Document:

EX-4.43

Exhibit 4.43

Rules of the Randgold Resources Limited Restricted Share Scheme

Approved by the Board on 26 March 2008 and by the Company in general meeting on

28 July 2008

 

 

RULES OF THE RANDGOLD RESOURCES LIMITED RESTRICTED SHARE SCHEME

CONTENTS

	 	 	 	 	 
	CLAUSE	 	PAGE
	1. DEFINITIONS
	 	 	1	 
	2. COMMENCEMENT AND TITLE
	 	 	5	 
	3. GRANT OF AWARDS
	 	 	6	 
	4. SCHEME LIMITS
	 	 	6	 
	5. INDIVIDUAL LIMIT
	 	 	7	 
	6. NON-ASSIGNABILITY OF AWARDS
	 	 	7	 
	7. EXERCISE PRICE OF AN OPTION
	 	 	7	 
	8. EXERCISE OF OPTIONS AND VESTING OF ALLOCATIONS
	 	 	7	 
	9. LAPSE
	 	 	8	 
	10. MANNER OF EXERCISE OR VESTING
	 	 	9	 
	11. RECONSTRUCTION, TAKEOVER OR LIQUIDATION
	 	 	11	 
	12. CAPITAL REORGANISATION
	 	 	12	 
	13. EMPLOYMENT RIGHTS
	 	 	13	 
	14. ADMINISTRATION AND AMENDMENT
	 	 	13	 
	15. DATA PROTECTION
	 	 	15	 
	16. EXCLUSION OF THIRD PARTY RIGHTS
	 	 	15	 
	17. TERMINATION
	 	 	15	 
	18. GOVERNING LAW
	 	 	15	 

 

 

RULES OF THE RANDGOLD RESOURCES LIMITED RESTRICTED SHARE SCHEME

	1.	 	DEFINITIONS
	 
	 	 	In these Rules (unless the context otherwise requires) the following words and phrases have
the following meanings:
	 
	 	 	“Admitted” means admitted to the official list maintained by the FSA and admitted to
trading on the London Stock Exchange’s market for listed securities;
	 
	 	 	“Allocation” means a conditional award of a specified number of Shares;
	 
	 	 	“Announcement Date” means any date on which the results of the Group for the last preceding
financial period or half-period are announced;
	 
	 	 	“Associated Company” has the meaning given
to it in section 416 of the Income and
Corporation Taxes Act 1988;
	 
	 	 	“Award” means any Allocation or Option;
	 
	 	 	“Award Tax Liability” means an amount sufficient to satisfy all taxes, duties, social
security or national insurance contributions and any equivalents or any other amounts which
are required to be withheld or accounted for by a Participant’s Employing Company, the
Company, any Associated Company of the Company or the Trustees in connection with the
grant, holding, exercise and/or vesting of an Award;
	 
	 	 	“Base Salary” means the cash earnings (excluding bonuses) of the office(s) or employment(s)
by virtue of which an Eligible Employee is eligible to participate in the Scheme during the
period of 12 months ending on the relevant Date of Grant or the last accounting period of
the Company, if greater;
	 
	 	 	“Board” means the board of directors from time to time of the Company (or the directors
present at a duly convened meeting of such board) or a duly authorised committee of the
Board;
	 
	 	 	“Cause” means:

	 	(a)	 	the Participant’s conviction of a plea of nolo contendere to any felony ;
	 
	 	(b)	 	the Participant’s gross negligence in the discharge of his duties;
	 
	 	(c)	 	the Participant’s wilful misconduct in the discharge of his duties;
	 
	 	(d)	 	any wilful and material breach of any provisions of the Participant’s
contract of employment which breach, if susceptible to cure, is not ended immediately
upon written notice, or not cured by the Participant within ten (10) business days
following written notice from the Board detailing such breach;
	 
	 	(e)	 	the Participant’s failure to perform his material duties (other than as a
result of his Disability) which is either wilful or deliberately repeated after
written notice, or not cured by the Participant within ten (10) business days
following written notice from the Board detailing such failure; or
	 
	 	(f)	 	the Participant’s becoming insolvent or making any arrangement or composition
with his creditors,

	 	 	PROVIDED THAT no act or failure to act on the Participant’s part will be considered
“wilful” if done, or omitted to be done by the Participant in good faith and in the
reasonable belief

 

 

	 	 	that his action or omission was in the best interests of the Company, and Cause shall exist
from and after the occurrence of any such event or conduct;

	 	 	“Change in Control” means;

	 	(g)	 	a sale by the Company of substantially all of its assets in one transaction
or a series of related transactions;
	 
	 	(h)	 	the acquisition by any person, entity, or group (within the meaning of
Section 13(d)(3) of the Securities Exchange Act of 1934 of the United States of
America, as amended) of equity interests in the Company representing thirty-five per
cent. (35%) or more of the voting power in the Company (including voting power
exercisable on a contingent or deferred basis as well as immediately exercisable
voting power)
	 
	 	(i)	 	a merger or consolidation involving the Company in which holders of the
Company’s equity securities immediately before the merger or consolidation do not
immediately after the merger or consolidation own over fifty per cent. (50%) of the
voting power in the entity surviving the merger or consolidation (including voting
power exercisable on a contingent or deferred basis as well as immediately exercisable
voting power); or
	 
	 	(j)	 	when, at any time during a Participant’s Employment, the individuals who
constitute the Board of Directors on the date (the “Commencement Date") on which the
Participant commences Employment (the “Incumbent Directors") cease for any reason to
constitute at least a majority thereof; provided, however, that a director who was not
a director at the Commencement Date shall be deemed to be an Incumbent Director if
such director was elected by, or on the recommendation of or with the approval of at
least a majority of the directors of the Company who then qualified as Incumbent
Directors, either actually (because they were directors on the Commencement Date) or
by prior operation of this sub-clause (d), but excluding, as a member of the Incumbent
Directors, any such individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the
directors of the Company (as such terms are used in Rule 14a-2 of Regulation 14A
promulgated under the Securities Exchange Act of 1934 of the United States of
America),

	 	 	PROVIDED THAT a series of transactions shall be considered related if they occurs within an
eighteen month period, but the fact that a series of transactions occur over a period
longer than eighteen months shall not preclude such transactions from being related;
	 
	 	 	“Commencement Date” means the date on which the Scheme is approved by the Company;
	 
	 	 	“Company” means Randgold Resources Limited, a company incorporated under the laws of Jersey
with registered number 62686;
	 
	 	 	“Condition” means any Performance Condition or any other objective condition determined by
the Board on or prior to the Date of Grant of an Award;
	 
	 	 	“Date of Grant” means the date on which an Award is granted in accordance with Rule 3.1;
	 
	 	 	“Dealing Day” means any day on which the London Stock Exchange is open for the transaction
of business;
	 
	 	 	“Disability” means incapacity or circumstances where the Participant is prevented by
illness, injury, accident or any other circumstance beyond his control from discharging his
material duties under his contract of Employment;

2

 

	 	 	“Eligible Employee” means any employee (including a director) of any Participating Company
who is required to devote substantially the whole of his working time to his employment or
office;
	 
	 	 	“Employees’ Share Scheme” has the
meaning given to it in section 1166 of the Companies Act
2006;
	 
	 	 	“Employing Company” means the Company or any Member of the Group or any Associated Company
of the Company by which the Participant is or, where the context so admits, was employed;
	 
	 	 	“Employment” means office or employment with any Member of the Group;
	 
	 	 	“Exercise Price” means the price at which a Participant may exercise an Option, established
in accordance with Rule 7;
	 
	 	 	“Financial Period” has the meaning of a period for which a profit and loss account of a
company is made up in accordance with the Companies (Jersey) Law 1991;
	 
	 	 	“FSA” means the Financial Services Authority acting in its capacity as the competent
authority for the purposes of part VI of the Financial Services and Markets Act 2000 of the
United Kingdom;
	 
	 	 	“Good Reason” means:

	 	(k)	 	any material breach by the Company of any of its obligations under a
Participant’s contract of Employment;
	 
	 	(l)	 	the Company requiring the Participant to relocate his primary residence to a
place designated by the Company (it being acknowledged by the Participant that he is
required to travel on business as needed), except for required travel on Company
business;
	 
	 	(m)	 	any material reduction in the Participant’s title, duties, authority or
responsibilities without his consent;
	 
	 	(n)	 	receipt by the Participant of notice from the Company under his contract of
Employment of the Company’s intention to terminate his Employment without cause; or
	 
	 	(o)	 	the assignment to the Participant without his consent of duties or
responsibilities materially inconsistent with his positions and duties described in
his contract of Employment,

	 	 	provided that the Participant may not terminate his employment for Good Reason unless he
first gives the Company written notice specifying the Good Reason (within ninety days after
the occurrence of the event giving rise to Good Reason in the case of a US Employee) and
the Company does not cure the Good Reason within thirty days after the date of such notice;
	 
	 	 	“Group” means the Company and its Subsidiaries from time to time;
	 
	 	 	“Internal Reorganisation” means any compromise, arrangement or offer (including any Change
in Control) which, in the reasonable opinion of the Board, having regard to the
shareholdings in the Company and any acquiring company before and after the compromise,
arrangement or offer and/or the consideration given for the acquisition of the Shares
and/or any other matter which it considers relevant, is in the nature of an internal
reorganisation or reconstruction of the Company;

3

 

	 	 	“London Stock Exchange” means London Stock Exchange plc or any successor company or body
carrying on the business of London Stock Exchange plc;
	 
	 	 	“Market Value” means, in relation to a Share on any date:

	 	(p)	 	at any time at which the Shares are Admitted, its middle market quotation (as
derived from the Daily Official List of the London Stock Exchange) on the Dealing Day
immediately preceding that date; or
	 
