Document:

Shareholder's Agreement

 Exhibit 10.2 
 

 
 SHAREHOLDERS’ AGREEMENT 

between 

TRONOX SANDS HOLDINGS PTY LIMITED 
 TRONOX LIMITED 
 EXXARO RESOURCES LIMITED 

EXXARO SANDS PROPRIETARY LIMITED 
 and 
 EXXARO TSA SANDS PROPRIETARY LIMITED 

 TABLE OF CONTENTS 
  

					
	 PART A—INTRODUCTION
	  	 	1	  
	 1 INTERPRETATION
	  	 	1	  
	 2 INTRODUCTION
	  	 	9	  
	 3 DURATION
	  	 	10	  
		
	 PART B—CORPORATE GOVERNANCE
	  	 	10	  
	 4 APPOINTMENT AND REMOVAL OF DIRECTORS
	  	 	10	  
	 5 MEETINGS OF DIRECTORS AND SHAREHOLDERS
	  	 	14	  
		
	 PART C—FINANCIAL MATTERS
	  	 	17	  
	 6 FUNDING
	  	 	17	  
	 7 DISTRIBUTIONS
	  	 	19	  
	 8 ACCOUNTS
	  	 	20	  
	 9 FAIR VALUE
	  	 	20	  
		
	 PART D—DISPOSALS
	  	 	22	  
	 10 RESTRICTION ON DISPOSAL AND ENCUMBRANCE OF THE SHARES
	  	 	22	  
	 11 PRE-EMPTIVE RIGHTS
	  	 	26	  
	 12 COME ALONG
	  	 	34	  
	 13 TAG ALONG
	  	 	35	  
	 14 DEEMED OFFER
	  	 	36	  
		
	 PART E—RELATIONSHIPS BETWEEN THE COMPANY AND ITS SHAREHOLDERS
	  	 	41	  
	 15 BEE UNDERTAKINGS
	  	 	41	  
	 16 CONFIDENTIALITY
	  	 	46	  
		
	 PART F—LEGAL MATTERS
	  	 	49	  
	 17 MOI
	  	 	49	  
	 18 COMPLIANCE UNDERTAKINGS
	  	 	50	  
	 19 DISPUTES
	  	 	51	  

  
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	 20 DOMICILIUM AND NOTICES
	  	 	52	  
	 21 GENERAL
	  	 	55	  
	 22 GOVERNING LAW
	  	 	56	  
	 23 COSTS
	  	 	56	  

 ANNEXURES 

ANNEXURE A—PROSPECTING RIGHTS AND MINING RIGHTS HELD BY EACH COMPANY 
 ANNEXURE B—DEED OF ACCESSION 
 ANNEXURE C—CALL OPTION AGREEMENT 

 

  
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 SHAREHOLDERS’ AGREEMENT 
 between 
 TRONOX SANDS HOLDINGS PTY LIMITED 

TRONOX LIMITED 
 EXXARO RESOURCES LIMITED

 EXXARO SANDS PROPRIETARY LIMITED 

and 
 EXXARO TSA SANDS PROPRIETARY LIMITED

 PART A—INTRODUCTION 
  

	1	        INTERPRETATION 

 In this Agreement, clause headings are for convenience and shall not be used in its interpretation and, unless the context clearly indicates a contrary intention— 

 

	1.1	a word or an expression which denotes— 

  

	1.1.1	any gender includes the other genders; 

  

	1.1.2	a natural Person includes an artificial or juristic Person and vice versa; and 

 

	1.1.3	the singular includes the plural and vice versa; 

  

	1.2	the following words and expressions shall bear the meanings assigned to them below and cognate words and expressions bear corresponding meanings—

  

	1.2.1	“AFSA”—the Arbitration Foundation of Southern Africa (or its successor in title); 

  
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	1.2.2	“Agreement”—this shareholders’ agreement, as amended, novated or restated from time to time, including all of its annexures;

  

	1.2.3	“Auditors”—the auditors of a Company appointed by the Board of that Company from time to time; 

 

	1.2.4	“Australia HoldCo”—Tronox Sands Holdings PTY Limited (registration number ACN 154 709 332), an Australian proprietary company limited by shares;

  

	1.2.5	“Australian Shareholders’ Agreement”—the Shareholders’ Deed between, amongst others, Tronox, Australia HoldCo and Exxaro entered into on
15 June 2012, as amended, novated or restated from time to time; 

  

	1.2.6	“BEE”—Broadbased Black Economic Empowerment, as defined in the Charter; 

 

	1.2.7	“BEE Undertakings”—the undertakings and obligations of Exxaro set out in 15; 

 

	1.2.8	“Board”—the board of directors of a Company from time to time and for the time being; 

 

	1.2.9	“Business Day”—any calendar day which is not a Saturday, a Sunday or an official public holiday in Johannesburg or New York or Perth;

  

	1.2.10	“Charter”—the South African Broad Based Socio-Economic Empowerment Charter for the Mining Industry promulgated in terms of section 100(2) of the
MPRDA, as amended, substituted or re-promulgated from time to time; 

  

	1.2.11	“Clarification Statement”—the document entitled “Clarification on the Application of the Charter and the MPRDA” issued by the DMR during
the course of 2004, as amended, substituted or re-issued from time to time; 

  
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	1.2.12	“Commencement Date”—the “Closing Date”, as that term is defined in the Master Agreement; 

 

	1.2.13	“Companies”—collectively, Exxaro Sands and Exxaro TSA Sands, and “Company” shall mean either of them individually;

  

	1.2.14	“Companies Act”—the Companies Act, 2008; 

  

	1.2.15	“Control”—“control” for purposes of and as described in section 2(2) (as read with section 3) of the Companies Act;

  

	1.2.16	“Corresponding Loan Account”—a “Corresponding Loan Account” as that term is defined in 10.1.3; 

 

	1.2.17	“DMR”—the Department of Mineral Resources of South Africa (or its successor-in-title); 

 

	1.2.18	“Delivery Documents” in relation to any sale by a Shareholder of its Shares in and/or Loan Accounts against a Company pursuant to this
Agreement—the following documents (none of which shall be revocable or conditional)— 

  

	1.2.18.1	the original share certificates in respect of those Shares, together with duly completed and signed transfer forms (which shall be in such form as is required by law or
is customary) in respect thereof; 

  

	1.2.18.2	a written cession of its Corresponding Loan Account; and 

  

	1.2.18.3	the written resignations of all Directors of that Company who were nominated by that Shareholder, which resignations shall confirm that those Directors do not have any
claims against the Company or any member of the Group; 

  

	1.2.19	“Directors”—the directors of a Company from time to time and for the time being and “Director” shall mean any one of them;

  
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	1.2.20	“Dispose”—sell, transfer, make over, cede, give, donate, exchange, dispose of, unbundle, Distribute or otherwise alienate, including any
agreement, obligation or arrangement to do any of the foregoing, and “Disposal” shall be construed accordingly; 

  

	1.2.21	“Distribution”—a “distribution” as that term is defined in section 1 of the Companies Act, and “Distribute” shall be
construed accordingly; 

  

	1.2.22	“Encumbrance”—includes any mortgage bond, notarial bond, pledge, lien, hypothecation, assignment, cession-in-securitatem debiti, deposit by way of
security or any other agreement or arrangement (whether conditional or not) which has or will have the effect of giving to one Person a security interest in or preferential treatment in respect of another Person’s assets, but excludes statutory
preferences, and “Encumber” shall be construed accordingly; 

  

	1.2.23	“Empowerment Period”—the period commencing on the Commencement Date and terminating on the earlier of the— 

 

	1.2.23.1	tenth anniversary of the Commencement Date; and 

  

	1.2.23.2	date that Australia HoldCo agrees with Exxaro, in writing (both parties acting reasonably), and that the DMR confirms in writing to the Parties as being the date from
which the Ownership Requirements are no longer relevant to the Companies and their Subsidiaries and to the business and assets of the Companies and their Subsidiaries; 

 

	1.2.24	“Entity”—includes any natural or juristic person, association, business, close corporation, company, concern, enterprise, firm, partnership, joint
venture, trust, undertaking, voluntary association, body corporate or any similar entity (irrespective of whether such similar entity has a separate legal personality or not); 

 

	1.2.25	“Exxaro”—Exxaro Resources Limited (registration number 2000/011076/06), a public company with limited liability duly incorporated in South Africa;

  
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	1.2.26	“Exxaro Sands” – Exxaro Sands Proprietary Limited (registration number 1987/001627/07), a private company with limited liability
duly incorporated in South Africa; 

  

	1.2.27	“Exxaro TSA Sands” – Exxaro TSA Sands Proprietary Limited (registration number 1998/0001039/07), a private company with limited liability duly
incorporated in South Africa; 

  

	1.2.28	“Fair Value” – the fair market value of any Share, undertaking, company, interest, business, asset and/or the like required to be valued in terms
of this Agreement as agreed in writing between the Parties or determined in accordance with 9, as the case may be; 

  

	1.2.29	“Group” – the Companies, their respective Subsidiaries, Holding Companies and other Subsidiaries of any of their respective Holding
Companies from time to time, and a reference to a “member of the Group” shall mean any one of them; 

  

	1.2.30	“Guarantee” – includes any form of intercession, such as a guarantee or a suretyship; 

 

	1.2.31	“HDP” – an “historically disadvantaged person” as such term is defined in the MPRDA; 

 

	1.2.32	“HDP Certificate of Compliance” – a written certificate of compliance issued by a Verification Agency, certifying (at the relevant time)
the extent to which Exxaro and the Companies and their respective direct and indirect shareholders are BEE compliant in terms of the Ownership Requirements; 

 

	1.2.33	“HDSA” – an “Historically Disadvantaged South African” as such term is defined in the Charter; 

 

	1.2.34	“Holding Company” – a “holding company” as that term is defined in section 1 of the Companies Act, including any Entity that would have
been such a “holding company” if it had been a company incorporated in terms of the Companies Act; 

  
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	1.2.35	“Loan Account” – any claim by a Shareholder in respect of any indebtedness of a Company to that Shareholder, including any claim for the payment
of interest thereon; 

  

	1.2.36	“Master Agreement” – the Amended and Restated Transaction Agreement between, amongst others, Tronox and Exxaro originally dated as of
April 20, 2012, as amended, novated or restated from time to time; 

  

	1.2.37	“Minister” – the Minister of Mineral Resources of South Africa, or any official within the DMR or any other state department to whom the
Minister has lawfully and validly delegated the authority to administer any of the provisions of the MPRDA; 

  

	1.2.38	“MOI” – the Memorandum of Incorporation of a Company; 

 

	1.2.39	“MPRDA” – the Mineral and Petroleum Resources Development Act, 2002; 

 

	1.2.40	“Ownership Requirements” – collectively – 

 

	1.2.40.1	the requirements from time to time of the MPRDA, the Charter and the Clarification Statement in respect of the ownership participation by HDPs and HDSAs in a Company
and its Subsidiaries and in prospecting rights and new order mining rights held by such Company and/or its Subsidiaries which, when satisfied, have the consequence that the shareholding by HDPs and HDSAs is sufficient to enable such Company and its
Subsidiaries to – 

  

	1.2.40.1.1	convert any old order mining rights held by any of them to new order mining rights; 

 

	1.2.40.1.2	enable the granting and maintenance of prospecting rights and new order mining rights to such Company and its Subsidiaries by the Minister; 

  
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	1.2.40.1.3	retain the prospecting and mining rights more fully detailed in Annexure A and all other prospecting and mining rights held by such Company and its Subsidiaries;
and 

  

	1.2.40.2	all requirements contained in mining rights and prospecting rights held by such Company and its Subsidiaries for or relating to ownership participation by HDPs and
HDSAs in such Company and its Subsidiaries or in such mining rights and/or prospecting rights; 

  

	1.2.41	“Parties” – collectively, the Companies, Exxaro and Australia Holdco and “Party” shall mean any of them as the context may
require; 

  

	1.2.42	“Person” – includes any natural or juristic person; 

  

	1.2.43	“Pro Rata Proportion” of any amount or value and in relation to a Shareholder (“Relevant Shareholder”) as at a certain date
(“Relevant Date”)—that portion (expressed as a percentage) of that amount or value as is calculated by multiplying that amount or value by the quotient obtained by dividing the number of Shares held by the Relevant Shareholder
as at the Relevant Date by the number of all Shares in issue as at the Relevant Date; 

  

	1.2.44	“Remedial Plan” – a “Remedial Plan” as that term is defined in 15.1; 

 

	1.2.45	“Shares” – ordinary shares in the capital of a Company having the preferences, rights, limitations and other terms as set out in such
Company’s MOI; 

  

	1.2.46	“Shareholder” – a holder of any Share from time to time and for the time being bound by this Agreement; 

 

	1.2.47	“Signature Date” - the date upon which this Agreement is signed by the signatory who signs it last; 

 

	1.2.48	“South Africa” – the Republic of South Africa; 

  
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	1.2.49	“Specified Third Party” –a “Specified Third Party” as that terms is defined in 11.1.2; 

 

	1.2.50	“Subsidiary” – a “subsidiary” as that term is defined in section 1 of the Companies Act, including any Entity that would have been such
a “subsidiary” if it had been a company incorporated in terms of the Companies Act; 

  

	1.2.51	“Tronox” – Tronox Limited (registration number ACN 154 709 332), a company incorporated and existing under the laws of the State of Western
Australia; 

  

	1.2.52	“Verification Agency” – an independent verification agency that assesses the BEE status of any Person or Entity, which agency is accredited
by the South African National Accreditation System (“SANAS”) or has been issued with a valid pre-assessment letter from SANAS and that has been approved by Australia HoldCo for this purpose in writing; 

 

	1.2.53	“ZAR” – South African Rand, the lawful currency of South Africa; 

 

	1.3	any reference to any statute, regulation or other legislation shall be a reference to that statute, regulation or other legislation as at the Signature Date, and as
amended or substituted from time to time; 

  

	1.4	if any provision in a definition is a substantive provision conferring a right or imposing an obligation on any party then, notwithstanding that it is only in a
definition, effect shall be given to that provision as if it were a substantive provision in the body of this Agreement; 

  

	1.5	where any term is defined within a particular clause other than 1.2, that term shall bear the meaning ascribed to it in that clause wherever it is used in this
Agreement; 

  

	1.6	where any number of days is to be calculated from a particular day, such number shall be calculated as excluding such particular day and commencing on the next day. If
the last day of such number so calculated falls on a day which is not a Business Day, the last day shall be deemed to be the next succeeding day which is a Business Day; 

  
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	1.7	any reference to days (other than a reference to Business Days), months or years shall be a reference to calendar days, calendar months or calendar years respectively;

  

	1.8	any term which refers to a South African legal concept or process (for example, without limiting the foregoing, winding-up or curatorship) shall be deemed to include a
reference to the equivalent or analogous concept or process in any other jurisdiction in which this Agreement may apply or to the laws of which a party may be or become subject; and 

 

	1.9	the use of the word “including” followed by a specific example/s shall not be construed as limiting the meaning of the general wording preceding it and the
eiusdem generis rule shall not be applied in the interpretation of such general wording or such specific example/s. 

 The terms of this Agreement having been negotiated, the contra proferentem rule shall not be applied in the interpretation of this Agreement. 

 

	2	INTRODUCTION 

  

	2.1	It is recorded that, on the Commencement Date and pursuant to the implementation of the transactions described in the Master Agreement – 

 

	2.1.1	all the Shares in each Company’s issued share capital will be held as follows – 

 

	2.1.1.1	Exxaro – Shares constituting 26% of the entire issued share capital of such Company; and 

 

	2.1.1.2	Australia HoldCo – Shares constituting 74% of the entire issued share capital of such Company. 

 

	2.2	The Parties are entering into this Agreement in order to regulate the relationship between – 

  
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	2.2.1	the Shareholders inter se; and 

  

	2.2.2	the Shareholders and the Companies. 

  

	3	DURATION 

  

	3.1	This Agreement shall become effective and binding on the Commencement Date and each provision hereof shall, unless it expressly stipulates that it applies for a shorter
or longer period, continue to bind each Shareholder for so long as it is a Shareholder. 

  

	3.2	Notwithstanding anything to the contrary in this Agreement, no Party shall be entitled to cancel this Agreement in any circumstances without the prior written consent
of all Shareholders. 

  

	3.3	Any third party who becomes the holder of any Share shall become a Party to, and be bound by the terms and conditions set out in, this Agreement by executing and
delivering to the other Parties a deed of accession in the form of Annexure B and a call option deed in the form attached hereto as Annexure C. 

 PART B – CORPORATE GOVERNANCE 
  

	4	APPOINTMENT AND REMOVAL OF DIRECTORS 

  

	4.1	The Board of each Company shall comprise of a maximum of five Directors (excluding alternative Directors). 

 

	4.2	Exxaro shall – 

  

	4.2.1	for so long as the Shares held by it constitute – 

  

	4.2.1.1	10% or more, but less than 26%, of all the Shares in the issued share capital of a Company, nominate for appointment one non-executive Director to the Board of that
Company, who shall be an HDP and HDSA for so long as still required by the MPRDA and the Charter; 

  
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	4.2.1.2	26% or more, but less than 40%, of all the Shares in the issued share capital of such Company, nominate for appointment two non-executive Directors to the Board of that
Company, one of whom shall be an HDP and HDSA for so long as still required by MPRDA and the Charter; 

  

	4.2.2	for so long as it is entitled to nominate any Director in terms of 4.2.1 - 

 

	4.2.2.1	be entitled to nominate for appointment one or more alternate non-executive Director for each non-executive Director nominated by it in terms of 4.2.1; and

  

	4.2.2.2	be entitled to request the removal of any non-executive Director (or alternate non-executive Director) nominated by it and elected to serve on the relevant Board;

  

	4.2.3	if – 

  

	4.2.3.1	there is any change in the percentage of all the Shares in the issued share capital of a Company held by it and if Australia HoldCo requires it to do so, procure the
immediate resignation of the requisite number of Directors previously nominated by it and elected to serve on the relevant Board (which resignation shall confirm, in writing, that the relevant resigning Director has no claims against such Company or
any member of the Group) so that the total number of Directors nominated by it and serving on such Board shall always accord with the principles set out above; or 

 

	4.2.3.2	the continued membership on a Board of any Director previously nominated by it and elected to serve on the Board would contravene this Agreement or the Companies Act,
procure the immediate resignation of that Director (which resignation shall confirm, in writing, that the relevant resigning Director has no claims against the relevant Company or any member of the relevant Group), 

and Exxaro shall indemnify the relevant Company and every member of the relevant Group against all loss, liability, damage, cost and
expense which may be suffered or incurred by such Company and/or such Group as a result of any removal or resignation of each such Director. 

  
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	4.3	Australia HoldCo shall – 

  

	4.3.1	be entitled to nominate for appointment all of the remaining Directors to the Board of each Company, each of which shall be designated as being either an executive
Director or a non-executive Director; 

  

	4.3.2	be entitled to nominate for appointment one or more alternate non-executive Director for each non-executive Director nominated by it in terms of 4.3.1;

  

	4.3.3	be entitled to request the removal of any Director (or alternate Director) nominated by it and elected to serve on the relevant Board; 

 

	4.3.4	if it ceases to own a majority of all the Shares in the issued share capital of a Company (other than as a result of any action taken pursuant to 15.4.1) and Exxaro
requires it to do so, procure the immediate resignation of the requisite number of Directors previously nominated by it and elected to serve on the relevant Board (which resignation shall confirm, in writing, that the relevant resigning Director has
no claims against such Company or any member of the Group) so that the total number of Directors nominated by it and serving on such Board corresponds to its then percentage ownership in such Company; and 

 

	4.3.5	if the continued membership on a Board of any non-executive Director previously nominated by it and elected to serve on the Board would contravene this Agreement or the
Companies Act, procure the immediate resignation of that Director (which resignation shall confirm, in writing, that the relevant resigning Director has no claims against the relevant Company or any member of the relevant Group), and Australia
HoldCo and Tronox shall jointly and severally indemnify such Company and every member of the relevant Group against all loss, liability, damage, cost and expense which may be suffered or incurred by such Company and/or such Group as a result of any
removal or resignation of each such Director. 

  
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	4.4	If the Shares held by Exxaro constitute more than 40% but less than a majority of all the Shares in the issued share capital of a Company, Exxaro and Australia HoldCo
shall meet with one another in order to consider and discuss in good faith whether the relevant Board is to be reconstituted and, if so, how many Directors each of them may nominate for appointment to that Board and, if they reach agreement (in
writing) to do so, shall implement such agreement. 

  

	4.5	Notwithstanding 4.2, 4.3 and 4.4, no Shareholder shall nominate any Person for election as a Director – 

 

	4.5.1	until after consultation with the other Shareholders on that nomination; 

  

	4.5.2	if that Person’s directorship will contravene this Agreement or the Companies Act. 

 

	4.6	Each Shareholder undertakes to co-operate with the other to procure – 

 

	4.6.1	the election as Director of any Person nominated by the other Shareholder in compliance with 4.2 or 4.3; and 

 

	4.6.2	the removal as Director of any Director previously nominated by the other Shareholder and now required by the other Shareholder to be removed as Director in compliance
with 4.2 or 4.3, 

 and, for these purposes, shall vote in favour of or sign any resolution of Shareholders
which is required to effect such election or removal. 
  

	4.7	The Parties shall procure that each Director and each alternate Director shall, prior to his appointment as such becoming effective (but save to the extent otherwise
agreed in writing by the Company of which he is a Director), execute a written acknowledgement in which he - 

  

	4.7.1	acknowledges and agrees that, if he is a non-executive Director, he will not be an employee of such Company or any Subsidiary of such Company in his capacity as
Director; 

  
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	4.7.2	acknowledges and agrees that he will not have any claims against such Company or any Subsidiary of such Company for remuneration or compensation for services rendered
to such Company or to any Subsidiary of such Company, or for reimbursement of expenses incurred in the business of the relevant Board in his capacity as Director other than such remuneration or reimbursement, if any, as may be approved by such
Board; and 

  

	4.7.3	furnishes such Company with a postal address, facsimile number and e-mail address at which notice of meetings shall be given to him. 

 

	4.8	The Shareholders undertake to vote against any resolution for the removal of a Director, whether in terms of section 71 of the Companies Act or otherwise; provided
that if such removal is required in terms of the foregoing provisions of this 4, then all of the Shareholders shall vote in favour of that resolution. 

 

	4.9	For so long as Australia HoldCo is the holder of a majority of the Shares of a Company, one of the Directors nominated by Australia HoldCo and elected to serve on the
Board of such Company (the identity of whom shall be determined by Australia HoldCo) shall be the chairman of such Board. 

  

	4.10	The chairman of each Board shall chair and determine the procedure to be followed at all meetings of such Board and Shareholders, but shall not have a second or casting
vote in addition to his deliberative vote. 

  

	5	MEETINGS OF DIRECTORS AND SHAREHOLDERS 

  

	5.1	Voting at meetings of a Board 

  

	5.1.1	At any meeting of a Board - 

  

	5.1.1.1	an alternate Director shall be entitled to attend, but shall not be entitled to speak or vote unless the Director to whom he is an alternate is absent therefrom;

  

	5.1.1.2	 each Director (or his alternate) shall have such number of votes at any meeting of such Board as constitutes the same percentage of

  
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the aggregate number of votes that could be cast by all Directors in office as is equal to the percentage of votes that could be cast at a meeting of Shareholders by the Shareholder who nominated
such Director. This 5.1.1.2 shall be applied on the basis that if any Shareholder/s appointed more than one director but only one Director or alternate was present at that meeting and no alternate to any of the other such Directors was present
at the meeting then that present Director or alternate shall be regarded as having been entitled to cast all such votes. If, however, more than one such Director and/or alternate to any such Director was present at such meeting then
this 5.1.1.2 shall be applied on the basis that each such Director and/or alternate present at the meeting would have been entitled to cast such number of votes as is equal to the number that could have been cast if only one such Director was
present divided by the number of Directors and/or alternates that were so present; and 

  

	5.1.1.3	subject to 5.1.2, a resolution of such Board shall be passed by a simple majority of the votes cast in the manner set out in 5.1.1.2 at a quorate meeting of such
Board. 

  

	5.1.2	Any Director shall be entitled to refer any resolution that is pending before such Board and that the Companies Act or the relevant MOI does not specifically require
such Board to consider, at any time prior to that resolution having been passed by such Board, to a meeting of the Shareholders, in which event the relevant matter shall cease to be in the domain of such Board and shall become a matter in the domain
of the Shareholders. 

