Document:

Exhibit 10.1 

ENTERPRISE FINANCIAL SERVICES
CORP.
EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT ("Agreement"), is made by and
between PETER F. BENOIST (the "Executive") and ENTERPRISE FINANCIAL SERVICES CORP, a
Delaware corporation (the "Company"), on this 24th day of September, 2008 (the
"Execution Date") to be effective as of May 1, 2008 (the "Effective Date").

     WITNESSETH: 

     WHEREAS,
Executive was elected by the Board of Directors of the Company to serve as the
Company's President and Chief Executive Officer, and the Company desires to
continue to employ Executive on the terms, covenants and conditions hereinafter
set forth in this Agreement. 

     NOW,
THEREFORE, for the reasons set forth above, and in consideration of the mutual
promises and agreements set forth in this Agreement, the Company and Executive
agree as follows: 

     1.
Employment. Subject to the terms and
conditions set forth in this Agreement, the Company hereby employs Executive for
the Employment Term as hereafter defined.

          1.1 Title and
Duties. During the Employment Term, Executive shall serve as the President and
Chief Executive Officer of the Company and shall have such duties and
responsibilities as are customarily assigned to individuals serving in such
positions and such other duties as the Board of Directors (the “Board”) of the
Company may from time to time specify to the extent that such other duties are
consistent with such corporate office and position. Without limiting the
foregoing, if elected or appointed, Executive shall hold such offices and serve
on the Board of Directors of Affiliates of the Company as determined by the
Company, without any additional compensation for additional services rendered in
such capacities. Executive shall comply with all policies and procedures of the
Company and its Affiliates generally applicable to executive
employees.

          1.2 Location. The duties and responsibilities Executive is to perform under
this Agreement shall be applicable to any location at which the Company or its
Affiliates may be conducting business during the Employment Term. Executive may
be required from time to time to perform his duties on an occasional basis at
such other places as the CEO or the Board shall designate or as the interests or
business opportunities of the Company and its Affiliates may require; provided,
however, that without Executive’s consent, the Executive shall not be required
to relocate his primary residence from the St. Louis, Missouri metropolitan
area.

          1.3 Acceptance and Devotion to Duties. Executive hereby accepts
such employment and agrees that during the Employment Term he will devote all of
his skill, knowledge, commercial efforts and working time to the conscientious
and faithful performance of his duties and responsibilities to the Company and
its Affiliates; provided, however, Executive shall be permitted to engage in
civic and charitable activities and personal financial matters to the extent
that such activities do not conflict with or interfere with Executive’s
performance of his duties under this Agreement. Executive will use his best good
faith efforts to promote the success of the business of the Company and its
Affiliates, and will cooperate fully with the Board of the Company and its
Affiliates in the advancement of their best interests. If elected, Executive
will agree to serve as a member of the Board of the Company and its Affiliates,
without additional compensation.

     2.
Term of
Employment. Except as otherwise provided herein, the initial term of
Executive's employment shall be for a period commencing on the Effective Date
and ending on December 31, 2013 (the “Initial Term”). The term of Executive's
employment shall be automatically extended for successive one (1) year periods
beginning on January 1 and ending on December 31 (each a “Renewal Term”) upon
the same provisions for Base Salary and Targeted Bonus (as provided below)
unless either the Company or Executive provides written notice (“Non-Renewal
Notice”) to the other party at least ninety (90) days prior to the expiration of
the Initial Term or then current Renewal Term, as applicable, that the term of
this Agreement will not be renewed. The term during which Executive is an
employee of the Company, including any Renewal Term, is referred to as the
“Employment Term.” Notwithstanding the expiration of the Employment Term or such
later termination of Executive's employment with the Company, the obligations of
Executive under Sections 7, 8 and 9 of this Agreement shall survive the
termination of Executive’s employment with the Company and its
Affiliates.

     3. Compensation of Executive. 

          3.1 Base
Salary. During the Employment Term, the Company shall pay to the Executive as
compensation for the services to be performed by the Executive a base salary at
the rate of $425,000.00 per year (the "Base Salary") commencing and retroactive
to the Effective Date. The Base Salary shall be payable in installments in
accordance with the Company's normal payroll practice and shall be subject to
such withholdings and other ordinary employee withholdings as may be required by
law. The Base Salary may be adjusted from time to time in the sole discretion of
the Board, but shall not be reduced without the consent of Executive.

          3.2 Targeted
Bonus. In addition to the compensation set forth elsewhere in this Section 3,
for each year during the Employment Term, the Executive shall qualify for a
targeted annualized bonus (“Targeted Bonus”) based upon meeting established
targeted goals with respect to the Company and/or its Affiliates.

	     	
                (a) No later than the Company’s January Board meeting in
      2009 and in each subsequent year during the Employment Term, the Board or
      the Compensation Committee of the Board ("Committee") to which such
      authority has been delegated shall establish (in consultation with the
      Executive) certain targeted financial and operating goals (“Bonus
      Objectives”) for that calendar year, which may include specific goals such
      as consolidated return on equity, asset quality and performance of the
      Company's wealth management services and/or specific goals for Affiliates
      of the Company. Performance Levels will be
      set at Threshold, Target and Exceptional for each Bonus Objective, and the
      Board or the Committee shall designate (in consultation with the
      Executive) what portion of the total Targeted Bonus shall be associated to
      the achievement of each Bonus Objective and the requisite Performance
      Level for each Bonus Objective. The established financial Bonus Objectives
      shall be consistent with the financial plan for the Company and its
      Affiliates as adopted by the Board and/or the respective board or
      management of the Company's
Affiliates.

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                (b) Within 75 days after the end of each calendar year (beginning
      with 75 days following calendar year 2008), the Board or the Committee
      shall make a good faith determination as to the extent to which
      Performance Levels for each Bonus Objective have been met for the
      preceding calendar year.

                (c) For each year during the Employment Term, Executive
      shall be entitled to a Targeted Bonus of 36% of the then applicable Base
      Salary for the year for overall performance at Threshold, 53% of the then
      applicable Base Salary for the year for overall performance at Target and
      no less than 70% of the then applicable Base Salary for the year for
      overall performance at Exceptional as determined by the Board or the
      Committee. The amount of Targeted Bonus applicable for any year shall be
      interpolated on a straight line basis for performance between Threshold
      and Target, and for performance above Target the amount of Targeted Bonus
      shall be interpolated on a straight line basis between Target and
      Exceptional. No Targeted Bonus shall be due for performance below
      Threshold. Executive shall also be eligible to receive such other bonuses
      or incentive payments as may be approved by the Board (or the Committee to
      which the Board has delegated such authority).

                (d) For the 2008 fiscal year of the Company, Executive
      shall receive a Targeted Bonus of $223,333 upon achieving a Performance
      Level for 2008 at Target, $157,000 upon achieving a Performance Level for
      2008 at Threshold and $292,500 upon achieving a Performance Level for 2008
      at Exceptional. The amount of Targeted Bonus applicable for the 2008
      fiscal year for performance shall be interpolated on a straight line basis
      for performance between Threshold and Target, and for performance above
      Target the amount of Targeted Bonus shall be interpolated on a straight
      line basis between Target and
Exceptional.

