Document:

Term sheet

 Exhibit 4.32 
 

 
 September 3, 2009 
 Gold Fields Australasia (BVI) Limited 
 Falcon Cliff 
 Palace Road 
 Douglas 
 Isle of Man IM2 4LB 
 Copy to: Mr J Pauley

 Schipholweg 66A 
 Leiden 

2316XE 
 Attention: Mr. Colin Bird,

 We understand that you hold 27,824,654 common shares of Eldorado Gold Corporation. We are pleased to submit this offer to purchase these
shares subject to the terms and conditions set out in the attached term sheet. If you accept these terms please sign the letter where indicated below and return a copy thereof to Mr. Craig King (via email at craig.king@nbfinancial.com at
416-869-1010) whereupon this letter shall become binding agreement between us. 
  

			
	Yours sincerely,
	
	NATIONAL BANK FINANCIAL Inc.
		
	By:	 	 

	
	Mr. Craig King
	Director, Equity Capital Markets

 We agree with the foregoing and accept your offer this 3rd day of September, 2009. 
  

			
	GOLD FIELDS AUSTRALASIA (BVI) LIMITED
		
	By:	 	 

	
	Mr Colin Bird

 Private and Confidential 

 ELDORADO GOLD CORPORATION 
 Block Trade of Common Shares 
 Term Sheet

  

			
	Issuer:	  	Eldorado Gold Corporation (“Eldorado” or the “Company”).
		
	Selling
 Shareholder:
	  	Gold Fields Australasia (BVI) Limited (“Gold Fields”).
		
	Offer:	  	Offer to acquire 27,824,654 common shares (the “Shares”) of Eldorado being sold by Gold Fields.
		
	Price:	  	C$11.61 per Share.
		
	Amount:	  	$323,044,232.94.
		
	Listing:	  	The Shares are listed on the Toronto Stock Exchange (TSX: ELD) and the NYSE-Amex Exchange (NYSE-A: EGO).
		
	Offer Basis:	  	This offer is open for acceptance until 9:15 am (EST) or 3:15 pm (Johannesburg time).
		
	Representation:	  	Gold Fields represents and warrants to National Bank Financial Inc. that it is the legal and beneficial owner of the Shares and the Shares will be sold free and clear of all liens,
encumbrances, security interests and escrow requirements and are not subject to any hold period under Canadian securities laws or stock exchange rules.
		
	Trade Date:	  	September 3, 2009.
		
	Settlement:	  	Gold Fields will deliver to National Bank Financial Inc. the shares in physical form by the Settlement Date against payment by National Bank Financial Inc. of the Amount. If
necessary Gold Fields will open an account with National Bank Financial Inc. to facilitate settlement of the offering
		
	Settlement Date:	  	September 9, 2009.Agreement  between Paul A. Schmidt and Gold Fields Group Services (Pty) Ltd

 Exhibit 4.33 
 Private & Confidential 
 24 November 2009 
  

			
	  
  
 Mr PA Schmidt
 1 The Cotswolds
 Malawa Rd
 Sunninghill
 2157

	  	 Gold Fields Group Services (Pty) Ltd
 Reg. 2006/038878/07
 150 Helen Rd,Sandown
 Sandton,2196
  
 Postnet Suite 252
 Private Bag X30500
 Houghton, 2041
 South Africa
  
 Tel +27 11 562 9700
 Dir +27 11 562 9700
 Fax +27 11 562 9838
 www.goldfields.co.za

 Dear Paul 
 LETTER OF APPOINTMENT 
 Gold Fields Group Services (Pty) Ltd, (hereinafter also referred to
as the Company), a subsidiary of Gold Fields Limited (GFL), confirms your appointment by it on the following terms and conditions: 
  

	1.	RECORDAL 

  

	 	1.1.	You commenced employment with the Company on 21 January 1999 as Senior Financial Accountant. You subsequently were appointed as Senior Manager Finance on
1 April 2003. With effect from 1 January 2009 you were appointed as Chief Financial Officer of Gold Fields Limited (“GFL”). Effective 1 March 2009, the employing entity changed to Gold Fields Group Services of which the
terms and conditions of your employment remained unchanged. You have been appointed as an Executive Director with effect from 6 November 2009, in your current capacity. 