  

	5.2	Voting at meetings of Shareholders 

  

	5.2.1	At any meeting of Shareholders - 

  

	5.2.1.1	each Shareholder shall be entitled to cast one vote for every Share it holds; and 

  
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	5.2.1.2	subject to the requirements of the Companies Act, a resolution of Shareholders shall be passed by a simple majority of the votes cast at a quorate meeting of
Shareholders. 

  

	5.2.2	Notwithstanding 5.2.1.2, if either Company wishes to issue further Shares during the Empowerment Period in circumstances where the Shares held by Exxaro constitute 26%
or more of all the Shares in the issued share capital of that Company, such Company shall only issue such further Shares – 

  

	5.2.2.1	if each of the Shareholders is offered the opportunity to subscribe for same in the same proportion in which they hold the Shares in such Company immediately prior to
such issue; or 

  

	5.2.2.2	if done in accordance with the provisions of this Agreement. 

  

	5.2.3	In the event that Exxaro still qualifies as an HDP and HDPSA and fails to accept the offer referred to in clause 5.2.2 to subscribe for Shares, in writing, within five
days of receiving such offer, then the relevant Company shall not be entitled to issue such further Shares to any third party, unless such Company issues such Shares to an Entity or Person that qualifies as an HDP and HDPSA in circumstances
envisaged in 15.4.1. 

  

	5.3	Quorate meetings 

  

	5.3.1	Subject to 5.3.2, a quorum for a meeting of – 

  

	5.3.1.1	a Board shall be a Director (or his alternate) nominated by each Shareholder of the relevant Company which, at the time the resolution is called, is entitled to
nominate a Director in terms of 4; or 

  

	5.3.1.2	the Shareholders of a Company shall be a representative of each Shareholder of such Company, present in person or by proxy, at the time the resolution is called.

  
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	5.3.2	Notwithstanding 5.3.1, if no quorum is present at any duly convened meeting of such Board or Shareholders within thirty minutes after the scheduled time for
commencement of that meeting, the meeting shall be adjourned to be resumed at the same time and venue on the seventh day thereafter, or if that day is not a Business Day to the next succeeding Business Day. If at such adjourned meeting a quorum is
not present within thirty minutes after the scheduled time for commencement of that meeting, the Directors or Shareholders, as the case may be, present shall, constitute a quorum. Written notice of each adjournment specifying the business to be
dealt with at the adjourned meeting shall be given by the relevant Company to each of the Directors or Shareholders, as the case may be, forthwith after such adjournment. No business shall be transacted at the resumption of any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place. 

  

	5.4	Convening of Board meetings 

 Any Director may convene a meeting of a Board at any time by giving not less than seven days (or such lesser period as may be reasonable in the circumstances) written notice of such meeting to the other
Directors and the relevant Company. Each such notice of a meeting of Directors shall include the proposed agenda of such meeting, provided that any such agenda may be amended on reasonable notice to the Directors. Any appointed alternate Director
shall be entitled to receive notice of every meeting of Directors as if he was an actual Director. 
  

	5.5	Convening of Shareholders meetings 

 A Board or any Shareholder may convene a meeting of Shareholders of the relevant Company at any time by giving not less than ten Business Days written notice of such meeting to the other Shareholders and
such Company. 
 PART C – FINANCIAL MATTERS 
  

	6	FUNDING 

  

	6.1	Funding of the Companies 

  
 17 

	6.1.1	If a Company requires funding in order to finance its capital expenditure and/or working capital requirements for purposes of conducting its business, then such Company
shall either obtain such funding from third party, independent financiers, based on its own creditworthiness upon terms and conditions which are commercially acceptable in the opinion of its Board, or shall obtain such funding from Australia HoldCo
upon arms’ length commercial terms and conditions that are acceptable to Australia HoldCo. 

  

	6.1.2	If Australia HoldCo does provide any loan funding to such Company, then (irrespective of the terms and conditions subject to which such loan funding was made
available), such Company shall repay the relevant Loan Accounts where - 

  

	6.1.2.1	such Company becomes obliged to do so under the terms and conditions subject to which same was made available, or the Board resolves that such Company should do so;

  

	6.1.2.2	a provisional or final order for the winding-up or judicial management of such Company is made by any court of competent jurisdiction or such Company is placed under
supervision and business rescue proceedings (as contemplated in the Companies Act) commences in respect of such Company; 

  

	6.1.2.3	such Company passes a resolution for its voluntary liquidation or the commencement of business rescue proceedings (as contemplated in the Companies Act); or

 such Company submits an offer of compromise or similar offer to its creditors generally (or otherwise becomes party to a
compromise arrangement with its creditors generally). 
  

	6.2	Capitalisation of Loan Accounts 

 Australia HoldCo shall be entitled, by giving written notice (“Capitalisation Notice”) to a Company and the other Shareholders at any time after the Empowerment Period (or at any time
during the Empowerment Period if doing 

  
 18 

 
so will not cause that Company to no longer comply with the Ownership Requirements), to require that the amounts owing to it on any Loan Account, or any part thereof, be capitalised (the amount
so capitalised being referred to as the “Capitalised Amount”) immediately on the basis that – 
  

	6.2.1	such Company shall issue to Australia HoldCo such number of Shares as shall be equal to the Adjustment Shares (as defined below) and shall deliver the Share
certificates in respect of such Adjustment Shares to Australia HoldCo at an aggregate subscription price equal to the Capitalised Amount on the basis that the Capitalised Amount shall be repaid to Australia HoldCo by the issue of those Adjustment
Shares, which issue shall extinguish such Company’s obligation to repay the Capitalised Amount; 

  

	6.2.2	the number of Shares to be issued shall be computed by dividing the Capitalised Amount by the Fair Value per Share on the date of the Capitalisation Notice (or such
other date specified in the Capitalisation Notice, which results in an application of the provisions of this 6.2 (“Adjustment Shares”). The Fair Value per Share that is to be utilised to calculate the number of Adjustment Shares
shall be determined by dividing the Fair Value of such Company on the date referred to above by the aggregate number of Shares then in issue. If the number of Adjustment Shares calculated in accordance with the provisions of this 6.2 results in a
fraction of a Share, then the result shall be rounded off to the nearest whole number. 

  

	7	DISTRIBUTIONS 

  

	7.1	Each Company shall (and the Shareholders shall procure that such Company does), as soon as practically possible after the finalisation of such Company’s audited
financial statements for each financial year of such Company, make a Distribution to the Shareholders of such portion (but never exceeding the relevant portion determined by the Board for such purpose) of such Company’s after-tax profits for
that financial year, after making provision for any tax on such Distribution and such Company’s anticipated working capital, capital expenditure and cash flow requirements, as would entitle Exxaro to a “trickle dividend” of at least
ZAR260 000 from such Company. 

  
 19 

	7.2	The amount of ZAR260 000 referred to in 7.1 shall increase, on each anniversary of the Commencement Date, with the annual increase in the Consumer Price Index (all
areas, all items) for the preceding twelve month period. 

  

	8	ACCOUNTS 

 It is recorded
that - 
  

	8.1	the Auditors shall be Grant Thornton, or such other auditors as the relevant Board may from time to time determine; 

 

	8.2	the financial year of each Company shall end on 31 December of each year; 

 

	8.3	each Company shall procure that – 

  

	8.3.1	such Company’s books, records and accounts will be kept in compliance with the Companies Act and may be inspected by any Shareholder during normal business hours
on reasonable notice to the Board; and 

  

	8.3.2	audited financial statements will be prepared as soon as possible after each financial year end, but in any event by not later than such date as Australia HoldCo may
require. 

  

	9	FAIR VALUE 

  

	9.1	Whenever the Fair Value of any Share, undertaking, company, interest, business, asset and/or the like is required to be determined in terms of this Agreement, such Fair
Value shall mean the Fair Value of such Share, undertaking, company, interest, business, asset and/or the like, agreed between the relevant Shareholders in writing, or failing such agreement after a period of thirty days after which such agreement
has been called for, the Fair Value determined by a valuation expert contemplated in 9.2. 

  

	9.2	 Any failure to agree in writing on the Fair Value as contemplated in 9.1 shall be deemed for the purposes of this Agreement to be a dispute which shall
be referred for determination to such valuation expert as the Shareholders may 

  
 20 

	 	
agree in writing to appoint or, if no such agreement is concluded within seven days after any Shareholder requests it, such independent and adequately experienced and qualified investment bank as
may be appointed at the request of any Shareholder by the President for the time being of the South African Institute of Chartered Accountants (who may determine in his discretion whether such investment bank is independent and adequately
experienced and qualified). Any such valuation expert shall be appointed on the basis that - 

  

	9.2.1	the valuation expert shall act as an expert and not as arbitrator, but shall call for and consider any written submissions which any such forced sale party may
wish to submit; 

  

	9.2.2	the determination of the valuation expert shall, in the absence of manifest error, be final and binding on the Shareholders; 

 

	9.2.3	the valuation expert shall give written reasons for his decision; 

  

	9.2.4	the valuation expert shall be requested to give his decision as soon as possible and in any event within twenty-one days after he is appointed;

  

	9.2.5	the Fair Value in question, as the case may be, shall be determined by the valuation expert by the use of such accepted valuation methodology as the valuation expert
may deem appropriate, but the valuation expert shall not take into account whether any interest represents a majority or minority interest, as the case may be. 

 

	9.3	The valuation expert may determine which one or more of (and the proportions in which) the Shareholders shall bear the valuation expert’s costs and charges, but
such costs and charges shall in the absence of such a determination be borne by the Shareholders in their Pro Rata Proportions; provided that for purposes of a Deemed Offer in terms of 14, such costs and charges shall be borne by the Deemed Offeror
referred to in 14.1. 

  

	9.4	If any valuation expert’s charges and any other costs have to be paid before that expert has made his award in respect thereof, the Shareholders shall pay such
charges and costs in their Pro Rata Proportions, pending any determination as to liability therefor by that expert; provided that for purposes of a Deemed Offer in terms of 14, such costs and charges shall be borne by the Deemed Offeror referred to
in 14.1. 

  
 21 

 PART D – DISPOSALS 

 

	10	RESTRICTION ON DISPOSAL AND ENCUMBRANCE OF THE SHARES 

  

	10.1	Restrictions 

  

	10.1.1	Exxaro shall not – 

  

	10.1.1.1	for the duration of the Empowerment Period, Dispose of or Encumber any of its Shares or any of its rights or interest therein (or enter into any option, derivative or
other transaction, the effect of which is or will be (i) to Dispose of or Encumber or (ii) to require it to Dispose of or Encumber (iii) to have the same economic effect as a Disposal or Encumbrance of any of its Shares or any of its
rights or interest therein), save as is specifically otherwise agreed to in writing by all the other Shareholders or specifically permitted by this Agreement and then only to an Entity or Person that is an HDP and HDSA that (notwithstanding any
other provision of this Agreement) has been approved by Australia HoldCo in writing and otherwise in compliance with the remaining provisions of this 10.1; and 

 

	10.1.1.2	after expiry of the Empowerment Period, Dispose of or Encumber any of its Shares or any of its rights or interest therein (or enter into any option, derivative or other
transaction, the effect of which is or will be (i) to Dispose of or Encumber or (ii) to require it to Dispose of or Encumber (iii) to have the same economic effect as a Disposal or Encumbrance of any of its Shares or any of its rights
or interest therein), save as is specifically otherwise agreed to in writing by all the other Shareholders or specifically permitted by this Agreement and then only in compliance with the remaining provisions of this 10.1. 

 

	10.1.2	 Australia HoldCo shall not Dispose of or Encumber any of its Shares or any of its rights or interest therein (or enter into any option, derivative or
other transaction, the effect of which is or will be (i) to Dispose of or 

  
 22 

 
Encumber or (ii) to require it to Dispose of or Encumber or (iii) to have the same economic effect as a Disposal or Encumbrance of any of its Shares or any of its rights or interest
therein) save as is specifically otherwise agreed to in writing by all the other Shareholders or specifically permitted by this Agreement and then only in compliance with the remaining provisions of this 10.1. 

 

	10.1.3	A Shareholder may only Dispose of any of its Shares and/or any portion of the Loan Account with respect to the relevant Company if – 

 

	10.1.3.1	in one and the same transaction it also Disposes of that portion of such Loan Account, if any, (its “Corresponding Loan Account”) which bears the same
proportion to its entire Loan Account as the number of Shares so Disposed of bear to the aggregate number of that Shareholder’s Shares in such Company; and 

 

	10.1.3.2	each Person acquiring the Shares and Corresponding Loan Account so Disposed of (“Third Party Acquirer”) has executed and delivered to each Party a deed
of accession in the form of Annexure B and shall conclude and execute a call option agreement in the Form of Annexure C. Such deed of accession and call option deed shall become effective upon the Third Party Acquirer’s acquisition of the
Shares and Corresponding Loan Account so disposed of, whereupon all rights and obligations of the disposing Shareholder in terms of this Agreement shall, save to the extent provided for in this Agreement in respect of rights that are personal to a
Party, be assigned to the Third Party Acquirer, and all references in this Agreement to the disposing Shareholder shall, to the extent of such assignment, be deemed to be references to the Third Party Acquirer. If the disposing Shareholder did not
Dispose of all of his Shares to a single Third Party Acquirer, then the assignment of the disposing Shareholder’s rights and obligations referred to above shall be to the extent of and proportional to such Disposal. 

  
 23 

	10.2	Registration of transfers 

If any Shareholder (“Disposer”) Disposes of its Shares in a Company in accordance with this Agreement, then transfer
thereof shall thereafter be registered and recorded by the relevant Directors as soon as possible, unless such Directors have not been satisfied, in such manner as they may reasonably require, that the Disposal of such Shares conforms with the
requirements of this Agreement. 
  

	10.3	Intra-group transfers 

Subject to the BEE Undertakings and subject to any such statutory, governmental or regulatory approval as may be required, any Shareholder
shall be entitled, at any time, to Dispose of all of its Shares in a Company and Corresponding Loan Account to any wholly-owned Subsidiary of such Shareholder (“Transferee”) without first offering such Shares and Corresponding Loan
Account to the other Shareholders in accordance with 11 and on the basis that the provisions of 12 shall not be applicable; provided that – 
  

	10.3.1	prior to such Disposal, the disposing Shareholder shall have been appointed in writing as the sole and exclusive agent and attorney in rem suam of the Transferee to
perform all of the duties and exercise all of the rights of the Transferee in relation to this Agreement, the other Shareholders and such Company, to the exclusion of all other Persons (including the Transferee); 

 

	10.3.2	the disposing Shareholder shall be deemed to have bound itself in favour of the other Parties as surety for and co-principal debtor in solidum with the Transferee for
all of the obligations of the Transferee under this Agreement (including the written undertaking referred to in 10.3.3) and, without limiting the foregoing, the disposing Shareholder further undertakes to procure compliance by the Transferee
with its obligations under this Agreement; 

  

	10.3.3	 prior to such Disposal, the disposing Shareholder delivers to the other Parties a written undertaking from the Transferee in which the Transferee

  
 24 

	 	
has undertaken to accede to and agreed to be bound by the Australian Shareholders’ Agreement (on the basis and in the form required under the Australian Shareholders’ Agreement) and to
- 

  

	10.3.3.1	be bound by and comply with all the provisions of this Agreement, and it appoints a Domicilium for the purposes of this Agreement; and 

 

	10.3.3.2	transfer the beneficial ownership of its Shares and Corresponding Loan Account back to the disposing Shareholder (or to any other Entity which would qualify as a
Transferee to which the disposing Shareholder would be entitled to Dispose of such Shares in terms of this 10.3) in the event of the Transferee ceasing to be a wholly-owned Subsidiary of the disposing Shareholder for any reason whatsoever,
failing which the Transferee shall be deemed to have made an offer in terms of 14.1.3. 

  

	10.4	Compliance 

  

	10.4.1	The share certificate for each Share shall have the following endorsement clearly marked on it - 

“The shares represented by this certificate (and any disposal, transfer or encumbrance thereof) are subject to the provisions of a
shareholders’ agreement between, inter alia, the holder of these shares and the other shareholder/s of the company.” 
  

	10.4.2	 If any Shareholder (“Defaulting Transferor”) fails to deliver any Delivery Documents to any Person who purchases or acquires any
Shares and the Corresponding Loan Account from that Defaulting Transferor pursuant to 11, 12 or 14 of this Agreement after payment therefor has been made or tendered by that Person, then any Director of the relevant Company shall be and
hereby is irrevocably authorised and appointed as the attorney and agent of that Defaulting Transferor to sign, execute and implement all such documents as may be necessary to effect delivery, against such payment having been or being made to the
Defaulting Transferor or to such Company in trust for the Defaulting Transferor, of 

  
 25 

 
the Delivery Documents, transfer those Shares and Corresponding Loan Account to that Person and issue or procure the issue of new share certificates in respect of the Shares in the name of that
Person. 
  

	11	PRE-EMPTIVE RIGHTS 

  

	11.1	Obligation to offer 

Subject to 10.1 and 11.6, if a Shareholder (“Offeror”) wishes to Dispose of any of its Shares in a Company and the
Corresponding Loan Account, it shall not be entitled to do so unless – 
  

	11.1.1	such Disposal complies with 10, 11.5 and 13.3; and 

  

	11.1.2	the Offeror has identified a bona fide third party (“Specified Third Party”) who has offered in writing (“Proposal”) to purchase its
Shares and Corresponding Loan Account for a cash price (which shall, for the purpose of the Tag Along Right in 12, be expressed and payable in South African currency, but may, subject to 11.5.2.1, provide for payment to the Offeror in a
foreign currency) and the Offeror has first offered in writing (“Offer”), in accordance with 11.2, to sell those Shares and Corresponding Loan Account (“Subject Interest”) to the other Shareholders
(“Offerees”). 

 Any Offeree(s) who accept the Offer are referred to herein as the
“Purchasers” and the agreement arising from their acceptance of the Offer is referred to herein as the “Resultant Sale”. For the avoidance of doubt, it is recorded that if a Shareholder wishes to Dispose of its
Shares and Corresponding Loan Account to another Shareholder (other than in circumstances in which this Agreement allows that Disposal without the application of this 11), then this 11 shall apply and that other Shareholder shall be the
Specified Third Party referred to in this 11.1. 

  
 26 

	11.2	The Offer 

 The Offer
shall - 
  

	11.2.1	be in writing and be accompanied by a true and complete copy of the Proposal and shall be copied to the relevant Company; 

 

	11.2.2	be irrevocable and open for acceptance by the Offeree(s) – 

  

	11.2.2.1	for a period of sixty Business Days (“Offer Period”) following the date (“Offer Date”) stipulated for this purpose in the Offer, which
shall not be earlier than the date of receipt of the Offer by such Company; 

  

	11.2.2.2	subject to 11.3, in their Pro Rata Proportions as at the Offer Date (or in such other proportions as may be agreed in writing by the Offerees) on the basis that
each Offeree shall be entitled to purchase that proportion of the Subject Interest; 

  

	11.2.3	stipulate a cash price (expressed and payable in South African currency) payable for the Subject Interest at which the Offeror wishes to sell the Subject Interest to
the Offerees, which shall be no higher than the price at which the Offeror wishes to sell the Subject Interest to the Specified Third Party in terms of the Proposal. The Offer shall, in accordance with the Proposal, also stipulate whether the
Offeror or the Purchasers shall pay any securities transfer tax payable in respect of the Resultant Sale. The Offer shall also stipulate the details of the South African bank account into which the Offeror requires the purchase price to be paid;

  

	11.2.4	stipulate the name and identity number (if a natural Person) or registration number (if a juristic Person) of the Specified Third Party and –

  

	11.2.4.1	if the Specified Third Party is an agent, the name of its ultimate principal; 

 

	11.2.4.2	if the Specified Third Party is a juristic Person or trust, the names of all Persons who Control the Specified Third Party or have a direct or indirect proprietary
interest in excess of 10% therein; 

  
 27 

	11.2.5	provide that the Resultant Sale will not be subject to any condition except the suspensive conditions - 

 

	11.2.5.1	 that all regulatory approvals (if any) which are necessary for the implementation of the Resultant Sale, are granted unconditionally (or subject to
such conditions of approval as may be consented to in writing by the Parties affected thereby) within ninety days after acceptance of the Offer; provided that if any such approval is not obtained within such ninety day period and the Purchasers have
exercised all reasonable endeavours to procure such regulatory approvals, then the reference to ninety days in this 11.2.5.1 shall be deemed to be a reference to the period expiring on the earlier of (i) the 180th day after expiry of that ninety day period, (ii) the date upon
which the Purchasers exhaust all remedies available to them to obtain such approval without obtaining such regulatory approvals, and (iii) the date upon which the Purchasers cease exercising all reasonable endeavours to obtain such regulatory
approvals; provided further that the Offeror and the Purchasers shall be obliged to use all reasonable endeavours to procure that all such regulatory approvals are obtained as expeditiously as possible and any Offeree who does not accept the Offer
shall promptly provide the Offeror and the Purchasers with such information as they reasonably require for this purpose; and 

  

	11.2.5.2	if the Offeror so stipulates in the Offer and the Proposal also provides for such release as a suspensive condition, that the Offeror be released from all obligations
which the Offeror may have in terms of or in connection with any Guarantee for the obligations of such Company (or any member of the Group) by no later than the last day for fulfilment of the condition in 11.2.5.1 or, if that condition is not
applicable, within thirty days after acceptance of the Offer. The Purchasers shall use all reasonable endeavours to procure such release; provided that the Purchasers shall not be obliged to effect any payment, provide any security (other than, to
the extent permissible in law, their own Guarantees) or to procure any variation of the terms of such Guarantee to procure any such release; 

  
 28 

	11.2.6	be capable of acceptance only by an Offeree giving written notice to that effect to the Offeror within the Offer Period. Such notice may include an Additional
Acceptance referred to in 11.3.1, which Additional Acceptance will become relevant if there is any Surplus Interest referred to in 11.3.2; 

  

	11.2.7	oblige the Offeror to give the Purchasers a written notice informing the Purchasers of the fulfilment or failure, as the case may be, of each suspensive condition as
soon as the Offeror becomes aware thereof; 

  

	11.2.8	include a warranty to the Purchasers that as at the Offer Date and the date of payment and delivery referred to in 11.4 and in relation to the Shares and Loan
Account included in the Subject Interest - 

  

	11.2.8.1	the Offeror is the sole beneficial owner of those shares and Loan Account and is the registered holder of those Shares; 

 

	11.2.8.2	the Offeror is entitled and able to give free and unencumbered title to those Shares and Loan Account to the Purchasers; and 

 

	11.2.8.3	save as provided for in this Agreement, no Person has any existing or future right (including an option or right of first refusal) to acquire any of those Shares and
Loan Account; and 

  

	11.2.9	not contain any other term. 

  

	11.3	Deemed acceptance 

If - 
  

	11.3.1	any Offeree (“Surplus Offeree”) accepts the entire Offer to it and in such acceptance also accepts to any extent (“Additional
Acceptance”) the Offer of Subject Interest to any other Offeree referred to in 11.3.2; and 

  

	11.3.2	 any other Offeree does not accept the Offer in respect of certain of the Subject Interest (“Surplus Interest”) Offered to it in terms
of 11.1, 

  
 29 

	 	
then the Surplus Interest shall be deemed, on the expiry of the Offer Period, to have been offered to the Surplus Offeree(s) in their Pro Rata Proportions at the time of the Offer and shall to
the extent of their Additional Acceptances be deemed to have been accepted by the Surplus Offeree(s). If, after that deemed offer and acceptance, there remain any Surplus Interest in respect of which the Offer has not been deemed to be accepted,
then the deemed offer and acceptance provided for in this 11.3 shall be repeated as many times as is necessary to ensure that either there are no more Surplus Interest in respect of which the Offer has not been accepted or there is no remaining
Additional Acceptance which could (in terms of this 11.3) result in Surplus Interest being sold to a Surplus Offeree, whichever occurs sooner. The Offeror shall give written notice of the circumstances referred to in 11.3.1 and 11.3.2 to all
the Offerees. 

  

	11.4	Closing of Resultant Sale 

If any Resultant Sale is or becomes unconditional, then, unless otherwise agreed in writing between the Offeror and the Purchasers, on the
seventh day after the later of the date of expiry of the Offer Period and the date of fulfilment of the suspensive conditions to the Resultant Sale - 
  

	11.4.1	the purchase price payable in terms of the Resultant Sale shall be paid by the Purchasers to the Offeror against compliance by the Offeror with 11.4.2. Such
purchase price shall be paid by way of electronic transfer into the Offeror’s bank account, free of set-off or other deduction. Unless otherwise provided in the Offer, the Purchasers shall also pay any securities transfer tax payable in respect
of the implementation of the Resultant Sale on the due date for payment thereof; 

  

	11.4.2	the Offeror shall deliver the Delivery Documents to the Purchasers at the relevant Company’s registered office against receipt by the Offeror of proof that payment
has been made in terms of 11.4.1. 