	 	(q)	 	at any time at which the Shares are not Admitted, the Board’s reasonable
opinion of the fair market value on the day immediately preceding that date;

	 	 	“Member of the Group” means the Company or any one of its Subsidiaries from time to time;
	 
	 	 	“Model Code” means the Model Code for transactions in securities by directors and certain
employees of listed companies issued by the FSA from time to time (or such other code as
may replace it), as amended from time to time;
	 
	 	 	“Option” means a right to acquire a specified number of Shares at the Exercise Price in
accordance with the Rules;
	 
	 	 	“Option Period” means the period commencing on the latest of:

	 	(r)	 	the date on which the Board determines that, the Performance Period having
expired, any Performance Condition has been satisfied, either in full or in part, in
respect of that period or has been waived;
	 
	 	(s)	 	the date on which the Board determines that any other Condition(s) have been
satisfied or waived; and
	 
	 	(t)	 	the third anniversary of the Date of Grant of an Option or such earlier or
later date as the Board may on or before the Date of Grant determine;

	 	 	and ending on the day preceding the tenth anniversary of the Date of Grant of an Option or
such earlier date as the Board may on or before the Date of Grant determine;
	 
	 	 	“Participant” means any individual who has been granted and remains entitled to a
Subsisting Award or (where the context admits) the personal representative(s) of any such
individual;
	 
	 	 	“Participating Company” means any Member of the Group;
	 
	 	 	“Performance Condition(s)” means any condition or conditions relating to the performance of
the Company and/or the Group and/or personal to the Participant determined by the Board on
or prior to the Date of Grant of an Award;
	 
	 	 	“Performance Period” means the period specified by the Board on or prior to the Date of
Grant of an Award in respect of which any Performance Condition is to be measured for the
purpose of determining whether or to what extent the Performance Condition has been
satisfied;
	 
	 	 	“Personal Data” has the meaning given to that term in section 1(1) of the Data Protection
(Jersey) Law 2005;
	 
	 	 	“Relevant Period” has the meaning given to that term in Rule 11.1;
	 
	 	 	“Rules” means these rules as from time to time amended in accordance with their provisions
by the Board or by the Company in general meeting;

4

 

	 	 	“Scheme” means this scheme as governed by the Rules;
	 
	 	 	“Share” means a fully paid ordinary share in the capital of the Company;
	 
	 	 	“Subsidiary” means a subsidiary as defined in section 2 and section 2A of the Companies
(Jersey) Law 1991 (as amended);
	 
	 	 	“Subsisting Allocation” means an Allocation to the extent that it has neither lapsed nor
vested;
	 
	 	 	“Subsisting Award” means a Subsisting Option or a Subsisting Allocation;
	 
	 	 	“Subsisting Option” means an Option to the extent that it has neither lapsed nor been
exercised;
	 
	 	 	“Trustees” means the trustees of any employee benefit trust established by the Company or
any other Member of the Group for the benefit of directors and/or employees of the Company
and/or Group;
	 
	 	 	“US Employee” means an Employee who is taxable in the United States on his or her Base
Salary.
	 
	 	 	“Vesting Date” means either:

	 	(u)	 	in relation to an Allocation and subject to (b) below and Rule 11.1, the
latest of:

	 	(i)	 	the date on which it is determined that, the Performance Period
having expired, any Performance Condition has been satisfied, either in full or
in part, in respect of that period or has been waived;
	 
	 	(ii)	 	the date on which the Board determines that any other
Condition(s) have been satisfied or waived; and
	 
	 	(iii)	 	the third anniversary of the Date of Grant of an Allocation or
such earlier or later date as the Board may on or before the Date of Grant
determine; or

	 	(v)	 	in relation to a Vested Part and subject to Rule 11.1, the date on which a
Vested Part vests in accordance with the applicable schedule of vesting as set out in
the Participant’s certificate evidencing the grant of the Allocation,

	 	 	save that if such date falls at a time at which the vesting of the Shares would not be
permitted under the Model Code, the Vesting Date shall be the first day following such date
on which the vesting of the Shares is permitted under the Model Code; and
	 
	 	 	“Vested Part” means, in relation to any Allocation on a Vesting Date, such proportion of
the total number of Shares over which the Allocation is granted which, on that date, vests
under an applicable schedule of vesting as set out in the Participant’s certificate
evidencing the grant of the Allocation.
	 
	 	 	Where the context so admits the singular shall include the plural and vice versa and the
masculine gender shall include the feminine. Any reference to a statutory provision is to
be construed as a reference to that provision as for the time being amended or re-enacted
and shall include any regulations or other subordinate legislation made under it.

	2.	 	COMMENCEMENT AND TITLE
	 
	 	 	The Scheme shall commence on the Commencement Date and shall be known as The Randgold
Resources Limited Restricted Share Scheme.

5

 

	3.	 	GRANT OF AWARDS
	 
	3.1	 	The Board may from time to time in its absolute discretion grant Awards to such Eligible
Employees as it shall in its absolute discretion select. No Eligible Employee shall be
entitled as of right to have an Award granted to him. The extent of any grant of Awards shall
be determined by the Board in its absolute discretion but shall be subject to the limits
contained in Rules 4 and 5.
	 
	3.2	 	An Award shall be designated as an Allocation or an Option.
	 
	3.3	 	No payment shall be required in consideration for the grant of an Award. The Board shall
grant Awards by deed or in such form as the Board shall decide. A single deed of grant may be
executed in favour of any number of Participants. Each Participant shall on, or as soon as
possible after, the Date of Grant be issued with a certificate evidencing the grant of the
Award and setting out its terms and any Condition(s) determined under Rule 3.4 below.
	 
	3.4	 	The Board may grant an Award subject to such Condition(s) as it in its discretion thinks fit
which must (save as otherwise provided in the Rules) be fulfilled before the Award (other than
a new award under Rule 13.4) may be exercised or vest (as the case may be). No such
Condition(s) may subsequently be varied or waived (save as otherwise provided in the Rules)
unless an event occurs which causes the Board to determine that such Condition(s) shall have
ceased to be appropriate whereupon the Board may in its absolute discretion vary or waive such
Condition(s) so that any new Condition(s) imposed or any variation are in its opinion fair,
reasonable and no more difficult to satisfy than the previous Condition(s).
	 
	3.5	 	Subject to Rules 3.6 and 3.7 below, an Award may only be granted at the following times:

	 	(a)	 	within the period of 42 days after the Commencement Date; or
	 
	 	(b)	 	within the period of 42 days after an Announcement Date; or
	 
	 	(c)	 	at any time at which the Board resolves that exceptional circumstances exist
which justify the grant of an Award.

	3.6	 	No Award may be granted at any time at which a dealing in the Shares would not be permitted
under the Model Code.
	 
	3.7	 	No Award may be granted under the Scheme later than ten years after the Commencement Date.
	 
	3.8	 	Subject to Rule 5 below, an Eligible Employee may be granted any combination of Awards,
whether in a single grant or pursuant to a series of grants.
	 
	4.	 	SCHEME LIMITS
	 
	4.1	 	Subject to such adjustments as may be made in accordance with Rule 12, no Award shall be
granted on any Date of Grant or any proposed Date of Grant if, as a result:

	 	(a)	 	the aggregate number of Shares issued or committed to be issued pursuant to
Awards made under the Scheme would exceed five per cent. of the issued ordinary share
capital of the Company on that Date of Grant; or
	 
	 	(b)	 	the aggregate number of Shares issued or committed to be issued pursuant to
Awards made under the Scheme and pursuant to grants or appropriations made during the
ten years preceding such Date of Grant under all other Employees’ Share Schemes
established by the Company would exceed fifteen per cent. of the issued ordinary share
capital of the Company on that Date of Grant.

6

 

	4.2	 	For the avoidance of doubt, Shares which have been the subject of Awards or of rights granted
under any other Employees’ Share Scheme which have lapsed shall not be taken into account for
the purposes of this Rule 4.
	 
	4.3	 	For the purposes of the limits contained in Rule 4.1, the references to Shares issued or
committed to be issued shall include Shares transferred from treasury or committed to be so
transferred unless institutional investor guidelines cease to require such Shares to be so
counted.
	 
	5.	 	INDIVIDUAL LIMIT
	 
	5.1	 	No Award may be granted to an Eligible Employee at any time if, as a result, the aggregate
Market Value of the Shares subject to that Award together with the aggregate Market Value of
Shares committed to be issued or transferred pursuant to any other Award granted to him in the
same Financial Period of the Company under the Scheme, would exceed a sum equal to twice his
Base Salary or, if higher, such fixed number of Shares as is determined by the Board on or
prior to the Date of Grant.
	 
	5.2	 	If any Award exceeds the appropriate limit determined in accordance with Rule 5.1 above, such
grant shall be void ab initio to the extent that the limit is exceeded.
	 
	5.3	 	For the purpose of this Rule 5, the Market Value of a Share subject to an Award shall be
calculated as at the Date of Grant of that Award.
	 
	5.4	 	For the purpose of the limit contained in Rule 5.1, the reference to Shares committed to be
issued shall include Shares committed to be transferred from treasury.
	 
	6.	 	NON-ASSIGNABILITY OF AWARDS
	 
	 	 	An Award may not be transferred, charged, pledged, mortgaged or encumbered in any way
whatsoever by a Participant or his personal representative(s). In the event of any breach
or purported breach of this Rule, an Award shall lapse forthwith. This Rule 6 shall not
prevent the personal representative(s) of a deceased Participant from exercising an Option
or from receiving Shares pursuant to a vested Allocation in accordance with the Rules or
the law of succession.
	 
