Document:

EX-4.32

 Exhibit 4.32 

EXECUTION VERSION 
 DATE:
27 MARCH 2013 
 AMENDED AND RESTATED GLOBAL INTERCREDITOR AGREEMENT 

between, amongst others 

ATLATSA RESOURCES CORPORATION 

as Parent 
 a 

PLATEAU RESOURCES PROPRIETARY LIMITED 

as Borrower 
 and 

MICAWBER 634 PROPRIETARY LIMITED 

As Plateau Security SPV 

and 
 MICAWBER 603 PROPRIETARY
LIMITED 
 as Opco Security SPV 

and 
 RUSTENBURG PLATINUM MINES
LIMITED 
 as co-shareholder of Holdco, Senior Agent, Security Agent and Working Capital 

Lender 
 and 

PELAWAN FINANCE SPV PROPRIETARY LIMITED 

and 
 TUMELO MOATLHODI MOTSISI

 and 
 ASNA CHRIS
HAROLD MOTAUNG 
 as trustees on behalf of the Pelawan Dividend Trust 

 
  
  

 

 Table of Contents 

 

							
	 	  	Page No	 
		
	 SECTION 1: INTERPRETATION
	  	 	7	  
			
	 1.
	 	 Definitions and interpretation
	  	 	7	  
			
	 1.1
	 	         Definitions
	  	 	7	  
			
	 1.2
	 	         Construction
	  	 	16	  
			
	 1.3
	 	         Inconsistencies with other Documents
	  	 	17	  
			
	 1.4
	 	         Financial assistance
	  	 	17	  
		
	 SECTION 2: THE RELEVANT LIABILITIES
	  	 	19	  
			
	 2.
	 	 Ranking of Relevant Liabilities
	  	 	19	  
			
	 2.1
	 	         Ranking of Relevant Liabilities
	  	 	19	  
			
	 2.2
	 	         Ranking of Relevant Liabilities unaffected
	  	 	19	  
			
	 2.3
	 	         Classes of certain Liabilities inter se: 
	  	 	19	  
			
	 3.
	 	 Senior Liabilities
	  	 	20	  
			
	 3.1
	 	         Payments in relation to Senior Liabilities
	  	 	20	  
			
	 3.2
	 	         Security
	  	 	20	  
			
	 3.3
	 	         Restrictions on Enforcement Action: Senior Liabilities
	  	 	20	  
			
	 3.5
	 	         Plateau Intercreditor Agreement
	  	 	20	  
			
	 4.
	 	 Shareholder Liabilities
	  	 	21	  
			
	 4.1
	 	         Prohibited actions: Shareholder Liabilities
	  	 	21	  
			
	 4.2
	 	         Permitted Payments: Shareholder Liabilities
	  	 	22	  
			
	 4.3
	 	         Suspension of Permitted Payments: Shareholder Liabilities
	  	 	23	  
			
	 4.4
	 	         Restrictions on Enforcement Action: Shareholder Liabilities
	  	 	23	  
			
	 4.5
	 	         Turnover: Shareholder Liabilities
	  	 	23	  
			
	 4.6
	 	         No reduction or discharge
	  	 	23	  
			
	 4.7
	 	         Indemnity
	  	 	24	  
			
	 4.8
	 	         Subrogation: Shareholders
	  	 	24	  
			
	 4.9
	 	         Amendments and Transfers: Shareholders Documents
	  	 	24	  
			
	 5.
	 	 Intra-Group Liabilities
	  	 	25	  
			
	 5.1
	 	         Prohibited actions: Intra-Group Liabilities
	  	 	25	  
			
	 5.2
	 	         Permitted Payments: Intra-Group Liabilities
	  	 	26	  
			
	 5.3
	 	         Permitted Security: Intra-Group LIABILITIES
	  	 	26	  
			
	 5.4
	 	         Suspension of Permitted Payments and Security: Intra-Group Liabilities
	  	 	26	  
			
	 5.5
	 	         Restriction on Enforcement Action: Intra-Group Liabilities
	  	 	27	  
			
	 5.6
	 	         Turnover: Intra-Group Liabilities
	  	 	27	  
			
	 5.7
	 	         subrogation: Intra-Group Creditors
	  	 	27	  

							
	 SECTION 3: RANKING, ENFORCEMENT AND APPLICATION
	  	 	29	  
			
	 6.
	 	 Ranking of SECURITY
	  	 	29	  
			
	 6.1
	 	         Ranking of Security
	  	 	29	  
			
	 6.2
	 	         Ranking of Relevant Liabilities unaffected
	  	 	29	  
			
	 7.
	 	 Enforcement and other actions under Transaction Security Documents
	  	 	29	  
			
	 7.1
	 	         Instructions to a Security SPV
	  	 	29	  
			
	 7.2
	 	         Security SPV’s May Seek Instructions
	  	 	30	  
			
	 7.3
	 	         Instructions to Security SPV’s to be Binding
	  	 	30	  
			
	 7.4
	 	         Action on or before the Final Discharge Date
	  	 	30	  
			
	 7.5
	 	         Action after the Senior Discharge Date
	  	 	31	  
			
	 7.6
	 	         Exemption
	  	 	31	  
			
	 7.7
	 	         Authority of Security Agent
	  	 	32	  
			
	 7.8
	 	         All enforcement action through the Security Agent
	  	 	32	  
			
	 8.
	 	 Subordination on insolvency
	  	 	33	  
			
	 8.1
	 	         Subordination
	  	 	33	  
			
	 8.2
	 	         Exercise of rights
	  	 	33	  
			
	 9.
	 	 Application of proceeds
	  	 	35	  
			
	 9.1
	 	         Application (Opco Security SPV Security)
	  	 	35	  
			
	 9.2
	 	         Application (Plateau Security SPV Security)
	  	 	36	  
			
	 9.3
	 	         Application (Relevant Liabilities)
	  	 	36	  
			
	 10.
	 	 Subordination protections
	  	 	36	  
			
	 10.1
	 	         Continuing subordination
	  	 	36	  
			
	 10.2
	 	         Avoidance of payments
	  	 	37	  
			
	 10.3
	 	         Waiver of defences
	  	 	37	  
			
	 10.4
	 	         Appropriations
	  	 	38	  
			
	 11.
	 	 Preservation of controlled Liabilities
	  	 	38	  
			
	 12.
	 	 No liability
	  	 	38	  
		
	 SECTION 4: STATUS, REPRESENTATIONS AND UNDERTAKINGS
	  	 	40	  
			
	 13.
	 	 Status of Obligors and Controlled Creditors
	  	 	40	  
			
	 14.
	 	 Amendments, consents and override
	  	 	40	  
			
	 14.1
	 	         Changes to this Agreement
	  	 	40	  
			
	 14.2
	 	         Consents under Transaction Security Documents
	  	 	41	  
			
	 14.3
	 	         No objections
	  	 	41	  
			
	 14.4
	 	         Representations and warranties
	  	 	41	  
			
	 15.
	 	 Information and other undertakings
	  	 	42	  
			
	 15.1
	 	         Defaults
	  	 	42	  
			
	 15.2
	 	         Waiver of Defaults
	  	 	42	  

							
	 15.3
	 	         Amount of Liabilities
	  	 	43	  
			
	 15.4
	 	         Other information
	  	 	43	  
			
	 15.5
	 	         Co-operation
	  	 	43	  
			
	 15.6
	 	         Registration and notice
	  	 	43	  
			
	 15.7
	 	         Consultation
	  	 	43	  
			
	 15.8
	 	         Ranking overseas
	  	 	44	  
			
	 15.9
	 	         Obligors’ Agent
	  	 	44	  
			
	 15.10
	 	         Holding Companies
	  	 	44	  
		
	 SECTION 5: FINANCE PARTIES
	  	 	45	  
			
	 15.11
	 	         Appointment of the Senior Agent and duties of the Senior Agent
	  	 	45	  
			
	 16.
	 	 Attorney
	  	 	46	  
			
	 16.1
	 	         Security Agent
	  	 	46	  
			
	 16.2
	 	         Ratification
	  	 	46	  
			
	 17.
	 	 Security Agent
	  	 	46	  
			
	 17.1
	 	         Appointment of the Security Agent
	  	 	46	  
			
	 17.2
	 	         Duties of the Security Agent
	  	 	46	  
			
	 17.3
	 	         Role of the Security Agent
	  	 	46	  
			
	 17.4
	 	         No fiduciary duties
	  	 	47	  
			
	 17.5
	 	         Business with the Group
	  	 	47	  
			
	 17.6
	 	         Rights and discretions of the Security Agent
	  	 	47	  
			
	 17.7
	 	         Responsibility for documentation
	  	 	48	  
			
	 17.8
	 	         Exclusion of liability
	  	 	49	  
			
	 17.9
	 	         Indemnities to the Security Agent
	  	 	49	  
			
	 17.10
	 	         Resignation of the Security Agent
	  	 	50	  
			
	 17.11
	 	         Resignation of the Senior Agent
	  	 	51	  
			
	 17.12
	 	         Confidentiality
	  	 	51	  
			
	 17.13
	 	         Credit appraisal by the Secured Parties
	  	 	51	  
			
	 17.14
	 	         Deduction from amounts payable by the Security Agent
	  	 	52	  
			
	 17.15
	 	         Common parties
	  	 	52	  
			
	 17.16
	 	         Indemnity to the Security Agent
	  	 	53	  
			
	 17.17
	 	         Security Agent expenses
	  	 	53	  
			
	 18.
	 	 Security SPVs
	  	 	53	  
			
	 18.1
	 	         No fiduciary duties
	  	 	53	  
			
	 18.2
	 	         Rights and discretions of a Security SPV
	  	 	53	  
			
	 18.3
	 	         Responsibility for documentation
	  	 	53	  
			
	 18.4
	 	         Exclusion of liability
	  	 	54	  
			
	 18.5
	 	         Indemnities to the Security SPV’s
	  	 	55	  

							
	 18.6
	 	         Confidentiality
	  	 	55	  
			
	 18.7
	 	         Credit appraisal by the Secured Parties
	  	 	56	  
			
	 18.8
	 	         Deduction from amounts payable by a Security SPV
	  	 	56	  
			
	 18.9
	 	         Security SPV expenses
	  	 	57	  
			
	 19.
	 	 Security
	  	 	57	  
			
	 19.1
	 	         Definitions
	  	 	57	  
			
	 19.2
	 	         Retention of documents
	  	 	57	  
			
	 19.3
	 	         Indemnity out of Security Property
	  	 	57	  
			
	 19.4
	 	         Basis of distribution
	  	 	58	  
			
	 19.5
	 	         No duty to collect payments
	  	 	58	  
			
	 19.6
	 	         Appropriation
	  	 	58	  
			
	 19.7
	 	         Investments
	  	 	59	  
			
	 19.8
	 	         Suspense account
	  	 	59	  
			
	 19.9
	 	         Timing of distributions
	  	 	59	  
			
	 19.10
	 	         Delegation
	  	 	59	  
			
	 19.11
	 	         Unwinding
	  	 	60	  
			
	 19.12
	 	         Party
	  	 	60	  
		
	 SECTION 6: CHANGES TO PARTIES
	  	 	61	  
			
	 20.
	 	 Changes to Parties
	  	 	61	  
			
	 20.1
	 	         Assignment and transfers by Parties
	  	 	61	  
			
	 20.2
	 	         Assignments and transfers by Parties
	  	 	61	  
			
	 20.3
	 	         Hedge Counterparties
	  	 	61	  
			
	 20.4
	 	         Accession of Creditors
	  	 	61	  
			
	 20.5
	 	         Senior Agent Acting for Senior Finance Parties
	  	 	62	  
			
	 20.6
	 	         Notification by Security Agent
	  	 	62	  
			
	 20.7
	 	         Benefit of Agreement
	  	 	62	  
		
	 SECTION 7: ADMINISTRATION
	  	 	63	  
			
	 21.
	 	 Indemnity
	  	 	63	  
			
	 22.
	 	 Notices
	  	 	63	  
			
	 22.1
	 	         Communication in Writing
	  	 	63	  
			
	 22.2
	 	         Notices
	  	 	63	  
			
	 22.3
	 	         Domicilia
	  	 	67	  
			
	 22.4
	 	         Electronic communication
	  	 	67	  
			
	 22.5
	 	         English Language
	  	 	67	  
			
	 23.
	 	 Miscellaneous
	  	 	68	  
			
	 23.1
	 	         Certificates and determinations
	  	 	68	  
			
	 23.2
	 	         Severability
	  	 	68	  

							
	 23.3
	 	         Sole Record
	  	 	68	  
			
	 23.4
	 	         Co-operation
	  	 	68	  
			
	 23.5
	 	         Costs
	  	 	68	  
			
	 23.6
	 	         Remedies and waivers
	  	 	69	  
			
	 23.7
	 	         Discharge of Relevant Liabilities
	  	 	69	  
			
	 23.8
	 	         Counterparts
	  	 	69	  
			
	 23.9
	 	         Failure to execute
	  	 	69	  
			
	 24.
	 	 Governing law
	  	 	70	  
			
	 25.
	 	 Enforcement
	  	 	70	  
			
	 25.1
	 	         Jurisdiction
	  	 	70	  
			
	 26.
	 	 Amendment and Restatement of the Original Agreement
	  	 	70	  
			
	 Schedule 1
	 	             Accession Agreement
	  	 	71	  
			
	 schedule 2
	 	             Matters requiring all Senior Lender consent
	  	 	74	  
		
	 SIGNATURE PAGE
	  	 	75	  

 THIS AGREEMENT is dated 27 MARCH 2013 and made BETWEEN: 

 

	1.	 ATLATSA RESOURCES CORPORATION (previously known as Anooraq Resources Corporation), a limited liability company incorporated under the laws
of the Province of British Columbia, Canada with registration no. 10022-2033 (the “Parent”); 

  

	2.	 CAMIPATH PROPRIETARY LIMITED (to be renamed Atlatsa Corporate Services South Africa Proprietary Limited) a private limited liability company
incorporated under the laws of South Africa with registration no. 2012/146949/07 (Atlatsa Corporate Services); 

  

	3.	 N1C RESOURCES INC., a limited liability company incorporated under the laws of the Cayman Islands with registration no. CR-94610
(“N1C Resources”); 

  

	4.	 N2C RESOURCES INC., a limited liability company incorporated under the laws of the Cayman Islands with registration no. CR-94611
(“N2C Resources”); 

  

	5.	 PLATEAU RESOURCES PROPRIETARY LIMITED a limited liability company incorporated under the laws of South Africa with registration number
1996/013879/07 (the “Borrower”); 

  

	6.	 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED, a limited liability company incorporated under the laws of South Africa with registration
number 2007/016711/07 (“Holdco”); 

  

	7.	 BOKONI PLATINUM MINES PROPRIETARY LIMITED a limited liability company incorporated under the laws of South Africa with registration number
2007/016001/07 (“Opco”); 

  

	8.	 MICAWBER 634 PROPRIETARY LIMITED a limited liability company incorporated under the laws of South Africa with registration number
2007/025445/07 (the “Plateau Security SPV”); 

  

	9.	 MICAWBER 603 PROPRIETARY LIMITED a limited liability company incorporated under the laws of South Africa with registration number
2007/019599/07 (the “Opco Security SPV”); 

  

	10.	 RUSTENBURG PLATINUM MINES LIMITED a limited liability company incorporated under the laws of South Africa with registration number
1931/003380/06 (“RPM”, the “Senior Agent”, the “Security Agent” and the “Working Capital Lender”); 

 

	11.	 PELAWAN FINANCE SPV PROPRIETARY LIMITED, a limited liability company incorporated under the laws of South Africa with registration no
2006/032879/07 (“Pelawan SPV”); and 

  

	12.	 THE PELAWAN DIVIDEND TRUST an inter vivos trust established under the laws of South Africa with Master’s Reference No.
IT8410/2004, represented by TUMELO MOATLHODI MOTSISI and ASNA CHRIS HAROLD MOTAUNG in their respective capacities as trustees, for the time being, for and on behalf of the Pelawan Dividend Trust (“Pelewan Dividend
Trust”). 

 IT IS AGREED as follows: 

  
 6 

 SECTION 1: INTERPRETATION 
  

	1.	 DEFINITIONS AND INTERPRETATION 

  

	1.1	 DEFINITIONS 

In this Agreement, unless the context otherwise requires: 

 

	1.1.1	 “Accession Agreement” means a supplemental agreement to this Agreement substantially in the form set out in Schedule 1
(Accession Agreement), with such amendments as the Security Agent may approve or reasonably require. 

  

	1.1.2	 “Affiliate” means “Affiliate” as defined in the Senior Facilities Agreement. 

 

	1.1.3	 “Borrower Group” means the Borrower, Holdco, Opco and each of their respective direct or indirect subsidiaries for the time.

  

	1.1.4	 “Cash Equivalent Investments” has the meaning given to it in the Senior Facilities Agreement; 

 

	1.1.5	 “Closing Date” means “Closing Date” as defined in the Implementation Agreement. 

 

	1.1.6	 “Consent” means any consent, release, approval, waiver, amendment or other similar action. 

 

	1.1.7	 “Constitutional Documents” means “Constitutional Documents” as defined in the Senior Facilities Agreement.

  

	1.1.8	 “Controlled Creditor” means the Shareholders in respect of the Shareholder Liabilities and the Intra-Group Creditors
as Creditors in respect of the Intra-Group Liabilities; 

  

	1.1.9	 “Controlled Liabilities” means the Shareholders Liabilities and the Intra-Group Liabilities; 

 

	1.1.10	 “Creditors” means the Senior Finance Parties, Pelawan SPV, the Shareholders and the Intra-Group Creditors, 

 

	1.1.11	 “Default” means a “Default” as defined in the Senior Facilities Agreement or a “Default” as defined in the
Working Capital Facility Agreement. 

  

	1.1.12	 “Distribution” means any payment (whether directly or by way of set-off or otherwise) by or, distribution of assets of, any member
of the Borrower Group, whether in cash, property, securities or otherwise. 

  
 7 

	1.1.13	 “Enforcement Action” means, in relation to any Liabilities, any lawful action whatsoever to: 

 

	 	(a)	 demand early payment (payment prior to a scheduled payment date), demand early redemption (redemption prior to a scheduled redemption date),
declare prematurely due and payable or otherwise seek to accelerate payment of or redemption of or place on demand all or any part of such Liabilities; 

  

	 	(b)	 recover all or any part of such Liabilities (including by set-off (whether by operation of law or otherwise), combination of accounts;

  

	 	(c)	 exercise or enforce any rights under any guarantee, indemnity, put option, or other assurance in relation to (or given in support of) all or any
part of such Liabilities; 

  

	 	(d)	 exercise or enforce any rights under any Security whatsoever (including, without limitation, the taking of proceedings for the perfection of
Security or attachment of assets) which secures or purports to secure such Liabilities (including, without limitation, any Transaction Security); 

  

	 	(e)	 apply, petition or vote for (or take any other steps which may lead to) an Insolvency Event in relation to any Obligor or member of the Borrower
Group or any suspension of payments or moratorium of any Financial Indebtedness of any Obligor or member of the Borrower Group or any analogous procedure or step in any jurisdiction; or 

 

	 	(f)	 commence legal proceedings against any Obligor or member of the Borrower Group. 

 

	1.1.14	 “Enforcement Date” means the date on which any Shareholder, any Security SPY, the Security Agent, the Senior Agent or any other
Senior Finance Party first takes Enforcement Action in relation to any of the Relevant Liabilities. 

  

	1.1.15	 “Event of Default” means an “Event of Default” as defined in the Senior Facilities Agreement or an “Event of
Default” as defined in the Working Capital Facility Agreement. 

  

	1.1.16	 “Final Discharge Date” means the date on which the Senior Agent is satisfied that all Senior Liabilities have been fully
discharged and all commitments of the Senior Finance Parties to the Obligors have expired in accordance with the Finance Documents. 

  

	1.1.17	 “Finance Documents” means: 

  

	 	(a)	 at all times prior to the June 2009 Finance Document Discharge Date, the “Finance Documents” as defined in the Senior Facilities
Agreement and the June 2009 Finance Documents; and 

  
 8 

	 	(b)	 at all times after the June 2009 Finance Document Discharge Date, the “Finance Documents” as defined in the Senior Facilities Agreement.

  

	1.1.18	 “Holdco Group” means “Holdco Group” as defined in the Senior Facilities Agreement. 

 

	1.1.19	 “Implementation Agreement” means the “Implementation Agreement” as defined in the Senior Facilities Agreement.

  

	1.1.20	 “Insolvency Event” means, in relation to an Obligor, any event or circumstance specified as such in clauses 23.6 (Insolvency)
to 23.8 (Creditors’process) of the Senior Facilities Agreement. 

  

	1.1.21	 “Instructing Creditor” means: 

  

	 	(a)	 On or before the June 2009 Finance Documents Discharge Date, RPM 

 

	 	(b)	 after the June 2009 Finance Documents Discharge Date, but on or before the Final Discharge Date, the Senior Agent (acting on the instructions of
the Majority Lenders; provided that if the Senior Agent has notified the Working Capital Facility Lender and the Security Agent that it is satisfied that all the Senior Liabilities in relation to the Senior Facilities Agreement have been fully
discharged and all commitments of the Senior Lenders to the Obligors have expired in accordance with the Senior Facilities Agreement, then the Senior Agent shall act on the instructions of the Working Capital Facility Lender); and

  

	 	(c)	 after the Final Discharge Date, N2C Resources. 

  

	1.1.22	 “Intra-Group Agreements” means this Agreement and any document or agreement, including book entries, (written or otherwise)
evidencing any Intra-Group Liabilities payable or owing by a member of the Borrower Group to any other member of the Borrower Group. 

  

	1.1.23	 “Intra-Group Creditors” means the Borrower, Holdco and Opco and those members of the Borrower Group that enter into an Accession
Agreement in accordance with clause 20.4 (Accession of new Intra-Group Creditors) as an Intra-Group Creditor. 

  

	1.1.24	 “Intra-Group Liabilities” means all Liabilities of a member of the Borrower Group to another member of the Borrower Group,
including under the Subordinated Documents. 

  

	1.1.25	 “June 2009 Finance Documents” means: 

  

	 	(a)	 the “Finance Documents” as this term is defined in the June 2009 Senior Facilities Agreement; and 

  
 9 

	 	(b)	 the June 2009 Senior Facilities Agreement, the OCSF Agreement, the RPM Plateau A Preference Share Subscription Agreement; 

 

	1.1.26	 “June 2009 Finance Documents Discharge Date” means the date and time at which step 13 (Repayment of June 2009
Senior Facilities Agreement Outstandings) has been completed in accordance with the Implementation Agreement. 

  

	1.1.27	 “June 2009 Finance Parties” means each (1) “Finance Party” as this term is defined in the June 2009 Senior
Facilities Agreement and (2) “Finance Party” as this term is defined in the RPM Funding Common Terms Agreement. 

  

	1.1.28	 “June 2009 Global Intercreditor Agreement” means the agreement entitled “Global Intercreditor Agreement”, dated
12 June 2009 and made between, amongst others, (1) the Parent, (2) N1C Resources, (3) N2C Resources, (4) the Borrower and (5) RPM. 

 

	1.1.29	 “June 2009 Senior Facilities Agreement” means the “June 2009 Senior Facilities Agreement” as defined in the Senior
Facilities Agreement. 

  

	1.1.30	 “Legal Reservations” means “Legal Reservations” as defined in the Senior Facilities Agreement. 

 

	1.1.31	 “Liabilities” means, in relation to a person, all obligations or liabilities of any kind of that person from time to time, whether
they are to pay money or to perform (or not to perform) any other act; express or implied; present, future or contingent; joint or several; incurred as a principal or surety or in any other manner; originally owing to the person claiming performance
or acquired by that person from someone else, together with: 

  

	 	(a)	 all accruing interest, dividends and all related losses, fees, costs and other expenses; 

 

	 	(b)	 any refinancing (including subsequent refinancings), novation or rescheduling of such liabilities or any part thereof; 

 

	 	(c)	 any claim for breach of representation, warranty, undertaking or on an event of default or under any indemnity in connection with any relevant
document or agreement; 

  

	 	(d)	 any further advance or subscription which may be made under any document or agreement supplemental to any such document or agreement together with
all related interest, dividends, losses, fees, costs and other expenses; 

  

	 	(e)	 any claim for interest accruing or dividends accruing on or after the filing of any petition in bankruptcy or reorganisation whether or not a claim
for post filing interest is allowed in such proceeding; 

  
 10 

	 	(f)	 any claim for damages or restitution in the event of rescission of any such liabilities or otherwise in connection with any such document or
agreement; 

  

	 	(g)	 any claim flowing from any recovery of a payment or discharge in respect of such liabilities on the grounds of preference or otherwise; and

  

	 	(h)	 any amounts (such as post-insolvency interest) which would otherwise be included in any of the above but for their discharge, non-provability,
unenforceability or non-allowability of the same in any insolvency or other proceedings. 

  

	1.1.32	 “Majority Lenders” means “Majority Lenders” as defined in the Senior Facilities Agreement. 

 

	1.1.33	 “N2C Resources Shareholder Loan Agreement” means “N2C Resources Shareholder Loan Agreement” as defined in the Senior
Facilities Agreement. 

  

	1.1.34	 “Obligor” means each “Obligor” as defined in the Senior Facilities Agreement. 

 

	1.1.35	 “Opco Security SPV Counter Indemnity Agreements” means the Opco Security SPV Counter Indemnity Agreements” as defined in the
Senior Facilities Agreement. 

  

	1.1.36	 “Opco Security SPV Debt Guarantee” means each “Opco Security SPV Debt Guarantee” as defined in the Senior Facilities
Agreement. 

  

	1.1.37	 “Opco Security SPV Obligors” means the “Opco Security SPV Obligors” as defined in the Senior Facilities Agreement.

  

	1.1.38	 “Opco Security SPV Security” means each of the Transaction Security Documents in relation to Security given by an Opco Security
SPV Obligor in favour of the Opco Security SPV. 

  

	1.1.39	 “Party” means a party to this Agreement. 

 

	1.1.40	 “Pelawan Dividend Trust” means the Pelawan Dividend Trust, an inter vivos trust established under the laws of South Africa
with Master’s Reference No. IT8410/2004. 

  

	1.1.41	 “Pelawan Dividend Trust Account” means the bank account notified by the Pelawan Dividend Trust to the Borrower, RPM and the Senior
Agent. 

  

	1.1.42	 “Periodic Repayment Obligations” means the “Periodic Repayment Obligations as defined in the Senior Facilities Agreement.

  
 11 

	1.1.43	 “Permitted Guarantee” means “Permitted Guarantee” as defined in the Senior Facility Agreement. 

 

	1.1.44	 “Permitted Payments” means, in relation to the Shareholder Liabilities, the payments as permitted by clause 4.2
(Permitted Payments: Shareholder Liabilities). 

  

	1.1.45	 “Permitted Transferee” means “Permitted Transferee” as defined in the Senior Facilities Agreement.

  

	1.1.46	 “Plateau Security SPV Counter Indemnity Agreements” means the Plateau Security SPV Counter Indemnity Agreements” as defined
in the Senior Facilities Agreement. 

  

	1.1.47	 “Plateau Security SPV Debt Guarantee” means each “Plateau Security SPV Debt Guarantee” as defined in the Senior
Facilities Agreement. 

  

	1.1.48	 “Plateau Security SPV Obligors” means the “Plateau Security SPV Obligors” as defined in the Senior Facilities Agreement.

  

	1.1.49	 “Plateau Security SPV Security” means each of the Transaction Security Documents in relation to Security given by a Plateau
Security SPV Obligor in favour of the Plateau Security SPV. 

  

	1.1.50	 “Prohibited Distribution” means, in relation to the Controlled Liabilities: 

 

	 	(a)	 any payment or repayment, purchase or acquisition, reduction or redemption (in whole or in part), of any of the Controlled Liabilities (whether in
cash or in kind); 

  

	 	(b)	 any Distribution in satisfaction (in whole or in part), of any of the Controlled Liabilities; 

 

	 	(c)	 (save only to the extent it may be required to do so, or the same occurs automatically by operation of law, under any applicable law (not
including, for the avoidance of doubt, under any contract)) any set-off against any of the Controlled Liabilities; 

  

	 	(d)	 (without prejudice to the generality of (a) to (c) above) any dividend, or any money in redemption, reduction, repayment, purchase,
cancellation or other extinguishment of any share capital or any other Distribution in respect of such share capital to any person (including, without limitation, to the Shareholders or an Intra-Group Creditor) or interest in respect of, or the
repayment, redemption or purchase of, any loan stock and loan notes or similar instrument issued by any Obligor, 

in each case, other than in relation to any payment contemplated in paragraph (a) to (d) above to the extent that it
is made pursuant to or for the purposes of giving effect to the Periodic Repayment Obligations in 

  
 12 

 
compliance with the provisions of the Senior Facilities Agreement or pursuant to a “Permitted Distribution” as defined in the Senior Facilities Agreement. 

 

	1.1.51	 “Project Company” means “Project Company” as defined in the Senior Facilities Agreement. 

 

	1.1.52	 “Relevant Liabilities” means the Senior Liabilities and the Shareholder Liabilities (as applicable). 

 

	1.1.53	 “Relevant Percentage” means the percentage which is required to ensure compliance with the Authorisations provided by the
Financial Surveillance Department of the South African Reserve Bank when remitting funds to N2C Resources. 

  

	1.1.54	 “RPM Plateau A Preference Share Subscription Agreement” means “RPM Plateau A Preference Share Subscription Agreement” as
defined in the RPM Funding Common terms Agreement. 

  

	1.1.55	 “RPM Funding Common Terms Agreement” means “RPM Funding Common Terms Agreement” as this term is defined in the Senior
Facilities Agreement. 

  

	1.1.56	 “Secured Assets” means “Secured Assets” as defined in the Senior Facilities Agreement. 

 

	1.1.57	 “Secured Party” means each Senior Finance Party. 

 

	1.1.58	 “Security Provider” means each Obligor which has provided or purported to provide security pursuant to any Transaction Security
Document. 

  

	1.1.59	 “Security” means “Security” as defined in the Senior Facilities Agreement. 

 

	1.1.60	 “Security SPV” means any of the Plateau Security SPV and the Opco Security SPV. 

 

	1.1.61	 “Senior Declared Default” means an Event of Default which has resulted in the Senior Agent exercising any of its rights under
clause 23.20 (Acceleration) of the Senior Facilities Agreement. 

  

	1.1.62	 “Senior Enforcement Action” means, in relation to any Senior Liabilities, any action whatsoever to: 

 

	 	(a)	 direct the Security Agent and/or either Security SPV to sell any assets under the terms of the Transaction Security to any person;

  

	 	(b)	 apply, petition or vote for (or take any other steps which may lead to) an Insolvency Event in relation to any Obligor or any member of the Holdco
Group or any suspension of payments or moratorium of any Financial 

  
 13 

	 	 
Indebtedness of any Obligor or any member of the Holdco Group or any analogous procedure or step in any jurisdiction; or 

 

	 	(c)	 commence legal proceedings against any Obligor or any member of the Holdco Group. 

 

	1.1.63	 “Senior Facilities Agreement” means the ZAR2 300 000 000 plus the Tranche 1 Amount (inclusive of capitalised interest) term
facility agreement dated on or about the date of this Agreement and made between, amongst others, the Parent, N1C Resources, N2C Resources, the Borrower, Holdco, Opco, each Security SPV, the Senior Lenders, the Senior Agent and the Security Agent.

  

	1.1.64	 “Senior Finance Party” means: 

  

	 	(a)	 at all times prior to the June 2009 Finance Document Discharge Date, the Working Capital Facility Lender, the June 2009 Finance Parties and each
“Finance Party” as defined in the Senior Facilities Agreement; and 

  

	 	(b)	 at all times after the June 2009 Finance Document Discharge Date, the Working Capital Facility Lender and each “Finance Party” as defined
in the Senior Facilities Agreement, 

 and “Senior Finance Parties” means each or any of
them (as the context may require). 
  

	1.1.65	 “Senior Lenders” means the “Lenders” as defined in the Senior Facilities Agreement. 

 

	1.1.66	 “Senior Liabilities” means all the Liabilities of any Obligor to any Senior Finance Party in connection with any of the Finance
Documents. 

  

	1.1.67	 “Service Agreements(s)” means “Service Agreement(s)” as defined in the Senior Facilities Agreement.

  

	1.1.68	 “Shareholder Loan Documents” means “Shareholder Loan Documents” as defined in the Senior Facilities Agreement.

  

	1.1.69	 “Shareholders” means the Parent, N1C Resources and N2C Resources or any of their Affiliates, other than any member of the Borrower
Group. 

  

	1.1.70	 “Shareholders Documents” means this Agreement, the Shareholder Loan Documents, Umbrella Services Agreement, the Services
Agreements, the Acquisition Documents and any other document or agreement (including Constitutional Documents) providing for the payment of any amount by any member of the Borrower Group to a Shareholder (or any of its Affiliates, other than members
of the Borrower Group). 

  
 14 

	1.1.71	 “Shareholders Liabilities” means all Liabilities of each member of the Borrower Group to any Shareholder including in connection
with any of the Shareholders Documents and including any dividends or other Distributions and any amount payable to any Shareholder on a liquidation or other insolvency of any member of the Borrower Group or in respect of any advisory, monitoring,
management or other fees or expenses. 

  

	1.1.72	 “Subordinated Documents” means the Shareholders Documents or any other document (other than a Finance Document) or agreement
(written or otherwise) providing for, or giving rise to, the payment of any amount by any member of the Borrower Group or N2C Resources to any Shareholder (or any of its Affiliates) or any Intra-Group Creditor. 

 

	1.1.73	 “Tranche 1 Amount” means the “Tranche 1 Amount” as defined in the Senior Facilities Agreement. 

 

	1.1.74	 “Transaction Documents” means “Transaction Documents” as defined in the Senior Facilities Agreement.

  

	1.1.75	 “Transaction Security” means the Security created or purported to be created under or pursuant to the Transaction Security
Documents. 

  

	1.1.76	 “Transaction Security Documents” means each of the “Transaction Security Documents” as defined in the Senior Facilities
Agreement. 

  

	1.1.77	 “Transferee” has the meaning given to it in clause 20.2.1 (Assignments and transfers by Parties). 

 

	1.1.78	 “Treasury Transaction” means “Treasury Transaction” as defined in the Senior Facilities Agreement.

  

	1.1.79	 “Turnover Receipts” means, in relation to the Controlled Liabilities: 

 

	 	(a)	 any receipt or recovery of a payment or other Distribution of any kind whatsoever in respect, or on account, of any Controlled Liabilities which is
not permitted by, or which is in breach of, or contrary to the terms of, this Agreement; 

  

	 	(b)	 any receipt or recovery of proceeds pursuant to any Enforcement Action; 

 

	 	(c)	 any payment or other Distribution of any kind whatsoever in relation to the purchase or other acquisition of any Controlled Liabilities;

  

	 	(d)	 any Controlled Liabilities that are discharged by set-off (whether by operation of law or otherwise), combination of accounts, conversion of
preference shares into ordinary shares or otherwise and which is not otherwise permitted by the provisions of this Agreement; 

  
 15 

	 	(e)	 any receipt or recovery of a payment or other Distribution as a result of the occurrence of an Insolvency Event in respect of any Obligor;

  

	 	(f)	 any Permitted Payment being made on the basis of financial information contained in any management accounts and following which the audited
financial statements or report delivered pursuant to clauses 20.1 (Financial Statements) or 203 (Provision and contents of Compliance Certificate) of the Senior Facilities Agreement show that such financial information was incorrect
and that had such audited financial statements and report been taken into account rather than such management accounts then such payment should not (taking account of the position subsequently shown) have been payable in accordance with this
Agreement; and 

  

	 	(g)	 any payment which is made to a shareholder of Holdco in breach of the Holdco Shareholders Agreement. 

 

	1.1.80	 “Umbrella Services Agreement” means “Umbrella Services Agreement” as defined in the Senior Facilities Agreement.

  

	1.1.81	 “Working Capital Facility Agreement” means “Working Capital Facility Agreement” as defined in the Senior Facilities
Agreement. 

  

	1.1.82	 “Working Capital Facility Lender” means the lender under the Working Capital Facility Agreement from time to time.

  

	1.2	 CONSTRUCTION 

  

	1.2.1	 Unless a contrary indication appears, a reference in this Agreement to: 

 

	 	(a)	 the “Borrower”, “Holdco”, “N1C Resources”, “N2C Resources”, any
“Obligor”, “Opco”, any “Security Provider”, the “Parent”, any “Project Company”, “RPM”, the “Security Agent”, the “Senior
Agent”, the “Senior Finance Parties”, any “Senior Lender”, any “Shareholder”, any other person which accedes to this Agreement in accordance with clause 20 (Changes to Parties) or
any other person shall be construed to include its successors in title, permitted assigns and permitted transferees and, in the case of the Senior Agent and the Security Agent, any person for the time being appointed as Senior Agent or Security
Agent in accordance with the Finance Documents; 

  

	 	(b)	 (or to any provision of) a “Finance Document” or “Subordinated Document” or any other agreement or instrument is
a reference to the Finance Document or the Subordinated Document (as applicable), that provision or other agreement or instrument as in force for the time being and as from time to time amended, restated, supplemented or novated (however
fundamentally including by any increase in amounts owing or available to be utilised under such document or any change to the parties thereto) and (where such consent is, by the terms of this

  
 16 

	 	 
Agreement or the relevant document, required to be obtained as a condition to such amendment being permitted) with the prior written consent of RPM, the Senior Agent and/or any other relevant
Senior Finance Parties; 

  

	 	(c)	 any preference share subscription agreement, shall be construed to include the relevant terms of issue referred to in or contemplated by any such
preference share subscription agreement; 

  

	1.2.2	 a provision of law is a reference to that provision as amended or re-enacted; 

 

	 	(a)	 a time of the day is a reference to London time; 

  

	 	(b)	 “including” means including without limitation; and 

 

	 	(c)	 words importing the plural shall include the singular and vice versa. 

 

	1.2.3	 Section, clause and Schedule headings are for ease of reference only. 

 

	1.2.4	 Unless a contrary indication appears, words and expressions defined and construction in the Senior Facilities Agreement shall have the same meaning
when used in this Agreement. 

  

	1.2.5	 Except as expressly provided for in this Agreement, no provision of this Agreement constitutes a stipulation for the benefit of any person who is
not a Party to this Agreement. 

  

	1.3	 INCONSISTENCIES WITH OTHER DOCUMENTS 

  

	1.3.1	 Save as expressly provided to the contrary in this Agreement: 

 

	 	(a)	 if there is an inconsistency between the provisions of this Agreement (regarding subordination, permitted payments, turnover, ranking, application
of proceeds and amendments only) and any other Finance Document, Shareholders Document or any agreement constituting the Intra-Group Liabilities, this Agreement will prevail; and 

 

	 	(b)	 if there is an inconsistency between the provisions of this Agreement (regarding any provision relating to the appointment of and/or the rights
and/or obligations of the Senior Agent and/or the Security Agent) and the June 2009 Senior Facilities Agreement or the June 2009 Global Intercreditor Agreement, this Agreement will prevail. 

 

	1.4	 FINANCIAL ASSISTANCE 

For the avoidance of doubt, notwithstanding any other provision of this Agreement but without prejudice to the Transaction
Security Documents, in the case of Obligors that are members of the Holdco Group, this Agreement shall not 

  
 17 

 
operate to impose any obligation on any such Obligor which would constitute the giving of financial assistance by any person if and for so long as it would not be lawful for such financial
assistance to be given by any such Obligor. 

  
 18 

 SECTION 2: THE RELEVANT LIABILITIES 

 

	2.	 RANKING OF RELEVANT LIABILITIES 

  

	2.1	 RANKING OF RELEVANT LIABILITIES 

Except as provided in this Agreement, the Relevant Liabilities will rank for all purposes and at all times in the following
order: 
  

	2.1.1	 first, the Senior Liabilities; and 

  

	2.1.2	 second, the Shareholder Liabilities. 