 All rights and obligations of the Purchasers in terms of this 11.4
shall be in the proportions in which they purchase the Subject Interest. 

  
 30 

	11.5	Sale to Specified Third Party 

  

	11.5.1	Subject to the provisions of 10 and 15, if, after the application of 11.1 and 11.3, the Subject Interest is not purchased by the Offeree(s), because -

  

	11.5.1.1	the Offer is not accepted or deemed to be accepted; or 

  

	11.5.1.2	the Offer is accepted but the sale arising therefrom cannot be implemented because a suspensive condition thereto is not fulfilled, 

then the Offeror shall, subject to 10 and 15, and provided that the Offeror first delivers to the other Shareholders a copy of all
agreements between the Offeror and the Specified Third Party relating to the sale to the Specified Third Party and a certificate signed by a Director of the Offeror certifying that that sale complies with this Agreement, be entitled -

  

	11.5.1.3	in the circumstances referred to in 11.5.1.1, within thirty days after the date of expiry of the Offer Period; 

 

	11.5.1.4	in the circumstances referred to in 11.5.1.2, within thirty days after the date of non-fulfilment of the suspensive condition referred to in 11.5.1.2,

 to sell all (and not some only) of the Subject Interest to the Specified Third Party named in the Offer at a
price not lower and on terms and conditions not more favourable to the Specified Third Party than those of the Offer. If the Offeror does not so sell (whether or not subject to any condition) its Subject Interest to such Specified Third Party within
such thirty day period, or if the Offeror does so sell but such sale fails due to any suspensive condition of such sale, all of the foregoing provisions of this 11 shall apply again de novo. 

 

	11.5.2	It is agreed that – 

  

	11.5.2.1	 for the purposes of 11.5.1, a price expressed and payable by the Specified Third Party in a foreign currency will not constitute a more

  
 31 

	 	
favourable term so long as that price is not less than the spot rate equivalent as at the Offer Date (as quoted by any one of the five largest South African banks) of the South African currency
price stated in the Offer; and 

  

	11.5.2.2	 it shall be a suspensive condition to any proposed sale in terms of 11.5.1 that all regulatory approvals which are necessary for the
implementation of that sale, are granted unconditionally (or subject to such conditions as may be approved in writing by the parties affected thereby) within ninety days after expiry of the applicable thirty day period referred to in respectively
11.5.1.3 or 11.5.1.4; provided that if any such approval is not obtained within such ninety day period and the Offeror and the Specified Third Party have exercised all reasonable endeavours to procure such regulatory approvals, then the reference to
ninety days in this 11.5.2.2 shall be deemed to be a reference to the period expiring on the earlier of, (i) the 180th day after expiry of that ninety day period, (ii) the date upon which the Offeror and the Specified Third Party
exhaust all remedies available to them to obtain such approval without obtaining such regulatory approvals, (iii) and the date upon which the Offeror and the Specified Third Party cease exercising all reasonable endeavours to obtain such
regulatory approvals; provided further that the Offeror and the Specified Third Party shall be obliged to use all reasonable endeavours to procure that all such regulatory approvals are obtained as expeditiously as possible.

  

	11.6	Regulatory approvals and inappropriate Specified Third Parties 

  

	11.6.1	During the Empowerment Period, Exxaro shall not be entitled to Dispose of any of its Shares in terms of 11.5 to any Specified Third Party unless Exxaro believes,
and confirms in writing to the Offeree(s) simultaneously with delivering the proposal referred to in 11.2.1 to the Offeree(s), that a sale of the Shares to the Specified Third Party will be in compliance with and subject to all applicable
regulatory approvals, including (without limitation) the approval by the Minister (in the manner referred to in 11.6.2). 

  
 32 

	11.6.2	Without limiting the generality of 11.6.1, it shall be a suspensive condition to any proposed sale by Exxaro of any Shares in terms of 11.5 to any Specified Third
Party during the Empowerment Period that – 

  

	11.6.2.1	the relevant Company shall have received either – 

  

	11.6.2.1.1	the written approval of the Minister for such sale on the basis that the Minister shall in that approval have confirmed that the identity of that Specified Third Party
and the shareholding of that Specified Third Party in such Company that will result from that sale shall satisfy the Ownership Requirements, so that the ability of such Company and its Subsidiaries to retain existing prospecting rights and/or mining
rights and in future obtain prospecting rights and mining rights shall not be prejudiced as a result of the proposed sale to that Specified Third Party; or 

 

	11.6.2.1.2	a written opinion from legal advisers appointed by such Company and approved by Australia HoldCo which confirms that, after such sale, the shareholding of that
Specified Third Party in such Company shall satisfy the Ownership Requirements; and 

  

	11.6.2.2	if so required by written notice from Australia HoldCo, this Agreement shall have been amended in such manner as Australia HoldCo may reasonably require to ensure that
the provisions of this Agreement which apply to Exxaro will have the equivalent effect on the Specified Third Party (and its direct and indirect shareholders) as they had on Exxaro (and its direct and indirect shareholders). Exxaro hereby agrees to
sign such amendment as may be required to give effect to this 11.6.2.2. 

  
 33 

	12	COME ALONG 

 If Australia
HoldCo has made an Offer of its entire Shareholding in the Company in terms of 11.1 to all of the other Shareholders and – 
  

	12.1	Australia HoldCo has stated in that Offer that it intends to accept the Proposal which accompanies that Offer and to invoke this 12; and

  

	12.2	in terms of that Proposal – 

  

	12.2.1	the Specified Third Party will purchase, in one transaction, from all of the Shareholders on terms and conditions which treat the same instruments included in the Total
Interest in the same way, all of the Shares of all of the Shareholders for a price payable in cash in South African Rand within seven days after fulfilment of the condition precedent referred to in 12.2.2; 

 

	12.2.2	the sale that will result from acceptance of the proposal is not subject to any condition other than the suspensive condition that all regulatory approvals (if any)
which are necessary for the implementation of that sale are granted unconditionally (or subject to such conditions as may be approved in writing by the parties affected thereby) within ninety days after acceptance of the proposal; provided that if
such approval is not obtained within such ninety day period and the Specified Third Party has exercised all reasonable endeavours to procure such regulatory approvals, then such ninety day period shall be deemed to be extended so as to expire on the
earlier of - 

  

	12.2.2.1	 the 180th day after the expiry of that ninety day period; 

  

	12.2.2.2	the date upon which the Specified Third Party exhausts all remedies available to it to obtain such approval without obtaining such regulatory approvals; and

  

	12.2.2.3	 the date upon which the Specified Third Party ceases exercising all reasonable endeavours to obtain such regulatory approvals,

  
 34 

	 	
provided further that the Parties and the Specified Third Party shall be obliged to use all reasonable endeavours to procure that all such regulatory approvals are obtained as expeditiously as
possible; and 

  

	12.3	either - 

  

	12.3.1	that Offer in terms of 11.1 is not accepted in full; or 

  

	12.3.2	that Offer is accepted in full but the suspensive conditions thereto are not fulfilled, 

then, within five Business Days thereafter, (i) Exxaro may exercise its “Put Option” (as defined in the Australian
Shareholders’ Agreement) with respect to the relevant Shares and Australia Holdco (or Tronox, as the case may be) may exercise its “Call Option” (as defined in the Australian Shareholders’ Agreement) with respect to the relevant
Shares, under and in accordance with the provisions of the Australian Shareholders’ Agreement, and (ii) if Exxaro has not exercised its “Put Option” and Australia HoldCo (or Tronox, as the case may be) has not exercised its
“Call Option” during such five Business Day period, then, following the expiry of that period, Australia HoldCo shall have the right to accept that Proposal, whereupon the other Shareholders shall be obliged to accept and be deemed to have
accepted that Proposal. Australia HoldCo and the other Shareholders shall thereafter give effect to the sale and cession arising from acceptance of that Proposal. 
  

	13	TAG ALONG 

  

	13.1	If Australia HoldCo makes an Offer of its relevant Subject Interest in terms of 11.1, and if Exxaro - 

 

	13.1.1	does not accept that Offer in whole in terms of 11.1; or 

  

	13.1.2	does accept that Offer in whole in terms of 11.1 but the suspensive conditions thereto are then not fulfilled, 

then Exxaro may within five Business Days thereafter (i) exercise its “Put Option” (as defined in the Australian
Shareholders’ Agreement) with respect to 

  
 35 

 
the relevant Shares under and in accordance with the provisions of the Australian Shareholders’ Agreement, or (ii) give written notice to the Offeror/s within the Tag Along Period
stating that Exxaro exercises its right in terms of this 13 (“Tag Along Right”). 
  

	13.2	The “Tag Along Period” shall mean any time within the Offer Period in terms of 11.2 and, if the Offer is accepted but the suspensive conditions thereto
are not fulfilled, at any time within the period of seven days after Australia HoldCo gives the written notice of such non-fulfilment to Exxaro. Australia HoldCo shall be obliged to give Exxaro written notice of any such non-fulfilment as soon as it
becomes aware thereof. 

  

	13.3	If Exxaro exercises its Tag Along Right, then Australia HoldCo shall, notwithstanding 11.5, not be entitled to sell the Subject Interest to the Specified Third
Party unless Australia HoldCo procures that the Specified Third Party also purchases all of the relevant Shares and Loan Accounts of Exxaro at the same time and on same terms and conditions which, when compared to those on which Exxaro sells its
Subject Interest to the Specified Third Party, treat the Subject Interest of Australia HoldCo and the relevant Shares and Loan Accounts of Exxaro in the same way. 

 

	14	DEEMED OFFER 

  

	14.1	A “Trigger Event” shall be deemed to have occurred in relation to – 

 

	14.1.1	any Shareholder, if that Shareholder becomes (whether voluntarily or otherwise) subject to any provisional or final order for its sequestration, curatorship,
liquidation, winding-up, judicial management, business rescue or is made subject to any similar or equivalent disability in any other relevant jurisdiction or is deregistered; provided that any Shareholder that is a juristic person
(“Requesting Shareholder”) may request the prior written approval of the other Shareholders for the Requesting Shareholder to become subject to any such liquidation, winding-up, or deregistration in solvent circumstances, and the
other Shareholders may not withhold such approval unreasonably if the Requesting Shareholder is engaged in a bona fide restructuring which will not prejudice the other Shareholders; 

  
 36 

	14.1.2	any Shareholder, if that Shareholder compromises or offers to compromise with its creditors generally; or 

 

	14.1.3	any Shareholder, if that Shareholder breaches any material provision of this Agreement; provided that – 

 

	14.1.3.1	if such breach is remediable, then no Trigger Event shall be deemed to have occurred unless such breach is not remedied within thirty days after any other Party has
called for such remedy in writing; 

  

	14.1.3.2	it is recorded for the avoidance of doubt that a failure by a Shareholder to pay or advance any loan as referred to in 6.1 shall not constitute a Trigger Event;
and 

  

	14.1.3.3	this 14.1.3 shall not detract from the other remedies in law of the other Parties as a result of any such breach, 

then that Shareholder shall be the Deemed Offeror (“Deemed Offeror”) referred to in 14.2. A Company shall give
written notice to each Shareholder as soon as it becomes aware that any Trigger Event has occurred and each Shareholder which becomes aware that any Trigger Event has occurred shall, if such Company has not already given such a notice in respect of
that Trigger Event, give such Company written notice of such Trigger Event. 
  

	14.2	If a Trigger Event is deemed to have occurred, then the Deemed Offeror shall be deemed, on the day (“Offer Date”) prior to the occurrence of such
Trigger Event, to have offered (“Deemed Offer”) to sell its relevant Shares and the Corresponding Loan Account (“Offered Interest”) to the remaining Shareholders (“Deemed Offerees”).

  

	14.3	The Deemed Offer shall be on the following terms and conditions - 

  

	14.3.1	the Deemed Offer shall, subject to 14.3.3, be deemed to have been made to all the Deemed Offerees in their Pro Rata Proportions as at the Offer Date (or in such
other proportions as may be agreed in writing by the Deemed Offerees) on the basis that each Deemed Offeree shall be entitled to purchase that proportion of the Offered Interest; 

  
 37 

	14.3.2	the Deemed Offerees shall each be entitled (but not obliged), by giving the Deemed Offeror and such Company written notice to that effect
(“Sale Notice”), within the Deemed Offer Period to purchase from the Deemed Offeror, any portion of the Offered Interest that has been deemed to be offered to them (the Offered Interest so purchased is herein referred to as
“Sale Interest”). In addition, the Deemed Offerees may in the Sale Notice accept the Deemed Offer of the Offered Interest to any other Deemed Offeree. The date of receipt by such Company of the Sale Notice is referred to as the
“Sale Date”. The “Deemed Offer Period” for each Deemed Offeree shall mean the period expiring sixty days after the later of - 

 

	14.3.2.1	the date on which it receives the notice referred to in 14.1; or 

  

	14.3.2.2	the date on which the Sale Price is determined as referred to in 14.4.1; 

 

	14.3.3	if - 

  

	14.3.3.1	a Deemed Offeree (“Further Offeree”) accepts the entire Deemed Offer to it and in such acceptance also accepts to any extent (“Further
Acceptance”) the Deemed Offer of the Offered Interest to any other Deemed Offeree; and 

  

	14.3.3.2	any other Deemed Offeree does not accept the Deemed Offer to it in respect of certain of the Offered Interest (“Available Interest”),

 then the Available Interest shall be deemed on the expiry of the Deemed Offer Period to have been offered to the
Further Offerees in their Pro Rata Proportions at the time of the Deemed Offer and shall, to the extent of their Further Acceptances, be deemed to have been accepted by the Further Offerees. The Available Interest so purchased will form part of the
Sale Interest. If, after that Deemed Offer and acceptance, there remains any Available Interest in respect of which the offer has not been 

  
 38 

	 	
deemed to be accepted, then the Deemed Offer and acceptance provided for in this 14.3.3 shall be repeated as many times as is necessary to ensure that either there is no Available Interest
in respect of which the offer has not been accepted or there is no remaining Further Acceptance which could (in terms of this 14.3) result in an Available Interest being sold to a Further Offeree, whichever occurs sooner. The Company shall give
written notice of the circumstances referred to in 14.3.3.1 and 14.3.3.2 to all the Deemed Offerees. 

  

	14.4	If the Deemed Offer is accepted by any of the Deemed Offerees (“Acquirers”) and (after the application of 14.3.3) the Deemed Offer of the entire
relevant Offered Interest has been accepted, then the Deemed Offeror shall be deemed to have sold the Offered Interest to the Acquirers on the following terms and conditions - 

 

	14.4.1	the price (“Sale Price”) for the Sale Interest shall be the Fair Value thereof, which shall be payable in cash in South African currency. Any
Shareholder may request agreement on, or an expert determination of, the Fair Value as soon as a Trigger Event occurs, as contemplated in 9 even though the Deemed Offer has not yet been accepted; 

 

	14.4.2	 the sale of the Sale Interest shall be subject to the suspensive conditions that all regulatory approvals (if any) which are necessary for the
implementation of that sale, are granted unconditionally (or subject to such conditions as may be approved in writing by the Parties affected thereby) within ninety days after acceptance of the Deemed Offer; provided that if any such approval is not
obtained within such ninety day period and the Acquirers who accepted the Deemed Offer have exercised all reasonable endeavours to procure such regulatory approvals, then the reference to ninety days in this 14.4.2 shall be deemed to be a
reference to the period expiring on the earlier of (i) the 180th day after expiry of that ninety day period, (ii) the date upon which the Acquirers exhaust all remedies available to them to obtain such approval without obtaining such regulatory approvals, and
(iii) the date upon which the Acquirers cease exercising all reasonable endeavours to obtain such regulatory approvals; provided further that the Deemed Offeror and the Acquirers shall be obliged to use all reasonable endeavours to procure that
all such regulatory approvals are obtained as expeditiously as possible; 

  
 39 

	14.4.3	the Acquirers shall pay the Sale Price to the Deemed Offeror on the twenty-first day after the later of - 

 

	14.4.3.1	the Sale Date or, if applicable, the date on which the expert referred to in 9 advises the Parties in writing of its determination of the Sale Price; and

  

	14.4.3.2	the date of fulfilment of the suspensive conditions referred to in 14.4.2, 

 (“Delivery Date”) against delivery of the Delivery Documents. The Acquirers shall pay any securities transfer tax payable in respect of such sale; 

 

	14.4.4	the Deemed Offeror shall be deemed to warrant to each Deemed Offeree who accepts the Deemed Offer that as at the Delivery Date - 

 

	14.4.4.1	the Deemed Offeror is the sole beneficial owner of the Offered Interest; 

  

	14.4.4.2	save as provided for in this Agreement, the Deemed Offeror is entitled and able to give free and unencumbered title to the Offered Interest to the Acquirers;

  

	14.4.4.3	save as provided for in this Agreement, no Person has any existing or future right (including an option or right of first refusal) to acquire any of the Offered
Interest; and 

  

	14.4.5	all rights and obligations of the Acquirers in terms of this 14.4 shall be joint (not joint and several) in the proportions in which they purchase the Sale
Interest. 

  
 40 

 PART E – RELATIONSHIPS BETWEEN THE COMPANY AND ITS SHAREHOLDERS 

 

	15	BEE UNDERTAKINGS 

  

	15.1	If, during the Empowerment Period, a Company ceases to satisfy the Ownership Requirements for any reason whatsoever (other than as a direct result of the Ownership
Requirements being increased after the Commencement Date by virtue of a law of general application), Exxaro shall – 

  

	15.1.1	forthwith on the occurrence of such event notify Australia HoldCo and all other Shareholders thereof in writing, giving full details in such notice of the event that
occurred and the reasons therefor; 

  

	15.1.2	within fifteen days of so notifying Australia HoldCo (or, if earlier, within twenty days of the occurrence of such event) notify the DMR thereof and agree with the DMR,
in writing, a grace period (“Grace Period”) within which the position is to be remedied; 

  

	15.1.3	within ninety days of the occurrence of such event (or such shorter period as the DMR may require in this regard) prepare and submit to Australia HoldCo a detailed
written remedial action plan setting out the manner in which it suggests the position may be remedied and the detailed steps that it suggests be taken to remedy the position; 

 

	15.1.4	in the event that: 

  

	15.1.4.1	such remedial action plan proposes changes to the shareholding in, or structure of, (i) either Company or (ii) any of their respective Subsidiaries or would
adversely affect the interests of Australia HoldCo or either Company or any of their respective Subsidiaries, within fifteen days of so submitting such remedial action plan to Australia HoldCo, reach written agreement with Australia HoldCo on a
final remedial action plan (both Australia HoldCo and Exxaro acting reasonably) (“Remedial Plan”). In the event that Australia HoldCo unreasonably fails to agree to a Remedial Plan, then Australia HoldCo and Tronox shall jointly and
severally indemnify Exxaro against all losses, liabilities, damages, costs and expenses of any nature whatsoever which Exxaro may suffer or incur in connection with the unreasonable failure by Australia HoldCo to agree to such Remedial Plan, or

  
 41 

	15.1.4.2	the Remedial Plan relates only to changes to Exxaro itself or its shareholders then Exxaro shall be entitled to proceed to implement such Remedial Plan after
consultation with Australia HoldCo and shall not require the agreement of Australia HoldCo to such Remedial Plan, and 

 save in the circumstances referred to in 15.1.4.1, in relation to the unreasonable failure by Australia HoldCo to agree to the Remedial Plan, Exxaro shall indemnify Tronox, Australia Holdco, each Company
and their respective Subsidiaries against all losses, liabilities, damages, costs and expenses of any nature whatsoever which Tronox, Australia HoldCo, either Company or any such Subsidiary may suffer or incur in connection with such Remedial Plan
or the implementation thereof; 
  

	15.1.5	forthwith upon such Remedial Plan being so agreed with Australia HoldCo, submit same to the DMR for comment and consideration and (if possible) confirmation that
implementing same will remedy the position; 

  

	15.1.6	within the time frames set out in the Remedial Plan and in any event within the first three quarters of the Grace Period, take all relevant steps set out in the
Remedial Plan (all in consultation with Australia HoldCo) in order to remedy the position to the satisfaction of the DMR and Australia HoldCo. 

  

	15.2	If, for any reason whatsoever, Exxaro does not comply with its obligations under 15.1, or if no Remedial Plan is agreed with Australia HoldCo within fifteen days of
Exxaro submitting a proposed plan to Australia HoldCo, or if Exxaro has not fully remedied the position on expiry of the first three quarters of the Grace Period, then (without prejudice and in addition to its other rights and remedies under this
Agreement, any Transaction Agreement or at law) Australia HoldCo shall be entitled – 

  
 42 

	15.2.1	to remedy the position, at the cost of Exxaro, to the satisfaction of the DMR; and/or 

 

	15.2.2	to sell all or any part of Exxaro’s Shares in such Company to any person or entity that Australia HoldCo has approved and that qualifies as an HDP and HDSA for
such price and subject to such terms and conditions as Australia HoldCo may determine in good faith after having consulted with Exxaro; provided that – 

 

	15.2.2.1	such terms and conditions shall not include warranties, representations or undertakings by Exxaro in addition to (i) the warranties referred to in 11.2.8,
(ii) warranties relating to incorporation, capacity, authority, no conflict with constitutional documents, legality and validity of the relevant agreement and (iii) other warranties, representations or undertakings that are typical for a
sale of shares comprising less than 50% of the shares in a company without Exxaro’s consent or unless Australia HoldCo agrees to accept pro rata liability with Exxaro for any such additional reasonable warranties in the proportion that the
Shares held by each of them immediately prior to such sale bear to each other; and 

  

	15.2.2.2	where Australia HoldCo so acted in good faith Exxaro shall not be entitled to prevent the sale on the basis that the sale, for whatever reason, shall occur at a price
less than the Fair Value of the Shares so sold at the time or shall occur subject to terms and conditions that Exxaro may regard as unreasonable, and 

 to the extent required, Exxaro hereby irrevocably authorises and empowers Australia HoldCo in rem suam (i) to conduct all negotiations in relation to such a sale of the relevant Shares,
(ii) to sell, transfer and dispose of the relevant Shares in such manner and on such terms and conditions as Australia HoldCo, acting in good faith, may deem appropriate, (iii) to cede, transfer and deliver the relevant Shares to the
transferee pursuant to any such sale and, for that purpose if required, to take over and register in its own name the relevant Shares in order to do so, and (iv) to sign all agreements, transfer forms or other documents on behalf of and in the
name of Exxaro and to do anything else which may be necessary to give effect to such sale. 

  
 43 

	15.3	If the DMR, for any reason, does not agree a Grace Period in writing, as envisaged in 15.1 within the time frame envisaged in 15.1, or if Exxaro’s Shares are not
sold and transferred under 15.2.2 within the Grace Period for any reason, then - 

  

	15.3.1	Australia HoldCo shall, as soon as reasonably practical, procure the establishment (and registration with the Master of the High Court of South Africa) of an inter
vivos trust with the sole purpose of acquiring all of Exxaro’s Shares in the Companies and all of Exxaro’s Loan Accounts against the Companies in order to hold same in trust until such Shares and Loan Accounts can be transferred to an
Entity or Person that Australia HoldCo has approved and that qualifies as an HDP and HDSA. Such trust shall, to the extent practical and possible, comply with all relevant BEE requirements; 

 

	15.3.2	Exxaro shall promptly (or unless otherwise specifically agreed to between the Parties in writing), transfer all of its Shares in the Companies and Loan Accounts against
the Companies to the trust established under 15.3.1 (“BEE Warehouse Trust”) for no consideration and otherwise on such terms and conditions as Australia HoldCo may approve; 

 

	15.3.3	the trustees of the BEE Warehouse Trust shall be all of the Directors who are HDPs and HDSAs (or, if there are no such Directors, then appropriate persons who are HDPs
and HDSAs appointed by Australia HoldCo) and the beneficiary of the BEE Warehouse Trust shall be Exxaro; 

  

	15.3.4	the BEE Warehouse Trust shall not (and the trustees of the BEE Warehouse Trust shall not have the power to) deal with the Shares held by the BEE Warehouse Trust other
than by selling and transferring same to entities that Australia HoldCo has approved and that qualify as HDPs and HDSAs on the basis set out 15.3.5 , incur any liability other than relating to such sale and transfer, or make any distribution other
than a distribution of the net proceeds of such sale to Exxaro on the basis set out in 15.3.6; 

  
 44 

	15.3.5	Australia HoldCo shall be entitled, on behalf of the BEE Warehouse Trust and Exxaro to sell all or part of the Shares held by the Trust on the basis set out in 15.2.2
mutatis mutandis; and 

  

	15.3.6	the trustees of the BEE Warehouse Trust shall determine the net proceeds from the sale of Shares held by the BEE Warehouse Trust, taking into account all expenses,
taxes and other charges and deductions reasonably incurred by or on behalf of the BEE Warehouse Trust in connection with such sale and Exxaro shall be entitled to receive from the BEE Warehouse Trust the net proceeds so determined.

