Terrorist leader isn''t surrounded; the U.S. dollar is

Barrick brass in line for golden handshakes

ByPeter Kennedy
Globe and Mail, Toronto
Friday, March 19, 2004

a href=http://www.theglobeandmail.com/servlet/story/RTGAM.20040319.wxrbarrickht...
19/BNStory/Business

VANCOUVER -- Senior executives at Barrick Gold Corp.
could receive roughly $12-million in total payouts if
the mining giant is swallowed up and they end up
losing their jobs.

The key beneficiaries in the event of a takeover are chief
executive officer and president Greg Wilkins; vice chairman
John Carrington; vice-chairman for corporate development
Tye Burt; and vice-president and general counsel Patrick
Garver.

Under change of control agreements that were disclosed
in the company's management information circular released
Thursday, each of the four would receive payouts equal to
three times his annual salary and bonus.

In addition, all unexercised stock options held by each
executive will immediately vest and become exercisable
and remain exercisable for the lesser of three years or
until they are due to expire.

quot;This doesn't come as a huge surprise given the rumours
of consolidation in the gold mining industry,quot; said Hatham
Hodaly, a mining analyst with Salman Partners Inc. in
Vancouver.

Toronto-based Barrick is the world's third-largest gold
miner, and the second biggest in North America, based
on an annual production target of 4.9 million ounces this
year.

The change of control agreements replace previous
arrangements signed in 1998. Those agreements have now
expired, said Barrick spokesman Vince Borg.

Under the previous arrangement, senior executives were
protected for three years after a takeover occurs,
compared with only one year in the new change of control
agreement.

Such agreements are designed to induce senior executives
to remain with the company by providing more certainty
about severance packages. That, in turn, should allow the
executives to focus on building shareholder value, Mr. Borg
said.

The latest agreement would take effect if any of the four are
terminated for any reason (other than for cause, disability,
or retirement) within a one-year period following a change
of control.

As a result, if a change of control occurs, Mr. Wilkins would
be entitled to a payout of at least $4.2 million, based on the
$1.4-million in compensation he received last year. His pay
package included salary of $627,036 and a $802,606 bonus.

The change of control agreement does not include Barrick
chairman Peter Munk, who was paid $1.2 million in salary
and bonuses last year, up from $554,140 in 2002, when he
did not pick up a bonus.

On the Toronto Stock Exchange Thursday, Barrick shares
rose 11 cents to $29.40.

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