	7.	 	EXERCISE PRICE OF AN OPTION
	 
	 	 	The Exercise Price of an Option shall be determined by the Board not later than the Date of
Grant and shall be such an amount (whether expressed as an amount per Share subject to the
Option or an amount payable on each exercise of an Option irrespective of the number of
Shares in respect of which the Option is exercised) as the Board may in its absolute
discretion determine provided that, in the case only of an Option to subscribe for Shares,
the Exercise Price per Share shall not be less than the nominal value of a Share (or, in
the case of an Option granted to a US Employee, the fair market value of a Share on the
date the Option is granted).
	 
	8.	 	EXERCISE OF OPTIONS AND VESTING OF ALLOCATIONS
	 
	8.1	 	Save as otherwise provided in the Rules and subject to Rule 9:

	 	(a)	 	a Subsisting Option shall be exercisable during the Option Period; and
	 
	 	(b)	 	a Subsisting Allocation shall vest on the Vesting Date;

	 	 	provided in each case that any Condition(s) shall have been fulfilled or waived.
	 
	8.2	 	Subject to Rule 11, if a Participant ceases to hold Employment before the expiry of the
Performance Period by reason of death, Disability or Good Reason, or the Company

7

 

	 	 	terminates the Participant’s Employment without Cause, the following provisions shall
apply:

	 	(i)	 	a Subsisting Option shall become exercisable, subject to
paragraph (iii) below, on the commencement of the Option Period and may be
exercised within the period of twelve months from that date;
	 
	 	(ii)	 	a Subsisting Allocation shall vest, subject to paragraph (iv)
below, on the Vesting Date;
	 
	 	(iii)	 	a Subsisting Option shall be exercisable in respect of such
number of Shares as is equal to “A” where:

	 	 	 	 	 
	A =

	 	X
	 	PA where:
	 

	 	Y	 	 

	 	 	 	A is the number of Shares in respect of which the Option may be exercised;
	 
	 	 	 	PA is the number of Shares in respect of which the Option would be
exercisable having applied the Performance Condition(s) to the related
Performance Period;
	 
	 	 	 	X is the number of days which have elapsed from the Date of Grant to the date
on which the Participant ceased to hold Employment plus 365; and
	 
	 	 	 	Y is the total number of days which would have been comprised in the
Performance Period had the Participant not ceased to be in Employment; and
	 
	 	(iv)	 	a Subsisting Allocation shall vest in respect of such number of
Shares as is equal to “A” where:

	 	 	 	 	 
	A =

	 	X
	 	PA where:
	 

	 	Y	 	 

	 	 	 	A is the number of Shares in respect of which the Allocation vests;
	 
	 	 	 	PA is the number of Shares in respect of which the Allocation would vest
having applied the Performance Condition(s) to the related Performance
Period;
	 
	 	 	 	X is the number of days which have elapsed from the Date of Grant to the date
on which the Participant ceased to hold Employment plus 365; and
	 
	 	 	 	Y is the total number of days which would have been comprised in the
Performance Period had the Participant not ceased to be in Employment.

	8.3	 	If a Participant ceases to hold Employment for one of the reasons set out in Rule 8.2 and a
Subsisting Award is not subject to any Performance Condition(s):

	 	(a)	 	any Subsisting Option may be exercised within the period of twelve months
commencing on the date on which the Option Period commences; and
	 
	 	(b)	 	any Subsisting Allocation will vest on the Vesting Date.

	9.	 	LAPSE
	 
	 	 	A Subsisting Award, whenever granted, shall lapse and cease to be capable of exercise or
vesting upon the earliest to occur of the following:

	 	(a)	 	in the case of an Option, the expiry of the Option Period;

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	 	(b)	 	the expiry of the Performance Period, if any Performance Condition(s) remain
unfulfilled at that date and have not been waived, except that:

	 	(i)	 	where Performance Condition(s) allow for an Award to be
exercisable or vest in part on partial satisfaction of the Performance
Condition(s), a Subsisting Award shall lapse only to the extent of the
unexercisable or unvested part; and
	 
	 	(ii)	 	a Subsisting Option which is exercisable pursuant to Rule 11.1
by reference to the Relevant Period rather than the Performance Period shall
not lapse on the expiry of the original Performance Period to the extent that
it is exercisable under that Rule;

	 	(c)	 	the expiry of any period within which a Condition other than a Performance
Condition has to be satisfied in accordance with its terms, if such Condition remains
unfulfilled at that date and has not been waived;
	 
	 	(d)	 	the date on which the Participant ceases to hold any Employment, or the date
on which he gives or is given notice of such cessation, for any reason other than
those set out in Rule 8.2 above;
	 
	 	(e)	 	in the case of a Subsisting Option, the expiry of any of the periods
mentioned in Rules 8.2 or 8.3;
	 
	 	(f)	 	the date upon which the Participant ceases to hold Employment (or is given
notice to terminate) by reason of Cause;
	 
	 	(g)	 	the first to expire of any of the periods mentioned in Rule 11 below
including for the avoidance of doubt the expiry of the period of one month specified
in Rule 11.4 (subject to any agreement entered into pursuant to Rule 11.4);
	 
	 	(h)	 	any breach or purported breach of Rule 6 by the Participant.

	10.	 	MANNER OF EXERCISE OR VESTING
	 
	10.1	 	 

	 	(a)	 	a Subsisting Option shall be exercised by the Participant lodging with the
Secretary of the Company at its registered office (or otherwise as may be notified to
Participants from time to time):

	 	(i)	 	the certificate in respect of the Option to be exercised;
	 
	 	(ii)	 	a notice of exercise in such form as the Board may from time to
time prescribe; and
	 
	 	(iii)	 	payment (in such manner as the Board shall direct) of the
Exercise Price in respect of the Option;

	 	 	 	and the date of exercise shall be the date of receipt of such notice and payment or
such other date as the Board may have specified in the notice of exercise; and
	 
	 	(b)	 	a Subsisting Allocation shall vest automatically on the Vesting Date.

	10.2	 	On the vesting of a Subsisting Allocation which is to be satisfied by the issue of new
Shares, the Board may require the Participant to pay to the Company the aggregate nominal
value of the Shares to be issued in which case such Shares will not be issued pursuant to Rule
10.5 until such payment has been received by the Company.

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	10.3	 	An Option may be exercised in whole or in part. Following any exercise of an Option in part
(other than an exercise which exhausts the Option), the Participant shall be sent a new Award
certificate in respect of the balance of Shares which are the subject of such Option.
	 
	10.4	 	Unless otherwise provided in these Rules, no Award shall be treated as having been exercised
or vested unless and until the Board is satisfied that any Condition(s) have been satisfied or
partially satisfied in accordance with their terms or have been waived.
	 
	10.5	 	Subject to the obtaining of any necessary consents from H.M. Treasury, the Bank of England or
other competent authority and to the terms of any such consent and subject to Rule 10.4, the
Board shall:

	 	(a)	 	subject to Rules 10.5(b) and (c) below, within 30 days of the vesting of an
Allocation or exercise of an Option cause the Company to allot and issue or procure
the transfer of the relevant Shares;
	 
	 	(b)	 	by 15 March immediately following the calendar year in which an Allocation
held by a US Employee vests, cause the Company to allot and issue or procure the
transfer of the relevant Shares; and
	 
	 	(c)	 	delay the allotment and issue or transfer of the relevant Shares in respect
of an Allocation held by a US Employee which vests pursuant to Rule 8.2 for a period
of six months following the cessation of the Participant’s employment (or, if earlier
until the Participant’s death) if, and to the extent that, such delay is required in
order to comply with Section 409A of the US Internal Revenue Code,

	 	 	and send or cause to be sent to the Participant a share certificate (or other evidence of
title) for the Shares in respect of which the Award is exercised or has vested.
	 
	10.6	 	Shares issued or transferred pursuant to the Scheme will rank pari passu in all respects with
Shares then already in issue except that they will not rank for any dividend or other
distribution of the Company paid or made by reference to a record date falling prior to the
date of exercise or vesting of the relevant Award.
	 
	10.7	 	If and for so long as the Shares are Admitted, the Company shall as soon as practicable after
any such allotment apply to the FSA and the London Stock Exchange for permission for the same
to be Admitted. Any application may be postponed at the Board’s discretion until application
can be made in respect of such number of Shares as the Board considers appropriate.
	 
	10.8	 	The Company shall maintain sufficient unissued share capital to satisfy all rights to
subscribe for Shares from time to time under Subsisting Awards.
	 
	10.9	 	The Company and/or the Employing Company of a Participant and/or the Trustees shall have the
right, prior to the delivery of the Shares otherwise deliverable to a Participant on the
exercise or vesting of an Award:

	 	(a)	 	to require the Participant to remit to or at the direction of his Employing
Company an amount sufficient to satisfy the Award Tax Liability; and/or
	 
	 	(b)	 	to reduce the number of Shares otherwise deliverable to the Participant by an
amount equal in value to the amount of the Award Tax Liability or sell a sufficient
number of the Shares on behalf of the Participant to realise sale proceeds equivalent
to the Award Tax Liability and remit such amount to or at the direction of his
Employing Company or the Trustees in satisfaction of the liability; and/or
	 
	 	(c)	 	to deduct the amount of the Award Tax Liability from cash payments otherwise
to be made to the Participant.

10

 

	 	 	The Board may make such arrangements and determinations in this regard, consistent with the
Rules, as it may in its absolute discretion consider to be appropriate.
	 
	11.	 	RECONSTRUCTION, TAKEOVER OR LIQUIDATION
	 
	11.1	 	Subject to Rule 11.5, if a Change in Control occurs before the expiry of the Performance
Period, Participants shall be notified and the following provisions shall apply:

	 	(a)	 	the Performance Period shall be deemed to have ended on the date of the
Change in Control (which reduced period shall be referred to as the “Relevant
Period”);
	 
	 	(b)	 	the Board shall determine on the date of the Change in Control.