  

	2.2	 RANKING OF RELEVANT LIABILITIES UNAFFECTED 

The ranking and order of priority of Relevant Liabilities listed in clause 2.1 (Ranking of Relevant
Liabilities) shall apply notwithstanding: 
  

	2.2.1	 the order of registration, notice or execution of any Transaction Security Document or other document; 

 

	2.2.2	 when any Relevant Liability is incurred; 

  

	2.2.3	 whether or when any person is obliged to advance any Relevant Liability; 

 

	2.2.4	 any fluctuation in the outstanding amount of, or any intermediate discharge of, any Relevant Liability; 

 

	2.2.5	 the creation in favour of any person, in accordance with this Agreement, of any additional Security over the undertaking, properties or assets of
the Obligors (or any of them); and 

  

	2.2.6	 any contrary provisions in any other Finance Document or any other Transaction Document. 

 

	2.3	 CLASSES OF CERTAIN LIABILITIES INTER SE: 

 

	2.3.1	 The Senior Liabilities, the Shareholder Liabilities and the Intra-Group Liabilities shall not be secured, except: 

 

	 	(a)	 to the extent secured by the Transaction Security Documents; and 

 

	 	(b)	 Intra-Group Liabilities constituted between the Project Companies to the extent permitted by the Senior Facilities Agreement; or

  

	 	(c)	 as otherwise provided for in this Agreement. 

  
 19 

	3.	 SENIOR LIABILITIES 

  

	3.1	 PAYMENTS IN RELATION TO SENIOR LIABILITIES 

The Obligors shall pay or repay the Senior Liabilities in accordance with the terms of the Finance Documents and the remaining
provisions of the Finance Documents. 
  

	3.2	 SECURITY 

The Security SPVs may take, accept or receive the benefit of any Security, guarantee, indemnity or other assurance against loss
in respect of the Senior Liabilities in addition to the Transaction Security in existence granted at or about the date of this Agreement or contemplated to be granted as provided for in the Senior Facilities Agreement (but which may not have been
granted already at or about the date of this Agreement). 
  

	3.3	 RESTRICTIONS ON ENFORCEMENT ACTION: SENIOR LIABILITIES 

 

	3.3.1	 Each of the Senior Finance Parties agrees that: 

  

	 	(a)	 the Working Capital Facility Lender shall not take, and shall not direct the Security Agent to take, any Senior Enforcement Action without the
prior written consent of the Senior Lenders; and 

  

	 	(b)	 without prejudice to the rights and obligations of the Security Agent under the Finance Documents (and until such time as the Senior Agent has
notified the Working Capital Facility Lender and the Security Agent that it is satisfied that all the Senior Liabilities in relation to the Senior Facilities Agreement have been fully discharged and all commitments of the Senior Lenders to the
Obligors have expired in accordance with the Senior Facilities Agreement), the Senior Agent, acting in accordance with the instructions of the Majority Lenders, shall have the sole and exclusive rights to instruct the Security Agent on all matters
under this Agreement and the other Finance Documents. 

  

	3.4	 If for any reason the Senior Agent or any Security SPV is not entitled to take any action or exercise any powers given to it under this Agreement
or any other Finance Document, the relevant Senior Finance Parties undertake to take any action and exercise any powers which the Senior Agent or the relevant Security SPV reasonably requires from them. The relevant Senior Finance Parties shall not
be responsible to any other Senior Finance Party for any action taken or exercise of power which the Senior Agent or Security SPV reasonably requires. 

 

	3.5	 PLATEAU INTERCREDITOR AGREEMENT 

The Parties acknowledge and agree that: 

  
 20 

	3.5.1	 the Senior Finance Parties may enter into the Plateau Intercreditor Agreement, which will regulate the rights and obligations of the Senior Finance
Parties under the Finance Documents; provided that such agreement may not be entered into without the prior consent of the Borrower (such consent not to be unreasonably withheld or delayed) if it (either originally or by way of permitted amendment
to such agreement without the consent of the Borrower): 

  

	 	(a)	 imposes new or additional obligations or Liabilities on the Obligors; or 

 

	 	(b)	 changes the basis upon which any Permitted Payments or Permitted Distributions (as defined in the Senior Facilities Agreement) are calculated
(including the timing, currency or amount of such payments) or the definition of Majority Lender (as defined in the Senior Facilities Agreement); or 

  

	 	(c)	 changes the all Senior Lender consent provisions set out in Schedule 2 to this Agreement; 

 

	3.5.2	 any person which is not a party to the Plateau Intercreditor Agreement shall have no rights or obligations under the Plateau Intercreditor
Agreement; and 

  

	3.5.3	 as between the parties to the Plateau Intercreditor Agreement, insofar as there may be a conflict between the provisions of this Agreement or any
other Finance Document, and the Plateau Intercreditor Agreement, the provisions of the Plateau Intercreditor Agreement shall, to the extent of inconsistency, prevail. 

 

	4.	 SHAREHOLDER LIABILITIES 

  

	4.1	 PROHIBITED ACTIONS: SHAREHOLDER LIABILITIES 

Subject to clause 8.2 (Exercise of rights), until after the Final Discharge Date: 

 

	4.1.1	 no member of the Borrower Group may enter into any contract or other arrangement with any Shareholder without the prior consent of the Instructing
Creditor; 

  

	4.1.2	 no Obligor will make, and each Obligor will procure that none of its Subsidiaries will make, and no Shareholder will receive, any Prohibited
Distribution in respect, or on account, of the Shareholder Liabilities; 

  

	4.1.3	 no Obligor will, and each Obligor will procure that none of its Subsidiaries will, create or permit to subsist and no Shareholder will receive, any
Security over any asset of the Borrower or any members of the Borrower Group or give or permit to subsist any guarantee in respect, or on account, of any part of the Shareholder Liabilities; 

  
 21 

	4.1.4	 no Shareholder will claim or rank as a creditor in the insolvency, winding-up, bankruptcy or liquidation of any member of the Borrower Group other
than in circumstances in which that Shareholder may otherwise permanently lose its rights to file a claim against the relevant member of the Borrower Group if a claim is not filed at that time, provided that any amount received by a Shareholder
pursuant to such claim, shall be deposited into a special single purpose proceeds account nominated for this purpose by the Security Agent (each a “Proceeds Account”) and the proceeds standing to the credit of any such
Proceeds Account shall be applied by the Security Agent in accordance with the priority of payments referred to in clause 9 (Application of Proceeds); 

 

	4.1.5	 no Obligor will, and each Obligor will procure that none of its Subsidiaries will, take or omit to take, and no Shareholder will take or omit to
take any action whereby the ranking and/or subordination contemplated by this Agreement may be impaired; 

  

	4.1.6	 no Obligor will, and each Obligor will procure that none of its Subsidiaries will, and no Shareholder will charge, assign or otherwise transfer
rights and/or obligations under any Shareholders Documents; and 

  

	4.1.7	 no Shareholder will exercise its voting rights as shareholder of any Obligor so as to permit or require any Obligor to make any Prohibited
Distribution, 

 in each case (i) other than as may be expressly permitted in the Finance Documents,
and (ii) to the extent such conduct would not or is not reasonably likely to constitute or result in a breach of any Transaction Document, without the prior written consent of the Instructing Creditor and, in the case of clause 4.1.6, provided
that simultaneously with any charge, assignment or transfer contemplated in that clause, the relevant transferee agrees to be bound by the provisions of this Agreement by entering into an Accession Agreement. 

 

	4.2	 PERMITTED PAYMENTS: SHAREHOLDER LIABILITIES 

  

	4.2.1	 Prior to the Final Discharge Date and subject to clause 4.3 (Suspension of Permitted Payments: Shareholder Liabilities),
a member of the Borrower Group may make, and a Shareholder may receive, in respect, or on account, of the Shareholder Liabilities: 

  

	 	(a)	 any payment which does not constitute a Prohibited Distribution or is otherwise in breach of any provision of this Agreement or any other Finance
Document; provided that in relation to: 

  

	 	(i)	 any payment by the Borrower to N2C Resources under the N2C Resources Shareholder Loan Agreement; or 

 

	 	(ii)	 the payment of any dividend to N2C Resources by the Borrower, such payment constitutes a Permitted Distribution; and

  
 22 

	 	 
an amount equal to the Relevant Percentage of the proceeds of that dividend payment are duly credited (on behalf of N2C Resources) to the Pelawan Dividend Trust Account. 

 

	4.2.2	 After the Final Discharge Date, all payments and repayments of principal, interest and all other amounts in respect, or on account, of the
Shareholders Liabilities shall be made in accordance with the Shareholders Documents. 

  

	4.3	 SUSPENSION OF PERMITTED PAYMENTS: SHAREHOLDER LIABILITIES 

Prior to the Final Discharge Date, no payment which would otherwise be permitted under clause 4.2 (Permitted
Payments: Shareholder Liabilities) may be made without the prior written consent of the Instructing Creditor if a Default has occurred and is continuing and if the Instructing Creditor has notified the Borrower that it is suspending the
right of the Borrower and the other members of the Borrower Group to make payments in respect, or on account, of all or part of the Shareholder Liabilities provided that after the Enforcement Date, decisions in respect of such payments will be made
by the Security Agent acting in accordance with the instructions of the Instructing Creditor and the procedures in clause 7 (Enforcement and other actions under Transaction Security Documents). 

 

	4.4	 RESTRICTIONS ON ENFORCEMENT ACTION: SHAREHOLDER LIABILITIES 

Until after the Final Discharge Date, no Shareholder may take Enforcement Action in relation to any Shareholder
Liabilities without the prior written consent of the Instructing Creditor, except in the circumstances contemplated by clause 4.1.4 (Prohibited actions: Shareholder Liabilities). 

 

	4.5	 TURNOVER: SHAREHOLDER LIABILITIES 

If at any time on or before the Final Discharge Date, any Shareholder or the Pelawan Dividend Trust receives or recovers any
Turnover Receipts, the recipient or beneficiary of that Turnover Receipt will promptly pay all amounts and other Distributions received or recovered to the Security Agent (for application in accordance with this Agreement (including under clause 9
(Application of proceeds), if applicable) and, pending that payment, will hold those amounts and other Distributions as agent for the Security Agent for application in accordance with the terms of this Agreement. 

 

	4.6	 NO REDUCTION OR DISCHARGE 

As between the Obligors and the Shareholders (each in their capacity as such), the Shareholder Liabilities will be deemed not
to have been reduced or discharged to the extent of any payment or other Distribution to the Security Agent under clause 4.5 (Turnover: Shareholder Liabilities). 

  
 23 

	4.7	 INDEMNITY 

The Borrower, Holdco and Opco (to the extent applicable and having regard to which each of these Parties is the obligor under
the relevant Shareholder Liabilities) will fully indemnify each Shareholder upon demand (up to an aggregate amount equal to the relevant Shareholder Liabilities) for the amount of any payment or other Distribution to the Security Agent under clause
4.5 (Turnover: Shareholder Liabilities) (a) for any costs, liabilities and expenses incurred and properly evidenced by the relevant Shareholder as a result of it having to make that payment and (b) to the extent that
clause 4.6 (No reduction or discharge) is held not to be effective to re-instate the amount of that payment or other Distribution as Shareholder Liabilities. 

 

	4.8	 SUBROGATION: SHAREHOLDERS 

  

	4.8.1	 Until after the Final Discharge Date, the Shareholders will not in any circumstances be subrogated to any right of the Senior Finance Parties or
any Security or guarantee arising under the Finance Documents in respect of the Shareholder Liabilities. 

  

	4.8.2	 After the Final Discharge Date, each Senior Finance Party will give such assistance to the applicable Shareholders as they may reasonably require
in exercising those rights of subrogation (including a cession of such rights), provided that each such Senior Finance Party is indemnified on demand to its reasonable satisfaction by the Shareholders against any costs, expenses and liabilities that
it incurs, and which are properly evidenced in relation to giving that assistance. 

  

	4.9	 AMENDMENTS AND TRANSFERS: SHAREHOLDERS DOCUMENTS 

Until after the Final Discharge Date, no Obligor nor any Shareholder will agree to or take any action which would: 

 

	4.9.1	 amend any Shareholders Documents which would make any principal, interest, or other Distribution or other sum payable under any Shareholders
Documents on a date earlier or more frequently than that provided in the relevant Shareholders Document at the date of this Agreement; 

  

	4.9.2	 amend any Shareholders Documents which would result in any Obligor being subject to more onerous obligations (including without limitation
financial covenants) as a whole than those existing at the date of this Agreement or which would conflict with any provision of this Agreement; 

  

	4.9.3	 charge, assign or otherwise transfer rights and/or obligations under any Shareholders Document; or 

 

	4.9.4	 refinance the Liabilities of the Borrower under the N2C Resources Shareholder Loan Agreement,

  
 24 

 
in each case, without the prior consent of the Instructing Creditor and, in the case of clause 4.9.3, provided that simultaneously with any charge, assignment or transfer contemplated in that
clause, the relevant transferee agrees to be bound by the provisions of this Agreement by entering into an Accession Agreement. 
  

	5.	 INTRA-GROUP LIABILITIES 

  

	5.1	 PROHIBITED ACTIONS: INTRA-GROUP LIABILITIES 

Subject to clause 5.2 (Permitted Payments: Intra-Group Liabilities) and clause 5.3 (Permitted Security:
Intra-Group) and 8.2 (Exercise of rights), until after the Final Discharge Date: 
  

	5.1.1	 no member of the Borrower Group may enter into any contract or other arrangement with any other member of the Borrower Group without the prior
consent of the Instructing Creditor; 

  

	5.1.2	 no member of the Borrower Group will, and each other Obligor will procure that no member of the Borrower Group will, make, and no member of the
Borrower Group will receive any Prohibited Distribution in respect, or on account, of the Intra-Group Liabilities; 

  

	5.1.3	 no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group will, create or permit to subsist, and no
member of the Borrower Group will receive from any other member of the Borrower Group, any Security over any asset of any member of the Borrower Group or give or permit to subsist any guarantee in respect, or on account, of any part of the
Intra-Group Liabilities other than under the Finance Documents; 

  

	5.1.4	 no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group will, take or omit to take, and no member
of the Borrower Group will take or omit to take, any action with respect to the applicable Intra-Group Liabilities whereby the ranking and/or subordination contemplated by this Agreement may be impaired; 

 

	5.1.5	 no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group or any of their Affiliates will, take any
action whereby any Intra-Group Liabilities are evidenced by a negotiable instrument; 

  

	5.1.6	 no member of the Borrower Group will convert and each Obligor will procure that no member of the Borrower Group or any of their Affiliates will
convert, any Intra-Group Liabilities into shares of an Obligor other than pursuant to the transactions to be implemented as the Closing Date and identified in the Implementation Agreement; and 

 

	5.1.7	 no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group or any of its Subsidiaries will, charge,

  
 25 

	 	 
assign or otherwise transfer rights and/or obligations under any Intra-Group Agreement except pursuant to any of the Transaction Security Documents, 

in each case (i) other than as may be expressly permitted in the Finance Documents, or (ii) to the extent such
conduct would not or is not reasonably likely to constitute or result in a breach of any Transaction Document, without the prior written consent of the Instructing Creditor, RPM, the Borrower and N2C Resources and, in the case of clause 5.1.7,
provided that simultaneously with any charge, assignment or transfer contemplated in that clause, the relevant chargee/transferee agrees to be bound by the provisions of this Agreement by entering into an Accession Agreement. 

 

	5.2	 Permitted Payments: Intra-Group Liabilities 

Prior to the Final Discharge Date and subject to clause 5.4 (Suspension of Permitted Payments and Security:
Intra-Group Liabilities), a member of the Borrower Group may make and a member of the Borrower Group may receive, in respect of, or on account of, Intra-Group Liabilities any payment which does not constitute a Prohibited Distribution or
is otherwise in breach of any provision of this Agreement or any other Finance Document. 
  

	5.3	 PERMITTED SECURITY: INTRA-GROUP LIABILITIES 

  

	5.3.1	 Prior to the Final Discharge Date a Project Company may create or permit to subsist, and any other Project Company may receive from any other
Project Company, any Security over any asset of any Project Company or give or permit to subsist any guarantee, on account of any part of any Intra-Group Liabilities constituted between each or any Project Company provided, in each case, there is no
recourse to any other member of the Borrower Group and provided such Security constitutes Permitted Security. 

  

	5.3.2	 Opco may create or permit to subsist, and the Borrower and Holdco may receive from Opco, a back to back counter indemnity of any Intra Group
Liabilities constituted between Opco and the Borrower or Holdco (as the case may be) in connection with any Permitted Guarantee entered into by the Borrower or Holdco (as the case may be) in favour of a third party for the obligations of Opco
pursuant to paragraph (c) of the definition of Permitted Guarantee (as defined in the Senior Facilities Agreement). 

  

	5.4	 SUSPENSION OF PERMITTED PAYMENTS AND SECURITY: INTRA-GROUP LIABILITIES 

Prior to the Final Discharge Date, no payment in respect of an Intra-Group Liability, guarantee or security which would
otherwise be permitted under clause 5.2 (Permitted Payments: Intra-Group Liabilities) or clause 5.3 (Permitted Security: Intra-Group Liabilities) may be made or created (as the case may be) without the prior
written consent of the Instructing Creditor if an Event of Default has occurred and if the Instructing Creditor has notified the Borrower that it is suspending the right of the members of the Borrower Group to make payments or

  
 26 

 
create guarantees or Security in respect of Intra-Group Liabilities (or certain of them as specified in such notice) provided that after the Enforcement Date, decisions in respect of or on
account of such payments, guarantees or Security will be made by the Security Agent (acting and the procedures in clause 7 (Enforcement and other actions under Transaction Security Documents). 

 

	5.5	 RESTRICTION ON ENFORCEMENT ACTION: INTRA-GROUP LIABILITIES 

Until after the Final Discharge Date: 
  

	5.5.1	 no member of the Borrower Group may take Enforcement Action in relation to any Intra-Group Liabilities without the prior written consent of the
Security Agent (acting on the instructions of the Instructing Creditor); and 

  

	5.5.2	 upon the occurrence of an Event of Default which is not capable of being remedied within any applicable cure period, each member of the Borrower
Group will, and the Obligors shall ensure that the relevant members of the Borrower Group will, take any Enforcement Action in relation to the Intra-Group Liabilities which the Security Agent directs it to take and, if so required by the Security
Agent, shall (to the extent the relevant member of the Holdco Group is able) amend, waive or release the Intra-Group Liabilities owed to it by other members of the Borrower Group and/or terms applicable to it in such manner and to such extent as the
Security Agent may direct. 

  

	5.6	 TURNOVER: INTRA-GROUP LIABILITIES 

If at any time on or before the Final Discharge Date, any member of the Borrower Group receives or recovers any Turnover
Receipts, the recipient or beneficiary of that Turnover Receipt will (and the Obligors shall procure that the relevant member of the Borrower Group will) promptly pay all amounts received or recovered and other Distributions received to the Security
Agent (for application in accordance with this Agreement (including under clause 9 (Application of proceeds)), if applicable and, pending that payment, will hold those amounts and other Distributions as agent for the Security
Agent for application in accordance with the terms of this Agreement. 
  

	5.7	 SUBROGATION: INTRA-GROUP CREDITORS 

  

	5.7.1	 Until after the Final Discharge Date, the members of the Borrower Group will not (and the Obligors shall procure that the relevant member of the
Borrower Group will not) in any circumstances be subrogated to any right of the Senior Finance Parties or any Security or guarantee arising under the Finance Documents. 

 

	5.7.2	 After the Final Discharge Date, each Senior Finance Party will give such assistance to the applicable members of the Borrower Group as they may
require in exercising those rights of subrogation (including a cession of such rights) provided that each such Senior Finance Party is indemnified on 

  
 27 

	 	 
demand to its reasonable satisfaction by the Borrower Group against any costs, expenses and liabilities it incurs, and which are properly evidenced in relation or giving that assistance.

  
 28 

	SECTION	 3: RANKING, ENFORCEMENT AND APPLICATION 

  

	6.	 RANKING OF SECURITY 

  

	6.1	 RANKING OF SECURITY 

All Transaction Security is given to the Security SPV’s directly or indirectly for the obligations of the Borrower under
the Finance Documents and all proceeds from enforcement of the Transaction Security will, for all purposes and at all times be applied by the relevant Security SPV (or the Security Agent on its behalf) towards the claims of the Senior Finance
Parties under the Opco Security SPV Guarantee or the Plateau Security SPV Guarantee, as the case may be, pari passu and pro rata to each Senior Finance Party in the proportion to which each Senior Finance Party’s share of the Senior
Liabilities bears to all the Senior Liabilities then unpaid and outstanding. 
  

	6.2	 RANKING OF RELEVANT LIABILITIES UNAFFECTED 

The ranking and order of priority of the Transaction Security listed in clause 6.1 (Ranking of Security)
shall apply notwithstanding: 
  

	6.2.1	 the order of registration, notice or execution of any Transaction Security Document or other document; 

 

	6.2.2	 when any Relevant Liability is incurred; 

  

	6.2.3	 whether or when a Creditor is obliged to advance any Liability; 

 

	6.2.4	 any fluctuation in the outstanding amount of, or any intermediate discharge of, any Relevant Liability; 

 

	6.2.5	 the creation in favour of any Creditor, in accordance with this Agreement, of any additional Security over the undertaking, properties or assets of
the Obligors (or any of them) or any perfection or attachment proceedings in relation to any asset or assets which is or are (as the case may be) expressed to be subject to any Transaction Security Document; or 

 

	6.2.6	 any contrary provisions in any Finance Document or any Subordinated Document. 

 

	7.	 ENFORCEMENT AND OTHER ACTIONS UNDER TRANSACTION SECURITY DOCUMENTS 

 

	7.1	 INSTRUCTIONS TO A SECURITY SPV 

  

	7.1.1	 Each of the Parties agree that, without prejudice to the rights and obligations of the Plateau Security SPV or the Opco Security SPV under

  
 29 

	 	 
the Finance Documents and unless not legally possible, the Security Agent shall have the sole and exclusive right to make claims against the Plateau Security SPV and the Opco Security SPV under
the Plateau Security SPV Debt Guarantee and the Opco Security SPV Debt Guarantee, respectively, on behalf of the relevant Secured Parties, to instruct the Plateau Security SPV and/or the Opco Security SPV (as the case may be) to exercise any or all
of the remedies or any of its rights, powers, authorities or discretions granted in the Finance Documents, and/or to commence, pursue, conclude or settle any legal proceedings against the Borrower, any other Obligor or any other security provider in
any applicable jurisdiction on behalf of the Secured Parties or any of them in connection with the Finance Documents. 

  

	7.1.2	 Each Security SPV shall comply with the instructions of the Security Agent as referred to in clause 7.1.1 above as to the enforcement by it of any
or all of the Transaction Security or of any other remedies or the exercise by it of any of its rights, powers, authorities or discretions or the performance of any of its duties, obligations and responsibilities under any of the Finance Documents.

  

	7.1.3	 Each Security SPV shall refrain from enforcing the Transaction Security unless otherwise directed to do so by the Security Agent.

  

	7.1.4	 The Security Agent in instructing the Plateau Security SPV or the Opco Security SPV (as applicable) pursuant to clause 7.1.1 and 7.1.2 above shall
act on the instructions of the relevant Parties as referred to in clause 3.3 (Restrictions on Enforcement Action: Senior Liabilities), clause 7.4 (Action on or before the Final Discharge Date) and
clause 7.5 (Action after the Final Discharge Date). 

  

	7.2	 SECURITY SPV’S MAY SEEK INSTRUCTIONS 

A Security SPV shall at any time be entitled (but not obliged) to request instructions from the Security Agent as to the manner
of enforcement by it of ail or any of the Transaction Security or of any other remedies or the exercise by it of any of its rights, powers, authorities or discretions or the performance of any of its duties, obligations and responsibilities under
any of the Finance Documents. 
  

	7.3	 INSTRUCTIONS TO SECURITY SPV’S TO BE BINDING 

Any instruction given to a Security SPV by the Security Agent, under and in accordance with this Agreement shall be binding
upon each Obligor to the extent it is not given in breach of any provision of the Finance Documents. 
  

	7.4	 ACTION ON OR BEFORE THE FINAL DISCHARGE DATE 

Subject to any contrary provisions in this Agreement, until after the Final Discharge Date, the Security Agent shall exercise
any right, power, authority or discretion vested in it as Security Agent and take Enforcement Action in relation 

  
 30 

 
to the Finance Documents and the Transaction Security Documents in accordance with instructions of the Instructing Creditor. 

 

	7.5	 ACTION AFTER THE SENIOR DISCHARGE DATE 

After the Final Discharge Date, the Security Agent shall exercise any right, power, authority or discretion vested in it as
Security Agent and take Enforcement Action in relation to the Transaction Security Documents in accordance with the instructions of N2C Resources which shall override any conflicting instructions given by or on behalf of any other Party. 

 

	7.6	 EXEMPTION 

  

	7.6.1	 No Senior Finance Party shall be responsible to any other Party for any instructions given or not given to the Security Agent in relation to the
Transaction Security Documents, provided in each case they act in good faith and in accordance with their obligations under the Finance Documents. 

  

	7.6.2	 Any instructions given in accordance with clause 7.4 (Action on or before the Final Discharge Date) shall be binding on all
the Creditors provided that the Security Agent is not authorised to act on behalf of a Senior Finance Party or any Shareholder (without first obtaining that person’s consent) in any legal, insolvency or arbitration proceedings relating to any
Finance Document, any Shareholders Document or this Agreement. 

  

	7.6.3	 Subject to any mandatory provisions of law, none of the Security Agent and the Senior Finance Parties shall be responsible to any other Party, for
(a) any or any order or manner or particular time of Enforcement Action (unless such Enforcement Action is taken contrary to the terms of this Agreement), (b) failure to take Enforcement Action, or (c) failure to maximise the proceeds
of any Enforcement Action, and any of the Security Agent or any other Party (as applicable) may cease any such Enforcement Action at any time. 

  

	7.6.4	 In the absence of, or while awaiting, instructions from the Senior Agent or other Party (as applicable under this clause 7), (including
in exceptional circumstances where time does not permit any agent obtaining instructions from the Senior Agent or other relevant Party and urgent action is required) the Security Agent may act (or refrain from taking action) as it considers to be in
the best interest of the Senior Finance Parties in accordance with their priorities. 

  
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	7.7	 AUTHORITY OF SECURITY AGENT 

  

	7.7.1	 If in connection with any Enforcement Action: 

  

	 	(a)	 the Security Agent sells or otherwise disposes of (or proposes to sell or otherwise dispose of) any asset under any Transaction Security Document;
or 

  

	 	(b)	 the Borrower, any Obligor or any other member of the Borrower Group sells or otherwise disposes of (or proposes to sell or otherwise dispose of)
any asset at the request or direction of the Security Agent, 

  

	 	 the Security Agent may, at the cost and expense of the Obligors, and is irrevocably hereby authorised by each Creditor to release in any manner
whatsoever any Transaction Security created or purported to be created over the relevant asset. 

  

	7.7.2	 Each Creditor hereby irrevocably authorises the Security Agent to release in any manner whatsoever any Security and any guarantee upon the sale or
disposal of any asset (including shares) otherwise than pursuant to an Enforcement Action provided that such sale or disposal is in compliance with the terms of the Finance Documents (including as a result of any Consent in accordance with any
Finance Document) and such release is a condition of the terms of such sale or disposal or is otherwise necessary in order for such sale or disposal to be completed. 

 

	7.7.3	 Each Party acknowledges and agrees to the provisions of clause 35.2 (Exceptions) of the Senior Facilities Agreement and any
equivalent provision in any of the Transaction Security Documents. 

  

	7.7.4	 Each Creditor hereby undertakes in favour of the Security Agent to promptly execute any releases or other documents and take any action which the
Security Agent may reasonably require in order to facilitate or to give effect to any Enforcement Action permitted under this Agreement. 

  

	7.7.5	 The release of any Obligor or member of the Borrower Group as contemplated in clauses 7.7.1 to 7.7.3 will not affect or otherwise reduce the
obligations and/or liabilities of any other Obligor or member of the Borrower Group to the relevant Creditors. 

  

	7.8	 ALL ENFORCEMENT ACTION THROUGH THE SECURITY AGENT 

Without the prior written consent of the Security Agent, no Party shall have any independent power to make claims against the
Opco Security SPV or the Plateau Security SPV under the Opco Security SPV Debt Guarantee or Plateau Security SPV Debt Guarantee or to enforce any of the Transaction Security Documents, or to exercise any rights, discretions or powers or to grant any
consents or releases under or pursuant to any such Transaction Security Documents or otherwise 

  
 32 

 
have direct recourse to the Secured Assets and/or guarantees constituted by any of such Transaction Security Documents, except through the Security Agent. 

 

	8.	 SUBORDINATION ON INSOLVENCY 

  

	8.1	 SUBORDINATION 

  

	8.1.1	 At any time on or before the Final Discharge Date, upon the occurrence of an Insolvency Event that has occurred to or in respect of any Obligor,
then in connection with the Shareholder Liabilities: 

  

	 	(a)	 claims against the relevant Obligor will be subordinate in right of payment to the claims against such Obligor in respect of the Senior Liabilities
and the Shareholder Liabilities shall rank in the order of priority set out in clause 2.1 (Ranking of Relevant Liabilities); 

  

	 	(b)	 no Shareholder shall, unless otherwise directed by the Instructing Creditor or as permitted by clause 8.1.2, prove for the Shareholder Liabilities
until the Senior Liabilities have first been paid or discharged in full (and for all purposes any Distribution received by the Senior Finance Parties shall only be taken to discharge the Senior Liabilities to the extent of the actual amount received
by the Senior Finance Parties); and 

  

	 	(c)	 if any Shareholder is directed by the Instructing Creditor to prove for the Shareholder Liabilities then it shall act in accordance with such
directions and shall procure (including, without limitation, the granting of a power of attorney) that any resultant Distributions shall be made by the liquidator of the relevant Obligor, or any other person making the Distribution, to the Senior
Agent to the extent necessary to repay all the Senior Liabilities in full. 

  

	8.1.2	 A Shareholder shall be entitled to prove claims in relation to Shareholder Liabilities, which would otherwise be prohibited by the provisions of
this clause 8.1 (Subordination) in circumstances in which such Shareholder may otherwise permanently lose its right to file a claim against the relevant member of the Borrower Group if a claim is not filed at that time, provided that any
amount received by such Shareholder pursuant to such a claim, shall be deposited into a special single purpose proceeds account held in the name of the relevant recovering Creditor nominated for this purpose by the Security Agent (a
“Proceeds Account”) and the proceeds standing to the credit of any such Proceeds Account shall be applied by or on the instructions of the Security Agent in accordance with the provisions of clause 9 (Application of
Proceeds). 

  

	8.2	 EXERCISE OF RIGHTS 

  

	8.2.1	 Without prejudice to the rest of clause 8.2, on or after the occurrence of an Event of Default that is not capable of being remedied or has not
been 

  
 33 

	 	 
remedied within any applicable cure period in the relevant Finance Document, the Security Agent is irrevocably authorised by the Shareholders, on their behalf to: 

 

	 	(a)	 receive Distributions of any kind whatsoever in respect, or on account, of, 

 

	 	(b)	 the Shareholder Liabilities due from any Obligor. 

  

	8.2.2	 Upon the occurrence of any Insolvency Event that has occurred to or in respect of the Borrower, the Security Agent is irrevocably authorised by the
Shareholders on their behalf to: 

  

	 	(a)	 take any Enforcement Action in accordance with this Agreement in relation to demand, claim, enforce, prove and give receipt for;

  

	 	(b)	 file claims and proofs, give receipts and take all proceedings and do all things which the Security Agent considers reasonably necessary to
recover; and 

  

	 	(c)	 collect and receive Distributions of any kind whatsoever in respect, or on account, of, 

 

	 	 the Shareholder Liabilities due from the Borrower. 

  

	8.2.3	 Upon the occurrence of any Insolvency Event that has occurred to or in respect of Holdco or Opco, the Security Agent subject to the restrictions
referred to in clauses 4 (Shareholder Liabilities) and 5 (Intra-Group Liabilities) is irrevocably authorised by the Shareholders on their behalf to: 

 

	 	(a)	 take any Enforcement Action in accordance with this Agreement in relation to; 

 

	 	(b)	 demand, claim, enforce, prove and give receipt for; 

  

	 	(c)	 file claims and proofs, give receipt and take all proceedings and do all things which the Security Agent considers reasonably necessary to recover;
and 

  

	 	(d)	 collect and receive Distributions of any kind whatsoever in respect, or on account, of, 

 

	 	 the Shareholder Liabilities. 

  

	8.2.4	 If, for any reason whatsoever, the Security Agent is not entitled or elects not to take any such action mentioned in clause 8.2 (Exercise
of rights) above, the relevant Shareholder(s) shall do so promptly on the request by the Security Agent. 

  
 34 

	8.2.5	 Where a Shareholder is prohibited from proving for any Shareholder Liabilities under clauses 8.1 and such prohibition would result in that
Shareholder permanently losing its right to file a claim and prove for the relevant Liabilities if such action is not taken at that time, the relevant Shareholder may (subject to the rights of the Security Agent under clause 8.2 (Exercise
of rights)) file a claim and prove for such Liabilities to the extent necessary to prevent that Shareholder permanently losing the right to prove for any such Shareholder Liabilities provided, in each case, that any amounts received by
the relevant Shareholder as a result of or pursuant to such action shall be treated in accordance with clause 4.5 (Turnover: Shareholder Liabilities), and 4.1 (Prohibited actions: Shareholders Liabilities)
(as the case may be). 

  

	9.	 APPLICATION OF PROCEEDS 

  

	9.1	 APPLICATION (OPCO SECURITY SPV SECURITY) 

All proceeds of enforcement of the Opco Security SPV Counter Indemnity Agreements, Opco Security SPV Security and all amounts
paid to the Security Agent under this Agreement in relation to such proceeds shall be applied in the following order and in each case pro rata to outstanding amounts owing: 
  

	9.1.1	 first, in payment of unpaid fees, costs and expenses and Liabilities (including interest on them recoverable under any Finance Documents)
incurred by or on behalf of the Security Agent and the Opco Security SPV (and any receiver, attorney, adviser, delegate or agent appointed by them or either of them) and the remuneration of the Security Agent and the Opco Security SPV and their
respective advisers, attorneys, delegates and agents under the above-mentioned agreements; 

  

	9.1.2	 second, in payment of unpaid costs and expenses incurred by or on behalf of the Senior Finance Parties in connection with the enforcement of
the Finance Documents; 

  

	9.1.3	 third, in payment to the Security Agent for application, pro rata and pari passu towards unpaid and outstanding Senior Liabilities to
the Senior Finance Parties, in the proportion which each Senior Finance Party’s share of the Senior Liabilities then unpaid and outstanding bears to all the Senior Liabilities then unpaid and outstanding, and until the Senior Liabilities are
reduced to zero; and 

  

	9.1.4	 fourth, in payment of the surplus (if any) to the Opco Security SPV Obligor(s) or other person(s) entitled to it, 

and pending that application shall be held by the Security Agent as agent for the beneficiaries entitled to it. No such
proceeds or amounts shall be applied in payment of any amounts specified in any of the paragraphs in this clause 9.1 until all amounts specified in any earlier paragraph have been paid. 

  
 35 

	9.2	 APPLICATION (PLATEAU SECURITY SPV SECURITY) 

All proceeds of enforcement of the Plateau Security SPV Security and all amounts paid to the Security Agent under this
Agreement in relation to such proceeds shall be applied in the following order and in each case pro rata to outstanding amounts owing: 
  

	9.2.1	 first, in payment of unpaid fees, costs and expenses and Liabilities (including interest on them recoverable any Finance Documents) incurred
by or on behalf of the Security Agent and the Plateau Security SPV (and any receiver, attorney, adviser, delegate or agent appointed by them or either of them) and the remuneration of the Security Agent and the Plateau Security SPV and their
respective advisers, attorneys, delegates and agents under the above-mentioned agreements; 

  

	9.2.2	 second, in payment of unpaid costs and expenses incurred by or on behalf of the Senior Finance Parties in connection with the enforcement of
the Finance Documents; 

  

	9.2.3	 third, in payment to the Security Agent for application towards unpaid and outstanding Senior Liabilities to the Senior Finance Parties, in
the proportion which each Senior Finance Party’s share of the Senior Liabilities then unpaid and outstanding bears to all the Senior Liabilities then unpaid and outstanding, and until the Senior Liabilities are reduced to zero; and

  

	9.2.4	 fourth, in payment of the surplus (if any) to the Plateau Security SPV Obligor(s) or other person(s) entitled to it. 

 

	9.3	 APPLICATION (RELEVANT LIABILITIES) 

All amounts paid to the Security Agent under this Agreement in relation to the Relevant Liabilities (whether under the turnover
provisions or otherwise) shall be applied by the Security Agent in the order of priority and in each case pro rata to the outstanding amounts owing, as set out in clause 2.1 (Ranking of Relevant Liabilities). 

 

	10.	 SUBORDINATION PROTECTIONS 

  

	10.1	 CONTINUING SUBORDINATION 

The subordination and priority provisions in this Agreement constitute a continuing subordination and benefit and in favour of
the Senior Finance Parties which shall extend to the ultimate balance of the Senior Liabilities regardless of any intermediate payment or discharge of the Senior Liabilities in whole or in part. 

  
 36 

	10.2	 AVOIDANCE OF PAYMENTS 

If any payment by an Obligor or any release given by the Security Agent or either Security SPV (whether in respect of debts or
any Security for them or otherwise) is avoided or reduced as a result of insolvency, business rescue or any similar event: 
  

	10.2.1	 the liability of each Obligor under this Agreement will continue as if the payment, release, avoidance or reduction had not occurred; and

  

	10.2.2	 the Security Agent or the relevant Security SPV (as applicable) will be entitled to recover the value or amount of that security or payment from
each Obligor, as if the payment, release, avoidance or reduction had not occurred. 

  

	10.3	 WAIVER OF DEFENCES 

The subordination and priority provisions in this Agreement will not be affected by any act, omission, matter or thing which,
but for this clause 10, would reduce or release the Parties from their obligations or otherwise prejudice such Parties’ obligations under this Agreement (without limitation whether or not known to it or any other Party) or otherwise affect
those subordination and priority provisions, including: 
  

	10.3.1	 any time, waiver or consent granted to, or composition with, any Party or other person; 

 

	10.3.2	 the release of a Party or any other person; 

  

	10.3.3	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or
Security over assets of, any Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any Transaction Security;

  

	10.3.4	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Party or any other
person; 

  

	10.3.5	 any amendment, supplement, novation, extension (whether of maturity or otherwise) or restatement (in each case however fundamental and of
whatsoever nature) or replacement of a Finance Document, a Subordinated Document or any other document or Transaction Security; 

  

	10.3.6	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document, any Subordinated Document or any other
document or Transaction Security; or 

  
 37 

	10.3.7	 any insolvency, business rescue or similar proceedings. 

 

	10.4	 APPROPRIATIONS 

  

	10.4.1	 On or before the Final Discharge Date, each Senior Finance Party (or any agent on its behalf) may: 

 

	 	(a)	 refrain from enforcing Transaction Security or rights held or received by it (or any agent on its behalf) in respect of the Senior Liabilities, or
apply any moneys or other assets received or recovered by it under this Agreement or from any person against its Senior Liabilities in any order or manner it thinks fit; and 

 

	 	(b)	 hold in an interest-bearing suspense account any moneys or other assets received from any person, unless or until such moneys or other assets
received or recovered by it under the relevant Finance Documents or under this Agreement in aggregate are sufficient to bring about the Final Discharge Date provided that when the amount of moneys received in respect of Senior Liabilities are
sufficient to bring about the Final Discharge Date, that amount shall be applied against the Senior Liabilities. 

  

	11.	 PRESERVATION OF CONTROLLED LIABILITIES 

  

	11.1	 Notwithstanding any term of this Agreement postponing, subordinating or preventing the payment of all or any part of the Controlled Liabilities,
the relevant Controlled Liabilities shall, as between the Obligors and the Controlled Creditors, be deemed to remain owing or due and payable (and interest, default interest or indemnity payments shall continue to accrue) in accordance with the
relevant Finance Documents or Subordinated Documents (as applicable). 

