Document:

Cession in Security Agreement

 Exhibit 4.8 

 
 

 
 EXECUTION VERSION 
 CESSION IN SECURITY 
 by 
 SIBANYE GOLD LIMITED 
 (as Cedent) 

in favour of 
 THE LENDERS 

BOWMAN GILFILLAN INC. 
 165 West Street 
 Sandton 

Johannesburg, 2146 

Telephone: (011) 669-9000 
 Fax: (011) 669-9001 

 TABLE OF CONTENTS 
  

							
	1.	  	PARTIES	  	 	1	  
			
	2.	  	DEFINITIONS AND INTERPRETATION	  	 	1	  
			
	3.	  	INTRODUCTION	  	 	3	  
			
	4.	  	CESSION IN SECURITY	  	 	3	  
			
	5.	  	WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS BY THE CEDENT	  	 	4	  
			
	6.	  	DELIVERY OF DOCUMENTS EVIDENCING THE CEDED RIGHTS AND OTHER OBLIGATIONS OF THE CEDENT	  	 	5	  
			
	7.	  	RIGHTS, POWERS AND PRIVILEGES ATTACHING TO THE CEDED RIGHTS	  	 	5	  
			
	8.	  	REALISATION	  	 	5	  
			
	9.	  	APPROPRIATION OF PROCEEDS	  	 	7	  
			
	10.	  	AUTHORITY	  	 	7	  
			
	11.	  	DURATION	  	 	7	  
			
	12.	  	FURTHER ASSURANCES	  	 	8	  
			
	13.	  	ADDITIONAL RIGHTS	  	 	8	  
			
	14.	  	CEDENT BOUND NOTWITHSTANDING CERTAIN CIRCUMSTANCES	  	 	8	  
			
	15.	  	KEEPING, INSPECTION AND DELIVERY OF RECORDS	  	 	9	  
			
	16.	  	EXEMPTION FROM LIABILITY	  	 	9	  
			
	17.	  	FURTHER CESSIONS	  	 	10	  
			
	18.	  	CERTIFICATE OF INDEBTEDNESS	  	 	10	  
			
	19.	  	RENUNCIATION OF BENEFITS	  	 	10	  
			
	20.	  	STIPULATION	  	 	10	  
		
	 SCHEDULE 1: NOTICE TO OROGEN BOND GUARANTOR
	  	 	18	  

 CESSION IN SECURITY 

 

	1.	PARTIES 

  

	1.1	The Parties to this Agreement are: 

  

	1.1.1	SIBANYE GOLD LIMITED; and 

  

	1.1.2	ABSA BANK LIMITED (acting through its ABSA CAPITAL division), as Original Lender (Absa); 

 

	1.1.3	NEDBANK LIMITED (acting through its NEDBANK CAPITAL and NEDBANK CORPORATE divisions), as Original Lender and Facility Agent (Nedbank);

  

	1.1.4	THE STANDARD BANK OF SOUTH AFRICA LIMITED (acting through its CORPORATE AND INVESTMENT BANKING division), as Original Lender (Standard Bank);

  

	1.1.5	FIRSTRAND BANK LIMITED (acting through its RAND MERCHANT BANK division), as Original Lender (RMB); and 

 

	1.1.6	JPMORGAN CHASE BANK, N.A., JOHANNESBURG BRANCH, as Original Lender (JPMorgan). 

 

	1.2	The Parties agree as set out below. 

  

	2.	DEFINITIONS AND INTERPRETATION 

  

	2.1	Definitions 

 Unless the
context dictates otherwise, the words and expressions set forth below shall bear the following meanings and cognate expressions shall bear corresponding meanings: 
  

	2.1.1	Agreement means this Cession in Security; 

  

	2.1.2	Borrower means Sibanye Gold Limited, a public company duly incorporated according to the company laws of South Africa, with registration number 2002/031431/06
(formerly GFI Mining South Africa Proprietary Limited); 

  

	2.1.3	Ceded Rights means all of the Cedent’s rights of any nature whatsoever in and interests of any nature whatsoever to the Indemnity Agreement, whether actual,
prospective or contingent, direct or indirect, and whether a claim to the payment of money or to the performance of any other obligation under the Indemnity Agreement, and whether or not the said rights and interests were within the contemplation of
the Parties at the Signature Date; 

  

	2.1.4	Cedent means the Borrower; 

  

	2.1.5	Facility Agent means Nedbank; 

  

	2.1.6	Facilities Agreement means the Facilities Agreement entered into among, inter alia, the Lenders and the Borrower on 28 November 2012;

  
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	2.1.7	Indemnity Agreement means the indemnity agreement in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders
(acting reasonably)) concluded or to be concluded before the Demerger Date amongst the Borrower, Gold Fields Orogen Holding (BVI) Limited, GFL, Gold Fields Operations Limited and Gold Fields Holdings Company (BVI) Limited (collectively, the
Orogen Bonds Guarantors), pursuant to which the Orogen Bonds Guarantors (other than the Borrower) indemnify and hold the Borrower harmless from and against any and all liabilities and expenses which may be incurred by the Borrower in its
capacity as Orogen Bond Guarantor under the Orogen Bonds Guarantee; 

  

	2.1.8	Lenders means Absa, Nedbank, Standard Bank, RMB and JPMorgan, all in their capacity as Original Lenders, and any party that becomes a “Lender”
in accordance with the provisions of the Facilities Agreement; 

  

	2.1.9	Parties means: 

  

	2.1.9.1	the Cedent; and 

  

	2.1.9.2	the Lenders; 

 and Party
means, as the context requires, either one of them; 
  

	2.1.10	Secured Obligations means any and all of the Cedent’s obligations or indebtedness (whether actual or contingent) from whatsoever cause and howsoever arising
or owing to the Lenders under the Finance Documents; 

  

	2.1.11	Security Cession means the cession in securitatem debiti contemplated by this Agreement; and 

 

	2.1.12	Signature Date means the date of the signature of the Party last signing this Agreement in time. 

 

	2.2	Facilities Agreement 

  

	2.2.1	Capitalised terms used (but not otherwise defined) in this Agreement have the meaning given to them in the Facilities Agreement. 

 

	2.2.2	The provisions of clause 2.3 (Construction), clause 24 (Changes to the Lenders), clause 25 (Changes to the Obligors), clause 29 (Payment
Mechanics), clause 31 (Notices), clause 33 (Partial Invalidity), clause 35 (Remedies and Waivers), clause 36 (Amendments and Waivers), clause 34 (Confidentiality), clause 38 (Renunciation of Benefits),
clause 39 (Counterparts), clause 40 (Waiver of Immunity), clause 41 (Sole Agreement), clause 42 (No Implied Terms), clause 43 (Extensions and Waivers), clause 44 (Independent Advice) and clause 47
(Governing Law and Jurisdiction) of the Facilities Agreement shall mutatis mutandis apply to this Agreement as if set out in this Agreement in full. 