	 	(i)	 	the number of Shares in respect of which a Subsisting Option is
exercisable or a Subsisting Allocation shall vest pursuant to paragraph (e)
below; and
	 
	 	(ii)	 	whether any other Condition(s) have been satisfied or waived;

	 	(c)	 	if any other Condition(s) have been satisfied or waived, a Subsisting Option
shall become exercisable immediately following the Change in Control and may be
exercised until the expiry of the period of one month commencing on the date of the
Change in Control in respect of the number of Shares determined under paragraph (b)(i)
above;
	 
	 	(d)	 	if any other Condition(s) have been satisfied or waived, a Subsisting
Allocation shall vest immediately following the Change in Control or, if the date of
vesting falls at a time when the vesting of the Shares would not be permitted under
the Model Code, on the first date following such date on which the vesting of the
Shares is permitted under the Model Code, in respect of the number of Shares
determined under paragraph (b)(i) above; and
	 
	 	(e)	 	a Subsisting Option shall be exercisable, and a Subsisting Allocation shall
vest, in respect of such number of Shares as is equal to the number of Shares in
respect of which the Award would be exercisable or would vest if the Performance
Condition(s) were applied to the Relevant Period unless the Board deems it
impracticable to apply the Performance Condition(s) to the Relevant Period, in which
case such other period as the Board shall determine may be substituted.

	11.2	 	Subject to Rule 11.5, if a Change in Control occurs on or after the expiry of the Performance
Period, Participants shall be notified and the following provisions shall apply:

	 	(a)	 	the Board shall, if it has not already done so, determine immediately prior
to the Change in Control:

	 	(i)	 	whether the Performance Condition has been satisfied, in full
or in part, in respect of the Performance Period and the number of Shares in
respect of which a Subsisting Option is exercisable or a Subsisting Allocation
shall vest; and
	 
	 	(ii)	 	whether any other Condition(s) have been satisfied or waived;

	 	(b)	 	if any other Condition(s) have been satisfied or waived, a Subsisting Option
shall become exercisable immediately following the Change in Control and may be
exercised until the expiry of the period of one month commencing on the date of the
Change in Control in respect of the number of Shares determined by the Board;
	 
	 	(c)	 	if any other Condition(s) have been satisfied or waived, a Subsisting
Allocation shall vest immediately following the Change in Control or, if the date of
vesting falls at a time when the vesting of the Shares would not be permitted under
the Model Code,

11

 

	 	 	 	on the first date following such date on which the vesting of the Shares is
permitted under the Model Code in respect of the number of Shares determined by the
Board.

	11.3	 	Subject to Rule 11.5, if a Change in Control occurs and a Subsisting Award is not subject to
any Performance Condition(s), Participants shall be notified and the following provisions
shall apply:

	 	(a)	 	the Board shall, if it has not already done so, determine immediately prior
to the Change in Control whether any other Condition(s) have been satisfied or waived;
	 
	 	(b)	 	if any other Condition(s) have been satisfied or waived, a Subsisting Option
shall become exercisable immediately following the Change in Control and may be
exercised until the expiry of the period of one month commencing on the date of the
Change in Control;
	 
	 	(c)	 	if any other Condition(s) have been satisfied or waived, a Subsisting
Allocation shall vest immediately following the Change in Control or, if the date of
vesting falls at a time when the vesting of the Shares would not be permitted under
the Model Code, on the first date following such date on which the vesting of the
Shares is permitted under the Model Code.

	11.4	 	Following a Change in Control, any Participant may, by agreement with the acquiring company
(the “Acquiring Company”), within the period of one month from the date of the Change in
Control release any of his Subsisting Awards in consideration of the grant of a new award on
such terms as are agreed with the Acquiring Company.
	 
	11.5	 	Rules 11.1, 11.2 and 11.3 shall not apply in the case of an Internal Reorganisation, unless
the Acquiring Company fails to make an offer to Participants to release Subsisting Awards in
accordance with Rule 11.4 within one week of the Change in Control, in which case Rule 11.1 or
Rule 11.2 or Rule 11.3 shall apply as if the Change in Control had occurred on the day
following the end of the period of one week mentioned above.
	 
	11.6	 	Notwithstanding anything to the contrary contained herein, if an Option is converted to an
option to purchase shares of an Acquiring Company (or a parent or subsidiary company), the
exercise price and number of shares covered by the Option will be adjusted in a manner that
complies with Section 409A of the US Internal Revenue Code.

	11.7	 	The vesting of an Allocation or exercise of an Option pursuant to the preceding provisions of
this Rule 11 shall be subject to the provisions of Rule 10.
	 
	12.	 	CAPITAL REORGANISATION
	 
	12.1	 	In the event of any variation in the ordinary share capital of the Company by way of
capitalisation of profits or reserves or by way of rights or any consolidation or sub-division
or reduction of capital or otherwise, then the number and the nominal value of Shares subject
to any Subsisting Awards, the Exercise Price and, where an Award has been exercised or has
vested but, as at the date of the variation of capital referred to above, no Shares have been
allotted or transferred pursuant to such exercise or vesting, the number of Shares which may
be so allotted or transferred and the price at which they may be acquired, may be adjusted by
the Board in such manner and with effect from such date as the Board may determine to be
appropriate.
	 
	12.2	 	No adjustment under Rule 12.1 shall be made which would reduce the Exercise Price of any
Option to subscribe for Shares below the nominal value of a Share unless and to the extent
that:

	 	(a)	 	the Board is authorised to capitalise from the reserves of the Company a sum
equal to the amount by which the nominal value of the Shares subject to the Option
exceeds the aggregate adjusted Exercise Price; and

12

 

	 	(b)	 	the Board shall resolve to capitalise and apply such sum on exercise of that
Option.

	12.3	 	The Board shall notify Participants in such manner as it thinks fit of any adjustment made
under Rule 12.1 and may call in, cancel, endorse, issue or re-issue any award certificate as a
result of any such adjustment.
	 
	13.	 	EMPLOYMENT RIGHTS
	 
	13.1	 	The Scheme shall not form part of any contract of employment between any Member of the Group
and any employee of any such company and the rights and obligations of any individual under
the terms of his office or employment with any Member of the Group shall not be affected by
his participation in the Scheme or any right which he may have to participate therein.
	 
	13.2	 	Participation in the Scheme shall be on the express condition that:

	 	(a)	 	neither participation nor cessation of participation shall afford any
individual under the terms of his office or employment with any Member of the Group
any additional or other rights to compensation or damages; and
	 
	 	(b)	 	no damages or compensation shall be payable in consequence of the termination
of such office or employment (whether or not in circumstances giving rise to a claim
for wrongful or unfair dismissal) or for any other reason whatsoever to compensate him
for the loss of any rights the Participant would otherwise have had (actual or
prospective) under the Scheme howsoever arising but for such termination; and
	 
	 	(c)	 	the Participant shall be deemed irrevocably to have waived any such rights to
which he may otherwise have been entitled.

	13.3	 	No individual shall have any claim against a Member of the Group arising out of his not being
admitted to participation in the Scheme which (for the avoidance of all, if any, doubt) is
entirely within the discretion of the Board.
	 
	13.4	 	No Participant shall be entitled to claim compensation from any Member of the Group in
respect of any sums paid by him pursuant to the Scheme or for any diminution or extinction of
his rights or benefits (actual or otherwise) under any Award held by him consequent upon the
lapse for any reason of any Award held by him or otherwise in connection with the Scheme and
each Member of the Group shall be entirely free to conduct its affairs as it sees fit without
regard to any consequences under, upon or in relation to the Scheme or any Award or
Participant.
	 
	14.	 	ADMINISTRATION AND AMENDMENT
	 
	14.1	 	The Scheme shall be administered under the direction of the Board which may at any time and
from time to time by resolution and without other formality delete, amend or add to the Rules
of the Scheme in any respect provided that:

	 	(a)	 	no deletion, amendment or addition shall operate to affect adversely in any
material way any rights already acquired by a Participant under the Scheme without the
approval of the majority of the affected Participants first having been obtained;
	 
	 	(b)	 	no deletion, amendment or addition to the advantage of Participants may be
made to any of the provisions of the Scheme relating to:

	 	(i)	 	eligibility;
	 
	 	(ii)	 	the limitations on the number or amount of Shares, cash or
other benefits subject to the Scheme;

13

 

	 	(iii)	 	the maximum entitlement for any one Participant;
	 
	 	(iv)	 	the basis for determining a Participant’s entitlement to, and
the terms of Shares, cash or other benefits to be provided under the Scheme and
for the adjustment thereof (if any) in the event of a capitalisation issue,
rights issue or open offer, sub-division or consolidation of Shares or
reduction of capital or any other variation of capital;

	 	 	 	except with the prior approval of the Company in general meeting, unless the
deletion, amendment or addition is minor and to benefit the administration of the
Scheme, to obtain or maintain favourable tax, exchange control or regulatory
treatment for Participants or any Member of the Group or to take into account
existing or proposed legislation.

	14.2	 	Notwithstanding anything to the contrary contained in these Rules, the Board may at any time
by resolution and without further formality establish further schemes or sub-schemes to apply
in overseas territories governed by rules similar to these Rules but modified to take account
of local tax, exchange control or securities laws, regulation or practice provided that any
Shares made available under any such scheme shall be treated as counting against any limits on
overall or individual participation in the Scheme.
	 
	14.3	 	The Board may from time to time make and vary such rules and regulations not inconsistent
with the Scheme and establish such procedures for the administration and implementation of
this Scheme as it thinks fit and in the event of any dispute or disagreement as to the
interpretation of any such rules, regulations or procedures, the decision of the Board shall
be final and binding upon all persons.
	 