  

	11.2	 No failure on the part of any Controlled Creditor to exercise, nor any delay in exercising, any right or remedy under any relevant Finance
Document, or any Subordinated Document (as applicable) by reason of any term of this Agreement postponing, restricting or preventing such exercise shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any
further or other exercise or the exercise of any other right or remedy by any Controlled Creditor. 

  

	12.	 NO LIABILITY 

  

	12.1	 No Senior Finance Party will be liable to any Controlled Creditor for: 

 

	12.1.1	 the manner of exercise or any non-exercise of its rights, remedies, powers, authorities or discretions under this Agreement (unless such liability
is directly caused by its gross negligence, wilful default or fraud); or 

  
 38 

	12.1.2	 any failure to collect or preserve any Controlled Liabilities or delay in doing so. 

  
 39 

 SECTION 4: STATUS, REPRESENTATIONS AND UNDERTAKINGS 

 

	13.	 STATUS OF OBLIGORS AND CONTROLLED CREDITORS 

Each Controlled Creditor, each Obligor and the Pelawan Dividend Trust is a Party to this Agreement in order to acknowledge the
priorities, rights and obligations set out in this Agreement and undertakes not to take or agree to take any action which may prejudice or affect the enforcement of the provisions of this Agreement or do anything which would be inconsistent with any
provision of this Agreement. 
  

	14.	 AMENDMENTS, CONSENTS AND OVERRIDE 

  

	14.1	 CHANGES TO THIS AGREEMENT 

  

	14.1.1	 The provisions of this Agreement may not be amended or waived except by written agreement between the Senior Agent, the Borrower, N2C Resources and
RPM. Any such agreement shall be entered into by such Parties in accordance with the terms of the relevant Finance Documents, including terms in respect of consents required from the relevant Creditors. No consent of any Obligor or Shareholders or
other members of the Group is required for any such amendment or waiver unless, but subject to clause 14.2, it alters their obligations under this Agreement or the provisions relating to any payments permitted to be made by or to them under this
Agreement. 

  

	14.1.2	 The subordination provisions in clause 8.1 (Subordination) are exclusively for the benefit of the Senior Finance Parties and
may be amended or waived by the Senior Finance Parties in accordance with the terms of the relevant Finance Documents including terms in respect of consents required from the relevant Creditors. 

 

	14.1.3	 If the amendment or waiver may impose new or additional obligations on or withdraw or reduce the rights of any Party, the consent of that Party is
required. 

  

	14.1.4	 An amendment or waiver which relates to the rights or obligations of the Senior Agent, either Security SPV or the Security Agent may not be
affected without the consent of the Senior Agent, the relevant Security SPV or the Security Agent (as applicable). 

  

	14.1.5	 Any amendment or waiver given in accordance with this clause 14.1 will be binding on all parties and the Security Agent may effect, on behalf of
the Senior Agent, Security SPV or any Creditor, any amendment or waiver permitted by this clause 14.1. 

  
 40 

	14.2	 CONSENTS UNDER TRANSACTION SECURITY DOCUMENTS 

Unless the provisions of any Finance Document expressly provide otherwise, the Security Agent may, if authorised by the
Instructing Creditor give or agree a Consent under any of the Transaction Security Documents which shall be binding on each Party, except that the prior consent of the Senior Agent and the Borrower and RPM is required to authorise any amendment of
any Transaction Security Document which would affect the nature or the scope of the Secured Assets or the manner in which proceeds of enforcement are distributed. The Instructing Creditor shall, prior to giving such authorisation, consult with RPM
in order to ensure that RPM shall not be prejudiced by the granting of such authorisation in relation to the relevant Consent. 
  

	14.3	 NO OBJECTIONS 

No Controlled Creditor or Obligor shall have any claim or remedy against any of: 

 

	14.3.1	 the Senior Finance Parties by reason of (a) any transaction entered into between any Senior Finance Party or and any member of the Borrower
Group, (b) any Consent or (c) any requirement or condition imposed by or on behalf of any Senior Finance Party under any Finance Document or any other agreement; or 

 

	14.3.2	 RPM by reason of (a) any transaction entered into between RPM and any member of the Borrower Group, (b) any Consent or (c) any
requirement or condition imposed by or on behalf of RPM under any agreement, 

 which breaches or causes a
default, an event of default or potential event of default (however described) under any Finance Document or any Subordinated Document, unless entered into in breach of, or contrary to the terms of, this Agreement. 

 

	14.4	 REPRESENTATIONS AND WARRANTIES 

Each Controlled Creditor represents and warrants to each Senior Finance Party that: 

 

	14.4.1	 it is duly incorporated (if a body corporate) and validly existing under the law of its jurisdiction of incorporation; 

 

	14.4.2	 subject to the Legal Reservations, the obligations expressed to be assumed by it under this Agreement are legal, valid, binding and enforceable
obligations; 

  

	14.4.3	 the entry into, and performance by it of the terms of, this Agreement do not and will not conflict with: 

  
 41 

	 	(a)	 any law or regulation applicable to it; 

  

	 	(b)	 its Constitutional Documents; or 

  

	 	(c)	 any agreement or instrument binding upon it or any of its assets; 

 

	14.4.4	 it has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of,
this Agreement and the transactions contemplated by this Agreement; 

  

	14.4.5	 all Authorisations required or desirable to make this Agreement admissible in evidence in the courts of South Africa and in the jurisdiction in
which it is incorporated have been obtained or effected and are in full force and effect; and 

  

	14.4.6	 the Subordinated Documents delivered to the Senior Agent pursuant to fulfilment of the conditions to utilisation under the Senior Facilities
Agreement prior to the Closing Date contain all the terms and conditions of the Controlled Liabilities. 

  

	15.	 INFORMATION AND OTHER UNDERTAKINGS 

  

	15.1	 DEFAULTS 

  

	15.1.1	 Each Party will notify the Senior Agent of any Default, Event of Default, Senior Declared Default or breach of the provisions of this Agreement
promptly upon that Party becoming aware of that Default, Event of Default or Senior Declared Default or breach, 

  

	15.1.2	 The Senior Agent will notify the Parent of any formal request for instruction issued by it to the Senior Lenders or any other Senior Finance Party
in connection with the Senior Agent exercising its rights under clause 23.20 (Acceleration) of the Senior Facilities Agreement to declare any loans due and payable (on demand or otherwise) or to exercise or direct the Security
Agent and/or any Security SPV to sell any assets under the Transaction Security pursuant to any Enforcement Action and shall provide the Parent with a copy of that formal request if so requested by either such Party. Failure by the Senior Agent to
give such notice to either Party shall not affect the efficacy of any subsequent instruction given by the Senior Lenders or any other Senior Finance Party. 

  

	15.2	 WAIVER OF DEFAULTS 

Upon the waiver or remedy of an event of default or breach (however so called) under any Transaction Document, the Controlled
Creditors will promptly notify the Senior Agent in writing of that waiver or remedy. 

  
 42 

	15.3	 AMOUNT OF LIABILITIES 

Each of the Senior Agent, the Shareholders and the Intra-Group Creditors will on request by any of the others or the Security
Agent from time to time notify the others and the Security Agent of details of the amount of outstanding Senior Liabilities, its outstanding Shareholder Liabilities or its Intra-Group Liabilities respectively. 

 

	15.4	 OTHER INFORMATION 

Each Obligor authorises each Senior Finance Party to disclose to each other Senior Finance Party all information relating to
it, any of its Subsidiaries or the Shareholders and the Borrower Group as a whole or any Shareholder or any member of the Borrower Group coming into the possession of that Senior Finance Party in connection with any Finance Document, or Subordinated
Document (including the respective amounts of any Liabilities outstanding from time to time). 
  

	15.5	 CO-OPERATION 

Each Party undertakes to use all reasonable endeavours to ensure that any and all Security now or in the future held or
obtained from any member of the Borrower Group or any Shareholder in relation to the Senior Liabilities shall be constituted by the Transaction Security Documents and granted to the Plateau Security SPV or the Opco Security SPV (as applicable) for
the ultimate benefit of the Senior Finance Parties in accordance with, and to the extent of, their respective priority entitlements set out in this Agreement and that the enforcement of such Security and the disposal and the proceeds thereof is made
subject to the entitlements set out in this Agreement. If for any reason it is not possible for any such Security to be granted to the Plateau Security SPV or the Opco Security SPV (as applicable) in that way, the Parties shall procure that any
alternative holder of Security shall, as a condition precedent to its accepting any such Security, adhere to this Agreement by accepting obligations, with all necessary changes, identical in all material respects to those incumbent on the Plateau
Security SPV or the Opco Security SPV (as the case may be) under this Agreement. 
  

	15.6	 REGISTRATION AND NOTICE 

The Parties will co-operate with each other with a view to reflecting the priority of the Transaction Security in any register
or with any filing or registration authority and in giving written notice to any person of any of the Transaction Security. 
  

	15.7	 CONSULTATION 

The Security Agent shall, so far as practicable in the circumstances, consult with the Senior Agent: 

  
 43 

	15.7.1	 before taking any formal steps to exercise any remedy against any member of the Borrower Group or taking other Enforcement Action; and

  

	15.7.2	 generally with regard to significant matters affecting the rights of the Parties as regulated by this Agreement, 

but nothing in this clause 15.7 or elsewhere in this Agreement will, as a result of any failure to consult, invalidate or
otherwise affect any action or step taken without any such consultation. 
  

	15.8	 RANKING OVERSEAS 

Each Party undertakes to use all reasonable endeavours to ensure that the provisions of this Agreement as to the relative
ranking of priorities and subordination as between the Parties shall be given effect to in all relevant jurisdictions. 
  

	15.9	 OBLIGORS’ AGENT 

The Parent and N2C Resources acknowledge the appointment of the Borrower as their agent pursuant to clause 2.3
(Obligors’ Agent) of the Senior Facilities Agreement and the terms of that clause are incorporated in this Agreement mutatis mutandis. 
  

	15.10	 HOLDING COMPANIES 

  

	15.10.1	 The Borrower shall not (and the Shareholders shall procure that the Borrower shall not) trade, carry on any business, own any assets or incur any
liabilities except for: 

  

	 	(a)	 the provision of administrative services (excluding treasury services) to members of the Holdco Group of a type customarily provided by a holding
company to its Subsidiaries; 

  

	 	(b)	 ownership of shares in its direct Subsidiaries, intra-Group debit balances, intra-Group credit balances and other credit balances in bank accounts,
cash and Cash Equivalent Investments but only if those shares, credit balances, cash and Cash Equivalent Investments are subject to the Transaction Security (in form and substance satisfactory to the Security Agent); and 

 

	 	(c)	 any liabilities under the Transaction Documents to which it is a party and professional fees and administration costs in the ordinary course of
business as a holding company. 

  

	15.10.2	 Holdco shall not (and RPM, the Borrower, and the Shareholders shall procure that Holdco shall not) trade, carry on any business, own any assets or
incur any liabilities except for: 

  
 44 

	 	(a)	 the provision of administrative services (excluding treasury services) to other members of the Holdco Group of a type customarily provided by a
holding company to its Subsidiaries; 

  

	 	(b)	 ownership of shares in its direct Subsidiaries, intra-Group debit balances, intra-Group credit balances and other credit balances in bank accounts,
cash and Cash Equivalent Investments but only if those shares (other than shares in the capital of each Project Company), credit balances, cash and Cash Equivalent Investments are subject to the Transaction Security (in form and substance
satisfactory to the Security Agent); and 

  

	 	(c)	 any liabilities under the Transaction Documents to which it is a party and professional fees and administration costs in the ordinary course of
business as a holding company. 

 SECTION 5: FINANCE PARTIES 

 

	15.11	 APPOINTMENT OF THE SENIOR AGENT AND DUTIES OF THE SENIOR AGENT 

 

	15.11.1	 It is recorded that the Senior Lenders have appointed the Senior Agent in terms of the Senior Facilities Agreement to act as agent on their behalf.

  

	15.11.2	 The Working Capital Facility Lender hereby appoints the Senior Agent to act as its agent under and in connection with the Finance Documents and, to
the extent applicable, the Transaction Security. 

  

	15.11.3	 The Working Capital Facility Lender hereby authorises the Senior Agent: 

 

	 	(a)	 to exercise the rights, powers, authorities and discretions specifically given to it under or in connection with the Finance Documents and the
Transaction Security, together with any other incidental rights, powers, authorities and discretions; 

  

	 	(b)	 to execute on behalf of the Working Capital Facility Lender, each of the Finance Documents and all other documents that may be approved by the
Working Capital Facility Lender for execution by the Senior Agent; and 

  

	 	(c)	 to appoint the Security Agent on its behalf, in order to perform the functions of Security Agent as contemplated by this Agreement.

  

	15.11.4	 The Working Capital Facility Lender acknowledges and agrees that it shall be bound by the actions of the Senior Agent under the Finance Documents.

  
 45 

	16.	 ATTORNEY 

  

	16.1	 SECURITY AGENT 

Each Controlled Creditor and each Obligor irrevocably and by way of security appoints the Security Agent as its attorney (with
full power of substitution and delegation) in its name and on its behalf to do anything which it has authorised the Security Agent to do under this Agreement or any other Finance Document and/or is obliged to do under this Agreement or any other
Finance Document but has failed to do after receiving reasonable notice from the Security Agent provided that no such notice is required if, in the reasonable opinion of the Security Agent, prompt or immediate action is required or desirable to
exercise such power. 
  

	16.2	 RATIFICATION 

Each Controlled Creditor and each Obligor ratifies and confirms and agrees to ratify and confirm whatever any such attorney
shall do in the proper exercise or purported exercise of the power of attorney granted by it in this clause 16. 
  

	17.	 SECURITY AGENT 

  

	17.1	 APPOINTMENT OF THE SECURITY AGENT 

  

	17.1.1	 Each Secured Party appoints the Security Agent to act as security agent under and in connection with the Finance Documents, the Transaction
Security and this Agreement in relation to any Security. 

  

	17.1.2	 Each Secured Party authorises the Security Agent to exercise the rights, powers, authorities and discretions specifically given to it under or in
connection with the Finance Documents, the Transaction Security and this Agreement together with any other incidental rights, powers, authorities and discretions. 

 

	17.2	 DUTIES OF THE SECURITY AGENT 

  

	17.2.1	 Each relevant Secured Party shall promptly send to the Security Agent such certification as the Security Agent may reasonably require pursuant to
clause 19.4 (Basis of distribution). 

  

	17.2.2	 The duties of the Security Agent under the Finance Documents, the Transaction Security and this Agreement are solely mechanical and administrative
in nature. 

  

	17.3	 ROLE OF THE SECURITY AGENT 

The Security Agent shall not be an agent or trustee of any Secured Party (save in each case as expressly provided in any
Finance Document) or any Obligor or any 

  
 46 

 
other person under or in connection with any Finance Document, the Transaction Security or this Agreement. 
  

	17.4	 NO FIDUCIARY DUTIES 

  

	17.4.1	 Nothing in this Agreement constitutes the Security Agent as an agent, trustee or fiduciary of any other person. 

 

	17.4.2	 The Security Agent (in its capacity as such) shall not be bound to account to any Secured Party for any sum or the profit element of any sum
contracted to be received by it in terms of the Finance Documents for its own account. 

  

	17.5	 BUSINESS WITH THE GROUP 

The Security Agent, to the extent applicable, may accept deposits from, lend money to and generally engage in any kind of
banking or other business with any member of the Borrower Group or any other person. 
  

	17.6	 RIGHTS AND DISCRETIONS OF THE SECURITY AGENT 

  

	17.6.1	 The Security Agent may rely on: 

  

	 	(a)	 any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

 

	 	(b)	 any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within
his knowledge or within his power to verify. 

  

	17.6.2	 The Security Agent may assume (unless it has received notice to the contrary in its capacity as security agent or Security Agent for the Secured
Parties) that: 

  

	 	(a)	 no default, event of default or potential event of default, however described, has occurred under a Finance Document; 

 

	 	(b)	 any right, power, authority or discretion vested in any Party or any group of Creditors or the Senior Finance Parties has not been exercised; and

  

	 	(c)	 any notice or request made by the Borrower is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	17.6.3	 The Security Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.

  

	17.6.4	 The Security Agent may act in relation to the Finance Documents, the Transaction Documents, the Transaction Security and this Agreement through its
personnel and agents. 

  
 47 

	17.6.5	 The Security Agent may disclose to any other Party any information it reasonably believes it has received as security agent under this Agreement
and/or the Finance Documents. 

  

	17.6.6	 Notwithstanding any other provision of any Finance Document, the Transaction Security or this Agreement to the contrary, the Security Agent is not
obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation, or a breach of a fiduciary duty or duty of confidentiality. 

 

	17.7	 RESPONSIBILITY FOR DOCUMENTATION 

The Security Agent is not responsible for: 
  

	17.7.1	 the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Senior Agent, any other Senior Finance
Party, any Controlled Creditor, any Obligor or any other person given in or in connection with any Finance Document, the Subordinated Documents or this Agreement or any part of the Information Package; 

 

	17.7.2	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, any Subordinated Document, Transaction Security,
Transaction Document or this Agreement or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document, any Subordinated Document, Transaction Security, Transaction
Document or this Agreement; 

  

	17.7.3	 (without prejudice to the following provisions) any failure or omission to perfect, or defect in perfecting, the Transaction Security, including:

  

	 	(a)	 failure to obtain any Authorisation for the execution, validity, enforceability or admissibility in evidence of any Transaction Security Document;
or 

  

	 	(b)	 failure to effect or procure registration of or otherwise protect or perfect any of the Transaction Security under any laws in any territory;

  

	17.7.4	 ascertaining whether all agreements and documents which should have been deposited with it (or the Senior Agent) under or pursuant to any of the
Transaction Security Documents have been so deposited; 

  

	17.7.5	 investigating or making any enquiry into the title of any Security Provider to any of the Transaction Security; 

 

	17.7.6	 the failure to register any of the Transaction Security Documents in any relevant jurisdiction; 

  
 48 

	17.7.7	 the failure to register any of the Transaction Security Documents in accordance with the provisions of the documents of title of any Security
Provider to any of the Transaction Security; 

  

	17.7.8	 the failure to take or require the Borrower or any other Obligor to take any steps to render any of the Transaction Security Documents effective as
regards property or assets or to secure the creation of any ancillary security under the laws of the jurisdiction concerned; 

  

	17.7.9	 (save as otherwise provided in this clause 17.7) taking or omitting to take any other action under or in relation to the Transaction Security
Documents; or 

  

	17.7.10	 the failure of any other Senior Finance Party, any Shareholder or other Obligor (as applicable) to perform or discharge any of its duties or
obligations under the relevant Finance Documents or Subordinated Documents. 

  

	17.8	 EXCLUSION OF LIABILITY 

  

	17.8.1	 Without limiting clause 17.8.2, the Security Agent will not be liable for any action taken by it under or in connection with any Finance Document,
any Transaction Document, the Transaction Security or this Agreement, unless directly caused by its gross negligence, wilful misconduct or fraud. 

  

	17.8.2	 No Party (other than the Security Agent) may take any proceedings against any officer, employee or agent of the Security Agent in respect of any
claim it might have against the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, any Transaction Document, the Transaction Security or this Agreement and any
officer, employee or agent of the Security Agent may rely on this clause 17.8 as a stipulation for its benefit (stipulatio alteri) open for acceptance by it at any time and in any manner permitted by law. 

 

	17.8.3	 The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance
Documents or this Agreement to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.

  

	17.9	 INDEMNITIES TO THE SECURITY AGENT 

Each Senior Finance Party shall (in the proportion to its share of the Senior Liabilities) then outstanding to all the Senior
Liabilities) then outstanding) indemnify the Security Agent, within three Business Days of demand, against any cost, loss or liability incurred and properly evidenced by the Security Agent (otherwise than by reason of its gross negligence, wilful
misconduct or fraud) in acting as Security Agent under the Finance Documents, the Transaction 

  
 49 

 
Documents, the Transaction Security or this Agreement (unless it has been reimbursed by an Obligor pursuant to a Finance Document, Transaction Document, the Transaction Security (as relevant) or
this Agreement). 
  

	17.10	 RESIGNATION OF THE SECURITY AGENT 

  

	17.10.1	 The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Senior Agent, the Borrower, RPM and each of
the Secured Parties. 

  

	17.10.2	 Alternatively, the Security Agent may resign by giving notice to the Senior Agent, the Borrower, RPM and each of the Secured Parties, in which case
the Instructing Creditor may appoint a successor Security Agent, provided that the Instructing Creditor shall, where reasonably practicable, consult with RPM on the appointment of the successor Security Agent. 

 

	17.10.3	 If the Instructing Creditor has not appointed a successor Security Agent in accordance with clause 17.10.2 within 30 days after notice of
resignation has been given, the Security Agent (after consultation with the Senior Agent, the Borrower and RPM) may appoint a successor Security Agent. 

  

	17.10.4	 The retiring Security Agent shall make available to its successor such documents and records and provide such assistance as its successor may
reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents, the Transaction Security and this Agreement. 

  

	17.10.5	 The resignation notice of the Security Agent shall only take effect upon the appointment of a successor. 

 

	17.10.6	 Upon the appointment of a successor, the retiring Security Agent (in its capacity as such) shall be discharged from any further obligation in
respect of the Finance Documents, the Transaction Documents, the Transaction Security and this Agreement, but shall remain entitled to the benefit of this clause 17.10. Its successor and each of the other Parties shall have the same rights and
obligations amongst themselves as they would have had if such successor had been an original Party. 

  

	17.10.7	 After consultation with the Borrower, the Instructing Creditor may, by notice to the Security Agent, require it to resign in accordance with clause
17.10.2. In this event, the Security Agent shall resign in accordance with clauses 17.10.2 and 17.10.5. 

  

	17.10.8	 At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts, deeds and documents reasonably
required by its successor to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Security Agent pursuant to the Transaction Security Documents and which shall not have vested in its
successor by operation of law. All such acts, deeds and documents 

  
 50 

	 	 
shall be done or, as the case may be, executed at the cost of the retiring Security Agent. 

  

	17.11	 RESIGNATION OF THE SENIOR AGENT 

The Senior Finance Parties acknowledge that the resignation and replacement of the Senior Agent is governed by the provisions
of the Senior Facilities Agreement. 
  

	17.12	 CONFIDENTIALITY 

  

	17.12.1	 If applicable, the Security Agent (in acting as security agent for the Secured Parties) shall be regarded as acting through its respective security
agency division which shall be treated as a separate entity from any other of its divisions or departments. 

  

	17.12.2	 If applicable, if information is received by another division or department of the Security Agent, it may be treated as confidential to that
division or department and the Security Agent shall not be deemed to have notice of it. 

  

	17.12.3	 Notwithstanding any other provision of any Finance Document or other Transaction Document to the contrary, the Security Agent is not obliged to
disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. 

 

	17.13	 CREDIT APPRAISAL BY THE SECURED PARTIES 

Without affecting the responsibility of any Obligor or other person for information supplied by it or on its behalf in
connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement including but not limited to: 

 

	17.13.1	 the financial condition, status and nature of each member of the Borrower Group; 

 

	17.13.2	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, any Transaction Document, the Transaction Security or
any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement; 

 

	17.13.3	 whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in

  
 51 

	 	 
connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement, the transactions contemplated by the Finance Documents, the Transaction Documents, the
Transaction Security or this Agreement or any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security
or this Agreement; 

  

	17.13.4	 the adequacy, accuracy and/or completeness of the Information Package and any other information provided by the Security Agent, any Party or by any
other person under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement, the transactions contemplated by the Finance Documents, the Transaction Documents, the Transaction Security or this
Agreement or any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, the Transaction Documents, the Transaction Security or this Agreement; and

  

	17.13.5	 the right or title of any person in or to, or the value or sufficiency of any part of the Secured Assets, the priority of any of the Transaction
Security or the existence of any Security affecting the Secured Assets. 

  

	17.14	 DEDUCTION FROM AMOUNTS PAYABLE BY THE SECURITY AGENT 

If any Party owes an amount to the Security Agent (in its capacity as such) under the Finance Documents, the Transaction
Documents, the Transaction Security or this Agreement, the Security Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Security Agent would otherwise be obliged to make
under the Finance Documents, the Transaction Documents, the Transaction Security or this Agreement and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents, the Transaction Documents, the
Transaction Security or this Agreement, that Party shall be regarded as having received any amount so deducted. 
  

	17.15	 COMMON PARTIES 

Notwithstanding that the Senior Agent and the Security Agent may from time to time be the same entity, the Senior Agent and the
Security Agent have entered into the Finance Documents (to which they are party) in their separate capacities as agent for the Senior Finance Parties or (as appropriate) Security Agent for the Secured Parties provided that, where any Finance
Document provides for the Senior Agent or Security Agent to communicate with or provide instructions to the other, while the two parties in question are the same entity, it will not be necessary for there to be any such formal communication or
instructions notwithstanding that the Finance Documents provide in certain cases for the same to be in writing. 

  
 52 

	17.16	 INDEMNITY TO THE SECURITY AGENT 

The Borrower shall promptly indemnify the Security Agent against any cost, loss or liability incurred and properly evidenced by
the Security Agent (acting reasonably and not caused by the Security Agent’s gross negligence, wilful misconduct or fraud) as a result of: 
  

	17.16.1	 investigating any event which it reasonably believes is a default, an event of default or potential event of default, however described; or

  

	17.16.2	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised by N2C
Resources, RPM, the Borrower, any Shareholder or any other Obligor (or their respective officers, agent or employees). 

  

	17.17	 SECURITY AGENT EXPENSES 

The Borrower shall within 3 Business Days of demand pay the Security Agent the amount of all reasonable costs and expenses
(including legal fees) incurred (and properly evidenced) by it in connection with the administration or release of any Security created pursuant to any Transaction Security Document. 

 

	18.	 SECURITY SPVS 

  

	18.1	 NO FIDUCIARY DUTIES 

Nothing in this Agreement constitutes a Security SPV as an agent, trustee or fiduciary of any other person. 

 

	18.2	 RIGHTS AND DISCRETIONS OF A SECURITY SPV 

Notwithstanding any other provision of any Finance Document, any Transaction Document, the Transaction Security or this
Agreement to the contrary, a Security SPV is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation, or a breach of a fiduciary duty or duty of confidentiality. 

 

	18.3	 RESPONSIBILITY FOR DOCUMENTATION 

A Security SPV is not responsible for: 
  

	18.3.1	 the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Security Agent, the Senior Agent any other
Senior Finance Party, RPM any Obligor or any other person given in or in connection with any Finance Document, any Transaction Document, this Agreement or any part of the Information Package; 

  
 53 

	18.3.2	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, Transaction Security, Transaction Document or this
Agreement or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document, Transaction Security, Transaction Document or this Agreement; 

 

	18.3.3	 (without prejudice to the following provisions) any failure or omission to perfect, or defect in perfecting, the Transaction Security, including:

  

	 	(a)	 failure to obtain any Authorisation for the execution, validity, enforceability or admissibility in evidence of any Transaction Security Document;
or 

  

	 	(b)	 failure to effect or procure registration of or otherwise protect or perfect any of the Transaction Security under any laws in any territory;

  

	18.3.4	 ascertaining whether all deeds and documents which should have been deposited with it under or pursuant to any of the Transaction Security
Documents have been so deposited; 

  

	18.3.5	 investigating or making any enquiry into the title of any Obligor to any of the Transaction Security; 

 

	18.3.6	 the failure to register any of the Transaction Security Documents in any relevant jurisdiction; 

 

	18.3.7	 the failure to register any of the Transaction Security Documents in accordance with the provisions of the documents of title of any Obligor to any
of the Transaction Security; 

  

	18.3.8	 the failure to take or require the Borrower or any other Obligor to take any steps to render any of the Transaction Security Documents effective as
regards property or assets (including property and assets in South Africa) or to secure the creation of any ancillary charge under the laws of the jurisdiction concerned; 

 

	18.3.9	 (save as otherwise provided in this clause 18.3) taking or omitting to take any other action under or in relation to the Transaction Security
Documents; or 

  

	18.3.10	 the failure of any other Senior Finance Party, RPM or any Obligor to perform or discharge any of its duties or obligations under the relevant
Finance Documents. 

  

	18.4	 EXCLUSION OF LIABILITY 

  

	18.4.1	 Without limiting clause 18.4.2, a Security SPV will not be liable for any action taken by it under or in connection with any Finance Document, any

  
 54 

	 	 
Transaction Document, the Transaction Security or this Agreement, unless directly caused by its gross negligence, wilful misconduct or fraud. 

 

	18.4.2	 No Party (other than a Security SPV) may take any proceedings against any officer, employee or agent of the relevant Security SPV in respect of any
claim it might have against the relevant Security SPV or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, any Transaction Document, the Transaction Security or this Agreement and
any officer, employee or agent of the relevant Security SPV may rely on this clause 18.4.2 as a stipulation for its benefit (stipulatio alteri) open for acceptance by it at any time and in any manner permitted by law. 

 

	18.4.3	 A Security SPV will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance
Documents or this Agreement to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.

  

	18.4.4	 Nothing in this Agreement shall oblige a Security SPV to carry out any “know your customer” or other checks in relation to any person on
behalf of any Secured Party and each Secured Party confirms to each Security SPV that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the a
Security SPV. 

  

	18.5	 INDEMNITIES TO THE SECURITY SPV’S 

Each Senior Finance Party shall (in the proportion to its share of the Senior Liabilities) then outstanding to all the Senior
Liabilities then outstanding) indemnify each Security SPV, within three Business Days of demand, against any cost, loss or liability incurred and properly evidenced by the Security SPV (otherwise than by reason of its gross negligence, wilful
misconduct or fraud) in acting as Security SPV under the Finance Documents, the Transaction Documents, the Transaction Security or this Agreement (unless it has been reimbursed by an Obligor pursuant to any Finance Document, any Transaction
Document, the Transaction Security (as relevant) or this Agreement). 
  

	18.6	 CONFIDENTIALITY 

Notwithstanding any other provision of any Finance Document to the contrary, a Security SPV is not obliged to disclose to any
other person (i) any confidential information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. 

  
 55 

	18.7	 CREDIT APPRAISAL BY THE SECURED PARTIES 

Without affecting the responsibility of any Obligor or other person for information supplied by it or on its behalf in
connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement, each other Secured Party confirms to each Security SPV that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement including but not limited to: 

 

	18.7.1	 the financial condition, status and nature of each member of the Borrower Group; 

 

	18.7.2	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, any Transaction Document, the Transaction Security or
any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement; 

 

	18.7.3	 whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in
connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement, the transactions contemplated by the Finance Documents, any Transaction Document, the Transaction Security or this Agreement or any other
agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement; 

 

	18.7.4	 the adequacy, accuracy and/or completeness of any information provided by the Security Agent, any Party or by any other person under or in
connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement, the transactions contemplated by the Finance Documents, any Transaction Document, the Transaction Security or this Agreement or any other
agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement; and 

 

	18.7.5	 the right or title of any person in or to, or the value or sufficiency of any part of the Secured Assets, the priority of any of the Transaction
Security or the existence of any Security affecting the Secured Assets. 

  

	18.8	 DEDUCTION FROM AMOUNTS PAYABLE BY A SECURITY SPV 

If any Party owes an amount to a Security SPV under the Finance Documents, any Transaction Document, the Transaction Security
or this Agreement, that 

  
 56 

 
Security SPV may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which that Security SPV would otherwise be obliged to make under the
Finance Documents, any Transaction Document, the Transaction Security or this Agreement and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents, the Transaction Documents, the
Transaction Security or this Agreement, that Party shall be regarded as having received any amount so deducted. 
  

	18.9	 SECURITY SPV EXPENSES 

The Borrower shall, within 3 Business Days of demand, pay the relevant Security SPV the amount of all costs and expenses
(including legal fees) reasonably incurred and properly evidenced by it in connection with the administration or release of any Security created pursuant to any Transaction Security Document. 

 

	19.	 SECURITY 

  

	19.1	 DEFINITIONS 

In this clause 19: 
  

	19.1.1	 “Security Property” means all right, title and interest in, to and under any Transaction Security Document, including:

  

	 	(a)	 the assets over which Security is expressed to be created pursuant to any Transaction Security Document (the “Secured Assets”);

  

	 	(b)	 the benefit of the undertakings in any Transaction Security Document; and 

 

	 	(c)	 all sums received or recovered by the Security Agent or either Security SPV pursuant to any Transaction Security Document and any assets
representing the same. 

  

	19.2	 RETENTION OF DOCUMENTS 

The Security Agent may hold title deeds and other documents relating to any of the Secured Assets in such manner as it sees fit
(including allowing a Security SPV, the Instructing Creditor or any Obligor to retain them). 
  

	19.3	 INDEMNITY OUT OF SECURITY PROPERTY 

The Security Agent, and either Security SPV and every receiver, delegate, attorney, agent or other similar person appointed
under any Transaction Security Document may indemnify itself out of the proceeds of realisation of the Security Property against any cost, loss or liability incurred and properly evidenced by it in 

  
 57 

 
that capacity (otherwise than by reason of its own gross negligence, wilful misconduct or fraud). 
  

	19.4	 BASIS OF DISTRIBUTION 

  

	19.4.1	 To enable it to make any distribution, the Security Agent may fix a date as at which the amount of any Liabilities is to be calculated and may
require, and rely on, a certificate from any Party giving details of: 

  

	 	(a)	 any sums due or owing to any Party as at that date; and 

  

	 	(b)	 such other matters as it thinks fit. 

  

	19.4.2	 The Senior Finance Parties, N2C Resources, the Borrower, Holdco and Opco shall provide the Security Agent with such written information as it may
reasonably require for the purposes of carrying out its duties and obligations under the Transaction Security Documents and, where appropriate, with such necessary directions in writing so as to enable the Security Agent to make the calculations and
applications contemplated by clause 9 (Application of proceeds) and to apply amounts received under, and the proceeds of realisation of, the Transaction Security Documents as contemplated by the Transaction Security Documents and clause 9
(Application of proceeds). 

  

	19.5	 NO DUTY TO COLLECT PAYMENTS 

Except as otherwise stated in this Agreement, the Security Agent and each Security SPV shall not have any duty: 

 

	19.5.1	 to ensure that any payment or other financial benefit in respect of any of the Secured Assets or any Relevant Liabilities or any Controlled
Liabilities is duly and punctually paid, received or collected; or 

  

	19.5.2	 to ensure the taking up of any (or any offer of any) stocks, shares, rights, moneys or other property accruing or offered at any time by way of
interest, dividend, redemption, bonus, rights, preference, option, warrant or otherwise in respect of any of the Secured Assets or any Relevant Liabilities or any Controlled Liabilities. 

 

	19.6	 APPROPRIATION 

  

	19.6.1	 Each Party irrevocably waives any right to appropriate any payment to, or other sum received, recovered or held by, the Security Agent in or
towards payment of any particular part of the Relevant Liabilities or Controlled Liabilities (as the case may be) and agrees that the Security Agent shall have the exclusive right to do so. 

 

	19.6.2	 Clause 19.6.1 will override any application made or purported to be made by any other person. 

  
 58 

	19.7	 INVESTMENTS 

All money received or held by the Security Agent or either Security SPY pursuant to this Agreement may, in the name of, or
under the control of, the Security Agent: 
  

	19.7.1	 be invested in any investment of a non-speculative nature; 

 

	19.7.2	 be deposited at such bank or institution (including (if applicable) itself, any other Senior Finance Party or any Affiliate of any Senior Finance
Party) as it thinks fit, 

 and such monies received or held by the Security Agent or either Security SPV
shall be treated as “trust property” for the purpose of the Financial Institutions (Protection of Funds) Act, 2001 on the basis that the relevant Creditors who are entitled to such amounts are the principals in relation to such amounts.

  

	19.8	 SUSPENSE ACCOUNT 

Subject to clause 19.9 (Timing of distributions), the Security Agent may: 

 

	19.8.1	 hold in an interest bearing suspense account any moneys received by it from any Party; and 

 

	19.8.2	 invest an amount equal to the balance from time to time standing to the credit of that suspense account in any of the investments authorised by
clause 19.7 (Investments). 

  

	19.9	 TIMING OF DISTRIBUTIONS 

Distributions by the Security Agent shall be made as and when determined by it. 

 

	19.10	 DELEGATION 

  

	19.10.1	 The Security Agent may: 

  

	 	(a)	 employ and pay an agent selected by it to transact or conduct any business and to do all acts required to be done by it (including the receipt and
payment of money); 

  

	 	(b)	 delegate to any person on any terms (including power to sub-delegate) all or any of its functions; and 

 

	 	(c)	 with the prior consent of the Instructing Creditor, appoint, on such terms as it may determine, or remove, any person to act either as separate or
joint security agent with those rights and obligations vested in the Security Agent by this Agreement or any Transaction Security Document. 

  
 59 

	19.10.2	 The Security Agent will not be: 

  

	 	(a)	 responsible to anyone for any misconduct or omission by any agent, delegate or security agent appointed by it pursuant to clause 19.10.1; or

  

	 	(b)	 bound to supervise the proceedings or acts of any such agent, delegate or security agent, 

provided that it exercises reasonable care in selecting that agent, delegate or security agent. 

 

	19.11	 UNWINDING 

Any appropriation or distribution which later transpires to have been or is agreed by the Security Agent to have been invalid
or which has to be refunded shall be refunded and shall be deemed never to have been made. 
  

	19.12	 PARTY 

The Security Agent and each Security SPV shall be entitled to assume that a Party is acting in a particular capacity stated in
this Agreement or an Accession Agreement unless notified to the contrary. 

  
 60 

 SECTION 6: CHANGES TO PARTIES 
  

	20.	 CHANGES TO PARTIES 

  

	20.1	 ASSIGNMENT AND TRANSFERS BY PARTIES 

No Party may cede, assign, delegate or transfer all or any part of its rights, benefits or obligations under this Agreement
without the prior written consent of the Instructing Creditor (unless it is to a person who is a Permitted Transferee) and then in either case subject to compliance with the provisions of clause 20.2. 

 

	20.2	 ASSIGNMENTS AND TRANSFERS BY PARTIES 

  

	20.2.1	 A Party (in this capacity the “Transferor”) may (x) if the Instructing Creditor has given its prior written
consent therefore or (y) in terms of a transfer by a Senior Finance Party to a Permitted Transferee, cede, assign, delegate or transfer any of its rights and/or obligations under this Agreement to another person (a
“Transferee”) to whom a Transferor is permitted to cede, assign, delegate or transfer rights, benefits and obligations under the applicable Transaction Documents. 

 

	20.2.2	 A cession, assignment, delegation or transfer will only be effective if the Security Agent executes an Accession Agreement duly completed and
signed on behalf of the Transferee under which the Transferee agrees to be bound by all of the terms of this Agreement as if it had originally been party to this Agreement. 

 

	20.2.3	 Each Party (other than the Transferee) irrevocably authorises the Security Agent to execute on its behalf any Accession Agreement which has been
duly completed and executed on behalf of the Transferee. 

  

	20.3	 HEDGE COUNTERPARTIES 

No person entering into any Treasury Transaction with any member of the Borrower Group in connection with protection against or
benefit from fluctuation in any rate or price will, in its capacity as counterparty to such Treasury Transaction, be entitled to share in any Transaction Security or any guarantee or indemnity in any Finance Document in relation to those Treasury
Transactions in respect of any of the Liabilities arising under or in any Finance Document in connection with that Treasury Transaction, or benefit from the representations, warranties or undertakings of any Party in connection therewith. 

 

	20.4	 ACCESSION OF CREDITORS 

  

	20.4.1	 In addition to the obligations of the Shareholders in clause 4.9, the Parent will procure that any member of the Borrower Group or other person (a
“New Obligor”) which grants any Security or guarantee in respect of, or otherwise becomes liable for, any Controlled Liabilities after the date of this 

  
 61 

	 	 
Agreement will promptly complete, sign and deliver to the Security Agent an Accession Agreement under which the New Obligor agrees to be bound by all of the terms of this Agreement as if it had
originally been a party to this Agreement as an Obligor. 

  

	20.4.2	 Each Party (other than the New Obligor) irrevocably authorises the Security Agent to execute on its behalf any Accession Agreement which has been
duly completed and signed on behalf of that New Obligor. 