 

	2.2.3	This Agreement and the rights and obligations of the Parties shall in all respects be subject to the terms and conditions of the Facilities Agreement; provided that in
the event of any conflict between the provisions of this Agreement (including, without limitation, the terms defined herein) and the provisions of the Facilities Agreement, the provisions of this Agreement shall prevail. 

  
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	3.	INTRODUCTION 

 As security
for the due performance of the Secured Obligations, the Cedent has agreed to cede in securitatem debiti all of the Ceded Rights to the Lenders, jointly and severally, on the terms and subject to the conditions set out in this Agreement.

  

	4.	CESSION IN SECURITY 

  

	4.1	With effect from the Demerger Date, the Cedent hereby cedes in securitatem debiti to the Lenders, jointly and severally, all of the Ceded Rights as a continuing
general covering collateral security for the due, proper and timeous payment and performance in full of all of the Secured Obligations, on the terms and conditions set out in this Agreement, which cession the Lenders hereby accept.

  

	4.2	Without prejudice to the representations and warranties given by the Cedent to the Lenders pursuant to Clause 5.1 and without prejudice to the rights of the Lenders
consequent upon any breach of the representations and warranties given by the Cedent to the Lenders pursuant to Clause 5.1, if the Ceded Rights are subject to any right in breach of the representations and warranties in Clause 5.1.2 or if any other
security has been granted by the Cedent over any Ceded Right to any other person prior to the Demerger Date, this Agreement shall (without prejudice to any other rights the Lenders may have pursuant to any other Finance Document(s) and without
affecting the operation of this Agreement in respect of those of the Ceded Rights which have not been so ceded to another person) constitute a cession in securitatem debiti to the Lenders of the Cedent’s reversionary rights or other
interests (including all of the Cedent’s rights of action against such other person and any rights which now or may in the future vest in the Cedent pursuant to such reversionary rights) in respect of those Ceded Rights, which are hereby ceded
in securitatem debiti to the Lenders with effect from the Demerger Date, which cession the Lenders hereby accept. The Lenders shall be entitled to notify any such other person of this Agreement, and if any such other person is entitled to
possession of any of the documents referred to in Clause 6, then the Cedent shall deliver photocopies of the relevant documents to the Lenders, and as soon as such person ceases to be entitled to possession or gives up possession of such documents,
the Cedent shall deliver the relevant documents to the Lenders. 

  

	4.3	The cession contemplated by this Agreement is intended to operate as a cession of each part and all of the Ceded Rights, individually and collectively.

  

	4.4	If, for any reason, any security interests intended to be created under this Agreement are or become illegal, invalid or unenforceable in respect of some of the Ceded
Rights, then the cession of those Ceded Rights, as the case may be, shall be severed from this Agreement, and this Agreement and all the security interests created over the remainder of the Ceded Rights shall continue in full force and effect.

  

	4.5	The cession contemplated by this Agreement operates as a security cession and not as an out and out or outright cession and the Cedent retains bare ownership of the
Ceded Rights, subject to the rights of the Lenders as secured creditors. 

  
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	5.	WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS BY THE CEDENT 

  

	5.1	The Cedent until the Discharge Date: 

  

	5.1.1	warrants and represents on the Demerger Date and on each day that this Agreement is in force save as otherwise provided in the Finance Documents, that it is and will
remain the sole and beneficial owner of the Ceded Rights to the exclusion of all others and no person has an option or right of refusal over the Ceded Rights; 

 

	5.1.2	warrants and represents on the Demerger Date and on each day that this Agreement is in force that the Ceded Rights ceded to the Lenders under this Agreement have not
been ceded (either outright or as security), discounted, factored, mortgaged under notarial bond or otherwise, or otherwise disposed of or hypothecated, nor are they subject to any other rights in favour of any person; 

 

	5.1.3	warrants and represents on the Signature Date and on each day that this Agreement is in force that all obligations undertaken by it under this Agreement have been
authorised by all necessary corporate action and the constitutive documents of the Cedent do not place any limitations or restrictions on the Cedent to cede the Ceded Rights as provided for in this Agreement; 

 

	5.1.4	warrants and represents on the Signature Date and on each day that this Agreement is in force that after due investigation, the issue of the Security Cession and the
fulfilment of its obligations in accordance with the terms hereof do not contravene any law, regulation or any contractual obligation binding on it; 

  

	5.1.5	subject to the provisions of the other Finance Documents, waives any and all rights in respect of the Ceded Rights which it may have in conflict with the rights of the
Lenders under this Agreement; 

  

	5.1.6	acknowledges that it may not pledge, cede, assign or transfer or in any other manner encumber or deal with or transfer rights in and/or to the Ceded Rights without the
prior written consent of the Facility Agent, save to the extent expressly permitted in the Facility Agreement; 

  

	5.1.7	agrees that on the occurrence of an Event of Default which is continuing, it will forthwith pay over to the Lenders any interest or other benefits of any nature
received in respect of the Ceded Rights by depositing the same into a nominated account as the Facility Agent may from time to time direct in writing; and 

  

	5.1.8	undertakes and agrees to prevent any variation of the rights relating to the Ceded Rights, without the prior written consent of the Facility Agent.

  

	5.2	It is recorded that the Lenders have entered into this Agreement on the strength of and relying on the warranties and representations in this Clause 5, each of which
shall be deemed to be separate warranties and representations, given without prejudice to any other warranty or representation, and deemed to be material representations inducing the Lenders to enter into this Agreement. 

  
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	6.	DELIVERY OF DOCUMENTS EVIDENCING THE CEDED RIGHTS AND OTHER OBLIGATIONS OF THE CEDENT 

 

	6.1	The Cedent shall deliver to the Facility Agent any documents relating to the Ceded Rights for which it may at any time reasonably call, which documents shall be
delivered to the Facility Agent, in so far as the Lenders or the Facility Agent are not already in possession thereof, within a reasonable period, as agreed between the Facility Agent and the Cedent, and, failing such agreement, within 10 (ten)
Business Days of receipt by the Cedent of a written request for such documents from the Facility Agent. 

  

	6.2	The Cedent shall deliver to the Facility Agent a written notice and acknowledgement of the Security Cession within 5 (five) Business Days from the Demerger Date,
substantially in the form of Schedule 1 (Form of Notice to Orogen Bond Guarantor) notifying each Orogen Bond Guarantor of the Security Cession and signed by such Orogen Bond Guarantor. 