	14.4	 	The Scheme, the granting, exercise or vesting of Awards thereunder, and the other obligations
of the Company under the Scheme, shall be subject to all applicable national or local laws,
rules, and regulations and to such approvals by any regulatory or governmental agency as may
be required, and to any rules or regulations of any exchange or securities association on
which the Shares are listed. The Company, in its discretion, may postpone the granting and
exercise or vesting of Awards, the issuance or delivery of Shares under any Award or any other
action permitted under the Scheme to permit the Company, with reasonable diligence, to
complete such stock exchange listing or registration or qualification of such Shares or other
required action under any national or local law, rule, or regulation and may require any
Participant to make such representations and furnish such information as it may consider
appropriate in connection with the issuance or delivery of Shares in compliance with
applicable laws, rules, and regulations. The Company shall not be obliged by virtue of any
provision of the Scheme to recognise the exercise or vesting of any Award or to otherwise sell
or issue Shares in violation of any such laws, rules, or regulations; and any postponement of
the exercise or vesting and settlement of any Award under this provision shall not extend the
term of such Award, and neither the Company nor its directors or officers shall have any
obligation or liability to the Participant with respect to any Award (or Shares issuable or
transferable thereunder) that shall lapse because of such postponement.
	 
	14.5	 	The Board’s decision on any matter relating to the interpretation of the Rules and any other
matters concerning the Scheme (including the rectification of errors or mistakes of procedure
or otherwise) shall be final and binding.
	 
	14.6	 	Any notice or other communication under or in connection with the Scheme may be given:

	 	(a)	 	by the Company to an Eligible Employee or Participant either personally or
sent to him at his place of work by electronic mail or by post addressed to the
address last known to the Company (including any address supplied by the relevant
Participating Company or any Subsidiary) or sent through the Company’s internal postal
service; and

14

 

	 	(b)	 	to the Company, either personally or by post to the Company Secretary.

	 	 	Items sent by post shall be pre-paid and shall be deemed to have been received 72 hours
after posting. Items sent by electronic mail shall be deemed to have been received on the
day on which they are sent.
	 
	14.7	 	The Company shall bear the costs of setting up and administering the Scheme. However, the
Company may require any Participating Company to reimburse the Company for any costs borne by
the Company directly or indirectly in respect of such Participating Company’s officers or
employees.
	 
	14.8	 	The Company shall maintain all necessary books of account and records relating to the Scheme.
	 
	14.9	 	The Board shall be entitled to authorise any person to execute on behalf of a Participant, at
the request of the Participant, any document relating to the Scheme, in so far as such
document is required to be executed pursuant hereto.
	 
	14.10	 	The Company may send copies to Participants of any notice or document sent by the Company to
the holders of Shares.
	 
	14.11	 	If any Award certificate shall be worn out, defaced or lost, it may be replaced on such
evidence being provided as the Board may require.
	 
	14.12	 	In the case of the partial exercise of an Option, the Board may call in and endorse or
cancel and re-issue as it thinks fit, any certificate for the balance of Shares over which the
Option was granted.
	 
	15.	 	DATA PROTECTION
	 
	 	 	As a condition of the grant of an Award, a Participant consents to the collection,
retention, use, processing and transfer (whether between themselves or to any third party
and including transfer to countries outside the European Economic Area) of his Personal
Data by any Member of the Group, any of their Associated Companies, the trustees of any
employee benefit trust, any administrator of the Scheme or the Company’s registrars or
brokers for the purposes of implementing and operating the Scheme.
	 
	16.	 	EXCLUSION OF THIRD PARTY RIGHTS
	 
	 	 	The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Scheme nor to any
Award granted under it and no person other than the parties to an Award shall have any
rights under it nor shall it be enforceable under that Act by any person other than the
parties to it.
	 
	17.	 	TERMINATION
	 
	 	 	The Board or the Company in general meeting may resolve at any time that no Awards or
further Awards shall be granted under the Scheme and in any event no Awards may be granted
under the Scheme on or after the tenth anniversary of the Commencement Date provided that
this Rule shall not affect the subsisting rights of Participants.
	 
	18.	 	GOVERNING LAW
	 
	 	 	These Rules shall be governed by and construed in accordance with Jersey law.

15EX-4.44

Exhibit 4.44

	 	 	 
	

	 	RANDGOLD RESOURCES LIMITED

          REG NO. 62686

          LA MOTTE CHAMBERS

          ST HELIER

          JERSEY

          JEI IBJ

          CHANNEL ISLANDS

     www.randgoldresources.com

          TEL : +44 1534 735 333

          FAX : +44 1534 735 444

CONTRACT OF EMPLOYMENT

between

RANDGOLD
RESOURCES LIMITED

(registration number 62686)

a Company incorporated in Jersey, Channel Islands

(“the Company”)

and

GRAHAM P. SHUTTLEWORTH

(the “Employee”)

1

 

TABLE OF CONTENTS

	 	 	 	 	 
	1. INTRODUCTION 
	 	 	3	 
	 	 
	2. EMPLOYMENT 
	 	 	3	 
	 	 
	3. DUTIES 
	 	 	4	 
	 	 
	4. REMUNERATION PACKAGE 
	 	 	6	 
	 	 
	5. EXPENSES 
	 	 	7	 
	 	 
	6. BONUS SCHEME 
	 	 	8	 
	 	 
	7. HOLIDAYS 
	 	 	11	 
	 	 
	8. LIFE ASSURANCE 
	 	 	11	 
	 	 
	9. APPLICATION OF PROVISIONS OF PERSONNEL MANUALS 
	 	 	11	 
	 	 
	10. INCAPACITY 
	 	 	12	 
	 	 
	11. TERMINATION 
	 	 	13	 
	 	 
	12. CONFIDENTIALITY 
	 	 	14	 
	 	 
	13. RETURN OF COMPANY PROPERTY 
	 	 	14	 
	 	 
	14. OTHER EMPLOYMENT 
	 	 	15	 
	 	 
	15. DOMICILIUM 
	 	 	15	 
	 	 
	16. GENERAL 
	 	 	16	 

	 	 	 	 	 
	ADDENDUM 1- RESTRICTED SHARES ADDENDUM TO
CONTRACT
	 	 	20	 
	 
	 	 	 	 
	ADDENDUM 2 - RANDGOLD RESOURCES DEATH AND
LUMP SUM DISABILITY BENEFITS
SCHEME SUMMARY
	 	 	21	 
	 
	 	 	 	 
	ADDENDUM 3 - RANDGOLD RESOURCES MONTHLY DISABILITY
INCOME BENEFITS SCHEME SUMMARY
	 	 	24	 

2

 

THE PARTIES AGREE AS FOLLOWS:

	1.	 	INTRODUCTION

	 	 	It is recorded that —
	 
	1.1	 	the parties have negotiated and now wish to record the terms of a contract of employment.

	2.	 	EMPLOYMENT

	2.1	 	The Employee shall serve the Company as Financial Director or
in such other capacity of a like status as the Company may require.
	 
	2.2	 	Notwithstanding the date of signature hereof, the Employee shall be deemed to have been
employed by the Company as Financial Director from 1 July 2007 (“Commencement Date”).
	 
	2.3	 	The employment of the Employee as Financial Director of the Company shall continue for an
indefinite period, until terminated on not less than six months’ written notice given by one
party to the other.
	 
	2.4	 	In the event of a change in control of the ownership of the Company the Employee will be
entitled to be paid six months’ remuneration, in lieu of notice, should he not be offered an
equivalently remunerated position. Further, in such circumstances will qualify to be paid a
pro-rata bonus in terms of 

3

 

	 	 	the bonus scheme defined in this contract and any restricted stock
allocated to him will become payable.

	3.	 	DUTIES

	3.1	 	As Financial Director of the Company, the Employee shall:
	 
	3.1.1	 	undertake such duties and exercise such powers in relation to the Company, its associated
companies and their businesses as the board of directors of the Company (the “Board”) shall
from time to time assign to or vest in him, provided however, that the Board shall procure
that such duties and powers shall not conflict with one another. The Employee has a copy of
his current Job Description (see addendum 4). It is specifically agreed that the duties and
responsibilities outlined in the Job Description are not an exhaustive list of the Employee’s
duties and responsibilities and they may change from time to time at the discretion of the
“Board”;
	 
	3.1.2	 	in the discharge of such duties and in the exercise of such powers, observe and comply with
all resolutions, regulations and directives from time to time made or given by the Board; and
	 
	3.1.3	 	use his best endeavours to properly conduct, improve, extend, develop, promote, protect and
preserve the business interest, reputation and goodwill of the Company and its associated
companies.
	 
	3.2	 	For the purposes of this Agreement, “Associated Company” or “Associated Companies” means —
	 
	3.2.1	 	any company or entity which is directly or indirectly controlled by the Company,

4

 

	3.2.2	 	any company or entity which directly or indirectly controls the Company, or
	 
	3.2.3	 	any company or entity which is directly or indirectly controlled by any company which also
directly or indirectly controls the Company.
	 
	3.3	 	The Employee shall at all times promptly give to the Board (in
writing, if so requested) all such information and explanations as it requires in
connection with matters relating to his employment or with the business of the
Company and/or its associated companies.
	 
	3.4	 	It shall be part of the normal duties of the Employee at all times to consider in what manner
and by what new methods or devices the products, services, processes, equipment or systems of
the Company and associated companies might be improved, and promptly to give to the Secretary
of the Company full details of any invention or improvement which he may from time to time
make or discover in the course of his duties, and to further the interests of the Company and
its associated companies’ undertakings with regard thereto. Any such invention or improvement
shall be the property of the Company and the Employee shall take all steps as may be necessary
and reasonably required by the Company, at the sole expense of the Company, to procure that
the Company obtains complete and exclusive legal title to any such invention or improvement.
	 