  

	20.5	 SENIOR AGENT ACTING FOR SENIOR FINANCE PARTIES 

  

	20.5.1	 The Parties acknowledge and agree that the Senior Agent is authorised by each Senior Finance Party amongst others, to: 

 

	 	(a)	 enter into this agreement as the Agent of the Senior Finance Parties under this Agreement; 

 

	 	(b)	 to exercise the rights, powers, authorities and discretions specifically given to the Senior Finance Parties under or in connection with this
Agreement together with any other incidental rights, powers, authorities and discretions on behalf of the Senior Finance Parties. 

  

	20.5.2	 Accordingly it shall not be necessary for a Senior Finance Party which is not directly a Party to this Agreement to become a Party to this
Agreement and all instructions to the Senior Agent relating to the exercise of the rights, powers, authorities and discretions given to the Senior Agent or the other Senior Finance Parties in connection with this Agreement shall be given by the
Senior Finance Parties under the Senior Facilities Agreement and the Plateau Intercreditor Agreement, as applicable and the Senior Finance Parties shall be bound by the actions of the Senior Agent under this Agreement. 

 

	20.6	 NOTIFICATION BY SECURITY AGENT 

The Security Agent will promptly notify the Senior Agent, RPM and the Borrower of the receipt and execution by it of any
Accession Agreement. 
  

	20.7	 BENEFIT OF AGREEMENT 

This Agreement will be binding upon, and ensure for the benefit of, each Party and its or any subsequent successors or assigns.

  
 62 

 SECTION 7: ADMINISTRATION 
  

	21.	 INDEMNITY 

  

	21.1	 The Obligors will indemnify each of the Senior Finance Parties on demand from and against (a) any reasonable cost, loss or liability incurred
and properly evidenced by each such Senior Finance Party (otherwise than by reason of its gross negligence, wilful misconduct or fraud) in connection with the negotiation, preparation, execution, amendment, release, performance and/or
(b) subject to any binding court order to the contrary, any costs, loss or liability reasonably incurred by each such Senior Finance Party (otherwise than by reason of its gross negligence, wilful misconduct or fraud) in connection with the
enforcement or attempted enforcement of, or preservation of any such parties rights’ under, this Agreement, including any present or future stamp or other taxes or duties and any penalties or interest with respect thereto which may be imposed
by any competent jurisdiction in connection with the execution or enforcement of this Agreement or in consequence of any payment being made under and in terms of this Agreement (whether made by an Obligor or a third person) being impeached or
declared void for any reason whatsoever. 

  

	21.2	 Amounts payable under clause 21 (Indemnity) which are not paid on demand shall carry default interest at the default rate referred to in
clause 14.3 (Default interest) of the Senior Facilities Agreement both before and after judgment, from the date of demand and shall form part of the applicable Relevant Liabilities. All such default interest shall be compounded monthly in
arrears. 

  

	22.	 NOTICES 

  

	22.1	 COMMUNICATION IN WRITING 

Subject to clause 22.4 (Electronic communication), any communication to be made under or in connection with this
Agreement shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	22.2	 NOTICES 

  

	22.2.1	 Each Party chooses the address set out opposite its name below as its address to which any written notice in connection with this Agreement may be
addressed. 

  

							
		 	   (a)	  	 Atlatsa Resources Corporation

				
		 		  	 Plateau
	  	
		 		  	 4th Floor, 82 Grayston Drive

		 		  	 Off Esterhysen Lane

		 		  	 Sandton
	  	
		 		  	 Telefax No.:
	  	 (011) 883 0836

		 		  	 Attention:
	  	 The Company Secretary

  
 63 

							
			
		 	   (b)	  	 N1C Resources Inc.

				
		 		  	 Plateau
	  	
		 		  	 4th Floor, 82 Grayston Drive

		 		  	 Off Esterhysen Lane

		 		  	 Sandton
	  	
		 		  	 Telefax No.:
	  	 (011) 883 0836

		 		  	 Attention:
	  	 The Company Secretary

			
		 	(c)	  	 N2C Resources Inc.

				
		 		  	 Plateau
	  	
		 		  	 4th Floor, 82 Grayston Drive

		 		  	 Off Esterhysen Lane

		 		  	 Sandton
	  	
		 		  	 Telefax No.:
	  	 (011) 883 0836

		 		  	 Attention:
	  	 The Company Secretary

			
		 	(d)	  	 Plateau Resources Proprietary Limited

		 		  	 4th Floor, 82 Grayston Drive

		 		  	 Off Esterhysen Lane

		 		  	 Sandton

		 		  	 Telefax No.:
	  	 (011) 883 0836

		 		  	 Attention:
	  	 The Company Secretary

			
		 	(e)	  	 Bokoni Platinum Holdings Proprietary Limited C/o Plateau

		 		  	 4th Floor, 82 Grayston Drive

		 		  	 Off Esterhysen Lane

		 		  	 Sandton

		 		  	 Telefax No.:
	  	 (011) 883 0836

		 		  	 Attention:
	  	 The Company Secretary

			
		 	(f)	  	 Bokoni Platinum Mines Proprietary Limited C/o Plateau

		 		  	 4th Floor, 82 Grayston Drive

		 		  	 Off Esterhysen Lane

		 		  	 Sandton

		 		  	 Telefax No.:
	  	 (011) 883 0836

		 		  	 Attention:
	  	 The Company Secretary

			
		 	(g)	  	 Micawber 634 Proprietary Limited

			
		 		  	 C/o GMG Trust Company (SA) Proprietary Limited

		 		  	 3rd Floor 200 on Main

		 		  	 corner Main and Bowwood Road

		 		  	 Claremont
	  	
		 		  	 Telefax No.:
	  	 086 673 4390

		 		  	 Attention:
	  	 The Managing Director

  
 64 

							
			
		 	    (h)
	  	Rustenburg Platinum Mines Limited (as Security Agent)
		 		  	 No. 55 Marshall Street

		 		  	 Marshalltown

		 		  	 Johannesburg
	  	
		 		  	 Telefax No.:
	  	 (011) 3735111

		 		  	 Attention:
	  	 The Company Secretary, the Finance Director and the Financial Controller

			
		 	(i)	  	 Micawber 603 Proprietary Limited

			
		 		  	 C/o GMG Trust Company (SA) Proprietary Limited

		 		  	 3rd Floor 200 on Main

		 		  	 corner Main and Bowwood Roads

		 		  	 Claremont
	  	
		 		  	 Telefax No.:
	  	 086 673 4390

		 		  	 Attention:
	  	 The Managing Director

				
		 		  	 With copy to:
	  	
			
		 		  	Rustenburg Platinum Mines Limited (as Senior Agent)
		 		  	 No. 55 Marshall Street

		 		  	 Marshalltown

		 		  	 Johannesburg
	  	
		 		  	 Telefax No.:
	  	 (011) 373 5111

		 		  	 Attention:
	  	 The Company Secretary, the Finance Director and the Financial Controller

			
		 	 (j)
	  	Rustenburg Platinum Mines Limited RPM
		 		  	 No. 55 Marshall Street

		 		  	 Marshalltown

		 		  	 Johannesburg
	  	
		 		  	 Telefax No.:
	  	 (011) 373 5111

		 		  	 Attention:
	  	 The Company Secretary, the Finance Director and the Financial Controller

			
		 	 (k)
	  	Rustenburg Platinum Mines Limited (as Security Agent)
		 		  	 No. 55 Marshall Street

		 		  	 Marshalltown

		 		  	 Johannesburg
	  	
		 		  	 Telefax No.:
	  	 (011) 373 5111

		 		  	 Attention:
	  	 The Company Secretary, the Finance Director and the Financial Controller

  
 65 

							
			
		 	    (l)
	  	Rustenburg Platinum Mines Limited (as Senior Agent)
		 		  	 No. 55 Marshall Street

		 		  	 Marshalltown

		 		  	 Johannesburg
	  	
		 		  	 Telefax No.:
	  	 (011) 373 5111

		 		  	 Attention:
	  	 The Company Secretary, the Finance Director and the Financial Controller

			
		 	 (m)
	  	The Pelawan Dividend Trust
		 		  	 4th Floor, 82 Grayston Drive

		 		  	 Off Esterhysen Lane

		 		  	 Sandton
	  	
		 		  	 Telefax No.:
	  	 (011) 883 0836

		 		  	 Attention:
	  	 The Company Secretary.

  

	22.2.2	 Any notice or communication required or permitted to be given in terms of this Agreement shall be valid and effective only if in writing but it
shall be competent to give notice by telefax transmitted to its telefax number set out opposite its name above. 

  

	22.2.3	 Any Party may by written notice to the other Parties change its chosen address and/or telefax number for the purposes of clause 22.2.1 to any other
address(es) and/or telefax number, provided that the change shall become effective on the fourteenth day after the receipt of the notice by the addressee. 

  

	22.2.4	 Any notice given in terms of this Agreement shall: 

  

	 	(a)	 if sent by a courier service be deemed to have been received by the addressee on the 7th (seventh) Business Day following the date of such sending;

  

	 	(b)	 if delivered by hand be deemed to have been received by the addressee on the date of delivery; 

 

	 	(c)	 if transmitted by facsimile be deemed to have been received by the addressee on the first Business Day after the date of transmission;

  

	 	unless	 the contrary is proved. 

  

	22.2.5	 Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an adequate
written notice or communication to it, notwithstanding that it was not sent to or delivered at its chosen address and/or telefax number. 

  
 66 

	22.3	 DOMICILIA 

  

	22.3.1	 Each of the Parties chooses its physical address set out opposite its name in clause 22.2.1 as its domicilium citandi et executandi at which
documents in legal proceedings in connection with this Agreement may be served. 

  

	22.3.2	 Any Party may by written notice to the other Parties change its domicilium from time to time to another address, not being a post office box
or a poste restante, in South Africa; provided that any such change shall only be effective on the fourteenth day after the receipt or deemed receipt of the notice by the other Parties pursuant to clause 22.2.4. 

 

	22.4	 ELECTRONIC COMMUNICATION 

  

	22.4.1	 Any communication to be made between the Parties under or in connection with this Agreement may be made by electronic mail or other electronic
means, if the relevant Parties: 

  

	 	(a)	 agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

 

	 	(b)	 notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of
information by that means; and 

  

	 	(c)	 notify each other of any change to their address or any other such information supplied by them. 

 

	22.4.2	 Any electronic communication made between the Parties will be effective only when actually received in readable form and in the case of any
electronic communication made by any Party to the Senior Agent, the Security Agent or any Security SPV only if it is addressed in such a manner as the Senior Agent, the Security Agent or relevant Security SPV shall specify for this purpose.

  

	22.5	 ENGLISH LANGUAGE 

  

	22.5.1	 Any notice given under or in connection with this Agreement must be in English. 

 

	22.5.2	 All other documents provided under or in connection with this Agreement must be: 

 

	 	(a)	 in English; or 

  

	 	(b)	 if not in English, and if so required by the Security Agent or any other Senior Finance Party accompanied by a certified English translation and,
in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 

  
 67 

	23.	 MISCELLANEOUS 

  

	23.1	 CERTIFICATES AND DETERMINATIONS 

Any certification or determination by a Senior Finance Party of a rate or amount under any Finance Document is prima facie
evidence of the matters to which it relates. 
  

	23.2	 SEVERABILITY 

Each provision in this Agreement is severable from all others, notwithstanding the manner in which they may be linked together
or grouped grammatically, and if in terms of any judgment or order, any provision, phrase, sentence, paragraph or clause is found to be defective or unenforceable for any reason, the remaining provisions, phrases, sentences, paragraphs and clauses
shall nevertheless continue to be of full force. In particular, and without limiting the generality of the aforegoing, the Parties hereto acknowledge their intention to continue to be bound by this Agreement notwithstanding that any provision may be
found to be unenforceable or void or voidable, in which event the provision concerned shall be severed from the other provisions, each of which shall continue to be of full force. 

 

	23.3	 SOLE RECORD 

This document (read with the Senior Facilities Agreement as contemplated by clause 1.2(d)) constitutes the sole record of the
agreement between the Parties in regard to the subject matter thereof and no Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded herein. 

 

	23.4	 CO-OPERATION 

The Parties undertake at all times to do all such things, to perform all such acts and to take all such steps and to procure
the doing of all such things, the performance of all such actions and the taking of all such steps as may be open to them and necessary for or incidental to the putting into effect or maintenance of the terms, conditions and import of this
Agreement. 
  

	23.5	 COSTS 

  

	23.5.1	 The costs of and incidental to the negotiation, preparation and execution of this Agreement shall be paid in accordance with the terms of the
Finance Documents. 

  

	23.5.2	 All properly evidenced legal costs incurred by any Party in consequence of any default of the provisions of this Agreement by any other Party shall
be payable on demand by the defaulting Party on the scale as between attorney and own client and shall include collection charges, the costs incurred by the non-defaulting Party in endeavouring to enforce such rights

  
 68 

	 	 
prior to the institution of legal proceedings and the costs incurred in connection with the satisfaction or enforcement of any judgement awarded in favour of the non-defaulting Party in relation
to its rights in terms of or arising out of this Agreement, all such costs to be properly evidenced. 

  

	23.6	 REMEDIES AND WAIVERS 

  

	23.6.1	 No failure to exercise, nor any delay in exercising, on the part of any Creditor, any right or remedy under this Agreement shall operate as a
waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any
rights or remedies provided by law. 

  

	23.6.2	 A waiver given or consent granted by any Creditor under this Agreement will be effective only if given in writing and then only in the instance and
for the purpose for which it is given. 

  

	23.7	 DISCHARGE OF RELEVANT LIABILITIES 

For the avoidance of doubt, no Creditor shall be required to give any Consent under any provision of this Agreement after the
date on which its Relevant Liabilities have been fully and irrevocably paid or discharged and all commitments of that Party in respect of its Relevant Liabilities have expired or been cancelled. 

 

	23.8	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the
counterparts were on a single copy of this Agreement. 
  

	23.9	 FAILURE TO EXECUTE 

Failure by one or more Parties (“Non-Signatories”) to execute this Agreement will not invalidate the
provisions of this Agreement as between the other Parties who do execute this Agreement. Any Non-Signatories may execute this Agreement (or a counterpart of this Agreement) on a subsequent date and will thereupon become bound by its provisions. 

  
 69 

 SECTION 8: GOVERNING LAW AND ENFORCEMENT 

 

	24.	 GOVERNING LAW 

The entire provisions of this Agreement shall be governed by and construed in accordance with the laws of South Africa. 

 

	25.	 ENFORCEMENT 

  

	25.1	 JURISDICTION 

  

	25.1.1	 The Parties hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg (or any
successor to that division) in regard to all matters arising from this Agreement. 

  

	25.1.2	 This clause 25.1 is for the benefit of the Senior Finance Parties only. As a result, no Senior Finance Party shall be prevented from taking
proceedings relating to or arising out of this Agreement in any other courts with jurisdiction. To the extent allowed by law, the Senior Finance Parties may take concurrent proceedings in any number of jurisdictions. 

 

	26.	 AMENDMENT AND RESTATEMENT OF THE ORIGINAL AGREEMENT 

With effect from the Closing Date, this Agreement shall amend and restate the June 2009 Global Intercreditor Agreement in its
entirety. 
 THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 70 

 SCHEDULE 1 

ACCESSION AGREEMENT 

THIS AGREEMENT is made on [—] 

BETWEEN: 
 [—] (the [“New [Senior Finance Party/RPM/Obligor/lntra-Group Creditor/ Shareholder]”]); and 

[—] in its capacity as Security Agent under the Intercreditor
Agreement. 
 WHEREAS: 
  

	(A)	 This Agreement is supplemental to a global intercreditor agreement dated [—] 2012 (the
“Intercreditor Agreement”) between, amongst others, the Parent, certain of its subsidiaries and the Security Agent. 

  

	(B)	 This Agreement has been entered into to record the accession of [name of New Senior Finance
Party/RPM/Obligor/lntra-Group Creditor/Shareholder] [—] as [a Senior
Finance Party/RPM/ Obligor/lntra-Group Creditor/Shareholder] under [the Senior Facilities Agreement (as referred to in the Intercreditor Agreement) and] the Intercreditor Agreement. 

IT IS AGREED as follows: 
  

	1.	 DEFINITIONS 

  

	1.1	 Words and expressions defined in the Intercreditor Agreement have the same meanings when used in this Agreement. 

 

	1.2	 The provisions of clause 1.2 (Construction) to 1.3 (Inconsistencies with other Documents) of the
Intercreditor Agreement apply to this Agreement as though they were set out in this Agreement except that references to the Intercreditor Agreement are to be construed as references to this Agreement. 

 

	2.	 ACCESSION OF NEW [SENIOR FINANCE PARTY/RPM/OBLIGOR/INTRA-GROUP CREDITOR/SHAREHOLDER] 

 

	2.1	 The New [Senior Finance Party/RPM/Obligor/lntra-Group Creditor/Shareholder]
[—] agrees to become, with immediate effect, a party to, and agrees to be bound by the terms of, the Intercreditor Agreement and the Senior Facilities Agreement] as if
it had originally been party to the Intercreditor Agreement [and the Senior Facilities Agreement] as [a Senior Finance Party/RPM//Obligor/lntra-Group Creditor/Shareholder]
in that capacity or capacities (as applicable) and it shall perform all of the undertakings and 

  
 71 

	 	 
agreements set out in the Intercreditor Agreement and given by [a] [an] [Senior Finance Party/RPM/Obligor/lntra-Group
Creditor/Shareholder]. 

  

	2.2	 The New [Senior Finance Party/RPM/Obligor/lntra-Group Creditor/Shareholder] [—] confirms that its address details for notices in relation to clause 22 (Notices) are as follows: 

Address: [—] 

Facsimile: [—]  

Attention: [—] 

 

	2.3	 The Security Agent for itself and the other parties to the Intercreditor Agreement other than the New [Senior
Finance Party/RPM/Obligor/lntra-Group Creditor/Shareholder] confirms the acceptance of the New [Senior/RPM/ Obligor/lntra-Group Creditor/
Shareholder] [—] as [a Senior Finance Party/RPM/Obligor/lntra-Group Creditor/Shareholder] for the
purposes of the Intercreditor Agreement and the Senior Facilities Agreement]. 

  

	3.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the
counterparts were a single copy of this Agreement. 
  

	4.	 GOVERNING LAW 

This Agreement is governed by and construed in accordance with the laws of South Africa. 

IN WITNESS whereof this Agreement has been duly executed on the date first above written. 

  
 72 

 [The New [Senior Finance Party/RPM/Obligor/lntra-Group Creditor/Shareholder] 

 

			
	 EXECUTED and DELIVERED by
	 	 )

		
	 [Name]
	 	 )

		
	 The [Security/Senior] Agent
	 	
		
	 SIGNED for and on behalf of
	 	 )

		
	 [Name]
	 	

  
 73 

 SCHEDULE 2 

MATTERS REQUIRING ALL SENIOR LENDER CONSENT 

(Clause references below are to clauses in the Senior Facilities Agreement) 

 

	1.	 Where the consent of the Senior Lenders is required in relation to an amendment or waiver to the Finance Documents that has the effect of changing
or which relates to: 

  

	1.1	 the definition of Majority Lenders; 

  

	1.2	 a change to the date of payment of any amount under the Finance Documents; 

 

	1.3	 a reduction in the margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

 

	1.4	 an increase in or an extension of any Commitment (as defined in the Senior Facilities Agreement); 

 

	1.5	 a change to any Obligor other than in accordance with Clause 25 (Assignment and transfers by Obligors); 

 

	1.6	 any provision in the Senior Facilities Agreement which expressly requires the consent of all the Senior Lenders; 

 

	1.7	 Clause 2.2 (Finance Parties’ rights and obligations); 

 

	1.8	 Clause 3 (Purpose);] 

  

	1.9	 Clause 13 (Tax gross up and indemnities);] 

  

	1.10	 Clause 14 (Increased costs);] 

  

	1.11	 Clause 24 (Changes to the Lenders); 

  

	1.12	 Clause 37 (Governing law); or 

  

	1.13	 Clause 38 (Jurisdiction), 

such amendment or waiver shall not be made without the prior consent of all the Senior Lenders. 

  
 74 

 SIGNATURE PAGE 

THE PARENT 
 Signed at Sandton on 27 March
2013. 
  

									
				
	 	 	

	 		  	  

	 For and on behalf of:
	 		  	 For and on behalf of:

			
	ATLATSA RESOURCES CORPORATION	 		  	ATLATSA RESOURCES CORPORATION
					
	 Name:
	 	 TM Motsisi
	 		  	 Name:
	 	  

					
	 Office:
	 	 Director
	 		  	 Office:
	 	  

		 	(who warrants his authority)	 		  		 	(who warrants his authority)

  
 75 

 SIGNATURE PAGE 

CAMIPATH PROPRIETARY LIMITED (ATLATSA CORPORATE SERVICES) 

Dated at Johannesburg on this 27 day of March 27 2013. 
  

									
				
		 	

	 		  	  

	 For and on behalf of:
  

CAMIPATH PROPRIETARY LIMITED (to be renamed Atlatsa Corporate Services South Africa Proprietary Limited)
	 		  	 For and on behalf of:
  

CAMIPATH PROPRIETARY LIMITED (to be renamed Atlatsa Corproate Services South Africa Proporietary
Limited)

									
					
	 Name:
	 	 Jose Kesler
	 		  	 Name:
	 	  

					
	 Office:
	 	 Director
	 		  	 Office:
	 	  

	(who warrants his authority)	 		  	(who warrants his authority)

  
 76 

 SIGNATURE PAGE 

N1C RESOURCES 
 Signed at Sandton on
27 March 2013. 
  

									
	 	 	 

	 		  	  

	 For and on behalf of:
	 		  	 For and on behalf of:

			
	N1C RESOURCES INC.	 		  	N1C RESOURCES INC.
					
	 Name:
	 	 TM Motsisi
	 		  	 Name:
	  	  

					
	 Office:
	 	 Director
	 		  	 Office:
	  	  

		 	(who warrants his authority)	 		  		  	(who warrants his authority)

  
 77 

 SIGNATURE PAGE 

N2C RESOURCES 
 Signed at Sandton on
27 March 2013. 
  

									
	 	 	 

	 		  	  

	 For and on behalf of:
	 		  	 For and on behalf of:

			
	N2C RESOURCES INC.	 		  	N2C RESOURCES INC.
					
	 Name:
	 	 TM Motsisi
	 		  	 Name:
	  	  

					
	 Office:
	 	 Director
	 		  	 Office:
	  	  

		 	(who warrants his authority)	 		  		  	(who warrants his authority)

  
 78 

 SIGNATURE PAGE 

THE BORROWER 
 Signed at Sandton on 27
March 2013. 
  

									
	 	 	 

	 		  	  

	 For and on behalf of:
	 		  	 For and on behalf of:

			
	PLATEAU RESOURCES PROPRIETARY LIMITED	 		  	PLATEAU RESOURCES PROPRIETARY LIMITED
					
	 Name:
	 	 TM Motsisi
	 		  	Name:	  	  

					
	 Office:
	 	 Director
	 		  	Office:	  	  

	(who warrants his authority)	 		  		  	(who warrants his authority)

  
 79 

 SIGNATURE PAGE 

HOLDCO 
 Signed at Sandton on 27 March
2013. 
  

									
	 	 	

	 		  	  

	 For and on behalf of:
	 		  	 For and on behalf of:

			
	 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED
	 		  	BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED
					
	 Name:
	 	 D Schutte
	 		  	 Name:
	 	  

					
	 Office:
	 	 Director
	 		  	 Office:
	 	  

		 	(who warrants his authority)	 		  		 	(who warrants his authority)

  
 80 

 SIGNATURE PAGE 

OPCO 
 Signed at Sandton on 27 March 2013.

  

							
	

	  	  

	 For and on behalf of:
	  	 For and on behalf of:

		
	 BOKONI PLATINUM MINES PROPRIETARY LIMITED
	  	BOKONI PLATINUM MINES PROPRIETARY LIMITED
				
	 Name:
	 	

	  	 Name:
	 	  

				
	 Office:
	 	 Director
	  	 Office:
	 	  

		 	(who warrants his authority)	  		 	(who warrants his authority)

  
 81 

 SIGNATURE PAGE 

PLATEAU SECURITY SPV 
 Signed at Sandton
on 12 December 2012. 
  

									
	 	 	

	 		  	  

	 For and on behalf of:
	 		  	 For and on behalf of:

			
	 MICAWBER 634 PROPRIETARY LIMITED
	 		  	MICAWBER 634 PROPRETARY LIMITED
					
	 Name:
	 	 B.HARMSE
	 		  	 Name:
	 	

					
	 Office:
	 	 Director
	 		  	 Office:
	 	  

		 	(who warrants his authority)	 		  		 	(who warrants his authority)

  
 82 

 SIGNATURE PAGE 

THE SENIOR AGENT 
 Signed at Johannesburg
on 6th December 2012. 
  

									
	 	 	

	 		  	  

	 For and on behalf of:
	 		  	 For and on behalf of:

			
	 RUSTENBURG PLATINUM MINES LIMITED
	 		  	RUSTENBURG PLATINUM MINES LIMITED
					
	 Name:
	 	B. Nqwababa	 		  	 Name:
	 	  

					
	 Office:
	 	 Director
	 		  	 Office:
	 	  

		 	(who warrants his authority)	 		  		 	(who warrants his authority)

  
 85 

 SIGNATURE PAGE 

THE SECURITY AGENT 
 Signed at
Johannesburg on 6th December 2012. 
  

									
	 	 	

	 		 	  

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 RUSTENBURG PLATINUM MINES LIMITED
	 		 	RUSTENBURG PLATINUM MINES LIMITED
					
	 Name:
	 	 B. Nqwababa
	 		 	 Name:
	 	  

					
	 Office:
	 	 Director
	 		 	 Office:
	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 86 

 SIGNATURE PAGE 

THE WORKING CAPITAL FACILITY LENDER 

Signed at Johannesburg on 6th December 2012. 
  

									
	 	 	

	  		  	  

	 For and on behalf of:
	  		  	 For and on behalf of:

			
	 RUSTENBURG PLATINUM MINES LIMITED
	  		  	RUSTENBURG PLATINUM MINES LIMITED
					
	 Name
	 	 B. Nqwababa
	  		  	 Name:
	 	  

					
	 Office:
	 	 Director
	  		  	 Office:
	 	  

		 	(who warrants his authority)	  		  		 	(who warrants his authority)

  
 87 

 SIGNATURE PAGE 

THE PELAWAN SPV 
 Signed at Sandton on 29
March 2013. 
  

									
	 	 	 

	  		  	  

	 For and on behalf of:
	  		  	 For and on behalf of:

			
	 PELAWAN FINANCE SPV PROPRIETARY LIMITED
	  		  	PELAWAN FINANCE SPV PROPRIETARY LIMITED
					
	 Name:
	 	 TM Motsisi
	  		  	 Name:
	 	  

					
	 Office:
	 	 Director
	  		  	 Office:
	 	  

		 	(who warrants his authority)	  		  		 	(who warrants his authority)

  
 88 

 SIGNATURE PAGE 

THE PELAWAN DIVIDEND TRUST 
 Signed at
Sandton on 27 March 2013. 
  

									
	

	 		 	

	 For and on behalf of:
	 		 	 For and on behalf of:

			
	 THE PELAWAN DIVIDEND TRUST
	 		 	THE PELAWAN DIVIDEND TRUST
					
	 Name:
	 	 Tumelo Moatlhodi
	 		 	 Name:
	 	 Asna Chris Harold Motaung

					
	 Office:
	 	 Trustee
	 		 	 Office:
	 	 Trustee

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 89EX-4.33

 Exhibit 4.33 

EXECUTION VERSION 
 AMENDED AND RESTATED
HOLDCO SHAREHOLDERS’ AGREEMENT 
 amongst 
 PLATEAU
RESOURCES PROPRIETARY LIMITED 
 RUSTENBURG PLATINUM MINES LIMITED 

and 
 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED 

(“previously known as “Richtrau No. 179 (Proprietary) Limited)”) 

  
 

 

 

 
  

 Table of Contents 

 

							
	 	 	 	  	Page No	 
	 1.
	 	 PARTIES
	  	 	1	  
	 2.
	 	 INTERPRETATION
	  	 	1	  
	 3.
	 	 INTRODUCTION
	  	 	32	  
	 4.
	 	 COMMENCEMENT DATE
	  	 	33	  
	 5.
	 	 DURATION
	  	 	33	  
	 6.
	 	 BOARD
	  	 	33	  
	 7.
	 	 BOARD MEETINGS
	  	 	35	  
	 8.
	 	 OPCO BOARD
	  	 	37	  
	 9.
	 	 SHAREHOLDERS’ MEETINGS
	  	 	37	  
	 10.
	 	 FUNDING
	  	 	39	  
	 11.
	 	 GUARANTEES AND SURETYSHIPS
	  	 	42	  
	 12.
	 	 FUNDING DEFAULT
	  	 	43	  
	 13.
	 	 SUBORDINATION
	  	 	45	  
	 14.
	 	 DIVIDENDS
	  	 	46	  
	 15.
	 	 CASHFLOWS
	  	 	46	  
	 16.
	 	 OUNCE NEUTRALITY
	  	 	46	  
	 17.
	 	 ACCOUNTING MATTERS
	  	 	51	  
	 18.
	 	 INSURANCE
	  	 	52	  
	 19.
	 	 MINORITY PROTECTIONS
	  	 	52	  
	 20.
	 	 HOLDCO BUSINESS
	  	 	52	  
	 21.
	 	 PURCHASE OF ORE OR CONCENTRATE
	  	 	53	  
	 22.
	 	 BEE
	  	 	59	  
	 23.
	 	 ISSUE AND TRANSFER OF SHARES
	  	 	60	  
	 24.
	 	 PRE-EMPTIVE RIGHTS
	  	 	61	  
	 25.
	 	 REHABILITATION TRUST AND GUARANTEES
	  	 	62	  
	 26.
	 	 GENERAL WARRANTIES
	  	 	62	  
	 27.
	 	 CONFIDENTIALITY
	  	 	63	  
	 28.
	 	 INFORMATION RELATING TO HOLDCO
	  	 	65	  
	 29.
	 	 ACCOUNTING POLICY
	  	 	65	  
	 30.
	 	 INCONSISTENCY BETWEEN THIS AGREEMENT AND THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF HOLDCO
	  	 	65	  
	 31.
	 	 MUTUAL SUPPORT
	  	 	66	  

  

 

 
  

							
	 32.
	 	 DISPUTE RESOLUTION
	  	 	66	  
	 33.
	 	 RELATIONSHIP OF THE PARTIES
	  	 	68	  
	 34.
	 	 BREACH
	  	 	68	  
	 35.
	 	 DOMICILIUM
	  	 	69	  
	 36.
	 	 COSTS
	  	 	70	  
	 37.
	 	 GOVERNING LAW
	  	 	70	  
	 38.
	 	 COUNTERPARTS
	  	 	70	  
	 39.
	 	 SEVERANCE
	  	 	71	  
	 40.
	 	 GENERAL
	  	 	71	  

							
			
	Schedule 1	  	 MINORITY PROTECTIONS
	  	 	75	  
	Schedule 2	  	 BEE PRINCIPLES AND PRE-EMPTIVE RIGHTS
	  	 	82	  
	Schedule 3.1	  		  			
	Schedule 3.2	  		  			
	Schedule 4	  		  			

  

 

 
  

 HOLDCO SHAREHOLDERS’ AGREEMENT 

 

	1.	 PARTIES 

  

	1.1	 PLATEAU RESOURCES PROPRIETARY LIMITED 

  

	1.2	 RUSTENBURG PLATINUM MINES LIMITED 

  

	1.3	 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED 

  

	2.	 INTERPRETATION 

  

	2.1	 The headnotes to the clauses of this Agreement are inserted for reference purposes only and shall in no way govern or affect the interpretation
hereof. 

  

	2.2	 Unless inconsistent with the context, the expressions set forth below shall bear the following meanings: 

 

					
			
	 2.2.1
	  	“AAPL”	    	 Anglo American Platinum Limited, a public company incorporated in accordance with the laws of the Republic, registration number 1946/022452106;

			
	 2.2.2
	  	“AAPL Funding Agreements”	    	 any and all agreements to be entered into amongst any one or more of the members of the AAPL Group and any one or more of the Atlatsa Parties, in respect of
monies to be directly and/or indirectly lent, advanced and/or invested in Plateau by the AAPL Group in connection with, amongst other things: i) the June 2009 Transaction; and ii) the Refinancing Transaction;

			
	 2.2.3
	  	“AAPL Group”	    	 the Group of entities comprising AAPL and RPM and their respective direct and indirect Subsidiary Companies, from time to time;

			
	 2.2.4
	  	“AAPL Old Order Rights”	    	 all old order rights (as defined in schedule II of the MPRD Act) held as at the Original Signature Date

  
 1 

 

 
  

					
			
		  		    	 by those companies which are a part of the AAPL Group as at the Original Signature Date, including (without limitation) the Old Order Rights, set out in the
list attached to schedule 5 of the Original Shareholders Agreement;

			
	 2.2.5
	  	“Acquisition Agreements”	    	 Acquisition Agreements, as defined in the Implementation Agreement;

			
	 2.2.6
	  	“AFSA”	    	 Arbitration Foundation of Southern Africa;

			
	 2.2.7
	  	“Agreement”	    	 this Holdco Shareholders’ Agreement, together with the schedules hereto;

			
	 2.2.8
	  	“Atlatsa”	    	 Atlatsa Resources Corporation (previously known as Anooraq Resources Corporation), a public company incorporated in accordance with the laws of British
Columbia, Canada, registration number 10022-2033;

			
	 2.2.9
	  	“Atlatsa Corporate Services”	    	 Camipath Proprietary Limited (to be renamed Atlatsa Corporate Services South Africa Proprietary Limited), a private company incorporated in accordance with the
laws of the Republic, registration number 2012/146949/07;

			
	 2.2.10
	  	“Atlatsa Group”	    	 the group of entitles comprising the Atlatsa Parties and their respective direct and indirect Subsidiary Companies, from time to time;

			
	 2.2.11
	  	“Atlatsa Parties”	    	 collectively:

			
	 2.2.11.1
	  		    	 Atlatsa;

			
	 2.2.11.2
	  		    	 Atlatsa Corporate Services;

			
	 2.2.11.3
	  		    	 Plateau;

  
 2 

 

 
  

					
			
	 2.2.11.4
	  		    	 Pelawan;

			
	 2.2.11.5
	  		    	 the Pelawan Trust; and

			
	 2.2.11.6
	  		    	 any person (including, without limitation, any incorporated person and/or trust) which shall from time to time Control Holdco;

			
	 2.2.12
	  	“B Preference Share Documents”	    	 the B Preference Share Documents, as defined in the Senior Facilities Agreement;

			
	 2.2.13
	  	“Bankable Feasibility Study”	    	 a comprehensive document or documents that address(es) all matters which are customarily required for an effective assessment of whether development and mining
of a mining area is capable of being financed by third party lenders, in such form and detail as is required for the purposes of determining whether to finance the development of a commercial mining operation within the mining area, including but
not limited to chapters on: ownership, location, geology, ore reserves, metallurgy, mining, materials handling, processing, ancillary facilities and site services, infrastructure for and availability of labour, energy supply, environmental impact
studies and rehabilitation obligations, capital costs, costs to be incurred to sustain production including initial working capital, the time to critical path to place the mine into production and financing requirements throughout the construction
phase, financial analysis (including price sensitivity analysis) assumptions as to mineral prices, exchange rates and the like;

  
 3 

 

 
  

					
			
	 2.2.14
	  	“Base Case Model”	    	 Base Case Model, as defined in the Senior Facilities Agreement;

			
	 2.2.15
	  	“Base Date”	    	 from time to time, the later of the following dates:

			
	 2.2.15.1
	  		    	 the Initial Commencement Date;

			
	 2.2.15.2
	  		    	 in the event that a Permitted Structural Change shall have occurred, the date on which the most recent Permitted Structural Change shall
have occurred; and

			
	 2.2.15.3
	  		    	 in the event that an Initial Period Default shall have occurred and RPM shall have failed for whatever reason to timeously exercise its
rights in terms of clause 4 of the BEE Principles Schedule, the date on which the most recent of such Initial Period Defaults shall have occurred.