  

	15.4	If, at any time during the Empowerment Period - 

  

	15.4.1	a Company or any of its Subsidiaries ceases to satisfy the Ownership Requirements as a direct result of the Ownership Requirements being increased after the
Commencement Date by virtue of a law of general application and Exxaro still qualifies as an HDP and an HDSA at the time, or if such Company or any of its Subsidiaries no longer complies with the BEE requirements under the MPRDA, the Charter and the
mining and prospecting rights held by them for reasons other than referred to in 16.1, Exxaro and Australia HoldCo shall jointly determine how best to remedy the position; and 

 

	15.4.2	as a result of the performance by such Company and its Subsidiaries under any of the elements of the Charter, the MPRDA, and the mining and prospecting rights other
than ownership, the DMR agrees, in writing, that HDPs and HDSAs need to hold less than 26% of the Shares in order for the Company and its Subsidiaries to comply with the Ownership Requirement, Exxaro may exercise its “Put Option” (as that
phrase is defined in the Australian Shareholders’ Agreement) with respect to the relevant Shares and Australia HoldCo may exercise its “Call Option” (as that phrase is defined in the Australian Shareholders’ Agreement) with
respect to the relevant Shares, under and in accordance with the provisions of the Australian Shareholders’ Agreement in respect of that number of such Shares that Exxaro then holds that is in excess of the lower requirement.

  
 45 

	15.5	During the Empowerment Period, Exxaro shall provide an HDP Certificate of Compliance to each Company annually (or more frequently if requested by the Company), and
shall warrant that all information furnished to the relevant Verification Agency issuing same is and will be materially accurate in all respects. 

  

	16	CONFIDENTIALITY 

  

	16.1	Subject to 16.2, no Party shall, at any time after the Signature Date, notwithstanding any cancellation of this Agreement, directly or indirectly disclose, or
directly or indirectly use, whether for its own benefit or that of any other Person - 

  

	16.1.1	any information - 

  

	16.1.1.1	regarding the contents of this Agreement (including its annexures); 

  

	16.1.1.2	relating to a Group, and its assets and affairs, including all communications (whether written, oral or in any other form) and all reports, statements, schedules and
other data concerning any financial, technical, labour, marketing, administrative, accounting or other matter, 

(collectively, the “Confidential Information”); 

 

	16.1.2	any document or other record (whether in electronic or any other medium whatsoever) containing Confidential Information which is supplied to it by any other Party as
well as documents, diagrams and records which are produced by it (whether or not by copying, photocopying or otherwise reproducing documents or records supplied to it), and containing any Confidential Information (“Confidential
Records”). 

  
 46 

	16.2	Notwithstanding 16.1, Confidential Information may be disclosed by a Party (“Disclosing Party”) – 

 

	16.2.1	to the extent to which the prior written consent for such disclosure has been obtained from the other Parties; 

 

	16.2.2	to the extent to which disclosure is required by law (excluding contractual obligations) or by the rules of any stock exchange by which it is bound, in which event the
Disclosing Party shall, unless prohibited from doing so by any such law, obtain the other Parties’ consent, not to be withheld unreasonably, for the manner of such disclosure; provided that the Disclosing Party shall not be obliged so to obtain
the consent of the other Parties if such disclosure is required before the approval can reasonably be obtained but the Disclosing Party shall in these circumstances promptly notify the other Parties of the full details of such disclosure, including
the reasons why time did not permit such consent to be obtained; 

  

	16.2.3	 to any “Transacting Party” (being any bona fide third party who is considering a potential transaction with or in relation to a
Company or any Shareholder, for which such Confidential Information is reasonably required, including a potential acquisition of shares or any assets or the extension of any credit); provided that such Transacting Party shall first have signed a
confidentiality undertaking in favour of such Company and the Shareholders (including the Disclosing Party) in terms of which such Transacting Party undertakes to use such Confidential Information only for the purpose of evaluating such transaction
and not to disclose such Confidential Information to any Person other than to that Transacting Party’s directors, responsible employees and professional advisors who require such disclosure for the purpose of that potential transaction or for
the purpose of complying with any law. Any conduct by any such Transacting Party, director, employee or professional advisor which would, if that Person had been party to this 16, have been a breach of this 16 shall be deemed to be a
breach of this 16 by the party which disclosed or permitted disclosure to such Transacting Party; and Confidential Records may be disclosed by a Disclosing Party to directors, responsible employees and professional advisors who require such

  
 47 

	 	
disclosure for the purpose of such Party implementing or enforcing this Agreement or obtaining professional advice or for the purpose of complying with any law. Any conduct by any such director,
employee or professional advisor which would, if that Person had been party to this 16, have been a breach of this 16 shall be deemed to be a breach of this 16 by the Party which disclosed or permitted disclosure to such Person;

  

	16.2.4	to the extent to which it - 

  

	16.2.4.1	is Made Public other than as a result of any breach of this Agreement or any other agreement. The expression “Made Public” shall, for this purpose,
have the same meaning as when it is used in the insider trading provisions of the Securities Services Act, 2004, which is not limited to the circumstances referred to in section 74 of that Act; 

 

	16.2.4.2	corresponds in substance to information disclosed and/or made available by a third party to that Party at any time without any obligation not to disclose same, unless
that Party knows that the third party from whom it received that information is prohibited from transmitting the information to that Party by a contractual, legal or fiduciary obligation to any other Party; 

 

	16.2.4.3	in respect of information which was already in the possession of that Party prior to its disclosure by the other Party to that Party or is independently developed by
that Party without reference to the Confidential Information. 

  

	16.3	This 16 shall continue to apply to each Party even after it ceases to be a direct or indirect Shareholder in the Company. 

 

	16.4	It is specifically agreed that any Director shall be entitled to make available to any Shareholder any information about a Group which becomes known to that Director
and in that event the provisions of this clause 16.4 shall apply to that Shareholder insofar as that information is Confidential Information. 

  
 48 

 PART F – LEGAL MATTERS 

 

	17	MOI 

  

	17.1	To the extent that the provisions of the MOI of a Company and/or any Subsidiary of such Company (“Relevant Entity”) are inconsistent with the
provisions of this Agreement, the MOI of the Relevant Entity shall, to the extent of any such inconsistency and to the extent required by the Companies Act, take precedence over this Agreement until the MOI is amended in accordance with 17.2. If,
however, the provisions of this Agreement merely supplement, but are not inconsistent with, the MOI of the Relevant Entity, or the Companies Act does not require the MOI to take precedence over that provision of this Agreement, then those provisions
of this Agreement shall be given effect to by the Parties. 

  

	17.2	Any Shareholder shall be entitled, by giving written notice to that effect to such Company and the other Shareholders, to require the MOI of any Relevant Entity to be
amended, to the extent permissible in terms of the Companies Act, so as to be consistent with this Agreement or to record the supplementary provisions of this Agreement. Upon receipt of that notice - 

 

	17.2.1	such Company shall procure that a general meeting of the shareholders of the Relevant Entity is called as soon as practically possible; and 

 

	17.2.2	the Shareholders (or such Company if the Relevant Entity is a Subsidiary of such Company) shall exercise all votes which they may have to vote in favour of or
procure the adoption of all resolutions of the Relevant Entity necessary to amend the MOI of the Relevant Entity in terms of this 17.2. 

  

	17.3	The Shareholders record that it is their intention to amend the MOI of each Company as soon as possible after the Commencement Date to adopt such resolutions as may be
necessary to give effect to 17.2 and to enable such Company to implement all provisions of this Agreement. 

  

	17.4	Each Shareholder hereby, to the extent permissible in terms of the Companies Act, irrevocably – 

  
 49 

	17.4.1	waives any right or claim which it might otherwise have or have had against any Director; 

 

	17.4.2	undertakes to procure that the relevant Company does not assert any right or claim against any Director; and 

 

	17.4.3	undertakes that it shall indemnify each Director against that Shareholder’s Pro Rata Proportion of all losses, liabilities, damages, costs (including legal costs
on the scale as between attorney and own client and any additional legal costs) and expenses of any nature whatsoever which that Director may suffer or incur in connection with any claim by any Shareholder of such Company or by any third party
against that Director, 

 as a result of that Director’s conduct, acting reasonably, in complying with or
implementing this Agreement (“Compliant Conduct”) while that Shareholder was a Shareholder. 
  

	17.5	The provisions of 17.4 constitute a stipulatio alteri for the benefit of each Director, which shall be deemed to have been accepted by each Director upon the date of
appointment of such Director. 

  

	18	COMPLIANCE UNDERTAKINGS 

  

	18.1	Subject to the BEE Undertakings, the Shareholders shall procure that each Company complies with all relevant obligations necessary for such Company to retain the mining
and prospecting rights held by such Company from time to time, including – 

  

	18.1.1	the MPRDA; 

  

	18.1.2	the Charter; 

  

	18.1.3	the terms and conditions contained in the mining rights and the prospecting rights held by such Company from time to time; and 

  
 50 

	18.1.4	the terms and conditions of the social and labour plans relating to mining rights held by such Company, as approved by the DMR. 

 

	19	DISPUTES 

  

	19.1	Save as provided for in 9.2, any disputes arising from or in connection with this Agreement or the termination thereof shall (save as provided for in 9) be finally
resolved in accordance with the rules of AFSA by an arbitrator agreed to in writing by the Parties or, failing such agreement within seven days after it is requested by any Party, appointed by AFSA. There shall be a right of appeal as provided for
in article 22 of such rules. 

  

	19.2	The arbitrator appointed in terms of 19.1 shall, if the dispute is - 

  

	19.2.1	primarily an accounting matter, be an independent practising accountant of not less than twenty years’ standing as such; 

 

	19.2.2	primarily a legal matter, be an attorney of not less than twenty years’ standing as such or a practising senior counsel; 

 

	19.2.3	any other matter, be a suitably qualified independent Person. 

  

	19.3	Each Party to this Agreement - 

  

	19.3.1	expressly consents to any arbitration in terms of the aforesaid rules being conducted as a matter of urgency; and 

 

	19.3.2	irrevocably authorises the other to apply, on behalf of all Parties to such dispute, in writing, to the secretariat of AFSA in terms of article 23(1) of the
aforesaid rules for any such arbitration to be conducted on an urgent basis. 

  

	19.4	If AFSA no longer exists then the arbitrator shall be appointed by the President for the time being of the Law Society of the Northern Provinces of South Africa and the
arbitration shall be conducted in accordance with the Arbitration Act No. 42 of 1965. 

  
 51 

	19.5	Notwithstanding anything to the contrary contained in this 19, any Party shall be entitled to apply for an interdict from any competent court having jurisdiction.

  

	19.6	For the purposes of 19.5 and for the purposes of having any award made by the arbitrator being made an order of court, each of the Parties hereby submits itself to
the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg. 

  

	19.7	This 19 is severable from the rest of this Agreement and shall remain in full force and effect notwithstanding any termination or cancellation of this Agreement.

  

	19.8	If any arbitrator’s charges and any other costs have to be paid before that arbitrator has made his award in respect thereof, the Shareholders shall pay such
charges and costs in their Pro Rata Proportions, pending any determination as to liability therefor by that arbitrator. 

  

	20	DOMICILIUM AND NOTICES 

  

	20.1	The Parties choose domicilium citandi et executandi (“Domicilium”) for all purposes relating to this Agreement, including the giving of any notice, the
payment of any sum, the serving of any process, at the physical addresses and facsimile numbers set out below - 

  

									
	20.1.1	  	    Exxaro	  	physical	  	-	  	 Roger Dyason Road
 Pretoria
West
 Pretoria

0183

					
		  		  	facsimile	  	-	  	+27 (12) 323 3400
					
		  		  	e-mail	  	-	  	willem.vanniekerk@exxaro.com
					
		  		  		  		  	Riaan.koppeschaar@exxaro.com
					
		  		  	attention	  	-	  	 Willem Van Niekerk
 Riaan
Koppeschaar

  
 52 

									
	20.1.2	  	    Exxaro Sands    	  	physical	  	-	  	 Roger Dyason Road
 Pretoria
West
 Pretoria

0183

					
		  		  	facsimile	  	-	  	+27 (12) 323 3400
					
		  		  	e-mail	  	-	  	willem.vanniekerk@exxaro.com 
					
		  		  		  		  	Riaan.koppeschaar@exxaro.com
					
		  		  	attention	  	-	  	 Willem Van Niekerk
  

					
		  		  		  		  	Riaan Koppeschaar
					
	20.1.3	  	    Exxaro TSA Sands	  	physical	  	-	  	 Roger Dyason Road
 Pretoria
West
 Pretoria

0183

					
		  		  	facsimile	  	-	  	+27 (12) 323 3400
					
		  		  	e-mail	  	-	  	willem.vanniekerk@exxaro.com
					
		  		  		  		  	Riaan.koppeschaar@exxaro.com
					
		  		  	attention	  	-	  	Willem Van Niekerk
					
		  		  		  		  	Riaan Koppeschaar
					
	20.1.4	  	    Australia Holdco	  	physical	  	-	  	 1 Brodie Hall Drive
 Technology
Park
 Bentley
 Western
Australia

					
		  		  	attention	  	-	  	Company secretary
					
	20.1.5	  	    Tronox	  	physical	  	-	  	 C/O Tronox Limited
 1 Stamford
Plaza

					
		  		  		  		  	 263 Tresser Boulevard
 Suite
1100
 Stamford CT 06901

USA

					
		  		  	facsimile	  	-	  	+ 203-705-3703
					
		  		  	e-mail	  	-	  	Michael.foster@tronox.com
		  		  		  		  	Daniel.greenwell@tronox.com
					
		  		  		  		  	

	 	

  
 53 

	20.2	Any Party shall be entitled from time to time, by giving written notice to the others, to vary its physical Domicilium to any other physical address (not being a post
office box or poste restante) in South Africa and to vary its facsimile and/or e-mail Domicilium to any other facsimile number and/or e-mail address. 

  

	20.3	Any notice given or payment made by any Party to another (“Addressee”) which is delivered by hand between the hours of 09:00 and 17:00 on any Business
Day to the Addressee’s physical Domicilium for the time being shall be deemed to have been received by the Addressee at the time of delivery. The provisions of this 20.3 shall also apply to notices given or payments made to a Director at
his address appointed in terms of 4.7.3. 

  

	20.4	Any notice given by any Party to another which is successfully transmitted by e-mail or facsimile to the Addressee’s e-mail or facsimile Domicilium for the time
being shall be deemed (unless the contrary is proved by the Addressee) to have been received by the Addressee on the Business Day immediately succeeding the date of successful transmission thereof. The provisions of this 20.4 shall also apply
to notices transmitted to a Director at his facsimile number and e-mail address appointed in terms of 4.7.3. 

  

	20.5	This 20 shall not operate so as to invalidate the giving or receipt of any written notice which is actually received by the Addressee other than by a method
referred to in this 20. 

  

	20.6	Any notice in terms of or in connection with this Agreement shall be valid and effective only if in writing and if received or deemed to be received by the Addressee.

  

	20.7	Any notice received by a Company in terms of or in connection with this Agreement shall be deemed to have been received by such Company only when that notice has also
been given by the Party sending it to all Shareholders. 

  
 54 

	21	GENERAL 

  

	21.1	This Agreement, read with the relevant MOI of each Company, constitutes the sole record of the agreement between the Parties in relation to the subject matter hereof.
No Party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded herein. This Agreement accordingly supersedes and replaces all prior commitments, undertakings or representations, whether oral or
written, between the Parties in respect of the subject matter hereof. 

  

	21.2	No addition to, variation, novation or agreed cancellation of any provision of this Agreement shall be binding upon the Parties unless reduced to writing and signed by
or on behalf of the Parties. 

  

	21.3	No indulgence or extension of time which any Party may grant to any other shall constitute a waiver of or, whether by estoppel or otherwise, limit any of the existing
or future rights of the grantor in terms hereof, save in the event and to the extent that the grantor has signed a written document expressly waiving or limiting such right. 

 

	21.4	Without prejudice to any other provision of this Agreement, any successor-in-title, including any executor, heir, liquidator, judicial manager, curator or trustee, of
any party shall be bound by this Agreement. 

  

	21.5	The signature by any Party of a counterpart of this Agreement shall be as effective as if that Party had signed the same document as all of the other Parties.

  

	21.6	Save as expressly provided for herein, no party shall be entitled to cede, assign, transfer, Encumber or delegate any of its rights, obligations and/or interest in,
under or in terms of this Agreement to any third party without the prior written consent of all the other Parties. 

  

	21.7	 Each provision of this Agreement is, notwithstanding the grammatical relationship between that provision and the other provisions of this Agreement,
severable from the other provisions of this Agreement. Any provision of this Agreement which is or becomes invalid, unenforceable or 

  
 55 

	 	
unlawful in any jurisdiction shall, in such jurisdiction only, be treated as pro non scripto to the extent that it is so invalid, unenforceable or unlawful, without invalidating or affecting the
remaining provisions of this Agreement which shall remain of full force and effect. The Parties declare that it is their intention that this Agreement would be executed without such invalid, unenforceable or unlawful provision if they were aware of
such invalidity, unenforceability or unlawfulness at the time of execution of this Agreement. 

  

	21.8	None of the Parties shall be entitled or empowered to represent or hold out to any third party that the relationship between the Parties is that of a partnership, joint
venture or the like. 

  

	22	GOVERNING LAW 

 This
Agreement shall in all respects (including its existence, validity, interpretation, implementation, termination and enforcement) be governed by the law of South Africa which is applicable to agreements executed and wholly performed within South
Africa. 
  

	23	COSTS 

 Each Party shall
bear its own costs in relation to the negotiation, drafting, finalisation and implementation of this Agreement. 

  
 56 

									
		  	Signed at New York NY	  	on	  		  	 15 June 2012

					
		  		  	for	  		  	 Tronox Sands Holdings (PTY) Limited
 By Michael J. Foster (Director)

					
		  		  		  		  	/s/ Michael J. Foster
		  		  		  		  	  

		  		  		  		  	 who warrants that he is duly

authorised hereto

					
		  		  		  		  	
		  	Signed at New York NY	  	on	  		  	15 June 2012
					
		  		  	for	  		  	 Tronox Limited
 By Michael J.
Foster (Director)

					
		  		  		  		  	/s/ Michael J. Foster
		  		  		  		  	  

		  		  		  		  	 who warrants that he is duly

authorised hereto

					
		  		  	for	  		  	 Tronox Limited
 By Matthew A.
Paque (Secretary)

					
		  		  		  		  	/s/ Matthew A. Paque
		  		  		  		  	  

		  		  		  		  	 who warrants that he is duly

authorised hereto

  
 57 

							
				
	Signed at New York NY	  	on	  		  	15 June 2012
				
		  	for	  		  	 Exxaro Resources Limited
 By
Riaan Koppeschaar (duly authorised)

				
		  		  		  	/s/ Riaan Koppeschaar
		  		  		  	  

		  		  		  	 who warrants that he is duly

authorised hereto

				
		  		  		  	
	Signed at New York NY	  	on	  		  	15 June 2012
				
		  	for	  		  	 Exxaro Sands Proprietary Limited

By Riaan Kopperschaar (duly authorised)

				
		  		  		  	/s/ Riaan Koppeschaar
		  		  		  	  

		  		  		  	 who warrants that he is duly

authorised hereto

				
	Signed at New York NY	  	on	  		  	15 June 2012
				
		  	for	  		  	 Exxaro TSA Sands Proprietary Limited
 By Riaan Kopperschaar (duly authorised)

				
		  		  		  	/s/ Riaan Koppeschaar
		  		  		  	  

		  		  		  	 who warrants that he is duly

authorised hereto

  
 58 

 ANNEXURE A—PROSPECTING RIGHTS AND MINING 

RIGHTS HELD BY EACH COMPANY 

MINING RIGHTS 
 1. Mining Rights held
by Exxaro Sands Proprietary Limited 
 1.1 KZN150MR (Braeburn); 
 1.2 KZN164MR (Fairbreeze C Extension); 
 1.3 KZN125MR (Hillendale); 

1.4 KZN124 (Reserve 1010); 
 1.5 KZN123MR
(Fairbreeze Conversion); and 
 1.6 KZN178MR (Braeburn Extension). 
 2. Mining Rights held by Exxaro TSA Sands Proprietary Limited 
 2.1 WC113MR
(Hartebeestekom); and 
 2.2 WC114MR (Rietfontein Conversion). 
 PROSPECTING RIGHTS 
 3. Prospecting Rights held by Exxaro Sands Proprietary Limited

 3.1 KZN296PR (Waterloo); and 

3.2 MTO reference KZN649/2007 (Centani). 

4. Prospecting Rights held by Exxaro TSA Sands Proprietary Limited 
 4.1 WC13PR (Southern Anomaly); 
 4.2 WC19PR (MSP Plant); 

4.3 WC09PR (Houtkraal); and 
 4.4 WC08PR
(Portion 2 Houtkraal); 
 4.5 EC25PR (Kentani); and 
 4.6 NC523PR (NORTHERN ANOMALY). 

  
 1 

 ANNEXURE B – DEED OF ACCESSION 

Deed of Accession [NOTE: TO BE REVIEWED] 

Dated [•] 
 Name 

Address 
 (Acceding Party) 

Introduction 
 This deed of accession
(this Agreement) is supplemental to the Shareholders’ Agreement dated [insert] between Tronox Limited, Exxaro Resources Limited, Exxaro Sands Proprietary Limited and Exxaro TSA Sands Proprietary Limited (the “South African
Shareholders’ Agreement”). 
 Unless expressly defined in this Agreement, capitalised terms used in this Agreement shall bear the
meanings assigned to them in the South African Shareholders’ Agreement and shall be deemed to be incorporated by reference and form part of this Agreement. 
 Shareholders’ Agreement 
 1. The Acceding Party confirms that it has
been supplied with a copy of the South African Shareholders’ Agreement and covenants and undertakes with all present parties to the South African Shareholders’ Agreement (whether original or by accession) (“Parties”) to
observe, perform and be bound by the South African Shareholders’ Agreement so that the Acceding Party is deemed, from the date referred to in the South African Shareholders’ Agreement as being the date on which this Agreement becomes
effective, to be a party to the South African Shareholders’ Agreement. 
 2. This Agreement is governed by the laws
applicable in South Africa. 
 3. The Acceding Party’s address for service of notices under the South African
Shareholders’ Agreement is: 
  

							
		  	Name:	  	[insert]	  	
		  	Attention:	  	[insert]	  	
		  	Address:	  	[insert]	  	
		  	Facsimile no:	  	[insert]	  	
		  	Electronic mail address:	  	[insert]	  	

  
 2 

 Signed at
                                         
        on the                          day of
                                         
   . 
 For and on behalf of 
 [insert] 
  

	
	Name:
	Capacity:
	Who warrants authority

  
 3 

 ANNEXURE C – CALL OPTION AGREEMENT 

CALL OPTION DEED 
 DATE

 PARTIES 

Tronox Limited 
 ACN [number] (Tronox) 
 [Name of Party] of 

[address] (Grantor)  
 RECITALS 
 The Grantor is required, under the South African
Shareholders’ Agreement (SASA) between Tronox, Exxaro Resources Limited, Exxaro Sands Proprietary Limited and Exxaro TSA Sands Proprietary Limited, to enter into this deed. 
 OPERATIVE PROVISIONS 
  

	1.	Interpretation 

  

 

	1.1	Definitions 

 The
following definitions apply in this document. 
 Affiliate has the meaning given under the rules and regulations
promulgated by the Securities and Exchange Commission under the Securities Act of 1933 (US), as amended. 
 Business Day
means a day other than a Saturday, Sunday or public holiday in New York, Johannesburg or Perth. 
 Class B Share means
a fully paid Class B Share in Tronox. 
 Current Market Price shall have the meaning set out in the Shareholders Deed
dated [insert date] between Tronox, Additional Shareholder, Exxaro Resources Limited and [Exxaro Subsidiary]. 
 Fair
Value shall have the meaning set out in the SASA. 
 Empowerment Period shall have the meaning set out in the SASA.

