Document:

Exhibit

EXHIBIT 10.12

___________  __, 20__

[Name of Recipient]
[Address]

Notice of Grant of Performance-Based Restricted Stock Units

Dear [Name]:

Congratulations!  You have been granted a performance-based restricted stock unit award (the “Award”) pursuant to the terms and conditions of the Verint Systems Inc. 2015 Long-Term Stock Incentive Plan, as modified by any sub-plan, addendum, or supplement applicable to you under Section 16 of the Agreement (as defined below) (the “Plan”) and the attached Verint Systems Inc. (the “Company”) Performance-Based Restricted Stock Unit Award Agreement (the “Agreement”).  The details of your Award are specified below and in the attached Agreement.  Capitalized terms used in this Notice of Grant and not otherwise defined shall have the meanings given in the Plan or the Agreement.

Granted To:        [Name]
ID#:            [ID Number]

Grant Date:        [____________], 20__

Target Number 
of Units Granted:    
[Number] (with the opportunity to earn up to  [Number]1 additional Restricted Stock Units).2  The Restricted Stock Units eligible to be earned under this Award will be divided one-third into “Revenue Units”, one-third into “EBITDA Units”, and one-third into “TSR Units”, which will vest independently based on the Performance Matrix attached as Exhibit A. 
        
Price Per Unit:        U.S.$0.00

Performance Period:    
As specified in the Performance Matrix attached as Exhibit A.

________________________

1  Not to exceed 100% of the target number of Restricted Stock Units (or such lower percentage as specified by the grant resolutions).
2   Note that the maximum number of Restricted Stock Units granted is subject to the approval of the Compensation Committee.

1

Vesting Schedule:    
The Restricted Stock Units granted hereby shall vest on the dates or at the times set forth in the Agreement, following the achievement of specified performance goals, but in any event, no earlier than [_______], 20__ for the Revenue Units and for the EBITDA Units, and no earlier than [______], 20__ for the TSR Units.3 

Verint Systems Inc.
                    
By my signature below or my electronic acceptance hereof (if provided to me electronically), I hereby acknowledge my receipt of this Award granted on the date shown above, which has been issued to me under the terms and conditions of the Plan and the Agreement.  I agree that the Award is subject to all of the terms and conditions of this Notice of Grant, the Plan, and the Agreement.

If I am a resident of Canada, I also acknowledge having requested that this Notice and all documents referred to herein be drafted in the English language.  Je reconnais également avoir exigé que ce document ainsi que tout document auquel ce document fait référence, soient rédigés en langue anglaise.

Signature: _______________________________    Date: ______________

________________________

3   Dates to be specified in the applicable grant resolutions, with the first date to be after the filing of the Company's 10-K covering the final year of the performance period applicable to the Revenue and EBITDA Units (and the release of the related blackout period) and with the second date to be after the filing of the Company's 10-K covering the final year of the performance period applicable to the TSR Units (and the release of the related blackout period).

2

VERINT SYSTEMS INC.

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT

This Performance-Based Restricted Stock Unit Award Agreement (this “Agreement”) and the Verint Systems Inc. 2015 Long-Term Stock Incentive Plan, as modified by any sub-plan, addendum, or supplement applicable to you under Section 16 of this Agreement (the “Plan”) govern the terms and conditions of the Performance-Based Restricted Stock Unit Award (the “Award”) specified in the Notice of Grant of Performance-Based Restricted Stock Units (the “Notice of Grant”) delivered herewith entitling the person to whom the Notice of Grant is addressed (“Grantee”) to receive from Verint Systems Inc. (the “Company”) the target number of performance-based Restricted Stock Units indicated in the Notice of Grant and the opportunity to earn additional Restricted Stock Units (if provided for in the Notice of Grant), as described herein, subject to the terms and conditions of this Agreement.

		
	1
	RESTRICTED STOCK UNITS; VESTING

1.1    Grant of Performance-Based Restricted Stock Units.
		
	(a)
	Subject to the terms of this Agreement, the Company hereby grants to Grantee the target number of performance-based restricted stock units (as may be further defined under the terms of the Plan, “Restricted Stock Units”) indicated in the Notice of Grant, and if provided in the Notice of Grant, the opportunity to earn additional Restricted Stock Units4 (if applicable, the “Overachievement Units”).

		
	(b)
	Subject to the terms of this Agreement, Grantee’s right to receive all or any portion of the Restricted Stock Units will be contingent upon the Company’s achievement of one or more performance goals specified in the performance matrix attached as Exhibit A to this Agreement (the “Performance Matrix”) measured over the performance period(s) specified in the Performance Matrix.

		
	(c)
	If and when the Restricted Stock Units vest in accordance with the terms of the Plan, this Agreement, and the Notice of Grant without forfeiture, and upon the satisfaction of all other applicable conditions as to the Restricted Stock Units, one Share shall be issuable to Grantee for each Restricted Stock Unit that vests on such date, which Shares, except as otherwise provided herein or in the Notice of Grant, will be free of any Company-imposed transfer restrictions.  Notwithstanding any other provision of this Agreement, the Company reserves the right to settle the Award in cash or cancel the award for cash, based on the Fair Market Value of the Shares on the applicable vesting dates, subject to required withholding and in accordance with the customary payroll practices of the entity employing Grantee.

________________________

4 Note that the maximum number of Restricted Stock Units granted is subject to the approval of the Compensation Committee.

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1.2    Vesting of Performance-Based Restricted Stock Units.
		
	(a)
	Generally.  Vesting of the Restricted Stock Units shall be in accordance with the Performance Matrix.  If the calculations specified on the Performance Matrix would result in the vesting of a fraction of a Restricted Stock Unit, the result of the calculation will be rounded down to the nearest whole Restricted Stock Unit.

		
	(b)
	Determination of Earned Award.  Not later than 60 days following the Board’s receipt of the Company’s audited financial statements covering the final year of the performance period applicable to a given category of Restricted Stock Units, the Committee will determine (i) whether and to what extent the performance goal(s) have been satisfied, (ii) the number of Restricted Stock Units vesting hereunder pursuant to the terms hereof, and (iii) whether all other conditions to receipt of the Shares have been met.  The Committee’s determination of the foregoing shall be final and binding on Grantee absent a showing of manifest error.  Notwithstanding any other provision of this Agreement, no Restricted Stock Units for a given category shall vest (x) until the Committee has made the foregoing determinations and (y) prior to the date or dates discussed in the next paragraph.

		
	(c)
	Time Vesting Limitation.  For the avoidance of doubt, notwithstanding the determination of the Board or the Committee pursuant to the previous paragraph, no Restricted Stock Units will vest prior to the date or dates specified in the Notice of Grant.

		
	(d)
	Other Vesting Provisions.  Any Restricted Stock Units that do not become vested based on the foregoing provisions will be automatically forfeited by Grantee without consideration.  Vesting shall cease upon the date Grantee’s Continuous Service terminates for any reason, unless otherwise determined by the Board or the Committee in its sole discretion or otherwise provided in a separate written agreement between the parties.

1.3    Forfeiture.
		
	(a)
	Except as otherwise provided herein, Grantee’s right to receive any of the Restricted Stock Units is contingent upon his or her remaining in the Continuous Service of the Company or a Subsidiary or Affiliate through the respective vesting dates specified in the Notice of Grant and hereunder.  If Grantee’s Continuous Service terminates for any reason, all Restricted Stock Units which are then unvested shall, unless otherwise determined by the Board or the Committee in its sole discretion or subject to a separate written agreement between the parties, be cancelled and the Company shall thereupon have no further obligation thereunder.  For the avoidance of doubt, subject to a separate written agreement between the parties, Grantee acknowledges and agrees that he or she has no expectation that any Restricted Stock Units will vest on the termination of his or her Continuous Service for any reason and that he or she will not be entitled to make a claim for any loss occasioned by such forfeiture as part of any claim for breach of his or her employment or service contract or otherwise.

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1.4    Delivery.  
		
	(a)
	Subject to Section 1.6 and any other applicable conditions hereunder, as soon as administratively practicable following the vesting of Restricted Stock Units in accordance with the terms of this Agreement and the Notice of Grant (but in no event later than the date the short-term deferral period under Section 409A of the Code expires with respect to such vested Shares), the Company shall issue the applicable Shares and, at its option, (i) deliver or cause to be delivered to Grantee a certificate or certificates for the applicable Shares or (ii) transfer or arrange to have transferred the Shares to a brokerage account of Grantee designated by the Company.

		
	(b)
	Notwithstanding the foregoing, the issuance of Shares upon the vesting of a Restricted Stock Unit shall be delayed in the event the Company reasonably anticipates that the issuance of Shares would constitute a violation of U.S. federal securities laws, other applicable law, or Nasdaq rules.  If the issuance of the Shares is delayed by the provisions of this paragraph, such issuance shall occur at the earliest date at which the Company reasonably anticipates issuing the Shares will not cause such a violation.  For purposes of this paragraph, the issuance of Shares that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code or other tax legislation applicable to Grantee is not considered a violation of applicable law.

1.5    Restrictions.
		
	(a)
	Except as provided herein, Grantee shall not have any rights as a stockholder with respect to any Shares to be distributed under this Agreement until he, she or it has become the holder of such Shares as provided in this Agreement.  Until delivery of such Shares (or other settlement of the Award hereunder), Grantee will have only the rights of a general unsecured creditor of the Company.

		
	(b)
	The Award is subject to the transferability restrictions under the Plan.

1.6    Tax; Withholding.
		
	(a)
	The Company shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company or its Subsidiary with respect to any income recognized by Grantee with respect to the Restricted Stock Units or the issuance of Shares pursuant to the terms of the Restricted Stock Units.

		
	(b)
	Neither the Company nor any Subsidiary, Affiliate or agent makes any representation or undertaking regarding the treatment of any tax or withholding in connection with the grant, vesting or settlement of the Award or the subsequent sale of Shares subject to the Award.  The Company and its Subsidiaries and Affiliates do not commit and are under no obligation to structure the Award to reduce or eliminate Grantee’s tax liability, and none of the Company, any of its Subsidiaries or Affiliates, or any of their employees or representatives shall have any liability to Grantee with respect thereto.

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	(c)
	Notwithstanding the withholding provision in the Plan:

		
	(i)
	If in the tax jurisdiction in which Grantee resides, a tax withholding obligation arises upon vesting of the Award (regardless of when the Shares underlying the Award are delivered to Grantee), or for non-employee directors of the Company in any jurisdiction, on each date that all or a portion of the Award actually vests, if (1) the Company does not have in place an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”) and there is not a Securities Act exemption available under which Grantee may sell Shares or (2) Grantee is subject to a Company-imposed trading blackout, then unless Grantee has made other arrangements satisfactory to the Company, the Company will (x) with respect to employees of the Company, withhold from the Shares to be delivered to Grantee such number of Shares as are sufficient in value (as determined by the Company in its sole discretion) to cover the minimum amount of the tax withholding obligation and (y) with respect to non-employee directors of the Company, settle 40% of the portion of the Award then vesting in cash by paying Grantee cash (in accordance with the Company’s normal payroll practices) equal to the Fair Market Value of one Share for each Restricted Stock Unit being settled in such manner.

		
	(ii)
	If in the tax jurisdiction in which Grantee resides, a tax withholding obligation arises upon delivery of the Shares underlying the Restricted Stock Units (regardless of when vesting occurs), then following each date that all or a portion of the Award actually vests, the Company will defer the delivery of the Shares otherwise deliverable to Grantee until the earliest of: (1) the date Grantee’s employment with the Company (or a Subsidiary or Affiliate) is terminated (by either party), (2) the date that the short-term deferral period under Section 409A of the Code expires with respect to such vested Shares, or (3) the date on which the Company has in place an effective registration statement under the Securities Act or there is a Securities Act exemption available under which Grantee may sell Shares and on which Grantee is not subject to a Company-imposed trading blackout (the earliest of such dates, the “Delivery Date”).  If on the Delivery Date (x) the Company does not have in place an effective registration statement under the Securities Act and there is not a Securities Act exemption available under which Grantee may sell Shares or (y) Grantee is subject to a Company-imposed trading blackout, then unless Grantee has made other arrangements satisfactory to the Company, the Company will withhold from the Shares to be delivered to Grantee such number of Shares as are sufficient in value (as determined by the Company in its sole discretion) to cover the minimum amount of the tax withholding obligation.

