2023)

Filed May 19, 2023For Securities:NEMNEMCL

Summary

Newmont Corporation has announced a significant leadership change with the appointment of Karyn Ovelmen as its new Executive Vice President and Chief Financial Officer, effective May 30, 2023. Ms. Ovelmen brings over 30 years of extensive financial, accounting, and operational experience, including substantial prior experience as a CFO in the energy, manufacturing, and distribution sectors. Her appointment marks the end of Brian Tabolt's tenure as interim CFO, with thanks extended for his service. Investors can expect Ms. Ovelmen's compensation package to include a base salary of $750,000, with significant performance-based incentives, including both short-term cash bonuses and long-term equity awards. The long-term incentives are comprised of Performance-Leveraged Stock Units (PSUs) and Restricted Stock Units (RSUs). Additionally, she will receive a sign-on bonus of $150,000 cash and $1,300,000 in restricted stock units, subject to vesting and clawback provisions. The company also noted the filing of a related news release as an exhibit.

Key Highlights

  • 1Karyn Ovelmen appointed Executive Vice President and Chief Financial Officer, effective May 30, 2023.
  • 2Ms. Ovelmen has over 30 years of financial experience, including more than 12 years in CFO roles across various industries.
  • 3Her compensation includes a $750,000 base salary, with target annual incentives of 100% of base for short-term and 333% for long-term incentives.
  • 4Long-term incentives will be a mix of Performance-Leveraged Stock Units (PSUs) and Restricted Stock Units (RSUs).
  • 5Ms. Ovelmen will receive a $150,000 cash sign-on bonus and a $1.3 million restricted stock unit grant, subject to specific vesting and repayment terms.
  • 6Brian Tabolt is thanked for his service as interim CFO and will continue with the company.
  • 7No undisclosed arrangements or reportable transactions exist between Ms. Ovelmen and the company or its executives.

Frequently Asked Questions

Karyn Ovelmen has been appointed as the new Executive Vice President and Chief Financial Officer, effective May 30, 2023.

Ms. Ovelmen has extensive experience, with over 30 years in finance, accounting, and operations, including over 12 years serving in Chief Financial Officer roles across the energy, manufacturing, and distribution industries. She also has experience as a non-executive director for major corporations like Hess Corporation and ArcelorMittal.

Her compensation includes a base salary of $750,000. She is eligible for annual short-term incentives (cash bonus) with a target of 100% of base salary, and long-term incentives (equity bonus) with a target of 333% of base salary. The long-term incentives will be a mix of PSUs and RSUs. She will also receive a sign-on bonus of $150,000 in cash and $1,300,000 in restricted stock units.

Yes, the cash sign-on bonus is subject to pro-rata repayment if Ms. Ovelmen voluntarily separates within 24 months. The restricted stock unit grant is subject to forfeiture if employment ends before vesting. Specific details are outlined in the filing.