          3.3 Benefits. Executive shall be entitled to participate, during the
Employment Term, in all regular employee benefit and deferred compensation plans
established by each of Enterprise Bank (to the extent such participation is not
restricted by the Internal Revenue Code of 1986 (the “Code”)) and the Company,
including, without limitation, any savings and profit sharing plan, incentive
stock plan, dental and medical plans, life insurance and disability insurance,
such participation to be as provided in said employee benefit plans in
accordance with the terms and conditions thereof as in effect from time to time
and subject to any applicable waiting period. Executive shall also be entitled
to four weeks of paid vacation during each year of the Employment Term, provided that any vacation not used in any year shall be
forfeited and not carried over to any subsequent year. In addition to the
foregoing benefits, the Company agrees (i) to provide during the Employment Term
aggregate term insurance on Executive’s life equal to $1,000,000 payable to a
beneficiary designated by Executive, provided that Executive qualifies for such
coverage at normal published premium rates, and (ii) to provide (or reimburse
Executive with respect to) supplemental disability income insurance such that
the total combined disability income coverage available to employee from the
Company and under policies maintained by Executive on which the Company
reimburses Executive for the premiums is equal to
$25,000 per month until Executive’s 65th birthday. Executive agrees
that the cost of the foregoing supplemental insurance benefits shall constitute
taxable benefits and be subject to such withholding taxes as may be required by
law. 

          3.4 Reimbursement of
Expenses. The Company will provide for the payment or reimbursement of all
reasonable and necessary expenses incurred by the Executive in connection with
the performance of his duties under this Agreement in accordance with the
Company's expense reimbursement policy, as such may change from time to time.
Without limiting the foregoing, the Company further agrees during the Employment
Term (i) to reimburse Executive for monthly automobile expense by means of a
$500 per month automobile allowance. 

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          3.5 Annual
Review. The Committee shall, no less than
annually, review the amount of Base Salary, Targeted Bonus, restricted stock
units, and stock options awarded to Executive, and shall make recommendations to
the Board for any changes in those regards which it deems appropriate.

     4.
Long Term
Incentives. 

          4.1 Grants of
RSU’s. Each year during the Initial Term, at such time as grants are made under
the Company’s 2005 Long Term Incentive Compensation Plan ("Plan") and any
subsequently adopted long-term incentive compensation plan, Executive shall be
entitled to receive a grant of dollar-denominated restricted stock units
("RSUs"), in such amount as determined annually by the Committee, which confer
to Executive a contingent right to receive an award of a number of shares of
restricted common stock in the Company ("Restricted Stock") at the expiration of
a three (3) year performance period established by the Committee. The number of
shares of Restricted Stock awarded under each such grant will be based on and
subject to the Company meeting applicable performance standards as provided
under the agreements or resolutions governing the RSUs. The shares of Restricted
Stock which may be awarded to Executive as a result of granted RSUs will
initially be unvested and will vest on an annual basis over a period five (5)
years subject to Executive's continuing and uninterrupted employment with the
Company in accordance with the Plan. In all respects, the Plan and the
agreements providing for the grant of RSUs shall control the amount, manner,
vesting and all other matters regarding the RSUs. For the year 2008, Executive
shall receive a grant of dollar-denominated RSU's of $336,000 under the
Company's Plan, inclusive of the grant previously made to Executive prior to the
Execution Date for the year 2008.

          4.2
Special Grant of
SSAR's. Upon the Execution Date, the Company shall grant Executive 50,000 stock
settled appreciation rights ("SSAR's), each of which will give the Executive the
right to common stock in the Company equal in value to the appreciation in
market price of the Company's common stock from the date of the grant of the
SSAR's to the date of the exercise in accordance with the grant. The provisions
of such SSAR's, including the provisions for vesting over three years, shall be
in accordance with the Company's 2002 Stock Incentive Plan (as amended) and
shall have substantially the same terms as the SSAR's previously granted to
employees of the Company. Such grant of SSAR's shall be documented in a Grant
Agreement, which has been executed by the Company and the Executive
simultaneously with the execution of this Agreement. 

          4.3 Discretionary
Additional Grants. Executive may receive additional grants of incentive
compensation in the form of contingent rights to equity in the Company as
determined by the Board or the Committee under their discretion, under the terms
of the Company's 2002 Stock Incentive Plan as adopted and/or amended by the
Company from time to time. 

          4.4 Vesting Upon
Change in Control. In the event of a Change in Control, all unvested stock
options, Restricted Stock, RSU's and SSAR’s (if any) shall immediately become
fully vested in accordance with the respective terms of such awards; 

     5.
Termination of
Employment. 

          5.1 Termination for
Cause. "Termination for Cause", as hereinafter defined, may be effected by the
Company at any time during the term of this Agreement by written notification to
Executive, specifying in detail the basis for the Termination for
Cause.

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	     	          (a)
      Upon Termination for Cause, Executive shall immediately be paid (i) all
      accrued salary, (ii) bonus compensation to the extent earned and payable,
      (iii) vested deferred compensation, if any, (other than pension plan or
      profit sharing plan benefits which will be paid in accordance with the
      terms of the applicable plan), (iv) any accrued benefits under any plans
      of the Company in which the Executive is a participant to the full extent
      of the Executive’s rights pursuant to the provisions of such plans, (v)
      unused accrued vacation pay for the year in which termination occurs, and
      (vi) any appropriate business expenses incurred by Executive reimbursable
      by the Company in accordance with this Agreement, all to the date of
      termination. (The items described in subparagraphs (i) through (vi) in
      this Section 5.1(a) are hereafter collectively referred to as "Accrued
      Compensation".) Upon a Termination for Cause, Executive shall not be paid
      any other compensation or reimbursement of any kind, including without
      limitation, Severance Compensation.
                (b) "Termination for Cause" shall mean termination by
      the Company of Executive's employment by the Company by reason of (i) an
      order of any federal or state regulatory authority having jurisdiction
      over the Company or any of its Affiliates which has the effect in the
      opinion of the Board to limit the scope of Executive's duties or otherwise
      inhibits Executive from performing his duties pursuant to this Agreement,
      (ii) the willful failure of Executive substantially to perform his duties
      hereunder (other than any such failure due to Executive’s physical or
      mental illness); (c) a breach by Executive of any material provision of
      this Agreement or of any other written agreement with the Company or any
      of its Affiliates; (ii) Executive’s commission of a crime that constitutes
      a felony or other crime of moral turpitude or criminal fraud; or (iv)
      chemical or alcohol dependency which materially and adversely affects
      Executive's performance of his duties under this Agreement; (v) any act of
      disloyalty or breach of responsibilities to the Company by the Executive
      which is intended by the Executive to cause material harm to the Company;
      (vi) misappropriation (or attempted misappropriation) of any of the
      Company’s funds or property. If subsequent to Executive’s termination of
      employment hereunder for other than Cause it is determined in good faith
      by the Company that Executive’s employment could have been terminated for
      Cause hereunder, Executive’s employment shall be deemed to have been
      terminated for Cause retroactively to the date the events giving rise to
      Cause occurred. 

          5.2 Termination Other
Than for Cause. Notwithstanding any other provisions of this Agreement, the
Company may effect a "Termination Other Than For Cause", as hereinafter defined,
at any time upon giving written notice to Executive of such
termination.

	     	
                (a)
      Upon any Termination Other Than for Cause, all payments and benefits set
      forth in this Section 5.2 and Section 6.2 (other than pension plan or
      profit sharing plan benefits which will be paid in accordance with the
      applicable plan), shall be subject to and conditioned upon Executive's
      compliance with the terms, provisions and conditions contained in this
      Agreement and shall be subject to and conditioned upon Executive’s
      execution of a release and waiver of all claims with respect to
      Executive’s employment against the Company its Affiliates and their
      respective officers and directors in a form reasonably satisfactory to the
      Company, other than rights under this Section 5.2 and Section 6.2
      

                (b) Executive shall within 30 days after such
      Termination Other Than For Cause be paid all Accrued Compensation,
      together with Severance Compensation as provided in Section
      6.2.

