Document:

Exhibits
10.1

MONSTER WORLDWIDE, INC.

622 THIRD AVENUE

NEW YORK, NY 10017

November  20, 2006

Mr. William
Pastore

86 Wapoos Trail

Chatham, MA 02633

Dear Bill:

This will confirm our understanding and agreement with
respect to your employment as President and Chief Executive Officer of Monster
Worldwide, Inc. (the “Company”).  You and
the Company hereby agree as follows:

1.             The Company agrees to employ you
and you agree to be employed by the Company as President and Chief Executive
Officer, with such duties and responsibilities with respect to the Company and
its affiliates as the Company’s Board of Directors shall reasonably direct. You
agree to devote your best efforts, energies, abilities and full business time,
skill and attention to your duties. You agree to perform the duties and
responsibilities assigned to you to the best of your ability, in a diligent,
trustworthy, businesslike and efficient manner for the purpose of advancing the
business of the Company and to adhere to any and all of the employment policies
of the Company. The term of this agreement is for a period of one (1) year
commencing on October 9, 2006; thereafter, the term of this agreement shall
automatically be renewed for successive one (1) year periods unless either
party shall give the other notice of nonrenewal at least 45 days prior to the
expiration of the then current employment period. Notwithstanding the
foregoing, this agreement and your employment with the Company are subject to
termination at any time as provided in Section 3 below.

2.             In consideration for your services
and other agreements hereunder, during your employment the Company shall (a)
pay you a base salary of $800,000 per year (prorated for periods of less than a
full year) in regular installments in accordance with the Company’s payroll
practice for salaried employees, (b) provide you with medical, dental and
disability coverage, if any, and 401(k) Plan, life insurance and other benefit
plan eligibility, if any, comparable to that regularly provided to other senior
management in accordance with the Company’s policies, (c) provide you with 4
weeks vacation per year in accordance with the Company’s policies (prorated for
periods of less than a full year), (d) provide you with the opportunity to earn
annual performance based bonuses in amounts determined by and on the basis of
satisfaction of such performance goals as are established by the Compensation
Committee of the Board of Directors of the Company (the “Compensation Committee”)
under the Company’s 1999 Long Term Incentive Plan (or any similar or successor
plan) within 90 days of the commencement of the applicable calendar year
period, and (e) provide you the opportunity to participate in any long-

term equity plan for
senior executive officers which may be instituted from time to time on such
terms and conditions as may be determined by the Compensation Committee from
time to time. Your base salary will be reviewed on an annual basis, it being
understood that any increases in compensation shall be subject to the sole discretion
of the Compensation Committee.

Upon approval from the Company’s Board of Directors
and subject to the requirements of the relevant securities laws, the Company
shall issue you a certain Stock Bonus Agreement for the issuance of 100,000
restricted Company shares.

3.             You may terminate this agreement at
any time upon 60 days’ prior written notice. 
The Company may terminate this agreement at any time upon written
notice. This agreement shall also terminate automatically in the event you
should die or, in the reasonable determination of the Company, become unable to
perform by reason of physical or mental incompetency your obligations hereunder
for a period of 120 days in any 365 day period. It is understood and agreed
that in the event that this agreement is:

(x) terminated by the
Company in accordance with the second sentence of this Section 3 other than for
Cause (as defined below), or

(y) is not renewed by
virtue of the Company providing the notice of nonrenewal described in Section 1
above,

