Document:

Registration Rights Agreement,dated as of November 8, 2007

 Exhibit 4.4 
 REGISTRATION RIGHTS AGREEMENT  
 dated as of 
 November 8, 2007  
 between 
 Golden Star Resources Ltd. 
 and 
 BMO Nesbitt Burns Inc. 
 as Lead Agent 

 REGISTRATION RIGHTS AGREEMENT, dated as of November 8, 2007 (this “Agreement”), by and
between Golden Star Resources Ltd., a Canadian corporation (the “Company”), and BMO Nesbitt Burns Inc., as Lead Agent (the “Lead Agent”) pursuant to the Agency Agreement dated as of November 8, 2007 (the
“Agency Agreement”) by and between the Company and the Lead Agent regarding the offering (the “Offering”) of 4.0% Convertible Senior Unsecured Debentures due November 30, 2012 (the
“Debentures”) of the Company and the related subscription agreement to be entered into with each subscriber for such Debentures dated November 8, 2007 (each, a “Subscription Agreement,” and, collectively, the
“Subscription Agreements”). 
 In order to induce the Lead Agent to enter into the Agency Agreement and subscribers to enter into the
Subscription Agreements, the Company has agreed to provide the registration rights set forth in this Agreement. 
 The Company agrees with the Lead Agent,
(i) for its benefit as Lead Agent and (ii) for the benefit of the beneficial owners from time to time of the Debentures and the beneficial owners from time to time of the Underlying Shares (as defined herein) (each of the foregoing a
“Holder” and together the “Holders”), as follows: 
  

	1.0	DEFINITIONS 

 1.1. Capitalized terms used herein without definition
shall have their respective meanings set forth in the Subscription Agreement. As used in this Agreement, the following terms shall have the following meanings: 
  

	(a)	“Additional Interest Amount” has the meaning set forth in Section 2.8 hereof. 

  

	(b)	“Affiliate” means with respect to any specified person, an “affiliate,” as defined in Rule 144, of such person. 

  

	(c)	“Agency Agreement” has the meaning set forth in the first paragraph hereof. 

  

	(d)	“Amendment Effectiveness Deadline” has the meaning set forth in Section 2.7 hereof. 

  

	(e)	“Business Day” means any day, except Saturday, Sunday or a statutory holiday in Toronto, Ontario or Denver, Colorado. 

  

	(f)	“Canadian Prospectus” has the meaning set forth in Section 2.1 hereof, including amendments to such Canadian Prospectus, all exhibits to and all materials
incorporated by reference in such Canadian Prospectus. 

  

	(g)	“Canadian Securities Commissions” mean the securities commissions or similar regulatory bodies of each of the provinces of Canada other than Quebec.

  

	(h)	“Common Shares” means common shares in the capital of the Company. 

  

	(i)	“Conversion Price” has the meaning assigned such term in the Indenture. 

  

	(j)	“Debentures” has the meaning set forth in the first paragraph hereof. 

  

	(k)	“Deferral Notice” has the meaning set forth in Section 3.8 hereof. 

  

	(l)	“Deferral Period” has the meaning set forth in Section 3.8 hereof. 

  

	(m)	“Effectiveness Deadline” has the meaning set forth in Section 2.1 hereof. 

  

	(n)	 “Effectiveness Period” means (a) with respect to the U.S. Registration Statement, the period commencing on the first date that a U.S.
Registration Statement is declared effective under the Securities Act and ending on the earliest of (i) the date when all of the Registrable Securities have been sold pursuant to the U.S. Registration Statement or Rule 144, (ii) the
expiration of the holding period under Rule 144(k) under the 

 
Securities Act, or any successor provision, or (iii) the date when all of the Registrable Securities have ceased to be outstanding (whether as a result
of repurchase and cancellation, conversion or otherwise), and (b) with respect to the Canadian Prospectus, the period commencing on the date on which the Canadian Securities Commissions issue a final receipt for the Canadian Prospectus in
accordance with the Securities Laws and ending on the day that is four months from the Issue Date. 
  

	(o)	“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

  

	(p)	“Filing Deadline” has the meaning set forth in Section 2.1 hereof. 

  

	(q)	“Holder” has the meaning set forth in the third paragraph of this Agreement. 

  

	(r)	“Indenture” means the Indenture dated as of November 8, 2007 between the Company and the Trustee, pursuant to which Debentures are being issued.

  

	(s)	“Interest Payment Date” means each May 31 and November 30, commencing May 31, 2008. 

  

	(t)	“Issue Date” means the first date of original issuance of the Debentures. 

  

	(u)	“Lead Agent” has the meaning set forth in the first paragraph hereof. 

  

	(v)	“Material Event” has the meaning set forth in Section 3.8 hereof. 

  

	(w)	“Notice Holder” means, on any date, any Holder that has delivered a Selling Securityholder Notice and Questionnaire to the Company on or prior to such date.

  

	(x)	“Prospectus” means a prospectus relating to the U.S. Registration Statement or the Canadian Prospectus, as applicable, as amended or supplemented, and all materials
incorporated by reference in such Prospectus. 

  

	(y)	“Record Holder” means with respect to any Interest Payment Date relating to any Debentures as to which any Additional Interest Amount has accrued, the registered
holder of such Debenture on the November 15 or the May 15 immediately preceding the Interest Payment Date. 

  

	(z)	“Registrable Securities” means (a) with respect to the U.S. Registration Statement and any references to “Registrable Securities” to be sold
thereunder, the Debentures until such Debentures have been converted into the Underlying Shares and, at all times subsequent to any such conversion, the Underlying Shares until, in the case of any such security: (A) the earliest of (i) the
U.S. Registration Statement is declared effective under the Securities Act and the security is resold in accordance thereto, (ii) the expiration of the holding period that would be applicable thereto under Rule 144(k), or (iii) its sale to
the public pursuant to Rule 144; and (B) the legend with respect to transfer restrictions required under the Indenture is removed or removable in accordance with the terms of the Indenture or such legend, as the case may be; and (b) with
respect to the Canadian Prospectus and any references to “Registrable Securities” to be qualified for distribution thereunder, the Underlying Shares until, in the case of any such security: (C) the earliest of (i) its resale in
accordance with the Canadian Prospectus, or (ii) the expiration of the holding period that would be applicable thereto under the Securities Laws and (D) the legend with respect to transfer restrictions required under the Indenture is
removed or removable as a result of the event or circumstance described in either of the foregoing clauses (C)(i) or (ii) in accordance with the terms of the Indenture or such legend, as the case may be. 

  

	(aa)	“Registration Default” has the meaning set forth in Section 2.8 hereof. 

  

	(bb)	“Registration Default Period” has the meaning set forth in Section 2.8 hereof. 

  

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	(cc)	“Registration Statement” has the meaning set forth in Section 2.1 hereof, including amendments to such Registration Statement, all exhibits and all materials
incorporated by reference in such Registration Statement. 

  

	(dd)	“Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC.

  

	(ee)	“SEC” means the United States Securities and Exchange Commission. 

  

	(ff)	“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder. 

  

	(gg)	“Securities Laws” means the securities legislation of each of the provinces of Canada other than Quebec and the rules and regulations thereunder and applicable
published policy statements issued by the Canadian Securities Commissions. 

  

	(hh)	“Selling Securityholder Notice and Questionnaire” means a written notice delivered to the Company containing substantially the information called for by the Selling
Securityholder Notice and Questionnaire attached as Exhibit “C” to the Subscription Agreement. 

  

	(ii)	“Special Canadian Counsel” means Stikeman Elliott LLP or one such other successor counsel as shall be specified by the Holders of a majority of the Registrable
Securities, but which may, with the written consent of the Lead Agent (which shall not be unreasonably withheld), be another nationally recognized Canadian law firm experienced in securities law matters designated by the Company.

  

	(jj)	“Special U.S. Counsel” means Dorsey & Whitney LLP or one such other successor counsel as shall be specified by the Holders of a majority of the Registrable
Securities, but which may, with the written consent of the Lead Agent (which shall not be unreasonably withheld), be another nationally recognized U.S. law firm experienced in securities law matters designated by the Company.

  

	(kk)	“Trustee” means Bank of New York Trust Company, N.A., the Trustee under the Indenture. 

  

	(ll)	“Underlying Shares” means the Common Shares into which the Debentures are convertible or issued upon any such conversion, including the additional Common Shares
issuable upon a change of control where consideration is wholly or partially in cash. 

  

	(mm)	“U.S. Registration Statement” has the meaning set forth in Section 2.1 hereof, including amendments to such U.S. Registration Statement, all exhibits and all
materials incorporated by reference in such Registration Statement. 

 1.2. For purposes of determining Holders of a majority of the
Registrable Securities under this Agreement, Holders of Debentures shall be deemed to be the Holders of the number of Underlying Shares into which such Debentures are or would be convertible pursuant to the Indenture as of the date the determination
is made. 
  

	2.0	REGISTRATION STATEMENT 

 2.1. To the extent not prohibited by any
applicable law or applicable interpretation of the staff of the SEC or the Canadian Securities Commissions, the Company shall prepare and file or cause to be prepared and filed with the SEC a resale registration statement on Form S-3 (or such other
form as may be reasonably determined by U.S. counsel to the Company) (a “U.S. Registration Statement”), and concurrently therewith, the Company shall prepare and file or cause to be prepared and filed with the Canadian Securities
Commissions a short form prospectus (the “Canadian Prospectus”), in preliminary form, for the resale of the Registrable Securities (together the U.S. Registration Statement and the Canadian Prospectus are referred to as a
“Registration Statement”). The Company shall use commercially reasonable efforts to file the Registration Statement as soon as practicable but in any event within forty-five (45) days after the Issue Date (the “Filing
Deadline”). The Registration Statement as filed shall 

  