			
	 2.2.16
	  	“BEE”	    	 broad-based black economic empowerment, as envisaged in terms of the MPRD Act and/or the Charter;

			
	 2.2.17
	  	“BEE Principles Schedule”	    	 schedule 2 to this Agreement;

			
	 2.2.18
	  	“Beneficial Owner”	    	 in relation to an asset, a person who, directly or indirectly (that is, through any contract, arrangement, understanding, relationship, including shareholding,
membership, association, trust, legal representation or agency):

			
	 2.2.18.1
	  		    	 receives Financial Benefits accruing to and/or from such asset;

  
 4 

 

 
  

					
	 2.2.18.2
	 		    	 has or shares (only to the extent that it shares) the power to dispose, or to direct the disposition, of such asset; and

			
	 2.2.18.3
	 		    	 where such asset consists of Equity, has or shares (only to the extent that it shares) the power to vote, or to direct the voting of, the voting rights
attaching to such Equity, provided that it is specifically acknowledged and agreed amongst the Parties that:

			
	 2.2.18.3.1
	 		    	 a person may be the Beneficial Owner of an asset notwithstanding that title to such asset may be held in the name of another
person;

			
	 2.2.18.3.2
	 		    	 the Beneficial Ownership of any asset shall be determined without taking into account the Debt and/or security over and/or attaching to such
asset to the extent that such Debt and/or security is held by a person other than the Beneficial Owner;

			
	 2.2.18.3.3
	 		    	 as at the Initial Commencement Date, and on the basis that the content of schedules 3.1 and 3.2 are
correct:
  

•    Pelawan shall be an HDP;

 
 •    no person, or
persons acting in concert, shall Control Pelawan;
  

•    the Ultimate Control Person (as such term is defined in the definition of
“Control”) of Holdco (who shall be the Beneficial Owner

  
 5 

 

 
  

					
			
		  		    	 of the Business) shall be Pelawan; and

			
		  		    	 •    the HDP Beneficial Ownership of the Business shall be 26%, calculated by multiplying the percentage
Beneficial Ownership of Pelawan (an HDP) in Atlatsa (51%) by the percentage Beneficial Ownership of Atlatsa in Plateau (100%); then by multiplying such product by the percentage Beneficial Ownership of Plateau in Holdco (51%); and then by
multiplying such product by the percentage Beneficial Ownership by Holdco of the Business (100%), expressed as a percentage and as depicted in Schedule 3.1; and

			
		  		    	 •    in the event that non-HDPs acquire Beneficial Ownership of up to 50% minus one voting share of
Pelawan’s issued share capital, then, ceteris paribus, Pelawan shall remain an HDP and the 26% HDP Beneficial Ownership of the Business referred to in 2.2.18.3.3 above would remain the same, as depicted in Schedule 3.1.

			
		  		    	 and “Beneficially Owned”, “Beneficially Owning”, “Beneficially Own” and “Beneficial
Ownership” shall have corresponding meanings;

  
 6 

 

 
  

					
			
	 2.2.19
	  	“Board”	    	 the board of Directors of Holdco from time to time;

			
	 2.2.20
	  	“Boikgantsho”	    	 Boikgantsho Platinum Mine Proprietary Limited, a private company incorporated in accordance with the laws of the Republic, registration number
2003/012394/07;

			
	 2.2.21
	  	“Boikgantsho Sale of Assets Agreement”	    	 Boikgantsho Sale of Assets Agreement, as defined in the Implementation Agreement;

			
	 2.2.22
	  	“Business”	    	 collectively, the Ga-Phasha Business, the LPM Business and the Kwanda Sale Assets;

			
	 2.2.23
	  	“Business Day”	    	 every day except Saturdays, Sundays and statutory holidays in the Republic and/or British Columbia;

			
	 2.2.24
	  	“Cash”	    	 Cash, as defined in the Senior Facilities Agreement;

			
	 2.2.25
	  	“Cash Equivalent Investments”	    	 Cash Equivalent Investments, as defined in the Senior Facilities Agreement;

			
	 2.2.26
	  	“Change of Control”	    	 any event, notwithstanding the manner in which it shall occur and/or come about (specifically including, but not limited to, any such event which shall be a
consequence of a Permitted Structural Change and/or the implementation of a Cure), which has the effect that any party which is, as at the relevant date, Controlled by any other party, or any number of parties acting in concert (collectively
“Controlling Entities”); shall cease for whatever reason to be Controlled by such Controlling Entities; provided that in respect of the parties comprising the Controlling Group Structure, an Excluded Change shall not constitute a
Change of Control;

  
 7 

 

 
  

					
			
	 2.2.27
	  	“Charter”	    	 the Broad Based Socio Economic Empowerment Charter for the South African Mining Industry (together with the Scorecard), dated 11 October 2002, published in
terms of the provisions of Section 100(2)(a) of the MPRD Act, under Government Gazette (No 26661 of 13 August 2004) and amended pursuant to a document published by the Minister entitled ‘An Amendment of the Broad-Based Socio-Economic
Empowerment Charter for the South African Mining and Mineral Industry’ (together with the Scorecard) on 20 September 2010;

			
	 2.2.28
	  	“Claims”	    	 the claims of each of the Shareholders against Holdco on shareholders’ loan account including accrued interest, from time to time;

			
	 2.2.29
	  	“Communities”	    	 local communities in the areas where the Business may be conducted from time to time;

			
	 2.2.30
	  	“Companies Act”	    	 the Companies Act, 71 of 2008;

			
	 2.2.31
	  	“Competition Act”	    	 the Competition Act, 89 of 1998;

			
	 2.2.32
	  	“Concentrate”	    	 any treatable product arising from the process of crushing and/or flotation employed as at the Original Signature Date, or any other process to be employed in
future, whereby the fire containing PGMs, including waste, is treated before commencement of the smelting and precious metal refining processes;

			
	 2.2.33
	  	“Concentrator Complex”	    	 a hydro-metallurgical facility performing activities such as crushing, milling, or grinding, froth flotation and concentrate filtration, but does not
include

  
 8 

 

 
  

					
		  		    	 smelting or other downstream processing facilities such as base metals and precious metals refineries;

			
	 2.2.34
	  	“Control”	    	 collectively:

			
	 2.2.34.1
	  		    	 in relation to any company:

			
	 2.2.34.1.1
	  		    	 the ability to exercise that degree of control which would constitute such company a Subsidiary Company; and

			
	 2.2.34.1.2
	  		    	 the Beneficial Ownership of the majority of the entire issued Equity of such company; and

			
	 2.2.34.1.3
	  		    	 the ability to exercise, or direct the exercise of, the majority of the voting rights attaching to the entire issued Equity of the company
in respect of resolutions requiring the consent or approval of the shareholders of such company; and

			
	 2.2.34.1.4
	  		    	 the ability to appoint, or direct the appointment of, the majority of the board of directors of the company; and

			
	 2.2.34.2
	  		    	 in respect of any trust, the ability by any person, whether alone or in concert with others (and whether by virtue of his capacity as
founder, donor, trustee or otherwise) to exercise, or direct the exercise of, the majority of votes exercisable by all of the trustees of such trust, or to appoint, or direct the appointment of, trustees having the entitlement to so exercise, or
direct the exercise of, the majority of the votes

  
 9 

 

 
  

					
		  		    	 exercisable by all the trustees of such trust; provided that:

			
	 2.2.34.2.1
	  		    	 any provisions in the trust deed establishing a trust which requires the participation of any individual trustee for a meeting to be
properly constituted or which requires the approval of an individual trustee for a decision of the trustees to be valid shall not, of themselves, vest control of such trust in such individual trustee for the purposes of this definition;
and

			
	 2.2.34.2.2
	  		    	 for greater certainty, where a person (“Ultimate Target”) is Controlled by another person and such other person is in turn
Controlled by a third person (“Ultimate Control Person”), the Ultimate Target is, for purposes of the definition of “Change of Control”, Controlled only by the Ultimate Control Person,

			
		  		    	 and “Controlled” shall have a corresponding meaning;

			
	 2.2.35
	  	“Controlling Group Structure”	    	 the group structure depicted in the organogram attached hereto as schedule 3.1, read together with the Pelawan shareholder list attached hereto as schedule 3.2,
as amended from time to time in accordance with the provisions of clauses 3.1 and 5.3 of the BEE Principles schedule;

			
	 2.2.36
	  	“CPI”	    	 the average annual rate of change (expressed as a percentage) in the Consumer Price Index for
all

  
 10 

 

 
  

					
		  		    	 metropolitan areas as published in the Government Gazette by Statistics South Africa, or such other index reflecting the official rate of inflation in the
Republic as may replace it, which annual change shall be determined by comparing the most recently published index with the index published in respect of the corresponding month in the previous year;

			
	 2.2.37
	  	“Credits”	    	 the credits in respect of BEE to be received by AAPL (including, without limitation, those credits to be received by RPM and/or Lebowa and/or any other person
that is a part of the AAPL Group), as at the Initial Commencement Date, in terms of paragraph 4.7 of the Charter and the Scorecard, directly and/or indirectly attributable to and/or arising as a result of the June 2009 Transaction;

			
	 2.2.38
	  	“Cure”	    	 in respect of a Structural Change that constitutes an Initial Period Default, the performance of such actions as may be necessary to ensure that such Structural
Change shall be superseded by a Permitted Structural Change (save for an Excluded Change, which will not be capable of Curing an Initial Period Default); provided that such Cure shall be effected within the relevant time periods specified in this
Agreement for the Cure of the relevant breach hereof (it being recorded for the avoidance of doubt that any steps taken outside of the relevant periods specified in this Agreement shall not constitute a Cure); and “Cured” shall have
a corresponding meaning;

			
	 2.2.39
	  	“Debt”	    	 any source of capital (including loan funding), other than Equity;

  
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	 2.2.40
	  	“Diminution”	    	 a Structural Change which results in:

			
	 2.2.40.1
	  		    	 HDPs Beneficially Owning in aggregate less than 26% of the Business; or, if at the applicable Base Date, HDPs already Beneficially Own In
aggregate less than 26% of the Business, any further reduction in HDP Beneficial Ownership of the Business; and/or

			
	 2.2.40.2
	  		    	 HDPs no longer Controlling Holdco; provided that where a Structural Change prior to the applicable Base Date has already resulted in HDPs no
longer Controlling Holdco, this paragraph 2.2.40.2 shall have no further application; and/or

			
	 2.2.40.3
	  		    	 the majority of the Directors no longer being HDPs; provided that where a Structural Change prior to the applicable Base Date has already
resulted in the majority of the Directors no longer being HDPs, this paragraph 2.2.40.3 shall have no further application; and/or

			
	 2.2.40.4
	  		    	 to the extent that the Ultimate Control Person (as defined in the definition of “Control”) of Holdco is a company, HDPs no
longer constituting the majority of directors on the board of directors of such company; provided that where a Structural Change prior to the applicable Base Date has already resulted in HDPs no longer constituting the majority of the board of
directors of such company, this paragraph 2.2.40.4 shall have no further application.

			
	 2.2.41
	  	“Directors’’	    	 the directors of Holdco from time to time;

  
 12 

 

 
  

					
	 2.2.42
	  	“DMR”	    	 the Department of Mineral Resources of the Government of the Republic;

			
	 2.2.43
	  	“DMR Approval Notice”	    	 a written notice from the Minister or the Minister’s duly authorised delegate, addressed to AAPL, or any other member of the AAPL Group nominated by AAPL
for this purpose, and the applicant, stating that:

			
	 2.2.43.1
	  		    	 the Minister consents to the Structural Change and/or the identity of a proposed recipient (in respect of the definition of Qualifying
Person) of a compulsory disposal (in accordance with the provisions of clause 4 of the BEE Principles Schedule), which is the subject of the application made by the above-mentioned applicant, and

			
	 2.2.43.2
	  		    	 the Structural Change and/or compulsory disposal to the proposed recipient so consented to shall not prejudice:

			
	 2.2.43.2.1
	  		    	 the BEE status, insofar as it relates to BEE ownership of AAPL or any member of the AAPL Group, in terms of the MPRD Act or the Charter;
and

			
	 2.2.43.2.2
	  		    	 the Credits;

			
	 2.2.44
	  	“Empowerment Person”	    	
			
	 2.2.44.1
	  		    	 a company:

			
	 2.2.44.1.1
	  		    	 which is majority Beneficially Owned by HDPs; and

			
	 2.2.44.1.2
	  		    	 which is Controlled by HDPs; or

  
 13 

 

 
  

					
	 2.2.44.2
	  		    	 a trust:

			
	 2.2.44.2.1
	  		    	 which is Controlled by HDPs; and

			
	 2.2.44.2.2
	  		    	 in which, upon distribution of the assets and/or the income of such trust, more than 50% of the value of such assets and more than 50% of
such trust’s income will be distributed to HDPs; or

			
	 2.2.44.3
	  		    	 an HDP who is a natural person;

			
	 2.2.45
	  	“Empowerment Status”	    	 the status of the Business from time to time, in respect of the Controlling Group Structure’s achievement of the broad-based black economic empowerment
objectives of the Charter read with the Scorecard, which achievement is, as at the Initial Commencement Date and for all purposes of this Agreement, solely measured by the Controlling Group Structure’s compliance with the following
criteria:

			
	 2.2.45.1
	  		    	 HDPs Beneficially Own in aggregate 26% or more of the Business (as displayed in schedule 3.1);

			
	 2.2.45.2
	  		    	 HDPs Control Holdco;

			
	 2.2.45.3
	  		    	 the majority of the Directors are HDPs; and

			
	 2.2.45.4
	  		    	 to the extent that the Ultimate Control Person (as defined in the definition of “Control”) of Holdco is a company, HDPs
constitute the majority of directors on the board of directors of such company;

			
	 2.2.46
	  	“ESOP”	    	 the employee share option plan entered into between the Company and the Bokoni Platinum

  
 14 

 ,

 
  

					
		  		    	 Mine ESOP Trust on or about July 2009 for the benefit of the employees of the Business;

			
	 2.2.47
	  	“ESOP and Communities Subscription Agreements”	    	 one or more subscription agreements entered into amongst, inter alia, Atlatsa, the Bokoni Platinum Mine ESOP Trust and/or any one or more of the Communities
(through such vehicle or vehicles as may be agreed amongst the Parties), in terms whereof the Bokoni Platinum Mine ESOP Trust and/or such Communities will subscribe for, and Atlatsa will allot and issue, shares in the share capital of Atlatsa, a
portion of the proceeds from which may be used by Plateau to pay a portion of the Purchase Price (as defined in the Holdco Sale of Shares Agreement);

			
	 2.2.48
	  	“Equity”	    	 any capital instrument which is not subject to fixed repayment/redemption terms, servicing costs and/or any form of security;

			
	 2.2.49
	  	“Excluded Change”	    	
			
	 2.2.49.1
	  		    	 any change, event or circumstance arising from the exercise by any Financier of its Financier Default Rights; or

			
	 2.2.49.2
	  		    	 the acquisition of Control of Pelawan by one or more Original Signature Date HDPs;

			
	 2.2.50
	  	“Fair Market Value”	    	 in respect of any asset, the fair market value thereof as agreed between the Shareholders, or, failing such agreement, the fair market value as between a
willing and able but not anxious seller and a willing and able but not anxious buyer, at arms’ length and in terms of a cash amount, as determined by an

  
 15 

 

 
  

					
		  		    	 independent merchant bank (“Expert”) appointed by the Shareholders jointly. In the event that the Shareholders shall fail to agree (by not
later than 10 Business Days after the date on which the appointment of the Expert shall have become necessary) on the appointment and/or identity of the Expert, the Expert shall be appointed, at the request of any Shareholder, by the President from
time to time of the South African Institute of Chartered Accountants. The Expert, in determining the Fair Market Value, shall act as an expert and not as an arbitrator, and his decision shall be final and binding on the Shareholders, save in the
event of manifest error;

			
	 2.2.51
	  	“Finance Document”	    	 Finance Document, as defined in the Senior Facilities Agreement;

			
	 2.2.52
	  	“Financial Benefit”	    	 in relation to an asset, any direct or indirect benefit in money terms (or convertible to money) attributable to or accrued to such asset; provided that the
Financial Benefits accruing to any asset shall be determined without taking into account the Debts and/or security over and/or attaching to such asset to the extent that such Debts and/or security is held by a person other than the person that holds
such asset;

			
	 2.2.53
	  	“Financier”	    	 any bank or other financial institution and in respect of any AAPL Funding Agreement only, the relevant member of the AAPL Group;

			
	 2.2.54
	  	“Financier Default Rights”	    	 any rights and/or entitlements of a Financier, in terms of a Financing Agreement, arising from a default of such agreement by any Atlatsa
Party;

  
 16 

 

 
  

					
	 2.2.55
	  	“Financing Agreement”	    	 any funding agreement (including any Finance Document) entered into between any one or more of the Atlatsa Parties and a Financier in connection with the
financing of any Atlatsa Party in respect of the June 2009 Transaction and/or the Refinancing Transaction and/or the development or financing of the Business and/or the obligations of Plateau in terms of clause 10, it being recorded
that:

			
	 2.2.55.1
	  		    	 for the longer of the duration of the Initial Period and the period during which any entity comprising the Atlatsa Group or any entity
comprising the Holdco Group shall be indebted to RPM in accordance with any AAPL Funding Agreement; RPM shall approve in writing (which approval shall not be unreasonably withheld) the terms and conditions of such funding agreements that relate to
and/or have any effect on RPM’s rights in terms of any AAPL Funding Agreement, the retention of the Credits, the conversion of the AAPL Old Order Rights and the Empowerment Status; and

			
	 2.2.55.2
	  		    	 insofar as any such funding agreement’s shall have been executed without such RPM approval, they shall not constitute
“Financing Agreements”, for the purposes of this Agreement;

			
	 2.2.56
	  	“Ga-Phasha”	    	 Ga-Phasha Platinum Mine Proprietary Limited (previously known as Micawber 277 (Proprietary) Limited), a private company incorporated in accordance with the laws
of the Republic, registration number 2002/016481/07 and, in the

  
 17 

 

 
  

					
		  		    	 context of clause 21, any other person that Beneficially Owns the KA Farms from time to time;

			
	 2.2.57
	  	“Ga-Phasha Business”	    	 the business (together with all of its components, parts, assets (excluding, for the avoidance of doubt, the PD Farms) and/or liabilities) as a going concern,
of Ga-Phasha from time to time;

			
	 2.2.58
	  	 “Ga-Phasha Sale of

Concentrate
 Agreement”
	    	 the Ga-Phasha Sale of Concentrate Agreement to be entered into between RPM and Ga-Phasha, substantially in the form of the draft attached to the Original
Shareholders Agreement as schedule 4;

			
	 2.2.59
	  	“Group”	    	 in relation to a company, its direct and/or indirect Subsidiary Companies, its Holding Company and Its Holding Company’s direct and/or
indirect Subsidiary Companies;

			
	 2.2.60
	  	“HDP”	    	
			
	 2.2.60.1
	  		    	 an Historically Disadvantaged Person as defined in the MPRD Act, provided that a trust that is an HDP by virtue of the provisions of
paragraph 2.2.60.2 of this definition and a company that is an HDP by virtue of the provisions of paragraph 2.2.60.3 of this definition will (for purposes of both paragraphs (a) and (c) of the definition of Historically Disadvantaged Person in the
MPRD Act) be regarded to be a person contemplated in paragraph (a) of the definition of, Historically Disadvantaged Person in the MPRD Act; or

			
	 2.2.60.2
	  		    	 a trust:

  
 18 

 

 
  

					
	 2.2.60.2.1
	  		    	 the majority of the trustees of which are Historically Disadvantaged Persons as defined in the MPRD Act; and

			
	 2.2.60.2.2
	  		    	 in which, the trust deed provides that, upon distribution of the assets and/or the income of the trust to the beneficiaries of the trust,
more than 50% of the value of such assets and more than 50% of the trust income will be distributed to persons who are Historically Disadvantaged Persons as defined in the MPRD Act; or

			
	 2.2.60.3
	  		    	 a company wholly owned by:

			
	 2.2.60.3.1
	  		    	 natural person/s who are Historically Disadvantaged Person/s in terms of the MPRD Act; and/or

			
	 2.2.60.3.2
	  		    	 a trust contemplated in 2 above; provided that the trust deed in respect of such trust provides that upon distribution of the assets and/or
the income of such trust to the beneficiaries of such trust, 100% of the value of such assets and 100% of the trust income will be distributed to persons who are Historically Disadvantaged Persons as defined in the MPRD Act;

			
	 2.2.61
	  	“Highwater Mark Date”	    	 the date on which new legislation (which shall include any amendments to existing legislation) shall become effective, which
shall have the effect that the Credits shall be legally secure,
 notwithstanding any Diminution. The
Shareholders

  
 19 

 

 
  

					
		  		    	 shall use their respective reasonable good faith endeavours to agree on the Highwater Mark Date, but, in the event that the Shareholders shall, for whatever
reason, fail so to agree on the Highwater Mark Date, the Highwater Mark Date shall be determined by the majority decision of three practising senior counsel (collectively “Experts”) practising at the Johannesburg Bar and/or the
Pretoria Bar, one of whom shall be appointed by RPM, one of whom shall be appointed by Plateau, and the third of whom shall be appointed by agreement between the aforesaid appointees, or, failing agreement between them for whatever reason in respect
of the identity and/or appointment of such third senior counsel by not later than 5 Business Days after the appointment of the aforesaid appointees, appointed by the Chairman for the time being of the Law Society of the Northern Provinces. The
Experts, in determining the Highwater Mark Date, shall act as experts and not as arbitrators, and the decision of the majority of the Experts shall be final and binding on the Shareholders, save in the event of manifest error. The Experts shall be
entitled to specify the proportions in which the Shareholders shall bear their costs of and in connection with the determination of the Highwater Mark Date;

			
	 2.2.62
	  	“Holdco”	    	 Bokoni Platinum Holdings Proprietary Limited (previously known as Richtrau No. 179 (Proprietary) Limited), a private company incorporated in accordance with the
laws of the Republic, registration number 2007/016711/07;

			
	 2.2.63
	  	“Holdco Business”	    	 the holding of shares in certain of the Holdco Subsidiaries, and, at the election of Holdco, the

  
 20 

 

 
  

					
		  		    	 procuring that the Holdco Subsidiaries, or any of them, shall undertake the exploration for, mining of, and/or the processing and treatment, marketing and
distribution and sale of PGMs, and all rehabilitation operations undertaken in connection therewith;

			
	 2.2.64
	  	“Holdco Group”	    	 the Group of entities comprising Holdco and the Holdco Subsidiaries;

			
	 2.2.65
	  	 “Holdco Sale of

Shares Agreement”
	    	 the Holdco Sale of Shares Agreement entered into, or to be entered into, between AAPL, RPM and Plateau, in terms whereof RPM shall sell and Plateau shall
purchase 9 631 Shares and 51% of RPM’s Claims;

			
	 2.2.66
	  	“Holdco Subsidiaries”	    	 collectively, Opco, Lebowa, Ga-Phasha, Kwanda, Boikgantsho and any other direct or indirect Subsidiary Companies of Holdco, from time to time;

			
	 2.2.67
	  	“Holding Company”	    	 a holding company (which for the purposes of this Agreement shall be deemed to include any company incorporated outside the Republic) as defined in terms of
Section 1 of the Companies Act;

			
	 2.2.68
	  	“IFRS”	    	 International Financial Reporting Standards as determined from time to time by the International Accounting Standards Board;

			
	 2.2.69
	  	“Implementation Agreement”	    	 Implementation Agreement, as defined in the Senior Facilities Agreement;

			
	 2.2.70
	  	“Income Tax Act”	    	 the Income Tax Act, 58 of 1962;

  
 21 

 

 
  

					
	 2.2.71
	  	 “Initial
 Commencement

Date”
	    	 the closing date of the June 2009 Transaction, ie. 1 July 2009;

			
	 2.2.72
	  	 “Initial Maturity 

Date”
	    	 the date on which Plateau has repaid its Debt to RPM pursuant to the Revised Funding Agreements, in full;

			
	 2.2.73
	  	“Initial Period”	    	 the period commencing on the Initial Commencement Date and terminating on the earlier of:

			
	 2.2.73.1
	  		    	 the Highwater Mark Date; and

			
	 2.2.73.2
	  		    	 the Initial Maturity Date.

			
	 2.2.74
	  	 “Initial Period

Default”
	    	 any default described as such in clause 4.1 of the BEE Principles Schedule;

			
	 2.2.75
	  	 “June 2009

Transaction”
	    	 the Transaction to which the June 2009 Transaction Documents gave effect;

			
	 2.2.76
	  	 “June 2009

Transaction
 Documents”
	    	 June 2009 Transaction Documents, as defined in the Senior Facilities Agreement;

			
	 2.2.77
	  	“Kwanda”	    	 Kwanda Platinum Mine Proprietary Limited (previously known as Richtrau No. 207 Proprietary Limited), a private company incorporated in accordance with the laws
of the Republic, registration number 2008/003368/07;

			
	 2.2.78
	  	 “Kwanda Sale

Assets”
	    	 the Sale Assets, as defined in the Kwanda Sale of Rights Agreement;

  
 22 

 

 
  

					
	 2.2.79
	  	“Kwanda Sale of Rights Agreement”	    	 the Kwanda Sale of Rights Agreement entered into, or to be entered into, amongst RPM, Plateau and Kwanda, in terms whereof RPM and Plateau shall sell their
respective undivided 50% shares of the Kwanda Sale Assets to Kwanda;

			
	 2.2.80
	  	“Lebowa”	    	 Lebowa Platinum Mines Limited, a public company incorporated in accordance with the laws of the Republic, registration number 1963/006144/06;

			
	 2.2.81
	  	“LPM Business”	    	 the business (together with all of its components, parts, assets and/or liabilities) as a going concern, of Lebowa and/or Opco, as the case may be, from time to
time, including (for the avoidance of doubt) the Rights to Mine held by Lebowa and/or Opco, as the case may be;

			
	 2.2.82
	  	“Mining Rights”	    	 mining rights (as defined in terms of the MPRD Act);

			
	 2.2.83
	  	“Minister”	    	 the Minister of Mineral Resources;

			
	 2.2.84
	  	“Minority Protections”	    	 the matters collectively constituting the minority protections as more fully set out in schedule 1;

			
	 2.2.85
	  	“Mogalakwena Mining Right”	    	 the converted mining right executed on 23 July 2010 under DMR reference LP50/ML, application number GO5120202 over inter alia, the farm Overysel 815 L.R.
but not yet registered as at the Signature Date and about to be ceded to RPM by Potgietersrust Platinums Limited (to be renamed Mogalakwena Platinum Limited);

			
	 2.2.86
	  	“MPRD Act”	    	 the Mineral Petroleum and Resources Development Act, 28 of 2002;

			
	 2.2.87
	  	“MPTRO”	    	 Mineral and Petroleum Titles Registration Office;

  
 23 

 

 
  

					
	 2.2.88
	  	“New Order Rights”	    	 the Mining Rights into which the Old Order Rights have been converted;

			
	 2.2.89
	  	“Original Signature Date”	    	 28 March 2008;

			
	 2.2.90
	  	“Original Signature Date HDPs”	    	 HDPs who were, as at the Original Signature Date, and who are, as at the Signature Date, Beneficial Owners of Equity in Pelawan;

			
	 2.2.91
	  	“Original Shareholders Agreement”	    	 the original shareholders agreement, entered into on or about the Original Signature Date, amongst Plateau, RPM and Holdco, as amended in accordance with the
first addendum to such agreement entered into on or about 12 May 2009;

			
	 2.2.92
	  	“Old Order Rights”	    	 the old order rights (as defined in schedule II of the MPRD Act) forming part of respectively the LPM Business and the Ga-Phasha Business, as set out in the
list attached to the Holdco Sale of Shares Agreement as schedule 4;

			
	 2.2.93
	  	“Opco”	    	 Bokoni Platinum Mines Proprietary Limited, (previously known as Richtrau No. 177 (Proprietary) Limited), a private company incorporated in accordance with the
laws of the Republic, registration number 2007/016001/07;

			
	 2.2.94
	  	“Opco Board”	    	 collectively, the Opco Directors from time to time;

			
	 2.2.95
	  	“Opco Directors”	    	 the directors of Opco from time to time;

			
	 2.2.96
	  	“Ore”	    	 that part of the mineralised horizon that may be extracted, including amounts of non-mineralised material that is in direct contact with the mineralised portion
and which must, due to the mining method

  
 24 

 

 
  

					
		  		    	 employed, also be removed in order to win the mineralisation;

			
	 2.2.97
	  	“Parties”	    	 collectively, the Shareholders and Holdco and shall mean each or any of them, as the context requires;

			
	 2.2.98
	  	“Pelawan”	    	 Atlatsa Holdings Investments Proprietary Limited, previously known as Pelawan Investments Proprietary Limited, a private company incorporated in accordance with
the laws of the Republic, registration no 2002/017920/07, to be renamed Atlatsa Holdings Investments Proprietary Limited;

			
	 2.2.99
	  	“Pelawan Trust”	    	 the trustees for the time being of the Pelawan Trust, established in accordance with the trust deed dated 2 September 2004, Master’s reference number
IT8411/2004;

			
	 2.2.100
	  	“Permitted Structural Change”	    	 a Structural Change which:

			
	 2.2.100.1
	  		    	 does not result in a Diminution; or

			
	 2.2.100.2
	  		    	 results in a Diminution, but in respect of which a DMR Approval Notice shall have been furnished; or

			
	 2.2.100.3
	  		    	 is an Excluded Change.

			
	 2.2.101
	  	“Permitted Successor”	    	 any person or persons, association of persons, partnership, firm, company, close corporation or other entity which acquires a Shareholding in whole or in part
from any Shareholder in the manner provided for in this Agreement and which shall have, in accordance with the provisions of clause 23.1.2.2, bound itself as a party to this Agreement;

  
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	 2.2.102
	  	“PGMs”	    	 collectively, platinum, palladium, rhodium, ruthenium, iridium, osmium and the metals and minerals mineralogically associated therewith, including but not
limited to gold, silver, copper, nickel and cobalt together with any such metals and minerals which may be extracted from the normal mining of the abovementioned minerals in, on or under the relevant project area;

			
	 2.2.103
	  	“KA Farms”	    	 the Farms Klipfontein 465 KS and Avoca 472 KS situated in the Limpopo Province of the Republic;

			
	 2.2.104
	  	“PD Farms”	    	 portion 1 of the Farm Paschaskraal 466 KS, the Remaining Extent of the Farm Paschaskraal 466 KS and the Farm De Kamp 507 KS situated in the Limpopo Province of
the Republic;

			
	 2.2.105
	  	“Plateau”	    	 Plateau Resources Proprietary Limited, a private company incorporated in accordance with the laws of the Republic, registration number
1996/013879/07;

			
	 2.2.106
	  	“PPI”	    	 the average annual rate of change (expressed as a percentage) in the Producer Price Index, for all manufactured products for South African consumption as
published in the Government Gazette by Statistics South Africa, or such other index as may replace it, which annual change shall be determined by comparing the most recently published index with the index published in respect of the corresponding
month in the previous year;

			
	 2.2.107
	  	“Prime”	    	 the prime rate of interest publicly quoted as such by The Standard Bank of South Africa Limited (“Standard Bank”) from time to time, calculated
on a 365 day factor (irrespective of whether or not the year is a leap year) and compounded monthly in

  
 26 

 

 
  

					
		  		    	 arrears, as certified by any manager of Standard Bank, whose appointment as such it shall not be necessary to prove, which certificate shall serve as prima
facie proof of its contents;

			
	 2.2.108
	  	“Profits”	    	 the net profits of Holdco after Tax, as determined by reference to the income statements forming part of the annual financial statements of Holdco from time to
time;

			
	 2.2.109
	  	“Qualifying Person”	    	 in respect of a proposed recipient of a Disposal Interest (as defined in clause 5.1 of the BEE Principles Schedule):

			
	 2.2.109.1
	  		    	 an Empowerment Person; or

			
	 2.2.109.2
	  		    	 any other person in respect of which a DMR Approval Notice shall have been furnished.

			
	 2.2.110
	  	“Refinancing Transaction”	    	 the transaction comprising of the refinancing and capitalisation of Holdco, as set out in the Acquisition Agreements and the relevant Finance
Documents;

			
	 2.2.111
	  	“Remedy”	    	 in respect of:

			
	 2.2.111.1
	  		    	 any fact or circumstance constituting an Initial Period Default and/or a Change of Control, the performance of such actions as may be
necessary to ensure that the status quo prior to such Initial Period Default and/or Change of Control, as the case may be, is restored; or

			
	 2.2.111.2
	  		    	 a Change of Control of Holdco, which is the result of a person who is not an Original Signature Date HDP (“Pelawan Acquirer”)
acquiring Control of Pelawan:

  
 27 

 

 
  

					
	 2.2.111.2.1
	  		    	 the subsequent acquisition by one or more Original Signature Date HDPs from the Pelawan Acquirer of that amount of Equity in Pelawan, which
will result in Pelawan not being Controlled by any person, or persons acting in concert, and the majority of the issued share capital of Pelawan being Beneficially Owned by HDPs; or

			
	 2.2.111.2.2
	  		    	 the subsequent acquisition of Control of Pelawan by one or more Original Signature Date HDPs;

 
 provided that such Remedy shall be
effected within the relevant time periods specified in this Agreement for the Remedy of the relevant breach hereof (it being recorded for the avoidance of doubt that any steps taken outside of the relevant periods specified in this Agreement shall
not constitute a Remedy); and “Remedied” shall have a corresponding meaning;

			
	 2.2.112
	  	“Republic”	    	 the Republic of South Africa;

			
	 2.2.113
	  	“Revised Funding Agreements”	    	 the Senior Facilities Agreement and the Working Capital Facility;

			
	 2.2.114
	  	“Rights to Mine”	    	 all rights of whatsoever nature in and to any and all minerals at any time, including (without limitation) the Old Order Rights and the New Order
Rights;

			
	 2.2.115
	  	“RPM”	    	 Rustenburg Platinum Mines Limited, a public company incorporated in accordance with the laws

  
 28 

 

 
  

					
		  		    	 of the Republic, registration number 1931/003380/06;

			
	 2.2.116
	  	“Scorecard”	    	 the scorecard for the Charter published pursuant to Section 100(2)(a) of the MPRD Act under Government Gazette (no 26661 of 13 August 2004);

			
	 2.2.117
	  	 “Senior
 Facilities

Agreement”
	    	 the R2 300 000 000 plus the Tranche 1 Amount (inclusive of capitalised interest) term and revolving facilities agreement entered into, or to be entered into, on
or about the Signature Date amongst, inter alia Atlatsa, RPM, Plateau and Holdco in terms of which funding is made available by RPM to Plateau, and a portion of which shall be used to settle amounts owed by Plateau to RPM under the existing
financial arrangements;

			
	 2.2.118
	  	“Shareholders”	    	 any person from time to time that shall have acquired a Shareholding and shall have bound itself as a party to this Agreement in accordance with the provisions
of clause 23;

			
	 2.2.119
	  	“Shareholding”	    	 a registered holding of Shares from time to time and in the context of percentage Shareholding, shall mean the number of Shares held by a Shareholder in
relation to the total number of issued Shares at that time, expressed as a percentage;

			
	 2.2.120
	  	“Shares”	    	 ordinary shares of R 1 each in the share capital of Holdco;

			
	 2.2.121
	  	“Signature Date”	    	 the date on which this Agreement is signed (whether or not in counterpart) by the last signing of the Parties;

			
	 2.2.122
	  	“Structural Change”	    	 any act or omission which results in:

  
 29 

 

 
  

					
	 2.2.122.1
	  		    	 a Change of Control in Holdco; or

			
	 2.2.122.2
	  		    	 the reduction of the Beneficial Ownership of any entity which is a part of the Controlling Group Structure in any other entity which is a
part of the Controlling Group Structure;

			
	 2.2.123
	  	“Subsidiary Company”	    	 a subsidiary (which for the purposes of this Agreement shall be deemed to include any company incorporated outside the Republic) as defined in terms of Section
1 of the Companies Act and “Subsidiary Companies” shall have a corresponding meaning;

			
	 2.2.124
	  	“Tax”	    	 all tax of whatsoever nature and howsoever arising, payable by any of the Parties to any competent taxation authority, including (without limitation) all tax of
whatsoever nature payable in terms of and/or in connection with the Income Tax Act and the VAT Act;

			
	 2.2.125
	  	 “Twickenham/Hackney
 Farms”

	    	 Twickenham 114 KT, Hackney 116 KT, Surbiton 15 KT, Balmoral 508 KS and a portion of the Remaining Extent of mineral area No 1 of the Farm Forest Hill 117
KT;

			
	 2.2.126
	  	“USA”	    	 the United States of America;

			
	 2.2.127
	  	“VAT”	    	 value-added tax calculated and levied in terms of the VAT Act;

			
	 2.2.128
	  	“VAT Act”	    	 the Value-Added Tax Act, 89 of 1991;

			
	 2.2.129
	  	 “Working
 Capital

Facility”
	    	 the agreement to be entered into between RPM and Plateau in terms of which RPM will make available

  
 30 

 

 
  

					
			
		  		    	 to Plateau a working capital facility in a maximum aggregate amount of R90 million.

  

	2.3	 If any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it is only
in the definition clause, effect shall be given to it as if it were a substantive provision of this Agreement. 

  

	2.4	 Any reference to an enactment is to that enactment as at the Original Signature Date and, in the event that any right and/or obligation shall arise
in terms of this Agreement in respect of and/or in connection with such enactment after the Original Signature Date, such reference shall be to that enactment as amended and/or replaced as at the date for performance of such right and/or obligation,
save in respect of the definitions of “BEE”, “Credits” and “HDP”, in which the references to the MPRD Act, the Charter, the regulations published under the MPRD Act and the Scorecard shall at all times be deemed to be
references to such enactments and regulations as at the Original Signature Date. 

  

	2.5	 Any reference in this Agreement to this Agreement or to any other agreement shall be construed as a reference to this Agreement or such other
agreement as the same may have been, or may from time to time be amended, varied, novated or supplemented. 

  

	2.6	 Any reference to a Shareholder (including a reference to a particular Shareholder) includes, where applicable, that Shareholder’s Permitted
Successors. 

  

	2.7	 Unless inconsistent with the context, an expression which denotes: 

 

	2.7.1	 any gender includes the other genders; 

  

	2.7.2	 a natural person includes an artificial person and vice versa; and 

 

	2.7.3	 the singular includes the plural and vice versa. 

  

	2.8	 Where any term is defined within the context of any particular clause in this Agreement, the term so defined, unless it is clear from the clause in
question that the term so defined has limited application to the relevant clause, shall bear the 

  
 31 

 

 
  

	 	 
meaning ascribed to it for all purposes in terms of this Agreement, notwithstanding that that term has not been defined in this interpretation clause. 

 

	2.9	 The rule of construction that, in the event of ambiguity, the contract shall be interpreted against the party responsible for the drafting or
preparation of this Agreement, shall not apply. 

  

	2.10	 Where any number of days is prescribed, those days shall be reckoned exclusively of the first and inclusively of the last day unless the last day
falls on a day which is not a Business Day, in which event the last day shall be the next succeeding Business Day. 

  

	2.11	 The schedules to this Agreement form an integral part hereof and words and expressions defined in this Agreement shall bear, unless the context
otherwise requires, the same meaning in such schedules. 

  

	3.	 INTRODUCTION 

  

	3.1	 RPM and Plateau: 

  

	3.1.1	 implemented the June 2009 Transaction; 

  

	3.1.2	 entered into the Original Shareholders Agreement; 

  

	3.1.3	 are the registered owners of the entire issued share capital of Holdco, and shall be the creditors of Holdco in respect of the Claims;

  

	3.1.4	 intend to enter into certain Acquisition Agreements and Finance Documents; 

 

	3.1.5	 wish to co-operate as shareholders in respect of the conduct of the Holdco Business; and 

 

	3.1.6	 wish in writing to provide for the conduct of the Holdco Business and to govern the relationship between the Shareholders inter se and amongst the
Parties. 

  

	3.2	 The Parties wish to amend and restate the terms of the Original Shareholders Agreement and accordingly wish to enter into this Agreement.

  
 32 

 

 
  

	4.	 COMMENCEMENT DATE 

On the Initial Commencement Date and as at the Signature Date, Plateau and RPM respectively hold the entire issued share
capital of Holdco and the Claims in the ratio of 51:49 and Plateau Controls Holdco. 
  

	5.	 DURATION 

  

	5.1	 This Agreement came into full force and effect on the Signature Date. 

 

	5.2	 This Agreement shall be and remain of full force and effect and binding on each of the Shareholders for as long as such Shareholder shall be the
registered owner of any Shares. This Agreement shall be and remain of full force and effect and binding on Holdco for as long as it shall be and remain binding on any Shareholder. 

 

	6.	 BOARD 

  

	6.1	 The Board shall consist of not fewer than 7 and not more than 11 Directors. 

 

	6.2	 Subject to clause 6.10, Plateau shall be entitled, but not obliged, to nominate 6 Directors, and RPM shall be entitled, but not obliged, to
nominate 5 Directors; provided that should RPM and/or Plateau’s respective Shareholdings change, each of them, and any other future Shareholder, shall be entitled to nominate that number of Directors that will be, as near as possible,
proportional to such Shareholder’s Shareholding. 

  

	6.3	 The Shareholders may each nominate one or more alternate Directors in respect of each Director nominated by such Shareholder in accordance with
clause 6.2. An alternate Director can substitute only for the Director on whose behalf he or she was nominated. 

  

	6.4	 Each Shareholder shall be entitled at any time to request the replacement of any Director or alternate Director nominated by it.

  

	6.5	 The Shareholders shall vote for the appointment of the individuals nominated by any Shareholder in accordance with clauses 6.2 and 6.3 and the
replacements requested by any Shareholder in accordance with clause 6.4. Each Shareholder 

  
 33 

 

 
  

	 	 hereby undertakes to vote in favour of each other Shareholder’s nominations and/or replacement requests. 

 

	6.6	 If a Shareholder disposes of Shares held by it, that Shareholder shall be obliged to procure, as a condition to the transfer of such Shares, the
resignation of such number (applying the provisions of clause 6.2) of Directors nominated (and appointed in accordance with clause 6.5) by such Shareholder that shall bear the same proportion to the total number of Directors nominated (and appointed
in accordance with clause 6.5) by such Shareholder as the Shares to be so disposed of bear to the whole of such Shareholder’s Shareholding. 

  

	6.7	 A Shareholder who requests the replacement of any Director nominated by it hereby indemnifies and holds Holdco harmless against any claim
instituted by such Director as a result of his removal from office and all costs arising from such claim. 

  

	6.8	 In the event of the removal of a Director in terms of any applicable law, the resulting vacancy will only be filled by a nominee of the Shareholder
that nominated such Director. 

  

	6.9	 Upon the appointment of a Director or an alternate Director, the Shareholder that shall have nominated such Director or alternate Director shall
procure that the relevant Director: 

  

	6.9.1	 provides Holdco in writing with his physical address, postal address, a facsimile number, an e-mail address and a telephone number for all purposes
hereunder; and 

  

	6.9.2	 signs a deed of adherence binding himself to the provisions of this Agreement. 

 

	6.10	 The Shareholders shall procure that the majority of the Board shall be Directors who are HDPs, provided that the Shareholders shall, pro rata to
their Shareholding, be obliged to nominate such HDP Directors. For the avoidance of doubt, it is recorded that, before any adjustments pursuant to clause 6.2 in the Shareholders’ entitlements to nominate Directors, at least the majority of the
Directors nominated by Plateau (and appointed in terms of clause 6.5) shall be 

  
 34 

 

 
  

	 	 
HDPs; and at least one less than the majority of the Directors nominated by RPM (and appointed in terms of clause 6.5) shall be HDPs. 

 

	6.11	 The founding chairman of the Board shall be nominated by Plateau from amongst the Directors nominated by it in terms of clause 6.2 (the provisions
of clause 6.5 shall also apply in respect of the appointment of such chairman). The Board shall be entitled from time to time to remove and to appoint a different chairman from amongst the members of the Board. 