 South African Subsidiary means each of Exxaro Sands Proprietary Limited and Exxaro TSA Sands Proprietary Limited.

  
 4 

	1.2	Rules for interpreting this document 

 Headings are for convenience only, and do not affect interpretation. The following rules also apply in interpreting this document, except where the context makes it clear that a rule is not intended to
apply. 
  

	 	(a)	A reference to: 

  

	 	(i)	a legislative provision or legislation (including subordinate legislation) is to that provision or legislation as amended, re–enacted or replaced, and includes any
subordinate legislation issued under it; 

  

	 	(ii)	a document (including this document) or agreement, or a provision of a document (including this document) or agreement, is to that document, agreement or provision as
amended, supplemented, replaced or novated; 

  

	 	(iii)	a party to this document or to any other document or agreement includes a successor in title, permitted substitute or a permitted assign of that party;

  

	 	(iv)	a person includes any type of entity or body of persons, whether or not it is incorporated or has a separate legal identity, and any executor, administrator or
successor in law of the person; and 

  

	 	(v)	anything (including a right, obligation or concept) includes each part of it. 

 

	 	(b)	A singular word includes the plural, and vice versa. 

  

	 	(c)	A word which suggests one gender includes the other genders. 

  

	 	(d)	If a word or phrase is defined, any other grammatical form of that word or phrase has a corresponding meaning. 

 

	 	(e)	If an example is given of anything (including a right, obligation or concept), such as by saying it includes something else, the example does not limit the scope of
that thing. 

  

	 	(f)	The word agreement includes an undertaking or other binding arrangement or understanding, whether or not in writing. 

 

	 	(g)	The expression this document includes the agreement, arrangement, understanding or transaction recorded in this document. 

 

	 	(h)	A reference to US dollars or US$ is to an amount in the currency of the United States of America. 

 

	1.3	Non Business Days 

 If the
day on or by which a person must do something under this document is not a Business Day: 
  

	 	(a)	if the act involves a payment that is due on demand, the person must do it on or by the next Business Day; and 

 

	 	(b)	in any other case, the person must do it on or by the previous Business Day. 

  
 5 

	1.4	Multiple parties 

 If a
party to this document is made up of more than one person, or a term is used in this document to refer to more than one party, then unless otherwise specified in this document: 

 

	 	(a)	an obligation of those persons is joint and several; 

  

	 	(b)	a right of those persons is held by each of them severally; and 

  

	 	(c)	any other reference to that party or term is a reference to each of those persons separately, so that (for example) a representation, warranty or undertaking relates to
each of them separately. 

  

	2.	CALL OPTION 

  

 

	 	(a)	At any time after expiry of the Empowerment Period and at such other times as are permitted by the SASA and if, in the opinion of South African counsel to Tronox, all
requisite consents, approvals, and licenses are in place for the same to occur (including, without limitation, approval from the South African Reserve Bank and whatever approvals may be required under the mining rights and prospecting rights held by
each South African Subsidiary), then upon five (5) Business Days’ notice to the Grantor, Tronox has the right to call all (but not less than all) of: 

 

	 	(i)	the shares (if any) that the Grantor holds in the South African Subsidiaries that were in issue as at the date of the SASA (South African Shares) upon issuance
to the Grantor of the number of fully paid Class B Shares (Flip-in Shares) equal to [insert number from Australian Shareholders Deed] Class B Shares multiplied by the quotient obtained by dividing (A) the number of South African
Shares by (B) the total number of South African Shares in issue at the date of the SASA owned by ERL; and 

  

	 	(ii)	the shares that the Grantor holds in each South African Subsidiary less the South African Shares (Additional South African Shares) upon issuance to the Grantor
of the number of fully paid Class B Shares (Additional Flip-in Shares) equal to (x) the quotient obtained by dividing the Fair Value by the Current Market Price (y) multiplied by the number of Additional South African Shares
(Call Option). 

  

	 	(b)	If the issue of Flip-in Shares or Additional Flip-in Shares as a result of exercise of the Call Option would result in a breach of section 606 of the Corporations
Act 2001 (Cth), the Call Option may be exercised in respect of such number of South African Shares and Additional South African Shares as would not result in a breach and: 

 

	 	(i)	Tronox shall exercise that option in respect of the balance of the South African Shares and Additional South African Shares as soon as the issue of the relevant Flip-in
Shares or Additional Flip-in Shares would not result in such a breach; and 

  

	 	(ii)	the Grantor must not, and must use is best efforts to ensure that its Affiliates do not, take any action which would prevent the issue of Flip-in Shares or Additional
Flip-in Shares pursuant to the Call Option occurring as soon as possible. 

  
 6 

	 	(c)	The exchange of the South African Shares for the Flip-in Shares and Additional Flip-in Shares pursuant to this clause 2 shall be effected pursuant to a customary
exchange agreement in a form to be agreed upon between the parties which shall contain representations and warranties that Tronox shall issue the Flip-in Shares and Additional Flip-in Shares, and the Grantor shall transfer the South African Shares
and the Additional South African Shares, free and clear of any liens, restrictions on transfer (other than any restrictions under any applicable securities laws), options, warrants, rights, calls, commitments, proxies or other contract rights.

  

	 	(d)	The Call Option shall automatically terminate if a person other Tronox and/or its Affiliates ceases to directly or indirectly own 50% or more of the issued share
capital of the South African Subsidiaries. 

  

	3.	NOTICES 

  

All notices, requests, demands and other communications required or permitted shall be deemed duly given (a) on the date of delivery
if delivered personally, or by e-mail, telecopy or facsimile, upon confirmation of receipt, (b) on the first business day following the date of dispatch if delivered by a recognized next-day courier service, or (c) on the tenth business
day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below or pursuant to such other instructions as may be designated in
writing by the party to receive such notice: 
  

							
	 If to the Grantor, to:
	  		  		  	
				
		  	 Grantor
  
 Address:
 Email Address:
 Fax number:
 Attention:
	  	  
  
 [address]
 [email address]
 [fax number]
 [name]
	  	
	  
 with a copy (which shall not
constitute notice) to:
  
	  		  	
		  	 Address:
 Email
Address:
 Fax number:

Attention:
	  	 [address]
 [email
address]
 [fax number]

[name]
	  	
	  
 or to such other person or address
as the Grantor shall furnish to the Company.
	  	
	  
 If to Tronox, to:
	  		  	
		  	  
 [Tronox Limited]

 
	  	
		  	 3301 N.W. 150th Street
 Oklahoma City, Oklahoma 73134

		  	Attention:	  	General Counsel	  	
		  	Facsimile:	  	+1 405 775 5155	  	
		  	E-mail:	  	michael.foster@tronox.com	  	

  
 7 

 with a copy (which shall not constitute notice) to: 

 

							
		  	 Kirkland & Ellis LLP
 601 Lexington Avenue
 New York, New York 10022
	  	
		  	 Attention:
  
 Facsimile:
 E-mail:
	  	 Daniel Wolf
 Yi (Claire)
Sheng
 +1 212 446 4900

daniel.wolf@kirkland.com

claire.sheng@kirkland.com
	  	

 or to such other person or address as Tronox shall furnish to the Grantor in writing. 

 

	4.	AMENDMENT AND ASSIGNMENT 

  

 

	4.1	Amendment 

  

	 	This	document can only be amended or replaced by another document executed by the parties. 

 

	4.2	Assignment 

 A party may
only assign, encumber, declare a trust over or otherwise deal with its rights under this document with the prior written consent of the other party. 
  

	5.	GENERAL 

  

 

	5.1	Governing law 

  

	 	(a)	This document is governed by the laws of the State of Western Australia. 

  

	 	(b)	Each party submits to the jurisdiction of the courts of that State and of any court that may hear appeals from any of those courts, for any proceedings in connection
with this document. 

  

	 	(c)	The Grantor irrevocably waives: 

  

	 	(i)	any objection to the venue of any proceedings on the ground that they have been brought in an inconvenient forum; and 

 

	 	(ii)	any immunity from set off, suits, proceedings and execution to which it or any of its property may now or in the future be entitled under any applicable law.

  

	 	(d)	The Acceding appoints [name of agent] of [insert Western Australian address for service] as its agent to receive service of process for any proceedings in
connection with this document. The Grantor will enter into such agreements with such agent as may be necessary to constitute and continue the appointment of such agent hereunder. In the event that any such agent and attorney resigns or otherwise
becomes incapable of acting, the affected party will appoint a successor agent and attorney in the State of Western Australia, reasonably satisfactory to Tronox, with like powers. The Grantor agrees that any such process served on that person is
taken to be served on it. 

  
 8 

	5.2	Liability for expenses 

Each party must pay its own expenses incurred in negotiating, executing, stamping and registering this document. 

 

	5.3	Giving effect to documents 

Each party must do anything (including execute any document), and must ensure that its employees and agents do anything (including execute
any document), that any other party may reasonably require to give full effect to this document. 
  

	5.4	Operation of this document 

  

	 	(a)	Subject to paragraph (b), this document contains the entire agreement between the parties about its subject matter. Any previous understanding, agreement,
representation or warranty relating to that subject matter is replaced by this document this document and has no further effect. 

  

	 	(b)	Any right that a person may have under this document is in addition to, and does not replace or limit, any other right that the person may have.

  

	 	(c)	Any provision of this document which is unenforceable or partly unenforceable is, where possible, to be severed to the extent necessary to make this document
enforceable, unless this would materially change the intended effect of this document. 

  

	5.5	Exclusion of contrary legislation 

 Any legislation that adversely affects an obligation of a party, or the exercise by a party of a right or remedy, under or relating to this document is excluded to the full extent permitted by law.

  

	5.6	Inconsistency with other documents 

 If this document is inconsistent with any other document or agreement between the parties, this document prevails to the extent of the inconsistency. 

 

	5.7	Counterparts 

 This
document may be executed in counterparts. 
 EXECUTED as a deed. 
 Each person who executes this document on behalf of a party under a power of attorney declares that he or she is not aware of any fact or circumstance that might affect his or her authority to do so under
that power of attorney. 

  
 9 

					
	 EXECUTED as a deed by Tronox

Limited:
	 		  	
			
		 		  	
	Signature of director	 		  	Signature of director/secretary
			
		 		  	
	Name	 		  	Name

  

	
	 EXECUTED as a deed by [Grantor]:

[insert execution clause]

  
 10Transition Services Agreement

 Exhibit 10.3 
 TRANSITION SERVICES AGREEMENT 
 by 

and 
 among

 TRONOX LIMITED, 
 EXXARO RESOURCES LIMITED, 
 and 

EXXARO TSA SANDS PROPRIETARY LIMITED 
 and 
 EXXARO SANDS (PROPRIETARY) LIMITED 

Dated as of 15 June 2012 

					
	 1. DEFINITIONS AND INTERPRETATION
	  	 	3	  
		
	 2. SERVICES
	  	 	8	  
		
	 3. STANDARDS OF PERFORMANCE; LEVEL OF SERVICES
	  	 	9	  
		
	 4. RESOURCES
	  	 	11	  
		
	 5. THIRD PARTIES
	  	 	11	  
		
	 6. COOPERATION; AMICABLE DISPUTE RESOLUTION
	  	 	12	  
		
	 7. INTELLECTUAL PROPERTY
	  	 	13	  
		
	 8. EXCEPTIONS TO EXXARO’S OBLIGATION TO PERFORM
	  	 	14	  
		
	 9. PAYMENT AND AUDIT RIGHTS
	  	 	16	  
		
	 10. CONFIDENTIALITY
	  	 	18	  
		
	 11. TERM
	  	 	20	  
		
	 12. CONSEQUENCES OF TERMINATION
	  	 	20	  
		
	 13. DISCLAIMER OF WARRANTIES
	  	 	21	  
		
	 14. DAMAGES
	  	 	21	  
		
	 15. INDEMNIFICATION
	  	 	21	  
		
	 16. SUBROGATION
	  	 	22	  
		
	 17. INDEPENDENT CONTRACTOR
	  	 	22	  
		
	 18. COMPLIANCE WITH LAWS
	  	 	23	  
		
	 19. MISCELLANEOUS
	  	 	23	  

 EXHIBIT A—Services Provided by Exxaro and the Exxaro Group to the Tronox Group 

 PARTIES 
 The Parties to this TS Agreement are: 
 Tronox Limited, a corporation organized and
existing under the laws of Australia with registration number ACN153348111; 
 Exxaro Resources Limited, a company organized and
existing under the laws of the Republic of South Africa with registration number 2000/011076/06; 
 Exxaro TSA Sands Proprietary
Limited, a company organized and existing under the laws of the Republic of South Africa with registration number: 1998/001039/07; and 
 Exxaro Sands Proprietary Limited, a company incorporated in the Republic of South Africa, with registration number: 1987/001627/07. 
 INTRODUCTION 
 A. Pursuant to the Transaction Agreement, Exxaro has entered
into the sale of its mineral sands business, including its interest in the Tiwest Joint Venture, to Tronox in exchange for newly issued Tronox common shares (the “Transaction”). 

B. In connection with the Transaction, Tronox and the South African Acquired Companies desire to obtain from Exxaro the services
described herein for a transitional period of time after the completion of the Transaction in accordance with the terms and conditions of this TS Agreement. 
 NOW, THEREFORE, the Parties, hereby agree as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	For purposes of this TS Agreement, the following terms have the meanings set forth or as referenced below: 

“Acquired Companies” means, collectively, the Australian Acquired Companies and the South African Acquired
Companies. 
 “Affiliate” means, as to any Person, any other Person which, directly or indirectly,
controls, or is controlled by, or is under common control with, such Person. For purposes of this definition, the term “control” (including the correlative terms “controlling,” “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Australian Acquired Companies” means (a) Exxaro Investments (Australia) Pty Ltd, ABN 53 071 040 152 ,
(b) Exxaro Holdings (Australia) Pty Ltd, ABN 90 071 040 750, (c) Exxaro Australia Sands Pty Ltd, ABN 28 009 084 851, (d) Ticor Resources Pty Ltd, ABN 27 002 376 847, (e) Ticor Finance (A.C.T.) Pty Ltd, 58 008 659 363,
(f) TiO2 Corporation Pty Ltd, ABN 50 009 124 181, (g) Tific, (h) Yalgoo, (i) Tiwest Sales Pty Ltd, ABN 40 009 344 094, (j) Senbar Holdings Pty Ltd, ABN 86 009 313 062, (k) Synthetic Rutile Holdings Pty Ltd, ABN 38 009
312 047, and (l) Pigment Holdings Pty Ltd, ABN 53 009 312 994. 

  
 3 

 “Business Day” means a day (other than a Saturday or Sunday or
public holiday) on which banks are generally open for business in each of New York, South Africa and Perth, Australia. 

“Closing Date” has the meaning given to such term in the Transaction Agreement. 

“Contract” means any written or oral agreement to create rights and/or obligations which are legally binding,
contract, lease, sublease, indenture, mortgage, instrument, guaranty, loan or credit agreement, note, bond, customer order, purchase order, sales order, franchise, dealer and distributorship agreement, supply agreement, development agreement, joint
venture agreement, promotion agreement, license agreement, contribution agreement, partnership agreement or other arrangement, understanding, permission or commitment. 
 “End date” means the Business Day on which the last Service provided in terms of this TS Agreement is no longer provided. 

“Exhibits” means any exhibit, including Exhibit A, appended to this TS Agreement; 

“Exxaro” means Exxaro Resources Limited, a company organized and existing under the laws of the Republic of South
Africa with registration number 2000/011076/06. 
 “Exxaro Sands” means Exxaro Sands Proprietary
Limited, a company incorporated in the Republic of South Africa, with registration number: 1987/001627/07. 
 “Exxaro
Selling Entities” has the meaning given to such term in the Transaction Agreement. 
 “Exxaro
Group” means Exxaro and its Subsidiaries (excluding the Acquired Companies). 
 “Exxaro TSA
Sands” means Exxaro TSA Sands Proprietary Limited, a company organized and existing under the laws of the Republic of South Africa with registration number: 1998/001039/07. 

“Force Majeure Event” has the meaning specified in Section 8.5. 

“General Services Agreement” means the General Services Agreement entered into between Tronox and Exxaro.

 “General Services” means the “Services”, as such term is defined in the General Services
Agreement. 
 “Governmental Entity” means any national, supranational, provincial, municipal, regional
or local governmental or regulatory authority, agency, commission, court, tribunal, or other governmental entity. 

“Group” means either the Exxaro Group or the Tronox Group, as the context requires. 

“JIBAR Rate” means, as of the date of any calculation or determination, the rate per annum appearing on the
Reuters Screen SAFEY Page (or such other page as may replace SAFEY on that 

  
 4 

 
service, or such other service as may be nominated by the Banking Association of South Africa as an information vendor for the purpose of displaying Banking Association of South Africa Interest
Settlement Rates for Rand deposits) as the Johannesburg interbank offered rate for deposits in Rand, at approximately 11:00 a.m., Johannesburg time, two Johannesburg Business Days prior to such date of calculation or determination. 

“Losses” means, collectively, any and all liabilities, losses, damages, diminutions, claims, judgments, awards,
fines, penalties, interest, costs and expenses, including reasonable attorney and accounting fees. 

“Parties” means Tronox, Exxaro TSA Sands, Exxaro Resources and Exxaro Sands each as a
“Party” and collectively as the “Parties”. 

“Person” means any individual, corporation, company, limited liability company, partnership, association, trust,
joint venture or any other entity or organization, including any government or political subdivision or any agency or instrumentality thereof. 
 “Rand” and “R” means the South African rand, the lawful currency of the Republic of South Africa. 

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

“Services” have the meaning ascribed to them in clause 2 and Service shall bear like meaning. 

“Service Costs” means, with respect to each Service provided under the terms and subject to the conditions of
this TS Agreement, an amount equal to the sum of such of the following items as may apply: 
  

	 	(a)	the full cost (including actual labor costs, all associated benefits costs and employment taxes, as well as the operating and overhead costs) to Exxaro of providing
such service in respect of the individual employees of Exxaro who are engaged in the provision of such Service, for the portion of their work time engaged in the provision of such Service; 

 

	 	(b)	the costs charged to Exxaro by a third party provider in connection with such Service; 

 

	 	(c)	the reasonable out-of-pocket and other expenses (other than expenses included in Transition Costs and the costs charged under item (a) above) incurred by Exxaro in
connection with such Service as evidenced by relevant supporting vouchers; 

  

	 	(d)	Taxes, (other than Transfer Taxes) as set forth in Section 9.7 incurred or leviable by Exxaro in connection with such Service; and 

 

	 	(f)	any costs expressly included as Service Costs in this TS Agreement, including any costs as set forth in Exhibit A . 

“South African Acquired Companies” means Exxaro Sands and Exxaro TSA Sands. 

  
 5 

 “Tax” means (a) all taxes, charges, fees, imposts, levies or
other assessments, including but not limited to all income, gross receipts, capital, sales, use, ad valorem, value added, transfer, transfer pricing, franchise, profits, inventory, capital gains, stock, license, withholding, payroll, employment,
social security, unemployment, excise, premium, severance, stamp, occupation, property and estimated taxes, customs duties, fees, assessments and charges of any kind whatsoever, (b) all interest, penalties, fines, additions to tax, amounts in
respect of tax or additional amounts imposed by any Taxing Authority in connection with any item described in clause (a), (c) any transferee liability in respect of any items described in clause (a) or (b), and (d) and any liability
for items described in clauses (a), (b) or (c) as a result either of being a member of a combined, consolidated, unitary or affiliated group or of a contractual obligation to indemnify any Person; in each case, with the exclusion of any
Transfer Taxes. 
 “Taxing Authority” means any Governmental Entity responsible for the administration
or collection of any Tax. 
 “Tiwest Joint Venture” has the meaning given to such term in the
Transaction Agreement. 
 “Transfer Taxes” has the meaning given to such term in the Transaction
Agreement. 
 “Transaction” has the meaning specified in the preamble hereto. 

“Transaction Agreement” means the amended and restated transaction agreement entered into between inter alia
Exxaro and Tronox on 20 April 2012. 
 “Transition Costs” means the one-time, initial set up, costs
and expenses that are incurred by the Exxaro Group in order to initiate the process of obtaining the migration of any Service as contemplated by (and subject to) the terms and conditions of this TS Agreement and the costs of obtaining and, if
applicable, modifying any contractual rights described in Section 5.3 of this TS Agreement, including such costs and expenses incurred prior to the date hereof by Exxaro in preparation for the provision of the Services (for the avoidance of
doubt, Transition Costs shall not include any annual or recurring fees, including license fees, or any maintenance fees, support services fees, subscription fees or other costs relating to ongoing use) which will form part of normal service costs.

 “Tronox” means Tronox Limited, a corporation organized and existing under the laws of Australia with
registration number ACN153348111. 
 “Tronox Group” means Tronox and its Subsidiaries (including the
Acquired Companies). 
 “Tronox Mineral Sands” means the South African Acquired Companies and the
Mineral Sands portion of the Australian Acquired Companies 
 “TS Agreement or TSA”
means this transitional services agreement and includes any Exhibits. 
 “VAT” means, in relation to the
South African Acquired Companies, levied in terms of the VAT Act 

  
 6 

 VAT Act means the South African Value-Added Tax Act, 1991. 

 

	1.2	Unless the context of this TS Agreement otherwise requires, the following rules of interpretation shall apply to this TS Agreement: 

 

	 	(a)	a “clause” and a “section” shall, subject to any contrary indication, be construed as a reference to a clause or a section, respectively,
hereof; 

  

	 	(b)	“law” shall be construed as any law (including common or customary law), or statute, constitution, decree, judgment, treaty, regulation, directive,
by-law, order or any other legislative measure of any government, supranational, local government, statutory or regulatory body or court; 

  

	 	(c)	a reference to any law, rule, ordinance enactment or regulation shall include any amendment, modification or re-enactment thereof, any regulations promulgated
thereunder from time to time, and any interpretations thereof from time to time by any regulatory or administrative authority, whether or not having the force of law; 

 

	 	(d)	a reference to any agreement, instrument, contract or other document shall include any amendment, restatement, supplement or other modification thereto;

  

	 	(e)	whenever the words “include,” “includes” or “including” (or similar terms) are used in this TS Agreement, they are deemed to be followed
by the words “without limitation”; 

  

	 	(f)	the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this TS Agreement, refer to this TS Agreement as a
whole and not to any particular provision of this TS Agreement; 

  

	 	(g)	the use of “or” is not intended to be exclusive, unless expressly indicated otherwise; 

 

	 	(h)	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 TS Agreement. 

  

	 	(i)	Unless the context dictates otherwise, an expression which denotes: 

  

	 	(i)	any one gender includes the other genders; 

  

	 	(ii)	a natural person includes an artificial person and vice versa and shall include its successors-in-title and assigns; and 

 

	 	(iii)	the singular includes the plural and vice versa. 

  

	1.3	 When any number of days is prescribed in this TS Agreement, same shall be reckoned exclusively of the 1st (first) and inclusively of the last day unless the last day falls on
a day which is not a Business Day, in which case the last day shall be the immediately following Business Day. 

  
 7 

	1.4	In the event that the day for payment of any amount due in terms of this TS Agreement should fall on a day which is not a Business Day, then the relevant date for
payment shall be the preceding Business Day. 

  

	1.5	Where any term is defined within the context of any particular clause in this TS 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 same meaning as ascribed to it for all purposes in terms of this TS Agreement, notwithstanding that that term has not been defined in this interpretation clause.

  

	1.6	Any reference to an enactment in this Agreement is to that enactment as at the Signature Date and as amended or re-enacted from time to time 

 

	1.7	The rule of construction that, in the event of an ambiguity, the contract shall be interpreted against the Party responsible for the drafting or preparation of the
agreement, shall not apply in the interpretation of this TS Agreement. 

  

	1.8	The expiration or termination of this TS Agreement shall not affect such of the provisions of this TS Agreement as expressly provide that they will operate after any
such expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

 

	1.9	Save where the contrary is indicated, any reference in this TS Agreement to this TS Agreement or any other agreement or document shall be construed as a reference to
this TS Agreement or, as the case may be, such other agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented. 