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permit resales of the Registrable Securities by the Holders in accordance with the methods of distribution set forth in the Registration Statement. The
Company shall use commercially reasonable efforts to cause the Registration Statement (in the case of Canada, a final Canadian Prospectus) to be declared effective under the Securities Act and the Securities Laws as promptly as is practicable, but
in any event no later than the date that is ninety (90) days after the Issue Date (the “Effectiveness Deadline”). 
 2.2. The Company
shall use commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act and the Securities Laws, respectively, until the expiration of the Effectiveness Period (subject to the procedures described
in Section 3 hereof). 
 2.3. The Company shall use commercially reasonable efforts to obtain additional listing approval of and list the Underlying
Shares on the American Stock Exchange and to obtain conditional listing approval for and list the Underlying Shares on the Toronto Stock Exchange. 
 2.4.
With respect to the U.S. Registration Statement, each Holder that became a Notice Holder on or prior to the date that is ten (10) Business Days prior to the date the U.S. Registration Statement is declared effective shall be named as a selling
securityholder in the U.S. Registration Statement and the related Prospectus in such a manner as to permit such Holder to offer and sell the Registrable Securities in accordance with applicable law provided that such Holder shall have completed and
delivered to the Company a Selling Securityholder Notice and Questionnaire. None of the Company’s current security holders (other than the Holders, in accordance with the prior sentence) have the right to include any of the Company’s
securities in the Registration Statement. 
 2.5. If a Registration Statement covering re-sales of the Registrable Securities ceases to be effective or may
not otherwise be used by the Holders for reasons other than those provided for in Section 3.8 at any time during the Effectiveness Period (other than because all securities registered thereunder shall have been resold pursuant thereto or shall
have otherwise ceased to be Registrable Securities), the Company shall, during the remainder of the Effectiveness Period, use commercially reasonable efforts to, and in any event within thirty (30) days of such cessation of effectiveness or
ability to use the Registration Statement, amend the Registration Statement in a manner reasonably expected to reinstate the ability to use the Registration Statement, or file an additional Registration Statement so that all Registrable Securities
outstanding as of the date of such filing are covered by a Registration Statement. If a new Registration Statement is filed, the Company shall use commercially reasonable efforts to cause the new Registration Statement to become effective as
promptly as is practicable after such filing and to keep the new Registration Statement continuously effective until the end of the Effectiveness Period. 
 2.6. The Company shall amend and supplement the Prospectus and amend the Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Registration Statement
(including the Securities Laws in the case of the Canadian Prospectus and the Securities Act in the case of the U.S. Registration Statement) or file a new Registration Statement, if required by the Securities Act or the Securities Laws, or, in the
case of the U.S. Registration Statement, any other documents necessary to name a Notice Holder as a selling securityholder pursuant to Section 2.7 below. 
 2.7. With respect to the U.S. Registration Statement, each Holder may sell Registrable Securities pursuant to a U.S. Registration Statement and related Prospectus only in accordance with this Section 2.7 and Section 3.8. From and
after the date the initial U.S. Registration Statement is declared effective, the Company shall, as promptly as practicable after the date a Selling Securityholder Notice and Questionnaire is delivered, and in any event upon the later of
(x) twenty (20) Business Days after such date or (y) five (5) Business Days after the expiration of any Deferral Period in effect when the Selling Securityholder Notice and Questionnaire is delivered, or put into effect within
twenty (20) Business Days of such delivery date: 
  

	(a)	 if required by the Securities Act, file with the SEC a post-effective amendment to the U.S. Registration Statement or prepare and, if required by the Securities
Act, file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file a new U.S. Registration Statement or any other required document so that the Holder delivering such Selling
Securityholder Notice and Questionnaire is named as a selling securityholder in a U.S. Registration Statement and the related Prospectus in such a manner as to permit such Holder to offer and sell the Registrable Securities in accordance with
applicable law and, if the Company shall file a post-effective 

  

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amendment to a U.S. Registration Statement or shall file a new U.S. Registration Statement, the Company shall use commercially reasonable efforts to cause
such post-effective amendment or new U.S. Registration Statement to be declared effective under the Securities Act as promptly as is practicable, but in any event by the date that is forty-five (45) days after the date such post-effective
amendment or new U.S. Registration Statement is required by this clause to be filed (the “Amendment Effectiveness Deadline”); 
  

	(b)	provide such Holder copies of any documents filed pursuant to Section 2.7(a); and 

  

	(c)	notify such Holder as promptly as practicable after the effectiveness under the Securities Act of any new U.S. Registration Statement or post-effective amendment filed pursuant to
Section 2.7(a); 

 provided that if such Selling Securityholder Notice and Questionnaire is delivered during a Deferral Period, the
Company shall so inform the Holder delivering such Selling Securityholder Notice and Questionnaire and shall take the actions set forth in clauses (a), (b) and (c) above upon expiration of the Deferral Period in accordance with
Section 3.8. Notwithstanding anything contained herein to the contrary, (i) the Company shall be under no obligation to name any Holder that is not a Notice Holder as a selling securityholder in any U.S. Registration Statement or related
Prospectus and (ii) the Amendment Effectiveness Deadline shall be extended by ten (10) Business Days from the expiration of a Deferral Period. 
 2.8. The parties hereto agree that the Holders of Registrable Securities will suffer damages and that it would not be feasible to ascertain the extent of such damages with precision, if: 
  

	(a)	the Company has failed to perform its obligations set forth in the first sentence of Section 2.1 hereof on or prior to the Filing Deadline; or 

 

	(b)	a Registration Statement has not been declared effective under the Securities Act or the Securities Laws on or prior to the Effectiveness Deadline. 

 Each event described in any of the foregoing clauses (a) and (b) is individually referred to herein as a “Registration Default.” For purposes
of this Agreement, each Registration Default set forth above shall begin and end on the dates set forth in the table set forth below: 
  

					
	 Type of Registration
Default by Clause

	  	 Beginning Date
	  	 Ending Date

	 (a)
	  	Filing Deadline	  	the date a Registration Statement is filed
			
	 (b)
	  	Effectiveness Deadline	  	the date a Registration Statement becomes effective under the Securities Act and/or the Securities Laws

 Commencing on (and including) any date that a Registration Default has begun and ending on (but excluding) the
next date on which there are no Registration Defaults that have occurred and are continuing (a “Registration Default Period”), the Company shall be required to pay to Record Holders of Registrable Securities in respect of each day
in the Registration Default Period additional interest in respect of any Debentures, at a rate per annum equal to an additional one-half of one percent (0.5%) of the aggregate principal amount of such Debentures (the “Additional Interest
Amount”). Notwithstanding the foregoing, no Additional Interest Amount shall accrue as to any Debenture from and after the date such security is no longer a Registrable Security. The rate of accrual of the Additional Interest Amount with
respect to any period shall not exceed the rate provided for in this paragraph notwithstanding the occurrence of multiple concurrent Registration Defaults. 
 The Additional Interest Amount shall accrue from the first day of the applicable Registration Default Period, and shall be payable on each Interest Payment Date during the Registration Default Period (and on the Interest Payment 

  

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Date next succeeding the end of the Registration Default Period if the Registration Default Period does not end on a Interest Payment Date) to the Record
Holders of the Registrable Securities entitled thereto; provided that any Additional Interest Amount accrued with respect to any Debenture or portion thereof purchased by the Company on a repurchase date or converted into Underlying Shares on
a conversion date prior to the Interest Payment Date, shall, in any such event, be paid instead to the Holder who submitted such Debenture or portion thereof for purchase or conversion on the applicable repurchase date or conversion date, as the
case may be, on such date (or promptly following the conversion date, in the case of conversion), unless the repurchase date or conversion date, as the case may be, falls after May 15 or November 15 and on or prior to the corresponding
Interest Payment Date. The Lead Agent shall be entitled, on behalf of registered holders of Debentures, to seek any available remedy for the enforcement of this Agreement, including for the payment of such Additional Interest Amount. Notwithstanding
the foregoing, the parties agree that the sole damages payable for a violation of the terms of this Agreement with respect to which additional interest are expressly provided shall be such additional interest. Nothing shall preclude any Holder from
pursuing or obtaining specific performance or other equitable relief with respect to this Agreement. 
 2.9. All of the Company’s obligations set forth
in Section 2.8 that are outstanding with respect to any Registrable Security at the time such security ceases to be a Registrable Security shall survive until such time as all such obligations with respect to such security have been satisfied
in full (notwithstanding termination of this Agreement pursuant to Section 8.11). 
 2.10. The parties hereto agree that the additional interest
provided for in Section 2.8 constitutes a reasonable estimate of the damages that may be incurred by Holders of Registrable Securities by reason of the failure of a Registration Statement to be filed or declared effective in accordance with the
provisions hereof. 
  

	3.0	REGISTRATION PROCEDURES 

 In connection with the registration
obligations of the Company under Section 2 hereof, the Company shall: 
 3.1. Before filing any Registration Statement or Prospectus or any amendments
or supplements thereto with the SEC or the Canadian Securities Commissions, furnish to the Lead Agent and the Special Canadian Counsel and Special U.S. Counsel of such offering, if any, copies of all such documents proposed to be filed at least five
(5) Business Days prior to the filing of such Registration Statement or amendment thereto or Prospectus or supplement thereto. 
 3.2. Subject to
Section 3.8, prepare and file with the SEC in the case of a U.S. Registration Statement and the Canadian Securities Commissions in the case of a Canadian Prospectus such amendments and post-effective amendments to each Registration Statement as
may be necessary to keep such Registration Statement continuously effective during the Effectiveness Period; cause the related Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to the
Securities Act and the Securities Laws; and use its best efforts to comply with the provisions of the Securities Act and the Securities Laws applicable to it with respect to the disposition of all securities covered by such Registration Statement
during the Effectiveness Period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or such Prospectus as so supplemented. 
 3.3. As promptly as practicable give notice to the Notice Holders, the Lead Agent, the Special U.S. Counsel and the Special Canadian Counsel: 
  

	(a)	when any Prospectus, prospectus supplement, amended Canadian Prospectus or post-effective amendment to a Registration Statement has been filed with the SEC or the Canadian
Securities Commissions and, with respect to a Registration Statement or any post-effective amendment thereto, when the same has been declared effective; 

  

	(b)	of any request, following the effectiveness of the initial Registration Statement under the Securities Act and the Securities Laws, by the SEC or any Canadian Securities Commission
or any other federal, state or provincial governmental authority, for amendments or supplements to any Registration Statement or related Prospectus or for additional information; 

  

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	(c)	of the issuance by the SEC, the Canadian Securities Commissions or any other federal, state or provincial governmental authority of any stop order or similar order under the
Securities Act or the Securities Laws suspending the effectiveness of, or a Holder’s ability to otherwise use, any Registration Statement or the initiation or threatening of any proceedings for that purpose; 

  

	(d)	of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale
in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

  

	(e)	of the occurrence of, but not the nature of or details concerning, a Material Event; and 

  

	(f)	of the determination by the Company that a post-effective amendment to a Registration Statement will be filed with the SEC or an amended Canadian Prospectus will be filed with the
Canadian Securities Commissions, which notice may, at the discretion of the Company (or as required pursuant to Section 3.8) state that it constitutes a Deferral Notice, in which event the provisions of Section 3.8 shall apply.