  

	 	1.2.	It is recorded that contemporaneously with your employment with the Company, you are also employed by and provide services to other offshore entities in the Gold Fields
Group (“the Group”), currently Gold Fields Orogen Holdings BVI Limited (“Orogen”) and Gold Fields Ghana Holdings Limited (“Ghana”) (collectively referred to as “the Offshore Companies”).

  
  
 Directors: N J Holland*, Mrs I Boninelli, MD Fleischer, PA Schmidt             *British 
 Company Secretary: C Farrel 

	 	1.3.	In terms of an agreement between the Company and the Offshore Companies, it has been agreed that you will provide services to the Company for the number of days set out
in Annexure A over the period set out in Annexure A. Annexure A shall be amended effective 1 January each year to set out the number of days that you will provide services to the Company in the following twelve month period.

  

	 	1.4.	The Parties hereby wish to confirm your employment terms and conditions effective from 6 November 2009. 

  

	2.	DUTIES 

  

	 	2.1.	Subject to clause 1.1 above, you shall devote the whole of your time and attention, other than de minimis amounts of time devoted by you to the management of
your personal affairs or to engaging in charitable or community services, during the Company’s ordinary business hours, and such reasonable amount of additional time as may be necessary, having regard to the exigencies of business from time to
time, to directing and managing the financial affairs of the Group. 

  

	 	2.2.	The only services you will in terms of this agreement be required to render to offshore subsidiaries in the Group, will be those services known as ‘shareholder
functions’ in the transfer pricing context, namely those functions which are performed for the benefit of Gold Fields Limited (“GFL”), for GFL to protect its investment in its subsidiaries. All other services (referred to as
‘intra-group’ services) you may be required to render to offshore subsidiaries of the Group, will be in terms of your employment agreements with the Offshore Companies. 

  

	 	2.3.	You shall not, during your employment by the Company, be engaged either directly or indirectly, and whether as principal, agent, shareholder, or in any other manner
whatsoever, in any other form of business without the previous written consent of the Chief Executive Officer of GFL (“the CEO”). 

	 	2.4.	You shall comply with the directions of the CEO and carry out such functions and duties as are from time to time assigned to you and are consistent with your office and
use your utmost endeavours to protect and promote the business and interests of the Group and to preserve its reputation and goodwill. 

  

	 	2.5.	You shall not, during your employment by the Company or thereafter, regardless of the reason for termination of your employment, use for your own benefit or for the
benefit of any other person or divulge or communicate to any person or persons, except to those officials of the Group whose province it is to know the same, any of the Group’s secrets or any other confidential information which you may receive
or obtain in relation to the Group’s affairs or those of their customers, associates and suppliers. 

  

	 	2.6.	You may be required to take up office with other companies and bodies which you will be required to serve diligently, with any fees or other remuneration receivable by
you in such capacity as a nominee of the Group required to be paid to the appropriate Group Company, unless otherwise agreed by the CEO. 

  

	 	2.7.	You shall undertake such reasonable and necessary travel as may be required for purposes of carrying out your duties, it being recorded that the Company may from time
to time require your spouse to accompany you when you are obliged to conduct business away from your normal place of work. 

  

	 	2.8.	You shall submit to the CEO, or to any person nominated by him, such information and reports as may be required of you in connection with the performance of your duties
and the business of the Group. 

  

	 	2.9.	You shall generally discharge the fiduciary duties incumbent upon you in your aforesaid position and which may in law be applicable after you vacate that position.