 

	2.	SERVICES 

  

	2.1	Except as otherwise provided herein, on the terms and subject to the conditions set forth herein, Exxaro shall provide, or cause one or more members of its Group to
provide, the Acquired Companies with each of the Services listed on Exhibit A (each service listed on Exhibit A being a “Service” and, collectively, the “Services”), which
Services may include, for the avoidance of doubt, the transfer and installation of certain hardware, software, related licenses and applications, and other items as set forth on Exhibit A or pursuant to the Transaction Agreement, in each
case, beginning on the “Start Date” set forth on Exhibit A for such Service and ending on the earlier of (a) the “End Date” set forth on Exhibit A for such Service,
(b) the termination of this TS Agreement, or (c) the termination of such Service pursuant to Section 11 (each such duration, a “Service Term”). The place of rendering services by Exxaro shall (mainly) be the
Republic of South Africa. Nevertheless, Tronox may from time to time request that Services be rendered by Exxaro to the Australian Acquired Companies, which request Exxaro will, using reasonable commercial endeavors, accommodate. To the extent that
the Parties agree for any Services to be provided to the Australian Acquired Companies, then in such case “Services” and “Acquired Companies” shall be deemed to include Services provided to such companies hereunder, as well.

  

	2.2	Subject to the provisions set forth in this Section 2.2, the Transition Costs incurred by the Exxaro Group in connection with the Services to be provided to the
South African Acquired Companies shall be borne fully by Tronox, and such Transition Costs shall not be included in the calculation of Service Costs payable by Tronox for such Services; 

  
 8 

	2.3	It is understood and agreed among the Parties that, notwithstanding any provision to the contrary in this TS Agreement, the Exxaro Group shall have no obligation
whatsoever to upgrade systems, invest in product enhancements or increase staffing, capacity, functionality, reliability or any other aspect of any Service beyond the level that exists as of the date hereof with respect to any Service.

  

	2.4	Notwithstanding anything to the contrary contained herein, during the Term, Tronox may from time to time request that Exxaro provide special services or projects in
addition to the Services, and (subject to the mutual agreement of the Parties) Exxaro shall make commercially reasonable efforts to provide such additional services or projects. If Exxaro, subject to its sole and absolute discretion, agrees to
provide such additional services or projects, the Parties shall negotiate in good faith to establish the terms (including price) for providing such additional services or projects and, following agreement on such terms, Exhibit A hereof
shall be amended, as applicable, to include such additions. 

  

	3.	STANDARDS OF PERFORMANCE: LEVEL OF SERVICES 

  

	3.1	With respect to any Service provided to the South African Acquired Companies, Exxaro shall, and shall cause the members of its Group to, perform such Service exercising
the same degree of care, at the same general level and at the same general degree of accuracy and responsiveness, in each case as it exercises in performing the same or similar services for its own account, with priority equal to that provided to
its own businesses and members of its Group where the services being provided are material to the Exxaro business (and in no event will the Services be provided in a less than diligent manner). Exxaro will ensure that all individuals performing any
Services will have the education, training, knowledge, skill and capability necessary to perform the Services, in accordance with best industry practice. 

  

	3.2	In no event shall Tronox, with respect to any Service, be entitled to increase its use of such Service above that level of use specified in Exhibit A without the
prior written consent of Exxaro, which consent may be delegated to Exxaro employees from time to time, subject to internal rules applicable to the delegation of authority in terms of which Exxaro employees are permitted to determine the threshold
and limitations, on written notice containing such threshold or limitation, by Exxaro to Tronox. Exxaro shall accommodate Tronox, to the extent that it is commercially reasonable to do so in relation to any requests regarding an increase in the
levels of use as specified in the Exhibit A. Notwithstanding anything to the contrary in this TS Agreement, Exxaro shall not be required to provide the South African Acquired Companies with levels of such Service above the levels that existed
prior to the date hereof or with the advantage of systems, equipment, facilities, training, services or improvements procured, obtained or made after the date hereof. 

 

	3.3	 Notwithstanding anything to the contrary contained herein, Exxaro may, but is not required to, make changes from time to time in the manner in which
any Service is provided if (a) Exxaro is making similar changes in the manner in which such Service is provided to it and members of its own Group, (b) Exxaro furnishes to Tronox substantially the same notice (if any) that

  
 9 

	 	
Exxaro provides to members of its own Group with respect to such changes, and (c) such changes shall not create a substantial risk of a material disruption of the Tronox Group’s
business or of the Tronox Group’s incurring a material loss or liability. 

  

	3.4	Exxaro shall nominate a representative to act as the primary contact person for the provision of all of the Services and the General Services (the “Service
Coordinator”). The initial Service Coordinator shall be Joseph Rock (General Manager, Exxaro Services). Exxaro shall notify the relevant South African Acquired Company in writing of any change in the Service Coordinator. The South
African Acquired Companies agree that all communications pertaining to the provision of Services shall be directed, in writing to the Service Coordinator provided that such information pertains to: 

 

	 	(a)	additional expenditure or a potential loss estimated to equal or exceed US$10 000; or 

 

	 	(b)	conduct which may give rise to a breach of this Agreement or an agreement with a third party; or 

 

	 	(c)	a proposal to materially vary the content of the Services; or 

  

	 	(d)	a proposal to materially vary the manner in which the Services are to be provided; or 

 

	 	(e)	copies of notification provided in terms of clause 8.4 or clause 6.5 ; or 

  

	 	(f)	any fact, matter or circumstance of significance which could have a material effect on the provision of Services or on any provision or undertaking of this Agreement.

  

	3.5	 In order to monitor, coordinate and facilitate implementation of the terms and conditions of this TS Agreement and the General Services Agreement, the
Parties shall establish (a) a “Steering Committee” consisting of at least one senior manager from each of the Exxaro Group and the Tronox Group and whereby each such Group is equally represented and (b) an
“Operating Committee” consisting, as necessary, of one representative of each of the Exxaro Group and the Tronox Group from each functional area that is the subject of Exhibit A (for such time as Service Terms within
such functional areas are in effect). The Steering Committee shall provide general oversight of the terms and conditions of this TS Agreement and shall work in good faith to resolve any disputes arising under this TS Agreement as set forth under
Section 6. The Operating Committee shall be responsible for the day-to-day operations related to the implementation of the terms and conditions of this TS Agreement and the exhibits hereto. Exxaro shall be entitled to elect to conduct the
Steering Committee meetings and/or the Operating Committee Meetings (as the case may be) within the framework of existing internal Exxaro committee structures, in order to ensure efficiency and to avoid duplication. The initial Steering Committee
and Operating Committee representatives shall not be changed by either Group on less than ten days’ prior written notice to the Service Coordinator of the other Group. The Steering Committee shall at a minimum meet once a quarter, and more
frequently should it so agree. The Operating Committee representatives shall meet at least once a month and more frequently should it so resolve, during the Term of this TS Agreement; provided, the members of the Steering Committee and the
Operating Committee may participate in meetings of such committees by means of conference telephone, videoconferencing or other communications equipment by means of which all

  
 10 

	 	
persons participating in the meeting can hear each other. The Steering Committee and Operating Committee representative for each Group shall stay reasonably apprised of the activities of the
employees, agents and contractors of such Group who are providing or receiving the Services in order to maximize efficiency in the provision and receipt of the Services. The Steering Committing shall be authorized to approve any expense reasonably
incurred by Exxaro pursuant to the provisions of this TS Agreement. Actions of the Steering Committee shall require the approval of Steering Committee representatives from each of the Exxaro Group and the Tronox Group, and shall be reduced to
writing and recorded as an agreed minute. The Steering Committee and Operating Committee shall from time to time establish or amend a written approvals framework in terms of which the authority to inter alia amend the content of the Services
or vary the manner in which the Services are to be provided, authorize the payment or a fee or incur any liability and generally manage the day to day provision of Services, subject to the thresholds and parameters contained in the approvals
framework, is delegated to certain persons within Tronox or Exxaro. 

  

	4.	RESOURCES 

  

	4.1	In connection with the Services, the Tronox Group shall make reasonably available for consultation with the Exxaro Group those retained employees and consultants or
other service providers and employees of the Tronox Group reasonably necessary for the effective provision of such Services. Furthermore, the Tronox Group will provide the necessary access reasonably required by Exxaro to consult with the retained
employees and consultants or other service providers and employees referred to above. Tronox shall also make available to Exxaro timeously all or any relevant information and do all things reasonably required by Exxaro to enable it to provide the
Services. 

  

	4.2	The Parties confirm that nothing in this Agreement shall be construed as varying the provisions of Section 7.11 of the Transaction Agreement. To the extent that
any provision of this TS Agreement conflicts with the provision of Section 7.11 of the Transaction Agreement such provision shall be void. 

  

	5.	THIRD PARTIES 

  

	5.1	The Exxaro Group shall make reasonably available such personnel, facilities, equipment, systems and management as are required to provide a particular Service. Subject
to Section 3, Exxaro shall have the right to designate which such resources it shall assign to perform such Service and shall have the right to remove and replace any such resources at any time or designate any other members of its Group or a
third party provider to perform such Service; provided, however, that (a) Exxaro shall use commercially reasonable efforts to prevent the disruption to the South African Acquired Companies business in the transition of the Service
to different resources or another provider and (b) with respect to Services that are not currently outsourced by Exxaro to a third party, any substitution of a third party provider in connection with the provision of such Service shall be
subject to the approval of the Steering Committee. Notwithstanding the foregoing, Exxaro shall remain solely responsible, in accordance with the terms of this TS Agreement, for the performance of any Service it is required to provide hereunder.

  
 11 

	5.2	With respect to Services that are currently outsourced by Exxaro to third parties, Exxaro shall reasonably assist the South African Acquired Companies in seeking to
cause such third parties to provide such Services to the South African Acquired Companies. In the event Exxaro is not able to secure the agreement of any third parties to provide Services to the South African Acquired Companies, Exxaro shall
reasonably assist the South African Acquired Companies in seeking to obtain substantially similar services from another source on substantially similar terms and conditions as those currently being provided. 

 

	5.3	If, and to the extent, required, Tronox and Exxaro shall cooperate in seeking to obtain any required transfer or assignment agreements or any other agreements necessary
to transfer Contractual rights of the Exxaro Group that existed immediately prior to the Closing Date to receive services or license software, to the extent (a) such agreements or rights are necessary for the provision of Services to the South
African Acquired Companies and (b) such rights were utilized by the Exxaro Group prior to the Closing Date. To the extent however that any such aforesaid Contractual rights contained in agreements between Exxaro and third parties are required
to remain in place by Exxaro for its own benefit, after the Signature Date, the Parties agree to use their respective reasonable commercial endeavors to obtain a partial assignment (to the extent possible) of the required Contractual rights to
ensure that any such Contractual rights reasonably required by Exxaro remain in full force and effect or to procure the conclusion of separate agreements. Such new agreements shall be in the name or for the benefit of the applicable member, or
members, of the Tronox Group. The cooperation required hereunder shall be included in the Service to which it is related. For the avoidance of doubt, the Parties agree and acknowledge that Exxaro shall not be liable under this TS Agreement for any
annual or recurring fees, including license fees, or any maintenance fees, support services fees, subscription fees or other costs relating to ongoing use by the Tronox Group stemming from a transfer to the Tronox Group pursuant to a Service
hereunder. 

  

	5.4	Exxaro shall not, after the Closing Date, enter into any agreement or contract with any third party to provide any Services hereunder pursuant to which the Tronox Group
would remain obligated to such third party upon the termination of this TS Agreement or the General Services Agreement without the Tronox Group’s prior written consent, such consent not to be unreasonably withheld, delayed or conditioned.

  

	5.5	Without prejudice to Exxaro’s obligations under Section 2.2 and Exhibit A of this TS Agreement, the Tronox Group shall be solely responsible for
acquiring or otherwise obtaining all assets and rights for third party services not otherwise obtained as a result of the expenditure of such Transition Costs, including hardware, software, information systems and other materials and third party
services, reasonably necessary in connection with any Service as contemplated by this TS Agreement. 

  

	6.	COOPERATION: AMICABLE DISPUTE RESOLUTION 

  

	6.1	The Parties shall cooperate in all matters relating to the provision and receipt of the Services. Such cooperation shall include exchanging information, providing
access to personnel, equipment, office space, electronic systems and other property and adjustments and obtaining all consents, licenses, sublicenses or approvals necessary to permit each Party to perform its obligations hereunder.

  
 12 

	6.2	In the event of a dispute under this TS Agreement, either Party may give written notice to the other Party requesting that the Steering Committee try to resolve (but
without any obligation to resolve) such dispute. Not later than ten days after said written notice, each Party shall submit to the other a written statement setting forth such Party’s description of the dispute, such Party’s position on
such dispute, such Party’s recommended resolution and the reasons why such Party feels its recommended resolution is fair and equitable in light of the terms and spirit of this TS Agreement. Such statements represent part of a good-faith effort
to resolve a dispute and as such, no statements prepared by a Party pursuant to this Section 6 may be introduced as evidence or used as an admission against interest in any arbitral or judicial resolution of such dispute.

  

	6.3	If the dispute continues unresolved for a period of five days (or such longer period as the Steering Committee may otherwise agree upon) after the simultaneous exchange
of such written statements, then the Steering Committee shall promptly commence good-faith negotiations to resolve such dispute but without any obligation to resolve it. The initial negotiating meeting may be conducted by teleconference.

  

	6.4	Not later than seven days after the commencement of negotiations under Section 6.3 above: (a) if the Steering Committee renders an agreed resolution on the
matter in dispute, then both Parties shall be bound thereby; and (b) if the Steering Committee does not render an agreed resolution, then the dispute shall be submitted for resolution pursuant to Section 6.5. 

 

	6.5	Disputes arising under this TS Agreement and not resolved by the Steering Committee within seven days under clause (a) of Section 6.4 shall be submitted in
writing to an appropriate executive officer of each Party. The executive officers shall attempt to resolve any dispute submitted to them for resolution in accordance with this Section 6.5 through consultation and negotiation, within 15 days
after such submission (or such longer period as may be mutually agreed by the Parties). Absent a resolution within such 15 days period, any dispute related to, or in connection with, this TS Agreement shall be submitted by either executive officer
of either Party for resolution by final and binding arbitration determined in accordance with Section 20. 

  

	7.	INTELLECTUAL PROPERTY 

  

	7.1	 Unless otherwise agreed in writing by the Parties, all Exxaro work product, data or other materials and deliverables provided by or on behalf of Exxaro
or any member of its Group to the South African Acquired Companies or any member of its Group in connection with the Services (collectively, “Work Product”), in whatever form or medium, and all intellectual
property rights in or to any of the foregoing owned by any member of the Exxaro Group (collectively, the “Exxaro Intellectual Property”) will remain the exclusive property of, as applicable, Exxaro or a member of its Group;
except that Exxaro and the members of its Group will grant the South African Acquired Companies and the members of its Group a non-exclusive, non-transferable, perpetual, irrevocable royalty-free, worldwide right and license to use, disclose
and otherwise exploit any Exxaro Intellectual Property to the extent that it 

  
 13 

	 	
relates to any Work Product that is non-severable or contained in, derived from, included or embedded in, or necessary or desirable to use, any work product, data, software or any other materials
or deliverables or any other intellectual property or tangible embodiments thereof generated, developed or otherwise created by or on behalf of Exxaro or the South African Acquired Companies or any member of Exxaro’s or Tronox’s
Group in the course of Exxaro’s provision of the Services. Notwithstanding the foregoing, however, to the extent any Work Product is created primarily for the South African Acquired Companies or any member of its Group, or is primarily
derived from any intellectual property of the South African Acquired Companies or any member of its Group, the South African Acquired Companies will own such Work Product and all intellectual property rights therein or thereto, and Exxaro, or the
relevant member of the Exxaro Group shall do all things and sign all documents as may be necessary to formally assign any interest it may have in such Work Product. 

 

	7.2	All Work Product, data, software and any other materials or deliverables and any other intellectual property and tangible embodiments thereof generated, developed or
otherwise created by or on behalf of the South African Acquired Companies (whether in the course of Exxaro’s provision of the Services or otherwise), in whatever form or medium, and all intellectual property rights in or to any of the foregoing
will be owned by the South African Acquired Companies 

  

	7.3	The Parties acknowledge that, in agreeing on the Services to be provided by Exxaro under this TS Agreement, they may decide to allocate the ownership of intellectual
property rights arising out of Exxaro’s provision of the Services differently for certain Services in this TS Agreement. 

  

	8.	EXCEPTIONS TO EXXARO’S OBLIGATION TO PERFORM 

  

	8.1	Exxaro shall not be required to provide a Service to the extent the performance of such Service would require the Exxaro Group to violate any applicable law or would
result in the breach of any software license or other Contract with a Person not a member of the Exxaro Group but only to the extent that such breach is a consequence of the South African Acquired Companies’ failure to comply with an obligation
to own or otherwise possess such software license, or to enter into such other Contract, that is expressly set forth in this TS Agreement and is applicable to the Services to be provided by Exxaro or agreed by the Parties as necessary or desirable
for Exxaro to be able to provide the Services. 

  

	8.2	If Exxaro determines that it is no longer commercially viable to provide any Service (whether absolutely or in the manner in which the Service is to be performed) in
accordance with the terms hereof, the Parties shall meet as soon as may be practicable after Exxaro has made such a decision, and in good faith cooperate so as to determine the best alternative approach to procure the provision of the Services.
Until such alternative approach is found or the problem is otherwise resolved to the satisfaction of the Parties, Exxaro shall use commercially reasonable efforts to continue to provide such Service, and Tronox shall not be precluded from invoking
the dispute resolution provisions of section 6 should Exxaro fail so to do. 

  

	8.3	 If Exxaro is objectively unable to modify its provision of such Service and no alternate approach to procure the provision of the Services is agreed,
Exxaro will be excused from 

  
 14 

	 	
continuing to provide it without claim or penalty of any nature levied. If Exxaro is excused from providing a Service as set forth herein, then the amount payable to Exxaro for the Services will
be reduced accordingly during the period in which Exxaro is not providing such Service. To the extent the Parties agree upon an alternative approach that requires payment of amounts above and beyond what Tronox is required to pay under this TS
Agreement for such Service, such excess amounts shall be borne by Tronox, unless otherwise agreed by the Parties. Tronox may obtain replacement services or resources for the affected Service from a third party for the duration of such delay or
inability to perform, and Tronox shall be liable for the payment of such substitute Services. Exxaro shall provide reasonable assistance in identifying a suitable third party and shall assist Tronox in negotiating favourable terms of such.

  

	8.4	Notwithstanding anything to the contrary contained herein, 

  

	 	(a)	if either of the South African Acquired Companies (i) elect to decommission, replace, modify or change its information technology or communications systems or any
other aspect of its business relationship relating to a Service in a manner that prevents Exxaro from providing such Service as required hereunder (in the understanding that Tronox shall provide Exxaro with five Business Days prior notice of any
such election), or (ii) fail to acquire the hardware, software, information systems or other materials or third party services reasonably necessary for any Service pursuant to Section 5.5 of this TS Agreement and such failure prevents
Exxaro from providing such Service as required hereunder, then, in each case, Exxaro shall have no liability whatsoever with respect to the effectiveness or quality of such Service and, following five Business Days prior written notice to Tronox,
Exxaro shall be excused from the performance of such Service; 

  

	 	(b)	if Tronox is unable, despite Exxaro’s reasonable assistance in accordance with Section 5.2 of this TS Agreement and Exxaro’s cooperation in accordance
with Section 6.1 of this TS Agreement, to secure the agreement of third parties with whom Exxaro has outsourced certain Services to provide such Services to the Tronox Group, Exxaro shall have no liability whatsoever with respect to the
effectiveness or quality of any Service that is prevented, hindered, or delayed thereby and, following five Business Days prior written notice to Tronox, Exxaro shall be excused from the performance of such Service; 

 

	 	(c)	if Tronox is unable, despite Exxaro’s cooperation in accordance with Sections 5.3 and 6.1 of this TS Agreement, to obtain any required transfer or assignment
agreements or any other equivalent agreements necessary to transfer Contractual rights of the Exxaro Group that existed immediately prior to the Closing Date, Exxaro shall have no liability whatsoever with respect to the effectiveness or quality of
any Service that is prevented, hindered, or delayed thereby and, following five Business Days prior written notice to Tronox, Exxaro shall be excused from the performance of such Service; and 

 

	 	(d)	 Exxaro may suspend performance and the Tronox Group’s access to information technology or communications systems used by the Exxaro Group if, in
Exxaro’s 

  
 15 

	 	
reasonable judgment, the integrity, security or performance of such systems, or any data stored thereon, is being or is likely to be jeopardized by the activities of any member of the Tronox
Group, its employees, agents, representatives or contractors. 

  

	8.5	It shall not be a breach of this TS Agreement and the Parties shall not be liable for delay in performance or nonperformance of any term or condition of this TS
Agreement directly or indirectly resulting from any fire, explosion, accident, disease, illness, flood, labor trouble or stoppage, civil disorder, war, terrorism (or threat thereof), atmospheric or weather condition, acts of God or any other causes
beyond a party’s reasonable control (each, a “Force Majeure Event”). Upon the occurrence of any Force Majeure Event, the Party so affected in the discharge of its obligation shall promptly give written notice of such
event to the other Party. The affected Party shall make every reasonable effort to remove or remedy the cause of such Force Majeure Event or mitigate its effect as quickly as may be possible. If such occurrence results in the suspension of all
or part of the Services for 30 days, the Parties shall meet and determine the appropriate measures to be taken. Any delay or failure in performance by either Party thereto shall not constitute default hereunder or give rise to any claims for damages
or loss of anticipated profits if, and to the extent that such delay or failure is caused by a Force Majeure Event. In a Force Majeure Event, Exxaro shall not be entitled to any compensation for any part of, or all of, the Services that is suspended
because of such Force Majeure Event. 

  

	9.	PAYMENT AND AUDIT RIGHTS 

  

	9.1	Generally. 

  

	  	In consideration of each Service provided hereunder, during the Term of this TS Agreement, the South African Acquired Companies shall pay to Exxaro, on a monthly basis,
an amount equal to the Service Costs attributable to the Services provided by the Exxaro Group during the prior month period. Services provided by the Exxaro Group to the South African Acquired Companies under this TS Agreement will have priority
over the Services provided under the General Service Agreement, and Exxaro shall not separately invoice the South African Acquired Companies under the Services Agreement, nor shall the South African Acquired Companies owe any amounts hereunder, for
any Services that may be characterized as Services under the Services Agreement and the General Services Agreement. With respect to any particular Service, if any, requiring additional payment by the South African Acquired Companies, the South
African Acquired Companies shall pay Exxaro in accordance with the specifications set forth on the Exhibits. To the extent that, during the Term, the Parties use their reasonable commercial efforts to mutually agree to modify, amend, delete or add
to the Services, the Parties shall cooperate to determine an equitable adjustment to the amounts paid by the South African Acquired Companies to Exxaro. For the avoidance of doubt however, no amendments to any of the Services, any Service Costs or
anything else relating to this TS Agreement shall become effective and binding on the Parties until reduced to writing and signed by each Party’s respective authorized representatives. 

  
 16 

	9.2	Invoices. 

 With respect
to the Services actually provided, Exxaro shall invoice the South African Acquired Companies the South African Acquired Companies on a monthly basis for all amounts due to Exxaro hereunder with respect to such Services. For the avoidance of doubt,
it is hereby understood that, unless mutually agreed in writing among the Parties, amounts due hereunder shall consist solely of Service Costs. Such invoices shall be accompanied by a reasonable accounting of all invoiced amounts, all third party
invoices and receipts related to such invoiced amounts and such other supporting documentation as may be reasonably requested by the South African Acquired Companies. 
  

	9.3	Payment. 

 The relevant
South African Acquired Company shall pay Exxaro for any properly invoiced amounts within 30 days of receipt of the invoice and other information required by Section 9.2; provided, however, that if the relevant South African
Acquired Company shall have a bona fide dispute with the amount invoiced, then the relevant South African Acquired Company shall pay only the undisputed amount at such time, and the Parties shall seek to resolve such dispute in accordance with
Section 6 of this TS Agreement. Unless the Parties otherwise agree, all payments hereunder shall be made by deposit of South African Rand in the requisite amount to such bank account as Exxaro may from time to time designate by notice to the
South African Acquired Companies. Late payments of undisputed amounts (or payments of disputed amounts which are determined under this TS Agreement to be payable by the South African Acquired Companies) shall bear interest at the published one-month
JIBAR Rate plus 2% per annum. 
  