                (c) “Termination Other Than for Cause” shall
      mean

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	     	               (i) any termination by the Company of Executive’s
      employment with the Company other than a Termination for Cause (as defined
      in Section 5.1), a Termination by Reason of Disability (as defined in
      Section 5.3), a termination on account of death (as described in Section
      5.4), a Voluntary Termination (as defined in Section 5.5) or a Termination
      Upon a Change of Control (as defined in Section 5.6), or
                     (ii) a termination by Executive of Executive’s
      employment with the Company by reason of a Constructive Termination. As
      used herein, "Constructive Termination" means the termination of
      Executive's employment by the Executive by reason of (A) the Company’s
      material breach of this Agreement. which remains uncured for a period of
      thirty (30) days following Executive's notice of such breach given to the
      Company, (B) the assignment of Executive without his consent to a
      position, responsibilities or duties of a materially lesser status or
      degree of responsibility than his position, responsibilities or duties as
      of the Effective Date, following notice by Executive of his refusal to
      consent to such position, responsibilities or duties (which must be given
      within thirty (30) days of such assignment) and the Company's refusal to
      modify such position or responsibility so that it is no longer of lesser
      status or degree of responsibility than his position, responsibilities or
      duties as of the Effective Date (C) the requirement by the Company that
      Executive's primary residence be based anywhere other than the St. Louis,
      Missouri metropolitan area, without Executive’s consent,. or (D) the
      failure of Executive to be reelected to the Board by its stockholders or
      the failure of the Board to re-nominate him for reelection to the Board
      without Executive’s consent.

                     (iii) any termination of Executive's employment pursuant
      to this Agreement effectuated by the Company giving a Non-Renewal Notice
      pursuant to Section 2 for reasons that do not constitute
      "Cause".

          5.3 Termination by
Reason of Disability. If, during the term of this Agreement, the Executive, in the
reasonable judgment of the Board of Directors, (i) has failed to perform his
duties under this Agreement on account of illness or physical or mental
incapacity, and (ii) such illness or incapacity continues for a period of more
than 90 consecutive days, or 90 days during any 180 day period, the Company
shall have the right to terminate Executive’s employment hereunder by written
notification to Executive ("Termination by Reason of Disability"). Upon such
Termination by Reason of Disability, the Company shall pay to Executive all
Accrued Compensation (as defined in Section 5.1), but Executive shall not be
paid any other compensation or reimbursement of any kind, including without
limitation, Severance Compensation. 

          5.4 Death. In the event of Executive's death during the term of this
Agreement, Executive's employment shall be deemed to have terminated as of the
last day of the month during which his death occurs and the Company shall pay to
his estate or such beneficiaries as Executive may from time to time designate
all accrued salary, bonus compensation to the extent earned, vested deferred
compensation (other than pension plan or profit sharing plan benefits which will
be paid in accordance with the applicable plan), any benefits under any plans of
the Company in which Executive is a participant to the full extent of
Executive's rights under such plans, accrued vacation pay for the year in which
termination occurs, and any appropriate business expenses incurred by Executive
in connection with his duties hereunder, all to the date of termination, but
Executive's estate shall not be paid any other compensation or reimbursement of
any kind, including without limitation, Severance Compensation. 

6 

          5.5 Voluntary
Termination. As used herein, “Voluntary Termination” means the effectuation
of a Non-Renewal Notice by Executive as provided in Section 2 or the termination
by Executive of Executive’s employment with the Company or its Affiliates other
than by reason of a Constructive Termination (as defined in Section 5.2(c)
(ii)), Termination by Reason of Executive’s Disability (as described in Section
5.3), or Termination by Reason of Executive’s Death (as described in subsection
5.4). In the event of a Voluntary Termination, provided that the Executive
provides the Company with at least 90 days notice of such termination (which
notice and any requirement for service may be waived or shortened by the
Company), the Company shall, within 30 days after such termination, pay all
Accrued Compensation, but no other compensation or reimbursement of any kind,
including without limitation, Severance Compensation.

          5.6 Termination Upon
a Change in Control. “Termination Upon a Change in Control” shall mean a
Termination Other Than For Cause occurring within three (3) months prior to and
in contemplation of a Change of Control, or within one (1) year following a
Change in Control. In the event of a Termination Upon a Change in Control,
Executive shall be paid all Accrued Compensation. In addition, subject to the
conditions set forth in Section 6.1, Executive shall be entitled to Severance
Compensation as provided in Section 6.1.

          5.7 Resignation Upon
Termination. Effective upon any termination under this Section 5 or
otherwise, Executive shall automatically and without taking any further actions
be deemed to have resigned from all positions then held by him with the Company
and all of its Affiliates.

     6.
Severance
Compensation 

          6.1 Termination Upon
Change in Control. In the event Executive's employment is terminated in a
Termination Upon a Change in Control, Executive shall be paid the following as
severance compensation: 

	     	          (a) For two (2) years following such termination of
      employment, an amount (payable on the dates specified in subsection 4.1
      except as otherwise provided herein) equal to the Base Salary at the rate
      payable at the time of such termination plus (i) any accrued and unpaid
      Bonus due Executive under paragraph 4.3 of this Agreement and (ii) an
      amount equal to the Targeted Bonuses due (based on the Base Salary then in
      effect) for the year in which such termination of employment occurs
      (determined as though all requisite targets were fully and completely
      achieved). Notwithstanding any provision in this paragraph (a) to the
      contrary, Executive may, in Executive's sole discretion, by delivery of a
      notice to the Company within 30 days following a Termination Upon a Change
      in Control, elect to receive from the Company a lump sum severance payment
      by bank cashier's check equal to the present value of the flow of cash
      payments that would otherwise be paid to Executive pursuant to this
      paragraph (a). Such present value shall be determined as of the date of
      delivery of the notice of election by Executive and shall be based on a
      discount rate equal to the prime rate, as reported in the Wall Street
      Journal, or similar publication, on the date of delivery of the election
      notice. If Executive elects to receive a lump sum severance payment, the
      Company shall make such payment to Executive within 30 days following the
      date on which Executive notifies the Company of Executive's
      election.
                (b) In the event that Executive is not otherwise
      entitled to fully exercise all awards granted to him under any stock
      option plan maintained by the Company and any such plan does not otherwise
      provide for acceleration of exerciseability upon the occurrence of the
      Change in Control described herein, such awards shall become immediately
      exercisable upon a Change in Control. 

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                (c)
      All restricted stock granted to Executive will vest and become
      transferable. 

                (d) Executive shall continue to accrue retirement
      benefits and shall continue to enjoy any benefits under any plans of the
      Company in which Executive is a participant to the full extent of
      Executive's rights under such plans, including any perquisites provided
      under this Agreement, through the remainder of the then current Employment
      Term; provided, however, that the benefits under any such plans of the
      Company in which Executive is a participant, including any such
      perquisites, shall cease upon Executive's obtaining other employment. If
      necessary to provide such benefits to Executive, the Company shall, at its
      election, either: (i) amend its employee benefit plans to provide the
      benefits described in this paragraph (c), to the extent that such is
      permissible under the nondiscrimination requirements and other provisions
      of the Internal Revenue Code of 1986 (the "Code") and the provisions of
      Executive Retirement Income Security Act of 1974, or (ii) provide separate
      benefit arrangements or cash payments so that Executive receives amounts
      equivalent thereto, net of tax consequences.