	 	2.10.	You shall, given the international nature of the Group, make yourself available at all times to attend to the business of the Group and, to this end, ensure that you
have suitable facilities at your residence to attend to business outside ordinary office hours. 

  

	3.	REMUNERATION AND OTHER BENEFITS 

  

	 	3.1.	As remuneration for your services, the Company will pay you an annual total cost to company Remuneration Package as set out in Annexure A (the “Remuneration
Package”), one twelfth of which shall be paid each month (“monthly Remuneration Package”). The Company, where required, shall deduct tax and other lawful deductions. 

  

	 	3.2.	Your Remuneration Package will consist of a mix of cash and benefits as agreed to between you and the Company in advance. The cash amount shall be paid, directly into
your bank account (being any bank account in the Republic of South Africa that you may nominate from time to time) and monthly in arrears on or before the last day of each month. 

  

	 	3.3.	Your Remuneration Package is subject to annual review (but not reduction) on or before 1 January of each year by the Remuneration Committee.

  

	 	3.4.	The benefit portion of your Remuneration Package will accrue as determined by the provisions and policies applicable to the benefits elected by you from time to time.

  

	 	3.5.	You shall be entitled to participate in the Corporate Annual Incentive Bonus Scheme, subject to the rules applicable thereto from time to time. In respect of each
financial year, you shall be eligible to earn a bonus from the Company that equates to 50% (fifty percent) of your Remuneration Package in effect at the end of the applicable financial year, provided applicable performance or other targets approved
by the Board for that financial year are achieved. These targets will generally be adopted, after reasonable consultation with you, by no later than 60 (sixty) days following the start of a particular financial year. 

	 	3.6.	If the targets contemplated in clause 3.5 above are: 

  

	 	3.6.1.	achieved, you shall be paid a bonus that equates to 50% (fifty percent) of your Remuneration Package; 

  

	 	3.6.2.	exceeded, you may in addition to the bonus contemplated in clause 3.6.1 above, at the sole and absolute discretion of the Remuneration Committee, be paid an additional
bonus of up to a further 50% (fifty percent) of your Remuneration Package; and/or 

  

	 	3.6.3.	not achieved, you may, nonetheless, be paid a bonus at the sole and absolute discretion of the Remuneration Committee. 

  

	 	3.7.	Any amount due to you determined in accordance with clause 3.5 will be paid to you within 60 (sixty) days following the end of that financial year, less tax and other
lawful deductions. 

  

	 	3.8.	It is recorded that you are a Participant in the GF Management Incentive Scheme (“the Scheme”), in respect of which no further allocations shall be made, and
The Gold Fields Limited 2005 Share Plan (“the Plan”). Your participation in the Scheme and the Plan shall, at all times, be in accordance with the provisions of the Scheme and/or the Plan and the decisions of the Remuneration Committee in
terms of such provisions, which decisions shall be final and binding on you. 

  

	 	3.9.	The Company shall refund to you in Rands the out-of-pocket expenses incurred by you on behalf of the Company which are substantiated by vouchers and which have been
approved by the Company or are incurred in accordance with principles determined by it from time to time. 

  

	 	3.10.	 Unless you are a dependant on the medical scheme to which your spouse belongs, you shall join the Company’s currently nominated Medical Scheme or
any other medical scheme nominated by the Company from time to time, subject to the rules thereof. The Company shall pay the monthly contributions to the Medical Scheme, monthly in arrears, the costs of which form part of your Remuneration Package.
Upon termination of employment for any reason, including retirement, you may, subject to the rules of the applicable medical scheme at the time,

	 	 
be eligible to remain a member of such medical scheme, provided that the Company shall have no obligation to make any payment of contributions to such medical scheme following such termination of
employment. 

  

	 	3.11.	You will become a member of the Alexander Forbes Retirement Fund or any other such fund nominated by the Company from time to time, subject to the rules thereof. The
Company shall pay the monthly contributions to the said Retirement Fund, monthly in arrears, the costs of which form part of your Remuneration Package. 