then subject to (i) your execution and delivery of the
Company’s then current form of separation agreement and general release
applicable to similarly situated employees and (ii) the expiration of any
rescission period provided thereby (without the rescission having been
exercised), you shall, as your sole and exclusive remedy, be entitled to (i)
receive severance equal to two times your then applicable annual base salary,
payable over a period of twenty four months in regular installments in
accordance with the Company’s applicable payroll practice for salaried
employees, and (ii) for a period of 18 months after the effective date of
termination of your employment, have the Company make available to you (and/or
pay COBRA premiums on) medical and dental benefits on the same terms and
conditions as would have been made available to you had you remained employed
by the Company during such period. The Company may accelerate the timing of any
payment payable to you under this agreement in the event the Company determines
that such acceleration would minimize or eliminate the risk that any payment to
you hereunder would be deemed to violate Section 409 of the Internal Revenue
Code of 1986, as it may be amended from time to time. Except as expressly
provided in this Section 3 sentence, in the event of the termination of this
agreement or your employment for any reason, the Company shall have no further
obligations to you hereunder or with respect to your employment from the
effective date of termination. “Cause” shall mean the occurrence of any one or
more of the following events:  (i) your
willful failure or gross negligence in performance of your duties or compliance
with the reasonable directions of the Board of Directors that remains
unremedied for a period of twenty (20) days after the Board of Directors has
given written notice specifying in reasonable detail your failure to perform
such duties or comply with such directions; (ii) your failure to comply with a
material employment policy of the Company 

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that remains unremedied for a period of twenty (20)
days after the Board of Directors has given written notice to you specifying in
reasonable detail your failure to comply; or (iii) your commission of (a) a
felony, (b) criminal dishonesty or (c) fraud.

4.             You acknowledge that you have not
relied on any representation not set forth in this agreement. You represent
that you are free to enter into this employment arrangement and that you are
not bound by any restrictive covenants or similar provisions restricting the
performance of your duties hereunder.

5.             In the event of the termination of
your employment by the Company for reasons other than Cause or by virtue of the
Company providing the notice of nonrenewal described in Section 1 above, (a)
any options granted to you by the Company from time to time after April 1, 2004
pursuant to a written option agreement shall automatically and immediately
become (i) fully vested and (ii) exercisable for the balance of the ten year
term provided by the applicable stock option agreement, subject to the other
terms of such option agreement; and

In the event of any
Change in Control (as defined in the Option Agreement between you and the
Company dated October 10, 2002):

(a)           any options that have been or may be
granted to you by the Company from time to time pursuant to written option
agreements, shall automatically and immediately become (i) fully vested and
(ii) exercisable for the balance of the ten year term provided by the
applicable stock option agreement, subject to the other terms of such option
agreement; and

(b)           the shares of Company Common Stock
covered by any written stock bonus agreements between you and the Company shall
automatically and immediately become fully vested,

subject in each case of (a) and (b) to the provisions
of Section 6 below.

6. (a)       Anything in this
agreement to the contrary notwithstanding, in the event it shall be determined
that any payment or distribution by the Company to or for the benefit of you
(whether paid or payable or distributed or distributable pursuant to the terms
of this agreement or otherwise, but determined without regard to any additional
payments required under this Section 6) (a “Company Payment”) would be subject
to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986,
as amended (the “Code”), or any interest or penalties are incurred by you with
respect to such excise tax (such excise tax, together with any such interest
and penalties, are hereinafter collectively referred to as the “Excise Tax”),
then you shall be entitled to receive an additional payment (a “Gross-Up
Payment”) in an amount such that after payment by you of all taxes (including
any interest or penalties imposed with respect to such taxes), including,
without limitation, any income taxes (and any interest and penalties imposed
with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, you
retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Company Payments.

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(b)           For purposes of
determining whether any of the Company Payments and Gross-Up Payments
(collectively the “Total Payments”) will be subject to the Excise Tax and the
amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute
payments” within the meaning of Section 280G(b)(2) of the Code, and all “parachute
payments” in excess of the “base amount” (as defined under Code Section
280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless
and except to the extent that, in the opinion of the Company’s independent
certified public accountants appointed prior to any change in ownership (as
defined under Code Section 280G(b)(2)) or tax counsel selected by such
accountants (the “Accountants”) such Total Payments (in whole or in part)
either do not constitute “parachute payments,” represent reasonable
compensation for services actually rendered within the meaning of Section
280G(b)(4) of the Code in excess of the “base amount” or are otherwise not
subject to the Excise Tax, and (ii) the value of any non-cash benefits or any
deferred payment or benefit shall be determined by the Accountants in
accordance with the principles of Section 280G of the Code.