		
	(d)
	Grantee is ultimately liable and responsible for all taxes owed by Grantee in connection with the Award, regardless of any action the Company or any of its Subsidiaries, Affiliates or agents takes with respect to any tax withholding obligations that arise in connection with the Award.  Accordingly, Grantee agrees to pay to the Company or its relevant Subsidiary, Affiliate or agent as soon as practicable, including through additional payroll withholding (if permitted under applicable law), any amount of required tax 

6

withholding that is not satisfied by any such action of the Company or its Subsidiary, Affiliate or agent.
		
	(e)
	The Committee shall be authorized, in its sole discretion, to establish such rules and procedures relating to the use of Shares of common stock to satisfy tax withholding obligations as it deems necessary or appropriate to facilitate and promote the conformity of Grantee’s transactions under this Agreement with Rule 16b-3 under the Securities Exchange Act of 1934, as amended, if such rule is applicable to transactions by Grantee.

1.7    Detrimental Activity.  In the event the Company determines or discovers during or after the course of Grantee’s employment or service that Grantee committed an act during the course of employment or service that constitutes or would have constituted Cause for termination, the Committee shall have the right, to the maximum extent permissible under applicable law, to cancel all or any portion of the Award (whether or not vested).
1.8    Erroneously Awarded Compensation.  The Award, if and to the extent subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any regulations promulgated thereunder (collectively, the “Dodd-Frank Act”), may be subject to a claw back policy or other incentive compensation policy established from time to time by the Company to comply with such Act.
		
	2
	CERTAIN DEFINITIONS

Defined terms not defined in this Agreement but defined in the Plan shall have the same definitions as in the Plan.  For the avoidance of doubt, in each instance that the term “Company” is used in the Plan, “Company” shall mean Verint Systems Inc.
The performance goals specified in the performance matrix shall be measured by the Committee (for calculation purposes) on a non-GAAP basis, consistent with the Company’s Board-approved budget and 2-year plan, with the Committee having the discretion, but not the obligation, to adjust any such performance goals and/or the associated vesting levels to reflect the impact of:
 
		
	•
	extraordinary transactions or unbudgeted Company merger/acquisitions or similar activity, 

		
	•
	changes in applicable tax or other laws, rules, or regulations, 

		
	•
	changes in applicable revenue recognition or other accounting rules, requirements, or standards, or 

		
	•
	stock repurchases or dividends paid to stockholders,

in order to prevent unintended enlargement or dilution of benefits to the Grantee as a result of such activity.   
		
	3
	REPRESENTATIONS OF GRANTEE

Grantee hereby represents to the Company that Grantee has read and fully understands the provisions of this Agreement, and Grantee acknowledges that Grantee is relying solely on his or her own advisors with respect to the tax consequences of the Award.  Grantee acknowledges that this Agreement has 

7

not been reviewed or approved by any regulatory authority in his or her country of residence or otherwise.
		
	4
	NOTICES

All notices or communications under this Agreement shall be in writing, addressed as follows:
To the Company:

Verint Systems Inc.
175 Broadhollow Road
Melville, NY  11747-3201
U.S.A.
+(631) 962-9600 (phone)
+(631) 962-9623 (fax)
Attn: Chief Legal Officer
To Grantee:

as set forth in the Company’s payroll
records

Any such notice or communication shall be (a) delivered by hand (with written confirmation of receipt) or sent by a nationally recognized overnight delivery service (receipt requested) or (b) sent certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in writing from time to time), and the actual date of receipt shall determine the time at which notice was given.  Grantee will promptly notify the Company in writing upon any change in Grantee’s mailing address or e-mail address.
		
	5
	BINDING AGREEMENT

This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of Grantee and the assigns and successors of the Company.
		
	6
	ENTIRE AGREEMENT; AMENDMENT 

The Plan, this Agreement and the Notice of Grant represent the entire agreement of the parties with respect to the subject matter hereof.  Subject to the terms of the Plan, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, the Award; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would impair the rights of Grantee or any holder or beneficiary of the Award previously granted shall not be effective as to Grantee without the written consent of Grantee, holder or beneficiary, but further provided that the consent of Grantee or any holder or beneficiary shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with (a) the Dodd-Frank Act, including, without limitation, as a result of the implementation of any recoupment policy the Company adopts to comply with the requirements set forth in the Dodd-Frank Act and (b) Section 409A of the Code as amplified by any Internal Revenue Service or U.S. Treasury Department regulations or guidance, or any other applicable equivalent tax law, rule, or regulation, as the Company deems appropriate or advisable.

8

		
	7
	GOVERNING LAW

The rules and regulations relating to this Agreement shall be determined in accordance with the laws of the State of New York, applied without giving effect to its conflict of laws principles.  Each party to this Agreement hereby consents and submits himself, herself or itself to the jurisdiction of the courts of the state of New York for the purposes of any legal action or proceeding arising out of this Agreement.  Nothing in this Agreement shall affect the right of the Company to commence proceedings against Grantee in any other competent jurisdiction, or concurrently in more than one jurisdiction, or to serve process, pleadings and other papers upon Grantee in any manner authorized by the laws of any such jurisdiction.  Grantee irrevocably waives:
(a)    any objection which he, she or it may have now or in the future to the laying of the venue of any action, suit or proceeding in any court referred to in this Section; and 
(b)    any claim that any such action, suit or proceeding has been brought in an inconvenient forum.
		
	8
	SEVERABILITY

If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or this Agreement, or would disqualify this Agreement under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction, person or this Agreement and the remainder of this Agreement shall remain in full force and effect. 
		
	9
	ONE-TIME GRANT; NO RIGHT TO CONTINUED SERVICE OR PARTICIPATION; EFFECT ON OTHER PLANS

The Award evidenced by this Agreement is a voluntary, discretionary bonus being made on a one-time basis and it does not constitute a commitment to make any future awards, even if awards have been made repeatedly in the past.  Further, the Award is made outside the scope of Grantee’s employment or service contract, if any, unless otherwise expressly provided therein.  Neither this Agreement nor the Notice of Grant shall be construed as giving Grantee the right to be retained in the employ of, or in any consulting or other service relationship to, or as a director on the Board or board of directors, as applicable, of, the Company or any Subsidiary or Affiliate of the Company. Further, the Company or a Subsidiary or Affiliate of the Company may at any time dismiss Grantee from employment or discontinue any consulting or other service relationship, free from any liability or any claim under the Plan or this Agreement, unless otherwise expressly provided in the Plan, this Agreement or any applicable employment or service contract or agreement.  In the event that Grantee is not an employee of the Company, the grant of the Award will not be interpreted to form an employment contract or relationship with the Company or any Affiliate or Subsidiary of the Company. Payment received by Grantee pursuant to this Agreement and the Notice of Grant shall not be considered part of normal or expected compensation or salary for any purpose, including, but not limited to, calculation of any overtime, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments  and shall not be included in the determination of benefits under any pension, group insurance or 

9

other benefit plan of the Company or any Subsidiary or Affiliate in which Grantee may be enrolled, except as provided under the terms of such plans, or as determined by the Board.
		
	10
	NATURE OF THE GRANT

In accepting the Award, Grantee acknowledges that: 
(a)the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan or this Agreement; 
(b)Grantee’s participation in the Plan is voluntary; 
(c)the future value of the underlying Shares is unknown and cannot be predicted with certainty; 
(d)if Grantee receives Shares upon vesting of the Award, the value of such Shares may increase or decrease in value; and
(e)in consideration of the grant of the Award, no claim or entitlement to compensation or damages arises from diminution in value of the Award received upon vesting of the Award or, except as otherwise provided herein or under a separate agreement between the parties, from the termination of the Award resulting from termination of Grantee’s Service to the Company or a Subsidiary or Affiliate (for any reason whatsoever and whether or not in breach of local labor laws) and, subject to the foregoing, Grantee irrevocably releases the Company and its Subsidiaries and Affiliates from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, Grantee shall be deemed irrevocably to have waived his, her or its entitlement to pursue such claim. 
		
	11
	NO STRICT CONSTRUCTION

No rule of strict construction shall be implied against the Company, the Committee, or any other person in the interpretation of any of the terms of this Agreement, the Notice of Grant or any rule or procedure established by the Committee.
		
	12
	USE OF THE WORD “GRANTEE”

Wherever the word “Grantee” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Restricted Stock Units may be transferred by will or the laws of descent and distribution, the word “Grantee” shall be deemed to include such person or persons.
		
	13
	FURTHER ASSURANCES

Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement.

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	14
	CONSENT TO TRANSFER PERSONAL DATA

The Company and its Subsidiaries hold certain personal information about Grantee, that may include Grantee’s name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any Shares of stock held in the Company, or details of any entitlement to Shares of stock awarded, canceled, purchased, vested, or unvested, for the purpose of implementing, managing, and administering the Award, the Plan or this Agreement (collectively “Data”).  Grantee hereby agrees that the Company and/or its Subsidiaries may transfer Data amongst themselves as necessary for the purpose of implementation, administration, and management of Grantee’s participation in the Award, the Plan or this Agreement, and the Company and/or any of its Subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation, administration, and management of the Award, the Plan or this Agreement. These recipients may be located throughout the world, including, without limitation, outside Grantee’s country of residence (or outside of the European Economic Area, for Grantees located within the European Economic Area).  Such countries may not provide for a similar level of data protection as provided for by local law (such as, for example, European privacy directive 95/46/EC and local implementations thereof).  Grantee hereby authorizes those recipients – even if they are located in a country outside of Grantee’s country of residence (and/or outside of the European Economic Area, for Grantees located within the European Economic Area) – to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purpose of implementing, administering, and managing Grantee’s participation in the Award, the Plan or this Agreement, including but not limited to any transfer of such Data as may be required for the administration of the Award, the Plan or this Agreement and/or the subsequent holding of Shares of stock on Grantee’s behalf by a broker or other third party with whom Grantee or the Company may elect to deposit any Shares of stock acquired pursuant to the Award, the Plan or this Agreement.  Grantee is not obliged to consent to such collection, use, processing and transfer of personal data and may, at any time, review Data, require any necessary amendments to it, or withdraw the consent contained in this Section by contacting the Company in writing.  However, withdrawing or withholding consent may affect Grantee’s ability to participate in the Award, the Plan or this Agreement.  More information on the Data and/or the consequences of withholding or withdrawing consent can be obtained from the Company’s legal department.
		
	15
	GOVERNING PLAN DOCUMENT

This Agreement is subject to all the provisions of the Plan, the provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan control. 
		
	16
	CERTAIN COUNTRY-SPECIFIC PROVISIONS

For residents of the UK only:
Your Award is subject to the UK Sub-Plan under the Plan.