  

	 	3.12.	You are required to use your personal motor vehicle for the purposes of the Company in performing your duties and will be reimbursed for such use in accordance with the
Company’s vehicle policy as amended from time to time. 

  

	4.	ANNUAL LEAVE 

  

	 	4.1.	You shall be entitled to a number of working days paid leave (“the Local Leave Entitlement”) on full pay in respect of each twelve-month cycle of employment
with the Company, as set out in Annexure A, to be taken at such time or times as mutually agreed to by the CEO and in accordance with the Company’s leave policy applicable from time to time. 

  

	 	4.2.	The monthly leave entitlement that will accrue to you with respect to the Company for the applicable period is set out in Annexure A. 

  

	5.	NON-SOLICITATION 

  

	 	5.1.	You hereby undertake that neither you nor any company, close corporation, firm, undertaking or concern in which you are directly or indirectly interested or employed,
will for a period of 24 (twenty four) months after the termination of your employment with the Company for any reason and whether for reward or not, directly or indirectly: 

  

	 	5.1.1.	encourage or entice or incite or persuade or induce any employee of the Group, who is employed by the Group as at the date your employment with the Company terminates,
to terminate his or her employment by it; or 

	 	5.1.2.	furnish any information or advice to any employee to whom clause 5.1.1 applies or to any prospective employer of such employee or use any other means
which is directly or indirectly designed, or in the ordinary course of events calculated, to result in any such employee terminating his or her employment by the Group and/or becoming employed by or directly or indirectly in any way interested in or
associated with any other company, close corporation, firm, undertaking or concern. 

  

	6.	INVENTIONS, DISCOVERIES AND COPYRIGHT 

  

	 	6.1.	Any discovery or invention or secret process or improvement in procedure made or discovered by you in the course and scope of your employment by the Company, in
connection with or in any way affecting or relating to the business of the Group or capable of being used or adapted for use by the Group or in connection with their businesses shall be disclosed to the Company and shall belong to and be the
absolute property of the Company or any other company or entity nominated by it. 

  

	 	6.2.	You shall, if and when required by the Company, apply or join with the Company at its expense in applying for Letters Patent or other equivalent protection in the
Republic of South Africa or in any other part of the world for such discovery, invention, process or improvement and shall at the Company’s expense execute all instruments and do all things necessary for vesting the said Letters Patent or other
equivalent protection in the name of the Company as sole beneficial owner or in the name of such other person as the Company may nominate. 

  

	 	6.3.	Insofar as may be necessary, you assign to the Company the copyright in all present and future works eligible for copyright of which you may be the author, which works
were or are created, compiled, devised or brought into being during the course and scope of your employment with the Company. No consideration will be paid by the Company to you in respect of this assignment. 

	 	6.4.	All reports, manuals, budgets, indices, research papers, letters or other similar documents (the nature of which is not limited by the specific reference to the
aforegoing items and which include electronic versions thereof) which are created, compiled or devised or brought into being by you or come into your possession during the course and scope of your employment, and all copies thereof, shall be the
property of the Company. Upon the date of termination of your employment, or earlier if required by the Company, such documents and all copies shall be returned to the Company. 

  

	 	6.5.	On termination of this agreement, you shall deliver to the Company all property in your possession or under your control belonging to the Group.

  

	7.	NOTICE OF TERMINATION 

  

	 	7.1.	Your employment shall continue for an indefinite period subject to you being able to terminate the employment relationship by furnishing the CEO with 6 (six) calendar
months’ written notice or the CEO furnishing you with 6 (six) calendar months’ written notice thereof. The Company may elect to pay you in lieu of notice. The aforegoing shall not derogate from the entitlement of either party to
terminate this agreement summarily on grounds permitted in law. 

  

	 	7.2.	Your employment contemplated herein shall terminate ipso facto upon you reaching the retirement age of 60 (sixty) years. 