 3.4. Use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of, or a Holder’s
ability to otherwise use, a Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale,
in either case at the earliest possible moment, and provide immediate notice to each Notice Holder and the Lead Agent of the withdrawal of any such order. 
 3.5. As promptly as practicable furnish to each Notice Holder, the Special U.S. Counsel, the Special Canadian Counsel and the Lead Agent, upon request and without charge, at least one conformed copy of each Registration Statement and any
amendment thereto, including exhibits, and will make available electronic versions of all documents incorporated or deemed to be incorporated therein by reference. 
 3.6. During the Effectiveness Period, deliver to each Notice Holder, the Special U.S. Counsel, the Special Canadian Counsel, and the Lead Agent, in connection with any sale of Registrable Securities pursuant to a U.S. Registration
Statement, without charge, as many copies of the Prospectus relating to such Registrable Securities (including each preliminary prospectus) and any amendment or supplement thereto as such Notice Holder may reasonably request; and the Company hereby
consents (except during such periods that a Deferral Notice is outstanding and has not been revoked) to the use of such Prospectus or each amendment or supplement thereto by each Notice Holder in connection with any offering and sale of the
Registrable Securities covered by such Prospectus or any amendment or supplement thereto in the manner set forth therein. 
 3.7. Prior to any public
offering of the Registrable Securities pursuant to a U.S. Registration Statement, use commercially reasonable efforts to register or qualify or cooperate with the Notice Holders and the Special U.S. Counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions within the United States as any Notice Holder reasonably requests in
writing (which request may be included in the Selling Securityholder Notice and Questionnaire); prior to any public offering of the Registrable Securities pursuant to a U.S. Registration Statement, use its commercially reasonable efforts to keep
each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period in connection with such Notice Holder’s offer and sale of Registrable Securities pursuant to such registration or qualification (or
exemption therefrom) and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth in the U.S. Registration Statement and the related
Prospectus; provided that the Company will not be required to (a) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Agreement or
(b) take any action that would subject it to general service of process in suits or to taxation in any such jurisdiction where it is not then so subject. 
 3.8. Upon (A) the issuance by the SEC or the Canadian Securities Commissions of a stop order or similar order suspending the effectiveness of a Registration Statement or the initiation of proceedings with respect to a Registration
Statement under Section 8(d) or 8(e) of the Securities Act or similar proceedings by the Canadian Securities Commissions relating to the Canadian Prospectus, (B) the occurrence of any event or the existence of any 

  

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fact (a “Material Event”) as a result of which a Registration Statement shall contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances in which they were made, or any Prospectus shall contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (C) the occurrence or existence of any pending corporate
development that, in the reasonable discretion of the Company, makes it appropriate to suspend the availability of a Registration Statement and the related Prospectus, the Company shall: 
  

	(a)	in the case of clause (B) above, as promptly as practicable prepare and file, if necessary pursuant to applicable law, a post-effective amendment to such Registration Statement
or an amended Canadian Prospectus or a supplement to the related Prospectus or any document incorporated therein by reference or file any other required document that would be incorporated by reference into such Registration Statement and Prospectus
so that such Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances
in which they were made, and such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to a U.S. Registration Statement, use its commercially
reasonable efforts to cause it to be declared effective as promptly as is practicable; and 

  

	(b)	give notice to the Notice Holders and the Special U.S. Counsel that the availability of a Registration Statement is suspended (a “Deferral Notice”).

 The Company will use its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed (x) in the case of
clause (A) above, as promptly as is practicable, (y) in the case of clause (B) above, as soon as, in the sole judgment of the Company, public disclosure of such Material Event would not be prejudicial to or contrary to the interests
of the Company or, if necessary to avoid unreasonable burden or expense, as soon as practicable thereafter and (z) in the case of clause (C) above, as soon as in the reasonable discretion of the Company, such suspension is no longer
appropriate. The Company shall be entitled to exercise its right under this Section 3.8 to suspend the availability of a Registration Statement or any Prospectus no more than once in any three month period or three times in any twelve month
period, and any such period during which the availability of the Registration Statement and any Prospectus is suspended (the “Deferral Period”) shall not exceed thirty (30) days; provided that the aggregate duration of
any Deferral Periods shall not exceed thirty (30) days in any three month period (or sixty (60) days in any three month period in the event of a Material Event pursuant to which the Company has delivered a second notice as required below)
or ninety (90) days in any 12 month period; provided that in the case of a Material Event relating to an acquisition or a probable acquisition or financing, recapitalization, business combination or other similar transaction, the Company
may deliver to Notice Holders a second notice to the effect set forth above, which shall have the effect of extending the Deferral Period by up to an additional thirty (30) days, or such shorter period of time as is specified in such second
notice. 
 3.9. If requested in writing in connection with a disposition of Registrable Securities pursuant to a U.S. Registration Statement, the Company
shall make reasonably available for inspection during normal business hours by a representative for the Notice Holders of such Registrable Securities, any broker-dealers, attorneys and accountants retained by such Notice Holders, and any attorneys
or other agents retained by a broker-dealer engaged by such Notice Holders, all relevant financial and other records and pertinent corporate documents and properties of the Company and its subsidiaries, and cause the appropriate officers, directors
and employees of the Company and its subsidiaries to make reasonably available for inspection during normal business hours on reasonable notice all relevant information reasonably requested by such representative for the Notice Holders, or any such
broker-dealers, attorneys or accountants in connection with such disposition, in each case as is customary for similar “due diligence” examinations; provided that such persons shall first agree in writing with the Company that any
non-public information shall be used solely for the purposes of satisfying “due diligence” obligations under the Securities Act and exercising rights under this Agreement and shall be kept confidential by such persons, unless
(a) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (b) in the opinion of Special U.S. Counsel, disclosure of such information is required by
law (including 

  

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any disclosure requirements pursuant to the Securities Act in connection with the filing of any U.S. Registration Statement or the use of any prospectus
referred to in this Agreement), (c) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by any such person or (d) such information becomes available to any such person
from a source other than the Company and such source is not bound by a confidentiality agreement, and provided further that the foregoing inspection and information gathering shall, to the greatest extent possible, be coordinated on behalf of
all the Notice Holders and the other parties entitled thereto by the U.S. Special Counsel. Any person legally compelled to disclose any such confidential information made available for inspection shall provide the Company with prompt prior written
notice of such requirement so that the Company may seek a protective order or other appropriate remedy. 
 3.10. The Company shall comply with all applicable
rules and regulations of the SEC and the Canadian Securities Commissions in all material respects and make generally available to its securityholders earning statements (which need not be audited) satisfying the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) for a 12-month period commencing on the first day of the first fiscal quarter of the Company commencing after the effective date of a Registration
Statement, which statements shall be made available no later than forty-five (45) days after the end of the 12-month period or ninety (90) days if the 12-month period coincides with the fiscal year of the Company. 
 3.11. Use its best efforts to cooperate with each Notice Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities
sold pursuant to a Registration Statement, which certificates shall not bear any restrictive legends, and cause such Registrable Securities to be in such denominations as are permitted by the Indenture and registered in such names as such Notice
Holder may request in writing at least one Business Day prior to any sale of such Registrable Securities; and to cause its legal counsel to deliver to the Trustee or the transfer agent for the Common Shares such legal opinions as may be required to
effect the purposes hereof; provided that such legal counsel may, as to any fact known to the Notice Holder that forms a basis for the opinion, rely conclusively on a certificate provided by such Notice Holder, and shall be entitled to withhold its
opinion in the absence of a certificate satisfactory to it regarding such factual matters. 
 3.12. Provide a CUSIP number for all Registrable Securities
covered by each Registration Statement not later than the effective date of such Registration Statement and provide the Trustee and the transfer agent for the Common Shares with certificates for the Registrable Securities that are in a form eligible
for deposit with The Depository Trust Company and/or CDS Clearing and Depository Services Inc. 
 3.13. Use its best efforts to cooperate and assist in any
filings required to be made with the National Association of Securities Dealers, Inc. 
 3.14. Upon (a) the filing of the initial Registration Statement
and (b) the effectiveness of the initial Registration Statement, announce the same, in each case by release to Reuters Economic Services and Bloomberg Business News. 
  

	4.0	HOLDER’S OBLIGATIONS 

 4.1. Each Holder agrees, by acquisition
of the Registrable Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to a U.S. Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a
Selling Securityholder Notice and Questionnaire as required pursuant to 2.4 hereof (including the information required to be included in such Selling Securityholder Notice and Questionnaire) and the information set forth in the next sentence. Each
Notice Holder agrees promptly to furnish to the Company all information required to be disclosed in order to maintain the accuracy of the information previously furnished to the Company by such Notice Holder and to provide any other information
regarding such Notice Holder and the distribution of such Registrable Securities as the Company may from time to time reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such
Holder that the information relating to such Holder and its plan of distribution is as set forth in the Prospectus delivered by such Holder in connection with such disposition, that such Prospectus does not as of the time of such sale contain any
untrue statement of a material fact relating to or provided by such Holder or its plan of distribution and that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by such Holder 

  

 9 

 
or its plan of distribution necessary to make the statements in such Prospectus, in the light of the circumstances under which they were made, not
misleading. 
 4.2. Upon receipt of any Deferral Notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to any Registration
Statement until such Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for in Section 3.8, or until it is advised in writing by the Company that the Prospectus may be used again for the resale of
Registrable Securities. 
 4.3. In the event of a sale of Registrable Securities by the Holder under the Registration Statement, if requested by the Company,
the Holder shall deliver to the Company’s transfer agent, with a copy to the Company, a Certificate of Subsequent Sale substantially in the form attached here to as Exhibit A. 
 5.0 REGISTRATION EXPENSES 
 5.1. The Company shall bear all fees and expenses incurred in connection with the
performance by the Company of its obligations under Sections 2 and 3 of this Agreement whether or not any Registration Statement is declared effective. Such fees and expenses shall include, without limitation, (a) all registration and filing
fees (including, without limitation, fees and expenses (x) with respect to filings required to be made with the National Association of Securities Dealers, Inc. and (y) of compliance with federal and state securities or Blue Sky laws
(including, without limitation, reasonable fees and disbursements of the Special U.S. Counsel in connection with Blue Sky qualifications of the Registrable Securities under the laws of such jurisdictions as Notice Holders of a majority of the
Registrable Securities being sold pursuant to a Registration Statement may designate), (b) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The
Depository Trust Company), (c) duplication expenses relating to copies of any Registration Statement or Prospectus delivered to any Holders hereunder, (d) the fees and disbursements of counsel for the Company in connection with any
Registration Statement, (e) reasonable fees and disbursements of the Trustee and its counsel and of the registrar and transfer agent for the Common Shares, and (f) the reasonable fees and disbursements of Special U.S. Counsel and Special
Canadian Counsel up to a maximum of $25,000 for legal fees under this Agreement. In addition, the Company shall pay the internal expenses of the Company (including, without limitation, all salaries and expenses of officers and employees performing
legal or accounting duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing by the Company of the Registrable Securities on any securities exchange on which similar securities of the Company are then
listed and the fees and expenses of any person, including special experts, retained by the Company. Notwithstanding the provisions of this Section 5, each seller of Registrable Securities shall pay any broker’s commission, agency fee or
underwriter’s discount or commission, and any taxes payable under applicable law, in connection with the sale of the Registrable Securities under a Registration Statement. 
 6.0 INDEMNIFICATION AND CONTRIBUTION 
 6.1. The Company agrees to indemnify and hold harmless each Notice Holder, each
person, if any, who controls any Notice Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of any Notice Holder within the meaning of Rule 405 under the
Securities Act from and against any and all losses (other than loss of profits), claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such
action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any amendment thereof, any preliminary prospectus or any Prospectus (as amended or supplemented if the Company
shall have furnished any amendments or supplements thereto), caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the
circumstances in which they were made, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Holder furnished
to the Company by such Holder expressly for use therein. In no event shall the liability of the Company hereunder to any Notice Holder be greater in amount than the dollar amount of the proceeds received by the Company upon the original sale of the
Debentures to such Notice Holder. 
 6.2. Each Holder agrees severally and not jointly to indemnify and hold harmless the Company and its affiliates and
their directors, its officers who sign any Registration Statement and each person, if any, who controls the 