          6.2 Termination Other
Than for Cause. In the event Executive's employment is terminated in a
Termination Other Than for Cause, Executive shall be paid as Severance
Compensation (i) his Base Salary, at the rate payable at the time of such
termination, for the one year period commencing on the effective date of such
termination plus (ii) an amount equal to the Targeted Bonuses due (based on the
Base Salary then in effect) for the year in which such termination of employment
as though all requisite targets were fully and completely achieved at Target.
Notwithstanding any provision in this subsection 6.2 to the contrary, the
Company may, in the Company’s sole discretion, by delivery of a notice to
Executive within 30 days following a Termination Other Than for Cause, elect to
remit to Executive a lump sum severance payment by bank cashier's check equal to
the present value of the flow of cash payments that would otherwise be paid to
Executive pursuant to this subsection 6.2. Such present value shall be
determined as of the date of delivery of the notice of election by the Company
and shall be based on a discount rate equal to the prime rate, as reported in
The Wall Street Journal, on the date of delivery of the election notice. If the
Company elects to remit a lump sum severance payment, the Company shall make
such payment to Executive within 30 days following the date on which the Company
notifies Executive of its election.

          6.3 Termination Upon
Any Other Event. In the event of a Voluntary Termination, Termination For
Cause, termination by reason of Executive's disability pursuant to subsection
5.5 or termination by reason of Executive's death pursuant to subsection 5.6,
Executive or his estate shall not be paid any Severance Compensation.

     7.
Confidentiality. Executive agrees to hold
in strict confidence all non-public information concerning any matters affecting
or relating to the business of the Company and its Affiliates, including without
limiting the generality of the foregoing non-public information concerning its
manner of operation, business or other plans, data bases, marketing programs,
protocols, processes, computer programs, client lists, marketing information and
analyses, operating policies or manuals or other data. Executive agrees that he
will not, directly or indirectly, use any such information for the benefit of
any Person other than the Company or disclose or communicate any of such
information in any manner whatsoever other than to the directors, officers,
employees, agents and representatives of the Company who need to know such
information, who shall be informed by Executive of the confidential nature of
such information and directed by Executive to treat such 

8 

information confidentially. Upon the
Company's request, Executive shall return all information furnished to him
related to the business of the Company and its Affiliates without retaining any
copies in electronic or other form. The above limitations on use and disclosure
shall not apply to information which Executive can demonstrate: (a) was known to
Executive before receipt thereof from the Company or its Affiliates; (b) is
learned by Executive from a third party entitled to disclose it; or (c) becomes
known publicly other than through Executive; (c) is disclosed by Executive upon
authority of the Board or any committee of the Board; (d) is disclosed pursuant
to any legal requirement or (e) is disclosed pursuant to any agreement to which
the Company or any of its Subsidiaries or Affiliates is a party. The parties
hereto stipulate that all such information is material and confidential and
gravely affects the effective and successful conduct of the business of the
Company and the Company's goodwill, and that any breach of the terms of this
Section 7 shall be a material breach of this Agreement. The terms of this
Section 7 shall survive and remain in effect following any termination of this
Agreement. 

     8.
Use of Proprietary
Information. Executive recognizes that the Company possesses a proprietary
interest in all of the information described in Section 7 and has the exclusive
right and privilege to use, protect by copyright, patent or trademark,
manufacture or otherwise exploit the processes, ideas and concepts described
therein to the exclusion of Executive, except as otherwise agreed between the
Company and Executive in writing. Executive expressly agrees that any products,
inventions, discoveries or improvements made by Executive, his agents or
affiliates, during the term of this Agreement, based on or arising out of the
information described in Section 7 shall be the property of and inure to the
exclusive benefit of the Company. Executive further agrees that any and all
products, inventions, discoveries or improvements developed by Executive
(whether or not able to be protected by copyright, patent or trademark) in the
scope of his employment, or involving the use of the Company's or its
Affiliate's time, materials or other resources, shall be promptly disclosed to
the Company and shall become the exclusive property of the Company. 

     9.
Restrictive
Covenants. 

          9.1 Non-Competition.
Executive agrees that, during the Employment
Term and for a period of one year following any termination of such employment,
Executive shall not, without the prior written consent of the Company, directly
or indirectly, own, manage, operate, control, be connected with as an officer,
employee, partner, consultant or otherwise, or otherwise engage or participate
in (except as an employee of the Company, or its Affiliates) any Person engaged
in the operation, ownership or management of a bank, trust company, wealth
management or financial services business within the Metropolitan Statistical
Areas of St. Louis, Kansas City or any other city in which the Company or any of
its Affiliates has an office at the time of such termination. Notwithstanding
the foregoing, the ownership by Executive of less than 1% of any class of the
outstanding capital stock of any corporation conducting such a competitive
business which is regularly traded on a national securities exchange or in the
over-the-counter market shall not be a violation of the foregoing covenant.

          9.2 Non-Solicitation
of Employees. During the period of actual employment and, in addition, the
period, if any, during which Executive shall be entitled to severance
compensation pursuant to Section 6 (notwithstanding an election by Executive to
receive a lump sum severance payment for such period), Executive shall not,
except on behalf of or with the prior written consent of the Company, directly
or indirectly, entice or induce, or attempt to entice or induce, any employee of
the Company or any of its Affiliates to leave such employ, or employ any such
person in any business similar to or in competition with that of the
Company.

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Executive hereby acknowledges and agrees
that the provisions set forth in this subsection 9.2 constitute a reasonable
restriction on his ability to compete with the Company.

          9.3
Non-Solicitation of Protected
Customers. 

     
	     	          (a)
      As used herein, "Protected Customer" means (i) any Person or its/his/her
      Affiliate for whom the Company or any of its Affiliates has provided
      wealth management, investment, banking, trust, insurance or other
      financial services during a period of one (1) year prior to the
      termination of Executive's employment with the Company and its Affiliates
      or (ii) any Person or its/his/her Affiliate whom the Company or or any of
      its Affiliates had made a proposal to provide wealth management,
      investment, banking, trust, insurance or other financial services at
      anytime within six (6) months preceding the termination of Executive's
      employment with the Company and its Affiliates. 
                (b) As used herein, "Non-Solicitation Period" means the
      period of Executive's employment by the Company or its Affiliates and a
      period of two (2) years following the date of such termination of
      Executive's employment with the Company and/or its Affiliates. 

                (c) During the Non-Solicitation Period, Executive shall
      not, directly or indirectly, whether alone or in association, or
      combination with any other Person, or as an officer, director,
      shareholder, member, manager, employee, agent, independent contractor,
      consultant, advisor, joint-venturer, partner or otherwise, and whether or
      not for pecuniary benefit: 

                     (i) solicit, take away, attempt to take away, divert, or
      attempt to divert any Protected Customer from the Company or its
      Affiliates; or 

                     (ii)
      induce, attempt to induce or aid any Person in inducing any Protected
      

      Customer to cease doing business
      with the Company or any of its Affiliates, or in any way interfere with
      the relationship between any Protected Customer and the Company or any or
      its Affiliates. 

                (d) During the Non-Solicitation Period, Executive shall
      not be employed by or act as a consultant for any Person which directly,
      or through any of its Affiliates, solicits, takes away, attempts to take
      away, diverts, or attempts to divert any Protected Customer from the
      Company or any of its Affiliates. Before Executive becomes employed by or
      becomes a consultant for a Person during a Non-Solicitation Period,
      Executive shall inform such Person of the provisions of this Section 9.2
      and shall cause such Person to sign a document acknowledging this
      provision and agreeing with the Company, on behalf of itself and its
      Affiliates, to abide to the terms of such obligation to not solicit, take
      away, attempt to take away divert or attempt to divert any Protected
      Customer, and deliver such document to the Company.