(c)           For purposes of
determining the amount of the Gross-Up Payment, you shall be deemed to pay U.S.
federal income taxes at the highest marginal rate of U.S. federal income
taxation in the calendar year in which the Gross-Up Payment is to be made and
state and local income taxes at the highest marginal rate of taxation in the
state and locality of your residence for the calendar year in which the Company
Payment is to be made, net of the maximum reduction in U.S. federal income
taxes which could be obtained from deduction of such state and local taxes if
paid in such year.  In the event that the
Excise Tax is later determined by the Accountant or the Internal Revenue
Service to exceed the amount taken into account hereunder at the time the
Gross-Up Payment is made (including by reason of any payment the existence or
amount of which cannot be determined at the time of the Gross-Up Payment), the
Company shall make an additional Gross-Up Payment in respect of such excess
(plus any interest or penalties payable with respect to such excess) at the
time that the amount of such excess is finally determined.

(d)           The Gross-Up Payment
or portion thereof provided for in subsection (c) above shall be paid not later
than the thirtieth day following an event occurring which subjects you to the
Excise Tax; provided, however, that if the amount of such Gross-Up Payment or
portion thereof cannot be finally determined on or before such day, the Company
shall pay to you on such day an estimate, as determined in good faith by the
Accountant, of the minimum amount of such payments and shall pay the remainder
of such payments (together with interest at the rate provided in Section
1274(b)(2)(B) of the Code), subject to further payments pursuant to subsection
(c) hereof, as soon as the amount thereof can reasonably be determined, but in
no event later than the ninetieth day after the occurrence of the event subjecting
you to the Excise Tax.

(e)           If any controversy
arises between you and the Internal Revenue Service or any state or local
taxing authority (a “Taxing Authority”) with respect to the treatment on any
return of the Gross-Up Payment, or of any Company Payment, or with respect to
any return which a Taxing Authority asserts should show an Excise Tax,
including, without limitation, any audit, protest to an appeals authority of a
Taxing Authority or litigation (“Controversy”), (i) the Company shall have the
right to participate with you in the handling of such Controversy, (ii) the 

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Company shall
have the right, solely with respect to a Controversy, to direct you to protest
or contest any proposed adjustment or deficiency, initiate an appeals procedure
within any Taxing Authority, commence any judicial proceeding, make any
settlement agreement, or file a claim for refund of tax, and (iii) you shall
not take any of such steps without the prior written approval of the Company,
which the Company shall not unreasonably withhold. If the Company so elects,
you shall be represented in any Controversy by attorneys, accountants, and
other advisors selected by the Company, and the Company shall pay the fees,
costs and expenses of such attorneys, accountants, or advisors, and any tax
liability you may incur as a result of such payment. You shall promptly notify
the Company of any communication with a Taxing Authority, and you shall
promptly furnish to the Company copies of any written correspondence, notices,
or documents received from a Taxing Authority relating to a Controversy. You
shall cooperate fully with the Company in the handling of any Controversy by
furnishing the Company any information or documentation relating to or bearing
upon the Controversy; provided, however, that you shall not be obligated to
furnish to the Company copies of any portion of your tax returns which do not
bear upon, and are not affected by, the Controversy.

(f) You shall pay over to the Company, with ten (10) days after receipt
thereof, any refund you receive from any Taxing Authority of all or any portion
of the Gross-Up Payment or Excise Tax, together with any interest you receive
from such Taxing Authority on such refund. For purposes of this Section 6, a
reduction in your tax liability attributable to the previous payment of the
Gross-Up Payment or the Excise Tax shall be deemed to be a refund. If you would
have received a refund of all or any portion of the Gross-Up Payment or the
Excise Tax, except that a Taxing Authority offset the amount of such refund
against other tax liabilities, interest, or penalties, you shall pay the amount
of such offset over to the Company, together with the amount of interest you
would have received from the Taxing Authority if such offset had been an actual
refund, within ten (10) days after receipt of notice from the Taxing Authority
of such offset.