	3.5	 	The Employee’s normal place of work (excluding the extensive
business travelling he is required to undertake ) shall be principally at the
Company’s offices and operations in Mali and the Côte d’Ivoire, or at other
offices and projects as the Company may from time to time direct. It is
specifically recorded that due to the changing nature of the Company’s work

5

 

	 	 	requirement it may be necessary for the Employee to relocate and the Employee
hereby agrees to do so.

	4	 	REMUNERATION PACKAGE

	4.1	 	As from the “Commencement Date”, the Employee’s basic remuneration package shall be GBP 228
000 (Two hundred and twenty eight thousand pounds), which shall be reviewed annually with a
view to effecting appropriate annual increases. This remuneration package was increased to GBP
243 960 with effect from 1 April 2008.
	 
	4.2	 	The composition of the Employee’s remuneration package with effect from 1 April 2008, shall
be the following —
	 
	4.2.1	 	An annual salary, which shall be equal to GBP 243 960 (Two hundred and forty three
thousand, nine hundred and sixty pounds), and will include the annual basic salary plus the
cost to the Company of providing the other components of the package set out in 4.2.2 and
4.2.3;
	 
	4.2.2	 	the contributions payable by the Company in respect of the membership of the Employee and
his wife and children to the medical aid scheme of which the Employee is a member, all of
which shall be for the account of the Company,
	 
	4.2.3	 	the monthly contributions payable by the Company in respect of the Employee’s membership to
any pension, provident and retirement annuity funds nominated by the Employee, all of which
shall be for the account of the Company.
	 
	4.3	 	The Employee’s basic package shall be payable in equal monthly instalments (and
proportionately for any lesser period, each monthly instalment being deemed to accrue rateably
from day to day) in arrears on the last day of each month.
	 
	4.4	 	The parties acknowledge that it may be necessary for the Employee to be employed directly by
one or more Associated Companies. In this regard, the parties agree that to the extent that
the Employee is remunerated by the Associated Company, then the remuneration and 

6

 

	 	 	paid holidays
under this clause 4 and clause 7 respectively, will be
reduced by the amount of remuneration and / or holidays received from the Associated
Company.

	4.5	 	Restricted Share Award (Incentive Plan)

	 	 	It is agreed that the Board of directors may, at its discretion, grant the Employee an
award of restricted shares. In the event of such an award being so granted, the terms and
conditions of such an award shall be as set out in the addendum to this contract of
employment. The payment of the full award requires of the Employee that he remains in
employment for three full years from his date of commencement and the satisfactory
achievement over the previous year of strategic
measurable “Outputs” (deliverables) agreed between the C.E.O. and the incumbent (and as
defined in the “Board approved” Company
Strategic Planning Review).
	 
	4.6	 	Tax Payments
	 
	 	 	The Employee will be responsible for the payment of tax related to this contract, where
PAYE arrangements are not in place.

	5	 	EXPENSES

	5.1	 	The Employee shall be reimbursed for all travelling, hotel and other out-of-pocket expenses
reasonably incurred by him in or about the discharge of his duties hereunder.
	 
	5.2	 	Should it become necessary during the Employee’s periods of work to be evacuated from his
place of work for medical reasons, the Company shall arrange for such evacuation and the costs
thereof shall be for the Company’s account.

7

 

	5.3	 	The Company shall meet the Employee’s membership fees of such professional bodies as it deems
are required.
	 
	5.4	 	The Board may, at its discretion, grant reimbursements for reasonable and appropriate
security, security services and one telephone / facsimile line at the Employee’s residence,
both at the Company’s expense.
	 
	5.5	 	The Company may, at its discretion, meet the total, or a portion thereof, of membership fees
of an appropriate club.

	6.	 	BONUS SCHEME

	6.1	 	Over and above the remuneration package and other benefits
stipulated in this Contract of Employment, the Employee
shall be eligible for an annual bonus that shall be based partially on “Company” and
partially on “Individual” performance. This bonus is payable up to a maximum of
US$400,000 (Four hundred Thousand United States Dollars ) per year, and will be reviewed
annually.
	 
	6.2	 	The Employee shall be entitled to be paid a pro-rated bonus in United States Dollars
in respect of this Contract of Employment, with regard to the initial annual bonus period from
1st April 2007 and ending 31st March 2008, and thereafter in respect of
each 12 month period of employment with the Company, commencing on 1st April each
year and ending on 31 March (“Bonus Period”) if (a) for the “Company” portion, if the ruling
price of ordinary shares in the Company for that bonus period as defined in 6.4, is higher
than the base price for that Employment Period, as defined in 6.3 and (b) for the “Individual”
portion if his performance in achieving objectives and Key Performance Indicators (KPIs) that
are directly aligned with the Company’s Business Strategy and agreed with the C.E.O. are met,
at or above, a 

8

 

	 	 	satisfactory level, see 6.7.. The bonus period may be changed at the
discretion of the Board to a calendar year basis, in which case the Employee will be paid a
pro-rated bonus for any period less than or greater than 12 months, if and when such a
change takes place.

	6.3	 	For the Company portion of the bonus, the base price shall be in the case of each of the
bonus periods in respect of which a bonus is to be
calculated, the weighted average price of ordinary shares in the Company quoted on the
Nasdaq Stock Market over the last calendar month preceding the Bonus period in respect of
which the bonus is being calculated.
	 
	6.4	 	The ruling price for each Bonus period shall be the weighted average
price of ordinary shares in the Company quoted on the Nasdaq Stock
Market over the last calendar month of that Bonus period.
	 
	6.5	 	Should a bonus become payable to the Employee in respect of any
bonus period, then the amount of such bonus shall be calculated in accordance with the
following formula for the Company performance portion of the bonus:

B
= 33, 300 (P2 - P1)

	 	 	 	 	 
	Where

	 	B
	 	is the amount of the bonus, in United
States Dollars;
	 
	 	 	 	 
	 

	 	P2
	 	is the ruling price for the bonus
period in respect of which the bonus
is being calculated, as defined in 6.4,
and
	 
	 	 	 	 
	 

	 	P1
	 	is the base price for the bonus
period in respect of which the bonus
is being calculated.

9

 

	6.6	 	In the above formula, the factor 33,300 (Thirty Three thousand, three hundred) represents a
fictional shareholding of 33 300 (Thirty three
thousand, three hundred) shares in the share capital of the Company as presently constituted.
Should the ordinary shares in the Company which are listed on the Nasdaq Stock Market be
consolidated or sub-divided,
then the ruling price and the base price stipulated in 6.2 and the formula in 6.5 shall be
modified by agreement between the parties in such a way as to give effect to the original
intention of the parties. In the event that the parties do not agree on the terms of such
modification, the matter shall be referred to the Company’s Remuneration Committee, whose
decision shall be final and binding upon the parties.
	 
	6.7	 	The “Individual” portion of the bonus shall be decided on following the annual assessment of
the employee’s performance by the C.E.O. and Remuneration Committee in terms of the Employer’s
performance management scheme.
	 
	6.8	 	Should the Company become subject to or involved in any re-organisation, unbundling, scheme
of arrangement or other change of circumstances which directly or indirectly prejudices the
Employee’s prospective bonus(es) under the bonus scheme as set out in this clause, then the
parties shall endeavour to reach agreement on a modified or substituted bonus scheme which
will give effect to the original intent of the bonus scheme. Failing such agreement, the
terms of the modified or substituted bonus scheme shall be determined by the Company’s
Remuneration Committee, whose decision shall be final and binding upon the parties.
	 
	6.9	 	Should this agreement be terminated during the minimum fixed term in terms of paragraph
11 or by mutual agreement between the Company and the Employee, any bonus due to the Employee
in terms of paragraph 6.2, shall be calculated proportionately (on a pro-rated basis) for the
12 month employment period during which employment is terminated.

10

 

	7.	 	HOLIDAYS

	 	 	The Employee shall be entitled to 33 (thirty three) working days paid holiday in each
successive period of 12 (twelve) months’ continued
Employment with the Company, commencing on 1 July 2007, to be taken at such times as the
Board shall consider most convenient, having regard to the requirements of the Company’s
business.

	8.	 	LIFE ASSURANCE

	 	 	Subject to the insurance company’s requirements, life assurance cover against death and
disability is provided for the Employee whilst the Employee is a member of the Company’s
Provident Fund, as follows :
	 
	(a)	 	As a member of the Company’s Provident Fund, the employee has been accepted by Zurich
International Life Group life / lump sum disability scheme and has been accepted for cover,
currently of US$1,389,000.00 (One million, three hundred and eighty nine USA Dollars),
following the submission of evidence of good health, to the scheme (see addendum 2 to this
document);
	 
	(b)	 	He is also a member of the Company’s Momentum Disability scheme and, he will be entitled to
a payment of 75% of salary, currently subject to a maximum of R 75,000 (US Dollar equivalent)
per month. — (see addendum 3 to this contract).

	9.	 	APPLICATION OF PROVISIONS OF PERSONNEL MANUALS

	9.1	 	The terms and conditions of employment as contained in any of the Company’s personnel
policies and manuals are incorporated 

11

 

	 	 	into this Agreement and the Employee shall be bound by
the provisions thereof.

	 	a.	 	The Employee’s entitlement to any benefit other than those recorded
in this Agreement shall be governed by the appropriate provisions of the
Company’s personnel policies and manuals.
	 
	 	 	 	It is expressly provided that such policies and manuals may be changed, added to
and/or deleted from time to time at the discretion of the Company and it is agreed
that by accepting these terms and conditions, the Employee hereby accepts any such
changes, which will be appropriately communicated to him.
	 
	 	 	 	In the event of a conflict between the provisions of the personnel policies and
manuals and the provisions of this Agreement, the provisions of this Agreement
shall override those contained in the personnel policies and manuals.