 

	6.3	The Cedent shall generally do everything that may be required by the Facility Agent, including but not limited to complying with the obligations of the Cedent under
Clause 6.1, for the purposes of and to give effect to this Agreement, failing which the Facility Agent may, if possible, attend thereto and recover from the Cedent any properly evidenced expenses reasonably incurred in doing so within 3 (three)
Business Days after written demand. 

  

	7.	RIGHTS, POWERS AND PRIVILEGES ATTACHING TO THE CEDED RIGHTS 

  

	7.1	This Agreement operates in respect of all rights, powers and privileges attaching to the Ceded Rights, including but not limited to those set out in Clause 7.2 below
and such rights, powers and privileges shall accordingly vest in the Lenders with the power to exercise them either in their own name or in the name of the Cedent, upon the occurrence of an Event of Default which is continuing, alternatively, the
Cedent shall, upon the occurrence of an Event of Default which is continuing, and if the Facility Agent so directs, exercise its rights, powers and privileges in its own name and in accordance with the Facility Agent‘s directions to the
greatest extent permitted by applicable law. 

  

	7.2	Subject to Clause 7.1, such rights, powers and privileges attaching to the Ceded Rights include (but are not limited to) the right to receive upon the occurrence of an
Event of Default which is continuing in its own name and for its own account payment of the benefits which become due in respect of the Ceded Rights from time to time. 

 

	8.	REALISATION 

  

	8.1	Upon the occurrence of an Event of Default which is continuing, the Cedent hereby irrevocably and unconditionally authorises and empowers the Facility Agent (on behalf
of the Lenders) or the Facility Agent’s or the Lenders’ nominees, without any further authority or consent of any nature whatsoever required from the Cedent, and in the name of the Lenders or in the name of the Cedent to:

  

	8.1.1	exercise all or any of the rights, powers and privileges attaching to the Ceded Rights (including enforcing the Cedent’s rights under or in respect of the Ceded
Rights) in such manner and on such terms as the Facility Agent in its sole discretion deem fit; and/or 

  
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	8.1.2	receive payment for, delivery of and/or performance in respect of, the Ceded Rights in their own name; and/or 

 

	8.1.3	at the Facility Agent’s election: 

  

	8.1.3.1	sell or otherwise realise the Ceded Rights or any one of them by public auction; or 

 

	8.1.3.2	sell or otherwise realise the Ceded Rights by private treaty, on reasonable notice to the Cedent of no more than 10 (ten) Business Days; or 

 

	8.1.3.3	take over the Ceded Rights at a fair value which, in the absence of agreement within 10 (ten) Business Days after delivery by the Facility Agent to the Cedent of a
written notice stating that the Facility Agent (on behalf of the Lenders) intends to exercise their rights pursuant to this Clause 8.1.3.3, shall be determined by an independent accountant from either of KPMG, Deloitte, Ernst & Young or
Pricewaterhouse Coopers or a merchant bank agreed to by the Parties or, failing agreement within 5 (five) Business Days, appointed, at the request of either the Lenders or the Facility Agent (on behalf of the Lenders) or the Cedent, by the President
for the time being of the Southern African Institute of Chartered Accountants (or the successor body thereto) (which independent accountant or merchant bank shall act as an expert and not as an arbitrator, shall be instructed to make his
determination within 10 (ten) Business Days after being requested to do so and shall determine the liability for his charges which will be paid accordingly); and/or 

 

	8.1.4	institute any legal proceedings which the Lenders may deem necessary in connection with any sale or other realisation or the transfer of any of the Ceded Rights by the
Lenders or their nominees; and/or 

  

	8.1.5	convey valid title in the Ceded Rights to any purchaser thereof (including the Lenders, on the basis envisaged in Clause 8.1.3.3 above) and/or to take all such further
or other steps as the Lenders may consider necessary to deal with the Ceded Rights; and/or 

  

	8.1.6	take all such further or other steps as the Lenders may reasonably consider necessary to deal with the Ceded Rights in order to give effect to this Security Cession.

  

	8.2	On the Facility Agent (on behalf of the Lenders) taking any actions in terms of Clause 8.1, or otherwise as required by the Facility Agent or the Lenders, the Cedent
shall on demand by the Facility Agent: 

  

	8.2.1	notify any relevant person required by the Facility Agent in writing that payment for, delivery of or performance in respect of the Ceded Rights must be made to the
Lenders, and that payment, delivery or performance to the Cedent or to anyone else will not constitute valid payment, delivery or performance, and the Lenders shall be entitled to do likewise. The Cedent shall on demand by the Lenders provide proof
that such notification has been duly given; 

  
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	8.2.2	refuse to accept any payment, delivery or performance tendered in respect of any of the Ceded Rights in order that such payment, delivery or performance be tendered to
the Lenders, which will apply any payment so received in accordance with the provisions of Clause 9 (Appropriation of Proceeds); and 

  

	8.2.3	at its own cost carry out any lawful necessary directions the Facility Agent may give in regard to the realisation of the Ceded Rights and sign any document or do any
other lawful act necessary to vest the Ceded Rights in the Lenders, to enable the sale or disposition of the Ceded Rights, which may otherwise be necessary or required to perfect the Security Cession created in this Agreement.

  

	8.3	Notwithstanding anything to the contrary contained in this Agreement, the Facility Agent and/or the Lenders shall not be obliged to take any particular steps to collect
or otherwise enforce their rights in respect of the Ceded Rights. 

  

	9.	APPROPRIATION OF PROCEEDS 

The Facility Agent shall apply the net proceeds of all amounts received pursuant to the sale or other realisation of the Ceded Rights in
accordance with the provisions of this Agreement (after deducting all properly evidenced costs and expenses incurred by the Facility Agent or the Lenders, as applicable, in relation to such realisation) in reduction or discharge, as the case may be,
of the Cedent’s obligations under the Secured Obligations, in accordance with the Facilities Agreement. 
  

	10.	AUTHORITY 

 If at any time
during this Agreement the Lenders or the Facility Agent (on behalf of the Lenders) become entitled to exercise their rights under Clause 8.1, the Cedent hereby authorises and appoints the Facility Agent (on behalf of the Lenders) (or their nominees)
irrevocably and in rem suam as the Cedent’s attorney and agent in the Cedent’s name, place and stead to sign and execute such documents as may be necessary: 

 

	10.1	in order to render the Ceded Rights or any of them negotiable including, without limitation, the signature of transfer declarations; 

 

	10.2	to enable the Lenders to receive payment of the purchase price for the Ceded Rights subject to the provisions of Clause 9; and 

 

	10.3	to enable the Lenders to exercise any of their rights granted to them herein. 