 

	6.12	 The Board shall appoint a secretary whose responsibility it shall be to record the minutes of all meetings of the Board and to distribute such
minutes to each of the Shareholders and to the Directors. The secretary shall, from time to time, as directed by the Board, convene meetings of the Board by delivery of written notice to the Directors. The secretary shall have such other powers
and/or duties as the Board may from time to time determine. 

  

	6.13	 The Board shall be entitled to form sub-committees and to delegate to such sub-committees such of the powers and responsibilities as the Board may
determine from time to time. 

  

	7.	 BOARD MEETINGS 

The Shareholders shall procure that unless otherwise agreed between them in writing: 

 

	7.1	 the Board will meet from time to time for the dispatch of business, but in any event not less than once every two months during the 12 month period
after the Initial Commencement Date and thereafter not less than once every quarter at such place as the Directors may from time to time decide and, save as specifically provided in this Agreement, may regulate its meetings and the manner of
conducting its business as it may deem fit; 

  

	7.2	 notices of and the agenda and board papers for all Board meetings shall be given to the Directors and their alternates at their respective
addresses notified to Holdco from time to time, at least 5 Business Days (or such shorter period as may be agreed in writing by the Directors, or their alternates, as the case may be) prior to the day on which the meeting is to be held. In addition
to any other method for calling Board meetings as may be provided in the articles of 

  
 35 

 

 
  

	 	 
association of Holdco or the Companies Act, meetings of the Board may be called by any Director subject always to due compliance with the provisions of this clause 7; 

 

	7.3	 a quorum for all Board meetings shall be the majority of all Directors, provided that for so long as RPM and Plateau hold the entire issued share
capital of Holdco in the proportion set out in clause 4, at least two Directors nominated by each Shareholder shall be present. If a quorum is not present within 15 minutes of the commencement of the meeting, the meeting in question will stand
adjourned to the same venue at the same time and on the same day in the following week or, if that day is not a Business Day, then to the immediately following Business Day. Notice of such adjournment shall be given to the Directors and their
alternates. If at such adjourned meeting, a quorum is not present within 15 minutes of the commencement of such adjourned meeting, those Directors present at such adjourned meeting shall constitute a quorum for conducting all the business for which
the meeting was originally convened; 

  

	7.4	 the following provisions shall apply to voting by Directors: 

 

	7.4.1	 each Director shall have as many votes on all matters submitted to the Board as is equal to the number of Shares held by the Shareholder that
nominated the relevant Director (in terms of clauses 6.2 or 6.3), divided by the number of Directors nominated by that Shareholder present and voting at the meeting; and 

 

	7.4.2	 save as otherwise provided in this Agreement, all resolutions of the Board will be validly passed by a simple majority; 

 

	7.5	 the chairperson shall preside at meetings of the Board and shall not be entitled to a second or casting vote; 

 

	7.6	 subject to the provisions of clause 19, a resolution in writing circulated to all the Directors and signed by all the Directors, shall be as valid
and effectual as if passed at a duly called and constituted Board meeting, provided that none of the Directors shall have specified in the written resolution that he is against such resolution. Any such resolution may consist of several documents in
like form, each signed by one or more of such Directors. Unless the contrary is stated 

  
 36 

 

 
  

	 	 
therein, any such resolution shall be deemed to have been passed on the date on which it was signed by the Director last signing it. A fax or a scanned e-mail copy of a Director’s signed
resolution shall be acceptable evidence that such resolution shall have been signed by the Director whose signature appears on the fax; provided that such Director or alternate shall have signed the original copy of the resolution and such original
copy shall be retained in the records of Holdco; and 

  

	7.7	 provided proper notice as contemplated in this Agreement shall have been given or waived, meetings of the Board and all committees of the Board may
be held by means of such telephone, video, electronic or other communication facility as permits all persons participating in the meeting to communicate with each other simultaneously and instantaneously; provided that it is specifically agreed that
for all purposes whatsoever Holdco shall be managed and controlled, and shall be deemed to be managed and controlled effectively within and from the Republic. 

 

	8.	 OPCO BOARD 

The Shareholders shall, unless otherwise agreed between them, procure that respectively the Opco Board and the boards of
directors of each other member of the Holdco Group, other than Holdco (collectively “Sub-Boards”) shall consist of the same persons as the persons constituting the Board, and the provisions of clause 6 and 7 shall be mutatis
mutandis applicable to and in respect of the Sub-Boards. 
  

	9.	 SHAREHOLDERS’ MEETINGS 

  

	9.1	 Subject to the provisions of the Companies Act in relation to special resolutions, a quorum for all Shareholders’ meetings of Holdco shall be
all Shareholders present in person or by proxy. If a quorum is not present within 15 minutes of the commencement of the meeting, the meeting in question shall be adjourned to the same venue on the same day in the following week, or if that day is
not a Business Day, then to the immediately following Business Day. Notice of such adjournment shall be given to the Shareholders. If at such adjourned meeting, a quorum is not present within 15 minutes of the commencement of such adjourned meeting:

  
 37 

 

 
  

	9.1.1	 in circumstances where there shall be only two Shareholders, the Shareholder who shall not be present at such adjourned meeting shall irrevocably
and unconditionally be deemed to have appointed the Shareholder who shall so be present, as the agent and proxy for and on behalf of such absent Shareholder, on the basis that such agent and proxy shall vote against all resolutions proposed at such
adjourned meeting; and 

  

	9.1.2	 in circumstances where there shall be more than two Shareholders, the Shareholder/s present at such adjourned meeting (if any) shall constitute a
quorum for purposes of conducting all the business for which the meeting was originally convened; provided that any resolutions proposed at such adjourned meeting shall, subject to the provisions of clause 19, only be validly and effectively passed
if Shareholders collectively holding at least 51% of the entire issued ordinary share capital of Holdco are present or represented at such meeting and vote in favour of such resolutions. 

 

	9.2	 The chairperson of a Shareholders’ meeting shall be a Director appointed for that purpose by the Shareholder who holds the greatest number of
Shares amongst those Shareholders present at the meeting. 

  

	9.3	 All decisions of the Shareholders shall, subject to the provisions of the Companies Act and the provisions of clause 19, be taken by a majority of
votes exercisable on a poll. 

  

	9.4	 Subject to the provisions of the Companies Act, a resolution in writing circulated to all the Shareholders and signed by all the Shareholders shall
be as valid and effectual as if such resolution had been passed at a Shareholders’ meeting duly convened and held; provided that none of the Shareholders shall have specified in the written resolution that it is against such resolution. Any
such resolution may consist of several documents in like form, each signed by one or more of the Shareholders. Unless the contrary is stated therein, any such resolution shall be deemed to have been passed on the date of the latest signature by the
Shareholders signing such resolution. A facsimile copy or a scanned email copy of a resolution signed by a Shareholder shall be acceptable evidence that such resolution shall have been signed by the Shareholder whose signature appears on that
facsimile or scanned email copy. Should a written resolution circulated to 

  
 38 

 

 
  

	 	 
all the Shareholders not be signed by all of the Shareholders, such resolution shall be of no force or effect and the matter or matters which are the subject of such written resolution shall be
referred to a Shareholders’ meeting for consideration. 

  

	9.5	 Subject to the provisions of the Companies Act, provided that proper notice as contemplated in this Agreement shall have been given or waived,
meetings of Shareholders may be held by means of such telephone, video, electronic or other communication facility as permits all Shareholders participating in the meeting to communicate with each other simultaneously and instantaneously.

  

	10.	 FUNDING 

  

	10.1	 The Board shall, from time to time, determine the amount of any funding required by Holdco, the time or times when such funding shall be required
and the manner in which and the terms on which the Shareholders shall be obliged to provide such funding, it being recorded that, save in respect of the amounts lent by any Shareholder to Holdco prior to or on the Initial Commencement Date, Holdco
shall inasfar as possible be self-funding and shall borrow as much of its future funding requirements as possible in all prevailing circumstances from third parties. 

 

	10.2	 The Company is in the process of finalising its Base Case Model. RPM and Plateau have in the interim agreed to provide a certain amount of funding
pro rata to their Shareholding (“Committed Capital”) in respect of three capital projects identified by the Company, namely: 

  

	10.2.1	 the Brakfontein project, being the increase in the capacity of the Brakfontein shaft to 100,000 tonnes per month, the anticipated costs of which
shall be up to a maximum amount of R159,026,578 in 2013, R88,229,746 in 2014 and R134,917,606 in 2015; 

  

	10.2.2	 the Middelpunt Hill project, being the increase in the capacity of the Middelpunt Hill shaft to 60,000 tonnes per month, the anticipated costs of
which shall be up to a maximum amount of R139,273,563 in 2013, R204,809,904 in 2014 and R226,543,183 in 2015, and which project is to be implemented during the period from 2013 until 2020; and 

  
 39 

 

 
  

	10.2.3	 the upgrade of the Merensky Concentrator to increase its capacity from 140,000 tonnes per month to 160,000 tonnes per month, the anticipated costs
of which shall be up to a maximum amount of R15,000,000 in 2013, 

 (collectively, the “Capital
Projects”). 
  

	10.3	 The Committed Capital required for the Capital Projects will form part of the annual budget prepared by the Company. Subject to clause 10.1 and to
the extent that funding is not available from the operating cash of the Business, should the Company require funding from Committed Capital in relation to the three Capital Projects, it will submit a Funding Request to Shareholders in accordance
with clause 10.4. RPM shall be obliged to provide its pro rata Committed Capital funding in relation to the Capital Projects provided that Plateau also advances its pro rata portion of the requested Committed Capital funding, at each
Funding Request. In each Capital Project, if the maximum amount stated in clause 10.2 in respect of each year is not spent by the Company, the difference between the maximum amount and the actual amount spent, shall be carried forward to the next
succeeding year until the earlier of: i) the date on which the sum of the maximum amounts stated in clause 10.2 in respect of each Project is spent; or ii) 31 December 2018. RPM’s pro rata funding obligation under clause 10.2 and
this clause 10.3 is limited to a maximum amount of R474,222,284 based on RPM’s Shareholding, as at the Signature Date. Should Atlatsa exercise its rights in clause 16, the maximum amount will be reduced in accordance with RPM’s revised
Shareholding. 

  

	10.4	 In the event that the Board shall have determined that Holdco shall require funding from the Shareholders, the Board shall deliver a written notice
(“Funding Notice”) to each of the Shareholders, specifying: 

  

	10.4.1	 the aggregate amount of the funding required by Holdco and the amount of the funding to be contributed by each of the Shareholders, which shall, at
all times, be pro rata to their Shareholding; 

  

	10.4.2	 when such funding shall be required, it being recorded that the Shareholders, or any of them, shall not be required to provide any funding before
the expiry of a period of not less than 30 Business Days after the delivery of the Funding Notice to each Shareholder; 

  
 40 

 

 
  

	10.4.3	 whether such funding shall be required to be contributed by way of subscription for new Shares in Holdco, or by way of loans to Holdco, or by way
of a combination of subscription for new Shares in Holdco and loans to Holdco; 

  

	10.4.4	 in the event that the funding, or any portion thereof, shall be required to be contributed by way of subscription for new Shares in Holdco, the
number of Shares in respect of which each Shareholder shall be obliged to subscribe and the subscription price payable in respect of such new Shares. Subject to clause 12.1.1, the subscription price in respect of such new Shares shall be expressed
as the aggregate per Share of the par value of such Share and the premium in respect of such Share determined by the Board; and 

  

	10.4.5	 in the event that the funding, or any portion thereof, shall be required to be contributed by way of a loan or loans to Holdco, the amount to be
lent and advanced to Holdco by each Shareholder and the terms upon which such amount shall be lent to Holdco. 

  

	10.5	 On the delivery of any Funding Notice to each of the Shareholders, each of the Shareholders shall be obliged to and shall: 

 

	10.5.1	 contribute the funding required in terms of the Funding Notice to Holdco at the time, on the basis and on the terms set out in the Funding Notice.
In the event that any Shareholder shall fail, for whatever reason, to comply with its obligations in terms of any Funding Notice, the provisions of clause 12 shall apply (it being recorded that such failure shall not constitute a breach of this
Agreement); and 

  

	10.5.2	 in the event that the Funding Notice shall oblige the Shareholders to subscribe for Shares in Holdco, exercise all votes attaching to their Shares
in favour of any resolutions in respect of the creation of new Shares in the authorised share capital of Holdco, sufficient in number to enable Holdco to allot and to issue the Shares (“Funding Shares”) described in such Funding
Notice, to the Shareholders; and in respect of the placing of the Funding Shares under the control of the Directors with specific authority and consent to the Directors to allot and to issue the Funding Shares to the Shareholders in terms of the
Funding Notice. In the event that any 

  
 41 

 

 
  

	 	 
Shareholder shall fail or refuse, for whatever reason, so to exercise the votes attaching to its Shares, such Shareholder hereby irrevocably and unconditionally and in rem suam authorises
and appoints the Shareholder that shall hold the greatest number of Shares amongst those Shareholders present at the relevant Shareholders’ meeting and voting in favour of the relevant resolution, as its agent and proxy so to exercise such
votes for it and on its behalf. 

  

	10.6	 In the event that a Funding Notice shall oblige the Shareholders to subscribe for Funding Shares, all amounts paid to Holdco in respect of payment
of a Shareholder’s pro rata portion of the aggregate subscription price of all such Funding Shares (“Aggregate Subscription Price”) shall be held in escrow until such time as Holdco shall have received the entire Aggregate
Subscription Price. Accordingly, none of the Funding Shares shall be issued and allotted to any Shareholder until Holdco shall have received the entire Aggregate Subscription Price from the Shareholders, or any of them, as the case may be.

  

	11.	 GUARANTEES AND SURETYSHIPS 

  

	11.1	 The Board shall be entitled in its discretion to determine that any funding required by Holdco, shall be provided by third parties, in which event
Holdco shall enter into appropriate agreements of loan (“Loan Agreements”) with such third parties (“Lenders”) on terms and conditions to be determined by the Board. In the event that the Lenders shall require, in
respect of any Loan Agreement, that the Shareholders, or any of them, shall bind themselves as sureties for and/or co-principal debtors together with Holdco in respect of any amount borrowed by Holdco from the Lenders (“Suretyship
Undertakings”), or shall guarantee the obligations of Holdco in terms of any Loan Agreement (“Guarantees”), the Board shall be entitled and obliged to deliver a written notice (“Guarantee Notice”) to each
of the Shareholders, specifying: 

  

	11.1.1	 the amount borrowed by Holdco in terms of and the material terms and conditions of the relevant Loan Agreement; 

 

	11.1.2	 that the Shareholders shall be obliged to execute Suretyship Undertakings and/or Guarantees in respect of the relevant Loan Agreement;

  
 42 

 

 
  

	11.1.3	 when the Shareholders shall be obliged to execute the Suretyship Undertakings and/or the Guarantees, it being recorded that the Shareholders, or
any of them, shall not be required so to execute the Suretyship Undertakings and/or the Guarantees before the expiry of a period of not less than 15 Business Days after the delivery of the Guarantee Notice to each Shareholder; and

  

	11.1.4	 the terms and conditions applicable in respect of the Suretyship Undertakings and/or the Guarantees, it being specifically recorded that the Board
shall use its reasonable commercial efforts to procure that the Shareholders shall be jointly (correi debendi), but not jointly and severally (in solidum), liable in terms of such Suretyship Undertakings and/or Guarantees.

  

	11.2	 On the delivery of the Guarantee Notice, the Shareholders shall be obliged to and shall execute the Suretyship Undertakings and/or the Guarantees
on the basis and at the time required in terms of the Guarantee Notice, failing which the provisions of clause 12 shall apply. 

  

	12.	 FUNDING DEFAULT 

In the event that any Shareholder (“Defaulting Shareholder”) shall fail, for whatever reason, to provide the
funding required in terms of clause 10 (“Default Funding”) to Holdco, or shall fail to execute the Suretyship Undertakings and/or the Guarantees required in terms of clause 11 (“Default Security”), the other
Shareholders (“Non-Defaulting Shareholders”) shall be entitled, but not obliged, at any time during the period of 20 Business Days after the Defaulting Shareholder shall have failed to provide the Default Funding to Holdco, or shall
have failed to provide the Default Security, to provide the Default Funding or the Default Security, as the case may be, mutatis mutandis on the basis required in terms of the Funding Notice (subject to the provisions of clauses 12.1.1 and
12.1.2) or the Guarantee Notice, as the case may be, pro rata to their then Shareholding. In the event and to the extent that any of the Non-Defaulting Shareholders shall elect not to or shall not provide their pro rata portion of the Default
Funding, or Default Security, as the case may be, the other Non-Defaulting Shareholders shall be entitled, but not obliged, to provide the portion of the Default Funding, or Default Security, as the case may be, which any of the other
Non-

  
 43 

 

 
  

 
Defaulting Shareholders shall have elected not to or shall not have provided, pro rata to their then Shareholding. On the provision of the Defaulting Funding to Holdco or the Default Security, as
the case may be, by any of the Non-Defaulting Shareholders (“Funding Shareholders”), the benefits which would have accrued to the Defaulting Shareholder in the event that it would have provided the required funding or would have
executed the required Suretyship Undertaking and/or Guarantee (such benefits being, for the avoidance of doubt, the allotment and issue of any Shares, or the payment of any interest and/or fee to it) shall accrue to the Funding Shareholders pro rata
to their then Shareholding; provided that: 
  

	12.1.1	 subject to clause 12.1.2 and notwithstanding the provisions of clause 10.4.4, in the event that the Funding Shareholders elect to provide the
Default Funding in circumstances where all or a portion of the funding required in terms of clause 10 was to be advanced by way of subscription for additional Shares, the subscription price for each of the Shares to be issued and allotted to the
Non-Defaulting Shareholders shall be the Fair Market Value thereof; 

  

	12.1.2	 notwithstanding whether the funding required in terms of clause 10 was to be advanced by way of subscription for additional Shares, for the
duration of the Initial Period, any and all Default Funding, together with the Non-Defaulting Shareholders’ corresponding portion of the aggregate amount of funding required by Holdco, will be contributed by way of a loan equal to the aggregate
amount of the funding required in terms of clause 10, the terms of which loan funding shall, at the relevant time, be determined by the Board; 

  

	12.1.3	 any interest on any loan which constitutes Default Funding receivable by the Funding Shareholders shall be calculated at the rate of Prime, and
such interest shall be paid to the Funding Shareholders by Holdco in priority to any other payment made by Holdco to the Shareholders, or any of them, and Holdco shall repay the full amount of the Defaulting Funding to the Funding Shareholders in
priority to any other payment made by Holdco to the Shareholders, or any of them (including, without limitation, any dividend paid and/or other distribution made by Holdco); 

  
 44 

 

 
  

	12.1.4	 any fee in respect of any guarantee comprising Default Security receivable by the Funding Shareholders shall be a market related fee agreed amongst
the Parties, or failing such agreement, determined by the auditors of Holdco, who shall act as experts and not as arbitrators, and whose decision shall be final and binding on the Parties, save in the event of manifest error, and such fee shall be
payable to the Funding Shareholders mutatis mutandis and in the order of priority as specified in clause 12.1.3; and 

  

	12.1.5	 in the event that the Non-Defaulting Shareholders, or any of them, do not elect to provide all the Default Funding and/or all the Default Security
in terms of this clause 12, as the case may be: 

  

	12.1.5.1	 any funding actually contributed to Holdco (including any funds held by Holdco in escrow in accordance with the provisions of clause 10.6) by the
Non-Defaulting Shareholders, in accordance with clause 10.5.1 and/or this clause 12, shall be released from escrow and/or returned to such Non-Defaulting Shareholders, as the case may be; and 

 

	12.1.5.2	 any Suretyship Undertakings and/or Guarantees executed by the Non-Defaulting Shareholders, in terms of clause 11 and/or this clause 12, shall be
terminated. 

  

	13.	 SUBORDINATION 

Each of the Shareholders who shall have any Claim against Holdco from time to time shall be obliged, in the event that the
Board shall so determine, to subordinate all of its Claims against Holdco in favour of all or some of the creditors (other than any Shareholder, but including, without limitation, any Financier (which would include RPM in its capacity as a
Financier) from which Holdco shall from time to time borrow any money) of Holdco, on such terms and for such periods as the Board may from time to time determine. The provisions of this clause 13 shall apply only in respect of and to the extent that
Holdco shall be indebted to the Shareholders pro rata to their respective Shareholding, provided that the provisions of this clause 13 shall not apply in respect of any portion of any Claim which shall have arisen from and/or shall relate to any
amount lent by any Shareholder to Holdco at any time as and by way of Default Funding in terms of clause 12. 

  
 45 

 

 
  

	14.	 DIVIDENDS 

  

	14.1	 Subject to clause 14.2 and the AAPL Funding Agreements, Holdco shall distribute to the Shareholders such portion of the accumulated Profits by the
declaration and payment of dividends in such amounts as the Board may, in its discretion determine from time to time. 

  

	14.2	 The Board shall from time to time determine what portion of the Profits of Holdco shall be applied, prior to any distribution of such Profits to
the Shareholders in terms of clause 14.1, to the repayment of all amounts owing by Holdco to the Shareholders on loan account, provided that: 

  

	14.2.1	 all such repayments shall be made in the first instance to any amount which Holdco may owe to any Shareholder in respect of Default Funding, on the
basis described in clause 12; 

  

	14.2.2	 subject to clause 14.2.1, all such repayments shall be made pro rata to the respective Shareholding of the Shareholders from time to time; and

  

	14.2.3	 all amounts paid to the Shareholders in terms of the repayment of such loan accounts shall be applied in the first instance to interest accrued,
and thereafter to capital outstanding. 

  

	15.	 CASHFLOWS 

Plateau undertakes (and shall procure that Holdco and Opco undertake) to use the Cash received by it from time to time and the
Cash Equivalent Investments made by it from time to time to fulfil its repayment obligations to RPM pursuant to and in accordance with the terms and conditions of the Revised Funding Agreements, until the Initial Maturity Date. 

 

	16.	 OUNCE NEUTRALITY 

  

	16.1	 As soon as reasonably practicable following the Initial Maturity Date and provided that Atlatsa has notified AAPL in writing of its intention to
exercise its rights under this clause 16 within 12 months of the Initial Maturity Date (the date of such written notice being the “Exercise Date”), AAPL and Atlatsa undertake to conclude an agreement (“Sale of Shares and Claims
Agreement”) in terms of 

  
 46 

 

 
  

	 	 
which AAPL will procure that RPM sells, at market value to Atlatsa certain Shares and Claims (if any) held by RPM in Holdco (“Interest”) which portion shall be determined by
dividing the sum of the value of up to 11.69 million PGM indicated resource ounces 4E and 19.73 million PGM inferred resource ounces 4E by the implied enterprise value of Holdco (determined with reference to the quoted market value of
Atlatsa), as described in more detail in the steps set out in the remainder of this clause 16. 

  

	16.2	 The negotiations in relation to the Sale of Shares and Claims Agreement shall commence immediately following the Exercise Date and shall be
conducted in good faith. AAPL shall use their reasonable commercial endeavours to conclude the Sale of Shares and Claims Agreement as soon as is reasonably practicable and by no later than 1 year after the Exercise Date, on terms and conditions to
be agreed between AAPL and Atlatsa. 

  

	16.3	 The formulae set out in clauses 16.4 to 16.8 used to determine the percentage Interest to be acquired by Atlatsa have been devised on the basis of
the current structure of the Atlatsa Group as at the Signature Date. Should the structure of the Atlatsa Group change in a manner which renders the formulae ineffective for their intended commercial purpose prior to the Reference Date, AAPL and
Atlatsa agree to meet in order to determine appropriate adjustments and/or material alterations to the formulae to take account of the changes with the intention of trying to achieve the same or substantially the same commercial objective described
in clause 16.1. 

  

	16.4	 First, calculate the market capitalisation of Atlatsa, adjusted by the inclusion of the market value attributable to the B preference shares to be
converted into Atlatsa ordinary shares, in accordance with the following formula: 

 G = Ax(B + D + E)

 where: 
  

	 	G    =	 market capitalisation of Atlatsa, in Rand, including an adjustment to reflect the value of the B preference shares to be converted into Atlatsa
ordinary shares; 

  
 47 

 

 
  

							
		 	A	  	=	  	the price per Atlatsa ordinary share based on a 10 day volume weighted average traded price (“VWAP”) measured as at the effective date of the Sale of Shares and Claims Agreement (“Reference
Date”);
				
		 	B	  	=	  	the total number of issued ordinary shares in Atlatsa as determined with reference to the recognised stock exchange of Atlatsa’s primary listing;
				
		 	D	  	=	  	the total number of Atlatsa ordinary shares attributable to RPM pursuant to a conversion of B preference shares, in accordance with the relevant B Preference Share Documents;
				
		 	E	  	=	  	the total number of Atlatsa ordinary shares attributable to Pelawan SPV pursuant to a conversion of B preference shares, in accordance with the relevant B Preference Share Documents;

  

	16.5	 Second, determine the enterprise value of Holdco in accordance with the following formula: 

 

							
		 	EVH	  	=	  	(G / H) + F
				
		 	EVH	  	=	  	the enterprise value of Holdco;
				
		 	G	  	=	  	is defined above;
				
		 	F	  	=	  	the consolidated net debt of Atlatsa; and
				
		 	H	  	=	  	percentage Shareholding of Plateau as at the Reference Date.

  

	16.6	 Third, determine the value of up to 31.42 million PGM resource ounces 4E in accordance with the following formula: 

 

							
				
		 	OV	  	=	  	(M x X) + (N x Y) + (O x Z)

 where: 

  
 48 

 

 
  

	 	OV*    =    	 the value of up to 31.42 million PGM resource ounces 4E at Opco in Rand; 

 

	 	M        =    	 zero PGM measured resource ounces 4E; 

  

	 	X         =    	 the US$ per ounce value attributable to PGM measured resource ounces 4E, with reference to comparable resources sale transactions during the 5 year
period prior to the Reference Date, as agreed between AAPL and Atlatsa in writing; 

  

	 	N         =    	 up to 11.69 million PGM indicated resource ounces 4E; 

 

	 	Y         =    	 the US$ per ounce value attributable to PGM indicated resource ounces 4E, with reference to comparable resources sale transactions during the 5
year period prior to the Reference Date, as agreed between AAPL and Atlatsa in writing; 

  

	 	O         =    	 up to 19.73 million PGM inferred resource ounces 4E; and 

 

	 	Z         =    	 the US$ per ounce value attributable to PGM inferred resource ounces 4E, with reference to comparable resources sale transactions during the 5 year
period prior to the Reference Date, as agreed between AAPL and Atlatsa in writing. 

  

	*	 the Rand value will be determined by multiplying the US$ value of OV by the average R/US$ exchange rate, as quoted by Standard Bank for the
calendar month immediately prior to the Reference Date. 

  

	16.7	 Fourth, determine what percentage of the entire issued share capital of Holdco and all Claims against Holdco, is to be acquired by Atlatsa from RPM
ie. what percentage of Shares and Claims must RPM sell to Plateau, as calculated in accordance with the following formula: 

  

	 	EQ*    	 =    (OV/EVH) x 100 

  
 49 

 

 
  

	 	EQ    =    	 percentage of Interest to be acquired by Plateau from RPM; 

 

	 	OV    =    	 is defined above; 

  

	 	EVH  =    	 is defined above. 

  

	*	 For the avoidance of doubt, the value of EQ is the percentage Interest to be sold by RPM to Atlatsa (without any adjustment required to the
Interest by virtue of RPM’s Shareholding). 

  

	16.8	 Fifth, the purchase price to be paid by Atlatsa for such Interest is the sum of the value of the Shares and the value of the Claims (comprising the
Interest) to be sold by RPM to Plateau in accordance with the following formula: 

  

	 	P       =    	 [EQ x (EVH - SL - TD)] + [EQ x SL] 

  

	 	P       =    	 purchase price of the Interest in Rand;  

  

	 	EQ    =    	 is defined above;  

  

	 	EVH =    	 is defined above; 

  

	 	SL     =    	 the aggregate of all Claims against Holdco as at the Reference Date; and 

 

	 	TD     =    	 the aggregate of all third party debt held by Holdco as at the Reference Date. 

A worked example of the application of the formulae has been included in schedule 4 for illustrative purposes. 

 

	16.9	 If the product of EQ and SL in clause 16.8 is greater than the full extent of the Claims held by RPM as at the Reference Date, then the purchase
price in respect of the Claims shall be reduced to an amount which equals the face value of the Claims held by RPM and RPM’s obligation to sell a percentage of Claims shall similarly be reduced to the full extent of Claims held by RPM.

  
 50 

 

 
  

	16.10	 Should AAPL and Atlatsa fail to agree a particular value for any item set out in this clause 16, within 30 days of either party requesting the
other to do so, the parties shall appoint an Expert in accordance with the provisions of clause 2.2.50. 

  

	16.11	 If, at the date of the written notice to commence negotiations in relation to the Sale of Shares and Claims Agreement referred to in clause 16.1,
the Amendment Date (as this term is defined in the Boikgantsho Sale of Assets Agreement) has not occurred, the number of equivalent ounces shall be reduced by an amount equal to the amount of equivalent ounces attributable to the area covered by the
Boikgantsho Prospecting Rights (as this term is defined in the Implementation Agreement), such that the value of N in the formula in clause 16.6 shall be reduced by 3.91 PGM indicated resource ounces 4E and the value of O in the
formula in clause 16.6 shall be reduced by 2.10 million PGM inferred resource ounces 4E. 

  

	16.12	 This clause 16 constitutes a stipulation for the benefit of AAPL and Atlatsa respectively (ie. a stipulatio alteri) which is capable
acceptance by either of them, on written notice to the Shareholders. 

  

	17.	 ACCOUNTING MATTERS 

  

	17.1	 Holdco shall, in accordance with IFRS, keep full, complete and accurate books of account, records and information (“Books”) with
respect to the affairs of Holdco. The Books shall be maintained at the head office of Holdco or at such other place as the Board shall determine from time to time. 

 

	17.2	 Each Party shall have the right, acting reasonably, to have access to, to audit, to examine and to make copies and/or extracts from the Books.

  

	17.3	 The auditors of Holdco as at the Signature Date shall be KPMG Inc. 

 

	17.4	 Holdco shall establish and maintain, as a sub-committee of the Board, an audit committee, consisting of Directors appointed by the Board. The audit
committee shall be responsible for and shall manage the accountancy and auditing aspects of the Holdco Business and shall report in respect of such management to the Board at such intervals and on such basis as the Board may from time to time
require. 

  
 51 

 

 
  

	17.5	 The accounting period of Holdco will, unless otherwise determined by the Board, be from 1 January to 31 December of each year.

  

	18.	 INSURANCE 

It is recorded that with effect from the Initial Commencement Date, Holdco and the Holdco Subsidiaries were removed as insured
parties under and in terms of the AAPL Group insurance policies and accordingly the Holdco Group shall be obliged to procure and maintain such insurance coverages as may be necessary to insure the Holdco Business and assets against such risks as
they were insured under the AAPL Group insurance policies and/or such additional risks as Holdco deems necessary, from time to time. 
  

	19.	 MINORITY PROTECTIONS 

The provisions of schedule 1 shall apply in respect of decisions of the Board, the Opco Board and/or the board of directors of
any other Holdco Subsidiary, in respect of matters specified in that schedule. 
  

	20.	 HOLDCO BUSINESS 

  

	20.1	 The Shareholders shall procure that Holdco shall undertake the Holdco Business, it being specifically recorded that: 

 

	20.1.1	 Holdco shall hold the entire issued share capital of respectively Opco, Ga-Phasha, Boikgantsho, Kwanda and Lebowa (unless Lebowa shall have been
wound-up), and shall Control respectively Opco, Ga-Phasha, Boikgantsho, Kwanda and Lebowa (unless Lebowa shall have been wound-up); and 

  

	20.1.2	 at the election of the Shareholders, Holdco shall procure that the Holdco Subsidiaries, or any of them, shall undertake the exploration for, mining
of, and the processing and treatment, marketing and distribution and sale of PGMs, and all rehabilitation operations undertaken in connection therewith. 

  

	20.2	 In respect of the development of any new project to be undertaken by any member of the Holdco Group, any of the Shareholders which shall require
further exploration and/or feasibility work, over and above that which the Board shall 

  
 52 

 

 
  

	 	 
have approved, to be undertaken in order to be in a position to make an investment decision, shall be entitled to procure that such further exploration and/or feasibility work shall be undertaken
at the cost of such Shareholder; provided that such further exploration and/or feasibility work shall in no way delay the adoption and/or implementation of such new project; and further provided that any additional information gained from such
further exploration and/or feasibility work shall be the property of the Shareholder who shall have undertaken such further exploration and/or feasibility work, and that such Shareholder shall be entitled (but not obliged) to sell such information
to the relevant Holdco Subsidiary, which shall be entitled (but not obliged) to buy such information, on such terms as may be agreed between such Shareholder and such Holdco Subsidiary. 

 

	21.	 PURCHASE OF ORE OR CONCENTRATE 

  

	21.1	 Plateau shall procure that Ga-Phasha elects whether it shall produce Ore or Concentrate prior to the finalisation of the Bankable Feasibility
Study. In the event that Ga-Phasha shall determine with reference to the Bankable Feasibility Study that: 

  

	21.1.1	 Ore shall be produced and it shall have notified RPM accordingly in writing (“Ore Production Notification Date”), RPM and
Ga-Phasha shall use their reasonable commercial endeavours to conclude an Ore purchase agreement on market related terms and conditions. In the event that RPM and Ga-Phasha shall have failed to reach an agreement on the purchase of Ore, RPM and
Ga-Phasha shall be obliged to refer the matter to dispute resolution in accordance with the provisions of clause 32 of this Agreement; or 

  

	21.1.2	 Concentrate shall be produced, RPM shall have the right to purchase Ga-Phasha’s Concentrate in accordance with the Ga-Phasha Sale of
Concentrate Agreement. RPM shall be obliged to give notice in writing to Ga-Phasha at least 3 (three) months prior to the commencement of production of Concentrate that it wishes to purchase Ga-Phasha’s Concentrate on the terms so determined in
accordance with this clause 21.1.2, failing which Ga-Phasha shall be entitled to dispose thereof 

  
 53 

 

 
  

	 	 
as it deems fit or, Ga-Phasha shall be entitled on 3 (three) months’ written notice to RPM to require RPM to acquire Ga-Phasha’s Concentrate on the terms of the Ga-Phasha Sale of
Concentrate Agreement, subject to the provisions of clauses 21.2 and 21.3. 

  

	21.2	 The Parties hereby agree that the determination of the pricing for purposes of clause 8 of the Ga-Phasha Sale of Concentrate Agreement will always
be transparent (ie subject to independent annual audit verification). 

  

	21.3	 The terms of the Ga-Phasha Sale of Concentrate Agreement shall be substantially similar to the draft attached to schedule 4 of the Original
Shareholders Agreement, provided that: 

  

	21.3.1	 those terms in the Ga-Phasha Sale of Concentrate Agreement which are incomplete (and capable of completion by reference to the Bankable Feasibility
Study) shall be amplified by reference to the Bankable Feasibility Study and those which are unable to be completed by reference to the Bankable Feasibility Study shall be agreed by RPM and Ga-Phasha, and failing agreement, then as determined in
accordance with the dispute resolution procedure in clause 32; and 

  

	21.3.2	 those terms set out in clauses 4, 8 and 9 of the Ga-Phasha Sale of Concentrate Agreement have been agreed to finality between the RPM and
Ga-Phasha, and shall not be subject to change unless otherwise agreed to by RPM and Ga-Phasha. 

  

	21.4	 Should the Ga-Phasha Sale of Concentrate Agreement be extended for a second term of 10 (ten) years, in that Ga-Phasha has not given RPM notice of
termination thereof prior to the end of the 8th (eighth) year thereof, Plateau (or its nominee) shall have the sole and exclusive options (“the Smelter Options”) to purchase from RPM, an undivided ownership interest in the smelter
owned by RPM and situated at Polokwane (“the Polokwane Smelter”) on the following terms and conditions: 

  

	21.4.1	 RPM shall after the end of the said 8th (eighth) year of the initial period of the Ga-Phasha
Sale of Concentrate Agreement, decide on the most appropriate legal entity (corporate or otherwise) and structure to facilitate 

  
 54 

 

 
  

	 	 
Plateau (or its nominee) being able to exercise either or both of the Smelter Options and acquire an undivided ownership interest in the Polokwane Smelter; provided that any restructuring of the
ownership of the Polokwane Smelter to give effect to the ultimate exercise of either or both of the Smelter Options shall be investigated and determined by RPM having regard to all tax, legal, commercial, fiscal and financial consequences for RPM
associated with such restructuring (“Restructuring Costs”). In determining the structure; RPM and Plateau record that, and Plateau agrees that: 

 

	21.4.1.1	 RPM shall be entitled to effect the said restructuring on a basis that is least prejudicial or detrimental to its then commercial, financial, tax,
fiscal and legal position vis-a-vis the Polokwane Smelter; 

  

	21.4.1.2	 whatever restructure is determined by RPM, it is recorded that the Polokwane Smelter is treated as a cost centre and that no revenue or profits are
attributed to the smelting activities at the Polokwane Smelter, although RPM may in future restructure the Polokwane Smelter as a profit centre; 

  

	21.4.1.3	 RPM shall determine the mechanism to implement the relevant restructure timeously to enable Plateau (or its nominee) to exercise these Smelter
Options within the time limits specified in clauses 21.4.4.1 and 21.4.5.1; and 

  

	21.4.1.4	 RPM shall be entitled to present one or more structures as contemplated in clause 21.4.1.1 to Plateau (or its nominee) at RPM’s discretion;

  

	21.4.2	 the Smelter Options are divisible and Plateau or its nominee shall be entitled to exercise either one or both of the Smelter Options and the
exercise of one of the Smelter Options is not dependant on the exercise of the other; 

  

	21.4.3	 Plateau or its nominee shall be entitled to exercise either or both of the Smelter Options by giving written notice of exercise of the option to
RPM at 

  
 55 

 

 
  

	 	 
RPM’s chosen domicilium in terms of clause 35 within the time limits specified in clauses 21.4.4.1 and 21.4.5.1 respectively; 

 

	21.4.4	 in regard to the Smelter Option 1 which is based on the Concentrate feed derived from Ore mined, the following terms shall apply:

  

	21.4.4.1	 such Smelter Option 1 may be exercised by Plateau or its nominee within 30 (thirty) days after the commencement of the second 10 (ten) year term of
the Ga-Phasha Sale of Concentrate Agreement referred to in clause 21.4, or within 30 (thirty) days of the determination of the price if Plateau (or its nominees) disputes RPM’s costs in terms of clause 21.4.4.4, failing which Smelter Option 1
shall lapse and cease to be of any further force or effect; 

  

	21.4.4.2	 in order for Plateau (or its nominee) to exercise Smelter Option 1 RPM shall present a written offer or offers setting out the price(s) and
structure(s) for purposes of clause 21.4.4.4, which offer(s) shall be delivered prior to the commencement of the second 10 (ten) year term, will be irrevocable and will be open for acceptance or rejection by Plateau (or its nominee) within 30
(thirty) days of delivery of the offers, or the date of determination of the dispute referred to in clause 21.4.4.4; 

  

	21.4.4.3	 the undivided ownership interest (“Option 1 ownership interest”) to be acquired by Plateau (or its nominee) pursuant to the
exercise of Smelter Option 1 shall equal the percentage that Concentrate derived from the Ore mined by Ga-Phasha, on the KA Farms attributable to Ga-Phasha and processed at the Polokwane Smelter, is, on an average basis for the 12 (twelve) month
period prior to the date of exercise of Smelter Option 1, of the total amount of Concentrate process design capacity (“design capacity”) for the Polokwane Smelter, it being recorded that RPM may at any time operate the Polokwane
Smelter above or below design capacity; 

  

	21.4.4.4	 the purchase price for the Option 1 ownership interest shall be R1 (one rand) plus the cost (provided that RPM will take steps to minimise the
Restructuring Costs) to RPM attributable to the 

  
 56 

 

 
  

	 	 
restructuring of the Polokwane Smelter (save that RPM shall not in such calculation include any loss of profits attributable to Plateau acquiring an ownership interest if the Polokwane Smelter is
run as a profit centre), payable in cash on the date of exercise of Smelter Option 1; provided that Plateau if it disputes the cost to RPM as set out in RPM’s offer(s) it shall be entitled to refer the dispute to arbitration in terms of clause
32; 

  

	21.4.4.5	 risk in and benefit to the Option 1 ownership interest shall pass to Plateau (or its nominee) on the date of exercise of Smelter Option 1; and

  

	21.4.4.6	 the sale and purchase of the Option 1 ownership interest recorded in this clause 21.4.4 shall be voetstoots and no warranties, representations or
undertakings are given or will be given by RPM in relation thereto; and 

  

	21.4.5	 in regard to the second Smelter Option (“Smelter Option 2”) which is based on the Concentrate feed derived from Ore mined outside
of the of the KA Farms attributable to Atlatsa, the following terms shall apply: 

  

	21.4.5.1	 Smelter Option 2 may be exercised by Plateau (or nominee) within the period commencing on the first day of the second 10 (ten) year term of the
Ga-Phasha Sale of Concentrate Agreement and terminating on the last day of the 5th (fifth) year of the second term, failing which Smelter Option 2 shall lapse and cease to be of any further force
or effect; provided that such period shall be extended if the determination in clause 21.4.5.4 is delayed beyond such period; 

  

	21.4.5.2	 the undivided ownership interest (“Option 2 ownership interest”) to be acquired by Plateau (or its nominee) pursuant to the
exercise of Smelter Option 2 referred to in clause 21.4.5.1 shall equal the percentage that Concentrate derived from Ore mined from areas outside of the KA Farms attributable to Atlatsa and processed at the Polokwane Smelter in terms of an off-take
agreement with RPM, is, on an average basis for the 12 (twelve) month period prior the to date of exercise of Smelter Option 2, of the design capacity for the 

  
 57 

 

 
  

	 	 
Polokwane Smelter, it being recorded that RPM may at any time operate the Polokwane Smelter above or below design capacity; 

 

	21.4.5.3	 should Plateau (or its nominee) wish to exercise the Smelter Option 2 in this clause 21.4.5 it shall give RPM 6 (six) month’s prior written
notice of intention to exercise to enable the determination in clause 21.4.5.4 to be done; 

  

	21.4.5.4	 the purchase price for the Option 2 ownership interest shall be the replacement cost of the Polokwane Smelter (including Restructuring Costs, to
the extent applicable and without double counting), prorated according to the percentage Option 2 ownership interest less the pro-rated fair wear and tear associated therewith, as determined by agreement between Plateau (or its nominee) and RPM,
after the giving of the notice in clause 21.4.5.3, and failing agreement as determined by an expert agreed to by RPM and Plateau (or its nominee), (and failing agreement each of them shall appoint an expert who together shall appoint an independent
third expert) who shall be acting as an expert(s) and whose decision shall in the absence of manifest error, be final and binding on RPM and Plateau (or its nominee) and not capable of review or appeal; provided that the costs of such expert(s)
shall be borne by RPM and Plateau in equal shares; 

  

	21.4.5.5	 in determining the replacement cost and the fair wear and tear for purposes of clause 21.4.5.4, RPM and Plateau and the expert(s) shall base the
determination on the actual cost of replacing the facility with the same facility with the same specifications as at the date of exercise of Smelter Option 2; 

 

	21.4.5.6	 after the determination of the price in terms of clause 21.4.5.4 Plateau (or its nominee) shall have 30 (thirty) days to exercise the Smelter
Option 2 in failing which it shall lapse; provided that Smelter Option 2 may be exercised only after the date in clause 21.4.5.1; 

  

	21.4.5.7	 the purchase price in clause 21.4.5.4 shall be payable within 10 (ten) Business Days of the exercise of Smelter Option 2 in accordance with

  
 58 

 

 
  

	 	 
clause 21.4.5.9, failing which the sale arising from the exercise of the Smelter Option 2 shall terminate and shall ipso facto lapse and be of no further force and effect; 

 

	21.4.5.8	 risk in and benefit to the Option 2 ownership interest shall pass to Plateau (or its nominee) on the date of payment in accordance with clause
21.4.5.9; and 

  

	21.4.5.9	 the provisions of clause 21.4.4.6 shall apply, mutatis mutandis, to the sale in this clause 21.4.5. 