      

      

          9.3 Saving
Provision. The parties hereto agree that, in the event a court of competent
jurisdiction shall determine that the geographical or durational elements of
this covenant are unenforceable, such determination shall not render the entire
covenant unenforceable. Rather, the excessive aspects of the covenant shall be
reduced to the threshold which is enforceable, and the remaining aspects shall
not be affected thereby. 

10 

          9.4 Equitable
Relief. Executive acknowledges that the extent of damages to the Company from a
breach of Sections 7, 8 and 9 of this Agreement would not be readily
quantifiable or ascertainable, that monetary damages would be inadequate to make
the Company whole in case of such a breach, and that there is not and would not
be an adequate remedy at law for such a breach. Therefore, Executive
specifically agrees that the Company is entitled to injunctive or other
equitable relief (without any requirement to post any bond or other security)
from a breach of Sections 7, 8 and 9 of this Agreement, and hereby waives and
covenants not to assert against a prayer for such relief that there exists an
adequate remedy at law, in monetary damages or otherwise. 

     10.
Assignment. This Agreement shall not
be assignable by Executive and shall not be assignable by the Company except by
operation of law or to a successor entity acquiring all or substantially all the
Company’s business or assets. No such assignment shall affect any determination
of whether such assignment involves a Change of Control for purposes of this
Agreement. In the event of any assignment permitted hereby, the duties and
responsibilities of Executive performed for the assignee shall not, without the
written consent of Executive, be materially increased, altered or diminished in
a manner inconsistent with Executive’s duties and responsibilities hereunder for
the Company. 

     11.
Indemnification. The Company shall
indemnify the Executive to the full extent provided for in the Bylaws of the
Company, and no amendment of such Bylaws shall diminish the Company's obligation
to indemnify the Executive pursuant to this Agreement. 

     12.
Entire Agreement. This Agreement and any
agreements entered into after the date hereof under any of the Company’s benefit
plans or compensation programs as described in Section 4 contain the complete
agreement concerning the employment arrangement between the parties, including
without limitation severance or termination pay, and shall, as of the Effective
Date, supersede all other agreements or arrangements between the parties with
regard to the subject matter hereof. 

     13.
Binding
Agreement. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, legal representatives, successors and
assigns. The obligations of the Company under this Agreement shall not be
terminated by reason of any liquidation, dissolution, bankruptcy, cessation of
business or similar event relating to the Company. This Agreement shall not be
terminated by reason of any merger, consolidation or reorganization of the
Company, but shall be binding upon and inure to the benefit of the surviving or
resulting entity. 

     14.
Modification. No waiver or modification
of this Agreement or of any covenant, condition, or limitation herein contained
shall be valid unless authorized by the Board and reduced to in writing and duly
executed by the party to be charged therewith and no evidence of any waiver or
modification shall be offered or received in evidence of any proceeding,
arbitration, or litigation between the parties hereto arising out of or
affecting this Agreement, or the rights or obligations of the parties
thereunder, unless such waiver or modification is in writing, duly executed as
aforesaid. 

     15.
Severability. All agreements and
covenants contained herein are severable, and in the event any of them shall be
held to be invalid or unenforceable by any court of competent jurisdiction, this
Agreement shall be interpreted as if such invalid agreements or covenants were
not contained herein. 

11 

     16.
Manner of Giving
Notice. All notices, requests and demands to or upon the respective parties
hereto shall be sent by hand, certified mail, overnight air courier service, in
each case with all applicable charges paid or otherwise provided for, addressed
as follows, or to such other address as may hereafter be designated in writing
by the respective parties hereto: 

	               	To
      Company:  	To
      Executive at his current  
		Enterprise Financial Services Corp  	residential
      address on file with  
		150
      North Meramec  	the
      Company.  
	 	Clayton, Missouri 63105  	  
		Attention:      	Chairman of the
      Board  	  
		  	and Corporate
      Secretary  	  

	     	
           Such
      notices, requests and demands shall be deemed to have been given or made
      on the date of delivery if delivered by hand or by telecopy and on the
      next following date if sent by mail or by air courier
    service.

     17.
Remedies. In the event of a breach
of this Agreement, the non-breaching party shall be entitled to such legal and
equitable relief as may be provided by law, and shall further be entitled to
recover all costs and expenses, including reasonable attorneys' fees, incurred
in enforcing the non-breaching party's rights hereunder. 

     18.
Headings. The headings have been
inserted for convenience only and shall not be deemed to limit or otherwise
affect any of the provisions of this Agreement.

     19.
Choice of Law. It is the intention of
the parties hereto that this Agreement and the performance hereunder be
construed in accordance with, under and pursuant to the laws of the State of
Missouri without regard to the jurisdiction in which any action or special
proceeding may be instituted.

     20.
Taxes. Any payments or other remuneration provided by the Company to Executive
in connection with this Agreement or Executive's employment by the Company or
its Affiliates shall be subject to reduction, reimbursement or payment to the
Company by the Executive, for any amount of applicable federal, state or local
taxes, including but not limited to income, employment and social insurance
taxes, unemployment taxes, medical insurance taxes, and any other withholdings
required by law or authorized by Executive.

     21.
Voluntary Agreement; No
Conflicts. Executive hereby represents and warrants to the Company that he is
legally free to accept and perform his employment with the Company, that he has
no obligation to any other person or entity that would affect or conflict with
any of Executive’s obligations pursuant to such employment, and that the
complete performance of the obligations pursuant to Executive’s employment will
not violate any order or decree of any governmental or judicial body or contract
by which Executive is bound. The Company will not request or require, and
Executive agrees not to use, in the course of Executive’s employment with the
Company, any information obtained in Executive’s employment with any previous
employer to the extent that such use would violate any contract by which
Executive is bound or any decision, law, regulation, order or decree of any
governmental or judicial body.

12 

     22.
409A. In the event that it is reasonably
determined by the Company that, as a result of the deferred compensation tax
rules under Section 409A of the Internal Revenue Code of 1985 as amended and any
related regulations or other pronouncements thereunder (the Deferred
Compensation Tax Rules"), remuneration that Executive is entitled to
under the terms of this Agreement may not be made at the time contemplated by
the terms hereof without causing the Executive to be subject to tax under the
Deferred Compensation Tax Rules, the Company may, in lieu of providing such
remuneration when otherwise due under this Agreement, instead provide such
remuneration within ten (10) days following the first day on which such
provision would not result in Executive incurring any tax liability under the
Deferred Compensation Tax Rules. Notwithstanding the provisions of this Section
22, the Company has no responsibility or obligation to Executive with respect to
any tax that may be incurred by Executive pursuant to Deferred Compensation Tax
Rules. 

     23.
Certain
Definitions. As used herein, the following definitions shall apply: 

          "Affiliate” with respect to
any person, means any other Person that, directly or indirectly through one or
more intermediaries, Controls, is Controlled by, or is under common Control with
the first Person, including but not limited to a Subsidiary of the first Person,
a Person of which the first Person is a Subsidiary, or another Subsidiary of a
Person of which the first Person is also a Subsidiary.