 

	11.	DURATION 

 This Agreement
is a continuing covering security and will ipso facto terminate only upon the Discharge Date. In particular, this Agreement shall not terminate by reason solely of the fact that there may at any time be reduced obligations or debts owing by
the Cedent under the Finance Documents. The Facility Agent shall, within 5 (five) Business Days of receipt of a written request from the Cedent, certify in writing that the Discharge Date has occurred (provided that the Discharge Date has in fact
occurred). 

  
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	12.	FURTHER ASSURANCES 

 The
Cedent shall generally promptly do everything that may be required in order to comply with its obligations under this Agreement and as may otherwise be required by the Facility Agent for the purposes of and to give effect to this Agreement, failing
which the Facility Agent may, to the extent possible, attend thereto on behalf of the Cedent and recover on demand from the Cedent any expenses reasonably incurred in relation thereto. In particular the Cedent shall execute and do all such acts and
things as the Facility Agent, in its reasonable discretion, may require: 
  

	12.1.1	to perfect or protect the security interests created (or intended to be created) by this Agreement; 

 

	12.1.2	to preserve or protect any of the rights of the Lenders under this Agreement; 

 

	12.1.3	to enforce any security interests created under this Agreement on or at any time after it becomes enforceable; 

 

	12.1.4	for the exercise of any power, authority or discretion vested in the Lenders or the Facility Agent, as applicable, under this Agreement; 

 

	12.1.5	to carry out the effect, intent and purpose of this Agreement, 

 in any such case, forthwith upon demand by the Lenders or the Facility Agent (on behalf of the Lenders) to the maximum extent permitted by law and at the expense of the Cedent. 

 

	13.	ADDITIONAL RIGHTS 

 The
rights conferred on the Lenders and the Facility Agent by this Agreement are additional to and not in substitution for: 
  

	13.1	any other rights the Lenders have, or may at any time in the future have, against the Cedent or any other person, in connection with the Secured Obligations;

  

	13.2	any other security held or hereafter to be held by the Lenders from the Cedent, or any other person, in connection with the Secured Obligations. The Lenders may release
any security held by them without prejudice to their rights under this Agreement. 

  

	14.	CEDENT BOUND NOTWITHSTANDING CERTAIN CIRCUMSTANCES 

  

	14.1	The Cedent agrees that on signature hereof, it will be bound under this Agreement to the full extent hereof, despite the fact that: 

 

	14.1.1	any intended additional security from the Cedent or any other person for the Secured Obligations may not be obtained or may be released or may cease to be held for any
other reason; 

  

	14.1.2	any Lender and/or the Facility Agent may agree any variation or novation of any Finance Document (including any amendment providing for the increase in the amount of a
Facility or an additional facility) in accordance with the provisions of the Finance Documents; 

  
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	14.1.3	any Lender and/or the Facility Agent may receive a dividend or benefit in any insolvency, liquidation or any compromise or composition, whether in terms of any
statutory enforcement or the common law; 

  

	14.1.4	the Lender and/or the Facility Agent may grant any indulgences to any Obligor or may not exercise any one or more of its rights under the Finance Documents, either
timeously or at all; or 

  

	14.1.5	any other fact or circumstance may arise on which the Cedent might otherwise be able to rely on a defence based on prejudice, waiver or estoppel.

  

	14.2	If the Cedent suffers any loss arising from any of the facts, circumstances, acts or omissions referred to above, it will have no claim against any Lender and/or the
Facility Agent in respect thereof. 

  

	15.	KEEPING, INSPECTION AND DELIVERY OF RECORDS 

  

	15.1	The Cedent shall at all times keep up-to-date records of the Ceded Rights and shall comply with any reasonable directions the Facility Agent may give in regard to the
keeping of such records. 

  

	15.2	The Facility Agent or any of the Lenders may at any time on a Business Day and on reasonable notice inspect any of the Cedent’s books of account and other records
including the Cedent’s books of account and/or other records which may be in the possession of a third party. 

  

	15.3	If the Facility Agent at any time so requests, the Cedent shall at its own cost deliver to the Facility Agent certified copies of any of the books and/or records
referred to in Clauses 15.1 or 15.2. 

  

	16.	EXEMPTION FROM LIABILITY 

  

	16.1	Neither any Lender nor the Facility Agent, their respective officers, trustees, agents, beneficiaries, employees and advisors shall be liable for any loss or damage,
whether direct, indirect, consequential or otherwise, suffered by the Cedent howsoever arising in connection with this Agreement, whether that loss or damage arises as a result of a breach of contract (whether total, fundamental or otherwise),
delict or any other cause and whether this Agreement has been terminated or not, other than as a result of the gross negligence, fraud or wilful misconduct of such Lender or the Facility Agent, as the case may be. 

 

	16.2	The Cedent agrees to indemnify (and keep indemnified) and hold harmless each Lender and the Facility Agent and their respective officers, trustees, agents,
beneficiaries, employees and advisors against any and all losses, claims, damages or liabilities (other than consequential damages), to which they may become subject under or in connection with this Agreement, and agrees to reimburse the Lender and
the Facility Agent for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Cedent will not be liable in any such case to
the extent that any such loss, claim, damage or liability arises out of the gross negligence, fraud or wilful misconduct of any Lender or the Facility Agent, as the case may be. 

  
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	17.	FURTHER CESSIONS 

 The
Cedent shall not grant any further cessions of the Ceded Rights or otherwise encumber them without the prior written consent of the Facility Agent. 
  

	18.	CERTIFICATE OF INDEBTEDNESS 

 A certificate signed by a manager of the Facility Agent (whose appointment need not be proved) as to the existence of and the amount of indebtedness by the Cedent to the Lenders, that such amount is due
and payable, the amount of interest accrued thereon and as to any other fact, matter or thing related to the Cedent’s indebtedness under the Finance Documents shall be prima facie proof of the contents and correctness thereof for the
purposes of provisional sentence, summary judgment or any other proceedings, shall be valid as a liquid document for such purpose and shall, in addition, be prima facie proof for purposes of pleading or trial in any action instituted against
the Cedent arising herefrom. 
  

	19.	RENUNCIATION OF BENEFITS 

The Cedent hereby renounces the legal benefits and exceptions of excussion, division, non numeratae pecuniae, non causa debiti,
revision of accounts and errore calculi, the Cedent declaring itself to be fully acquainted with the full meaning and effect of this renunciation. 
  

	20.	STIPULATION 

 The
provisions of this Agreement which are stipulated for the benefit of the Lenders (or any of them) or any of the other persons referred to in Clause 16 (Exemption from Liability) shall be capable of acceptance at any time without notice to any
person. 