 

	22.	 BEE 

  

	22.1	 The Shareholders shall procure that as at the Initial Commencement Date, the Beneficial Owners of the issued share capital of and/or the assets of
respectively Opco, Lebowa, Ga-Phasha, Kwanda, Boikgantsho and each other Holdco Subsidiary (including, without limitation, the Business) (collectively “Entities”) shall include the Communities (through such vehicle or vehicles as
may be agreed amongst the Parties) and the Bokoni Platinum Mine ESOP Trust; provided that the provisions of this clause 22.1 shall not preclude the Communities and the Bokoni Platinum Mine ESOP Trust from disposing of any shares in the share capital
of Atlatsa acquired by them in terms of the ESOP and Communities Subscription Agreements, in accordance with the terms of their founding or constitutional documents. 

 

	22.2	 To the extent that Pelawan shall acquire any obligations in terms of this clause 22, Plateau shall procure that Pelawan shall comply fully and
timeously therewith. 

  

	22.3	 Plateau shall, and in relation to the other Atlatsa Parties shall procure that each of them will, for the duration of the Initial Period, use its
reasonable commercial endeavours, at the cost of RPM, to support (and not in any way to deliberately jeopardise and/or to affect adversely), in such manner as RPM may from time to time reasonably request each such Atlatsa Party in writing, the
conversion of the AAPL Old Order Rights, or any of them and/or the grant to the AAPL Group of any reconnaissance permission, prospecting right and/or mining right (as 

  
 59 

 

 
  

	 	 
described in the MPRD Act) in respect of which any member of the AAPL Group shall have lodged an application as at the Initial Commencement Date. 

 

	23.	 ISSUE AND TRANSFER OF SHARES 

  

	23.1	 Unless otherwise agreed by the Shareholders or provided in this Agreement or the Holdco Sale of Shares Agreement: 

 

	23.1.1	 Holdco may issue and allot Shares to a person, which person may subscribe for such Shares, only if such issue, allotment and subscription shall be
subject to a condition precedent that the proposed subscriber of such Shares shall have bound itself to the provisions of this Agreement; 

  

	23.1.2	 any Shareholder may dispose of its Shares only if: 

  

	23.1.2.1	 in one and the same transaction (other than a transaction contemplated pursuant to clause 16), it disposes of that portion of its Claims which bear
the same proportion to the whole of its Claims as the Shares disposed of bear to the whole of its Shareholding in Holdco; and 

  

	23.1.2.2	 such disposal shall be subject to a condition precedent that the proposed transferee shall have bound itself to the provisions of this Agreement;
and 

  

	23.1.3	 Shares and/or Claims may not be pledged, hypothecated or otherwise encumbered, save in terms of any Financing Agreement. 

 

	23.2	 Subject to the provisions of the BEE Principles Schedule, Plateau may dispose of its Shares only if it shall have acquired written approval from
the Minister in respect of such sale, insofar as such approval is required in terms of section 11 of the MPRD Act or any other section of any other applicable legislation, from time to time. 

 

	23.3	 Shares may only be transferred in accordance with the provisions of this Agreement and no transfer of any Shares which conflicts with any provision
of this Agreement shall be approved or be permitted to be registered. 

  
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	23.4	 Subject to the remaining provisions of this clause 23 and clause 24, transfer of any Shares shall be given to the person so acquiring them on the
basis that if the approval of the Board is required in terms of Holdco’s articles of association, the Shareholders shall forthwith after the Initial Commencement Date procure the amendment of Holdco’s articles of association to delete such
requirement, in order that such Shares may be freely transferred without the approval of the Board. 

  

	23.5	 Securities transfer tax and/or other legal costs payable in respect of any transfer of Shares pursuant to this Agreement will be paid by the
purchaser of such Shares. 

  

	24.	 PRE-EMPTIVE RIGHTS 

  

	24.1	 The Shareholders shall not directly or indirectly sell, transfer, delegate or otherwise dispose of (collectively “Dispose of”) any
of their Shares, other than in compliance with the provisions and principles applicable in respect thereof, as set out in this Agreement and the BEE Principles Schedule. 

 

	24.2	 In the event that any Shareholder shall Dispose of its Shares in accordance with the stipulations of this Agreement, the other Shareholders shall
procure that such Shareholder shall be released from all of its obligations (“Obligations”) in terms of any suretyships and/or guarantees in respect of and/or in terms of which such Shareholder shall be bound in respect of and/or in
connection with the liabilities of any member of the Holdco Group, to the extent that the Obligations shall be greater than the pro rata obligations of such Shareholder in terms of this Agreement (measured by reference to the Shareholding of such
Shareholder immediately before such disposal, against the total amount in respect of which the Shareholders shall have bound themselves as sureties and/or guarantors for the obligations of the Companies). It is recorded, for the avoidance of doubt,
that the third party to whom such Shareholder shall Dispose of its Shares shall (as a condition precedent to such disposal) assume the liability of such Shareholder in respect of the Obligations, to the extent that such Obligations shall be pro rata
to the obligations of the other Shareholders in terms of any suretyships and/or guarantees in respect of and/or in terms of which the Shareholders shall be 

  
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bound in respect of and/or in connection with the liabilities of any member of the Holdco Group. 

  

	25.	 REHABILITATION TRUST AND GUARANTEES 

  

	25.1	 It is recorded that as at the Original Signature Date, RPM shall have contributed an amount to the Platinum Producers’ Environmental Trust
Fund, in respect of the LPM Business, and has provided an environmental guarantee in respect of the possible shortfall associated with early closure (“the Environmental Guarantee”). 

 

	25.2	 RPM has procured that an amount equal to the funds standing to the credit of the LPM Business in the Platinum Producers’ Environmental Trust
Fund has been transferred to a dedicated Holdco trust. RPM has also procured the extension of the Environmental Guarantee for successive periods of 12 months from the Initial Commencement Date, subject to an annual 1% guarantee fee excluding VAT,
payable to AAPL or its nominee, by Holdco or Opco, within 20 Business Days from the Initial Commencement Date or the anniversary of the Initial Commencement Date, as the case may be. Upon expiry of the current 12 month period referred to herein, the
Environmental Guarantee shall ipso facto lapse and be of no further force and effect and Holdco and/or Opco shall be obliged to substitute same with its own environmental guarantee. 

 

	25.3	 Any additional funding required to be contributed to the Holdco trust fund and/or the Environmental Guarantee shall be contributed by Holdco.

  

	26.	 GENERAL WARRANTIES 

  

	26.1	 Each Party hereby warrants to and in favour of the others that: 

 

	26.1.1	 it has the legal capacity and has taken all necessary corporate action required to empower and authorise it to enter into this Agreement;

  

	26.1.2	 this Agreement constitutes an agreement valid and binding on it and enforceable against it in accordance with its terms; and 

 

	26.1.3	 the execution of this Agreement and the performance of its obligations hereunder does not and shall not: 

  
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	26.1.3.1	 contravene any law or regulation to which it is subject; 

 

	26.1.3.2	 contravene any provision of it’s constitutional documents; or 

 

	26.1.3.3	 conflict with, or constitute a breach of any of the provisions of any other agreement, obligation, restriction or undertaking which is binding on
it. 

  

	26.2	 Each of the representations and warranties given by the Parties in terms of clause 26.1, shall: 

 

	26.2.1	 be a separate warranty and will in no way be limited or restricted by inference from the terms of any other warranty or by any other words in this
Agreement; 

  

	26.2.2	 continue and remain in force notwithstanding the completion of any or all the transactions contemplated in this Agreement; and

  

	26.2.3	 prima facie be deemed to be material and to be a material representation inducing the other Parties to enter into this Agreement.

  

	27.	 CONFIDENTIALITY 

  

	27.1	 Each of the Parties shall at all times treat all information in connection with and/or relating to Holdco, the Holdco Business and all matters
incidental thereto (“Confidential Information”), as strictly confidential and shall not, without the prior written consent of the other Parties (which consent may, for the avoidance of doubt, be withheld in the unfettered discretion
of such other Parties) disclose such Confidential Information to any party, and/or make use of such Confidential Information for any purposes other than in connection with the conduct of the Holdco Business and/or the furtherance of the interests of
Holdco. 

  

	27.2	 Notwithstanding the stipulations of clause 27.1, information shall be deemed not to be Confidential Information, and the provisions of clause 27.1
shall not apply to a Party in connection with any information which: 

  

	27.2.1	 is or becomes generally available to the public other than as a result of disclosure by such Party in violation of this clause 27;

  
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	27.2.2	 is disclosed to such Party by any third party entitled so to disclose such Confidential Information; 

 

	27.2.3	 is required to be given, made or published by law or under the rules, legally binding policies and regulations of any relevant stock exchange or
any applicable regulatory authority, in which case, the Party liable to so give, make or publish same shall, to the extent reasonably possible, give the other Parties reasonable written notice thereof, along with drafts or copies thereof, as soon as
is reasonably practicable, and, in the case of any disclosure required in terms of the Promotion of Access to Information Act, 2000 (Act No 2 of 2000) (“PAI Act”), the Party liable to make such disclosure shall, insofar as it shall
be able, apply the principles of Chapter 4 of the PAI Act in order to avoid and/or limit the extent of any such disclosure, and such Party shall not make any disclosure which it shall not be legally obliged to make; 

 

	27.2.4	 is required to be disclosed by any Party to any Financier in order for such Financier to take informed decisions regarding Holdco, provided that
such Party shall use its reasonable endeavours to procure that the Financier shall keep such information confidential; 

  

	27.2.5	 is required to be disclosed to a bona fide potential purchaser of Shares and/or any interest in the Business and/or any merchant bank in
circumstances of a compulsory disposal in terms of clause 4 of the BEE Principles Schedule (provided that such potential purchaser and/or merchant bank shall execute an appropriate confidentiality undertaking in favour of the Shareholders and
Holdco); and 

  

	27.2.6	 is, in terms of usual commercial practice, disclosed in the ordinary course of its operations by any Shareholder to any of its direct and indirect
shareholders (and/or to any direct and/or indirect subsidiary of any of its direct and/or indirect shareholders) and/or to any Financier for the purpose of and/or in connection with the making of any investment decisions, provided that the relevant
Shareholder shall procure that such direct and indirect shareholders and/or Financier shall comply mutatis mutandis with the provisions of this clause 27 

  
 64 

 

 
  

	28.	 INFORMATION RELATING TO HOLDCO. 

  

	28.1	 The Shareholders shall each, on reasonable notice to Holdco, be entitled unlimited and unfettered access to: 

 

	28.1.1	 the books and records; 

  

	28.1.2	 all physical sites and assets; and 

  

	28.1.3	 all relevant financial and/or other information and/or documentation of whatsoever nature (including, without limitation, all electronic
information and documentation), 

 of and/or in relation to the Holdco Group and its joint ventures (if
any), in order to keep them informed about the business and/or affairs of the Holdco Group and/or its joint venture partners (if any) and generally to protect their respective interests. 

 

	28.2	 Any reasonable costs incurred by Holdco whilst complying with clause 28.1 shall be for the account of the relevant requesting Shareholder.

  

	29.	 ACCOUNTING POLICY 

The Parties shall procure that Holdco shall adopt a consistent and as far as possible uniform policy in the preparation of its
financial statements in accordance with generally accepted accounting practice in South Africa, and (where applicable) IFRS. 
  

	30.	 INCONSISTENCY BETWEEN THIS AGREEMENT AND THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF HOLDCO 

 

	30.1	 Notwithstanding anything herein implied or contained to the contrary and subject to all applicable laws, in the event of their being any
inconsistency between the provisions of this Agreement and the rights and obligations of the Parties under the memorandum and articles of association of Holdco, the provisions of this Agreement shall prevail as amongst the Parties.

  

	30.2	 The Parties shall procure, as soon as practicable after a written request by any Shareholder, that the provisions of this Agreement shall, insofar
as may be 

  
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practicable, be incorporated into the articles of association of Holdco as soon as possible after the Initial Commencement Date. 

 

	31.	 MUTUAL SUPPORT 

  

	31.1	 The Parties undertake at all times to do all such things, perform all such actions and take all such steps and to procure the doing of all such
things, the performance of all such actions, and the taking of all such steps, as may be open to them and necessary or desirable for or incidental to the putting into effect or maintenance of the terms, conditions, import and intent of this
Agreement. 

  

	31.2	 Where circumstances arise which were not contemplated by the Parties as at the Original Signature Date or the Signature Date, which render
impractical the implementation of this Agreement, the Parties will meet and negotiate in good faith to establish a modus operandi for the attainment and fulfilment of the fundamental purpose of this Agreement. 

 

	31.3	 The Shareholders agree that, if during the currency of this Agreement, there is any significant change in circumstances, which results in one or
more of the Shareholders being placed in an inequitable or unfavourable position, the Shareholders shall meet with a view to agreeing, in a spirit of mutual trust and understanding, what modification, if any, to this Agreement would be appropriate
in order to take account of such change. 

  

	31.4	 Notwithstanding the provisions of this clause 31, it is acknowledged that none of the Shareholders shall owe any of the others of them a duty of
care or fiduciary duty of any nature and that each Shareholder shall be entitled to act in its own interests; provided that it shall comply at all times with all of the provisions of this Agreement. 

 

	32.	 DISPUTE RESOLUTION 

  

	32.1	 In the event of there being any dispute or difference between the Parties arising out of this Agreement, the said dispute or difference shall on
written demand by either Party be submitted to arbitration in Johannesburg in accordance with the AFSA rules, which arbitration shall be administered by AFSA. 

  
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	32.2	 Should AFSA, as an institution, not be operating at that time or not be accepting requests for arbitration for any reason, then the arbitration
shall be conducted in accordance with the AFSA rules for commercial arbitration (as last applied by AFSA) before an arbitrator appointed by agreement between the parties to the dispute or failing agreement within 10 (ten) Business Days of the demand
for arbitration, then any party to the dispute shall be entitled to forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the arbitrator, provided that the person so nominated shall be an advocate of not less than 10 (ten)
years standing as such. The person so nominated shall be the duly appointed arbitrator in respect of the dispute. In the event of the attorneys of the parties to the dispute failing to agree on any matter relating to the administration of the
arbitration, such matter shall be referred to and decided by the arbitrator whose decision shall be final and binding on the parties to the dispute. 

  

	32.3	 Any party to the arbitration may appeal the decision of the arbitrator or arbitrators in terms of the AFSA rules for commercial arbitration. Should
AFSA, as an institution, not be operating at the time or not be accepting requests for appeal for any reason, then the appeal shall be conducted in accordance with the AFSA rules for commercial arbitration (as last applied by AFSA).

  

	32.4	 Nothing herein contained shall be deemed to prevent or prohibit a party to the arbitration from applying to the appropriate court for urgent relief
or for judgment in relation to a liquidated claim. 

  

	32.5	 Any arbitration in terms of this clause 32 (including any appeal proceedings) shall be conducted in camera and the Parties shall treat as
confidential details of the dispute submitted to arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration. 

  

	32.6	 This clause 32 will continue to be binding on the Parties notwithstanding any termination or cancellation of the Agreement. 

 

	32.7	 The Parties agree that the written demand by a party to the dispute in terms of clause 32.1 that the dispute or difference be submitted to
arbitration is to be deemed to be a legal process for the purpose of interrupting extinctive prescription in terms of the Prescription Act, 1969. 

  
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	33.	 RELATIONSHIP OF THE PARTIES 

The relationship of the Parties amongst themselves shall be governed by the terms of this Agreement and nothing contained
herein shall be deemed to constitute a partnership between them and neither shall they by reason of the actions of any one of them incur any personal liability as co-partners to any third party and none of them shall be entitled or empowered to
represent or hold out to any third party that the relationship between them is that of partnership. 
  

	34.	 BREACH 

  

	34.1	 In respect of a Shareholder (“Affected Party”), and without prejudice to any other rights of such Affected Party at law, if, at
any time: 

  

	34.1.1	 it is placed under judicial management, in liquidation, or under winding-up, whether voluntarily, compulsorily, final or provisional; or

  

	34.1.2	 it commits any breach of a material term of this Agreement in respect of which no specific remedy is specified herein (it being specifically
recorded that in the event that any specific remedy is specified herein, such remedy shall apply and this clause 34 shall not apply); or 

  

	34.1.3	 any director of such Affected Party is convicted in a court of competent jurisdiction of any criminal offence of which dishonesty is a constituent
element, 

 any other Shareholder shall be entitled, if it wishes to enforce its rights in terms hereof, to
demand by written notice (“Breach Notice”) delivered on the Affected Party, to remedy such position. In respect of the conviction of a director of the Affected Party (in terms of clause 34.1.3) the remedy shall be that such director
shall be removed as a director of the Affected Party. In the event that the position in respect of which the Breach Notice shall have been given shall be capable of remedy, the Affected Party shall remedy such position by not later than 60 Business
Days after delivery of the Breach Notice. If, within such 60 Business Day period, the Affected Party shall fail to remedy such position or the position in respect of which the Breach Notice shall have been given shall not be capable of remedy, the
provisions of clause 4 of the BEE Principles Schedule 

  
 68 

 

 
  

 
shall apply mutatis mutandis (it is recorded for the avoidance of doubt that in such circumstances, any reference in clause 4 of the BEE Principles Schedule to “Plateau” and
“RPM” shall, for the purposes of this clause, be deemed to be references to respectively the Affected Party and the Shareholder that shall have delivered the Breach Notice to the Affected Party). 

 

	34.2	 Notwithstanding anything to the contrary contained herein, no liability shall attach to any of the Parties in respect of any breach of this
Agreement in relation to claims, losses or liabilities for any loss of profit or any other indirect, special or consequential loss. 

  

	35.	 DOMICILIUM 

  

	35.1	 The Parties hereto choose domicilia citandi et executandi for all purposes of and in connection with this Agreement as follows:

  

	 	Plateau:	 82 Grayston Drive 

	 	    	 Sandton Johannesburg 2146 

	 	    	 Fax No. +27 11 883-0836 

	 	    	 Attention: The Chief Financial Officer 

  

	 	RPM:	 13th Floor 

	 	    	 55 Marshall Street 

	 	    	 Johannesburg 

	 	    	 2001 

	 	    	 Fax No. +27 11 373-5111 

	 	    	 Attention: The Company Secretary 

  

	 	Holdco:	 13th Floor 

	 	    	 55 Marshall Street 

	 	    	 Johannesburg 

	 	    	 2001 

	 	    	 Fax No. +27 11 373-5111 

	 	    	 Attention: The Company Secretary 

  

	35.2	 Any Party hereto shall be entitled to change its domicilium from time to time, provided that any new domicilium selected by it shall be an address
in the Republic other than a box number, and any such change shall only be effective upon receipt of notice in writing by the other Parties of such change. 

  
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	35.3	 All notices, demands, communications or payments intended for any Party shall be made or given at such Party’s domicilium for the time being.

  

	35.4	 A notice sent by one Party to another Party shall be delivered by hand or sent by telefax and shall be deemed to be received:

  

	35.4.1	 on the same day, if delivered by hand, provided that in the event that such day shall not be a Business Day, the notice shall be deemed to have
been received on the next Business Day; and 

  

	35.4.2	 on the same day of transmission if sent by telefax, with receipt received confirming completion of transmission. 

 

	35.5	 Notwithstanding anything to the contrary herein contained a written notice or communication actually received by a Party shall be an adequate
written notice or communication to it notwithstanding that it was not sent to or delivered at its chosen domicilium citandi et executandi. 

  

	36	 COSTS 

Each Party shall pay its own costs of and incidental to the negotiation, preparation and execution of this Agreement. 

 

	37.	 GOVERNING LAW 

This Agreement shall be governed by and construed in accordance with the laws of the Republic. The Parties hereby irrevocably
and unconditionally consent to the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg in respect of any matter arising in terms of and/or in connection with this Agreement. 

 

	38.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts and by the different Parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all such counterparts together shall constitute one and the same instrument. 

  
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	39.	 SEVERANCE 

If any provision of this Agreement, which is not material to its efficacy as a whole, is rendered void, illegal or
unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the Parties shall endeavour in good faith to agree an alternative provision to
the void, illegal or unenforceable provision. 
  

	40.	 GENERAL 

  

	40.1	 This Agreement constitutes the sole record of the agreement amongst the Parties in regard to the subject matter thereof. 

 

	40.2	 No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded herein. 

 

	40.3	 No addition to, variation or consensual cancellation of this Agreement shall be of any force or effect unless in writing and signed by or on behalf
of all the Parties. 

  

	40.4	 No indulgence which any of the Parties (“Grantor”) may grant to any other or others of them (“Grantee”) shall
constitute a waiver of any of the rights of the Grantor, who shall not thereby be precluded from exercising any rights against the Grantee which might have arisen in the past or which might arise in the future. 

 

	40.5	 Save as specifically provided for elsewhere in this Agreement, no Party shall be entitled to cede, delegate or otherwise transfer all or any of its
rights, interest or obligations under and in terms of this Agreement except with the prior written consent of the other Parties. 

  
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 SIGNATURE PAGE 

 

			
	 PLATEAU
  

Signed at Sandton on 27 March 2013

	
	

	For and on behalf of:
	
	PLATEAU RESOURCES PROPRIETARY LIMITED
		
	Name:	 	TM MOTSISI
		
	Office:	 	DIRECTOR
		 	(who warrants his authority)

  
 72 

 

 
  

 SIGNATURE PAGE 

RPM 
 Signed at JOHANNESBURG on 6 DECEMBER 2012 

			
	
	

	 For and on behalf of:
  

RUSTENBURG PLATINUM MINES LIMITED
  

	Name:	 	B. NQWABABA
		
	Office:	 	DIRECTOR
		 	(who warrants his authority)

  
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 SIGNATURE PAGE 

HOLDCO 
 Signed at Sandton on 27 March 2013 

 

	
	

	For and on behalf of:

 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED 
  

			
	Name:	 	D Schutte
		
	Office:	 	DIRECTOR
		 	(who warrants his authority)

  
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 Schedule 1 

MINORITY PROTECTIONS 
  

	A.	 No decision of the Board and/or the Opco Board and/or any Sub-Board (as defined in clause 8 of the Agreement) in relation to any of the Reserved
Matters (set out in clause 1 hereof) shall be of any force and effect unless each Shareholder (or where relevant, the Directors, Opco Directors and/or directors of each Sub-Board appointed and/or nominated by such Shareholder) which holds at least
25.1% of all of the issued Shares (each, a “Qualifying Shareholder”) shall have agreed in respect of such matters. It is intended that the majority of these decisions will be regulated at the appropriate board level.

  

	B.	 In respect of all matters set out herein and described respectively as Financial Covenants, Consultative Matters and Sub-Committee Consultation
(set out in respectively clauses 2, 3 and 4 hereof) the procedures set out herein shall apply in respect of all decisions of the Board, the Opco Board and/or any Sub-Board. 

The protections are divided into four sections: 
 Reserved
Matters 
 Considerations that will require each Qualifying Shareholder’s approval. 

Financial Covenants 
 Minority protections
that will be controlled through the prescription of financial ratios and/or covenants and will require each Qualifying Shareholder’s approval. 

Consultative Matters 
 Considerations that
will require consultation with each of the Qualifying Shareholders prior to their execution. Consultation will be constituted in a formal manner, on the basis that: 
  

	 	•	 	 formal written notice shall be given to each of the Qualifying Shareholders by not less than 7 days before the Qualifying Shareholders shall meet
in order to consult with each other in respect of the relevant matters; 

  
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	 	•	 	 full details of the relevant matters will be given in such written notice; and 

 

	 	•	 	 appropriate consultation shall be had during the course of, and as part of either a meeting of the board of directors of Holdco, or a meeting of
the Shareholders. 

 Sub-Committee Consultation 

Matters which require consideration by sub-committees of the Board and/or the Opco Board and/or any Sub-Board, as the case may be, before their
adoption and/or implementation. 
  

	1.	 Reserved Matters 

  

	1.1	 The listing of Holdco, Opco and/or any Holdco Subsidiary (each a “Relevant Company”) on any stock exchange; 

 

	1.2	 any change in the main business and/or the objects of any Relevant Company; 

 

	1.3	 any change to the number of directors and the manner of their appointment, and/or the HDP composition of the Board, the Opco Board and/or the
Sub-Boards; 

  

	1.4	 any change to the powers of the Board, the Opco Board and/or the Sub-Boards; 

 

	1.5	 the entering Into by any Relevant Company of an amalgamation, merger or consolidation with any other body corporate other than an amalgamation,
merger or consolidation within the Holdco Group; 

  

	1.6	 the formation, sale or winding up of any Relevant Company; 

 

	1.7	 the entering into by any Relevant Company of a partnership or any arrangement for the sharing of profits, union of interests, joint venture or
reciprocal concession with any party, other than as amongst members of the Holdco Group; 

  

	1.8	 any change in the share capital structure of any Relevant Company, including but not limited to the creation, issue, repurchase, cancellation or
alteration of the rights attaching to any shares, preference shares, depository receipts, participation certificates, debentures or any like instruments in the capital of such Relevant Company, whether voting or not and whether convertible into
anything else or not, and the grant of options, warrants or any similar rights in respect of 

  
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securities, but excluding for such purposes any changes in the share capital of a Relevant Company that: 

 

	1.8.1	 where such Relevant Company is a material subsidiary of either Holdco or Opco, involves only companies within the Holdco Group, and following the
implementation of such change, such Relevant Company remains a direct or indirect wholly-owned subsidiary of Holdco or Opco, as the case may be; 

  

	1.8.2	 where such Relevant Company is Holdco, arise due to the dilution and/or transfer of RPM’s Shareholding in accordance with any express
provisions of the Agreement; and 

  

	1.8.3	 where such Relevant Company is Holdco, arise as a result of funding required to be provided by way of the subscription for new Shares in Holdco
pursuant to clauses 10 and 12 of the Agreement; 

  

	1.9	 any material change in the accounting policies other than as required in terms of generally accepted accounting practices in the Republic, Canada
and/or USA, IFRS or statutory regulation, as used for both the consolidated and unconsolidated audited financial statements of the Relevant Company and any changes in the financial year end of the Relevant Company; 

 

	1.10	 any repurchase of shares by a Relevant Company in terms of section 48 of the Companies Act, other than as between Holdco Group companies;

  

	1.11	 any distribution of the share capital, share premium and/or non-distributable reserves of any Relevant Company, other than as between Holdco Group
companies; 

  

	1.12	 the payment by any Relevant Company of any dividend in specie, other than as between Holdco Group companies; 

 

	1.13	 the reduction or cancellation of the share capital of any Relevant Company, other than as between Holdco Group companies; 

 

	1.14	 any change in the identity of the auditors of any Relevant Company; 

 

	1.15	 any variation, amendment or alteration to founding documents (including the memorandum and articles of association) of any Relevant Company, save
in 

  
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respect of any amendment to Holdco’s articles of association in accordance with the provisions of clause 30 of the Agreement; 

 

	1.16	 any sale, transfer or other disposition by any Relevant Company of any of its Mining Rights and/or prospecting rights; 

 

	1.17	 any sale, transfer or other disposition by any Relevant Company of any of its intellectual property (including, without limitation, any trade
marks, patents and/or licences) having a fair market value of not less than R10 000 000, escalated annually in arrears by the PPI; 

  

	1.18	 the decision to liquidate any Relevant Company or to place same under judicial management, administration or similar process (in either case
whether provisional or final) or to compromise generally with such Relevant Companies’ creditors; 

  

	1.19	 the entering into by any Relevant Company of any contract with any direct or indirect shareholder, officer or director of such Relevant Company or
any relative of any of the foregoing or any entity in which any of the foregoing has a direct or indirect interest, or the entering into by such Relevant Company of any amendment, variation, novation, relaxation or waiver of the terms of such
contract; 

  

	1.20	 the incurral by any Relevant Company of any operating expenditure greater than 15% of the amount budgeted under the latest approved budget; and

  

	1.21	 the incurral by any Relevant Company of any capital expenditure greater than 15% of the amount budgeted under the latest approved budget.

  

	2.	 Financial Covenants 

  

	2.1	 The loan by any Relevant Company of any monies to any share incentive scheme and any compromise, arrangement or settlement between such Relevant
Company and the share incentive scheme in respect of any such loan; 

  

	2.2	 any amendment, variation, novation, relaxation or waiver in or of the terms of any loan outside the normal course of business, entered into by any
Relevant Company; 

  
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	2.3	 the entering into by any Relevant Company, or amendment of, any financial lease or suspensive sale agreements or any other transaction which would
increase the debt : equity ratio (based on the relevant book values thereof) of the Holdco Group to more than 0.4:1; 

  

	2.4	 the taking of any step and/or deliberate failure to take any step by any Relevant Company which will have the effect, or is reasonably likely to
have the effect, that the Holdco Group shall fail to maintain a debt service cover ratio of 1.3 or greater; 

  

	2.5	 the issuing of letters of credit by the Relevant Company outside the ordinary course of conduct of its business; 

 

	2.6	 the incurral by any Relevant Company of any liability (other than to another Holdco Group company) which falls outside the ordinary course of its
business; 

  

	2.7	 the disposal by any Relevant Company (but excluding the disposal of production in the normal course of business and disposals to other Holdco Group
companies) of any whole or part of such Relevant Company’s assets, the cumulative Fair Market Value of which amounts to greater than 10% of the Fair Market Value of the Holdco Group at the time of disposal; and 

 

	2.8	 the making by any Relevant Company of any loan of whatever nature to any person or entity (other than to another Holdco Group company), including
specifically (but without limitation) individual loans to directors or employees of such Relevant Company. 

  

	3.	 Consultative Matters 

  

	3.1	 Any aggregate increase by any Relevant Company in remuneration (which shall include all direct and indirect employee benefits), where such
aggregate increase results in the total aggregate cost to company for senior management increasing by 20% more than any particular period’s CPI; 

  

	3.2	 the entering into of any contract(s) by any Relevant Company which falls within the ordinary course of business, with a cumulative value greater
than 10% of the Fair Market Value of the Holdco Group on an annualised basis; 

  
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	3.3	 the payment by any Relevant Company of profit share or remuneration and bonuses to employees of such Relevant Company or any other person (other
than a Shareholder) and the making of any offers, or granting of any options, to employees or any other persons (other than a Shareholder); 

  

	3.4	 the institution or settlement by any Relevant Company of any legal mediation, arbitration or criminal proceedings or tax hearings of any nature,
other than debt collections in the ordinary course of business (“Debt Collections”); and the consent to any judgment or award being given against such Relevant Company other than in respect of Debt Collections; provided that this
provision shall not apply in respect of litigation proceedings instituted or to be instituted against a Qualifying Shareholder and/or any member of respectively the Atlatsa Group or the AAPL Group and/or any Director and/or any director of any
company in respectively the Atlatsa Group or the AAPL Group. In the case of legal matters that need to be brought or defended urgently, a detailed legal report after the event shall be acceptable; and 

 

	3.5	 the approval of any long-term strategic or business plan and budget of any Relevant Company (whether annual or otherwise) or any material variation
thereof. 

  

	4.	 Sub-Committee Consultation 

The Parties shall procure that the board of each Relevant Company shall establish and maintain, as a sub-committee of such
board, appropriate committees (“Committees”), which will be subject to appropriate procedures in respect of their operation and in respect of the maintenance of appropriate corporate governance, in order to consider and to develop
and take decisions in respect of: 
  

	4.1	 the policy and/or any amendment to the policy adopted from time to time by any Relevant Company in respect of and/or in connection with any foreign
exchange or metal price exposure; 

  

	4.2	 the policy, or any amendment to the policy adopted from time to time by any Relevant Company in respect of dividends; 

  
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	4.3	 the adoption and/or the departure by any Relevant Company from generally accepted standards and international best practices in mining; and

  

	4.4	 the appointment of respectively the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer (collectively
“Executives”) of any Relevant Company, it being specifically recorded (without limitation) that any Shareholder shall be entitled to nominate any Executive for appointment. 

It is specifically recorded that a Shareholder which holds more than 50% of the issued Shares shall be entitled to majority
representation on each relevant Committee. All decisions of each Committee will be taken by a majority vote, on the basis that each representative of each Shareholder on each Committee shall have as many votes on all matters submitted to such
Committee as is equal to the number of Shares held by the Shareholder by whom such representative was appointed, divided by the number of representatives appointed by that Shareholder present and voting at the meeting. 

  
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 Schedule 2 

BEE PRINCIPLES AND PRE-EMPTIVE RIGHTS 
  

	1.	 INTERPRETATION 

Unless the context otherwise requires, capitalised words and expressions used in this BEE Principles Schedule shall bear the
same meanings given to them in the Agreement. 
  

	2.	 GENERAL PRINCIPLES 

  

	2.1	 Plateau shall procure that each of the Atlatsa Parties shall, for the duration of the Initial Period, use its reasonable commercial endeavours
(including, without limitation, on the delivery by RPM to them of an appropriate written request) to act in the interests of the AAPL Group in respect of and/or in connection with the ability of any member of the AAPL Group to retain the Credits
and/or to be credited with and/or to be afforded and/or granted appropriate benefits in respect of the AAPL Group, as a result of the Transaction and/or the Refinancing Transaction; having participated in the facilitation of BEE; and/or other
empowerment, as contemplated in Section 2(d) of the MPRD Act. 

  

	2.2	 Notwithstanding any definition and/or any other clause in this Agreement, the provisions of this BEE Principles Schedule shall not apply to the
subscription for, holding of and exercise of rights in respect of the “B” preference shares (issued in accordance with the B Preference Share Documents) (““B” Preference Shares”) or any conversion of any
and/or all of the “B” Preference Shares into ordinary shares in the share capital of Plateau, immediately prior to such shares being exchanged for ordinary shares in Atlatsa, in accordance with any AAPL Funding Agreement and/or the
B Preference Share Documents. 

  

	3.	 INITIAL PERIOD 

  

	3.1	 If a Structural Change shall occur during the Initial Period, the composition of the Controlling Group Structure shall, with effect from the date
of such change, be deemed to have been amended accordingly. 

  
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	3.2	 By no later than 20 Business Days after: 

  

	3.2.1	 a Structural Change shall have occurred; or 

  

	3.2.2	 Plateau shall have received a written request from RPM in this regard, 

Plateau shall notify RPM in writing (“Group Structure Notice”) of the composition of the then Controlling
Group Structure and the Empowerment Status. Plateau hereby warrants that the contents of each Group Structure Notice shall be a true and accurate reflection of respectively the constituent parts of the Controlling Group Structure and the Empowerment
Status. 
  

	4.	 INITIAL PERIOD DEFAULT 

  

	4.1	 If, at any time during the Initial Period, a Structural Change shall have occurred which is not a Permitted Structural Change (“Initial
Period Default”), Plateau shall give written notice (“Default Notice”) of such Initial Period Default to RPM, as soon as possible in the circumstances after such Initial Period Default shall have occurred. In the event that
Plateau shall have failed, for whatever reason, to give such Default Notice, RPM shall be entitled, on its becoming aware that such Initial Period Default shall have occurred, to give notice in respect thereof to Plateau, in which event such written
notice given by RPM shall constitute the Default Notice. 

  

	4.2	 Plateau shall, in the first instance, be entitled and obliged to Remedy or Cure or procure the Remedy or Cure of the Initial Period Default:

  

	4.2.1	 in the event that the Initial Period Default shall have occurred by reason of and/or as a result of circumstances within the control and/or
direction of the Atlatsa Parties, or any of them, by not later than 60 days after the delivery of the Default Notice; provided that Plateau shall, in such circumstances, deliver to RPM by not later than 15 days after delivery of the Default Notice,
a detailed written action plan setting out the manner in which and the timeframe within which Plateau proposes to Remedy or Cure or procure the Remedy or Cure of such Initial Period Default; 

 

	4.2.2	 in the event that the Initial Period Default shall have occurred other than by reason of and/or as a result of circumstances within the control
and/or 

  
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direction of the Atlatsa Parties, or any of them, subject to clause 4.2.3 of this BEE Principles Schedule, by not later than 180 days after the delivery of the Default Notice, provided that
Plateau shall, in such circumstances, deliver to RPM by not later than 90 days after the delivery of the Default Notice, a detailed written action plan setting out the manner in which and the timeframe within which Plateau proposes to Remedy or Cure
or procure the Remedy or Cure of such Initial Period Default; and 

  

	4.2.3	 notwithstanding the provisions of clauses 4.2.1 and 4.2.2 of this BEE Principles Schedule, in the event that the Minister and/or the DMR shall have
delivered a written notice to RPM, in respect of and/or in connection with an Initial Period, Default, stating that any of the Credits and/or the entitlement and/or ability of RPM to derive any benefit of whatsoever nature in respect of and/or in
connection with its having participated in the facilitation of BEE and/or other empowerment, as contemplated in Section 2(d) of the MPRD Act, which would otherwise (but for such Initial Period Default) have been available to RPM (including,
without limitation, in respect of and/or in connection with the AAPL Old Order Rights, or any of them), shall be in jeopardy or shall be adversely affected unless RPM shall take appropriate action, by not later than the date specified in such
written notice, or (in the event that such written notice shall not specify any date) by such date as RPM shall reasonably determine and specify in writing. 