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Grantee agrees, as a condition to its acceptance of the Award, to satisfy any requirement of the Company or any Subsidiary that, prior to vesting of all or any part of the Award, Grantee enter into a joint election under section 431(1) of the UK Income Tax (Earnings and Pensions) Act 2003, the effect of which is that the Shares issued on vesting will be treated as if they were not restricted securities.
Tax withholding obligations under this Agreement shall include, without limitation:
(i)    United Kingdom (UK) income tax; and
(ii)    UK primary class 1 (employee's) national insurance contributions.
For residents of Canada only:
Your Award is subject to the Canadian Sub-Plan under the Plan.
I acknowledge having requested that this Agreement and all documents referred to herein be drafted in the English language.  Je reconnais également avoir exigé que ce document ainsi que tout document auquel ce document fait référence, soient rédigés en langue anglaise.
Tax withholding obligations under this Agreement shall include federal and provincial income tax, Canadian Pension Plan contributions, and Employment Insurance premiums (including the provincial equivalents) as applicable.
For residents of Hong Kong only:
a)  The Data Protection Principles specified in the Personal Data (Privacy) Ordinance (Cap. 486 of the Laws of Hong Kong) will apply to any Data upon its transfer to any place outside of Hong Kong.
b)  Hong Kong Securities Law Notice.  The Restricted Stock Units and any Shares issued pursuant to the Awards do not constitute a public offering of securities under Hong Kong law and are available to any eligible person under the Plan.  The Agreement,  the Plan and other incidental communication materials (together, the “Award Agreement”)  have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong.  The Restricted Stock Units and any related documentation are intended only for the personal use of each eligible person under the Plan and may not be distributed to any other person.  The contents of the Award Agreement, including the Plan, have not been reviewed by any regulatory authority in Hong Kong.  You are advised to exercise caution in relation to the offer.  If you are in any doubt about any of the contents of the Award Agreement or the Plan, you should obtain independent professional advice.
For residents of Russia only: 
You acknowledge that the grant of Restricted Stock Units, the Plan and all other materials you may receive regarding participation in the Plan do not constitute an advertising or offering of securities in Russia.  The issuance of securities pursuant to the Plan has not and will not be registered in Russia and therefore, the securities described in any Plan-related documents may not 

12

be used for offering or public circulation in Russia.  
   
You further acknowledge that in no event will Shares that may be issued to you with respect to the Restricted Stock Units be delivered to you in Russia; all Shares issued to you with respect to the Restricted Stock Units will be maintained on your behalf in the United States.
For residents of Argentina only: 
Neither the award under the plan nor the underlying shares are publicly offered or listed on any stock exchange in Argentina.  The offer is private and not subject to the supervision of any Argentine governmental authority.
For residents of Israel only:
By my signature on or electronic acceptance of this Agreement, I acknowledge that the Award is granted under and governed by (i) this Agreement, (ii) the Plan, a copy of which has been provided to me or made available for my review, (iii) the Israeli Supplement (“the Supplement”), a copy of which has been provided to me or made available for my review; (iv) Section 102(b)(2) of the Income Tax Ordinance (New Version) – 1961 and the Rules promulgated in connection therewith, and (v) the Trust Agreement, a copy of which has been provided to me or made available for my review.  Furthermore, by my signature on or electronic acceptance of this Agreement, I agree that the Awards will be issued to the Trustee to hold on my behalf, pursuant to the terms of the Section 102, the Section 102 Rules and the Trust Agreement.
In addition, by my signature on or electronic acceptance of this Agreement, I confirm that I am familiar with the terms and provisions of Section 102, particularly the Capital Gains Track described in subsection (b)(2) thereof, and I agree that I will not require the Trustee to release the Awards or Company shares to me, or to sell the Awards or Company shares to a third party, during the Holding Period, unless permitted to do so by applicable law.
All capitalized terms in this undertaking shall have the meaning granted to them under the Supplement.
For residents of India only: 

Your Award is subject to the India Addendum to the Plan.

END OF AGREEMENT

13

EXHIBIT A
Performance Matrix
Performance Equity Award Granted [_______], 20__ 

The Restricted Stock Units eligible to be earned under this Award are divided into three categories: one-third “Revenue Units”, one-third “EBITDA Units”, and one-third “TSR Units”, with each category of Restricted Stock Units vesting independently based on the table below.

No Restricted Stock Units of a given category will be earned if performance falls below the threshold for such category.  Vesting levels between points on the table below will be on a linear basis between such points.  If the Notice of Grant makes Overachievement Units available, the maximum payout (for performance at or above the maximum level) will be at the maximum percentage specified in the table below for such category.  If the Notice of Grant does not make Overachievement Units available, the maximum payout (for performance at or above the target level) will be at the target percentage specified in the table below for such category.

The performance period for the Revenue Units and for the EBITDA Units will be from [__________] to [__________].5 

The performance period for the TSR Units will be from [__________] to [__________].6 

	
		
	Revenue Achieved in Performance Period7
	Payout Percentage for Revenue Units

	Threshold ([__]% of Revenue Target)
	[__]%

	Target (100% of Revenue Target)
	[__]%

	Maximum ([__]% of Revenue Target) 
	[__]%8

	
		
	EBITDA Achieved in Performance Period9
	Payout Percentage for EBITDA Units

	Threshold ([__]% of EBITDA Target)
	[__]%

	Target (100% of EBITDA Target)
	[__]%

	Maximum ([__]% of EBITDA Target) 
	[__]%10

                                                            

5 Two year performance period.
6  Three year performance period.
7  May include more than three data points.
8 If the Notice of Grant does not make Overachievement Units available for over-performance, replace this line of the table with “Maximum: Not Applicable”. 
9 May include more than three data points.
10 If the Notice of Grant does not make Overachievement Units available for over-performance, replace this line of the table with “Maximum: Not Applicable”.

14

	
		
	Relative TSR Achieved in Performance Period11
	Payout Percentage for TSR Units

	< 25th percentile Relative TSR
	[__]%

	Threshold (25th percentile Relative TSR)
	[__]%

	Target (50th percentile Relative TSR)
	[__]%

	Maximum (75th or > percentile Relative TSR) 
	[__]%12

“Relative TSR” means the Company’s total stockholder return, on a percentile basis, relative to the companies comprising the S&P 1500 Information Technology Sector Index (the “Index”) with respect to the performance period for the TSR Units, weighted equally and based on the applicable 90-day volume-weighted trailing average closing prices of such constituent companies as of the beginning and end of such performance period (adjusted for dividends); provided that members of the Index will only be taken into account for purposes of the calculation of Relative TSR if they constitute part of the Index at both the beginning and the end of the performance period.

                                                            

11 May include more than four data points.
12 If the Notice of Grant does not make Overachievement Units available for over-performance, replace this line of the table with “Maximum: Not Applicable”.

15Exhibit 4.45 

Randgold Resources Limited Reg No. 62686 3rd Floor, Unity Chambers
28 Halkett Street St. Helier, Jersey JE2 4WJ CHANNEL ISLANDS TEL: +44 1534 735 333 FAX: +44 1534 735 444 LSE : RRS | Nasdaq :
GOLD www.randgoldresources.com Olivia Kirtley 47 Harwood Road Louisville, KY 40222 Kentucky United States of America 2 February
2017 Dear Olivia APPOINTMENT AS A NON-EXECUTIVE DIRECTOR OF RANDGOLD RESOURCES LIMITED (THE "COMPANY") The board of
the Company (the "Board") is pleased to confirm the main terms of your appointment as a non-executive director (with
details relating to the appointment period being contained in the paragraph hereof titled "Appointment"). It is agreed
that this is a contract for services and not a contract of employment. You should be aware that your appointment is subject to
the Company's articles of association as amended from time to time. If there is a conflict between the terms of this letter and
the articles of association then the articles shall prevail. DUTIES 1. The Board is responsible for promoting the success of the
Company by directing and supervising the Company's affairs, including: (a) supervising and providing guidance to the Company within
a framework of prudent and effective controls; (b) approving the Company's objectives and strategic plan, ensuring that the necessary
financial and human resources are in place for the Company to meet its strategic objectives, and review management performance;
and (c) setting the Company's values and standards and ensuring that its obligations to its stakeholders are met. 2. The Board
Charter (annexed hereto marked "Annexure A") describes how the Board is structured and what authorities are delegated
to the Chief Executive. Details of powers specifically reserved for the Board are listed in paragraph 13 (Reserved Matters) of
the Board Charter. The Terms of Reference of the Board Committees are detailed in the schedules to the Board Charter. 3. Your
role as a non-executive director is to: (a) contribute to the development of strategies to attain the Company's objectives; (b)
evaluate the performance of Executive Directors in meeting agreed objectives and implementing strategies; (c) satisfy yourself
that publicly available financial information is accurate and that financial controls and systems of risk management are robust
and effective; and (d) be responsible, for determining appropriate levels of remuneration of the Executive Directors, and where
necessary, members of the Executive Management Team. 4. You will, in conjunction with paragraph 4 (Conduct) of the Board Charter,
be required to:

    	 

    	 

    

(a) perform your duties loyally and diligently; (b) bring independent
judgement to bear on issues of strategy, policy, resources, performance and standards of conduct; (c) provide guidance and direction
in planning, developing and implementing the strategic direction of the Company; (d) contribute to the effective control of the
Company and to the supervision of the Executive Directors; (e) attend wherever possible in person or by conference call all meetings
of the Board, which meets at least quarterly, and consider all relevant papers well in advance of each meeting; (f) serve on any
Committee to which you are nominated by the Board; (g) attend the Annual General Meeting of the Company if requested; (h) comply
with your fiduciary and statutory duties (including under the Companies (Jersey) Law 1991, as amended, a copy of which can be
obtained from the Company Secretary); and (i) comply with the Company's Code of Conduct, Anti-Corruption Compliance Policy, and
Gift and Hospitality Policy which are available on the Company's website and copies can be obtained from the Company Secretary.
5. Overall the Company anticipates that you will be available to fulfil your duties as and when you are needed, and the Company
expects that the minimum time commitment over a normal year will equate to approximately 5 days per quarter on your work for the
Company. This will include the quarterly board meetings, at least one site visit per year, and the appropriate period of time
preparing for each meeting. By accepting this appointment, you confirm that you are able to allocate sufficient time to the Company
to discharge your duties effectively. You also acknowledge that there may be circumstances in which you will need to devote additional
time to your duties, such as when the Company is undergoing a period of particularly increased activity, or as a result of some
major difficulty with one or more of its operations. In these circumstances you agree to work such additional hours (without any
additional remuneration, unless it is specifically agreed by the Remuneration Committee and approved by the Board) as may be required
for the proper performance of your duties. 6. You will, be entitled to request such information from the Company, its subsidiaries
or its employees, consultants or professional advisers as may be reasonably necessary to enable you to perform your role effectively.
The Company shall use its reasonable endeavours to provide such information. 7. The performance of individual directors, the whole
board and its committees is evaluated annually. If in the interim there are any matters which cause you concern about your role,
you should discuss them with the Chairman of the Board as soon as you can. CONFIDENTIALITY During the course of your duties you
will have access to confidential information belonging to the Company and its subsidiaries (including, but not limited to, details
of suppliers, customers, margins, know-how, marketing and other relevant business information). Unauthorised disclosure of this
information could seriously damage the Company. You therefore undertake not to use or disclose such information save in pursuance
of your duties or in accordance with any statutory obligation or court or similar order. You shall not other than in the ordinary
course of the Appointment without the prior written consent of the Board either directly or indirectly publish any opinion, fact
or material or deliver any lecture or address or participate in the making of any

  

    	 

    	 

    