  
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 SIGNED at Sandton on this the 20th day of
December 2012. 
  

	
	 For and on behalf of

	SIBANYE GOLD LIMITED
	 (as Original Borrower)

	
	 /s/ Charl Keyter

	 Name: CHARL KEYTER

	 Capacity: DIRECTOR

	 Who warrants his authority hereto

  
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 SIGNED at Sandton on this the 20th day of
December 2012. 
  

	
	 For and on behalf of

	 ABSA BANK LIMITED (acting through its
 ABSA CAPITAL division)

	 (as Original Lender)

	
	 /s/ Amitha Chetty

	 Name: AMITHA CHETTY

	 Capacity: AUTHORISED SIGNATORY

	 Who warrants his authority hereto

	
	 /s/ Shirley Webbor

	 Name: SHIRLEY WEBBOR

	 Capacity: AUTHORISED SIGNATORY

	 Who warrants his authority hereto

  
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 SIGNED at Sandton on this the 20th day of
December 2012. 
  

	
	For and on behalf of
	THE STANDARD BANK OF SOUTH AFRICA LIMITED (acting through its CORPORATE AND INVESTMENT BANKING division)
	 (as Original Lender)

	
	 /s/ Ziyaad Sarang

	 Name: ZIYAAD SARANG

	 Capacity: EXECUTIVE, MEI, INVESTMENT BANKING

	 Who warrants his authority hereto

  
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 SIGNED at Sandton on this the 20th day of
December 2012. 
  

	
	For and on behalf of
	 NEDBANK LIMITED (acting through its
 NEDBANK CAPITAL division)

	(as Facility Agent and Original Lender)
	
	 /s/ Greg Webber

	Name: GREG WEBBER
	Capacity: AUTHORISED SIGNATORY
	Who warrants his authority hereto
	
	 /s/ D. Jansen Van Rensburg

	Name: D. JANSEN VAN RENSBURG
	Capacity: AUTHORISED SIGNATORY
	Who warrants his authority hereto

  
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 SIGNED at Sandton on this the 20th day of
December 2012. 
  

	
	For and on behalf of
	 NEDBANK LIMITED (acting through its
 NEDBANK CORPORATE division)

	(as Original Lender)
	
	 /s/ M. Steenkamp

	Name: M. STEENKAMP
	Capacity: AUTHORISED SIGNATORY
	Who warrants his authority hereto
	
	 /s/ D.G. Van Der Cesact

	Name: D.G. VAN DER CESACT
	Capacity: AUTHORISED SIGNATORY
	Who warrants his authority hereto

  
 Page 16

  

 SIGNED at Sandton on this the 20th day of
December 2012. 
  

	
	For and on behalf of
	 FIRSTRAND BANK LIMITED (acting through
 its RAND MERCHANT BANK division)

	(as Original Lender)
	
	 /s/ N.H. Deist

	Name: N.H. DEIST
	Capacity: AUTHORISED SIGNATORY
	Who warrants his authority hereto
	
	 /s/ M. Lucht

	Name: M. LUCHT
	Capacity: AUTHORISED SIGNATORY
	Who warrants his authority hereto

  
 Page 17

  

 SIGNED at Sandton on this the 20th day of
December 2012. 
  

	
	For and on behalf of
	 JPMORGAN CHASE BANK, N.A.,
 JOHANNESBURG BRANCH

	(as Original Lender)
	
	 /s/ Regis Castro

	Name: REGIS CASTRO
	Capacity: VICE PRESIDENT
	Who warrants his authority hereto

  
 Page 18

  

 SCHEDULE 1 
 NOTICE TO OROGEN BOND GUARANTOR 
 [To appear on the letterhead of Cedent]

  

			
	 To:
	  	[Orogen Bond Guarantor]
	 	  	[insert Address]
		
	 And to:
	  	[Facility Agent] (the Facility Agent)
		  	[insert Address]

 Date: [insert] 
 Dear Sirs, 
 CESSION IN SECURITY 
 We refer to the indemnity agreement (the Indemnity Agreement) concluded on [insert Demerger Date] amongst ourselves, Gold Fields Orogen Holding (BVI) Limited, GFL, Gold Fields Operations
Limited and Gold Fields Holdings Company (BVI) Limited (collectively, the Orogen Bonds Guarantors), pursuant to which the Orogen Bonds Guarantors (other than the ourselves) indemnify and hold us harmless from and against any and all
liabilities and expenses which may be incurred by us in our capacity as Orogen Bond Guarantor under or in connection with the Notes Guarantee (as defined in the Indemnity Agreement). 
 We confirm that pursuant to certain financing arrangements concluded between ourselves, Absa Bank Limited (acting through its Absa Capital division), Nedbank Limited (acting through its Nedbank Corporate
and Nedbank Capital divisions), The Standard Bank of South Africa (acting through its Corporate and Investment Bank division), FirstRand Bank Limited (acting through its Rand Merchant Bank division) and JPMorgan Chase Bank, N.A., Johannesburg Branch
(the Lenders) and as security for the performance of our obligations in relation thereto, we have concluded a written cession in security agreement with the Lenders, pursuant to which we have ceded in security all of our rights, title and
interest in and to the Indemnity Agreement (the Security Cession). 
 We confirm that upon receiving a written request from the Facility
Agent notifying you of the enforcement of its rights under the Security Cession, you are to henceforth pay any and all amounts which would otherwise have been payable to ourselves under the Indemnity Agreement, to the Facility Agent, or its nominee.

 Please acknowledge receipt of this notification by signing the Annexure attached to this letter and returning your acknowledgement of receipt
to ourselves and to the Facility Agent at the addresses specified therein. 

  
 Page 19

  

	
	Yours faithfully,
	
	  

	 Sibanye Gold Limited

  
 Page 20

  

 ANNEXURE TO SCHEDULE 1 

 

							
	 From
	  	 	:	  	  	[Orogen Bond Guarantor]
		  				  	[insert Address]
			
	 To
	  				  	Sibanye Gold Limited
		  				  	[insert Address]
			
		  				  	Telefax No: [insert]
		  				  	Attention: [insert]
			
	 And To:
	  				  	[Facility Agent] (the Facility Agent)
		  				  	[insert Address]
			
		  				  	Telefax No: [insert]
		  				  	Attention: [insert]

 Date: [insert] 
 Dear Sirs, 
 ACKNOWLEDGEMENT OF CESSION IN SECURITY 

We refer to your letter dated [insert] entitled “Cession in Security”. Terms and expressions used therein shall have the same
meaning where used in this letter. 
 We confirm receipt of your letter and hereby undertake that upon receipt of written notification from the
Facility Agent of the enforcement of its rights under the Security Cession, we shall henceforth pay any and all amounts which would otherwise have been payable to you under the Indemnity Agreement, to the Facility Agent. 