  

 10 

 
Company or an affiliate (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) or any other Holder, to
the same extent as the foregoing indemnity from the Company to such Holder, but only with reference to information relating to such Holder furnished to the Company by such Holder expressly for use in such Registration Statement or Prospectus or
amendment or supplement thereto. In no event shall the liability of any Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of the Registrable Securities pursuant to the Registration
Statement giving rise to such indemnification obligation. 
 6.3. In case any proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to Section 6.1 or 6.2 hereof, such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the
“indemnifying party”) in writing and the indemnifying party shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others entitled to indemnification hereunder in such
proceeding and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall
be at the expense of such indemnified party unless (a) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (b) the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would in the opinion of such counsel, present actual or potential conflicting interests between them. It is understood that
the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in
addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by, in the case of parties indemnified pursuant to
Section 6.1, the Holders of a majority (with Holders of Debentures deemed to be the Holders, for purposes of determining such majority, of the number of Underlying Shares into which such Debentures are or would be convertible as of the date on
which such designation is made) of the Registrable Securities covered by the Registration Statement held by Holders that are indemnified parties pursuant to Section 6.1 and, in the case of parties indemnified pursuant to Section 6.2, the
Company. The indemnifying party shall not be liable for any settlement of any proceeding effected without its prior written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such proceeding. 
 6.4. To the extent that the indemnification provided for in
Section 6.1 or 6.2 is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified
party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (a) in such proportion as is appropriate to reflect the relative benefits received by the
indemnifying party or parties on the one hand and the indemnified party or parties on the other hand or (b) if the allocation provided by clause (a) above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (a) above but also the relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or
omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company shall be deemed to be equal to the total net proceeds from the initial
placement pursuant to the Agency Agreement (before deducting expenses) of the Registrable Securities to which such losses, claims, damages or liabilities relate. The relative benefits received by any Holder shall be deemed to be equal to the value
of receiving registration rights under this Agreement for the Registrable Securities and the proceeds of sale of the Registrable Securities. The relative fault of the Holders on the one hand and the Company on the other hand shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Holders or by the Company, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Holders’ respective obligations to contribute 

  

 11 

 
pursuant to this Section 6.4 are several in proportion to the respective number of Registrable Securities they have sold pursuant to a Registration
Statement, and not joint. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6.4 were
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim. Notwithstanding this Section 6.4, no indemnifying party that is a selling Holder shall be required to contribute any amount in excess of the amount by which the total price
at which the Registrable Securities sold by it and distributed to the public were offered to the public exceeds the amount of any damages that such indemnifying party has otherwise been required to pay under this Section 6. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 6.5. The remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to an indemnified
party at law or in equity, hereunder, under the Agency Agreement or otherwise. 
 6.6. The indemnity and contribution provisions contained in this
Section 6 shall remain operative and in full force and effect regardless of (a) any termination of this Agreement, (b) any investigation made by or on behalf of any Holder, any person controlling any Holder or any affiliate of any
Holder or by or on behalf of the Company, its officers or directors or any person controlling the Company and (c) the sale of any Registrable Securities by any Holder. 
  

	7.0	INFORMATION REQUIREMENTS 

 7.1. The Company covenants that, if at
any time before the end of the Effectiveness Period, the Company is not subject to the reporting requirements of the Exchange Act, it will cooperate with any Holder and take such further reasonable action as any Holder may reasonably request in
writing (including, without limitation, making such reasonable representations as any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under
the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act and customarily taken in connection with sales pursuant to such exemptions. Upon the written request of any Holder, the Company shall deliver to
such Holder a written statement as to whether it has complied with such filing requirements, unless such a statement has been included in the Company’s most recent report filed pursuant to Section 13 or Section 15(d) of the Exchange
Act. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities (other than the Common Shares) under the Exchange Act. 
 8.0 MISCELLANEOUS 
 8.1. No Conflicting Agreements. The Company
is not, as of the date hereof, a party to, nor shall it, on or after the date of this Agreement, enter into, any agreement granting registration rights that conflicts with the rights granted to the Holders in this Agreement. The Company represents
and warrants that the rights granted to the Holders hereunder do not in any way conflict with the rights granted to the holders of the Company’s securities under any other agreements. 
 8.2. Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of a majority of the then outstanding Underlying Shares constituting Registrable Securities (with Holders
of Debentures deemed to be the Holders, for purposes of this Section, of the number of outstanding Underlying Shares into which such Debentures are or would be convertible as of the date on which such consent is requested). Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose securities are being sold pursuant to a Registration Statement and that does not directly or 

  

 12 

 
indirectly affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities being sold by such Holders
pursuant to such Registration Statement; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. Notwithstanding the foregoing
sentence, this Agreement may be amended by written agreement signed by the Company and the Lead Agent, without the consent of the Holders of Registrable Securities, to cure any ambiguity or to correct or supplement any provision contained herein
that may be defective or inconsistent with any other provision contained herein, or to make such other provisions in regard to matters or questions arising under this Agreement that shall not adversely affect in any material respect the interests of
the Holders of Registrable Securities. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by any such amendment, modification, supplement,
waiver or consent effected pursuant to this Section 8.2 whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder.

 8.3. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, by telecopier, by
courier or by first-class mail, return receipt requested, and shall be deemed given (a) when made, if made by hand delivery, (b) upon confirmation, if made by telecopier, (c) one Business Day after being deposited with such courier,
if made by overnight courier or (d) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as follows: 
  

	(a)	if to a Holder, at the most current address given by such Holder to the Company in a Selling Securityholder Notice and Questionnaire or any amendment thereto;

  

	(b)	if to the Company, to: 

 Golden Star Resources Ltd.

 10901 West Toller Drive, Suite 300 
 Littleton, Colorado 80127 
 Attention: Chief Financial Officer 
 Telecopy No.: (303) 830-9094 
 with
copies to: 
 Davis Graham & Stubbs LLP 
 1550 Seventeenth Street, Suite 500 
 Denver, Colorado 80202 
 Attention: Michelle Shepston, Esq. 
 Telecopy No.: (303) 893-1379 
 and 
 Fasken Martineau DuMoulin LLP 
 66 Wellington Street West 
 Suite 4200, Toronto Dominion Bank Tower 
 Box 20, Toronto Dominion Bank Tower 
 Toronto, Ontario M5K 1N6 
 Attention: John M. Sabetti, Esq. 
 Telecopy
No.: (416) 364-7813 
 if to the Lead Agent, to: 
 BMO Nesbitt Burns Inc. 
 1 First Canadian Place 
 Toronto, Ontario M5X 1H3 
 Attention: Elizabeth Wademan 
 Telecopy No.: (416) 359-4459 
  

 13 

 with copies to: 
 Dorsey & Whitney LLP 
 370 - 17th Street, Suite 4700 
 Denver, Colorado
80202 
 Attention: Kenneth G. Sam, Esq. 
 Telecopy No.: (303) 629-3450 
 and 
 Stikeman Elliott LLP 
 5300 Commerce Court
West 
 199 Bay Street 
 Toronto, Ontario 
 Canada M5L 1B9 
 Attention: Maurice Swan, Esq. 
 Telecopy No.: (416) 947-0866 
 or to such other address as such person may have furnished to the other persons identified in this Section 8.3 in writing in accordance herewith. 
 8.4. Approval of Holders. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) (other than the Lead Agent or subsequent Holders if such subsequent Holders are deemed to be such affiliates solely by reason of their
holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 8.5. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties and shall inure to the benefit of and be binding upon each Holder of any Registrable
Securities, provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Indenture. If any transferee of any Holder shall acquire Registrable
Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such person shall be conclusively
deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such person shall be entitled to receive the benefits hereof. 
 8.6. Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be original and all of which
taken together shall constitute one and the same agreement. 
 8.7. Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 8.8. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF COLORADO AND THE FEDERAL LAWS OF THE UNITED STATES OF AMERICA APPLICABLE THEREIN. 
 8.9. Severability. If any term,
provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated thereby, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
  

 14 

 8.10. Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and the registration rights granted by the Company with respect to the Registrable
Securities. Except as provided in the Agency Agreement, there are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights granted by the Company with respect to
the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with respect to such registration rights. No party hereto shall have any rights, duties or obligations other than those specifically set
forth in this Agreement. In no event will such methods of distribution take the form of an underwritten offering of the Registrable Securities without the prior agreement of the Company. 
 8.11. Termination. This Agreement and the obligations of the parties hereunder shall terminate upon the end of the Effectiveness Period, except for any liabilities or obligations under Section 4, 5 or 6
hereof and the obligations to make payments of and provide for additional interest under Section 2.8 hereof to the extent such damages accrue prior to the end of the Effectiveness Period, each of which shall remain in effect in accordance with
its terms. 
 8.12. Agent for Service; Submission to Jurisdiction; Waiver of Immunities. By the execution and delivery of this Agreement, the Company
(a) acknowledges that it has, by separate written instrument, irrevocably designated and appointed Fasken Martineau DuMoulin LLP (or any successor) (together with any successor, the “Agent for Service”), as its authorized agent upon
which process may be served in any suit or proceeding arising out of or relating to this Agreement or the Registrable Securities, that may be instituted in any federal or provincial court in the City of Toronto, Province of Ontario, or brought under
federal or state securities laws, and acknowledges that the Agent for Service has accepted such designation, (b) submits to the jurisdiction of any such court in any such suit or proceeding, and (c) agrees that service of process upon the
Agent for Service (or any successor) and written notice of said service to the Company (mailed or delivered to its Chief Executive Officer at its principal office in Littleton, Colorado), shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding. The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and
appointment of the Agent for Service in full force and effect during the Effectiveness Period. 
  

 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

									
	GOLDEN STAR RESOURCES LTD.	 		 	
					
	By:	 	/s/ Thomas Mair	 		 		 	
		 	Name:   Thomas Mair	 		 		 	
		 	Title:     Authorized Person	 		 		 	

 Confirmed and accepted as of the date first above written: 
  

									
	BMO NESBITT BURNS INC.	 		 	
					