7.             Each of you and WMP Consulting LLC, a Connecticut LLC (“Consultant”),
hereby agree that all tangible and intangible material and work product
delivered by Consultant and/or you as part of or in connection with the
consulting services provided by Consultant and/or you to the Company and/or its
affiliates (including but not limited to all such material and work product
delivered prior to the date hereof) (including any source code and object code)
(collectively, the “Deliverables”) is the property of the Company.  Consultant and you each agree that all right,
title and interest (including without limitation copyright, patent and trade
secret rights) in and to the Deliverables or any aspect thereof (including
without limitation any and all technical information, specifications, drawings,
diagrams, records, screen layouts and look and feel) shall belong exclusively
to the Company.  The parties agree that
the Deliverables, insofar as they constitute works of authorship or
contributions to works of authorship, shall be deemed works specially ordered
and commissioned by the Company and “works made for hire” under the United
States copyright laws (17 U.S.C. §§ 101 et seq.).  If for any reason the Deliverables, or any
part of them, cannot as a matter of law constitute “works made for hire” under
the United States copyright laws, Consultant and you each hereby assign and
agree to assign the entire copyright therein (and all rights comprising said
copyright) to the Company.  Independent
of the preceding sentence, Consultant and you each assign and agree to assign
all other intellectual 

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property rights, including without limitation patent
and trade secret rights, and all right, title and interest in and to the
Deliverables, or any aspect thereof, to the Company.  Consultant and you each hereby agree to
execute, upon request by the Company, any and all additional documents,
including assignments, necessary to effectuate the intent of the preceding
sentences of this Section 7 or to confirm or register the Company’s rights in
the Deliverables.  The Deliverables, or
the content thereof, shall not be used, sold, licensed or disclosed by
Consultant or you under any circumstances.

8.             All notices, demands or other communications to be given
or delivered under or by reason of this agreement shall be in writing and shall
be deemed to have been properly served if delivered personally, by courier, or
by certified or registered mail, return receipt requested and first class
postage prepaid, in case of notice to the Company, to the attention of the
Board of Directors at the address set forth on the first page of this agreement
(with a copy to General Counsel, Monster Worldwide, Inc., 622 Third Avenue,
39th Floor, New York, NY 10017) and in the case of notices to you to your
office or residence address, or such other addresses as the recipient party has
specified by prior written notice to the sending party.  All such notices and communications shall be
deemed received upon the actual delivery thereof in accordance with the
foregoing.

9.             You may not assign or delegate this agreement or any of
your rights or obligations hereunder without the prior written consent of the
Company.  All references in this
agreement to practices or policies of the Company are references to such
practices or policies as may be in effect from time to time.

10.           This agreement (i) constitutes the
entire agreement between the parties with respect to the subject matter hereof and
supersedes any previous arrangements relating thereto, as well as any previous
arrangements relating to employment between you and any of the Company’s
affiliates, including but not limited to any consulting arrangement and the
employment agreement between you and the Company dated as of April 1, 2004, as
such employment agreement was amended by the letters dated as of September 8,
2005 and as of February 7, 2006, (ii) may be signed in counterparts, (iii)
shall be governed by the laws of the state of New York (other than the
conflicts of laws provisions thereof) and (iv) may not be amended, terminated,
extended or waived orally.  Please
understand that while it is our hope that our relationship will be a long one, your
employment will be on at “at will” basis. Nothing in this letter should be
construed as creating any other type of employment relationship.

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Please sign the additional originally executed copy of
this letter in the space provided for your signature below to indicate your
acceptance and agreement with the terms of this letter agreement and return one
fully executed original to me.

	
  

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  MONSTER
  WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Kaufman

  	
   

  
	
   

  	
  Name:  Michael Kaufman

  
	
   

  	
  Title:    Chairman of Compensation Committee

  

 

	
  Accepted and agreed:

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ William Pastore

  	
   

  
	
  William Pastore

  	
   

  
			

 

As to Section 7 only:

WMP Consulting LLC

 

	
  /s/ William Pastore

  	
   

  
	
  By:

  	
   

  
	
  Name:  William
  Pastore

  	
   

  
	
  Title:

  	
   

  

 

 7Exhibit
4.26

	
  

  
	