We agree that payment to any other party in such circumstances shall not constitute a valid discharge of our payment obligations under the Indemnity
Agreement. 
  

	
	Yours faithfully,
	
	  

	 [Orogen Bond Guarantor]Agreement between Neal Froneman and Sibanye Gold

 Exhibit 4.9 

 

			
	 Wednesday, 05 December, 2012
	  	GFI Mining South
	  	Africa (Pty) Ltd
	 Mr Neal Froneman
	  	Reg. 2002/031431/07
	  	
		
		  	Business Address: Libanon Business Park

Hospital Street, (Off Cedar

Ave), Libanon, Westonaria

		
		  	Postnet Suite 19 Private Bag X5

Strubens Valley
 1735

		
		  	Tel    +27 11 278 9600
		  	Fax    +27 11 278 9862
		  	www.goldfields.co.za

 Dear Neal 

LETTER OF APPOINTMENT 
 GFI Mining South
Africa (Pty) Ltd, (hereinafter also referred to as the Company), is pleased to offer you the position of Chief Executive Officer with effect from 1 January 2013 on the following terms and conditions: 

 

	1.	RECORDAL 

  

	 	1.1.	You will commence employment with the Company with effect from 1 January 2013. You will be appointed as Chief Executive Officer of the Company.

  

	 	1.2.	Your terms of employment with the Company with effect from 1 January 2013 are set out herein. 

 

					
		  	 	

 	  
	  
  

    Directors: N J Holland* (Chairman), S M Govender, K F L Moabelo, M M C Mutloane, P L
Turner. * British
     Corporate Secretary: Gold Fields Group Services
(Proprietary) Limited
     Registered Office: 150 Helen Road, Sandown, Sandton,
2196 (Postnet Suite 252, Private Bag X30500, Houghton, 2041, South Africa)
	  

	2.	DUTIES 

  

	 	2.1.	You shall devote the whole of your time and attention, other than de minimis amounts of time devoted by you to the management of your personal affairs or to
engage in charitable or community services, during the Company’s ordinary business hours. 

  

	 	2.2.	You shall not, during your employment by the Company, be engaged either directly or indirectly, and whether as principal, agent, shareholder, or in any other manner
whatsoever, in any other form of business without the previous written consent of the Chairman of the Company (“the Chairman”). 

  

	 	2.3.	You shall comply with the directions of the Chairman and carry out such functions and duties as are from time to time assigned to you and are consistent with your
office and use your utmost endeavours to protect and promote the business and interests of the Company and to preserve its reputation and goodwill. 

  

	 	2.4.	You shall not, during your employment by the Company or thereafter, regardless of the reason for termination of your employment, use for your own benefit or for the
benefit of any other person or divulge or communicate to any person or persons, except to those officials of the Company whose province it is to know the same, any of the Company’s secrets or any other confidential information which you may
receive or obtain in relation to the Company’s affairs or those of its customers, associates and suppliers. 

  

	 	2.5.	You shall undertake such reasonable and necessary travel as may be required for purposes of carrying out your duties, it being recorded that the Company may from time
to time require your spouse to accompany you when you are obliged to conduct business away from your normal place of work. 

  
 2 

	 	2.6.	You shall submit to the Chairman, or to any person nominated by him, such information and reports as may be required of you in connection with the performance of your
duties and the business of the Company. 

  

	 	2.7.	You shall generally discharge the fiduciary duties incumbent upon you in your aforesaid position and which may in law be applicable after you vacate that position.

  

	 	2.8.	You shall ensure that you have suitable facilities at your residence to attend to business outside ordinary office hours. 

 

	3.	REMUNERATION AND OTHER BENEFITS 

  

	 	3.1.	As remuneration for your services, the Company will pay you an annual total cost to company Remuneration Package as set out in Annexure A (the “Remuneration
Package”), one twelfth of which shall be paid each month (“monthly Remuneration Package”). The Company, where required, shall deduct tax and other lawful deductions. 

 

	 	3.2.	Your Remuneration Package will consist of a mix of cash and benefits as agreed to between you and the Company in advance. The cash amount shall be paid, directly into
your bank account (being any bank account that you may nominate from time to time) and monthly in arrears on or before the last day of each month. 

  

	 	3.3.	Your Remuneration Package is subject to annual review (but not reduction) on or before 1 March of each year by the Remuneration Committee.

  

	 	3.4.	The benefit portion of your Remuneration Package will accrue as determined by the provisions and policies applicable to the benefits elected by you from time to time.

  
 3 

	 	3.5.	You shall be entitled to participate in the Group Annual Incentive Scheme, subject to the rules applicable thereto from time to time. In respect of each financial year,
you shall be eligible to earn a bonus from the Company that equates to 65% (sixty-five percent) of your Remuneration Package in effect at the end of the applicable financial year, provided applicable performance or other targets approved by the
Board for that financial year are achieved. These targets will generally be adopted, after reasonable consultation with you, by no later than 60 (sixty) days following the start of a particular financial year. 

 

	 	3.6.	If the targets contemplated in clause 3.5 above are: 

  

	 	3.6.1.	achieved, you shall be paid a bonus that equates to 65% (sixty-five per cent) of your Remuneration Package; 

 

	 	3.6.2.	exceeded, you may in addition to the bonus contemplated in clause 3.6.1 above, at the sole and absolute discretion of the Remuneration Committee, be paid an additional
bonus of up to a further 65% (sixty-five per cent) of your Remuneration Package; and/or 

  

	 	3.6.3.	not achieved, you may, nonetheless, be paid a bonus at the sole and absolute discretion of the Remuneration Committee. 

 

	 	3.7.	Any amount due to you determined in accordance with clause 3.5 will be paid to you within 60 (sixty) days following the end of that financial year, less tax and other
lawful deductions. 

  

	 	3.8.	You will become a participant in The Gold Fields Share Plan (“the Plan”). Your participation in the Plan shall, at all times, be in accordance with the
provisions of the Plan and the decisions of the Remuneration Committee in terms of such provisions, which decisions shall be final and binding on you. 

  
 4 

	 	3.9.	The Company shall refund to you in Rands the out-of-pocket expenses incurred by you on behalf of the Company which are substantiated by vouchers and which have been
approved by the Company or are incurred in accordance with principles determined by it from time to time. 