	By:	 	/s/ Peter Collibbee	 		 		 	
		 	Name:   Peter Collibbee	 		 		 	
		 	Title:     Authorized Person	 		 		 	

  

 EXHIBIT A 
 CERTIFICATE OF SUBSEQUENT SALE 
 [Transfer Agent] 
 [Address] 
 Attention: [_____] 
 Golden Star Resources Ltd. 
 10901 West Toller Drive, Suite 300 
 Littleton, Colorado 80127 
 Attention: Chief Financial Officer 
 Telecopy No.: (303) 830-9094 
  

	 	Re:	Sale of Registrable Securities of Golden Star Resources Ltd. (the “Company”) pursuant to the Company’s Prospectus, dated ___________, 2007 (the
“Prospectus”) 

 Ladies and Gentlemen: 
 The undersigned hereby certifies, in connection with the transfer of Registrable Securities of the Company included in the table of Selling Securityholders in the Prospectus, that the undersigned has sold the number
of the Company’s Registrable Securities indicated below pursuant to the Prospectus and in a manner described under the caption “Plan of Distribution” in the Prospectus, and that such sale complies with all applicable securities laws,
including, without limitation, any applicable Prospectus delivery requirements of the Securities Act of 1933, as amended. 
 Selling Securityholder (the
beneficial owner):
                                        
                   
 Record Holder (e.g., if held in name of
nominee):
                                        
             
 Number of Securities Sold:
                                        
                                        
         
 Date of Sale:
                                        
                                        
                                 
 Very truly yours, 
 Dated:
                         
  

			
	
	 

 Print Full Legal Name of Selling Shareholder or Nominee 

			
		
	By:	 	 
		
	Name:	 	 
		
	Title:Form of Brokerage Agreement between each Trading Company and Fimat USA

 EXHIBIT 10.25 
 CUSTOMER AGREEMENT 
 In consideration of the acceptance by Fimat USA, LLC (“FIMAT”) of one or more accounts
(the “Account(s)”) of the undersigned (“Customer”), and of FIMAT acting as broker for Customer, the Customer agrees as follows: 
 RISKS AND AUTHORITY 
  

	 	A.	Risks of Commodity Trading. In addition to the Commodity Futures Trading Commission (“CFTC”) mandated Risk Disclosure Statement attached hereto, Customer
understands that (i) Customer may be trading in commodity futures contracts, options on commodity futures contracts, foreign futures contracts and options on foreign futures contracts (collectively, “Commodity Futures Contracts”),
securities and securities options (collectively, “Securities”), derivative instruments, spot and forward contracts, physical commodities, cash and other properties and options thereon (collectively, “Other Account Instruments”)
and/or currencies and foreign exchange contracts and options thereon (“Forex,” and together with Commodity Futures Contracts, Securities, Other Account Instruments and Forex being herein collectively defined as “Commodities”),
and such trading is highly speculative, (ii) prices are subject to sharp upward and downward movements, (iii) price fluctuations may result in losses which substantially exceed the capital in Customer’s Account(s), (iv) on
trading days on which the subject of Customer’s trading reaches its permissible exchange price limit, trading may cease, as a result of which Customer may be locked into substantial losses, and (v) in transactions on exchanges on which
foreign currency is used, any profit or loss may be affected by exchange rate fluctuations. Customer is willing and able, financially and otherwise, to assume the risks of such trading. Customer recognizes that assurance of profit or freedom from
loss is impossible to guaranty. Customer has received no assurance and will place no orders in reliance on any such assurance or similar representations. Customer understands that FIMAT may without notice to Customer exercise any of the remedies
listed in Sections III.O and IV hereof if Customer fails to maintain adequate margin or if any other event of default occurs. Customer agrees to review carefully each confirmation statement FIMAT sends Customer and notify FIMAT immediately in
accordance with Section III.F hereof. 

  

	 	B.	FIMAT’s Authority and Responsibility. Customer authorizes FIMAT to purchase and sell Commodities, as agent for Customer’s Account(s) in accordance with the
oral or written instructions of Customer or persons authorized in writing to act, or persons reasonably believed by FIMAT to be acting, on Customer’s behalf. Unless Customer specifies to the contrary, FIMAT is authorized to execute all orders
on any exchange or other market where such business is conducted which may be deemed by FIMAT, in its sole discretion, to be appropriate. Customer hereby waives any defense that any such instruction was not in writing, as may be required by any law,
rule or regulation. FIMAT agrees to provide the services contemplated hereunder in any commercially reasonable manner. 

 Customer authorizes FIMAT or its agents to investigate Customer’s credit standing and in connection therewith to contact such banks (including, without limitation, any of FIMAT’s Affiliates, such as Societe Generale), financial
institutions and credit agencies, as FIMAT shall deem appropriate to verify information regarding Customer. Customer authorizes FIMAT, in its sole discretion, to provide and/or exchange any financial information with respect to Customer with any of
FIMAT’s Affiliates. 
  

	 	C.	 Introduced Accounts (Only if applicable). Customer understands that Customer’s Account(s) with FIMAT was introduced to FIMAT by an Intermediary (as
defined in Section II.F below), and that, except for companies which are members of the FIMAT Group, the Intermediary is an independent business entity which is not in any way affiliated with or an agent of FIMAT. Customer hereby authorizes FIMAT to
accept all orders and instructions from its Intermediary and hereby ratifies all 

	 	 
orders and instructions which FIMAT believes in good faith to have been transmitted by its Intermediary on Customer’s behalf, which FIMAT is authorized
to act upon. If Customer is dealing with an Intermediary, make all checks payable to, and wire all funds directly to “Fimat USA, LLC”. FIMAT INTERMEDIARIES DO NOT HANDLE CUSTOMER FUNDS, EXCEPT TO FORWARD TO FIMAT CHECKS MADE OUT TO FIMAT.

  

	 	D.	Customer Representations and Warranties. Except as disclosed in writing to FIMAT prior to execution and delivery of this Agreement or in a subsequent written notice
from Customer to FIMAT, Customer represents and warrants as follows: (1) Customer is not (a) a general partner, officer, director, more than ten percent owner, correspondent, agent (or person associated with an agent), associated person,
or employee of a futures commission merchant, commodity trading advisor, commodity pool operator, or an introducing broker, (b) a relative, spouse, or relative of a spouse of any of the foregoing persons who shares the same home with any such
person, (c) a member of an exchange or a director or employee of an exchange, bank, trust company, insurance company, or regulatory or self-regulatory organization, or (d) engaged individually or as an employee in the business of dealing,
as broker or principal, in Commodities other items, documents of title relating to Commodities, bills of exchange, acceptances, or other forms of commercial paper, and if Customer becomes so employed or engaged Customer will promptly notify FIMAT in
writing; (2) Customer, if applicable, (a) is duly organized and in good standing under the laws of the jurisdiction in which it was organized and in all jurisdictions where it is qualified to do business; (b) has the requisite
capacity, power and authority to execute, deliver and perform its obligations under this Agreement and such Other Agreement, including without limitation, the granting of any security interests in the Collateral as contemplated hereby and thereby;
(c) none of the execution, delivery or performance by Customer of its obligations under this Agreement or such Other Agreement conflict with the provisions of any material contract, agreement or instrument binding upon you or your properties,
or the provisions of any law, statute, rule, regulation or decree, order or determination of any court of law applicable to Customer; and (d) no consent, authorization, permit or filing is required in connection with the execution, delivery and
performance by Customer of this Agreement or such Other Agreement, except those that have been obtained or made and filings necessary to create, perfect and retain any security interest in, or lien upon, any Collateral for any of Customer’s
obligations to FIMAT; (3) Customer, if an individual, is of sound mind, legal age and legal competence; (4) no person other than Customer has or will have an interest in Customer’s Account(s) except as otherwise disclosed in writing
to FIMAT; and (5) all the information provided in the Customer Application is true, correct and complete as of the date hereof and that Customer will promptly notify FIMAT of any material changes in such information. 

 

	 	E.	Customer is Principal. Unless Customer has advised FIMAT in writing otherwise prior to execution and delivery of this Agreement, Customer is acting for Customer’s
Account(s) as principal and not as agent in transactions under this Agreement. Customer will give written notice to FIMAT before granting any person or entity any interest in Customer’s Account(s) or undertaking to act as agent for any party
with respect to Customer’s Account(s). 

 DEFINITIONS (As used in the singular or plural) 
  

	 	A.	Affiliate. “Affiliate” includes Societe Generale, Fimat International Banque, SA, Fimat Americas SAS and SG Tandem, Inc. and any of their affiliates or
subsidiaries. 

  

 2 

	 	B.	Agreed by FIMAT. “Agreed by FIMAT” means an agreement in writing under the hand of a person whose name and signature at the material time appear on a list of
authorized signatories maintained by FIMAT at its offices. A copy of the list is available for inspection upon reasonable notice at FIMAT’s offices during usual business hours. 

  

	 	C.	Applicable Law. “Applicable Law” shall have the meaning set forth in Section III.A.3 below. 

  

	 	D.	Collateral. “Collateral” means all of Customer’s right, title and interest in and to all goods and other property, including without limitation,
Commodities, the Account(s), inventory, documents, accounts, general intangibles, chattel paper and all proceeds of such property including but not limited to interest on or profits from the Account(s). Any property en route to or allocated by any
third party to FIMAT and/or any Affiliate shall be deemed “Collateral” for purposes of this Agreement. 

  

	 	E.	Commodity Exchange. “Commodity Exchange” means any exchange, association, contract market or clearing association, whether incorporated or unincorporated, or
persons who are engaged in the business of buying or selling any commodity or receiving the same for sale on consignment. 

  

	 	F.	Intermediary. “Intermediary” includes an introducing broker, fully disclosed futures commission merchant, foreign broker, or any other person or entity
acting in a similar capacity. 

  

	 	G.	Liability. “Liability” means all Customer’s obligations direct or indirect to FIMAT or its Affiliates of whatever form and however arising, including any
indebtedness now or hereafter existing under this Agreement or any Other Agreement or any debit balances in the Account(s). 

  

	 	H.	Other Agreement. “Other Agreement” means any and all agreements, documents and instruments (including, without limitation, promissory note(s), security
agreement(s), pledge agreement(s) and guaranty(s)) executed by or on behalf of Customer in favor of FIMAT and/or an Affiliate, as such agreements, documents and instruments may be amended, supplemented or otherwise modified from time to time in
accordance with their respective terms. 

 TERMS OF TRANSACTIONS 
  

	 	A.	Applicable Rules and Terms. The Account(s) and all transactions and agreements in respect of the Account(s) shall be subject to: 

  

	 	1.	the terms of this Agreement and any other terms Agreed by FIMAT and Customer; 

  

	 	2.	FIMAT’s terms from time to time in effect with respect to the specific type of transaction and the terms of FIMAT’s confirmation of the transaction, except to the extent
specifically inconsistent with Subsection III.A.1 above; 

  

 3 

	 	3.	the regulations of all applicable Federal, state and self-regulatory agencies or authorities, including but not limited to: (i) the provisions of the Commodity Exchange Act, as
amended, and any rules, regulations, orders and interpretations promulgated thereunder by the CFTC; and (ii) the constitution, by-laws, rules, regulations, orders and interpretations of the Commodity Exchange (and its clearing house, if any) on
which such transactions are executed and cleared, and any relevant registered futures association, including, without limitation, the National Futures Association (“NFA”), except to the extent Subsections III.A.1 or III.A.2 above provide
more specific restrictions. All such provisions, rules, regulations, orders, interpretations, constitution, by-laws, custom and usage are hereinafter collectively referred to as “Applicable Law;” and 

  

	 	4.	customary practice in the trade, except to the extent specifically inconsistent with Subsections III.A.1, III.A.2, or III.A.3 above. 