 

film, radio broadcast
or television transmission or communicate with any representative of the media or any third party relating to: (a) the business
or affairs of the Company or of any other Group Company or to any of its or their officers, employees, customers, clients, suppliers,
distributors, agents or shareholders; or (b) the development or exploitation of any intellectual property rights, including confidential
information. COMPLIANCE WITH REGULATORY REQUIREMENTS The Company is committed to the UK Corporate Governance Code and the associated
Guidance on Board Effectiveness published by the Financial Reporting Council, copies of which can be obtained from the Company
Secretary. You will be expected to carry out your duties in accordance with these. You undertake to comply with all legal and
regulatory requirements and any code of practice or compliance manual issued by the Company relating to transactions in securities
and inside information and dealing in force from time to time, including the Company's Share Dealing Code and any rules and regulations
of or under the Financial Conduct Authority (including the Listing Rules, and the Disclosure and Transparency Rules), the Financial
Services and Markets Act 2000, the Criminal Justice Act 1993, the Financial Services (Jersey) Law 1998 and other rules and regulations
of relevant regulatory authorities relevant to the Company (the "Regulatory Requirements"). By accepting this appointment
you acknowledge that you are aware of and understand the Regulatory Requirements and that a breach of the Regulatory Requirements
carries sanctions including criminal liability, disciplinary action by the relevant regulatory authority (civil liability, fines
and public censure by the Financial Conduct Authority) and the immediate termination of your appointment. Due to your position
you will be named on the Company's list of persons with access to inside information relating to the Company which can be made
available to the Financial Conduct Authority. You acknowledge that the non-executive directors are required, pursuant to the Company's
Shareholding Policy, to build and then maintain ordinary shares in the Company with a value of at least US$120,000 (i.e. an amount
equal to twice the annual retainer fee). OUTSIDE INTERESTS Prior to the commencement of your appointment, you must disclose to
the Chairman of the Board any outside interests and offices you currently hold together with disclosing any “persons closely
associated” with you. You should seek the agreement of the Chairman of the Board before you accept any public company appointments
or any new outside interests, which might affect the time you are able to devote to this appointment or which may present a conflict
with the obligations you owe to the Company or which may be competitive with the Company’s interests. The Board have determined
you to be independent, according to the provisions of the UK Corporate Governance Code. In accordance with the principles set
out in the UK Corporate Governance Code you must seek approval of the Chairman of the Board in relation to of any interests which
you have, or acquire, which might reasonably be thought to jeopardise your independence. INSURANCE During your appointment you
will be covered by the Company's directors' and officers' liability insurance on the terms in place from time to time. A copy
of the policy document is available from the Company Secretary. The Company will maintain insurance cover for a period of 6 years
after the termination of your appointment (on such terms as apply to the

 

    	 

    	 

    

rest of the Board),
and you will continue to be covered by the policy (or any replacement on the same basis as the rest of the Board) for matters
related to your duties as a non-executive director during your period of service. APPOINTMENT Your appointment will commence on
2 February 2017. It is terminable by three months' written notice from either the Board or yourself. The continuation of your
appointment depends upon re-election at the forthcoming Annual General Meetings and will follow the rules of the UK Corporate
Governance Code. Notwithstanding the aforementioned notice provisions, the Company may terminate your appointment with immediate
effect if you have: (a) committed any serious breach or (after warning in writing) any repeated or continued material breach of
your obligations to the Company (which include an obligation not to breach your fiduciary duties) or of any Regulatory Requirement;
(b) been guilty of any act of dishonesty or serious misconduct or any conduct which (in the reasonable opinion of the Board) tends
to bring you or the Company into disrepute; or (c) been declared bankrupt or have made an arrangement or composition with for
the benefit of your creditors. Your appointment is also terminable by the Company with immediate effect in the event of a sale,
takeover or other material restructure. All appointments and reappointments to the Board are subject to the Company's Articles
of Association. You are required to stand for re-election every year at the Annual General Meeting. If you are not re-elected
to your position as a director of the Company by the shareholders at any time and for any reason then this appointment shall terminate
automatically and with immediate effect. On termination of the appointment you shall only be entitled to such fees as may have
accrued to the date of termination together with reimbursement in the normal way of any expenses properly incurred prior to that
date. REMUNERATION The fee is US$60,000 per annum and is payable half yearly in arrears. In addition, should you be appointed
to serve on a Board Committee the fees payable are as follows: • Audit Committee: US$35,000 per annum. • Remuneration
Committee: US$25,000 per annum. • Nomination & Governance Committee: US$10,000 per annum. The chairman of a board committee
is entitled to receive an additional fee of US$20,000 per annum. Furthermore, each non-executive director (other than the Chairman
and the Senior Independent Director) receives an award of 1,500 ordinary shares in the Company per year. Remuneration and the
award of ordinary shares, is reviewed periodically by the Board and submitted annually to the Annual General Meeting for approval.

 

    	 

    	 

    

 

EXPENSES The Company will reimburse you for any expenses that
you may incur properly and reasonably in performing your duties and which are documented and in accordance with the Company's
Board Travel Policy. A copy of the Company’s Board Travel Policy is available from the Company Secretary. DATA PROTECTION
By signing this agreement you consent to the Company holding and processing information about you which you or any referees may
provide or which it may acquire during the course of this agreement, providing such use is in accordance with the Data Protection
Act 1998 and the Data Protection (Jersey) Law 2005. In particular you consent to the Company holding and processing: (a) personal
data relating to you, for administrative and management purposes; and (b) "sensitive personal data" relating to you
(as defined in the Data Protection Act 1998 and the Data Protection (Jersey) Law 2005) You consent to the Company monitoring and
recording any use that you make of the Company's electronic communications systems for the purpose of ensuring compliance with
the Company's policies and procedures. GOVERNING LAW This agreement, and any dispute, controversy, proceedings or claim of whatever
nature arising out of or in any way relating to this agreement or its formation (including any non-contractual disputes or claims),
shall be governed by and construed in accordance with Jersey law. Each of the parties to this agreement irrevocably agrees that
the courts of Jersey shall have exclusive jurisdiction to hear and decide any suit, action or proceedings, and/or to settle any
disputes, which may arise out of or in connection with this agreement and, for these purposes, each party irrevocably submits
to the jurisdiction of the courts of Jersey. Please sign and return the enclosed copy of this letter to confirm your agreement
to the above terms. The Company looks forward to working with you in the future. Yours sincerely Christopher Coleman Chairman
for and on behalf of RANDGOLD RESOURCES LIMITED

 

    	 

    	 

    

 

I, Olivia Kirtley,
agree to the above terms of appointment as a non-executive director of Randgold Resources Limited. Signature: Date: 2017

 

    	 

    	 

    

 

APPENDIX A The Board
Charter

    	 

    	 

    

RANDGOLD RESOURCES LIMITED Board Charter The Board Charter for
Randgold Resources Limited (the "Company") sets out the functions and responsibilities of the Board, the roles of its
constituent members and its Committees in order to facilitate Board and management accountability for the Company's performance
and strategic direction. 1. Composition of the Board 1.1 The Board will have a majority of Directors who are non-executive and
are judged by the Board to be independent of judgement and character and free of material relationships with the Company and other
entities and people that might influence or would be perceived by shareholders to influence such judgement. 1.2 The Board will
have a balance of Non-executive and Executive Directors that is effective for the promotion of shareholder interests and the governance
of the Company although the majority will be independent Non-executive Directors. 1.3 The qualifications for Directors include:
unquestioned honesty and integrity; a proven track record in their field of expertise; time available to undertake the preparedness
to question, challenge and critique; and a willingness to understand and commit to the highest standards of governance of the
Company. 1.4 The Board will, with the assistance of the Governance and Nomination Committee, on an ongoing basis review the skills
represented by the Directors on the Board and determine whether the composition and mix of those skills remain appropriate to
achieve the Company's strategic objectives. 1.5 Directors will be expected to participate in all induction programmes, and any
continuing education or training arranged for them. 2. Role of the Board 2.1 The role of the Board is to organise and direct the
affairs of the Company and its subsidiaries (together, the "Group" and each company within the Group a "Group Company")
in a manner that seeks to maximise the value of the Company for the benefit of its shareholders as a whole, while complying with
relevant regulatory requirements, the Company's constitution, and relevant corporate governance standards. 3. Responsibilities
of the Board 3.1 The Board takes collective responsibility for: (a) determining the Group's objectives and strategy; (b) ensuring
that the necessary financial and human resources are in place to allow the Group to achieve its objectives; (c) ensuring that
the necessary corporate and management structures are in place to allow the Group to achieve its objectives; (d) determining the
policies applicable to the Group; (e) determining the nature and extent of the significant risks it is willing to take in achieving
the Group's strategic objectives and establishing and maintaining a framework of risk management and internal controls that enables
the strategic, financial and operational risks of the Group to be assessed and managed;

 

    	 

    	 

    

(f) monitoring progress by the Group towards the achievement
of its objectives and compliance by the Group with approved plans and policies and monitoring the decisions and actions of the
Chief Executive Officer and other Executive Directors; (g) reporting to relevant stakeholders on the Group's activities, presenting
a fair, balanced and understandable assessment of the Group's position, performance and prospects, business model and strategy;
(h) appointing Board Committees with the appropriate balance of skills, experience, independence and knowledge to meet the Group's
requirements and relevant corporate governance standards; (i) delegating clearly defined responsibilities and authorities to the
Chairman, the Senior Independent Director, the Chief Executive Officer, Board Committees and otherwise as the Board may determine
from time to time; (j) determining the information it requires to fulfil its responsibilities and, in such regard, may make direct
requests for information including from the Chief Executive Officer, any employee, the external auditor and any third party; (k)
ensuring that the structure of remuneration for the Executive Directors is linked to the achievement of the Company's strategic
objectives; (l) formally reviewing its own effectiveness as well as the effectiveness of its Committees and individual Directors;
and (m) meet sufficiently regularly to discharge its duties effectively and the Board shall ensure there is a formal schedule
of matters specifically reserved for its decision. 3.2 Specific responsibilities of the Board are set out in the "Reserved
Matters" at paragraph 13 below. 4. Conduct 4.1 Each Director will ensure that no decision or action is taken that has the
effect of placing his or her interests in priority to the interests of the Group. 4.2 Directors commit to the collective, group
decision-making processes of the Board. Individual Directors will always respect the contributions of other Directors, and strive
to understand their perspective and contributions to the Board debate and discussion. Directors will debate issues openly and
constructively and be free to question or challenge the opinions presented at meetings where their own judgement differs from
that of other Directors. 4.3 All Directors are expected to utilise their range of relevant skills, knowledge and experience for
all matters discussed at Board meetings. Executive Directors will ensure that they bring to all Board debate and discussion their
unique knowledge, experience, and perspective on the Group's business. 4.4 Directors will use all reasonable endeavours to attend
Board meetings in person or if not possible via conference phone. Members unable to attend a meeting must advise the Chairman
and the Company Secretary as soon as practicable with an explanation for non-attendance. 4.5 Non-executive Directors will meet
at least once a year without Executive Directors or representatives of executive management present. The Chairman will lead the
non-executive sessions. Non-executive Directors led by the Senior Independent Director, will also on an annual basis, evaluate
the performance of the Chairman taking into account the views of the Executive Directors.