  

	8.	CHANGE OF CONTROL 

  

	 	8.1.	 Notwithstanding clause 7, if, at any time before the termination of your employment pursuant to this agreement a change of control of GFL shall occur
and your employment pursuant to this agreement is terminated by the Company, directly or constructively, within 12 (twelve) months of the effective date of such change of control, you shall be entitled to a lump sum compensatory payment equal to
twice your then annual Remuneration Package, plus the average of the incentive bonuses paid by the Company to you during the previous 2 (two) completed financial years, together with any other payments and/or benefits then due and

	 	 
payable in terms of this agreement. The agreed amounts referred to in the preceding sentence shall cover any compensation or damages you may be entitled to in terms of the Labour Relations Act,
1995, the Basic Conditions of Employment Act, 1997, and any other law (including common law) governing employment or the termination of employment. You shall be entitled for a period of 2 (two) years after the date of termination of your employment,
subject to the relevant rules of the GF Management Incentive Scheme then in force, to retain and to exercise all share options allocated to you in terms of that Scheme including those which may not have vested at the date of such termination.
Entitlements to Awards and Allocations in terms of The Gold Fields 2005 Share Plan shall be accelerated and on the date of such termination of employment you shall be Settled with the full number of SARS and PVRS previously Allocated and Awarded to
you in accordance with the provisions of that Plan and, in the case of SARS, you shall have, subject to the relevant rules of that Plan then in force, a period of 1 (one) year after the date of termination of your employment, to retain and to
exercise all SARS Allocated to you in terms of that Plan. You shall furthermore be entitled to receive the Bonus Incentive earned in terms of clause 3.6 notwithstanding that the financial year concerned may not have been concluded on the basis that
the bonus targets shall be deemed to have been achieved. 

  

	 	8.2.	For the purposes of this clause 8, a change of control of GFL shall mean a transaction or series of transactions, whereby directly or indirectly, any company,
person or other entity and its concert parties (as envisaged, from time to time, in the Securities Regulation Code on Take-Overs and Mergers) comes to beneficially hold in aggregate more than 30% (thirty per cent) of the ordinary issued share
capital of GFL. 

  

	 	8.3.	In the event of the consummation of an acquisition, merger, consolidation, scheme of arrangement or other re-organisation, whether or not there is a change of control,
and your services are terminated by the Company, directly or constructively, within 12 (twelve) months of the effective date of such consummation, the provisions of 8.1 shall apply. 

  

	 	8.4.	You shall not be entitled to the benefits set out in 8.1 should your services be terminated as the result of your dismissal on the grounds of proven fraud, theft,
misappropriation of property or funds, or a related disciplinary offence involving gross dishonesty. 

	9.	DIRECTORS’ AND OFFICERS’ INSURANCE 

 The Company hereby indemnifies you to the full extent permitted by the provisions of section 247(2) of the Companies Act, 1973, as amended, and in addition undertakes to take out and maintain at its
cost and for your benefit, such standard Directors’ and Officers’ Insurance as may be recommended by the Company’s insurance brokers, from time to time, and for such reasonable level of cover having regard to all the circumstances as
may be determined by the CEO, from time to time. 
  

	10.	TAXATION 

 None of
the provisions of this agreement shall impose any obligation on the Company to make any tax payment in your favour and you shall be required to bear and pay all monies for which you may be liable in respect of income tax or any other tax.

  

	11.	APPLICABLE LAWS AND DISPUTE RESOLUTION 

  

	 	11.1.	This agreement will be interpreted and applied in accordance with the laws of the Republic of South Africa. 

  

	 	11.2.	Any dispute between the parties in regard to any matter arising from this agreement and your employment relationship with the Company, shall first be referred to the
Remuneration Committee for resolution, failing which it shall be referred to a sub-committee of the Board comprising the majority of the Non-executive members of the Board. Should such body not be able to resolve the dispute, the dispute shall be
finally resolved by arbitration conducted in accordance with the appropriate rules of the Arbitration Foundation of South Africa, by an arbitrator agreed to between the parties or, failing such agreement, appointment by that Foundation.