          "Change in Control" shall
mean any of the following occurrences, and shall be deemed to occur the date on
which any of the following has occurred: 

	     	
                 (i) any Person or group (other than the Company or any
      of its Affiliates, a trustee or other fiduciary holding securities of the
      Company under an employee benefit plan of the Company or any one or more
      of the Company's directors as of the Effective Date of this Agreement)
      becomes the beneficial owner of securities of the Company representing 50%
      or more of the combined voting power of the Company's then-outstanding
      securities (the “Company Outstanding Voting Securities”); 

                 (b) any Person (other than the Company or any of its
      Affiliates, or a trustee or other fiduciary holding securities of the
      Company under an employee benefit plan of the Company) becomes the
      beneficial owner of 50% or more of the combined voting power of the then
      outstanding voting securities of Enterprise Bank and Trust Company ("ETC")
      entitled to vote generally in the election of directors of the Board of
      Directors of ETC; 

                 (c) consummation of a reorganization, merger or
      consolidation (a “Business Combination”) of the Company, unless, in each
      case, following such Business Combination (i) all or substantially all of
      the Persons who were the beneficial owners, respectively, of the Company
      Outstanding Voting Securities immediately prior to such Business
      Combination beneficially own, directly or indirectly, more than a majority
      of the combined voting power of the then outstanding voting securities
      entitled to vote generally in the election of directors of the company
      resulting from such Business Combination, (ii) no Person (excluding any
      company resulting from such Business Combination) beneficially owns,
      directly or indirectly, 50% or more of the combined voting power of the
      then outstanding voting securities entitled to vote generally in the
      election of directors of the company resulting from such Business
      Combination except to the extent such ownership existed prior to the
      Business Combination, and (iii) at least a majority of the members of the
      Board of Directors of the company resulting from the Business Combination
      are Continuing Directors (as hereinafter defined) at the time of the
      execution of the definitive agreement, or the action of the Board,
      providing for such Business Combination; 

13 

	     	
                  (d) consummation
      of the sale, other than in the ordinary course of business, of more than
      50% of the combined assets of the Company and its Subsidiaries or more
      than 50% of the assets of ETC in a transaction or series of related
      transactions during the course of any twelve-month period; or 

                 
      (e) the date on which Continuing Directors (as hereinafter defined) cease
      for any reason to constitute at least a majority of the Board of Directors
      of the Company. 

     As used in
definition of Change of Control, the definitions of the terms “beneficial owner”
and “group” shall have the meanings ascribed to those terms in Rule 13(d)(3)
under the Securities Exchange Act of 1934. As used herein, the term “Continuing
Directors” shall mean, as of any date of determination, (i) any member of the
Board of Directors on the Effective Date of this Agreement, (ii) any person who
has been a member of the Board of Directors for the two years immediately
preceding such date of determination, or (iii) any person who was nominated for
election or elected to the Board of Directors with the affirmative vote of the
greater of (A) a majority of the Continuing Directors who were members of the
Board of Directors at the time of such nomination or election or (B) at least
four Continuing Directors but excluding, for purposes of this clause (iii), any
such individual whose initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies by or on behalf
of a Person other than the Board of Directors of the Company

          “Control” With respect to
any Person, means the possession, directly or indirectly, severally or jointly,
of the power to direct or cause the direction of the management policies of such
Person, whether through the ownership of voting securities, by contract or
credit arrangement, as trustee or executor, or otherwise.

          "Person” means any natural
person, firm, partnership, limited liability company, association, corporation,
company, trust, business trust, governmental authority or other entity, or any
"group" within the meaning of Section 13(d) or 14(d) of the Exchange Act or any
comparable successor provisions.

          “Subsidiary” With respect
to any Person, each corporation or other Person in which the first Person owns
or Controls, directly or indirectly, capital stock or other ownership interests
representing 50% or more of the combined voting power of the outstanding voting
stock or other ownership interests of such corporation or other
Person.

     IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the date first
stated above. 

		ENTERPRISE FINANCIAL SERVICES CORP  
		 	
	 	By: 
    	/s/ Frank H. Sanfilippo 
    
		 	
		Title:  	Executive Vice President 
    
		 	
		EXECUTIVE:  
		 
		/s/ Peter F. Benoist 
		Peter F. Benoist  

14Mt. Olives Agreement

KEEGAN RESOURCES GH LTD

#6 Templesi Street

Airport Residential Area

Accra – Ghana

March  27th   2008

Mt Olives Goldfields Ltd.

c/o Philip  K. Akuffo, Managing Partner

P.O. Box 146, Kaneshie, Accra

Re: Letter Agreement to acquire an option on the Mt. Olives Reconnaissance Licence 

Dear Sirs:

This letter is to outline the main terms of our agreement. It is intended that a more comprehensive agreement will follow but that this letter agreement will be sufficient evidence of agreement for the parties to proceed.

 The parties to the agreement being:

KEEGAN RESOURCES GHANA LIMITED 

#6 Templesi Lane

Airport Residential Area

Accra - Ghana

And

MOUNT OLIVES GOLDFIELDS LIMITED 

P.O. Box 146, Keneshie

Accra – Ghana

WHEREAS:

A.

MOUNT OLIVES GOLDFIELDS LTD (“MOG”) is a private corporation incorporated under the laws of the Republic of Ghana and Keegan Resources (GH) Ltd. (“Keegan’) is a private corporation incorporated under the laws of the Republic of Ghana  and which is a 100% subsidiary of Keegan Resources Inc., a public mining company incorporated under the laws of British Columbia, Canada and whose shares trade on the Canadian TSX Venture Exchange and on the American Stock Exchange.

B.

MOG has agreed to grant to KEEGAN the exclusive option to purchase MOG’S interest in the Property (as defined below) on and subject to the terms and conditions herein contained (the “Option”).

NOW THEREFORE in consideration of the investigative costs incurred by Keegan in connection with this Option and in consideration of it  paying the costs of preparing this agreement, (the receipt and sufficiency of as consideration by MOG is hereby acknowledged) MOG hereby grants to Keegan the Option.

1.

INTERPRETATION

1.1

For the purposes of this Agreement, including the recitals and any schedules hereto, unless there is something in the subject matter or context inconsistent therewith, the following words and expressions shall have the following meanings:

(a)

"Agreement" means this Option Agreement;

(b)

“Expenditures” means monies expended, costs incurred or liabilities assumed in carrying out Mining Work.

(c)

"Mining Work" means every kind of work done on or in respect of the Property and, without limiting the generality of the foregoing, includes prospecting, exploring, geological, geophysical and geochemical surveying, mapping, sampling, examining, drilling, developing, dewatering, shaft sinking, raising, crosscutting and drifting, assaying, testing, constructing, reporting, maintaining and operating roads, trails and bridges, upon or across the Property, buildings, equipment, plant and supplies, salaries and wages (including fringe benefits) of employees and contractors directly engaged therein, insurance premiums, fees and charges required to maintain or renew the Property Grant and all other expenses ordinarily incurred in prospecting, exploring, and developing mining lands.

(d)

"Property" means the mineral interests and other rights covering the physical area more particularly described in Schedule "A" hereto together with any surface rights, personal property and other permits or authorizations associated therewith, and for greater certainty includes the reconnaissance licence attached as Schedule “A” to this Agreement and any form of renewal, successor or substitute title such as Prospecting Licences and Mining Leases issued by the Government of Ghana, and is subject to the residual equity rights of the Government of Ghana.

2.

Exclusive Access for Mining Work KEEGAN and its employees and agents and any person duly authorized by KEEGAN shall during the term of this option have the sole and exclusive right, subject to the provisions of this Agreement to:

(a)

enter upon and control access to the Property;

(b)

act as operator of the Property and Mining Work. 

(c)

determine, all work programs (using the current work program of MOG as a guide) for the Property and carry out this work program with personnel chosen by KEEGAN.  

(d)

bring and erect upon the Property such facilities and equipment as KEEGAN may consider advisable and allowed under the Property Grant; and

(e)

remove from the Property and dispose of reasonable quantities of any mineral products derived therefrom, for the purpose of obtaining assays or making other tests including bulk samples.