  17 July 2006 Mr
  N Holland Gold Fields Limited 24 St. Andrews Road Parktown Johannesburg Dear
  Nick 1. Gold Fields Limited (“Gold Fields”), Mvelaphanda Resources Limited
  (“Mvela Resources”), Mvelaphanda Gold (Proprietary) Limited, a subsidiary of
  Mvela Resources (“Mvela Gold”) and GFI Mining South Africa (Proprietary)
  Limited, a subsidiary of Gold Fields (“GFI-SA”) entered into a – 1.1 a series
  of transactions (“Gold Fields transaction”) involving the acquisition by
  Mvela Gold of a 15% interest in GFI-SA; and 1.2 covenants agreement as
  amended by an agreement dated 17 November 2004 (collectively, the “initial
  covenants agreement”) on 26 November 2003, which regulated, inter alia, the
  relationship between Gold Fields and Mvela Gold in respect of GFI-SA. 2.
  Mvelaphanda Holdings (Proprietary) Limited (“Mvela Holdings”) held 22,9% of
  the issued share capital of Mvela Resources at the time of implementation of
  the initial covenants agreement. 3. On 13 February 2004 - 3.1 Mvela Gold,
  Micawber 325 (Proprietary) Limited (“Mezz SPV”) and FirstRand Bank Limited
  (“FirstRand”) entered into a loan agreement as amended, if applicable, by an
  agreement dated 17 November 2004 (collectively, the “initial Mezz SPV loan
  agreement”) which regulated, inter alia, the advance of a loan from Mezz SPV
  to Mvela Gold; 23 GLENHOVE ROAD MELROSE ESTATE JOHANNESBURG · PO Box 3047 HOUGHTON 2041 JOHANNESBURG TEL
  +27-11-327-5427/8/9/30 FAX +27-11-327-5431 DIRECTORS: MIKKI XAYIYA MARK
  WILLCOX YOLANDA CUBA TOKYO SEXWALE (EXEC. CHAIR) SYED JAFFREY(NON-EXEC) 

  

 

 

	
  

  
	
  3.2 Gold
  Fields, GFI-SA, Mvela Resources, Mvela Holdings, Mvela Gold, FirstRand and
  Mezz SPV entered into a sponsor support, guarantee and retention agreement as
  amended, if applicable, by an agreement dated 17 November 2004 (collectively,
  the “initial sponsor support agreement”) in terms of which, inter alia, Mvela
  Resources and Mvela Holdings assumed certain obligations. The initial sponsor
  support agreement was amended by an addendum dated 12 March 2004; and 3.3 the
  parties in annexure A hereto, Gold Fields and Mvela Holdings (“parties”)
  entered into a transaction participant agreement (“transaction participant
  agreement”) in respect of the Gold Fields transaction or became a party to
  the transaction participant agreement by accession. 4. In 2004, Mvela
  Holdings and Mvelaphanda Group Limited (then Rebserve Limited) (“Mvela
  Group”) entered into an agreement (“MR disposal agreement”) in terms of which
  Mvela Holdings sold, inter alia, its shareholding in Mvela Resources to Mvela
  Group in consideration for the issue to Mvela Holdings of shares comprising a
  majority of the issued share capital of Mvela Group. Accordingly, on
  implementation of the MR disposal agreement, Mvela Holdings held more than
  50% of the issued share capital of Mvela Group, which in turn held 22,9% of
  the issued share capital of Mvela Resources. 5. Following on, and by reason
  of, the MR disposal agreement, the initial sponsor support agreement (as
  amended by the addendum referred to in the last sentence of 3.2), the initial
  Mezz SPV loan agreement and the initial covenants agreement were amended by
  an addendum dated in or about 2005. 6. Mvela Holdings – 6.1 currently holds
  approximately 6% of the issued share capital of Mvela Resources (“Khumama MR
  acquisition shares”) (acquired pursuant to an agreement dated 17 January
  2006) (as amended from time to time) (“Khumama MR share acquisition
  agreement”); 6.2 has now entered into an agreement (as amended from time to
  time) (“MR share acquisition agreement”) with Mvela Group to re-acquire the
  latter’s 22,9% shareholding in Mvela Resources (“MR acquisition shares”), so
  as to further advance Mvela Resources’ empowerment credentials; and