	10.	 	INCAPACITY

	10.1	 	If the Employee at any time becomes incapacitated or prevented by illness, injury, accident
or any other circumstance beyond his control (the “incapacity”) from discharging his full
duties hereunder for a total of 180 (one hundred and eighty) or more days in any 12 (twelve)
consecutive calendar months, the Company may by notice in writing to the Employee given at any
time so long as the incapacity shall continue:
	 
	10.1.1	 	discontinue payment in whole or in part of the salary on and from such dates as may be
specified in the notice until the incapacity shall cease; or

12

 

	10.1.2	 	whether or not payment shall already have been discontinued, terminate this Agreement
forthwith or on such date as may be specified in the notice.
	 
	10.2	 	Save as hereinafter provided the Employee’s salary shall, notwithstanding the incapacity,
continue to be paid to the
Employee in accordance with paragraph 4, in respect of the period of
incapacity prior to such discontinuance or termination.
	 
	10.3	 	Notwithstanding the above, whilst the Employee is a member of the Company’s Provident Fund,
the Employee shall be covered against temporary and permanent disability under the Company’s
insurance policies.
	 
	 	 	Therefore, to the extent that the Employee receives payment of
disability benefit in terms of any such insurance policies, the
Company will not pay to the Employee his salary in terms of
clause 4 above.

	11.	 	TERMINATION

	11.1	 	This Agreement may be terminated forthwith by the Company without
prior notice if the Employee shall at any time:
	 
	11.1.1	 	commit any serious or persistent breach of any provisions contained in this Agreement;
	 
	11.1.2	 	be guilty of misconduct or wilful neglect in the discharge of his duties;
	 
	11.1.3	 	become insolvent or make any arrangement or composition with his creditors;

13

 

	11.1.4	 	notwithstanding the provisions of clause 10 above, become
permanently incapacitated by accident or ill-health from
performing his duties under this Agreement and for the
purposes of this sub-clause incapacity for 3 (three)
consecutive months or an aggregate period of 6 (six) months
in any period of 12 (twelve) months shall be deemed to be
permanent incapacity.
	 
	11.2	 	Subject to the provisions set out in 11.1 above, either the
Employee or the Company may, during the period of this
contract of employment terminate the relationship by
giving to the other party six months’ notice in writing.
Notwithstanding the aforegoing, the Employee’s employment
will terminate through effluxion of time on reaching the age of
60 (Sixty years).

12. CONFIDENTIALITY

	12.1	 	It is recorded that in the performance of his duties for the Company anywhere in the world,
i.e. those performed in West and East Africa, North America or mainland Europe the Employee
agrees that he will not divulge any information to any unauthorised persons or bodies relating
to any aspect of his work or any of the operations or processes of the Company. Such
information shall include methods, processes, computer software, documentation, know-how,
trade secrets, other confidential information or any other information which could be
damaging to the Employer’s business or which could benefit other parties to the detriment of
the Company or its activities.

13. RETURN OF COMPANY PROPERTY

The Employee shall promptly whenever requested by the Company

14

 

and, in any event upon the termination of his employment with the
Company, deliver to the Company all lists of clients or customers,
correspondence and all other documents, papers and records which
may have been prepared by him or have come into his possession in
the course of his employment with the Company, and the Employee
shall not be entitled and shall not retain any copies thereof. Title and
copy-right therein shall vest in the Company and, where appropriate,
any Associated Company.

14. OTHER EMPLOYMENT

While this Agreement remains in force, the Employee shall not be

engaged or take part, directly or indirectly, whether as an employee or in
any other capacity, in any other business without the Company’s prior
written permission.

15. DOMICILIUM

	15.1	 	The parties hereto respectively choose domicilium citandi et executandi for all purposes of
and in connection with this Agreement as follows:
	 
	15.1.1	 	the Company
	 
	 	 	La Motte Chambers
	 
	 	 	La Motte Street
	 
	 	 	St Helier
	 
	 	 	Jersey,
	 
	 	 	Channel Islands
	 
	15.1.2	 	the Employee
	 
	 	 	La Motte Chambers
	 
	 	 	La Motte Street
	 
	 	 	St Helier
	 
	 	 	Jersey,
	 
	 	 	Channel Islands

15

 

	15.2	 	Any notice to any party shall be addressed to it at its domicilium as aforesaid and either
sent by pre-paid registered post, delivered by hand, or sent by telefax transmission.
	 
	15.3	 	In case of any notice :
	 
	15.3.1	 	delivered by hand, it shall be deemed to have been received, unless the contrary is proved,
on the date of delivery, provided such date is a business day, otherwise on the following
business day;
	 
	15.3.2	 	sent by pre-paid registered post it shall be deemed to have been
	 
	15.3.3	 	received, unless the contrary is proved, on the seventh business day after posting;
	 
	15.3.4	 	sent via telefax transmission, shall be deemed to have been received on the same day,
provided such day is a business day, otherwise on the following business day. The party giving
notice by telefax transmission shall have the onus of proving that the telefax was received by
the addressee.
	 
	15.4	 	Any party shall be entitled by notice to the other, to change its
domicilium provided that the change will become effective only

business days after service of the notice in question.
	 
	15.5	 	For the purposes hereof, “business day” means any day other
than a Saturday, Sunday or public holiday.

16. GENERAL

	16.1	 	No alteration, cancellation, variation of, or addition hereto shall be
of any force or effect unless reduced to writing and signed by
the parties as an addendum to this Agreement or their duly

16

 

	 	 	authorised signatures.
	 
	16.2	 	Subject only to 16.1, this document contains the entire agreement between the parties and
neither party shall be bound by any undertakings, representations or warranties not recorded
herein.
	 
	16.3	 	No indulgence, leniency or extension of time which either party
(the “grantor”) may grant or show to the other, shall in any
prejudice the grantor or preclude the grantor from exercising any
of its/his rights in the future.
	 
	16.4	 	Neither party may cede or assign its/his rights and delegate its/his obligations in terms of
this Agreement without the prior written approval of the other party.
	 
	16.5	 	Each party warrants and undertakes to the other that —
	 
	16.5.1	 	it is not acting as undisclosed agent or nominee for any person in entering into this
Agreement; and
	 
	16.5.2	 	it is entering into this Agreement to secure the benefits of this Agreement for itself only
and for no other person.
	 
	16.6	 	The headings appearing in this Agreement have been used for reference purposes only and shall
not affect its interpretation.
	 
	16.7	 	The Company shall bear the costs of and incidental to the negotiation, preparation and
conclusion of this Agreement.
	 
	16.8	 	The interpretation and enforcement of this Agreement shall at all times be governed by law
prevailing in Jersey from time to time, and the parties hereto hereby consent and submit to
the

17

 

	 	 	jurisdiction of the Courts of Jersey in all matters arising from or concerning
this Agreement.
	 
	16.9	 	If any clause or term of this Agreement should be invalid, unenforceable or illegal, then the
remaining terms and provisions of this Agreement shall be deemed to be severable therefrom and
shall continue in full force and effect unless such invalidity, unenforceability or illegality
goes to the root of this Agreement.
	 
	16.10	 	The Employee’s rights under this Agreement are not capable of assignment or hypothecation,
nor of attachment by the Employee’s creditors.

THUS DONE and SIGNED by Dr D M Bristow at Abidjan on this the 1st day of July 2008, in
the presence of the undersigned witnesses, the signatory hereby warranting by his signature that he
is duly authorised thereto.

AS WITNESSES :

	 	1.	 	WRA Houston
	 
	 	2.	 	V MATFIELD

	 	 	 	 	 
	 	 	 
	 	                                                           /s/ Dr. D.M. Bristow
 	 

For and on behalf of: RANDGOLD RESOURCES

                             LIMITED

Capacity: Chief executive Officer

THUS DONE and SIGNED by the EMPLOYEE at Abidjan on this the 1st day of July 2008, in the presence
of the undersigned witnesses, the signatory hereby warranting by his signature that he is duly
authorised hereto.

AS WITNESSES :

18

 

	 	1.	 	W R A Houston
	 
	 	2.	 	V Matfield

	 	 	 	 	 
	 	 	 
	 	                                                          /s/ Graham P. Shuttleworth
 	 
	 	
GRAHAM P. SHUTTLEWORTH 	 
	 	 	 
	 

19

 

ADDENDUM 1 TO CONTRACT OF EMPLOYMENT OF GRAHAM 

SHUTTLEWORTH

	1.	 	AWARD OF RESTRICTED STOCK in terms of the provisions of clause 4.4 of this contract of
employment, the Employer has the right to award the Employee, on such occasions as it deems
appropriate, an award of restricted stock. The Employer has consented to award the Employee an
award of restricted stock of 36,000 shares.
	 
	2.	 	TERMS AND CONDITIONS OF THE AWARD

     The award of restricted stock to the Employee will be granted from his date of appointment as noted
on his contract of employment.

     The vesting of any portion of the award is subject to the employee being employed and achieving a
70% score on the assessment of his performance during the 12 month period preceding each vesting
date. The assessment will be carried out by the C.E.O. against criteria agreed with the Employee.

     In terms of the award approved by the Board and subject to paragraph 2.2 above, the Employee will
be entitled to vest the Shares in three tranches, as follows:

     in respect of the first one-third of the shares, i.e.12,000, after 12 months’ service have
elapsed, i.e. from the date the restricted stock was awarded;

     in respect of the second third of the of the shares, i.e. 12,000, after 24 months’ service
have elapsed from the date the restricted stock was awarded;

     in respect of the remaining last third of the shares, i.e. 12,000, after 36 months’ service
have elapsed from the date the restricted stock was awarded.

	 	2.4	 	In the event of a change of ownership of the Company, which has the affect that the
Employee is not offered an equivalent position by the new Employer (i.e.
Financial Director of a publicly listed Company), all the restricted stock will vest on
the date of the ownership change.