  

	 	B.	Margin. Customer will pay to FIMAT (and only to FIMAT) all amounts FIMAT requires as margin or to satisfy any other of Customer’s obligations under this Agreement in
U.S. Dollars in immediately available funds, unless otherwise agreed, as FIMAT requires. FIMAT at any time may change the margin requirements with respect to Customer’s Account(s) for existing positions as well as for new positions. The
required margin may exceed the margin required by the Commodity Exchange (and its clearing house, if any) on which trades are cleared on behalf of Customer. 

 FIMAT has no obligation to notify Customer of any insufficiency of margin in Customer’s Account(s) prior to exercising rights and remedies under Section IV of this Agreement. 
  

	 	C.	Fees and Commissions. Customer will pay the fees and commissions FIMAT charges from time to time. FIMAT may share its fees, commissions and amounts accruing on
Customer’s Account(s) with persons that introduce Customer to FIMAT or provide other services to FIMAT. 

  

	 	D.	Interest. If Customer fails to pay FIMAT in immediately available funds any sum when due, then unless otherwise provided in any Other Agreement, Customer will pay interest to
FIMAT on the unpaid sum, while outstanding, at the lesser of (i) the maximum legal rate or (ii) 150% of the publicly announced prime lending rate of Société Générale New York Branch as in effect from time to
time while the unpaid sum is outstanding, compounded monthly. Customer acknowledges that FIMAT may receive and retain as its own any increment or interest accruing from any of the funds FIMAT receives from Customer. 

  

	 	E.	No Standard Requirement. FIMAT has no obligation to impose uniform margin requirements, to publish details of fees or commissions, or to charge uniform fees, commissions or
interest rates. 

  

	 	F.	Confirmations and Statements. FIMAT will promptly confirm in writing all transactions undertaken for Customer’s Account(s). Customer shall timely review all
confirmations received from FIMAT to check that the description of the transactions is accurate and that no transaction is omitted. Customer is conclusively bound by FIMAT’s confirmations and statements of Customer’s Account(s) if Customer
does not object in writing before the earlier of ten days following transmission to Customer or by market opening on the day following Customer’s actual receipt of such confirmation statements. With respect to transactions which Customer
authorizes but for which no confirmation is received, Customer shall be deemed to have waived all objections unless FIMAT has received Customer’s written request for a copy of the confirmation within five days of the transaction date. Customer
understands that Customer should direct inquiries to FIMAT at 630 Fifth Avenue, Suite 500, New York, New York 10111, Attention: Compliance Department, or such other address as FIMAT may hereafter provide Customer. For the reporting of any alleged
unauthorized trades or other trade improprieties, FIMAT authorizes and will accept “collect” telephone calls to the Compliance Department at (212) 504-7446. FIMAT is not bound by prices or transactions reported in error on
confirmations and statements of Customer’s Account(s). 

  

 4 

 Customer hereby authorizes FIMAT to transmit to it all confirmation and other statements of account
activity, funds and positions by facsimile transmission or through the Internet to such address as Customer designates on the Customer Application, or as Customer designates from time in a writing addressed to the Compliance Department, as set forth
in this paragraph. FIMAT reserves the right to assess its standard charge from time to time in effect for confirmation and other statements of account activity, funds and positions provided to customer through any other medium, as well as for
duplicate statements of any kind. This authorization shall be perpetual, unless revoked in writing by Customer in a writing addressed to the Compliance Department, as set forth in this paragraph. 
  

	 	G.	Capacity of FIMAT; Floor Brokers and Others; Indemnification. FIMAT will execute Customer’s transactions solely as agent of Customer. In executing transactions on
a Commodity Exchange, FIMAT may utilize floor brokers (who may be employees or other agents of FIMAT), and will be responsible for reasonable care in the selection of such brokers, but will not be responsible to Customer for negligence or misconduct
of an independent floor broker if, at the time the floor broker was selected, the floor broker was authorized to act as such under the rules of the relevant Commodity Exchange and the appropriate regulatory agency. FIMAT will not be responsible to
Customer in the event of error, failure, negligence, or misconduct on the part of any Intermediary, commodity trading advisor, or other person acting on Customer’s behalf and, without limiting the foregoing, FIMAT has no obligation to
investigate the facts surrounding any transaction in Customer’s Account(s) which is introduced by such Intermediary, commodity trading advisor, or other person. Customer will indemnify FIMAT and hold it harmless from and against any and all
liabilities, penalties, losses, and expenses, including legal expenses, incurred by FIMAT as a result of any error, failure, negligence, or misconduct on the part of any such Intermediary, commodity trading advisor, or other person acting on
Customer’s behalf. FIMAT shall not be responsible for any loss or damage caused, directly or indirectly, from any delays or inaccuracies in the transmission of orders, including but not limited to our automated order routing systems, or other
information due to a breakdown in or failure of any transmission or communication facilities for any reason including those reasons described in Section V.D. hereof. FIMAT shall only be liable for actions or inactions by FIMAT which amount to
negligence or fraud. Customer also agrees that FIMAT shall not be liable to Customer for any losses, costs, expenses, or other damages sustained by Customer in the event of any failure or delay by any exchange, market, clearing house, bank or other
depository institution where any of Customer’s funds or other assets are maintained, or a failure or delay by any member, bank or agent of any of the foregoing, or a failure or delay by any of the foregoing to enforce its rules, to fulfill its
obligations, or to make any payment, for any reason whatsoever. Customer waives any claim, cause of action or right as against FIMAT, its employees or agents which may arise or occur as a result thereof. 

  

	 	H.	Transaction Limits; Acceptance of Orders. FIMAT, solely for its own benefit and the benefit of other customers, may limit the number of transactions FIMAT executes,
and the open positions FIMAT maintains or acquires, for Customer. Customer, acting alone or in concert with others, will not make any trade through FIMAT which would have the effect of exceeding the lower of limits imposed by FIMAT, the Commodity
Exchange on which the transactions are executed, or any regulatory agency. If Customer exceeds its limit, FIMAT may require the transfer of Customer’s positions to another firm, or FIMAT may liquidate some or all of the Customer’s
positions as FIMAT elects in its sole discretion. Customer agrees to promptly advise FIMAT if Customer is required to file reports of its positions to the CFTC or any Commodity Exchange. 

  

	 	I.	 Liquidation of Offsetting Positions. FIMAT shall liquidate any contract for which an offsetting order is entered by Customer on a first in, first out
(“FIFO”) basis, unless Customer instructs FIMAT not to liquidate such contract and to maintain the offsetting contracts as open positions; provided,  

  

 5 

 
that FIMAT shall not be obligated to comply with any such instructions given by Customer if Customer fails to provide FIMAT with any representations,
documentation or information reasonably requested by FIMAT or if in FIMAT’s reasonable judgment, any failure to liquidate such offsetting contracts against each other on a FIFO basis would result in a violation of Applicable Law. 
  

	 	J.	Separate Accounts. Pursuant to CFTC Rule 1.46(e)(1), if FIMAT maintains or directs the trading for more than one account for Customer then, if held open,
offsetting long and short positions in the separate accounts may result in the charging of additional fees and commissions and the payment of additional margin, although offsetting positions will result in no additional market gain or loss.

  

	 	K.	Failure of Delivery. At least five business days prior to the earlier of first notice or last trading day of the delivery month, Customer must advise FIMAT whether Customer
intends to take or make delivery, as the case may be, of items purchased and sold by FIMAT at Customer’s direction, and, if delivery is intended, Customer must demonstrate to FIMAT’s satisfaction Customer’s ability to perform
Customer’s delivery obligations, in any manner required by FIMAT including, without limitation, by depositing with FIMAT the funds or documents necessary for delivery. If Customer fails to so advise FIMAT or to demonstrate satisfactorily
Customer’s ability to perform, then without notice or demand to Customer, FIMAT may, but shall have no duty to, liquidate such positions on terms FIMAT deems reasonable, or take any other action FIMAT deems reasonable, including taking or
making delivery as the case may be. If Customer fails to supply FIMAT, in a timely manner, with any item FIMAT has sold at Customer’s direction, FIMAT may borrow or purchase the item from any party, including an Affiliate, to make the delivery.
FIMAT has no duty to borrow or purchase the item. Customer shall comply fully with Applicable Law relating to taking or making any delivery, and shall, if taking delivery, take all steps as provided thereunder to ensure that all items to be
delivered are in compliance with Applicable Law. Customer will hold harmless and indemnify FIMAT for all liabilities, penalties, losses, and expenses, including any legal expenses and any penalties imposed by any Commodity Exchange, FIMAT incurs or
reasonably anticipates incurring if Customer fails timely (1) to take good delivery of any item FIMAT has purchased at Customer’s direction, (2) to supply FIMAT with or otherwise make good delivery of any item FIMAT has sold at
Customer’s direction, or otherwise, in connection with a delivery, or (3) to comply with Applicable Law, and FIMAT may in the event of any such failure, apparent failure, or otherwise withhold from Customer’s Account(s) with FIMAT or
any Affiliates the amount (however denominated) estimated by FIMAT as sufficient to satisfy the above indemnity, for application as FIMAT deems appropriate. 

  

	 	L.	Forwarding and Storage of Material. If FIMAT on Customer’s behalf arranges for packaging, shipping, storage, or insurance, FIMAT’s only liability will be for
gross negligence or willful misconduct in the making of the arrangements. 

  

	 	M.	Reimbursement for Taxes, Etc. Customer will indemnify FIMAT for all taxes, levies, imposts, duties, charges, and fees (including legal expenses) incurred in connection with
any sale, purchase, forwarding or storage. 

  

	 	N.	Payment. Customer’s payments must be in freely transferable and immediately available funds to FIMAT’s account at a bank designated by FIMAT and without deduction
for any taxes, imposts, duties, charges, or fees and free and clear of any withholding, restrictions, or conditions of any nature when received by FIMAT. Payments may not be effected by the delivery of bank notes or other legal tender unless Agreed
by FIMAT. FIMAT may withhold any delivery until it receives payment in the foregoing manner. 

  

 6 

	 	O.	Closeout. Whenever FIMAT, in its sole discretion, considers it necessary for Customer’s protection or for FIMAT’s protection, FIMAT may, but is not obligated to,
refuse to accept new positions and/or close out or otherwise liquidate Customer’s positions, and Customer will be liable for any deficiency in Customer’s Account(s) that may result therefrom. 

  

	 	P.	Options Exercise. Customer agrees that if Customer has a commodity option position with FIMAT and does not provide timely instructions regarding the exercise of
a commodity option on the last day of trading in that option, FIMAT, in its sole discretion and without prior notice to Customer, is authorized to exercise or abandon (i.e., let expire) the option. Customer further agrees that any exercise or
abandonment of an option by FIMAT pursuant to this Agreement shall be for Customer’s sole account and risk and FIMAT shall have no liability with respect thereto, and FIMAT shall have no duty to exercise such authority. Customer further agrees
that, without FIMAT’s written consent, Customer may not, on any day, exercise more than 20 options contracts with FIMAT unless Customer has margin with FIMAT in excess of the amount of margin FIMAT requires for the futures contracts Customer
would be assigned as a result of such exercise. 