3.

OPTION EXERCISE REQUIREMENTS

3.1

In order to maintain the Option in good standing and to exercise it and thereby acquire MOG’s interest in the Property, KEEGAN must incur an aggregate of $500,000 in Expenditures and pay to MOG an aggregate of $450,000 from execution hereof and prior to February 28, 2011 (the “Term”)  at the following times:

3.1.1

expend at least US$500 000 in Mining Work upon the Property as follows:

3.1.1.1

on or before the 1st anniversary of signing of this agreement;

 $80,000 (firm commitment) 

3.1.1.2

on or before the 2nd anniversary of signing of this agreement;

 

an additional $200,000 (firm commitment); and

3.1.1.3

on or before on or before the 3rd anniversary of signing of this agreement;, an additional $220,000.

(collectively the “Work Requirements”)

3.1.2

pay to MOG $450,000 in cash :

3.1.2.1

US$70,000 Down Payment upon signing of this Agreement;

3.1.2.2

US$80,000 on or before the 1st anniversary of signing of this agreement;

3.1.2.3

US$100,000 on or before the 2nd anniversary of signing of this agreement; and

3.1.2.4

US$120 000 on or before the 3rd anniversary of signing of this

 agreement.

3.1.2.5

US$80,000 upon “Property” legal title transfer into the name of “Keegan”.

(collectively the “Cash Payments”).

3.2

KEEGAN is to pay all costs related its Mining Work and other fees or charges required in order to maintain the Property in good standing during the term of the Option after the signing of this Agreement.  Such fees and charges shall be included in Expenditures.

4.

ACQUISITION OF PROPERTY 

4.1

Upon KEEGAN completing the schedule of Work Requirements, Cash Payments set out in Section 3, KEEGAN shall be deemed to have earned 100% of MOG’S interest in and to the Property. 

4.2

KEEGAN may accelerate the timing of incurring the Work Requirements and making the Cash Payments in its sole discretion and thereby acquire title to the Property at an earlier time as soon as these requirements have been complied with.

5.

DEFAULT AND TERMINATION RIGHT

5.1

Notwithstanding anything in this Agreement to the contrary, if KEEGAN should be in default in performing any requirement herein set forth, MOG shall give written notice to KEEGAN, specifying the default and KEEGAN shall not lose any rights granted under this Agreement, unless, within thirty (30) days after the giving of a notice of default by MOG, KEEGAN has failed to cure or to take reasonable steps to cure the default by the appropriate payment or performance, (KEEGAN hereby agreeing that should it so commence to cure any defect it will prosecute the  same to completion without undue delay); and if KEEGAN fails to take reasonable steps to  cure any such default, MOG shall be entitled thereafter to terminate this Agreement and the provisions of Section 5..3 shall then be applicable, and to seek any remedy MOG may have on account of such default.

5.2

KEEGAN shall have the right to terminate this Agreement at any time after Feb 15, 2009 by giving written notice of such termination to MOG and upon the effective date of such termination this Agreement shall be of no further force and effect except that KEEGAN shall be required to satisfy any requirements which have accrued under the provisions of this Agreement which have not been satisfied and satisfy the provisions of Section 5.3.  KEEGAN’S obligations prior to Feb 15, 2009 under this Agreement are considered to be firm commitments.

5.3

If this Agreement is terminated under Section 5.1 or 5.2, KEEGAN shall:

(a)

deliver to MOG as soon as practicable after receipt of written request from MOG copies of all reports, maps, drill logs, assay results and any other relevant technical data compiled by KEEGAN prior to termination with respect to the Property and which have not been previously delivered to MOG;

(b)

remove from the Property within six (6) months of the effective date of termination all mining and exploration equipment and facilities erected, installed or brought upon the Property by or at the instance of KEEGAN, and any mining equipment and facilities remaining on the Property after the expiration of the said period shall without compensation to KEEGAN, become the property of MOG; and

(c)

perform all reclamation and restoration of the Property required by applicable laws and regulations as a result of KEEGAN’S activities or operations on the Property, and this obligation shall survive termination of this Agreement to the extent that any such reclamation and restoration obligations have not been completed on the date of termination.

(d)

return the Property and Property Grant to MOG in good standing free and clear of all liens and encumbrances, and forward to MOG cash in lieu of any shortfall in the firm commitments of Sections 3.1.1.1 and 3.1.2.1.  

6.

COVENANTS OF KEEGAN:  KEEGAN covenants with and represents and warrants to MOG that:

(a)

it is a company duly incorporated, validly subsisting and in good standing with respect to filing of annual reports under the laws of Ghana; 

(b)

it has full power and authority to carry on its business and to enter into this Agreement and any agreement or instrument referred to in or contemplated by this Agreement;

(c)

the execution, delivery and performance of this Agreement, and the consummation of the transactions herein contemplated will not conflict with, accelerate the performance required by or result in the breach of any agreement to which it is a party or by which it is currently bound;

(d)

shall keep the Property and the Property Grant in good standing by doing all acts and things and making all payments which may be necessary in that regard after the signing of this Agreement and as long as this Agreement is in effect. Upon request MOG shall advise KEEGAN of such necessary actions in advance;

(e)

shall keep the Property free and clear of all liens and encumbrances arising from its operations hereunder (except liens contested in good faith by the KEEGAN) and save MOG harmless from any and all costs, loss or damage sustained or incurred without gross negligence or bad faith by KEEGAN directly or indirectly as a result of its exercise of its powers pursuant to this Agreement;

(f)

upon reasonable notice to KEEGAN, permit MOG, or its representatives, access to the Property at all times and to all records prepared by KEEGAN in connection with work done on or with respect to the Property;

(g)

furnish to MOG as soon as practical not later than Feb 28th of each year a comprehensive written report on the work carried out by KEEGAN on or with respect to the Property during the preceding year and results obtained;

(h)

maintain true and correct books, accounts and records of operations hereunder; and

(i).

shall carry out all its Mining Work in a proper fashion in accordance will all applicable laws and shall maintain a reasonable level of insurance in connection with its operations.

7.

COVENANTS AND REPRESENTATIONS OF MOG: MOG covenants with and represents and warrants to KEEGAN that:

(a)

it is a company duly incorporated, validly subsisting and in good standing under the laws of the Republic of Ghana; 

(b)

the following are the only legal and recorded shareholders of each and all the shares of MOG:

Shareholder

No. of Shares

Philip Akuffo

5,000,000

(SGT) J. Ocansey

5,000,000

(SGD0 J.K. Benson

5,000,000

Total issued and outstanding shares in MOG: 

15,000,000

And each such shareholder has agreed to the grant of the Option. 

(c)

it has full power and authority to carry on its business and to enter into this Agreement and has taken all necessary corporate proceedings to execute and deliver this Agreement as a valid and binding agreement as well as any agreement or instrument referred to in or contemplated by this Agreement;

(d)

the execution, delivery and performance of this Agreement, and the consummation of the transactions herein contemplated will not conflict with, accelerate the performance required by or result in the breach of any agreement to which it is a party or by which it is currently bound;

(e)

MOG is the registered and beneficial owner of 100% of the Property subject to an underlying 10% interest held by the Government of Ghana The nature of which is fully disclosed on Schedule A 

(f)

the Property is valid and in good standing as at the date hereof and there has been no prior work on the Property and there are no pre-existing environmental conditions in connection therewith;

(g)

the Property is free and clear of any and all liens, charges, over-due taxes or other assessments or levies and there are no third party interests or encumbrances of any kind or nature  and is not subject to any right, claim or interest other than as set forth in Schedule “A” in favour of the Republic of Ghana;

(h)

MOG will promptly assist with any required consents from the Government of Ghana to the conditional disposition contemplated hereby and will reimburse KEEGAN for any payment or Expenditure if such consent is delayed or withheld on account of any action or inaction of MOG. 