  

	5.	 COMPULSORY DISPOSAL 

  

	5.1	 In the event that an Initial Period Default shall have occurred and shall not have been Remedied or Cured, notwithstanding the elapse of the
appropriate time period specified in clause 4 of this BEE Principles Schedule, RPM shall be entitled, within 120 days after the elapse of such time period, to deliver a written notice (“Compulsory Disposal Notice”) to Plateau, on
receipt of which Plateau shall be obliged to sell, within a period of 120 days after the delivery of the Compulsory Disposal Notice to Plateau (“Compulsory Disposal Period”), all of its Shares and Claims (collectively
“Disposal Interest”) to a Qualifying Person (“Qualified Purchaser”). 

  
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	5.2	 In the event that Plateau shall have failed to enter into an unconditional binding agreement in respect of the sale of the Disposal Interest to a
Qualified Purchaser by not later than the expiry of the Compulsory Disposal Period, or, in the event that Plateau shall have entered into a conditional binding agreement in respect of the sale of the Disposal Interest to a Qualified Purchaser before
the expiry of the Compulsory Disposal Period but the condition to such agreement (being, for these purposes, a condition only that appropriate regulatory consent shall have been obtained in respect of such sale) shall not have been fulfilled by not
later than a further 120 days (after the expiry of the Compulsory Disposal Period) (“Implementation Period”), Plateau shall appoint in rem suam an independent merchant bank with appropriate expertise and experience in
respect of the sale of interests similar to the Disposal Interest, as soon as reasonably possible in the circumstances, to sell the Disposal Interest to a Qualified Purchaser. In the event that Plateau shall fail, by not later than 5 Business Days
after the expiry of the Implementation Period, to appoint such independent merchant bank on the basis set out herein, RPM shall be entitled, as the agent for and on behalf of Plateau, to appoint such independent merchant bank for the purposes
specified herein. Without limiting the generality of any of the foregoing, it is specifically recorded that: 

  

	5.2.1	 the terms of any appointment of an independent merchant bank to sell the Disposal Interest to a Qualified Purchaser must oblige the merchant bank
to endeavour to sell the Disposal Interest at the best possible price in the circumstances; and 

  

	5.2.2	 Plateau shall be responsible for and shall bear all of the costs of and incidental to the appointment of such independent merchant bank, the costs
of such independent merchant bank and of the sale of the Disposal Interest. 

  

	5.3	 After the implementation of any compulsory disposal of a Disposal Interest, in accordance with the provisions of clauses 5.1 and 5.2 of this BEE
Principles Schedule, the Group structure of the relevant Qualified Purchaser shall be deemed to constitute the Controlling Group Structure and the provisions of this BEE Principles Schedule shall apply thereto. 

  
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	5.4	 In the event that an Initial Period Default shall have occurred and RPM shall have failed for whatever reason to timeously exercise its rights in
terms of this clause 5, clauses 5.1 to 5.3 (both inclusive) of this BEE Principles Schedule shall have no further application in respect of such Initial Period Default. 

 

	6.	 CHANGE OF CONTROL 

  

	6.1	 Notwithstanding any other provisions of this Agreement, in the event that Holdco shall be subject to a Change of Control. Plateau shall give
written notice (“Control Change Notice”) of same to RPM, as soon as possible in the circumstances after such Change of Control shall have occurred. In the event that Plateau shall have failed, for whatever reason, to give such
Control Change Notice, RPM shall be entitled, on its becoming aware that such Change of Control shall have occurred, to give notice in respect thereof to Plateau, in which event such written notice given by RPM shall constitute the Control Change
Notice. 

  

	6.2	 Plateau shall, in the first instance, be entitled and obliged to Remedy or procure the Remedy of the Change of Control by not later than 35 days
after the delivery of the Control Change Notice (“Remedy Period”). For the sake of clarity, it is agreed that any action taken by Plateau that shall constitute a Remedy and a Cure, shall, for the purposes of this clause 6.2,
be deemed to constitute only a Remedy and not a Cure. 

  

	6.3	 If Plateau shall not have Remedied the Change of Control within the Remedy Period, RPM shall be entitled (“Put Option”) in its
sole discretion, in addition and without limitation to any of its other rights arising in terms hereof, to sell its entire interest in Holdco (“Put Interest”) (comprising its Shares and Claims) to Plateau, which shall be obliged to
purchase such interest, on the basis that: 

  

	6.3.1	 RPM, if it wishes to exercise its Put Option, shall be obliged to exercise its entitlement to sell its Put Interest by the delivery of a written
notice (“Put Notice”) to Plateau, by not later than 30 Business Days after the Remedy Period shall have elapsed; provided that in circumstances where a Structural Change shall have resulted in an Initial Period Default and a Change
of Control of Holdco and RPM shall have elected to exercise its entitlement in terms of clause 5 of this BEE Principles Schedule, by way of 

  
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delivering a Compulsory Disposal Notice to Plateau, RPM shall be entitled to exercise its Put Option by the delivery of a Put Notice to Plateau’s Permitted Successor, within the 30 Business
Day period after the compulsory disposal contemplated in clause 5 of this BEE Principles Schedule shall have been implemented; 

  

	6.3.2	 the purchase price payable by Plateau, or its Permitted Successor, as the case may be, to RPM for the Put Interest shall be the Fair Market Value
thereof; 

  

	6.3.3	 save that RPM shall represent and warrant that it shall be able and entitled validly and effectively to deliver the Put Interest to Plateau, or its
Permitted Successor, as the case may be, which shall acquire the Put Interest free from any lien, charge and/or encumbrance, RPM shall make no representations and give no warranties in respect of the Put interest, which shall be sold voetstoots and
as it stands; 

  

	6.3.4	 Plateau or its Permitted Successor, as the case may be shall pay the purchase price in respect of the Put Interest to RPM in cash, without set-off
and/or deduction, by the transfer of the full amount due in immediately available funds to such bank account as RPM may reasonably specify. Payment of the purchase price shall be made by not later than 5 Business Days after the last of all necessary
and appropriate regulatory and shareholder consents shall have been obtained in respect of the transfer of the Put Interest (Plateau hereby undertaking to use its reasonable commercial endeavours to obtain all such regulatory consents as soon as
reasonably possible in all prevailing circumstances); 

  

	6.3.5	 in circumstances where a Structural Change shall have resulted in an Initial Period Default and a Change of Control of Holdco:

  

	6.3.5.1	 in the event that RPM shall have elected to exercise its entitlement in terms of clause 5 of this BEE Principles Schedule, by way of delivering a
Compulsory Disposal Notice to Plateau, it shall not be entitled to exercise its Put Option until such time as the compulsory disposal contemplated in clause 5 of this BEE Principles Schedule shall have been implemented; 

  
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	6.3.5.2	 in the event that RPM shall have exercised its Put Option in circumstances where a Compulsory Disposal Notice shall not have been delivered to
Plateau, RPM shall not be entitled to further deliver to Plateau a Compulsory Disposal Notice in terms of clause 5.1 of this BEE Principles Schedule; and 

  

	6.3.5.3	 in the event that RPM shall have elected to exercise its entitlement in terms of clause 5 of this BEE Principles Schedule, by way of delivering a
Compulsory Disposal Notice to Plateau, RPM shall be obliged to deliver to Plateau, within 15 Business Days after having been informed in writing by Plateau of the identity/ies of the proposed Qualified Purchaser/s (only one of which shall ultimately
acquire Plateau’s Shareholding and Claims in accordance with the provisions of clause 5 of this BEE Principles Schedule), an irrevocable election to exercise or to waive the Put Option in respect of each proposed Qualified Purchaser, which
election shall be conditional on the implementation of the relevant compulsory disposal to such Qualified Purchaser/s, and failing delivery of any such irrevocable election within the time period specified above, the relevant Put Option shall lapse;
and 

  

	6.3.6	 RPM shall not be entitled to exercise the Put Option in circumstances where it shall be entitled to exercise the tag along provisions contained in
clause 8 of this BEE Principles Schedule. 

  

	6.4	 In the event that RPM shall be subject to a Change of Control, Plateau shall be entitled to purchase, and RPM shall be obliged to sell to Plateau,
RPM’s entire interest in Holdco (including its Shares and Claims) (“Call Option”), mutatis mutandis on the basis described in clauses 6.1, 6.2 and 6.3 of this BEE Principles Schedule. 

 

	6.5	 In the event that RPM and Plateau shall have failed for whatever reason to timeously exercise their respective rights in terms of this clause 6,
clauses 6.1 to 6.4 (both inclusive) of this BEE Principles Schedule shall have no further application in respect of the relevant Change of Control. 

  
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	7.	 PRE-EMPTIVE RIGHTS 

  

	7.1	 In the event that a Shareholder (“Offeror”) (in the case of Plateau, subject to the provisions of clause 3 - “Initial
Period Default”) wishes to sell, transfer, alienate and/or otherwise dispose of any of its Shares and Claims (“Sale Interest”), the Offeror shall deliver a written offer (“Offer”) to the other Shareholders
(“Offerees”) offering to sell the Sale Interest to the Offerees, on the following terms and conditions: 

  

	7.1.1	 the Offer shall: 

  

	7.1.1.1	 be in writing and shall be delivered by the Offeror to each Offeree; and 

 

	7.1.1.2	 stipulate a consideration (“Price”), which will sound either in cash in South African Rands, or which shall sound in securities
listed on the JSE Limited (“JSE”). In the event that the Price shall sound in listed securities, the amount of the Price (“Securities Price”) shall be equal to the amount in number of such securities multiplied by
the 30 day volume weighted average traded price (“VWAP”) of such securities on the JSE, in respect of the 30 days immediately preceding the date of receipt of the Offer by the Offerees; and each Offeree shall be entitled, if it
elects to accept the Offer, to pay the Price either in cash, in South African Rands, or to pay the Price in securities (“Payment Securities”) listed on the JSE, provided that the Securities Price of the Payment Securities shall not
be less than the Price; 

  

	7.1.2	 the Offerees shall be entitled, pro rata to their Shareholdings, to accept the Offer (in whole and not a portion only) at any time within
the period of 30 Business Days commencing on the date on which the Offer shall have been received by the Offerees, during which period the Offer shall be irrevocable. Each Offeree shall, in the event that it wishes to accept the Offer, deliver a
written notice (“Acceptance Notice”) to the Offeror, within such 30 Business Day period; provided that, if any Offeree fails to accept its pro rata portion (“Declined Portion”) of the Sale interest within
such 30 Business Day period, the other Offerees who shall have, accepted the Offer, shall he entitled to accept the Declined Portion pro rata to their 

  
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respective Shareholdings, or as otherwise agreed amongst themselves, by delivering a further written notice (“Further Acceptance Notice”) to that effect to the Offeror within 5
Business Days from the expiration of such 30 Business Day period (both the 30 Business Day period and the 5 Business Day period specified in this clause 7.1.2 being collectively referred to as the “Offer Period”); 

 

	7.1.3	 each Offeree shall not accept delivery of its portion of the Sale Interest unless and until it shall have received all necessary regulatory
consents in respect of such delivery, and (without limitation) shall, at any time during the period of 120 days after the delivery by it of an Acceptance Notice or a Further Acceptance Notice, as the case may be, be entitled to advise the Offeror in
writing that such Offeree is not able to accept transfer of the Sale Interest by reason of the operation of the MPRD Act and/or the Competition Act, in which event such Offeree shall be entitled, in such written notice, to nominate a third party to
whom such Offeree intends to cede and delegate its rights and/or obligations in terms of and/or in connection with its acquisition of a portion of the Sale Interest in terms of its Acceptance Notice or Further Acceptance Notice, as the case may be.
The Offeror irrevocably and unconditionally hereby consents in respect of such cession and delegation, and undertakes to deliver such portion of the Sale Interest to such third party on the receipt by it of all necessary regulatory consents in
respect of such delivery (it being specifically recorded that each Offeree shall use its reasonable commercial endeavours in order to obtain the necessary regulatory consents in respect of such delivery as soon as reasonably possible in all
prevailing circumstances); and 

  

	7.1.4	 the Offerees shall pay the Price to the Offeror, without set-off and/or deduction, on the day on which each of the Offerees (or their respective
nominees) shall be able and entitled to accept delivery of their respective portions of the Sale Interest. 

  

	7.2	 In the event that the Offerees (or some of them, as the case may be) shall, for whatever reason, fail to accept the whole (and not a portion only)
of the Sale Interest comprising the Offer during the Offer Period, the Offeror shall be entitled, at any time during the period of 45 Business Days immediately following the 

  
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expiration of the Offer Period, to enter into a written agreement in respect of the sale of the Sale Interest to any third party, provided that: 

 

	7.2.1	 such sale shall not be on terms and conditions more favourable and/or for a purchase price which shall be less than the terms and conditions and
purchase price specified in the Offer; and 

  

	7.2.2	 such third party shall, before the transfer of the Sale Interest to it, have bound itself as a party to the Agreement 

 

	7.3	 The provisions of this clause 7 of this BEE Principles Schedule shall not apply to any compulsory disposal of Plateau’s Shareholding in
accordance with the provisions of clause 5 of this BEE Principles Schedule. 

  

	8.	 TAG ALONG 

In the event that a Shareholder (“Controlling Shareholder”) shall be entitled, in terms of clause 7.2 of this
BEE Principles Schedule; to sell more than 50% of the issued Shares (“Tag Interest”) to any third party, each of the remaining Shareholders (“Minority Shareholders”) shall be entitled, by not later than 15 Business
Days after having been informed of the identity of such third party and by written notice delivered to the Controlling Shareholder, to demand that the Controlling Shareholder shall, if it so sells the Tag Interest to a third party, procure that such
third party shall offer to purchase such Minority Shareholder’s Shares and Claims (“Minority Interest”) (which offer such Minority Shareholder shall be deemed to have accepted) at the same purchase price and on the same terms
and conditions as shall be applicable as between the Controlling Shareholder and such third party (provided only that such purchase price shall be pro rated to take into account the lower number of Shares and the lesser face value of the Claims as
shall constitute such Minority Interest) and the Controlling Shareholder shall be obliged to procure that the third party shall purchase such Minority Interest by not later than the date on which such third party shall purchase the Tag Interest,
failing which the Controlling Shareholder, notwithstanding the stipulations of clause 7.2 of this BEE Principles Schedule, shall not be entitled to and shall not sell the Tag Interest and, if it so wishes to sell the Tag Interest, shall again be
obliged to follow the procedure set out and stipulated in clause 7 of this BEE Principles Schedule, whereupon the stipulations of this clause 8 shall again be 

  
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applicable; provided that this clause 8 shall in no circumstances apply to any compulsory disposal in terms of clause 5 of this BEE Principle Schedule. 

 

	9.	 SURVIVAL OF RPM’S RIGHTS 

In the event that RPM shall at any time during the Initial Period dispose of all of its Shares and Claims (other than in
circumstances that such disposal shall be in breach of or shall constitute the result of the breach by RPM of any of its obligations to Plateau as recorded herein) the entitlement of RPM and the obligations of Plateau in respect of and/or in
connection with acting, during the Initial Period, in the interests of and maintaining the entitlements and/or benefits of RPM in respect of empowerment as contemplated in Section 2(d) of the MPRD Act (as described in clause 22.3 of the
Agreement and clause 2 of this BEE Principles Schedule), shall be and remain of full force and effect, notwithstanding that RPM shall no longer have any interest in the Holdco Business. 

 

	10.	 SOLE REMEDY 

It is recorded that in respect of any Initial Period Default and/or Change of Control, the sole remedies available to RPM or
Plateau, as the case may be, are those recorded in respectively clauses 4, 5 and 6 of this BEE Principles Schedule. 

  
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 Schedule 3.1 

  
 93 

																																	
	 	  	 COMPANY NAME / TRUST NAME
	 	Qty shares
/votes in
company	 	 	Interest in
company
%	 	 	Qty
shares in
Pelawan	 	 	Gender	 	Female
vote	 	 	Male
vote	 	 	Female
beneficial	 	 	Male
beneficial	 
	 7.1
	  	African Minerals Professionals (Pty) Ltd	 				 				 	 	17.0	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Asna Happy Chris Harold Motaung
	 	 	257	  	 	 	25.8	% 	 	 	4.4	% 	 	M	 	 	0.0	% 	 	 	4.4	% 	 	 	0.0	% 	 	 	4.4	% 
		  	 Josiah Mashigo
	 	 	200	  	 	 	20.1	% 	 	 	3.4	% 	 	M	 	 	0.0	% 	 	 	3.4	% 	 	 	0.0	% 	 	 	3.4	% 
		  	 Moropa Ebenezer Madisha
	 	 	184	  	 	 	18.5	% 	 	 	3.1	% 	 	M	 	 	0.0	% 	 	 	3.1	% 	 	 	0.0	% 	 	 	3.1	% 
		  	 Menzi Gqweta
	 	 	184	  	 	 	18.5	% 	 	 	3.1	% 	 	M	 	 	0.0	% 	 	 	3.1	% 	 	 	0.0	% 	 	 	3.1	% 
		  	 Ralebuso Paul Bokaba
	 	 	171	  	 	 	17.2	% 	 	 	2.9	% 	 	M	 	 	0.0	% 	 	 	2.9	% 	 	 	0.0	% 	 	 	2.9	% 
		  		 	 	996	  	 				 				 		 				 				 				 			
	 7.2
	  	Sivanda Trust	 				 				 	 	2.0	% 	 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 Josiah Mashigo
	 	 	1	  	 	 	20.0	% 	 	 	0.4	% 	 	M	 	 	0.0	% 	 	 	0.4	% 	 				 			
		  	 Lindani Mthwa
	 	 	1	  	 	 	20.0	% 	 	 	0.4	% 	 	M	 	 	0.0	% 	 	 	0.4	% 	 				 			
		  	 Mzwandile Nombewu
	 	 	1	  	 	 	20.0	% 	 	 	0.4	% 	 	M	 	 	0.0	% 	 	 	0.4	% 	 				 			
		  	 Harold Motaung
	 	 	1	  	 	 	20.0	% 	 	 	0.4	% 	 	M	 	 	0.0	% 	 	 	0.4	% 	 				 			
		  	 Mncedisi Ndlovu
	 	 	1	  	 	 	20.0	% 	 	 	0.4	% 	 	M	 	 	0.0	% 	 	 	0.4	% 	 				 			
		  		 	 	5	  	 				 				 		 				 				 				 			
	 7.2.2
	  	 Beneficiaries are a group of previously disadvantaged students
	 				 				 				 		 				 				 	 	1.0	% 	 	 	1.0	% 
		  	 Assume percentage to be female
	 	 	50	% 	 				 				 		 				 				 				 			
	 7.3
	  	Legakabie Mining and Exploration (Pty) Ltd	 				 				 	 	6.9	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Mapholo Isabell Mohale
	 	 	140	  	 	 	9.3	% 	 	 	0.6	% 	 	F	 	 	0.6	% 	 	 	0.0	% 	 	 	0.6	% 	 	 	0.0	% 
		  	 Mpopelele Jeanette Maja
	 	 	400	  	 	 	26.7	% 	 	 	1.8	% 	 	F	 	 	1.8	% 	 	 	0.0	% 	 	 	1.8	% 	 	 	0.0	% 
		  	 Lazarus Mboshwa Mahlangu
	 	 	400	  	 	 	26.7	% 	 	 	1.8	% 	 	M	 	 	0.0	% 	 	 	1.8	% 	 	 	0.0	% 	 	 	1.8	% 
		  	 Ramatsimele Francinah Motjoadi
	 	 	140	  	 	 	9.3	% 	 	 	0.6	% 	 	F	 	 	0.6	% 	 	 	0.0	% 	 	 	0.6	% 	 	 	0.0	% 
		  	 Mathuding Julia Ramatlhodi
	 	 	420	  	 	 	28.0	% 	 	 	1.9	% 	 	F	 	 	1.9	% 	 	 	0.0	% 	 	 	1.9	% 	 	 	0.0	% 
		  		 	 	1500	  	 				 				 		 				 				 				 			
	 7.4
	  	Basadi-Ba-Bapedi Cultural Development Trust	 				 				 	 	1.6	% 	 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 Ramatsemele Francinah Motjoadi
	 				 				 				 		 				 				 				 			

																																	
	 	  	 COMPANY NAME / TRUST NAME
	 	Qty shares
/votes in
company	 	 	Interest in
company
%	 	 	Qty
shares in
Pelawan	 	 	Gender	 	Female
vote	 	 	Male
vote	 	 	Female
beneficial	 	 	Male
beneficial	 
		  	 Kgaapu Stanley Mphahlele
	 				 				 				 		 				 				 				 			
		  	 Thokwane Phineas Moloto
	 				 				 				 		 				 				 				 			
		  	 Ramatsobane Happy Thaba
	 				 				 				 		 				 				 				 			
		  	 Arietta Franks
	 				 				 				 		 				 				 				 			
		  	 Mathoie Serofo Motshega
	 				 				 				 		 				 				 				 			
		  	 Mmabatho Maureen Seboko
	 				 				 				 		 				 				 				 			
	 7.4.2
	  	 All rights, title and interest in Pelawan vested into trust noted in 7.4.2
	 				 				 				 		 				 				 				 			
		  		 				 				 				 		 				 				 				 			
	 7.4.2
	  	Basadi-Ba-Bapedi Cultural Development Trust 2	 				 				 				 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 Ramatsemele Francinah Motjoadi
	 	 	1	  	 	 	33.3	% 	 	 	0.5	% 	 	F	 	 	0.5	% 	 	 	0.0	% 	 				 			
		  	 Kgaapu Stanley Mphahlele
	 	 	1	  	 	 	33.3	% 	 	 	0.5	% 	 	M	 	 	0.0	% 	 	 	0.5	% 	 				 			
		  	 Thokwane Phineas Moloto
	 	 	1	  	 	 	33.3	% 	 	 	0.5	% 	 	M	 	 	0.0	% 	 	 	0.5	% 	 				 			
		  		 	 	3	  	 				 				 		 				 				 				 			
	 7.4.2.3
	  	 Beneficiaries are HDPs
	 				 				 				 		 				 				 	 	1.6	% 	 	 	0.0	% 
		  	 Assume percentage to be female
	 	 	100	% 	 				 				 		 				 				 				 			
	7.5	  	Zonkizizwe Investment Trust	 				 				 	 	4.0	% 	 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 Henry Gordon Makgoti
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  	 Hermanus Gabriel Loots
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  	 Kopeng Obed Bapela
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  		 	 	3	  	 				 				 		 				 				 				 			
	 7.5.3
	  	 The income beneficiaries of this trust are the shareholders of ZIPL
	 				 				 				 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 P M Langa
	 	 	16.66	% 	 	 	16.7	% 	 	 	0.7	% 	 	M	 				 				 	 	0.0	% 	 	 	0.7	% 
		  	 H G Makgothi
	 	 	16.67	% 	 	 	16.7	% 	 	 	0.7	% 	 	M	 				 				 	 	0.0	% 	 	 	0.7	% 
		  	 B A Manci
	 	 	16.67	% 	 	 	16.7	% 	 	 	0.7	% 	 	M	 				 				 	 	0.0	% 	 	 	0.7	% 
		  	 G N Shope
	 	 	16.67	% 	 	 	16.7	% 	 	 	0.7	% 	 	M	 				 				 	 	0.0	% 	 	 	0.7	% 
		  	 H G Loots
	 	 	16.67	% 	 	 	16.7	% 	 	 	0.7	% 	 	M	 				 				 	 	0.0	% 	 	 	0.7	% 
		  	 J N Nkadimeng
	 	 	16.66	% 	 	 	16.7	% 	 	 	0.7	% 	 	M	 				 				 	 	0.0	% 	 	 	0.7	% 
		  		 	 	100.00	% 	 				 				 		 				 				 				 			

  
 2 

																																	
	 	  	 COMPANY NAME / TRUST NAME
	 	Qty shares
/votes in
company	 	 	Interest in
company
%	 	 	Qty
shares in
Pelawan	 	 	Gender	 	Female
vote	 	 	Male
vote	 	 	Female
beneficial	 	 	Male
beneficial	 
	7.6	  	Prime Skill Development Trust	 				 				 	 	4.0	% 	 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 Gladstone Reuben
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  	 Tumelo Motsisi
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  	 Shahil Maharaj
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  		 	 	3	  	 				 				 		 				 				 				 			
	 7.6.2
	  	 Beneficiaries are HDP unskilled youth, people with disabilities and women
	 				 				 				 		 				 				 	 	2	% 	 	 	2	% 
		  	 Assume percentage to be female
	 	 	50	% 	 				 				 		 				 				 				 			
	7.7	  	African Mining Development Trust	 				 				 	 	4.0	% 	 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 David Nhlapo
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  	 Ray Conco
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  	 Mthunzi Qawa
	 	 	1	  	 	 	33.3	% 	 	 	1.3	% 	 	M	 	 	0.0	% 	 	 	1.3	% 	 				 			
		  		 	 	3	  	 				 				 		 				 				 				 			
	7.7.3	  	Beneficiaries are HDP	 				 				 				 		 				 				 	 	2	% 	 	 	2	% 
		  	 Assume percentage to be female
	 	 	50	% 	 				 				 		 				 				 				 			
	7.8	  	 Africa Without Boundaries Mining (Pty) Ltd
	 				 				 	 	10.0	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Raesibe Gloria Tlokana (Director)
	 	 	200	  	 	 	20.0	% 	 	 	2.0	% 	 	F	 	 	2.0	% 	 	 	0.0	% 	 	 	2.0	% 	 	 	0.0	% 
		  	 Dikeledi Phatudi
	 	 	200	  	 	 	20.1	% 	 	 	2.0	% 	 	F	 	 	2.0	% 	 	 	0.0	% 	 	 	2.0	% 	 	 	0.0	% 
		  	 Pauline Mametsi Kgati
	 	 	150	  	 	 	15.0	% 	 	 	1.5	% 	 	F	 	 	1.5	% 	 	 	0.0	% 	 	 	1.5	% 	 	 	0.0	% 
		  	 Akose Lucia Maaka
	 	 	150	  	 	 	15.0	% 	 	 	1.5	% 	 	F	 	 	1.5	% 	 	 	0.0	% 	 	 	1.5	% 	 	 	0.0	% 
		  	 Innocent Khathi (Director)
	 	 	300	  	 	 	30.0	% 	 	 	3.0	% 	 	F	 	 	3.0	% 	 	 	0.0	% 	 	 	3.0	% 	 	 	0.0	% 
		  		 	 	1000	  	 				 				 		 				 				 				 			
	7.9	  	 Leswika Womens Invertments (Pty) Ltd
	 				 				 	 	10.0	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Khensani Mavis Chabane
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Thembisile Geraldine Kumalo
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Gloria Grace Mabunda (Director)
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Phillistus Dikeledi Magadzi (Director)
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 

  
 3 

																																	
	 	  	 COMPANY NAME / TRUST NAME
	 	Qty shares
/votes in
company	 	 	Interest in
company
%	 	 	Qty
shares in
Pelawan	 	 	Gender	 	Female
vote	 	 	Male
vote	 	 	Female
beneficial	 	 	Male
beneficial	 
		  	 Helen Dinoe Mphahlele (Director)
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Makau Mary Mavanyisi
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Christina Mashangu Mayevu (Director)
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Layla Mahomed Motau
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Grace Mushwana
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Vuyiswa Zola Ngendane (Director)
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Thembislle Ellen Nwedamutswu
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Mahlodi Alice Phatudi (Director)
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Katametsi Pollet Sennelo (Director)
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Innocentia Menge Mabuela
	 	 	10	  	 	 	7.1	% 	 	 	0.7	% 	 	F	 	 	0.7	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	0.0	% 
		  	 Nanikie Sophie Mabuela (Director)
	 	 	0	  	 	 	0.0	% 	 	 	0.0	% 	 	F	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  		 	 	140	  	 				 				 		 				 				 				 			
	7.10	  	Miracle Mile Investments 74 (Pty) Ltd	 				 				 	 	4.0	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Lucky Mbangeni
	 	 	13	  	 	 	1.3	% 	 	 	0.1	% 	 	M	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 Edwin Bogopa
	 	 	13	  	 	 	1.3	% 	 	 	0.1	% 	 	M	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 Arthur Marawa
	 	 	8	  	 	 	0.8	% 	 	 	0.0	% 	 	M	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  	 Daniel Phalana (Director)
	 	 	33	  	 	 	3.3	% 	 	 	0.1	% 	 	M	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 Tshepo Marule
	 	 	13	  	 	 	1.3	% 	 	 	0.1	% 	 	M	 	 	0,0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 M Ntsoane (Director)
	 	 	43	  	 	 	4.3	% 	 	 	0.2	% 	 	M	 	 	0.0	% 	 	 	0.2	% 	 	 	0.0	% 	 	 	0.2	% 
		  	 Kabelo Molisana
	 	 	13	  	 	 	1.3	% 	 	 	0.1	% 	 	M	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 Mzamani Mdaka
	 	 	64	  	 	 	6.4	% 	 	 	0.3	% 	 	M	 	 	0.0	% 	 	 	0.3	% 	 	 	0.0	% 	 	 	0.3	% 
		  	 Dennis Mashile
	 	 	13	  	 	 	1.3	% 	 	 	0.1	% 	 	M	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 Dalikhaya Rain Zihlangu
	 	 	43	  	 	 	4.3	% 	 	 	0.2	% 	 	M	 	 	0.0	% 	 	 	0.2	% 	 	 	0.0	% 	 	 	0.2	% 
		  	 Tebogo Makou (Director)
	 	 	33	  	 	 	3.3	% 	 	 	0.1	% 	 	M	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 Theo Qabaka
	 	 	8	  	 	 	0.8	% 	 	 	0.0	% 	 	M	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  	 Masempane Lydia Thato Makola (Director)
	 	 	0	  	 	 	0.0	% 	 	 	0.0	% 	 	M	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  	 Maabi Foundation Trust
	 	 	650	  	 	 	65.0	% 	 	 	2.6	% 	 	M	 	 	0.0	% 	 	 	2.6	% 	 	 	0.0	% 	 	 	2.6	% 
		  	 Lentswe Consulting (Pty) Ltd
	 	 	53	  	 	 	5.3	% 	 	 	0.2	% 	 	F	 	 	0.2	% 	 	 	0.0	% 	 	 	0.2	% 	 	 	0.0	% 
		  		 	 	1000	  	 				 				 		 				 				 				 			
	7.11	  	Figure Eight Investments (Pty) Ltd	 				 				 	 	24.0	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Tumelo Motsisi family trust
	 	 	50	  	 	 	50.0	% 	 	 	12.0	% 	 		 				 				 				 			

  
 4 

																																	
	 	  	 COMPANY NAME / TRUST NAME
	 	Qty shares
/votes in
company	 	 	Interest in
company
%	 	 	Qty
shares in
Pelawan	 	 	Gender	 	Female
vote	 	 	Male
vote	 	 	Female
beneficial	 	 	Male
beneficial	 
		  	 Thandiswa Mahlati
	 	 	50	  	 	 	50.0	% 	 	 	12.0	% 	 		 				 				 				 			
		  		 	 	100	  	 				 				 		 				 				 				 			
	 7.11.2
	  	Tumelo Motsisi Family Trust	 				 				 				 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 Tumeio Motsisi
	 	 	1	  	 	 	33.3	% 	 	 	4.0	% 	 	M	 	 	0.0	% 	 	 	4.0	% 	 				 			
		  	 Mooketsi Motsisi
	 	 	1	  	 	 	33.3	% 	 	 	4.0	% 	 	M	 	 	0.0	% 	 	 	4.0	% 	 				 			
		  	 David Howard Levine
	 	 	1	  	 	 	33.3	% 	 	 	4.0	% 	 	M	 	 	0.0	% 	 	 	4.0	% 	 				 			
		  		 	 	3	  	 				 				 		 				 				 				 			
		  	BENEFICIARIES	 				 				 				 		 				 				 				 			
		  	 Tumelo Moathlodi Motsisi
	 	 	1	  	 	 	50.0	% 	 	 	6.0	% 	 	M	 				 				 	 	0.0	% 	 	 	6.0	% 
		  	 Tsepo Levi Motsisi
	 	 	1	  	 	 	50.0	% 	 	 	6.0	% 	 	M	 				 				 	 	0.0	% 	 	 	6.0	% 
		  		 	 	2	  	 				 				 		 				 				 				 			
	 7.11.3
	  	Zenzolo Trust	 				 				 				 		 				 				 				 			
		  	TRUSTEES	 				 				 				 		 				 				 				 			
		  	 Thandiswa Mahlati
	 	 	1	  	 	 	50.0	% 	 	 	6.0	% 	 	F	 	 	6.0	% 	 	 	0.0	% 	 				 			
		  	 Paddy Dennis Lockitch
	 	 	1	  	 	 	50.0	% 	 	 	6.0	% 	 	M	 	 	0.0	% 	 	 	6.0	% 	 				 			
		  		 	 	2	  	 				 				 		 				 				 				 			
		  	BENEFICIARIES	 				 				 				 		 				 				 				 			
		  	 Lonwabo Fezekile Mahlati
	 	 	1	  	 	 	33.3	% 	 	 	4.0	% 	 	M	 				 				 	 	0.0	% 	 	 	4.0	% 
		  	 Thandiswa Mahlati
	 	 	1	  	 	 	33.3	% 	 	 	4.0	% 	 	F	 				 				 	 	4.0	% 	 	 	0.0	% 
		  	 Zimvo Mahlati
	 	 	1	  	 	 	33.3	% 	 	 	4.0	% 	 	M	 				 				 	 	0.0	% 	 	 	4.0	% 
		  	 any other children born of the marriage
	 	 	3	  	 				 				 		 				 				 				 			
		  	 between Lonwabo Fezelikile Mahlati and Thandiswa Mahlati
	 				 				 				 		 				 				 				 			
	 7.12
	  	Tshanduko Investments (Pty) Ltd	 				 				 	 	6.9	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Nazir Ahmed Kathrada
	 	 	250	  	 	 	25.0	% 	 	 	1.7	% 	 	M	 	 	0.0	% 	 	 	1.7	% 	 	 	0.0	% 	 	 	1.7	% 
		  	 Mncedisi Richard Ndlovu
	 	 	250	  	 	 	25.0	% 	 	 	1.7	% 	 	M	 	 	0.0	% 	 	 	1.7	% 	 	 	0.0	% 	 	 	1.7	% 
		  	 Sifiso Winston Ngema
	 	 	250	  	 	 	25.0	% 	 	 	1.7	% 	 	M	 	 	0.0	% 	 	 	1.7	% 	 	 	0.0	% 	 	 	1.7	% 
		  	 Nontsikelelo Ngwenya
	 	 	250	  	 	 	25.0	% 	 	 	1.7	% 	 	F	 	 	1.7	% 	 	 	0.0	% 	 	 	1.7	% 	 	 	0.0	% 
		  	 Dudula Mpumelelo (Director)
	 	 	0	  	 	 	0.0	% 	 	 	0.0	% 	 	F	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 

  
 5 

																																	
	 	  	 COMPANY NAME / TRUST NAME
	 	Qty shares
/votes in
company	 	 	Interest in
company
%	 	 	Qty
shares in
Pelawan	 	 	Gender	 	Female
vote	 	 	Male
vote	 	 	Female
beneficial	 	 	Male
beneficial	 
		  	 Mthembeni Lawrence Mkhize (Director)
	 	 	0	  	 	 	0.0	% 	 	 	0.0	% 	 	M	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  		 	 	1000	  	 				 				 		 				 				 				 			
	7.13	  	Mookodi Trading (Pty) Ltd	 				 				 	 	4.0	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Welhemina Neo Moleko (Director)
	 	 	20	  	 	 	20.0	% 	 	 	0.8	% 	 	F	 	 	0.8	% 	 	 	0.0	% 	 	 	0.8	% 	 	 	0.0	% 
		  	 Pinkie Sharon Kekana (Director)
	 	 	20	  	 	 	20.0	% 	 	 	0.8	% 	 	F	 	 	0.8	% 	 	 	0.0	% 	 	 	0.8	% 	 	 	0.0	% 
		  	 Semakaleng Mirriam Moatlhodi (Director)
	 	 	20	  	 	 	20.0	% 	 	 	0.8	% 	 	F	 	 	0.8	% 	 	 	0.0	% 	 	 	0.8	% 	 	 	0.0	% 
		  	 Maria Mokigaetjie Dorah Maraba (Director)
	 	 	20	  	 	 	20.0	% 	 	 	0.8	% 	 	F	 	 	0.8	% 	 	 	0.0	% 	 	 	0.8	% 	 	 	0.0	% 
		  	 Moshito Rosinas Victoria Mokgalong (Director)
	 	 	20	  	 	 	20.0	% 	 	 	0.8	% 	 	F	 	 	0.8	% 	 	 	0.0	% 	 	 	0.8	% 	 	 	0.0	% 
		  	 Mamodupi Maria Rantho (Director)
	 	 	0	  	 	 	0.0	% 	 	 	0.0	% 	 	F	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  		 	 	100	  	 				 				 		 				 				 				 			
	7.14	  	Ditau Investment Company (Pty) Ltd	 				 				 	 	1.2	% 	 		 				 				 				 			
		  	SHAREHOLDERS	 				 				 				 		 				 				 				 			
		  	 Constance Bontihe Bapela (Director)
	 	 	34	  	 	 	37.8	% 	 	 	0.5	% 	 	F	 	 	0.5	% 	 	 	0.0	% 	 	 	0.5	% 	 	 	0.0	% 
		  	 Lemuel Tebogo Kupi (Director)
	 	 	30	  	 	 	33.3	% 	 	 	0.4	% 	 	M	 	 	0.0	% 	 	 	0.4	% 	 	 	0.0	% 	 	 	0.4	% 
		  	 Norman Mahlomola Tabane (Director)
	 	 	10	  	 	 	11.1	% 	 	 	0.1	% 	 	M	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 
		  	 Thoko Elizabeth Hlatywayo
	 	 	5	  	 	 	5.6	% 	 	 	0.1	% 	 	F	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 
		  	 Kedibone Anna Hlatshwayo
	 	 	5	  	 	 	5.6	% 	 	 	0.1	% 	 	F	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 
		  	 Themba Paul Bapela (Director)
	 	 	2	  	 	 	2.2	% 	 	 	0.0	% 	 	M	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  	 Grace Anikie Makoe (Director)
	 	 	2	  	 	 	2.2	% 	 	 	0.0	% 	 	F	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  	 Sejaba Elisa Pitso (Director)
	 	 	2	  	 	 	2.2	% 	 	 	0.0	% 	 	F	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
		  		 	 	90	  	 				 				 		 				 				 				 			
	7.15	  	Isolomzi Investments (Pty) Ltd	 				 				 	 	0.4	% 	 		 				 				 				 			
		  	SOLE SHAREHOLDER	 				 				 				 		 				 				 				 			
		  	 Gladstoen Reuben
	 	 	100	  	 	 	100.0	% 	 	 	0.4	% 	 	M	 	 	0.0	% 	 	 	0.4	% 	 	 	0.0	% 	 	 	0.4	% 
		  	 Total
	 				 				 	 	100	% 	 		 	 	38.2	% 	 	 	61.8	% 	 	 	42.2	% 	 	 	57.8	% 

  
 6 

 

 
  

 Schedule 3.2 

  
 94 

  
 

 

 

 
  

 Schedule 4 

  
 95

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