 Customer acknowledges that FIMAT’s confirmation of purchase and sale
statements will reflect option expiration dates that FIMAT obtains from sources generally believed to be reliable, and FIMAT will be responsible only for gross negligence, willful misconduct or fraud in connection therewith. If Customer holds
options with a Friday expiration date, it is possible that, if a grantor, Customer could be assigned a futures position after the expiration of the option on Friday, and on some exchanges, as late as Saturday morning. 
  

	 	Q.	Adjustments. On rare occasion FIMAT may, in error, not fill Customer’s order or fill Customer’s order at a price which is less favorable than the price which
could have been obtained if the error had not occurred. In these circumstances, FIMAT will give Customer the filled order and cash adjust Customer’s Account(s) so as to reflect the price at which the order could have been executed had the error
not occurred. Customer agrees however that, if when correcting its error, FIMAT obtains a position at a better price than Customer’s order could have been filled at, Customer will only receive the fill Customer could have obtained if
Customer’s orders had been executed without error (and FIMAT will receive any difference). 

  

	 	R.	Exchange of Physical for Futures Transaction. Customer agrees to create, retain, and produce, upon request of a Commodity Exchange, the CFTC, or the United States Department
of Justice, documentation of cash transactions underlying exchanges of futures for cash commodities or exchanges of futures in connection with cash commodity transactions in accordance with Applicable Law. Documentation means those documents
customarily generated in accordance with cash market practices and/or required by the relevant Commodity Exchange or regulatory authority which demonstrate the existence and nature of the underlying cash transactions, including, but not limited to,
contracts, confirmation statements, telex printouts, invoices, and warehouse receipts or other documents of title. 

  

	 	S.	Direct Order Transmittal Client Disclosure. On occasion, when FIMAT’s offices are closed, Customer may request that FIMAT grant it authority to place orders directly
with one or more of FIMAT’s non-U.S. Affiliates for execution on non-U.S. exchanges, or for transactions on U.S. exchanges to be executed on GLOBEX, NYMEX ACCESS or other electronic trading systems. If FIMAT grants Customer such authority, the
following conditions shall apply: (1) the order(s) Customer places with FIMAT’s non-U.S. Affiliate will be for FIMAT’s omnibus account maintained directly or indirectly with FIMAT’s non-U.S. Affiliate; (2) Customer will be a
client of FIMAT and not of the non-U.S. Affiliate; (3) all monies, securities and property of Customer will be maintained by FIMAT; and (4) unless Customer objects within five days after receipt of this Agreement, FIMAT may assume Customer
consents to these conditions. 

  

 7 

 SECURITY AGREEMENT AND DEFAULT PROVISIONS 
  

	 	A.	Security Interest. Customer hereby grants FIMAT a security interest in the Collateral and proceeds thereof, as security for the prompt payment and performance of any
and all Liabilities. 

  

	 	B.	FIMAT’s Rights Respecting Collateral. Customer will sign and deliver all agreements, instruments, certificates and documents FIMAT requests to create, perfect, preserve
and protect the security interest in any of the Collateral, accompanied by such instruments of assignment and transfer and in such form as FIMAT shall reasonably request. Customer appoints FIMAT as Customer’s agent to sign, deliver, complete
and file any such agreements, instruments, certificates and documents on Customer’s behalf. FIMAT has no obligation to return an identical item of Collateral, but only to replace the item with property of like kind and substantially similar
quantity, subject to adjustment for quantity variations at then prevailing market prices. FIMAT may, at any time and without limitations except those imposed by law, pledge, re-pledge, hypothecate, loan or invest any Collateral without notice to
Customer or the obligation to account to Customer for any interest, income, or other benefit from any of the Collateral. Customer agrees to permit FIMAT and/or its agents and representatives at any time to inspect any of the Collateral and make
abstracts or copies from any of Customer’s books and records pertaining to the Collateral. The right is expressly granted to FIMAT, in its sole discretion, to notify warehousemen, consignees, bailees or any other persons in possession of
Collateral of FIMAT’s security interest therein. Unless Agreed by FIMAT, the undersigned will not file or authorize or permit to be filed in any jurisdiction any such financing or like statement in which FIMAT is not named as the sole secured
party. Upon the request of FIMAT, Customer shall, at Customer’s expense, keep insured all Collateral which is tangible property for full value, with such coverage as FIMAT may approve, and the policies shall be duly endorsed in FIMAT’s
favor and delivered to FIMAT. 

  

	 	C.	Events of Default. In addition to any “Event of Default” which may be defined in any Other Agreement, and not by way of limitation of any right FIMAT otherwise has
to demand payment at any time of any of the Liabilities, the following events shall constitute an “Event of Default”: (1) Customer breaches, repudiates, or defaults in any way on any agreement with FIMAT or any Affiliate (including
Customer’s agreement to provide margin) or with any third party; or (2) FIMAT, in its sole discretion, determines that it has sufficient grounds for insecurity with respect to Customer’s performance of any obligation to any person and
Customer fails to provide assurance of performance of the obligation satisfactory to FIMAT; or (3) any proceeding is commenced by or against Customer under any bankruptcy, insolvency, relief of debtor, or similar law, or Customer makes an
assignment for the benefit of creditors, a receiver, trustee, conservator, liquidator or similar officer is appointed for Customer or any of Customer’s property; or (4) Customer’s Account(s) are attached or levied against; or
(5) any of Customer’s representations to FIMAT or any Affiliate, whenever or wherever made, were misleading when made or deemed made or later becomes untrue; or (6) Customer dies, is disabled or becomes legally incompetent; or
(7) Customer or any organization of which Customer is a member suspends or threatens to suspend the transaction of its usual business, or any proceeding is commenced with respect to any of Customer’s property or any such organization; or
(8) Customer is a party to any merger, consolidation or sale of all or substantially all of its assets unless Agreed by FIMAT prior thereto; or (9) FIMAT has reason to believe that any of the foregoing is likely to occur imminently.

  

	 	D.	FIMAT’s Remedies Upon Default. 

  

 8 

	 	1.	Customer absolutely and unconditionally agrees that upon the occurrence of an Event of Default, FIMAT, on behalf of itself and as agent for any Affiliate, may exercise any one or
more of the following remedies (except that, upon the occurrence of any Event of Default set forth in Section IV.C.(3) above, the remedies specified in subparagraphs a, b, c, and g below shall thereupon be deemed for all purposes to have been
exercised, immediately and without action by FIMAT), with only such notice as is required by Applicable Law and cannot be waived, without prejudice to any other remedies: 

  

	 	a.	FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may terminate any or all of FIMAT’s and/or any Affiliates obligations to Customer for future performance;

  

	 	b.	FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may treat any or all of Customer’s Liabilities and/or Customer’s obligations to any Affiliates,
including credit or debit balances, as immediately due, and may treat all limits, margin facilities and call tolerance facilities in place as revoked; 

  

	 	c.	FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may consolidate Customer’s Account(s) or any of them at FIMAT and/or any Affiliates;

  

	 	d.	FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may sell any or all non-cash Collateral held long by FIMAT and/or any Affiliates; 

  

	 	e.	FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may close out or hedge for Customer’s Account(s) any or all open positions in Customer’s Account(s) at
FIMAT and/or any Affiliates pursuant to Section III.O above or otherwise, in any manner it deems reasonable under the circumstances; 

  

	 	f.	FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may borrow, lend, sell or buy from any party, including itself and/or any Affiliates, any property necessary to
cover or hedge any or all positions in Customer’s Account(s) at FIMAT and/or any Affiliates; and 

  

	 	g.	FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may offset the proceeds of the sale of non-cash Collateral, cash Collateral, and sums owing Customer by FIMAT
and/or Affiliates (including any sums arising from the operation of this Section D), against Customer’s Liabilities and Customer’s obligations to any Affiliates, without prejudice to FIMAT’s right to recover the balance of
Customer’s Liabilities and any Affiliates’ right to recover the balance of Customer’s obligations to them. 

 Customer appoints FIMAT as Customer’s agent to sign, complete, and deliver any and all documents necessary or desirable to carry out the foregoing. None of FIMAT nor any of its Affiliates, nor any of its agents or representatives will
be responsible for losses or lost profits, accrued or anticipated, resulting from any position or transaction entered to enforce the foregoing remedies. Customer waives the right of set off in any action brought by FIMAT to collect amounts owned by
Customer to FIMAT. 
 Customer will indemnify and hold harmless FIMAT and its Affiliates, and their respective agents and representatives
from any liabilities, penalties, losses, costs and expenses, including but not limited to reasonable attorney fees (whether the reasonable fees and charges of external legal counsel and/or the costs and charges, if any, allocated by internal legal
department), which FIMAT and/or any Affiliates incur in connection with (i) the exercise of any remedy hereunder or under any Other Agreement, (ii) the care or custody of the Collateral and defending or asserting the rights and claims of
FIMAT and/or any Affiliates in respect thereof, and (iii) meeting any obligation of FIMAT and/or any Affiliates which would otherwise fail to be performed by reason of an Event of Default. 
  

 9 

 MISCELLANEOUS 
  

	 	A.	Governing Law and Submission to Jurisdiction. 

 All
disputes between FIMAT and Customer including, but not limited to, disputes arising directly or indirectly as a result of, or the relationship established as a result of, this Agreement, shall be governed by the substantive laws of the State of New
York, without regard to principles of choice of law. Notwithstanding any provision of Applicable Law, Customer agrees to commence all actions of any kind against FIMAT within one year of the event giving rise to any dispute. Customer irrevocably
submits to the jurisdiction of the courts of New York and of the Federal Courts of the Southern District of New York with respect to litigation relating to all such disputes, including, but not limited to, disputes arising directly or indirectly as
a result of or the relationship established as a result of this Agreement and transactions subject to this Agreement, agrees to commence actions and proceedings and assert claims for relief involving them only in such courts (unless Customer has
otherwise agreed to arbitrate all disputes against FIMAT, in which case such arbitration shall be held only in New York City), and consents to service of process by the mailing of copies to Customer by certified mail to Customer’s address as it
appears on the books of FIMAT. Such service shall be effective ten days after mailing. 
  

	 	B.	Waiver of Jury Trial. CUSTOMER HEREBY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO, BUT NOT LIMITED TO, DISPUTES ARISING DIRECTLY OR
INDIRECTLY AS A RESULT OF, OR THE RELATIONSHIP ESTABLISHED AS A RESULT OF, THIS AGREEMENT OR ANY TRANSACTION IN CONNECTION THEREWITH. CUSTOMER’S WAIVER OF TRIAL BY JURY IS A PREREQUISITE TO, AND INDUCEMENT OF FIMAT TO OFFER, THE OPENING OF
CUSTOMER’S ACCOUNT(S). 