  

    	 

    	 

    

 

5. Independent Professional Advice 5.1 The Non-executive Directors
may, with the assistance of the Company Secretary, where they judge it necessary to discharge their responsibilities as directors,
seek independent professional advice at the expense of the Company. 5.2 Any Director (other than the Chairman) seeking to obtain
such advice must first agree the scope and an estimate of the costs of such advice with the Chairman. Where the Chairman seeks
to obtain such advice, he/she must first agree the scope and an estimate of the costs of such advice with the Senior Independent
Director. 5.3 As soon as the substance of the advice is known, the Director who sought it should inform the Company Secretary
who will arrange for the advice to be imparted to, and where appropriate discussed by the Board and, if relevant, appropriate
Committees. 6. The Chairman 6.1 The role of the Chairman is to lead the Board and ensure that it functions effectively. The Chairman
is the Board's principal spokesperson, and acts also as Chairman of General Meetings of shareholders. The Senior Independent Director
will stand in for the Chairman in his absence. The Chairman is a Non-executive Director, appointed by the Board. 6.2 The specific
responsibilities of the Chairman are to: (a) set the agenda, style and tone of Board discussions to promote a culture of openness,
effective decision making and constructive debate in Board meetings including appropriate consideration of strategic issues affecting
the Group; (b) in conjunction with the Chief Executive Officer, where appropriate, represent the Group to external stakeholders,
including shareholders, customers, contractors, suppliers, regulatory and governmental authorities and the community; (c) promote
the highest standards of corporate governance within the Group; (d) ensure that the members of the Board receive accurate, timely
and clear information on the Group and its activities; (e) ensure effective communication with shareholders and ensure that Directors
develop an understanding of their views, issues and concerns; (f) ensure that the Group maintains contact, as required, with its
major shareholders about remuneration, governance and strategy; (g) manage the Board to ensure that appropriate time is allowed
for consideration of all issues; (h) ensure that there is in place a properly constructed induction programme for new Directors;
(i) take the lead in identifying and agreeing the training and development needs of individual Directors with the Company Secretary
and General Counsel having a key role in facilitating the provision of initiatives to meet the needs identified; (j) address the
development needs of the Board as a whole with a view to enhancing its overall effectiveness as a team and maintaining its collective
skills and knowledge;

 

 

    	 

    	 

    

 

(k) meet with Non-executive Directors without the Executive
Directors or representatives of executive management present; (l) ensure that the performance of individual Executive and Non-executive
Directors and of the Board as a whole and its Committees is evaluated at least once a year and act on the results of the performance
evaluation; (m) drawing on the guidance of the Governance and Nomination Committee lead, on behalf of the Non-executive Directors,
an annual formal evaluation of the performance of each Executive Director; (n) encourage active engagement by all the members
of the Board, promoting constructive dialogue between Executive and Non-executive Directors; and (o) work closely with the Chief
Executive Officer, providing support and advice on matters relevant to strategy and operations notwithstanding the executive responsibility
of the Chief Executive Officer to manage the Group. 6.3 The Chairman has access at all times to the Company Secretary and General
Counsel and the external and internal auditors. 7. The Chief Executive Officer 7.1 The role of the Chief Executive Officer is
to manage the Group's business on a day-to-day basis, subject to the Reserved Matters for the Board and the matters assigned by
the Board to the Committees of the Board, and to assist the Board in carrying out its role by providing advice and recommendations
consistent with the agreed corporate objectives and financial and operational risk management and regulatory good practice. 7.2
In fulfilling his executive role, the Chief Executive Officer acts within the authority delegated to him by the Board. His specific
responsibilities include: (a) leading the Executive Directors and the senior management in the day to day running of the Group's
businesses; (b) developing and presenting to the Board the Group strategy and objectives, and ensuring subsidiary companies' strategies
are consistent with them; (c) developing appropriate capital, corporate and management structures to ensure the Group's objectives
can be met; (d) monitoring the operational performance and strategic direction of the Group; (e) managing the Group's internal
control framework, including approving management and control policies; (f) approving investments/disinvestments and major contracts
(within authorised limits); (g) approving the Group's management development and succession plans for senior management, and approving
appointments and termination of staff reporting to senior management; (h) reporting regularly to the Board with appropriate, timely
and quality information so that the Board can discharge its responsibilities effectively and in particular reporting on the progress
being made by the Group towards its strategic objectives and towards its short, medium and long term plans; and

 

    	 

    	 

    

 

(i) in conjunction with the Chairman, where appropriate, represent
the Group to external stakeholders, including shareholders, customers, contractors, suppliers, regulatory and governmental authorities,
and the community. 8. The Senior Independent Director and the Non-executive Directors 8.1 Senior Independent Director (SID) (a)
The Senior Independent Director is an independent Non-executive Director who is available to shareholders and other Non-executive
Directors in particular if they have concerns which contact through the normal channels of Chairman or Chief Executive Officer
has failed to resolve, or for which such contact is inappropriate. He has the power to call meetings of the Non-executive Directors
should he consider it necessary. (b) The Senior Independent Director provides a sounding board for the Chairman and shall, at
least annually, lead a review of the performance of the Chairman including a meeting of Directors at which the Chairman is not
present. (c) The Senior Independent Director has access at all times to the Company Secretary and General Counsel and the external
and internal auditors. 8.2 Non-Executive Directors (a) The role of the Non-executive Directors is to participate fully in the
functioning of the Board, advising, supporting and challenging management as appropriate. Further details of the role and responsibilities
of Non-executive Directors are set out below. (b) All Non-executive Directors are required as members of the Board: (i) to provide
leadership within a framework of prudent and effective controls which enables risk to be assessed and managed; (ii) to approve
the Group's strategic aims, ensure that the necessary financial and human resources are in place for the Group to meet its objectives,
and review management performance; (iii) to set the Group's values and standards and ensure that its obligations to the Company’s
shareholders and others are understood and met; (iv) to bring independent judgement to bear on the issues of strategy, performance,
resources, key appointments and standards of conduct; (v) to be able to allocate sufficient time to the Group to discharge their
responsibilities effectively; and (vi) to attend meetings of the Board, any relevant Committees, the annual general meeting of
the Company and any other meetings of shareholders of the Company. (c) In addition to these requirements for all Directors, the
role of the Non-executive Director has the following key elements: (i) Strategy: Non-executive Directors should constructively
challenge and contribute to the development of strategy and in particular when there is a proposal to change or introduce a new
strategy; (ii) Performance: Non-executive Directors should scrutinise the performance of management in meeting agreed goals and
objectives, and monitor the reporting of performance;

 

    	 

    	 

    

 

(iii) Risks: Non-executive Directors should satisfy themselves
on the integrity of financial information and that financial controls and systems of risk management are robust and defensible;
and (iv) People: Non-executive Directors are (in conjunction with the Remuneration Committee) responsible for determining appropriate
levels of remuneration of Executive Directors and have a prime role in appointing and, where necessary, removing Executive Directors,
and in succession planning. (d) The role of the Non-executive Director is also to: (i) uphold the highest ethical standards of
integrity and probity; (ii) support the Executive Directors in their leadership of the business while monitoring their conduct;
(iii) question intelligently, debate constructively, challenge rigorously and decide dispassionately; (iv) listen to the views
of others, inside and outside the Board; (v) gain the trust and respect of other Board members; (vi) be well informed about the
Group and the external environment in which it operates and the Group's operations; and (vii) promote the highest standards of
corporate governance and seek to ensure compliance with the provisions of the UK Corporate Governance Code. (e) Non-executive
Directors are appointed for specific terms subject to election or re-election by shareholders and to the provisions of the Articles
of Association and statutory provisions relating to the removal of Directors. (f) The Non-executive Directors have access at all
times to the Company Secretary and General Counsel and the external and internal auditors. (g) All Directors have the right to
have any unresolved concerns about the running of the Company or a proposed action recorded in the minutes. 9. Fiduciary Duties
of all Directors as directors of a Jersey company 9.1 The Companies (Jersey) Law 1991 also sets out certain statutory duties that
the Directors owe to the Company. These are: (a) to act honestly and in good faith with a view to the best interests of the Company;
(b) to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances; and
(c) to disclose to the Company any direct or indirect interest that he or she has in any transactions entered into or to be entered
into by the Company which materially conflicts with the Company's interests. 9.2 In interpreting these statutory duties, a Director
has a duty to exercise powers for their proper purpose and to account for profits. 9.3 Further details of the duties that a director
owes to the Company are set out in the Company's memorandum entitled "Memorandum on Duties and Responsibilities of Directors
of Randgold Resources Limited" which is available from the Company Secretary.

 

    	 

    	 

    

10. Secretary 10.1 The Company Secretary is accountable to the
Board and his or her appointment and removal is a matter for the Board as a whole. 10.2 The Company Secretary will advise the
Chairman, and through the Chairman, the Board and individual Directors on matters of business ethics and good governance and will
provide practical support and guidance to the Directors. 10.3 The Company Secretary's advice and services shall be available to
all Directors and Board Committees. 10.4 The Company Secretary will be responsible for obtaining independent advisory services
at the request of the Board, Board Committees or individual Directors subject to the procedures set out at paragraph 5 above.
10.5 The Company Secretary will develop and maintain the information systems and processes and will facilitate the acquisition
of information by the Directors and Board Committees to maximise their ability to contribute to Board discussions and enable the
Board to fulfil its role and to achieve the Company's strategic objectives. 10.6 The Company Secretary will ensure that the procedure
for the appointment of Directors is properly carried out and will assist in the proper induction of new Directors. 10.7 The Company
Secretary will ensure that Board procedures are complied with. 10.8 The Company Secretary will ensure compliance by the Group
with all relevant statutory and regulatory requirements. 10.9 The Company Secretary will assist in the implementation of corporate
strategies by helping to ensure that the Board's decisions and instructions are carried out and communicated. 11. Board Evaluation
11.1 The Board will, in conjunction with the Governance and Nomination Committee, conduct performance evaluations of the Board
as a whole, its Committees, the Chairman, individual Directors, and the governance processes which support the Board's work. 11.2
All evaluations will have regard to the collective nature of Board work, and the operation of the governance processes established
in this document. Evaluations will be conducted annually. 11.3 In its evaluation, the Board will consider the balance of skills,
experience, independence and knowledge of the Company on the Board, its diversity, including gender, how the Board works together
as a unit and other factors relevant to its effectiveness. 11.4 The Board will, in conjunction with the Governance and Nomination
Committee, conduct evaluations of the performance of Directors retiring and seeking re-election to the Board. The Board will use
the results of these evaluations in considering the endorsement of Directors for re-election by shareholders. 11.5 The Non-executive
Directors, led by the Senior Independent Director, will on an annual basis, evaluate the performance of the Chairman taking into
account the views of the Executive Directors. 11.6 The Board will be externally evaluated at least every three years. 11.7 The
annual report will include a statement as to how performance evaluation of the Board, its Committees and individual Directors
has been conducted.

 

    	 

    	 

    

12. Committees of the Board 12.1 The Board will establish Committees
to assist the Board in exercising its authority. 12.2 The permanent committees of the Board are the Audit Committee, the Remuneration
Committee and the Governance and Nomination Committee. 12.3 The Board will establish Committee Terms of Reference to set the constitutional
base for each Committee and to set out their duties and remit. The current Terms of Reference for the Audit Committee, the Remuneration
Committee and the Governance and Nomination Committee are set out in the Appendices to this document. The Company Secretary will
ensure that the Board Charter, and the Committees’ Terms of Reference are made available to the Company’s shareholders
on the Company’s website. 12.4 The composition of each Committee will be set out in the Terms of Reference for the relevant
Committee. 12.5 The Committees will be provided with access to sufficient resources to carry out their activities effectively.
12.6 The Terms of Reference of the Committees will not be altered without the approval of the Board. 13. Reserved Matters 13.1
The Board has reserved some matters to itself for decision and has delegated certain matters to the Committees of the Board. Subject
thereto, the Board has delegated authority for all other matters to the Chief Executive Officer. 13.2 The Board has reserved for
its sole discretion the following: (a) Objectives and Strategy (i) Approval of the Group's objectives and review of their achievement.
(ii) Approval and custodian of the Group's strategy; approval of any changes and review of its implementation. (b) Structure Determination
of the corporate structure of the Group. (c) Capital and Dividends (i) Approval of changes, which are material to the Group, relating
to the capital of any Group Company, including reduction of share capital, share issues (except under employee share plans), share
buy backs (including any use of treasury shares), reorganisation or restructuring of capital and the listing or de-listing of
any Group Company's shares or other securities, including debt instruments, on any recognised investment exchange. (ii) Approval
of dividend policy, interim dividends and recommendation of final dividends of the Company. (d) Management Approval of the annual
plans, allocation of capital, and operating and capital expenditure budgets of the Group, and changes to them, which are material
to the Group.