  

	 	3.10.	You shall join the Company’s currently nominated Medical Scheme or any other medical scheme nominated by the Company from time to time, subject to the rules
thereof. The Company shall pay the monthly contributions to the Medical Scheme, monthly in arrears, the costs of which form part of your Remuneration Package. Upon termination of employment for any reason, including retirement, you may, subject to
the rules of the applicable medical scheme at the time, be eligible to remain a member of such medical scheme, provided that the Company shall have no obligation to make any payment of contributions to such medical scheme following such termination
of employment. 

  

	 	3.11.	You will become a member of the Alexander Forbes Retirement Fund or any other such fund nominated by the Company from time to time, subject to the rules thereof. The
Company shall pay the monthly contributions to the said Retirement Fund, monthly in arrears, the costs of which form part of your Remuneration Package. 

  

	 	3.12.	The Company shall provide you with the use of a company vehicle and personal chauffeur. 

 

	 	3.13.	The Company shall provide you with twenty four hour security at your place of residence and at your place of work as well as a personal bodyguard.

  

	4.	ANNUAL LEAVE 

  

	 	4.1.	You shall be entitled to a number of working days paid leave (“the Total Leave Entitlement”) on full pay in respect of each twelve-month cycle of employment
with the Company, as set out in Annexure A, to be taken at such time or times as mutually agreed to by the Chairman and in accordance with the Company’s leave policy applicable from time to time. 

  
 5 

	 	4.2.	The monthly leave entitlement that will accrue to you with respect to the Company for the applicable period is set out in Annexure A. 

 

	5.	NON-SOLICITATION 

  

	 	5.1.	You hereby undertake that neither you nor any company, close corporation, firm, undertaking or concern in which you are directly or indirectly interested or employed,
will for a period of 24 (twenty four) months after the termination of your employment with the Company for any reason and whether for reward or not, directly or indirectly: 

 

	 	5.1.1.	encourage or entice or incite or persuade or induce any employee of the Company, who is employed by the Company as at the date your employment with the Company
terminates, to terminate his or her employment by it; or 

  

	 	5.1.2.	furnish any information or advice to any employee to whom clause 5.1.1 applies or to any prospective employer of such employee or use any other means which is directly
or indirectly designed, or in the ordinary course of events calculated, to result in any such employee terminating his or her employment by the Company and/or becoming employed by or directly or indirectly in any way interested in or associated with
any other company, close corporation, firm, undertaking or concern. 

  
 6 

	6.	INVENTIONS, DISCOVERIES AND COPYRIGHT 

  

	 	6.1.	Any discovery or invention or secret process or improvement in procedure made or discovered by you in the course and scope of your employment by the Company, in
connection with or in any way affecting or relating to the business of the Company or capable of being used or adapted for use by the Company or in connection with their businesses shall be disclosed to the Company and shall belong to and be the
absolute property of the Company or any other company or entity nominated by it. 

  

	 	6.2.	You shall, if and when required by the Company, apply or join with the Company at its expense in applying for Letters Patent or other equivalent protection in the
Republic of South Africa or in any other part of the world for such discovery, invention, process or improvement and shall at the Company’s expense execute all instruments and do all things necessary for vesting the said Letters Patent or other
equivalent protection in the name of the Company as sole beneficial owner or in the name of such other person as the Company may nominate. 

  

	 	6.3.	Insofar as may be necessary, you assign to the Company the copyright in all present and future works eligible for copyright of which you may be the author, which works
were or are created, compiled, devised or brought into being during the course and scope of your employment with the Company. No consideration will be paid by the Company to you in respect of this assignment. 

  
 7 

	 	6.4.	All reports, manuals, budgets, indices, research papers, letters or other similar documents (the nature of which is not limited by the specific reference to the
aforegoing items and which include electronic versions thereof) which are created, compiled or devised or brought into being by you or come into your possession during the course and scope of your employment, and all copies thereof, shall be the
property of the Company. Upon the date of termination of your employment, or earlier if required by the Company, such documents and all copies shall be returned to the Company. 

 

	 	6.5.	On termination of this agreement, you shall deliver to the Company all property in your possession or under your control belonging to the Company.

  

	7.	NOTICE OF TERMINATION 

  

	 	7.1.	Your employment shall continue for an indefinite period subject to you being able to terminate the employment relationship by furnishing the Board with twelve
(12) calendar months written notice or the Board furnishing you with twelve (12) calendar months written notice thereof. Should the Company require of you not to work your notice period (albeit Company or employee initiated) or any part
thereof, you shall be entitled to your Remuneration Package up to the last day of your notice period. As concerns your benefits: 

  

	 	•	 	 You shall continue to retain membership of the Retirement and the Medical aid funds and this will be funded from your GRP.

  

	 	•	 	 You shall be entitled to receive the Annual Bonus pro-rated up to the last day of your notice period based on the average percentage annual performance
bonus received over the past two years. 

  

	 	•	 	 You shall be entitled to sell all shares, which have settled prior to or on the last day of your notice period, according to the rules of The Gold
Fields Share Plan. 

  

	 	•	 	 You shall be entitled to the benefit of spousal travel as approved by the Chairman up to the last day worked. 

  
 8 

	 	•	 	 You shall be entitled to accrue leave up to the last day worked. The Company encourages that you make use of accrued leave up to and including the date
of notice. Should you not have taken up accrued leave as at the date of notice by the end of your notice period, leave accrued up to this point shall be forfeited. 

 

	 	•	 	 You shall be entitled to be compensated for any Business travel and cell phone re-imbursement up to the last day worked. 

 

	 	•	 	 You shall be entitled to the use of your laptop, credit cards and all other benefits that may not be covered under 7.1 above, up to the last day
worked. 

 In the event that you request not to work your full notice period, the Company may consider this
request. This shall result in your Remuneration Package and benefits as listed above being paid out to you as at your last day worked. In addition, you shall lose all claims to any pro-rated bonus to be paid as well as any shares that may not have
vested/settled as at the date of your last day worked. The aforegoing shall not derogate from the entitlement of either party to terminate this agreement summarily on grounds permitted in law. In the event of a change of control of GFIMSA, the
Remuneration and benefits as per clause 8.1 will apply instead. 
  

	 	7.2.	Your employment contemplated herein shall terminate ipso facto upon you reaching the retirement age of 60 (sixty) years. 