  

	 	C.	Applicable Law and Notes for German Clients. Contrary to German Law, the substantive law of New York does not distinguish between binding and non-binding terminal
(futures) transactions (see paragraph 53 of the German Börsengesetz). All trades under this Agreement are therefore binding market transactions. Customer acknowledges that under German Law futures trading gives rise to an imperfect
obligation (as provided in paragraphs 762 and 764 of the Burgerliches Gesetzbuch (“BGB”) and paragraph 58 of the German Börsengesetz). Customer also acknowledges that under paragraph 814 of the BGB disclosure of this fact
removes any and all rights Customer might otherwise have as a result of the “Differenzeinwand” (paragraph 812 of the BGB). Customer credit balance held by FIMAT will be applied to fulfill, discharge and perform the transaction(s) and
as an advance performance or down payment to cover any transaction(s) trading costs. 

  

	 	D.	Force Majeure; Warranty and Disclaimer of Warranties. FIMAT shall not be liable for any delay in performance or for non-performance of its obligations caused by any event
beyond the reasonable control of FIMAT. FIMAT may, without liability, cancel this Agreement or any particular transaction contemplated hereunder if its performance is delayed or rendered impossible due to any such event. FIMAT’s sole warranty
is that any commodity delivered by it will conform to the description on any confirmation prepared and delivered by FIMAT with respect thereto. FIMAT EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED. 

  

 10 

	 	E.	Non-Waiver; Non-Assignment; Time of the Essence. This Agreement and the Other Agreements, if any, constitute the entire Agreement between FIMAT and Customer with
respect to the subject matter hereof and supersede all other understandings, agreements, or communications concerning such subject matter. Any oral representations, warranties, inducements, or agreements made by any representative of FIMAT
inconsistent with the provisions of this Agreement are excluded and will not bind FIMAT. FIMAT will be bound by waivers and modifications of any of the terms of this Agreement, any other written agreement, or any transaction, or any attempted
assignment by Customer of any right or interest in this Agreement, any other agreement, or any transaction, only if Agreed by FIMAT (as defined). Such agreement will bind FIMAT only in relation to the waiver, modification, or assignment, to which
FIMAT has consented in writing. Customer hereby waives the right to claim estoppel or forbearance unless Agreed by FIMAT. Any agreement by FIMAT to forbear liquidation, pursuant to any of its rights and remedies hereunder, may be revoked by FIMAT
upon 24 hours notice to Customer (unless a shorter time is commercially reasonable under the circumstances), which notice Customer hereby deems reasonable. FIMAT’s failure to exercise any right or remedy is not a waiver of the right or remedy
not exercised or any other right or remedy. Time is of the essence in the performance of Customer’s obligations. 

  

	 	F.	Binding Effect. This Agreement covers all of Customer’s Account(s) with FIMAT, is binding on Customer and Customer’s estate, legal representatives, successors and
assigns and inures to the benefit of FIMAT and its successors and assigns. 

  

	 	G.	Communications. Communications may be sent to Customer by mail, telex, telegraph, facsimile transmission, messenger, or other reasonable means at its current address shown on
FIMAT’s records, and are deemed received when Customer actually receives them or 24 hours after they are sent, whichever first occurs. FIMAT, in its sole discretion, may record, on tape or otherwise, any telephone conversation between FIMAT and
Customer involving their respective officers, agents and employees. Customer hereby agrees and consents to such recording, with or without the use of an automatic tone warning device, and waives any right Customer may have to object to the use or
admissibility into evidence of such recording in any legal proceeding between Customer and FIMAT or in any other proceeding to which FIMAT is a party or in which FIMAT’s records are subpoenaed. Customer acknowledges that FIMAT may erase such
recordings after a reasonable period of time. FIMAT shall be entitled to rely on any instructions, notices and communications, whether oral or in writing, that it believes to be that of an individual authorized to act on behalf of Customer as
authorized to act on its behalf, and Customer shall be bound thereby. Customer hereby waives any defense that any such instruction was not in writing as may be required by the Statute of Frauds or any other similar law, rule or regulation. Customer
will indemnify FIMAT and hold FIMAT harmless from and against all liabilities, penalties, losses, and expenses, including legal expenses, incurred by FIMAT as a result of FIMAT’s acting upon such instructions. 

  

	 	H.	Non-Execution. Any failure by Customer to duly sign this Agreement is not a waiver by FIMAT of any rights it otherwise has against Customer. 

  

	 	I.	FIMAT Has No Responsibility for Advice. FIMAT is not acting as fiduciary, foundation manager, commodity pool operator, commodity trading advisor or investment adviser in
respect of any Account(s) opened by Customer and FIMAT shall have no responsibility hereunder for compliance with any law or regulation governing the conduct of fiduciaries, foundation managers, commodity pool operators, commodity trading advisors
or investment advisers. Customer will not enter into any transaction with FIMAT, and will not hold FIMAT responsible for losses, as a result of any prediction, recommendation, or representation made by any representative of FIMAT. Any information or
advice communicated by FIMAT, although based upon information from sources FIMAT believes to be reliable, may be incomplete or inaccurate, may not be verified, and may be changed without notice to Customer. FIMAT makes no representation as to the
accuracy, completeness, reliability or prudence of any such information or advice or as to the tax consequences of Customer’s futures or options trading. 

  

 11 

	 	J.	Appointment of Agent. Customer’s appointment of an agent on the “Trading and Fee Payment Authorization Limited to Purchases and Sales of Commodities”
form (“Trading Authorization”), if applicable, is notice to FIMAT that the person so designated (the “Agent”) is Customer’s agent in respect of Customer’s Account(s) with FIMAT, with complete authority on
Customer’s behalf to place orders for purchases and sales, including short sales, for cash or on margin, of Commodities other items in respect of which Customer may from time to time enter into transactions in one or more of Customer’s
Account(s) with FIMAT, for immediate or future delivery, to effect delivery and performance of the orders and of the obligations undertaken in connection with the orders, to borrow funds from FIMAT to finance any of the transactions, to lend or
pledge Customer’s properties with FIMAT and otherwise to secure Customer’s Liabilities, withdraw or direct the payment of monies, securities, commodities, or other property from Customer’s Account(s) with FIMAT, including to
compensate Agent for its services, to settle Customer disputes with FIMAT or between Customer or any other party with whom FIMAT deals for Customer or with whom Customer deals through FIMAT as broker for the third party, and to sign and deliver on
Customer’s behalf notices and other documents and to take all other actions necessary or desirable to carry out the terms of this Agreement. Customer agrees to notify FIMAT promptly in writing of the revocation or modification of the
Agent’s authority. Customer will indemnify FIMAT and hold FIMAT harmless from and against all liabilities, penalties, losses, and expenses, including legal expenses, incurred by FIMAT in acting as instructed by the Agent and in continuing to
act in reliance on the Trading Authorization after revocation or modification but prior to FIMAT’s receipt of written notice thereof. 

  

	 	K.	Termination. Customer may terminate this Agreement, when Customer has no Liabilities and no open positions which could give rise to subsequent Liabilities, 30 days
after the actual receipt by FIMAT of written notice of termination. FIMAT may terminate this Agreement at any time 30 days after mailing or delivery of written notice of termination to Customer, provided that any such termination will not affect any
transactions theretofore entered into and will not relieve either party of any obligations in connection with any debt or credit balance or other liability or obligation incurred prior to the termination. 

  

	 	L.	Multiple Parties. If any Account(s) established pursuant to this Agreement is on behalf of more than one person: 

  

	 	1.	each signing person is jointly and severally liable for the full and timely performance of all the obligations of all signing persons in connection with this Agreement and any
account established and any transaction effected under this Agreement; and the terms hereof shall survive the legal incompetence or death of any or all signing persons; 

  

	 	2.	in connection with any Account(s) established under this Agreement, FIMAT may act upon any order, request or instruction from any one signing person without the necessity of
confirmation from any other; 

  

	 	3.	the delivery of any report, statement, notice or other communication to any one signing person is deemed to have been to all of the signing persons; 

  

 12 

	 	4.	FIMAT may deliver any Collateral of any of the signing persons to any one or more of the signing persons, and make payments from any Account(s) established pursuant to this
Agreement to or upon the order or direction of any one of them, and FIMAT is under no obligation to inquire into the purpose of any request for the delivery of any such Collateral or the making of any such payment, or to see to the disposition or
application thereof; and 

  

	 	5.	unless FIMAT is advised otherwise in writing, the interest of the signing persons in any Account(s) established under this Agreement shall be deemed to be a joint tenancy with
rights of survivorship and not a tenancy in common. 

  

	 	M.	Severability. If any provision of this Agreement, or the application of such provision to any person or circumstances, is held invalid, the remainder of this
Agreement, and the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby. 

  

	 	N.	Captions. Captions used in this Agreement are used for convenience and neither form an integral part of this Agreement nor limit the applicability or affect the meaning of
any of the Agreement’s provisions. 

 ELECTRONIC TRADING SYSTEMS 
 FIMAT may make available to Customer the ability to trade, directly or indirectly (in whole or in part), through electronic trading systems (ETS) such as
GLOBEX or ACCESS or other electronic systems. The sponsoring organizations or such systems may make certain information available and in some cases require special disclosures for these systems. To the extent these disclosures are required and other
information is available, it has been set forth in the accompanying booklet entitled “Exchange Disclosures and Notices,” which Customer acknowledges receiving by signing below. 
 ACCEPTANCE OF AGREEMENT 
 This Agreement shall not be deemed to be accepted by FIMAT or become a
binding contract between Customer and FIMAT until approved by a duly authorized officer of FIMAT in writing in accordance with its internal procedures. Customer represents, unless Customer has executed the Joint Tenants Agreement; the Partnership
Authorization; the Certificate of Corporate Resolution; or the Trust Authorization, that this is an individual account and no one else has an interest in this account and Customer has authority and capacity to enter into this Agreement. 

OTHER AGREEMENTS AMONG THE PARTIES; CONFLICTS 
 Customer acknowledges that in addition to this Agreement, FIMAT may request that Customer and/or any Affiliate of Customer to execute and deliver such agreement(s), instrument(s) and document(s) as FIMAT may prescribe, which agreement(s),
instrument(s) and documents upon their execution, shall become an Other Agreement. In the event of a conflict between the provisions of this Agreement and the provisions of any Other Agreement, the provisions of this Agreement shall govern to the
extent the underlying transactions relate to futures contracts or options thereon. 
 IX. SERIES DISCLAIMER 
 The parties hereto acknowledge and agree that Customer is a wholly-owned subsidiary of The Frontier Fund, a Delaware statutory trust (the
“Trust”), and acknowledge that the Trust is organized in series pursuant to Section 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities, obligations and expenses
                 incurred, contracted for or otherwise existing with respect to each series of the Trust shall be enforceable against the assets of such series of the
Trust only, and not against the assets of the Trust generally or the assets of any other series of the Trust or against the Trustee of the Trust. The parties hereto also acknowledge and understand that there may be several series of the Trust
created pursuant to the Declaration of Trust and Trust Agreement of the Trust. 
  

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