 

    	 

    	 

    

 

(e) Financial Reporting, Internal Controls, Risk and Capital
management (i) Approval of the Company's interim and final financial statements including all associated reports and Form 20-F.
(ii) Approval of, and material changes to, the Group's accounting policies or practices. (iii) Approval of the Company's fiscal
policies including treasury and hedging policies. (iv) Approval of the Group's risk strategy, appetite and tolerance and approval
of all financial, legal and ethical controls of the Company to ensure the appropriate compliance procedures are in place. (v)
Monitor the Group’s risk management and internal control systems and at least annually review their effectiveness. (vi)
Approval of the results of the annual review of the effectiveness of -such systems. (vii) Approving procedures for the detection
of fraud and the prevention of bribery. (f) Transactions (i) Approval of any material transaction of any Group Company, being:
(A) any Class 1 or Class 2 transaction (as defined by the Listing Rules); (B) any transaction with a related party (as defined
by the Listing Rules) giving rise to an obligation on the Company to send a circular to its shareholders; (C) any new mine development
or project. (ii) Approval of the commencement of any material new activity by any Group Company. (iii) Approval of the cessation,
by any Group Company, of any material activity previously conducted. (g) Communication (i) Approval of business to be considered
at general meetings of the Company and related documentation to be communicated to shareholders. (ii) Approval of all prospectuses
and listing particulars material to the Group issued by any Group Company, and all communications with shareholders concerning
Board decisions. (iii) Approval of announcements of quarterly, interim and final results of any Group Company or concerning Board
decisions. (iv) Approval of communications, which are material to the Group, with any relevant Regulatory Authority made in the
name of the Board. (h) Corporate Governance, Board, and Other Appointments (i) Approval of material changes to the Board Charter
of the Company, including: (A) the matters reserved for the Board; and

 

    	 

    	 

    

 

(B) the Terms of Reference of Board Committees. (ii) Approval
of the results of the review of the effectiveness of the Board, the Chairman, individual Directors and Board Committees. (iii)
Approval of changes to the structure, size and composition of the Board of Directors of the Company. (iv) Approval of the formal
processes for the selection, induction and training of Directors and review of the implementation of these processes. (v) Determination
of the independence of the Company's Non-executive Directors. (vi) Approval of the appointment and removal of: (A) Chairman; (B)
Chief Executive Officer; (C) Executive Directors; (D) Non-Executive Directors; (E) Senior Independent Director; (F) Company Secretary
and General Counsel; (G) Chairmen of Board Committees; (H) Members of Board Committees; and approval of their respective roles
and responsibilities, and any material changes to any of them. (vii) Approval of any recommendation to shareholders for the election
or re-election of any Director. (viii) Approval of the appointment, reappointment or removal of the Company's external auditor,
subject to the Company’s shareholders consent. (ix) Approval of the arrangements for Directors' and Officers' liability
insurance and indemnification of directors within the Group. (x) Approval of the Company's principal,corporate advisors. (i) Remuneration
and Pensions (i) Approval of the establishment of, or material changes to, any relevant employee share plans and/or annual cash
bonus plans. (ii) Approval of the remuneration and terms of appointment of any Director and any material changes to them. (iii)
Approval of the establishment or cessation by any Group Company of any pension schemes, under which any directors or officers
of the Group may benefit.

 

    	 

    	 

    

 

(j) Delegation of Authority (i) Approval of the scope and extent
of the role of, and delegations to, the Chairman, Senior Independent Director, Chief Executive Officer and Executive and Non-executive
Directors. (ii) Approval of the delegations to Board Committees, as reflected in their Terms of Reference. (k) Policies (i) Approval
of material changes to Group polices. (l) Other (i) Such other matters as the Board may determine from time to time.

 

    	 

    	 

    

 

APPENDIX 1 Audit Committee Terms of Reference 1. Purpose The
Audit Committee will assist the Board of Directors (the "Board") in fulfilling its oversight responsibilities. The Audit
Committee will review the financial reporting process, the system of internal control and management of financial risks, the audit
process, and the Company's process for monitoring compliance with laws, regulations and governance and the Company’s Code
of Conduct. In performing its duties, the Committee will maintain effective working relationships with the Board, management,
and the internal and external auditors. To perform his/her role effectively, each Committee member will obtain an understanding
of the detailed responsibilities of Committee membership as well as the Company's business, operations, and risks. 2. Authority
The Board authorises the Audit Committee, within the scope of its responsibilities, to: 2.1 seek any information it requires from:
(a) any employee (and all employees are directed to co-operate with any request made by the Audit Committee); and (b) external
parties; 2.2 call any employee to be questioned at a meeting of the Committee as and when required; 2.3 ensure the attendance
of Company officers (including the head of internal audit) at meetings of the Committee, as appropriate; and 2.4 have the right
to publish in the Company's annual report details of any issues that cannot be resolved between the Committee and the Board. 3.
Composition 3.1 The Audit Committee will comprise at least three (3) members, each of whom shall be independent for the purposes
of the UK Corporate Governance Code and the NASDAQ Stock Market independence requirements. Members of the Committee shall be appointed
by the Board on the recommendation of the Governance and Nomination Committee in consultation with the Chairman of the Audit Committee.
3.2 Each member should be capable of making a valuable contribution to the Committee. 3.3 At least one member of the Committee
shall have recent and relevant financial experience. The Chairman of the Board shall not be a member of the Committee. 3.4 The
chairman of the Audit Committee will be nominated by the Board from time to time and shall be an independent non-executive director.
In the absence of the Committee chairman and/or an appointed deputy, the remaining members present shall elect one of themselves
to chair the meeting. 3.5 Members will be appointed for a period of one year which may be extended for further periods if the
Director is re-elected to the Board and provided the Director still meets the criteria for membership of the Committee. 3.6 The
secretary of the Audit Committee will be the Company Secretary, or his or her nominee.

 

    	 

    	 

    

 

3.7 The Board may remove members of the Committee with or without
cause. 4. Duties, Roles and Responsibilities 4.1 Internal Control The Audit Committee will: (a) keep under review, the adequacy
and effectiveness of the Company's internal financial controls and internal control and risk management systems; (b) evaluate
whether management is setting the appropriate "control culture" by communicating the importance of internal control
and the management of risk, ensuring that all employees have an understanding of their roles, responsibilities and duties in compliance
with the Company's system of internal controls; (c) consider how management is held to account for the security of computer systems
and applications, and the contingency plans for processing financial information in the event of a systems breakdown; (d) review
whether internal control recommendations made by the external auditors have been implemented by management; (e) review the Company's
annual risk assessment; and (f) review and approve the statements to be included in the annual report concerning internal controls
and risk management. 4.2 Financial Reporting (a) General The Audit Committee will: (i) gain an understanding of the current areas
of greatest financial risk and how management is managing these effectively; (ii) consider with the external auditors any fraud,
illegal acts, deficiencies in internal control or other similar issues; (iii) review significant accounting and reporting issues,
including recent professional and regulatory pronouncements, and gain an understanding of their impact on the financial statements;
(iv) ask management and the external auditors about significant risks and exposures and the plans to minimize such risks; (v)
review any legal matters which could significantly impact the financial statements; and (vi) report its views to the Board where
it is not satisfied with any aspect of the financial reporting by the Company. (b) Annual Financial Statements The Audit Committee
will:

 

    	 

    	 

    

 

(i) review and monitor the integrity of the annual financial
statements and the annual report on Form 20- F and determine whether they are complete and consistent with the information known
to Committee members, assess whether the financial statements reflect appropriate accounting standards and principles and make
appropriate estimates and judgments, taking into account the view of the external auditor; (ii) review and challenge where necessary
the consistency of and any changes to accounting policies on a year to year basis; (iii) review the clarity and completeness of
disclosure in the financial statements and the context in which the statements are made; (iv) pay particular attention to complex
and/or unusual transactions such as restructuring charges and derivative disclosures and review and challenge the methods used
to account for significant or unusual transactions where different approaches are possible; (v) focus on judgmental areas, for
example those involving valuation of assets and liabilities, warranty, product or environmental liability, litigation reserves,
and other commitments and contingencies; (vi) meet with management and the external auditors to review the financial statements
and the results of the audit; and (vii) where requested by the Board, review the other sections of the annual report before its
release and advise the Board whether, taken as a whole, the annual report and accounts is fair, balanced and understandable and
provides the information necessary for shareholders to assess the Company’s position, performance, business model and strategy.
(c) Preliminary Announcements, Interim and Quarterly Financial Statements and other announcements relating to financial performance
The Audit Committee will: (i) review and monitor the integrity of preliminary announcements, interim and quarterly financial statements
and other announcements relating to financial performance and assess whether they reflect appropriate accounting standards and
principles and make appropriate estimates and judgments taking into account the views of the external auditor; (ii) assess the
fairness of the preliminary announcements, interim and quarterly financial statements and other announcements relating to financial
performance, including reviewing the clarity and completeness of disclosure and the context in which statements are made and obtain
explanations from management and external auditors on whether: (A) actual financial results for the relevant period varied significantly
from budgeted or projected results; (B) changes in financial ratios and relationships in the relevant financial statements are
consistent with changes in the Company's operations and financial practices; (C) the appropriate accounting standards and principles
have been consistently applied; (D) there have been actual or there are proposed to be changes in accounting or financial reporting
practices;

 

    	 

    	 

    

(E) there are or have been any significant or unusual events
or transactions and whether the methods used to account for significant or unusual transactions are appropriate; (F) the Company's
financial and operating controls are functioning effectively; and (G) the preliminary announcements and interim and quarterly
financial statements and other announcements relating to financial performance contain adequate and appropriate disclosures. 4.3
External Audit The Audit Committee will: (a) review and approve the external auditor’s terms of engagement and approve the
proposed audit scope and approach and ensure no unjustified restrictions or limitations have been placed on the scope and keep
under review whether the level of fee payable is appropriate for the provision of these services; (b) review and oversee the relationship
and the performance of the external auditor; (c) make recommendations on the auditor's remuneration and whether fees for audit
or non-audit services are appropriate, including to enable an adequate audit to be conducted; (d) review and monitor the auditor's
independence and objectivity, taking into account relevant professional and regulatory requirements and the relationship with
the auditor as a whole including the provision of any non- audit services; (e) satisfy itself that there are no relationships
(such as family, employment, investment, financial or business) between the auditor and the Company (other than in the ordinary
course of business); (f) make recommendations to the Board regarding the appointment, reappointment and removal of the external
auditors and the rotation of the audit partner. The Committee shall oversee the selection process for a new auditor and if an
auditor resigns, the Committee shall investigate the issues leading to this and decide whether any action is required; (g) ensure
that at least once every five years the audit services contract is put out to tender and, in respect of such tender, to oversee
the selection process and, ensure that all tendering firms have such access as is necessary to information and individuals during
the tendering process. (h) agree with the Board a policy on the employment of former employees of the Company's auditor, and monitor
the implementation of this policy; (i) monitor the auditor's compliance with relevant ethical and professional guidance on the
rotation of audit partner, the level of fees paid by the Company compared to the overall fee income of the firm, office and partner
and other related requirements; (j) assess annually the qualifications, expertise and resources of the auditor and the effectiveness
of the audit process, which shall include a report from the external auditor on their own internal quality procedures; (k) seek
to ensure co-ordination with the activities of the internal audit function; (l) meet regularly with the external auditor, including
once at the planning stage before the audit and once after the audit at the reporting stage. The Committee shall meet the external
auditor at least once a year, without management being present, to discuss the auditor's remit and any issues arising from the
audit;

 

    	 

    	 

    

 