 

	8.	CHANGE OF CONTROL 

  

	 	8.1.	Notwithstanding clause 7, if, at any time before the termination of your employment pursuant to this agreement a change of control of GFIMSA shall occur and your
employment pursuant to this agreement is terminated by the Company, directly or constructively, within 12 (twelve) months of the effective date of such change of control, the following will apply: 

  
 9 

	 	•	 	 You shall be entitled to a lump sum compensatory payment equal to twice your then annual Remuneration Package, 

 

	 	•	 	 You shall be entitled to the average percentage of the annual bonuses paid by the Company to you during the previous 2 (two) completed financial years,

  

	 	•	 	 Any other payments and/or benefits then due and payable in terms of this agreement. The agreed amounts referred to in the preceding sentence shall
cover any compensation or damages you may be entitled to in terms of the Labour Relations Act, 1995, the Basic Conditions of Employment Act, 1997, and any other law (including common law) governing employment or the termination of employment.

  

	 	•	 	 You shall be entitled to Awards in terms of The Gold Fields Share Plan these Awards shall be accelerated and on the date of such termination of
employment you will be Settled with the full number of Shares previously Awarded to you in accordance with the provisions of that Plan. 

  

	 	•	 	 You shall furthermore be entitled to receive the Annual Bonus earned in terms of clause 3.6 notwithstanding that the financial year concerned may not
have been concluded on the basis that the bonus targets shall be deemed to have been achieved. 

  

	 	8.2.	For the purposes of this clause 8, a change of control of GFL shall mean a transaction or series of transactions, whereby directly or indirectly, any company, person or
other entity and its concert parties (as envisaged, from time to time, in the Securities Regulation Code on Take-Overs and Mergers) comes to beneficially hold in aggregate more than 30% (thirty per cent) of the ordinary issued share capital of
GFIMSA. 

  

	 	8.3.	In the event of the consummation of an acquisition, merger, consolidation, scheme of arrangement or other re-organisation, whether or not there is a change of control,
and your services are terminated by the Company, directly or constructively, within 12 (twelve) months of the effective date of such consummation, the provisions of 8.1 shall apply. 

  
 10 

	 	8.4.	You shall not be entitled to the benefits set out in 8.1 should your services be terminated as the result of your dismissal on the grounds of proven fraud, theft,
misappropriation of property or funds, or a related disciplinary offence involving gross dishonesty. 

  

	9.	DIRECTORS’ AND OFFICERS’ INSURANCE 

 The Company hereby indemnifies you to the full extent permitted by the provisions of section 247(2) of the Companies Act, 1973, as amended, and in addition undertakes to take out and maintain at its
cost and for your benefit, such standard Directors’ and Officers’ Insurance as may be recommended by the Company’s insurance brokers, from time to time, and for such reasonable level of cover having regard to all the circumstances as
may be determined by the Chairman, from time to time. 
  

	10.	TAXATION  

 None of
the provisions of this agreement shall impose any obligation on the Company to make any tax payment in your favour and you shall be required to bear and pay all monies for which you may be liable in respect of income tax or any other tax.

  

	11.	APPLICABLE LAWS AND DISPUTE RESOLUTION 

  

	 	11.1.	This agreement will be interpreted and applied in accordance with the laws of the Republic of South Africa. 

 

	 	11.2.	 Any dispute between the parties in regard to any matter arising from this agreement and your employment relationship with the Company, shall first be
referred to the Remuneration Committee for resolution, failing which it shall be referred to a sub-committee of the Board comprising the majority of the 

  
 11 

	 	
Non-executive members of the Board. Should such body not be able to resolve the dispute, the dispute shall be finally resolved by arbitration conducted in accordance with the appropriate rules of
the Arbitration Foundation of South Africa, by an arbitrator agreed to between the parties or, failing such agreement, appointment by that Foundation. 

  

	12.	DOMICILIUM CITANDI ET EXECUTANDI 

 The parties choose as their domicilium citandi et executandi for all purposes under this agreement the following addresses: 
 The Company 
 GFI Mining South Africa (Pty) Ltd 

Libanon Business Park 
 Hospital Street, (Off Cedar Ave), Libanon, Westonaria 
 Mr Neal Froneman

  

	13.	GENERAL 

  

	 	13.1.	In the event that your services are terminated for any reason whatsoever, the Company may deduct all amounts owing to the Company from any amounts due to you by the
Company on the date your employment terminates. 

  

	 	13.2.	Subject to 1.2, this agreement, read with any applicable written policies, procedures, regulations or the like of the Company, including the Company’s Corporate
Office Staff Booklet, constitutes the whole agreement between the parties in respect of your employment by the Company. In the event of any conflict between such written policies, procedures, regulations or the like and this agreement, the terms of
this agreement shall prevail. 

  
 12 

	 	13.3.	No relaxation or indulgence which the Company may show to you shall in any way prejudice or be deemed to be a waiver of its rights under this agreement.

  

	 	13.4.	The parties record that the provisions of this agreement correctly reflect their intentions. 

 

	14.	RESIGNATION 

 On
the date your employment with the Company terminates, you shall ipso facto be deemed on that date to have resigned as a director and CEO of GFI Mining South Africa (Pty) Ltd, the Company and/or any other company or body in which you hold
office by virtue of your employment by the Company, in which event you hereby irrevocably appoint the then secretary of the Company as your agent in rem suam to sign all such documents and to do all such acts as may be necessary to effect and
implement such resignations. 
  

									
		 	 /s/ Nicholas J. Holland
	  		  	 /s/ Neal Froneman
	  	
					
		 	CHAIRMAN OF GFI MINING SOUTH	  		  	MR NEAL FRONEMAN	  	
		 	AFRICA (PTY) LTD	  		  		  	
					
		 	 5/12/12
	  		  	 7/12/2012
	  	
					
		 	DATE	  		  	DATE	  	

  
 13 

 ANNEXURE A 
 Mr N Froneman 
 This Annexure is to be read in conjunction with the specified
clauses in the Letter of Appointment. This Annexure is to be updated effective 1 March each year, and at any other time when the applicable details are reviewed. 
 This Annexure is effective from 1 January 2013. 
  

	1.	In terms of Clause 3.1, the Remuneration Package is R 7,000,000.00 with effect from 1 January 2013. 

 

	2.	In terms of Clause 4.1, the number of working days paid leave is calculated as 30 days for a full calendar year. 

 

	3.	A sign-on performance share allocation of 80 383 shares will be awarded to you on appointment in terms of the Rules of the Gold Fields Share Plan.

  

							
	 /s/ Nicholas J. Holland
	  		  	 5/12/12
	  	
				
	CHAIRMAN OF GFI MINING	  		  	DATE	  	
	SOUTH AFRICA (PTY) LTD	  		  		  	

  
 14 

 I hereby accept the terms and conditions of employment as set out in this letter of appointment and
remuneration terms as set out in Annexure A above. 
  

							
	 /s/ Neal Froneman
	  		  	 7/12/2012
	  	
				
	MR NEAL FRONEMAN	  		  	DATE	  	

  
 15

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