	9.4	Quarterly Reconciliation. 

Exxaro shall at the end of each quarter, reconcile the monthly invoices issued against the Services provided for the preceding quarter, so
as to ensure the accuracy of the invoices issued in such period. To the extent that Tronox has been overcharged or undercharged for the provision of any Service, Exxaro shall reflect such sum as to Tronox’s credit or debit (as the case may be)
in the following monthly invoice issued in terms of clause 9.2. Such figure shall be reflected clearly as a separate line item on the invoice as either a debit or credit with a brief explanation for the inclusion (“adjustment
amount”). As regards credit amounts, Tronox shall pay the difference between the amount charged for Services under the monthly invoice and the amount reflected to its credit. Where an additional amount is indicated as a debit, Tronox shall
pay the sum of the two figures. No interest shall be included in or levied on an adjustment amount. 
  

	9.5	Financial Statements and Statutory Audits 

 The Parties will each make their respective management teams reasonably available to assist the South African Acquired Companies from time to time to respond to requests related to the preparation,
analysis and discussion of its financial statements (annual and interim as applicable). Such access and will include, without limitation: (i) preparation of pro forma financial information, (ii) preparation of projections,
(iii) conforming of accounting policies, (iv) preparation of Tronox’s and/or its Affiliate(s)’ SEC filings, (v) other periodic financial reporting and related analysis, (vi) issuance by Tronox’s
auditor’s of “comfort letters” pursuant to SAS 

  
 17 

 
72, (vii) responding to SEC comment letters (viii) any other similar or related item of information reasonably required by Tronox or its advisors and (viii) Exxaro shall only be
required to provide the services referred to in items (i) to (viii) above to the extent that it relates to the South African Acquired Companies. Access to the Parties’ respective management teams for the aforementioned purposes shall
be on a timely basis in order to facilitate Tronox’s and/or its Affiliate(s)’ periodic financial reporting and financing activities (to the extent that it relates to the South African Acquired Companies). In the event that the obligation
to provide the services referred to in items (i) to (viii) necessitates the acquisition of additional resources, the Parties record that provided such matter will be raised with, and approved by, Tronox prior to the acquisition of such
resources, the reasonable and direct costs occasioned by the acquisition of such additional resources will be borne by Tronox. 
  

	9.6	The Parties’ respective management teams will direct and assist Tronox’s auditors to provide all necessary reasonable assistance to Tronox and/or its
Affiliate(s) and Tronox’s and/or its Affiliate(s)’ auditors in relation to: (i) the preparation of pro forma financial information, (ii) analysis of financial reporting, (iii) responding to SEC comment letters, and
(iv) transitioning of auditors (including access to working papers) and such other reasonable assistance as such auditor’s may require in connection with such and other related activities; provided that such assistance will be
treated and invoiced as a Service. Exxaro will only be required to provide the abovementioned services (contained in items (i) to (iv) above) to the extent that they relate to the South African Acquired Companies 

 

	9.7	Taxes. 

  

	 	(a)	Any Taxes assessed and levied on the provision of any Service hereunder shall be included in the Service Costs of such Services. 

 

	 	(b)	All Services are provided exclusive of VAT. 

  

	10.	CONFIDENTIALITY 

  

	10.1	 With respect to any Service, Tronox agrees that (a) all software, hardware or data store, procedures and materials provided to the South African
Acquired Companies by or on behalf of Exxaro in connection with such Service are solely for the use of the South African Acquired Companies and members of its Group solely for purposes of using such Services during the Term (provided that benefits
received by third parties in the ordinary course of business conducted with the South African Acquired Companies shall not be subject to this Section 10); (b) title to any software, hardware or data store or any other intellectual property
or proprietary right of any kind used in performing such Service shall, as between the South African Acquired Companies and Exxaro, remain in Exxaro; (c) Neither Tronox nor the South African Acquired Companies shall copy, modify, reverse
engineer, decompile, distribute or in any way alter or make derivative works of any software, hardware or data store used in performing such Service without Exxaro’s prior written consent; and (d) Tronox shall, and shall cause the member
of the Tronox Group to, comply with any and all usage guidelines pertaining to any Service and provided by or on behalf of Exxaro, including any and all usage guidelines pertaining to software, data, or other intellectual property or proprietary
rights. Notwithstanding the foregoing any software, hardware, data store, procedures or materials 

  
 18 

 
purchased for Tronox pursuant to Section 2.2 of this TS Agreement in connection with a Service or the independent functionality of Tronox, and any assets acquired or purchased by Tronox for
its own account, shall not be subject to this Section 10.1. 
  

	10.2	The Parties acknowledge that, pursuant to the mutual provision of Services or as a result of the transfer of certain business operations and assets (including
information technology, software and hardware) contemplated by the Transaction Agreement, each Party shall possess or have access (intentionally or inadvertently) to information that belongs to the other Party or has commercial value in that other
Party’s business, and is not in the public domain, including information relating to its customers, suppliers, finances, operations, facilities and markets (“Confidential Information”). Neither Party shall disclose, use,
sell, assign, lease nor otherwise dispose of the other Party’s Confidential Information, except as otherwise expressly permitted by this TS Agreement or the Transaction Agreement. Exxaro shall not, and shall use its commercially reasonable
efforts to ensure that the Exxaro Group and its employees, contractors and other agents do not, use the Services to access any of Tronox’s Confidential Information that is outside the scope of the Service provided. Nothing in this
Section 10.2 shall be construed as obligating any Party hereto to disclose its Confidential Information to any other Party, or as granting to or conferring on another Party, expressly or by implication, any rights or license to its Confidential
Information, provided that the Parties acknowledge that, in order to perform the Services, Exxaro shall have custody of and usage of certain Tronox’s Confidential Information, and Tronox hereby grants to Exxaro the right to do so in accordance
with this TS Agreement. 

  

	10.3	Notwithstanding Section 10.2, Information is not Confidential Information to the extent that: (a) the information is or becomes publicly available through no
fault of the Party which received the information from the other Party; (b) the same information is rightfully in the possession of a Party prior to receipt of that information from another Party; provided, however that Tronox
information or data that is in Exxaro’s possession prior to the Closing Date and is otherwise Confidential Information of Tronox shall be Confidential Information; (c) the same information is independently developed (without the use of
another Party’s Confidential Information) by the Party which received that information from such other Party; or (d) the same information becomes available to a Party on a non-confidential basis from a source other than another Party
hereto, which source, to the knowledge of the disclosing Party, is not prohibited from disclosing that information by a legal, contractual or fiduciary obligations to the Party about whom such information pertains. 

 

	10.4	Notwithstanding Section 10.2, a Party hereto shall not have violated the terms of this Section 10 for disclosing Confidential Information:

  

	 	(a)	to third parties performing services required under this TS Agreement where (i) use of that Confidential Information by that third party is authorized under this
TS Agreement; or (ii) disclosure is reasonably necessary or typically occurs in the natural course of the third party’s duties; provided, in each case, that the third party has executed a written confidentiality agreement under
which the third party is obligated to maintain the confidentiality of the Confidential Information in a manner substantially equivalent to this TS Agreement, to the extent that such party is not already bound by a confidentiality undertaking, in
which case there shall be no requirement for such party to enter into a written confidentiality agreement as contemplated in this clause; 

  
 19 

	 	(b)	in order to comply with any applicable Laws; provided that as soon as practicable and legally permitted the disclosing Party shall notify the Party whose
Confidential Information was or is to be disclosed of the disclosure or possible disclosure under this subsection; or 

  

	 	(c)	to the disclosing Party’s independent auditors. 

  

	11.	TERM 

  

	11.1	The term of this TS Agreement (the “Term”) shall commence on the Closing Date and, unless earlier terminated in accordance with
Section 11.2, shall continue until the End Date. This TS Agreement may only be extended by written agreement of the Parties as evidenced by the signature of authorized representatives of such Parties. 

 

	11.2	Notwithstanding the foregoing, the termination dates of any Service shall be as may set forth in Exhibit A; 

 

	11.3	With respect to any Service, Tronox may terminate the term of such Service upon 90 days notice to Exxaro; provided, further, that if the Exxaro has appointed or
otherwise engaged any employee, agent or subcontractor primarily for the purpose of rendering any of the Services to Tronox, the termination provisions of the relevant agreements shall prevail over this Section 11.3 unless Exxaro elects to make
payment in accordance with the provision of Section 12.3(a). 

  

	12.	CONSEQUENCES OF TERMINATION 

  

	12.1	Termination or expiration of this TS Agreement for any reason shall be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such
termination or expiration. Such termination, relinquishment, or expiration shall not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this TS Agreement. 

 

	12.2	Upon termination or expiration of this TS Agreement, each Party, at the request of the other, shall return all relevant records and materials in its possession or
control containing or comprising the other Party’s information and to which the returning Party does not retain rights hereunder (except one copy of which may be retained in such files for archival purposes) 

 

	12.3	If, as a consequence of termination of a particular Service, or as a result of termination or expiry of this TS Agreement and in addition and subject to the provisions
of Section 11.3 of this TS Agreement and Section 7.11 of the Transaction Agreement: 

  

	 	(a)	 To the extent that Exxaro, appoints a new employee, agent or subcontractor for the specific purpose of rendering a service to Tronox, such appointment
having been approved by Tronox, Exxaro shall, in the first instance, using its reasonable 

  
 20 

	 	
endeavors, attempt to redeploy such a person within Exxaro. If, and for whatever reason, such person exits the employment of Exxaro, Tronox shall pay the reasonable and direct costs incurred by
Exxaro arising out of such person’s exit. Nothing in the clause shall relieve Exxaro of its obligations to any employee or contractor incurred in terms of South African labour laws. For the avoidance of doubt, based on the current circumstances
anticipated with regards to the Transitional Services detailed in Exhibit A of this TS Agreement, Exxaro does not expect to require additional employees, agents or subcontractors to deliver these services. 

 

	13.	DISCLAIMER OF WARRANTIES 

EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE SERVICES TO BE PROVIDED UNDER THIS TS AGREEMENT ARE FURNISHED AS IS, WHERE IS, AND WITHOUT
WARRANTY OF ANY KIND EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ADEQUACY, OR COMPLIANCE WITH ANY LAW, DOMESTIC OR FOREIGN. 

 

	14.	DAMAGES 

 NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED HEREIN, EXCEPT AS EXPRESSLY SET FORTH HEREIN, NO PARTY SHALL BE LIABLE TO ANY OTHER PARTY (INCLUDING ITS RESPECTIVE HEIRS, LEGAL REPRESENTATIVES, SUCCESSORS OR ASSIGNS, AS THE CASE MAY BE, HEREUNDER) FOR ANY LOSSES
THAT ARE NOT REASONABLY FORESEEABLE OR ANY DAMAGES FOR THE LOSS OF PROFITS, BUSINESS, ANTICIPATED SAVINGS, GOODWILL, OR THE LOSS OF OR DAMAGE TO DATA OR ANY OTHER INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES ARISING OUT OF THIS TS
AGREEMENT OR ITS TERMINATION OR ANY TRANSACTION CONTEMPLATED BY THIS TS AGREEMENT, WHETHER FOR BREACH OF REPRESENTATION OR WARRANTY OR COVENANT OR OTHER AGREEMENT OR ANY OBLIGATION ARISING THEREFROM OR OTHERWISE, WHETHER LIABILITY IS ASSERTED IN
CONTRACT OR DELICT (INCLUDING, NEGLIGENCE AND STRICT PRODUCT LIABILITY) AND REGARDLESS OF WHETHER SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE. EACH PARTY HEREBY WAIVES ANY CLAIMS THAT THESE EXCLUSIONS DEPRIVE SUCH PARTY
OF AN ADEQUATE REMEDY. 
  

	15.	INDEMNIFICATION 

  

	15.1	 Exxaro hereby does and will indemnify, defend and hold harmless Tronox and each member of the Tronox Group and their respective Affiliates, officers,
directors, employees, stockholders, agents and representatives in respect of all Losses related to or arising from, (i) any breach by Exxaro or any member of the Exxaro Group of any representation, warranty, covenant or other obligation of this
TS Agreement; (ii) any violation of law; (iii) any third party claim that the Services provided breach or infringe, misappropriate or otherwise conflict with any intellectual property rights of any Person (such claim, a “Third
Party IP Claim”); (iv) any third party claim that the Services provided breach any license or other Contract (such claim, 

  
 21 

	 	
a “Third Party Contract Claim”) where any member of the Exxaro Group is a party to such license or other Contract; and (v) any Third Party Contract Claim where any
member of the Tronox Group is a party to such license or other Contract but only to the extent that a Loss is proximately caused by the gross negligence, willful misconduct or fraud of Exxaro; except in the case of items (ii)-(iv), to the
extent a Loss is proximately caused by (A) the gross negligence, willful misconduct or fraud of Tronox and/or the Acquired Companies (as the case may be)or (B) Tronox’s failure to arrange for appropriate intellectual property licenses
or consents under Contracts which it (or any member of its Group) is a party and with respect to which Tronox and/or the South African Acquired Companies (as the case may be)knew, or reasonably should have known, that such licenses or consents would
be required in order for Exxaro to perform any Service and had an obligation to obtain such licenses or consents under the TS Agreement (provided that neither Exxaro nor any member of its Group provided any such Services if Exxaro or any member of
its Group knew, or reasonably should have known, that any required license(s) or consent(s) were not yet obtained). 

  

	15.2	Tronox and the South African Acquired Companies will indemnify, defend and hold harmless Exxaro and each member of the Exxaro Group and their respective Affiliates,
officers, directors, employees, stockholders, agents and representatives in respect of all Losses related to or arising from, (i) any breach by Tronox and/or the South African Acquired Companies (as the case may be)or any member of the Tronox
Group of any representation, warranty, covenant or other obligation of the Transition Services Agreement; (ii) any violation of Law that is proximately caused by the gross negligence, willful misconduct or fraud of Tronox ; (iii) a Third
Party IP Claim that is proximately caused by the gross negligence, willful misconduct or fraud of Tronox and/or the Acquired Companies (as the case may be) or the failure of Tronox and/or the South African Acquired Companies (as the case may be) to
arrange for appropriate intellectual property licenses for which Tronox and/or the South African Acquired Companies (as the case may be) knew, or reasonably should have known, that such licenses would be required in order for Exxaro to perform the
Services and had an obligation to obtain such licenses under the TS Agreement (provided that neither Exxaro nor any member of its Group provided any such Services if Exxaro or any member of its Group knew, or reasonably should have known, that any
required license(s) were not yet obtained); (iv) any Third Party Contract Claim where any member of the Tronox Group is a party, except to the extent a Loss is proximately caused by the gross negligence, willful misconduct or fraud of Exxaro;
and (v) any Third Party Contract Claim where any member of the Exxaro Group is a party but only to the extent that a Loss is proximately caused by the gross negligence, willful misconduct or fraud of Tronox. 

 

	16.	SUBROGATION 

 If any
liability arises from the performance of any Service hereunder by a third party contractor, the South African Acquired Companies shall be subrogated to such rights, if any, as Exxaro may have against such third party contractor. 

 

	17.	INDEPENDENT CONTRACTOR 

At all times during the term of this TS Agreement, Exxaro shall be an independent contractor in providing the Services hereunder with the
sole right to supervise, manage, operate, control 

  
 22 

 
and direct the performance of the Services and the sole obligation to employ, compensate and manage its employees and business affairs, provided that Exxaro will remain solely liable to
Tronox for the acts and omissions of its subcontractors. Nothing contained in this TS Agreement shall be deemed or construed to create a partnership or joint venture, to create the relationships of employee/employer or principal/agent, or otherwise
create any liability whatsoever of any member of the Exxaro Group with respect to the indebtedness, Losses, obligations or actions of the other party or any of its respective officers, directors, employees, stockholders, agents or representatives,
or any other person or entity. 
  

	18.	COMPLIANCE WITH LAWS 

Each Party will comply with all applicable laws, rules, ordinances and regulations of any Governmental Entity or regulatory agency
governing the Services to be provided hereunder. No Party will take any action in violation of any applicable law, rule, ordinance or regulation that could result in liability being imposed on the other Party. 

 

	19.	MISCELLANEOUS 

  

	19.1	Notices. 

  

	 	(a)	Postal Address 

  

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

  

	 	(A)	Tronox: 3301 NW 150th Street 

Oklahoma City, OK 73134 , United States 
 Telefax No.: +1 405 775 5155 
 Attention: General Counsel 

E-mail: michael.foster@tronox.com 
  

	 	(A)	Exxaro: Roger Dyason Road 

Pretoria West, 0183, South Africa 
 Telefax No.: +27 12 307 4860 
 Attention: The Company Secretary 

E-mail: Carina.Wessels@exxaro.com 
  

	 	(a)	Any notice of communication required or permitted to be given in terms of this TS Agreement shall be valid and effective only if in writing but it shall be competent to
give notice of telefax. 

  
 23 

	 	(b)	 Any Party may by written notice to the other Party change its chosen address and/or telefax number for the purposes of clause 19.1 to another postal
address and/or telefax number, provided that the change shall become effective on the 14th (fourteenth) day after the receipt of the notice by the addressee. 

  

	 	(i)	any notice to a Party contained in a correctly addressed envelope; 

  

	 	(A)	and sent by pre-paid registered post to it at its chosen address in terms of clause 19.1 or 

 

	 	(B)	delivered by hand to a responsible person during ordinary business hours at its chosen address in terms of clause 19.1(a), shall be deemed to have been received in the
case of clause 19.1(a)(c)(i), on the seventh Business Day after posting (unless the contrary is proved) and, in the case of clause 19.1(a)(c)(ii) on the day of delivery. 

 

	 	(ii)	 Any notice by telefax to a Party at its telefax number shall be deemed, unless the contrary is proved, to have been received on the 1st (first) Business Day after the date of transmission.

  

	 	(c)	Address for Service of Legal Documents 

  

	 	(i)	The Parties hereto choose domicilia citandi et executandi for all purposes of and in connection with this TS Agreement as follows: 

 

	 	(A)	Tronox: 

 1 Stamford Plaza

 Suite 1100, 263 Tresser Boulevard 
 Stamford, CT 06901
 Attention: The General Counsel 

 

	 	(A)	The Company: 

 Exxaro: Roger
Dyason Road 
 Pretoria West, 0183, South Africa 

Attention: The Company Secretary 
  

	19.2	Either 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 (other than a box
number) in the Republic of South Africa, and any such change shall only be effective upon receipt of notice in writing by the other Party of such change. 

  

	19.3	All notices, demands, communications in respect of legal proceedings intended for a Party shall be made or given at its domicilium for the time being.

  
 24 

	19.4	A notice sent by one Party to another Party shall be deemed to have been received on the same day if delivered by hand or sent by telefacsimile.

  

	19.5	Notwithstanding anything to the contrary contained in this clause 19, 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. 

  

	19.6	Entire Agreement. This TS Agreement, together with the exhibits referred to herein, and the documents and instruments to be executed and delivered pursuant
hereto, constitutes the entire understanding and agreement by and among the Parties with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and understandings among such Parties with respect to the subject matter
hereof. 

  

	19.7	Amendments and Waivers. This TS Agreement may be amended only by an instrument in writing signed by all of the Parties. The observance of any term of this TS
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing and signed by the Party against whom such amendment or waiver is sought to be enforced. The waiver by
any Party of a breach of any provision of this TS Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any Party to exercise, and no
delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by any Party, preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. 

  

	19.8	Successors and Assigns. Neither this TS Agreement nor any rights hereunder may be ceded nor may any obligations be delegated by any Party without the prior
written consent of the other Parties. This TS Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. 

 

	19.9	Governing Law. This TS Agreement and any dispute, controversy or claim arising out of, relating to or in connection with this TS Agreement, or for the breach or
alleged breach thereof (whether in contract, in tort or otherwise) shall be governed by, and construed in accordance with, the laws of the Republic of South Africa, without giving effect to any conflicts of laws or other principles thereof that
would result in the application of the laws of another jurisdiction, either as to substance or procedure. 

  

	19.10	Severability. If any provisions of this TS Agreement as applied to any part or to any circumstance shall be adjudged by a court to be invalid or unenforceable,
the same shall in no way affect any other provision of this TS Agreement, the application of such provision in any other circumstances or the validity or enforceability of this TS Agreement. 

 

	19.11	Counterparts. This TS Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument. Such counterpart executions may be transmitted to the Parties by facsimile or electronic transmission, which shall have the full force and effect of an original signature. 

  
 25 

	19.12	Cooperation; Commercially Reasonable Efforts. The Parties shall cooperate in connection with all actions to be taken to consummate the transactions contemplated
by this TS Agreement. 

  

	19.13	Further Acts and Documents. Each Party hereby agrees to execute and deliver such further instruments and do such further acts and things as may be necessary or
desirable to carry out the purposes of this TS Agreement. 

  

	19.14	Interpretation. This TS Agreement shall be construed reasonably to carry out its intent without presumption against or in favor of either Party.

  

	20.	Arbitration. 

  

	20.1	Subject to compliance with the provisions of Section 6, and except in respect of those provisions of this TS Agreement which provide for their own remedies that
would be incompatible with arbitration, or if either Party institutes an urgent action against the other in any court of competent jurisdiction, any dispute arising from or in connection with this TS Agreement will be finally resolved in accordance
with the Rules of the Arbitration Foundation of Southern Africa (the “Foundation”) by an arbitrator appointed by the Foundation. 

  

	20.2	The arbitrator shall be selected based on the subject matter under dispute in accordance with the following procedure: 

 

	 	(a)	if the subject in dispute is primarily an accounting matter, then the Arbitrator shall be an independent accountant agreed upon between the Parties;

  

	 	(b)	if the subject in dispute is primarily a legal matter, then the Arbitrator shall be a practicing senior counsel with no less than 10 years standing agreed upon between
the Parties; and 

  

	 	(c)	if the subject in dispute is any other matter, then the Arbitrator shall be an independent person agreed upon between the Parties. 

 

	20.3	If the Parties cannot agree upon a particular arbitrator in accordance with Section 20.2 above within seven Business Days after the arbitration has been demanded,
the arbitration shall be selected by the President of the General Council of the Bar of South Africa or his/her successors in title, within seven Business Days after the Parties have failed to agree. 

 

	20.4	An aggrieved Party may appeal against the arbitration award within 10 Business Days after receipt of the arbitration award by lodging a notice of appeal with the other
Party. 

  

	20.5	Three practicing senior counsel of at least 15 years standing shall be appointed as chairpersons of the appeal. If the Parties are unable to agree on the chairpersons
for the appeal, then Section 20.3) shall apply mutatis mutandis with the changes required by the context. The chairpersons shall meet the Parties within seven days after their appointment to determine the procedure for the appeal.

  

	20.6	The Parties irrevocably agree the arbitration proceedings will be conducted in South Africa. 

  
 26 

	20.7	The Parties irrevocably agree that the decision in these arbitration proceedings shall be binding on them and shall be carried into effect as if adopted by an order of
any Court of competent jurisdiction. 

  

	20.8	This clause 20 will be severable from the rest of this TS Agreement so that it will operate and continue to operate notwithstanding any actual or alleged voidness,
voidability, unenforceability, termination, cancellation, expiry, or accepted repudiation, of this TS Agreement. 

  

	20.9	Neither Party shall be entitled to withhold performance of any of their obligations in terms of this TS Agreement pending the settlement of, or decision in, any dispute
arising between the Parties, and each Party shall in such circumstances continue to comply with their obligations in terms of this TS Agreement. 

  
 27 

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

  

							
	TRONOX	 		 	TRONOX LIMITED
				
		 		 	By:	 	/s/ Michael J. Foster        
		 		 		 	Name: Michael J. Foster
		 		 		 	Title: Director
				
		 		 	By:	 	/s/ Matthew A. Paque      
		 		 		 	Name: Matthew A. Paque
		 		 		 	Title: Secretary

 [Transition Services Agreement] 

							
	EXXARO RESOURCES	 	EXXARO RESOURCES LIMITED	 	 
				
		 	 By:
	 	 /s/ Riaan Koppeschaar
	 	
		 		 	Name: Riaan Koppeschaar	 	
		 		 	Title: General Manager	 	

  

							
	EXXARO TSA SANDS	 	EXXARO TSA SANDS (PTY) LTD	 	 
				
		 	 By:
	 	 /s/ Riaan Koppeschaar
	 	
		 		 	Name: Riaan Koppeschaar	 	
		 		 	Title: General Manager	 	

  

							
	EXXARO SANDS	 	EXXARO SANDS (PTY) LTD	 	 
				
		 	 By:
	 	 /s/ Riaan Koppeschaar
	 	
		 		 	Name: Riaan Koppeschaar	 	
		 		 	Title: General Manager	 	

 [Transition Services Agreement] 

 EXHIBIT A 

Services Provided by Exxaro and the Exxaro Group to the Tronox Group 

WORK IN PROGRESS 
  

	1	Payroll / Employee Benefits 

  

	1.1	Start Date. Beginning on the Closing Date, Exxaro shall use commercially reasonable efforts to assist the South African Acquired Companies with respect to
general accounting services with respect to payroll, employee benefits matters and associated Pay As You Earn (PAYE) tax compliance. 