(m) review and approve the annual audit plan and ensure that
it is consistent with the scope of the audit engagement; (n) review the findings of the audit with the external auditor. This
shall include but not be limited to, the following: (i) discussion of any major issues which arose during the audit; (ii) any
accounting and audit judgements; (iii) levels of errors identified during the audit obtaining explanations from management and,
where necessary, the external auditors as to why certain errors might remain unadjusted; and (iv) the effectiveness of the audit.
(o) review any representation letter(s) requested by the external auditor before they are signed by management, giving particular
consideration to matters where representation has been requested that relates to non- standard issues; (P) review the management
letter and management's response to the auditor's findings and recommendations; and (q) develop and implement a policy on the
supply of non-audit services by the external auditor, taking into account any relevant ethical guidance on the matter. 4.4 Internal
Audit The Audit Committee shall: (a) monitor and review the effectiveness of the Company's internal audit function in the context
of the Company's overall risk management system; (b) approve the appointment and removal of the head of the internal audit function;
(c) consider and approve the remit of the internal audit function and ensure it has adequate resources and appropriate access
to information to enable it to perform its function effectively and in accordance with the relevant professional standards. The
Committee shall also ensure the function has adequate standing and is free from management or other restrictions; (d) review and
assess the annual internal audit plan; (e) review reports addressed to the Committee from the internal auditor; (f) review and
monitor management's responsiveness to the findings and recommendations of the internal auditor; and (g) meet the head of internal
audit at least twice a year, without management being present, to discuss their remit and any issues arising from the internal
audits carried out. In addition, the head of internal audit shall be given the right of direct access to the Chairman of the Board
and to the Committee. 4.5 Risks The Audit Committee shall:

 

    	 

    	 

    

 

(a) advise the Board on the Group’s overall risk appetite,
tolerance and strategy in connection with its business plans and operations, taking account of the current and prospective local
and international regulatory, political, trading and economic environments within which it operates; (b) oversee and advise the
Board on the current risk exposures of the Group and future risk strategy; (c) before a decision to proceed is taken by the Board,
if requested by the Board, advise the Board on proposed strategic transactions, including any significant new project, tender,
development phase, acquisition or disposal, ensuring that a suitable due diligence appraisal of the proposition is undertaken,
focussing in particular on risk aspects and implications for the risk appetite and tolerance of the Company, and taking independent
external advice where appropriate and available; (d) review the adequacy and effectiveness of environmental and health and safety
policies, strategies, standards, reporting and management behaviours, including organisational structures, compliance processes
and competency within the Group and where relevant in respect of instruction, coordination and supervision of contractors, and
equivalent arrangements in relation to other key project and operational risks and responsibilities such as concerning local employment,
sustainable development, human rights and managing relationships with communities and other stakeholder engagement; and (e) review
and monitor the effectiveness of the Group’s risk management systems, including reviewing the process of identifying, assessing
and reporting key risks and control activities as well as reviewing the Group’s annual review report. 5. Compliance, whistleblowing
and fraud The Audit Committee shall: 5.1 review the adequacy and security of the Company's arrangements for its employees and
contractors to raise concerns, in confidence, about possible wrongdoing in financial reporting or other matters. The Committee
shall ensure that these arrangements allow proportionate and independent investigation of such matters and appropriate follow
up action; 5.2 review the Company's procedures for detecting fraud and the results of any management investigation of any suspected
fraudulent acts; 5.3 review the Company's systems and controls for the prevention of bribery and receive reports on non-compliance;
5.4 review the effectiveness of the system for monitoring compliance with laws and regulations and the results of any management
investigation into non-compliance; 5.5 obtain regular updates from management and the Company's Legal Counsel regarding compliance
matters; 5.6 be satisfied that all regulatory compliance matters have been considered in the preparation of the financial statements;
and 5.7 review the findings of any investigation, report or examination by any external regulatory agency and make appropriate
recommendations to the Board. 6. Compliance with the Code of Conduct The Audit Committee shall: 6.1 ensure that the Code of Conduct
is being brought to the attention of all employees; and

 

    	 

    	 

    

 

6.2 evaluate whether management is setting the appropriate "tone
at the top" by communicating the importance of the Code of Conduct and the guidelines for acceptable behaviour. 7. Meetings
7.1 Only members of the Committee have the right to attend Committee meetings. The Audit Committee may invite such other persons
(e.g. the Chief Executive Officer, Chief Financial Officer, Chairman of the Board, other Directors and internal audit and representatives
from the finance function) to all or part of its meetings, as it deems appropriate or necessary. 7.2 A quorum for any meeting
will be two members present in person or by telephone both of whom shall be independent Non-executive Directors. 7.3 The external
auditor should be invited to attend meetings of the Committee and make presentations to the Audit Committee as appropriate. 7.4
Meetings shall be held not less than four times a year at appropriate times in the reporting and audit cycle. Other meetings may
be convened as required. Meetings of the Committee shall be called by the secretary of the Committee at the request of any of
its members or at the request of the external or internal auditor if they consider that it is necessary. A meeting shall be held
as soon as reasonably practicable upon a request for such meeting by the Company’s external auditor. 7.5 Unless otherwise
agreed, notice of each meeting confirming the venue, time and date together with an agenda of items to be discussed, shall be
forwarded to each member of the Committee, any other person required to attend and all other Non-executive Directors no later
than four working days before the date of the meeting. Supporting papers shall be sent to Committee members and to other attendees
as appropriate, at the same time. 7.6 The proceedings and decisions of all meetings will be minuted by the secretary. 7.7 Draft
minutes of Committee meetings shall be circulated to all members of the Committee. Once approved, minutes should be circulated
to all other members of the Board unless it would be inappropriate to do so in the opinion of the Audit Committee Chairman. 7.8
The Committee Chairman shall report formally to the Board on its proceedings after each meeting on all matters within its duties
and responsibilities. 8. Other Matters 8.1 The Committee Chairman should attend the annual general meeting to answer shareholder
questions on the Committee's activities. 8.2 The Committee shall make whatever recommendations to the Board it deems appropriate
on any area within its remit where action or improvement is needed. 8.3 The Committee shall produce a report on its activities
to be included in the Company's annual report covering the information requirements set out in the UK Corporate Governance Code.
8.4 The Committee shall have access to sufficient resources in order to carry out its duties, including access to the Company
secretariat for assistance as required. 8.5 The Committee shall perform other oversight functions such as insurance cover, tax
planning as may be requested by the Board. 8.6 The Committee shall keep under review, the Board Charter and make recommendations
to the Board.

 

    	 

    	 

    

 

8.7 The Committee shall give due consideration to laws and regulations,
the provisions of the UK Corporate Governance Code and the requirements of the UK Listing Authority's Listing, Prospectus and
Disclosure and Transparency Rules, the NASDAQ Stock Market independence requirements and any other applicable rules, as appropriate.
8.8 The Committee shall be responsible for co-ordination of the internal and external auditors. 8.9 The Committee shall, if necessary,
institute special investigations and oversee any investigation of activities which are within its terms of reference. 8.10 The
Committee shall arrange for periodic reviews of its own performance and, at least annually, review its constitution and terms
of reference to ensure it is operating at maximum effectiveness and recommend any changes it considers necessary to the Board
for approval. 8.11 The Committee is authorised by the Board to obtain, at the Company's expense, outside legal or other professional
advice on any matters it deems necessary within its terms of reference.

 

    	 

    	 

    

 

APPENDIX 2 Remuneration Committee Terms of Reference 1. Purpose
The Remuneration Committee is charged with the responsibility of determining and agreeing with the Board of Directors (the "Board")
the framework or broad policy for the remuneration of the Chairman, the Executive Directors and senior management of the Company.
2. Composition 2.1 The Remuneration Committee (the "Committee") shall be made up of at least three (3) members, each
of whom who shall be an independent Non-executive Director for the purposes of the UK Corporate Governance Code and independent
for the purposes of the NASDAQ Stock Market independence requirements. The Chairman of the Board may also serve on the Committee
as an additional member (but will not chair the Committee) if he or she was considered independent on appointment as Chairman.
2.2 Members of the Committee shall be appointed by the Board, on the recommendation of the Governance and Nomination Committee
and in consultation with the Chairman of the Remuneration Committee. 2.3 Each member should be capable of making a valuable contribution
to the Committee. 2.4 The Committee members shall be appointed by the Board for a period of one year, which may be extended for
further periods if the Director is re-elected to the Board and provided the Director still meets the criteria for membership of
the Committee. 2.5 The Board may remove members of the Committee with or without cause. 2.6 The Board shall appoint the Committee
Chairman who shall be an independent Non-executive Director. In the absence of the Committee Chairman and/or an appointed deputy
at any meeting of the Committee, the remaining members present shall elect one of themselves to chair the meeting who would qualify
under these terms of reference to be appointed to that position by the Board. 2.7 The Company Secretary or his or her nominee
shall act as the secretary of the Committee. 3. Duties, Responsibilities and Authority The Committee shall: 3.1 Remuneration Policy
(a) determine and agree with the Board the framework or broad policy for the remuneration of the Chairman of the Board, the Chief
Executive Officer, and the other Executive Directors, the Company Secretary and such other members of the executive management
as it is designated to consider. The remuneration of the Non-executive Directors shall be a matter for the executive members of
the Board. No Director or manager shall be involved in any decisions as to their own remuneration; (b) in determining such policy,
take into account all factors which it deems necessary including relevant legal and regulatory requirements, the provisions and
recommendations of the UK Corporate Governance Code and associated guidance, and the NASDAQ Stock Market independence requirements.
The objective of such policy shall be to ensure that members of the executive management of the Company are provided

 

    	 

    	 

    

 

with appropriate incentives to encourage enhanced performance
and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the Company; (c) when
setting remuneration policy for Directors, review and have regard to the remuneration trends across the Company or Group as a
whole; (d) review the ongoing appropriateness and relevance of the remuneration policy; (e) within the terms of the agreed policy
and in consultation with the Chairman and/or the Chief Executive Officer, as appropriate, determine the total individual remuneration
package of the Chairman of the Board, each Executive Director, Company Secretary and other designated senior executives including
bonuses, incentive payments and restricted share awards or other share awards; and (f) on an annual basis and within the context
of paragraph 3.1(e) above, review corporate goals and objectives relevant to the Chief Executive Officer's compensation, evaluate
the Chief Executive Officer's performance in light of those goals and objectives, and determine the chief executive's compensation
level based on this evaluation. In determining any long-term incentive component of the Chief Executive Officer's compensation,
the Committee shall consider the Company's performance and relative shareholder return, the value of similar incentive awards
to chief executive officers at comparable companies, and the awards given to the Company's the Chief Executive Officer in past
years. 3.2 Remuneration Consultants (a) obtain reliable, up-to-date information about remuneration in other companies. To help
it fulfil its obligations the Committee shall have full authority to appoint remuneration consultants to provide advice and to
commission or purchase any reports, surveys or information which it deems necessary; and (b) be exclusively responsible for establishing
the selection criteria, selecting, appointing and setting the terms of reference for any remuneration consultants who advise the
Committee. 3.3 Performance related pay and other benefits (a) approve the design of, and determine targets for, any performance
related pay schemes operated by the Company and approve the total annual payments made under such schemes; (b) review the design
of all share incentive plans for approval by the Board and (if required) by the shareholders. For any such plans, determine each
year whether awards will be made, and if so, the overall amount of such awards, the individual awards to Executive Directors,
Company Secretary and other designated senior executives and the performance targets to be used; (c) determine the policy for,
and scope of, pension arrangements for each Executive Director and other designated senior executives; (d) oversee any major changes
in employee benefits structures throughout the Company or Group; (e) agree the policy for authorising claims for expenses from
the Directors; and (f) ensure that contractual terms on termination, and any payments made, are fair to the individual, and the
Company, that failure is not rewarded and that the duty to mitigate loss is fully recognised. 3.4 Other responsibilities Carry
out any other responsibilities as determined by the Board.