8.

OPTION ONLY: Except for the U.S.$70,000. and the U.S.$80,000 Expenditures provided for in Section 3.1.1.1 and 3.1.2.1, which payment and Expenditure KEEGAN hereby agrees to be bound to make and incur, except as may be specifically provided for otherwise, nothing herein contained shall be construed as obligating KEEGAN to do any acts or make any payments hereunder and any act or acts, or payment or payments as shall be made hereunder shall not be construed as obligating KEEGAN to do any further act or make any further payment.  If this Agreement is terminated, KEEGAN shall not be obligated to MOG under this Agreement save and except as provided for in Section 5 and with respect to obligations arising from and prior to termination, and all payments made and Expenditures and commitments carried out theretofore by KEEGAN shall be retained by MOG in consideration for entering into this Agreement and for the rights conferred on KEEGAN thereby.

9.

NOTICES:   Any notice required to be given under this Agreement shall be deemed to be well and sufficiently given if hand delivered or sent by prepaid telegram or by fax or by email as follows:

In the case of MOG:

MOUNT OLIVES GOLDFIELDS LTD

c/o Philip Akufo

P.O. Box 146

Kaneshie, Accra, Ghana

 

and in the case of KEEGAN addressed as follows:

Keegan Resources (Gh) Ltd.

#6 Templesi Lane

Airport Residential Area

Accra - Ghana

Fax: 233-777-456

Email Dan McCoy [dmccoy@keeganresources.com]

Email Eric Ewen [eric_ewen@yahoo.co.uk]

and any notice given as aforesaid shall be deemed to have been given, if delivered, faxed or emailed during local business hours, then the same otherwise the next business day. Either party may from time to time by notice in writing change its address for the purposes of this Section.

10.

PAYMENTS: Any Cash Payments to MOG which KEEGAN may make under the terms of this Agreement shall be in U.S. funds and shall be deemed to have been well and sufficiently made in timely manner if wired transferred to MOG’s bank account as follows:

Account Name: 

Phillip Kwasi Akuffo

Account Number:  41411 2000 2939

Bank: GHANA COMMERCIAL BANK

Address: BOGOSO BRANCH, Western Region, Ghana

...........................................................................................................

11.

FORCE MAJEURE: All obligations of KEEGAN and MOG may be suspended under this Agreement if one of the parties is prevented from complying with any of its obligations under any of this Agreement by actions beyond its reasonable control including Acts of God, strikes, lockouts, other labor disturbances, illegal confinement, general shutdown of financial institutions, wars, revolutions, explosion, fire, flood, fires, epidemics, earthquakes, volcanic eruptions, accidents, uncontrollable delays in transportation, unusually severe weather, local, inability to obtain operating or other permits or licences required by government authorities, (herein referred to as "Force Majeure").  Under any such conditions, the affected party shall have the right to declare the existence of a condition of Force Majeure during which time the affected party shall make all practical and timely efforts to resolve the Force Majeure condition.  The time for the parties to comply with their obligations under this Agreement shall be extended for a period equal to the duration of the Force Majeure period.

12.

FURTHER ASSURANCES AND INSTUMENTS: Each of the parties hereto agree to promptly and without request for further consideration execute such further deeds, documents or other assurances and documents and to do or cause to be done all acts or things necessary to implement and carry into effect the provisions of this Agreement.

13.

SUCCESSORS AND ASSIGNS: This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. A party wishing to assign this Agreement or right hereunder shall seek prior written consent of the other party, such consent request to be promptly considered not to be unreasonably withheld.

14.

SEVERABILITY: If any one or more of the provisions contained herein should be invalid, illegal or unenforceable in any respect in any jurisdiction, the validity, legality and enforceability of such provisions shall not in any way be affected or impaired thereby in any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

15.

PUBLIC DISCLOSURE AND CONFIDENTIALITY

15.1

MOG acknowledges that KEEGAN is 100% owned by Keegan Resources Inc., a publicly traded company and as such is required to publicly disclose material details of this Agreement and results of Mining Work and other information about the Property.  

15.2

MOG shall keep confidential and shall not make or cause to be made, any public disclosure of the details of this Agreement or any of the technical information from Mining Work on the Property except as mandated under Ghanaian laws and regulations.  However any information KEEGAN issues as a news release, posts on its website or otherwise publicly discloses shall then be considered to be in the public domain and not subject to this Section 15.2.  It is acknowledged by both parties that the Government of Ghana requires exploration and mining results from concessions such as the Property to be reported quarterly and in detail annually, and under the terms of the Property terms this information is kept confidential by government authorities for a period of 12 months.

16.

AREA OF COMMON INTEREST: There shall be an Area of Common interest extending five kilometres beyond the current boundaries of the Property as outlined in Schedule “A” to this Agreement.  Any and all mineral or surface rights within the Property or this Area of Common Interest acquired by either of the parties after the signing of this Agreement shall form part of this Agreement at no cost to the non-acquiring party. If acquired by KEEGAN such interests will be returned to MOG with the Property and if acquired by MOG shall be transferred to KEEGAN on exercise of the Option. 

17.

ARBITRATION: If any question, difference or dispute shall arise between the parties or any of them in respect of any matter arising under this Agreement or in relation to the construction hereof, the same shall be determined by the award of three arbitrators to be named as follows:

(a)

the party or parties sharing one side of the dispute shall name an arbitrator and give notice thereof to the party or parties sharing the other side of the dispute;

(b)

the party or parties sharing the other side of the dispute shall, within fourteen (14) days of receipt of the notice, name an arbitrator; and

(c)

the two arbitrators so named shall, within fifteen (15) days of the naming the latter of them, select a third arbitrator.

The decision of the majority of these arbitrators shall be made within thirty (30) days after the selection of the latter of them.  The expense of the arbitration shall be borne equally by the parties to the dispute.  If the parties on either side of the dispute fail to name their arbitrator within the time limit or to proceed with the arbitration, the arbitrator named may decide the question.  The arbitration shall be conducted in accordance with the provisions of the commercial arbitration laws of Ghana, and the decision of the arbitrator or a majority of the arbitrators, as the case may be, shall be conclusive and binding upon all the parties. The arbitration shall be held in Ghana.

18.

GOVERNING LAW: This Agreement shall be governed by and interpreted in accordance with the laws of the Ghana and shall be enforceable in the Courts of Ghana to the extent any dispute in not properly capable of arbitration. 

19.

EXECUTRION IN COUNTERPART AND BY FAX AND EMAIL This Agreement  may be executed by fax or emailed signature scans of this Agreement shall also be legally binding. This Agreement may be executed in counterpart.

IN WITNESS WHEREOF the parties hereto have hereunto executed these presents as of the day and year first above written.

KEEGAN RESOURCES (GH) LIMITED

per:   _____________________________________

             H. Eric Ewen – Managing Director

Witness:  __________________________________

MOUNT OLIVES GOLDFIELDS LIMITED

Per:  _______________________________________

            Philip K . Akufo – Managing Director

Witness:  __________________________________

Per:  _______________________________________

            (SGD) J. Ocansey – Director

Witness:  __________________________________

#

SCHEDULE “A”

(MT. OLIVES RECONNAISSANCE LICENCE)

#

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