  

	1.2	End Date. Exxaro’s obligations pursuant to this Section shall continue until 31 December 2012, unless extended in accordance with Section 11
of the Agreement. 

  

	1.3	Services. Subject to the terms and conditions of the Agreement, Exxaro’s services provided pursuant to this Section shall include the following:

  

	 	i.	Exxaro shall share with the South African Acquired Companies systems implemented and in production for the South African Acquired Companies as of the Closing Date.

  

	 	ii.	Payroll administration. 

  

	 	iii.	Benefits administration. 

  

	 	iv.	Preparation of monthly PAYE returns and associated reconciliations. 

  

	2	General Accounting 

  

	2.1	Start Date. Beginning on the Closing Date, Exxaro shall use commercially reasonable efforts to assist the South African Acquired Companies with respect to
general accounting services. 

  

	2.2	End Date. Exxaro’s obligations pursuant to this Section shall continue until 31 December 2012, unless extended in accordance with Section 11 of
the Agreement. 

  

	2.3	Services. Subject to the terms and conditions of the Agreement, Exxaro’s services provided pursuant to this Section shall include the following:

  

	 	i.	Making reasonably available its general accounting personnel for consultation on matters relating to or affecting the South African Acquired Companies where such
personnel have relevant familiarity or expertise 

  

	 	ii.	Providing Hyperion maintenance, support and assistance for Tronox Mineral Sands 

 

	 	iii.	Providing monthly consolidated management reports for the Tronox Mineral Sands management team. 

 

	 	iv.	Support and assistance with IFRS and other general accounting matters. 

  
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	 	v.	Necessary accounting information that may be require for the Rehabilitation Trust. 

 

	3	Tax Services 

  

	3.1	Start Date. Beginning on the Closing Date, Exxaro shall cooperate with the South African Acquired Companies in meeting certain tax compliance obligations of the
South African Acquired Companies. 

  

	3.2	End Date. Exxaro’s obligations pursuant to this Section shall continue until the first anniversary of the Closing Date, unless extended in accordance
with Section 11 of the Agreement. 

  

	3.3	Services. Subject to the terms and conditions of the Agreement, Exxaro shall provide the following services and assistance to the South African Acquired
Companies: 

  

	 	a.	Income Tax 

  

	 	i.	Completion and submission of IT14 returns for the 2012 year of assessment. 

 

	 	ii.	Completion and submission of IRP6 returns for the 2012 year of assessment. 

 

	 	b.	Mineral Resource Royalty 

  

	 	i.	Completion and submission of MPR2 returns for the 2012 year of assessment. 

 

	 	ii.	Completion and submission of MPR3 returns for the 2012 year of assessment. 

 

	 	iii.	Completion and submission of MPR report to National Treasury for the 2012 year of assessment. 

 

	 	c.	Tax Reporting 

  

	 	i.	Quarterly reporting on the tax liability for the 2012 year of assessment. 

  

	 	ii.	Year end reporting for the financial year ending 31 December 2012. 

  

	 	d.	Liaison with the South African Revenue Services (SARS) 

  

	 	i.	Responding to queries from SARS relating to VAT, Income Tax, PAYE and Mineral Resource Royalty. 

 

	 	ii.	Provision of information to SARS as required. 

  

	4	Access to Accounts, Bank Systems and Funds 

  

	4.1	Start Date. Beginning on the Closing Date, Exxaro shall use commercially reasonable efforts to assist the South African Acquired Companies with respect to the
coordination of transferred accounts and bank systems. 

  
 A-2

	4.2	End Date. Exxaro’s obligations pursuant to this Section shall continue until first anniversary of the Closing Date, unless extended in accordance with
Section 11 of the Agreement. 

  

	4.3	Services. Subject to the terms and conditions of the Agreement, Exxaro’s services provided pursuant to this Section shall include the following:

  

	 	i.	Exxaro shall cooperate with the South African Acquired Companies in facilitating access to information and transactions involving bank accounts and bank systems
transferred, or intended to be transferred, to Tronox pursuant to the transactions contemplated by the Transaction Agreement or containing or receiving funds so transferred to the South African Acquired Companies or otherwise belonging to the South
African Acquired Companies. 

  

	 	ii.	Exxaro shall permit the South African Acquired Companies access to information regarding accounts of Exxaro limited to transactions therein which involve funds relating
to the South African Acquired Companies whether prior to, or after, the Closing. 

  

	 	iii.	Prior to the Closing, Exxaro shall facilitate the preparation of appropriate account or bank system transfer documentation, such transfers to be effective as of the
Closing Date or as soon as practicable thereafter. Subsequent to the Closing Date, Exxaro shall make its personnel available for consultation and shall execute documents or assign authority to the South African Acquired Companies where necessary to
allow the South African Acquired Companies to complete any account or bank system transfers. 

  

	5	Stray Funds 

  

	5.1	Start Date. Beginning on the Closing Date, Exxaro shall use commercially reasonable efforts to assist the South African Acquired Companies in the directing of
funds intended to be remitted to the South African Acquired Companies. 

  

	5.2	Services. In the event that remittances received into Exxaro bank accounts relate to sales or services provided by the South African Acquired Companies (or
otherwise intended for the South African Acquired Companies), Exxaro shall promptly segregate such remittance amounts and whenever the balance of such amounts exceeds R100,000 or once a week, whichever occurs first, Exxaro shall remit by wire
transfer the balance collected on behalf of the South African Acquired Companies to the South African Acquired Companies. 

  

	6	Migration of Travel Charge Cards and Travel Service 

  

	6.1	Start Date. Beginning on the date hereof, Exxaro shall use commercially reasonable efforts to cause (or assist, as applicable) migration to the South African
Acquired Companies of the Travel Charge Card services and travel services (together, the “Travel Services”) to be remitted to the South African Acquired. 

 

	6.2	End Date. Exxaro shall use commercially reasonable efforts to complete the Services set forth in this Section within 180 days after the Closing Date;
provided Exxaro’s obligations pursuant to this Section 1.11 shall continue until the first anniversary of the Closing Date, unless extended in accordance with Section 11 of the Agreement. 

  
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	6.3	Services. Exxaro’s services provided pursuant to this Section shall include the following: 

 

	 	i.	Establishment of a separate account, or accounts, for the South African Acquired Companies with respect to the Travel Services. 

 

	7	Information Management & Technology 

  

	7.1	For purposes hereof, the following provisions shall be known, collectively, as the “IT Migration Standards”. 

 

	7.2	Start Date. On or prior to the Closing Date, Exxaro shall commence commercially reasonable efforts to segregate, install, implement and provide consulting
services for transferred software and applications (including hardware, enterprise software and required applications, each an “IT System”). 

 

	7.3	End Date. Exxaro’s obligation pursuant to Section 2 of this Exhibit A shall end on the first anniversary of the Closing Date, unless extended in
accordance with Section 10 of the Agreement. Personnel. In connection with the Services to be provided pursuant to Section 2 of this Exhibit A, beginning on the Closing Date, each Group shall make reasonably available
for consultation with the other Group those retained employees and consultants or other service providers of such Group as are reasonably necessary for the provision of such Services. 

 

	7.4	Elements of IT System Migration and Replicating. Subject to the terms and conditions of this TS Agreement, Exxaro shall take the following steps in connection
with the migration and replication of each IT System: 

  

	 	i	Hardware. Certain servers, terminals, network equipment, data storage systems and additional hardware related to each IT System shall be segregated for the exclusive
use of the South African Acquired Companies and each IT System shall be installed, developed and tested thereon. Such segregated hardware shall be integrated into the other information technology systems that Exxaro has migrated and replicated for
the South African Acquired Companies in accordance with this TS Agreement. All hardware equipment for the segregation of the IT System will be purchased by the Exxaro Group and the cost thereof will be recouped from the Tronox Group.

  

	 	ii	Software. All necessary software shall be installed on the segregated hardware for the complete and independent operation of each IT System. If software licenses are
required for the establishment of the Tronox replicated systems environment, the cost of such software licenses shall be the responsibility of Exxaro. 

  

	 	iii	Data. All data, reasonably required, subject to Exxaro Group’s records retention policy, for the operation of each IT System by the South African Acquired
Companies , including existing information with respect to historic operations of the South African Acquired Companies (including historic data and records of all businesses, including prior businesses, and their transaction details).

  
 A-4

	 	iv	System Integration. Exxaro shall assist the South African Acquired Companies in integrating each IT System with the other IT Systems that Exxaro migrates and replicates
for the South African Acquired Companies in accordance with this TS Agreement. 

  

	 	v	System Modules and Applications. System modules and applications implemented by Exxaro for the benefit of the South African Acquired Companies shall be migrated to the
South African Acquired Companies. 

  

	8	Information Technology Systems Migration Services. Exxaro shall provide the following services in accordance with the IT Migration Standards:

  

	 	i	Deliver (as necessary), configure and install IT System components as required for migration pursuant to this Exhibit A. The IT Systems delivered by Exxaro
shall be consistent in scope, version and functionality as implemented in the Exxaro Siyaya program carved out for the South African Acquired Companies. 

  

	 	ii	Jointly with the South African Acquired Companies, appoint qualified project managers to manage the transition and migration projects. 

 

	 	iii	Jointly with the South African Acquired Companies, develop detailed transition plans for infrastructure, applications and business processes. 

 

	 	iv	Load pertinent shared applications, databases and data onto Tronox Group hardware and prior to loading, conduct appropriate tests jointly with Tronox Group personnel to
check whether such shared applications and data are fully operational in connection with the comparable hardware and software as used in Tronox systems and applications that Exxaro migrates and replicates for Tronox in accordance with this TS
Agreement. 

  

	 	v	Extract appropriate data out of Exxaro’s enterprise systems and other applications in a mutually agreed format for normalization, testing and loading into Tronox
Group systems and applications that Exxaro migrates and replicates for Tronox in accordance with this TS Agreement. 

  

	 	vi	Establish WAN, LAN, and other information technology systems elements to move the South African Acquired Companies from Exxaro network to Tronox network, retaining
access to necessary applications. 

  

	 	vii	Transition Tronox Group master data, open balances and transactional data based upon a mutually agreed plan. 

 

	 	viii	Provide documentation and any other necessary information related to the information technology systems (including telephone and networking equipment), networks and
applications. 

  
 A-5

	 	ix	Continue current services, including relevant third-party services, pertaining to cellphone and calling card programs and shall present to the South African Acquired
Companies an accounting of any charges for payment made on behalf of the South African Acquired Companies in connection with such programs after the Closing Date until migration for reimbursement thereof. 

 

	 	x	Use commercially reasonable efforts to transfer to the South African Acquired Companies all the required software and application necessary for stand-alone operations.

  

	 	xi	Use commercially reasonable efforts to transfer information and technology assets required by the South African Companies. 

 

	 	xii	Use commercially reasonable efforts to transfer licenses to the South African Acquired Companies. 

 

	9	Information Technology Systems Services 

  

	9.1	Services: Beginning on the Closing Date, Exxaro shall provide the following Services in accordance with the IT Migration Standards for a period of no less than
twelve months which could, by mutual agreement, be extended. Individual line-item services and billing identified in this section can be discontinued or extended with mutual agreement: 

 

	 	i.	Hosting and support of the South African Acquired Companies SAP Operations Environment at the Exxaro Data Centre in Pretoria. Exxaro shall charge for this service,
which includes backup tapes and related ancillary costs. Hosting and support of the South African Acquired Companies SAP HRMS Environment at the Exxaro Data Center in Pretoria. Exxaro will charge for this service. 

 

	 	ii.	Hosting, support and email forwarding for the South African Acquired Companies E-mail Services. A fixed cost will be charged for this service. Tronox will purchase
required Exchange servers and migrate to their own email system and Tronox will be responsible for the costs associated with email migration. 

  

	 	iii.	SAP Application Support while the SAP and related applications are running in the Exxaro data center. This service shall include SAP technical troubleshooting, SAP
functional knowledge and transaction support. This support will be billed to the Tronox Group on a time and materials basis. 

  

	 	iv.	Hosting and support of all other Enterprise Applications required by the South African Acquired Companies at the Exxaro Data Centre in Pretoria. Exxaro will charge for
this service. 

  

	 	v.	Exxaro will provide WAN connectivity to the South African Acquired Companies. Exxaro will charge for this service. 

  
 A-6

	 	vi.	Exxaro will continue, as it currently is, to support the infrastructure environment at KZN Sands. Exxaro will charge for this service. Namakwa Sands will continue to
support its own infrastructure and applications environment as it is currently doing. 

  

	 	vii.	A Governance document will be compiled and mutually agreed upon by both the Exxaro Group and the South African Acquired Companies that will detail the principles and
manner in which changes will be managed, continuous improvements are approved and implemented and billing arrangements within the South African Acquired Companies enterprise architecture that is hosted and or supported by the Exxaro Group.

  

	 	viii.	Cost of IT Transition Services Costs. Tronox shall not be responsible for the following transition services costs: 

 

	 	ix.	The cost and effort for Exxaro to separate SAP and associated applications to run on Tronox stand-alone hardware. 

 

	 	x.	The transfer of any and all software licenses which are in Exxaro’s name to the South African Acquired Companies or to a Tronox legal entity.

  

	 	xi.	The transfer of any and all telecommunication service accounts which are in Exxaro’s name to to the South African Acquired Companies or to a Tronox legal entity.
Exxaro will work with any and all service providers jointly with Tronox to insure transition of accounts, billing information, and contracts are made without disruption of service. 

 

	 	xii.	Infrastructure (hardware, software, networks, etc.). 

  

	 	xiii.	Access to data, including databases, data warehouse, reporting system, processing and networking. 

 

	 	xiv.	Consultation, maintenance, support and systems administration. 

  

	 	xv.	IT System support including call-center and help-desk user. 

  

	 	xvi.	Monitoring, managing, operating and maintaining: (i) Data center, including all servers for data processing and other supporting equipment, (ii) wide area
network (WAN), (iii) local area network (LAN), (iv) telephony infrastructure, (v) web sites, (vi) business-to-business connections, including existing EDI and XML partners, (viii) legacy application systems, (ix) all
other interfaces between internal and external applications and systems, and (xi) chemical data warehouse and associated databases. 

  

	 	xvii.	Reasonable access to, or reasonable access to data from, the legacy systems, networks and applications for data collection and analysis. 

 

	 	xviii.	In a manner consistent with its records retention policy, retain electronic data in its enterprise, accounting and other principal systems and applications relating to
the South African Acquired Companies. 

  
 A-7

	10	Information Technology Security 

  

	10.1	Services. Beginning on the Closing Date, Exxaro shall provide the following services in accordance with the IT Migration Standards: 

 

	 	i.	Firewall monitoring, administration, configuration and reporting. 

  

	 	ii.	VPN and remote-access monitoring, administration, configuration management and support. 

 

	 	iii.	E-mail virus protection, spam filtering and attack monitoring, prevention and reporting. 

 

	 	iv.	Real-time monitoring and updating of virus definitions on all hosts and clients (including laptops). 

 

	 	v.	Host intrusion detection, protection, configuration, maintenance and support. 

 

	 	vi.	Network intrusion detection, protection, configuration, maintenance and support. 

 

	 	vii.	Establishment of systems access protocols. 

  

	 	viii.	Computer incident response. 

  

	11	Human Resources 

  

	11.1	Start Date. Beginning as of the Closing Date, Exxaro shall use commercially reasonable efforts to separate the personnel and resources applicable to human
resources administration in connection with the South African Acquired Companies such that such separate personnel and resources may independently conduct such human resource administration. 

 

	11.2	End Date. Exxaro’s obligations pursuant to this Section shall continue until 31 December 2012, unless extended in accordance with Section 11
of the Agreement. 

  

	11.3	Services. Subject to the terms and conditions of the Agreement, Exxaro’s services provided shall include the following: 

 

	 	i.	Migration of personnel, systems, records, applications and data related to the South African Acquired Companies. 

 

	 	ii.	Assistance in the integration of human resource activities and resources into the information technology system of the South African Acquired Companies.

  

	 	iii.	Provision of human resource administration services, including payroll and benefits matters, (through personnel, systems, service providers, or otherwise) to the extent
required to maintain such services, on behalf of the South African Acquired Companies, to the extent and at the level provided to the South African Acquired Companies as of the Closing Date. 

 

	11.4	Personnel. In connection with the Services to be provided pursuant to this Section, beginning on the Closing Date, Exxaro Group and Tronox Group, as the
case may be, shall 

  
 A-8

 make reasonably available for consultation with Tronox and Exxaro Group, as the case may be,
those retained employees and consultants or other service providers of Exxaro Group or the South African Acquired Companies, as the case may be, reasonably necessary for the provision of such Services. 

 

	12	Supply Chain Management 

  

	12.1	Start Date. Beginning as of the Closing Date, Exxaro shall use commercially reasonable efforts to assist the South African Acquired Companies in establishing
separate contracts with suppliers similar to those which exist within the Exxaro Group and of which the South African Acquired Companies were previously a part. 

 

	12.2	End Date. Exxaro’s obligations pursuant to this Section shall end on the first anniversary of the closing date , unless extended in accordance
with Section 11 of the Agreement. 

  

	12.3	Services. Subject to the terms and conditions of the Agreement, Exxaro’s services provided pursuant to this Section shall include the following:

  

	 	i.	Provision of support with regards to the establishment of commercial contracts for the South African Acquired Companies with suppliers which previously were managed on
an Exxaro Group-wide basis. 

  

	 	ii.	Assistance in the transferring of supplier contracts to the South African Acquired Companies, as required. 

 

	 	iii.	Continue current services, including relevant third-party services, pertaining to cellphone and calling card programs and shall present to the South African Acquired
Companies an accounting of any charges for payment made on behalf of the South African Acquired Companies in connection with such programs after the Closing Date until migration for reimbursement thereof. 

 

	 	iv.	The transfer of any and all telecommunication service accounts which are in Exxaro’s name to the South African Acquired Companies or to a Tronox legal entity.
Exxaro will work with any and all service providers jointly with Tronox to insure transition of accounts, billing information, and contracts are made without disruption of service. 

 

	13	Risk Management 

  

	13.1	Start Date. Beginning on the Closing Date, Exxaro shall use commercially reasonable efforts to provide risk management advice and consultation, including, in
particular, assistance with respect to administration of claims existing as of the Closing Date and claims which are not separable from claims of Exxaro. 

  

	13.2	End Date. Exxaro’s obligations pursuant to this Section shall continue for one hundred and eighty (180) days following the Closing Date, unless
extended in accordance with Section 11 of the Agreement. 

  
 A-9

	13.3	Services. Subject to the terms and conditions of the Agreement, Exxaro’s services provided pursuant to this Section shall include

  

	 	i.	Providing access to its records and personnel (including third party consultants and service providers) for purposes of claims administration and consulting with
respect to claims relating to the South African Acquired Companies. 

  

	 	ii.	Continuing with the embedment of the Exxaro Board approved enterprise risk management process at KZN Sands and Namakwa Sands which included continuous training and
assistance with facilitation of enterprise risk management workshops. However, Tronox may decide to not implement the electronic enabler, namely SAP GRC RM version 10. The deliverables from the enterprise risk management process, namely an
enterprise risk register updated every six months and supporting enterprise risk intelligence reports, will be made available to Tronox and will not be included in reporting within Exxaro unless permission is specifically granted by Tronox. Should
Tronox wish to implement the same enterprise risk managemnt process at Exxaro Australia Sands and/or the implementation of SAP GRC RM as an electronic enabler, such request will be contracted separately. 

 

	13.4	Personnel. In connection with the Services to be provided pursuant to this Section 3.8, beginning on the Closing Date, Exxaro Group and Tronox Group, as the
case may be, shall make reasonably available for consultation with Tronox and Exxaro Group, as the case may be, those retained employees and consultants or other service providers of Exxaro or the South African Acquired Companies, as the case may
be, reasonably necessary for the provision of such Services. 

  

	14	Treasury Services 

  

	14.1	Start Date. Beginning on the Closing Date, Exxaro shall use commercially reasonable efforts to provide certain treasury services to the South African acquired
companies. 

  

	14.2	End Date. Exxaro’s obligations pursuant to this Section shall continue for one hundred and eighty (180) days following the Closing Date, unless
extended in accordance with Section 11 of the Agreement. 

  

	14.3	Services. Subject to the terms and conditions of the Agreement, Exxaro’s services provided pursuant to this Section shall include

  

	 	i.	Risk management: monitoring and managing foreign exchange and interest rate risk – hedging currency risk, commodity prices and interest rate exposure as required
for the South African Acquired Companies and approved by Tronox. 

  

	 	ii.	Cash management: manage daily cash receipts and disbursements, bank account administration and intercompany transfers for the South African Acquired Companies including
cash settlement of liabilities to banks in respect of money market transaction, loan settlements and foreign payments. 

  
 A-10

	 	iii.	Liquidity management: Ensuring that sufficient funding is in place for daily cash requirements and depositing of excess cash in money markets for the South African
Acquired Companies. 

  

	 	iv.	Loan administration: ensure covenant compliance for the South African Acquired Companies as required by external credit facility. In addition, manage and administer all
inter-company loans of the South African Acquired Companies. 

 Miscellaneous Matters 

 

	15	Records Retention 

  

	15.1	Start Date. Beginning as of the Closing Date, Exxaro shall use commercially reasonable efforts to retain, organize and store, records relating to the
South African Acquired Companies and not transferred to the South African Acquired Companies in a manner consistent with its current document retention policy or practice. For purposes of this Section the term “records” shall include
all formats (electronic, film, paper, and otherwise) of such records and shall include shared records not pertaining exclusively to the South African Acquired Companies the South African Acquired Companies. 

 

	15.2	Services. If and to the extent in existence as of the date hereof and in possession and control of Exxaro as of the date hereof and without imposing any
obligation on Exxaro to create any of the documents or records described below and subject to Exxaro Group’s document retention policy, Exxaro’s services provided pursuant to this Section shall include the following:

  

	 	i.	Exxaro shall provide the South African Acquired Companies with documentation of records retained by Exxaro and shall provide the South African Acquired Companies with
access to records storage facilities maintained by Exxaro. 

  

	 	ii.	Exxaro shall assist the South African Acquired Companies in the separation of historic records relating to the legacy businesses of the South African Acquired Companies
from the common records of Exxaro and its affiliates as of the Closing Date, including with respect to the generation of new records documentation specific to the South African Acquired Companies. 

 

	 	iii.	Exxaro shall assist the South African Acquired Companies in the identification, documentation, removal and duplication of records pertaining to the South African
Acquired Companies. 

  

	 	iv.	Exxaro shall retain records relating to the following matters for the term of the Agreement at which time such records which remain shall be delivered to the South
African Acquired Companies, or, if such records are to be discarded or destroyed pursuant to the practices of Exxaro, shall deliver such records to the South African Acquired Companies: 

 

	 	a.	Property; 

  
 A-11

	 	b.	Tax; 

  

	 	c.	Environmental reports and remediation matters; 

  

	 	d.	Employee matters; and 

  

	 	e.	Relevant business documents. 

  

	15.3	Personnel. In connection with the Services to be provided pursuant to this Section, beginning on the Closing Date, Exxaro Group and Tronox Group, as the case may
be, shall make reasonably available for consultation with Tronox and Exxaro Group, as the case may be, those retained employees and consultants or other service providers of Exxaro or the South African Acquired Companies, as the case may be,
reasonably necessary for the provision of such Services. 

  

	16	Emergency Response Services and Disaster Recovery Services 

  

	16.1	Start Date. Beginning on the Closing Date, Exxaro shall use commercially reasonable efforts to provide assistance with, and use of, disaster recovery
services and personnel (including with respect to process, systems and communications issues). 

  

	16.2	End Date. Exxaro’s obligations pursuant to this Section shall continue until the first anniversary of the Closing Date, unless extended in accordance
with Section 10 of the Agreement. 

  

	16.3	Services. Exxaro’s services provided pursuant to this Section shall include, the provision of disaster recovery services available as of the Closing
Date. 

  
 A-12

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