 

    	 

    	 

    

 

4. Meetings 4.1 Only members of the Committee have the right
to attend Committee meetings. However, other individuals such as the Chief Executive Officer, the head of human resources and
external advisers may be invited to attend for all or part of any meeting, as and when appropriate and necessary. 4.2 A quorum
shall consist of two members present in person or by telephone both of whom shall be independent Non-executive Directors. A duly
convened meeting of the Committee at which a quorum is present shall be competent to exercise all or any of the authorities, powers
and discretions vested in or exercisable by the Committee. 4.3 Meetings shall be held not less than four times a year with other
meetings being convened as required. 4.4 Meetings of the Committee shall be called by the secretary of the Committee at the request
of the Committee Chairman. 4.5 Unless otherwise agreed, notice of each meeting confirming the venue, time and date together with
an agenda of items to be discussed, shall be forwarded to each member of the Committee, any other person required to attend and
all other Non-executive Directors, no later than four working days before the date of the meeting. Supporting papers shall be
sent to Committee members and to other attendees, as appropriate, at the same time. 4.6 The secretary shall minute the proceedings
and resolutions of all Committee meetings. 4.7 Draft minutes of Committee meetings shall be circulated to all members of the Committee.
Once approved, minutes should be circulated to all other members of the Board unless it would be inappropriate to do so. 4.8 The
Committee Chairman shall report to the Board the results of its proceedings, deliberations and activities after each meeting.
5. Other matters 5.1 The Committee Chairman should attend the annual general meeting to answer any shareholder questions on the
Committee's activities. 5.2 The Committee shall make whatever recommendations to the Board it deems appropriate on any area within
its remit where action or improvement is needed. 5.3 The Committee shall produce a report of the Company's remuneration policy
and practices to be included in the Company’s annual report and ensure each year that it is put to shareholders for approval
at the AGM. 5.4 The Committee shall prepare and produce any reports required by any applicable regulatory authority for any jurisdiction
in which the Company's securities are traded, including, but not limited to, the annual report on executive compensation as required
by the Securities and Exchange Commission. 5.5 The Committee shall have access to sufficient resources in order to carry out its
duties, including access to the Company Secretary for assistance as required. 5.6 The Committee shall give due consideration to
laws and regulations, the provisions of the UK Corporate Governance Code and the requirements of the UK Listing Authority's Listing,
Prospectus and Disclosure and Transparency Rules, the NASDAQ Stock Market independence requirements and any other applicable rules,
as appropriate. 5.7 The Committee shall arrange for periodic reviews of its own performance and, at least annually, review its
constitution and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it considers
necessary to the Board for approval.

 

    	 

    	 

    

 

5.8 The Committee is authorised by the Board to obtain, at the
Company's expense, outside legal or other professional advice on any matters it deems necessary within its terms of reference.

 

    	 

    	 

    

 

APPENDIX 3 Governance and Nomination Committee Terms of Reference
1. Purpose The Governance and Nomination Committee (the "Committee") of the Board of Directors (the "Board")
shall assist the Board in identifying qualified individuals for service as directors of the Company and as Board Committee members;
develop and monitor a process for evaluating Board effectiveness; and oversee the development and administration of the Company's
Code of Conduct. 2. Composition 2.1 The Committee shall consist of at least three (3) Non-executive Directors, each of whom shall
be independent for the purposes of the UK Corporate Governance Code and the NASDAQ Stock Market independence requirements. The
Chairman of the Board may also serve on the Committee as a member if he or she was considered independent on appointment as Chairman.
2.2 Each member should be capable of making a valuable contribution to the Committee. 2.3 The Committee members shall be appointed
by the Board and shall be appointed for a period of one year, which may be extended for further periods of if the Director is
re-elected to the Board and provided the Director still meets the criteria for membership of the Committee. 2.4 The Board may
remove Committee members with or without cause. 2.5 The Board shall appoint the Committee Chairman who should be either the Chairman
of the Board or an independent Non-executive Director. In the absence of the Committee Chairman and/or an appointed deputy, at
a meeting of the Committee the remaining members present shall elect one of themselves to chair the meeting from those who would
qualify under these terms of reference to be appointed to that position by the Board. The Chairman of the Board shall not chair
the Committee when it is dealing with the matter of succession to the chairmanship. 2.6 The Company Secretary or his or her nominee
shall act as the secretary of the Committee. 3. Duties, Responsibilities and Authority The Committee shall: 3.1 Director nominations
lead the search to select qualified candidates of high personal and professional integrity and ability to serve the Company's
interests as directors and to contribute to the Board's effectiveness. 3.2 Board size and composition and Board Committees (a)
evaluate regularly the structure, size and composition (including the skills, knowledge, experience and diversity) of the Board
and recommend to the Board any desired changes; (b) give full consideration to, and make recommendations to the Board in relation
to, succession planning for Directors (and, in particular, for the key roles of Chairman and Chief Executive Officer) and other
senior executives in the course of its work, taking into account the challenges and opportunities facing the Company, and the
skills and expertise needed on the Board in the future;

 

    	 

    	 

    

 

(c) keep under review the leadership needs of the organisation,
both executive and non-executive, with a view to ensuring the continued ability of the Company to compete effectively in the marketplace;
(d) keep up to date and fully informed about strategic issues and commercial changes affecting the Company and the market in which
it operates; (e) before any appointment is made by the Board, evaluate the balance of skills, knowledge, experience and diversity
on the Board, and, in the light of this evaluation prepare a description of the role and capabilities required for a particular
appointment. In identifying suitable candidates the Committee shall: (i) if deemed appropriate, use open advertising or the services
of external advisers to facilitate the search; (ii) consider candidates from a wide range of backgrounds; and (iii) consider candidates
on merit and against objective criteria and with due regard for the benefits of diversity on the Board, including gender, taking
care that appointees have enough time available to devote to the position; (f) for the appointment of a Chairman of the Board,
prepare a job specification, including the time commitment expected, recognising the need for availability in the event of crises.
A proposed Chairman of the Board's other significant commitments should be disclosed to the Board before appointment and any changes
to the Chairman of the Board's commitments should be reported to the Board as they arise; (g) prior to the appointment of a Director,
require the proposed appointee to disclose any other business interests that may result in a conflict of interest and be required
to report any future business interests that could result in a conflict of interest; (h) ensure that on appointment to the Board,
Non-executive Directors receive a formal letter of appointment setting out clearly what is expected of them in terms of time commitment,
Committee service and involvement of outside Board meetings; (i) make recommendations to the Board concerning suitable candidates
for the role of Senior Independent Director; (g) make recommendations to the Board concerning membership of the Committee, and
the Audit and Remuneration Committees, and any other Board Committees as appropriate, in consultation with the Chairmen of those
Committees; (k) make recommendations to the Board concerning the re-appointment of any non-executive director at the conclusion
of their specified term of office having given due regard to their performance and ability to continue to contribute to the Board
in the light of the knowledge, skills and experience required; (l) make recommendations to the Board concerning the re-election
by shareholders of directors under the annual re-election provisions of the UK Corporate Governance Code or the retirement by
rotation provisions in the Company's articles of association, having due regard to their performance and ability to continue to
contribute to the Board in the light of the knowledge, skills and experience required and the need for progressive refreshing
of the Board (particularly in relation to directors being re-elected for a term beyond six years); (m) make recommendations to
the Board concerning any matters relating to the continuation in office of any director at any time including the suspension or
termination of service of an executive director as an employee of the Company subject to the provisions of the law and their service
contract; and

 

    	 

    	 

    

 

(n) make recommendations to the Board concerning the appointment
of any director to executive or other office. 3.3 Board evaluation (a) review annually the time required from Non-executive Directors
and assess whether each Non-executive Director contributes effectively and demonstrates commitment to the role. Performance evaluation
should be used to assess whether the Non-executive Directors are spending enough time to fulfil their duties; (b) facilitate the
Board's annual evaluation process to assess the effectiveness of Board and Committee practices and the performance and effectiveness
of the Board and its Committees, including consideration of the balance of skills, experience, independence and knowledge of the
Company on the Board, its diversity, including gender, how the Board works together as a unit and other factors relevant to its
effectiveness; (c) ensure that evaluation of the Board is externally facilitated at least every three years; (d) review the results
of the Board performance evaluation that relate to the composition of the Board; and (e) review the results of the performance
evaluation of the Committee. 3.4 Corporate governance (a) develop, recommend to the Board and administer such corporate governance
guidelines and practices as are required by laws or regulations applicable to the Company or that the Committee otherwise deems
appropriate; and (b) oversee the development and maintenance of, and approval of the Company's Code of Conduct. 3.5 Shareholder
proposals and communications review and make recommendations to the Board regarding any proposals received from the Company's
shareholders that relate to corporate governance. The Committee may develop such policies and procedures as it deems appropriate
with respect to: (i) the acceptance and consideration of any nominations for Director appointments received from shareholders,
subject to the requirements of any applicable laws or regulations and (ii) any other communications received from the Company's
shareholders to the Board. 3.6 Advisors have the authority to engage any search firm to assist in identifying Director candidates
and have the authority to seek advice from internal and external sources and appoint professional advisers on any matters it deems
necessary within its terms of reference to assist in discharging its responsibilities. 3.7 Other responsibilities carry out such
other responsibilities as the Board may determine. 4. Meetings 4.1 Only members of the Committee have the right to attend Committee
meetings. However, other individuals, such as the Chief Executive Officer, the head of human resources and external advisers,
may be invited to attend for all or part of any meeting as and when appropriate and necessary. 4.2 A quorum shall consist of two
members present in person or by telephone both of whom shall be independent Non-executive Directors. A duly convened meeting of
the Committee at which a quorum is present shall be competent to exercise all of any of the authorities, powers and discretions
vested in or exercisable by the Committee.

 

    	 

    	 

    

 

4.3 Meetings shall be held not less than four times a year,
with other meetings being convened as required. 4.4 Meetings of the Committee shall be called by the secretary of the Committee
at the request of the Committee Chairman. 4.5 Unless otherwise agreed, notice of each meeting confirming the venue, time and date,
together with an agenda of items to be discussed, shall be forwarded to each member of the Committee and any other person required
to attend, no later than four working days before the date of the meeting. Supporting papers shall be sent to Committee members,
all other Non-executive Directors and to other attendees as appropriate, at the same time. 4.6 The secretary shall minute the
proceedings and resolutions of all Committee meetings. 4.7 Draft minutes of Committee meetings shall be circulated to all members
of the Committee. Once approved, minutes should be circulated to all other members of the Board unless it would be inappropriate
to do so. 4.8 The Committee Chairman shall report to the Board the results of its proceedings, deliberations and activities after
each meeting. 5. Other matters 5.1 The Committee Chairman should attend the annual general meeting to answer any shareholder questions
on the Committee's activities. 5.2 The Committee shall make whatever recommendations to the Board it deems appropriate on any
area within its remit where action or improvement is needed. 5.3 The Committee shall produce a report to be included in the Company's
annual report about its activities, the process used to make appointments and explain if open advertising has not been used. The
report shall also include a description of the policy on diversity, including gender, any measurable objectives set for implementing
the policy and progress on achieving the objectives. 5.4 The Committee shall have access to sufficient resources in order to carry
out its duties, including access to the Company Secretary for assistance as required. 5.5 The Committee shall give due consideration
to laws and regulations, the provisions of the UK Corporate Governance Code and the requirements of the UK Listing Authority's
Listing, Prospectus and Disclosure and Transparency Rules, the NASDAQ Stock Market independence requirements and any other applicable
Rules, as appropriate. 5.6 The Committee shall arrange for periodic reviews of its own performance and, at least annually, review
its constitution and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it considers
necessary to the Board for approval. 5.7 The Committee is authorised by the Board to obtain, at the Company's expense, outside
legal or other professional advice on any matters it deems necessary within its terms of reference.

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