THUS DONE and SIGNED by Dr D M Bristow at Johannesburg on this the 28th day of April 2007, in the
presence of the undersigned witnesses, the signatory hereby warranting by his signature that he is
duly authorised thereto.

20

 

ADDENDUM 2

RANDGOLD RESOURCES DEATH AND LUMP SUM DISABILITY

BENEFITS

SCHEME SUMMARY

	 	 	 	 	 
	UNDERWRITER

	 	 :
	 	Zurich International Life Limited
	 
	 	 	 	 
	POLICY NUMBER

	 	 :
	 	9434 
	 
	 	 	 	 
	INCEPTION DATE

	 	 :
	 	March 2006
	 
	 	 	 	 
	CHANGES IN SALARY

	 	 :
	 	Effective immediately
	 
	 	 	 	 
	ELIGIBILITY

	 	 :
	 	All employees on the permanent staff who are
under Benefit Termination Age
	 
	 	 	 	 
	CATEGORIES

	 	 :
	 	Category A — Career employees (Provident Fund
members)
	 
	 	 	 	 
	 

	 	 	 	Category B — Contract
employees (non Provident Fund
members)
	 
	 	 	 	 
	BENEFIT TERMINATION AGE

	 	 :
	 	70 
	 	 
	MEDICAL
FREE LIMIT

	 	 :
	 	$454 000 
	 
	 	 	 	 
	PREMIUM RATE

	 	 :
	 	Death — $3.333 per $1 000 
	 
	 	 	 	 
	 

	 	 	 	Lump sum disability — $2.61 per
$1 000 
	 
	 	 	 	 
	PREMIUM PAYMENT FREQUENCY

	 	 	 	Annual but ‘proportional’ annual
invoice issued in respect of new
entrants and withdrawals throughout the
year-
	 
	 	 	 	 
	NUMBER OF MEMBERS

	 	 :
	 	113 (September 2008)

21

 

	 	 	 	 	 
	DEATH BENEFIT

	 	 	 	Category A — 3 times annual salary (no
maximum benefit)
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	Category B — 2 times annual
salary (maximum $200 000)
	 
	 	 	 	 
	DISABILITY BENEFIT (if disability
benefit is paid,
death cover falls away)

	 	 	 	Category A — 3 times
annual salary (maximum
benefit of $1 500 000)
	 
	 	 	 	 
	 

	 	 	 	Category B — 2 times annual
salary (maximum benefit of
$200 000) 
	 
	 	 	 	 
	WAITING PERIOD

	 	 :
	 	12 months
	 	 
	DISABILITY
PARAMETER

	 	 	 	White collar workers — own or a similar
occupation.
	 

	 	 	 	Blue collar workers — any
occupation
	 
	 	 	 	 
	 

	 	 	 	An assessed disability degree
of 66.666% or more qualifies
for a benefit

EXCLUSION CLAUSES: The terms and conditions of the policy prevail, however, below is a summary of
some of the exclusion clauses specified, some of which may be waived, subject to assessment of the
appropriate questionnaires by Zurich and their re-assurers. There are also a few
sports/occupations which are defined as ‘uninsurable’ and I have specified those separately. In
the event of an employee partaking in any sport, hobby or occupation which may be considered
‘hazardous’, full disclosure to the insurer is recommended to ascertain whether cover is offered in
the circumstances.

	 	•	 	Active participation in terrorism, war or warlike operations; passive war if a staff
member goes to and remains in a country after war is declared (or after being recognized
as a war zone and there is official government advice to leave).

22

 

	 	•	 	Any claim arising as a direct or indirect consequence of the use of nuclear, biological
or chemical weapons, or any radioactive contamination; or as a result of attacks or
sabotage on such facilities.
	 
	 	•	 	Intentionally self inflicted injuries and attempted suicide, whether sane or insane,
gross negligence and violation of the law
	 
	 	•	 	Abuse of drugs, alcohol and medication other than prescribed by a physician.
	 
	 	•	 	Disability which results from a mental or nervous disorder which continues after 24
months after benefit commenced, unless member confined to a duly licensed hospital or
institution. If released from hospital a maximum of 90 days recovery period is
permitted.... etc.
	 
	 	•	 	Unless prior written agreement is obtained from the insurers, hazardous sports
including but not limited to:

	 	O	 	boxing;
	 
	 	O	 	climbing/mountaineering requiring ropes or guides or free climbing;
	 
	 	O	 	flying, except as a fare paying passenger in a regularly scheduled
aircraft or in a company owned or hired jet or helicopter for transportation of
employees;
	 
	 	O	 	all professional sports
	 
	 	O	 	hang gliding, delta wing gliding and paragliding;
	 
	 	O	 	motorized racing of any form;
	 
	 	O	 	deep sea diving;
	 
	 	O	 	parachuting;
	 
	 	O	 	bungee jumping;
	 
	 	O	 	show jumping, steeple chasing, eventing or flat racing with a
horse.

UNINSURABLE RISKS

Hazardous sports including but not limited to:

	 	•	 	cave diving; wreck penetration; free diving; diving with explosives; potholing with
diving;
	 
	 	•	 	formula 1 racing;
	 
	 	•	 	aerobatics or stunt flying, competitions, air shows or aircraft testing;
	 
	 	•	 	stunts of all descriptions;
	 
	 	•	 	solo ‘round the world’ sailing competitions;
	 
	 	•	 	solo rock climbing/mountaineering;
	 
	 	•	 	base jumping;
	 
	 	•	 	world record attempts;
	 
	 	•	 	skiing off piste (“normal” skiing within official marked tracks is covered).

23

 

ADDENDUM 3

RANDGOLD RESOURCES MONTHLY DISABILITY INCOME BENEFITS

SCHEME SUMMARY

	 	 	 	 	 
	UNDERWRITER

	 	:
	 	Momentum Collective Benefits
	 
	 	 	 	 
	POLICY NUMBER

	 	:
	 	 110754
	 
	 	 	 	 
	INCEPTION DATE

	 	:
	 	 1 January 2005
	 
	 	 	 	 
	REVIEW DATE

	 	:
	 	March
	 
	 	 	 	 
	CHANGES IN SALARY

	 	:
	 	Effective immediately
	 
	 	 	 	 
	‘DUAL’ INCOME EARNERS

	 	:
	 	The maximum benefit of R75 000 and
employer waiver of R18 000 will apply to
the combined benefits for any employee
who earns a salary from both Seven
Bridges and Randgold Resources
	 
	 	 	 	 
	ELIGIBILITY

	 	:
	 	All employees on the permanent staff who
are under Benefit Termination Age and are
‘Career’ employees and not ‘Contract’
employees
	 
	 	 	 	 
	BENEFIT TERMINATION AGE

	 	:
	 	 65
	 
	 	 	 	 
	MEDICAL FREE LIMIT

	 	:
	 	R30 000 per month benefit (inclusive of
employer waiver)
	 
	 	 	 	 
	EXCHANGE RATE

	 	:
	 	R8.50:$1 (October 2008)
	 
	 	 	 	 
	EXCHANGE RATE REVIEW DATES

	 	:
	 	1 January and 1 July of each year
	 
	 	 	 	 
	PREMIUM RATE

	 	:
	 	1.743% of monthly salary roll (March 2008)
	 
	 	 	 	 
	 
	 	 	 	 
	MONTHLY DISABILITY
INCOME BENEFIT

	 	 	 	A monthly payment of 75% of salary, subject to a maximum benefit
of 

R75 000 per month
	 
	 	 	 	 
	ESCALATION

	 	:
	 	5% per annum or CPI, whichever is the lower

24

 

	 	 	 	 	 
	WAIVER OF PREMIUM

	 	:
	 	20% (R18 000.00 per month maximum)
	 
	 	 	 	 
	WAITING PERIOD

	 	:
	 	3 months
	 
	 	 	 	 
	PAYMENT OF PREMIUMS 

AND BENEFITS

	 	 	 	Momentum offer cover subject
to premiums and benefits being
paid in SA Rand. In the event
of a claim the benefit will be
paid to the Employer in SA
Rand based on the scheme
exchange rate in force at the
time and the employer will be
liable for any fluctuations in
the exchange rate when
forwarding the US Dollar
equivalent of the benefit to
the claimant.
	 
	 	 	 	 
	RATE GUARANTEE PERIOD

	 	:
	 	1 year
	 
	 	 	 	 
	CONVERSION OPTION

	 	:
	 	On withdrawal to age 55
	 
	 	 	 	 
	DISABILITY DEFINITION

	 	 	 	Own occupation for the first
two years; own or similar
thereafter;
	 
	 	 	 	 
	 

	 	 	 	Drivers — any occupation where there
are more than 15% of the membership who
are drivers
	 
	 	 	 	 
	WAR AND RIOT

	 	 	 	Excluded

25

 

ADDENDUM 4

	 	 	Duties and Responsibilities
	 
	1.	 	Liaise with government departments and ministers (e.g., Mines, Finance, Economy, Treasury,
Health, Environment) principally in Mali and the Côte d’Ivoire or at other offices in Africa.
	 
	2.	 	Liaise and negotiate with local suppliers and contractors, principally in Mali and the Côte
d’Ivoire or at other offices in Africa.
	 
	3.	 	Attend meetings of the board of directors of any Group Company in which the Employee holds
office and meetings of any sub-committees of such boards on which the Employee sits.
	 
	4.	 	Liaise with local tax authorities principally within Mali and the Côte d’Ivoire or at other
offices in Africa.
	 
	5.	 	Negotiate mining conventions, agreements, etc.
	 
	6.	 	Monitor and manage the Company’s and the mines’ financial affairs.
	 
	7.	 	Review and manage the Companies’ capital structure and sources of funding.
	 
	8.	 	Report to the CEO.

26

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