	12.	DOMICILIUM CITANDI ET EXECUTANDI 

 The parties choose as their domicilium citandi et executandi for all purposes under this agreement the following addresses: 
  

	 	12.1.	The Company: 

 150 Helen Road

 Sandown 
 Sandton 
 2196 
 JOHANNESBURG 
  

	 	12.2	Mr P Schmidt 

 1 The Cotswolds

 Malawa Rd 
 Sunninghill 
 2157 
 JOHANNESBURG 
  

	13.	GENERAL 

 In the
event that your services are terminated for any reason whatsoever, the Company may deduct all amounts owing to the Company from any amounts due to you by the Company on the date your employment terminates. 
  

	 	13.1.	Subject to 1.2, this agreement, read with any applicable written policies, procedures, regulations or the like of the Company, including the Company’s Corporate
Office Staff Booklet, constitutes the whole agreement between the parties in respect of your employment by the Company. In the event of any conflict between such written policies, procedures, regulations or the like and this agreement, the terms of
this agreement shall prevail. 

  

	 	13.2.	No relaxation or indulgence which the Company may show to you shall in any way prejudice or be deemed to be a waiver of its rights under this agreement.

  

	 	13.3.	The parties record that the provisions of this agreement correctly reflect their intentions. 

	14.	RESIGNATION 

 On
the date your employment with the Company terminates, you shall ipso facto be deemed on that date to have resigned as a director or officer of GFL, the Company and/or any other company or body in which you hold office by virtue of your
employment by the Company, in which event you hereby irrevocably appoint the then secretary of the Company as your agent in rem suam to sign all such documents and to do all such acts as may be necessary to effect and implement such
resignations. 
  

									
	  
	 		 		 	
	 For and on behalf of
 GOLD FIELDS GROUP SERVICES (PTY) LTD
	 		 	 I hereby accept the terms and conditions of employment as set out in this letter of appointment.

					
	                          
	 		 		 		 	
	 Date
	 		 		 	  

		 		 		 	 Mr P Schmidt

					
		 		 		 	                          
	 	
		 		 		 	 Date
	 	

 ANNEXURE A 
 Mr PA Schmidt 
 This Annexure is to be read in conjunction with
the specified clauses in the Letter of Appointment. 
 This Annexure is to be updated effective 1 January each year,
and at any other time when the 
 applicable details are reviewed. 
 This Annexure is effective 6 November 2009. 
  

	1.	In terms of Clause 1.3, the Executive shall perform services to the Company for 182 working days for the period 1 January 2009 to 31 December 2009.

  

	2.	In terms of Clause 3.1, the Remuneration Package is R 2,240,000 with effect from 1 January 2009. 

  

	3.	In terms of Clause 4.1, the Local Leave Entitlement is calculated as 182 / 227 * 24 = 19.32 days, where: 

  

			
	182	  	represents the annual number of contracted working days
		
	227	  	represents the number of working days in the period 1 January 2009 to 31 December 2009
		
	24	  	represents the total leave entitlement for a full calendar year, inclusive of all leave entitlements arising out of your contracts with the South African Employer and the
Offshore Companies.

 Annual leave shall accrue on a monthly basis at the rate of 1.61 working days per
month. 
  

									
	  
	 		 		 	
	 For and on behalf of
 GOLD FIELDS GROUP SERVICES (PTY) LTD
	 		 	 I hereby accept the terms of this Annexure A, effective 6 November 2009.

					
	                          
	 		 		 		 	
	 Date
	 		 		 	  

		 		 		 	 Mr PA Schmidt

					
		 		 		 	                          
	 	
		 		 		 	 Date

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