  

	
  

  
	
  6.3 will become
  the largest shareholder of Mvela Resources, holding approximately 28,9% of
  its issued share capital, on implementation of the MR share acquisition
  agreement. 7. Pursuant to implementation of the MR share acquisition
  agreement, the status quo (regarding shareholding in Mvela Resources as at
  the date of the Gold Fields transaction) will effectively be restored as
  Mvela Holdings will once again have a direct interest in the issued share
  capital of Mvela Resources. 8. The MR share acquisition agreement is subject
  to certain amendments being effected to the initial sponsor support
  agreement. Effectively, these amendments will substantially revert the HDSA contents
  of the Gold Fields transaction agreements to the status quo when originally
  concluded. 9. The parties wish - 9.1 to amend the initial sponsor support
  agreement, the initial Mezz SPV loan agreement and the initial covenants
  agreement on the terms and conditions set out in this letter; and 9.2 for
  ease of reference, to consolidate the contents of the addenda referred to in
  the last sentence of 3.2 and 5 (“addenda”) into one document, such that this
  letter shall constitute the sole amendment to the initial covenants
  agreement, the initial Mezz SPV loan agreement and the initial sponsor
  support agreement. 10. Clause headings in this letter are used for
  convenience only and shall be ignored in its interpretation. 11. Suspensive
  Conditions 11.1 The whole of this letter (other than the provisions of this
  11, 17, and 19, which shall become effective on signature of this letter) is
  subject to the fulfilment of the suspensive conditions (“Suspensive
  Conditions”) that - 11.1.1 all suspensive conditions to which the MR share
  acquisition agreement is subject (save for any which relate to this letter)
  are fulfilled (or waived, as the case may be); and

  

	
  

  
	
  11.1.2 none of
  the resolutive conditions to which the MR share acquisition agreement is
  subject are fulfilled; and 11.1.3 within forty days of the date on which the
  last-failing of the resolutive conditions (to the MR share acquisition
  agreement) fail (i.e., the date on which the MR share acquisition agreement
  becomes unconditional), Mvela Holdings provides evidence satisfactory to Gold
  Fields, acting reasonably, that the MR acquisition shares and the Khumama MR
  acquisition shares have been transferred into the name of Mvela Holdings or
  its CSDP, broker or other nominee. 11.2 Mvela Resources undertakes to use its
  reasonable commercial endeavours to procure the fulfilment of the Suspensive
  Conditions. 11.3 Gold Fields shall have the right to unilaterally waive the
  Suspensive Condition referred to in clause 11.1.3 whereupon each of Gold
  Fields, Mvela Holdings, Mvela Resources, Mvela Gold and GFI-SA will (as
  against each other) be bound by this letter from the date of fulfilment of
  the remainder of the Suspensive Conditions, and will (as against each other)
  remain bound thereby. If Gold Fields waive this Suspensive Condition, Mvela
  Holdings shall, within ten days of the later to occur of the waiver and the
  MR share acquisition agreement becoming unconditional, provide evidence
  satisfactory to Gold Fields, acting reasonably, that the MR acquisition
  shares and the Khumama MR acquisition shares have been transferred into the
  name of Mvela Holdings or its CSDP, broker or other nominee. 11.4 If any of
  the Suspensive Condition is/are not timeously fulfilled – 11.4.1 this letter
  (other than the clauses referred to in clause 11.1 which shall continue to be
  of force and effect) shall be of no force and effect; 11.4.2 the parties
  shall be restored in relation to the subject matter of this letter as near as
  may be possible to the positions in which they were immediately prior to
  signature of this letter; and

  

 

	
  

  
	
  11.4.3 no party
  shall have any claim against any other as a result of such non-fulfilment
  save in circumstances where a party has deliberately frustrated the
  fulfilment thereof. 11.5 Each of Mvela Holdings, Mvela Resources, Mvela Gold,
  FirstRand Bank Limited, Tokyo Sexwale, Mark Willcox, Gold Fields, GFI-SA,
  Gold Fields Holding Company (BVI) Limited and Gold Fields Australia
  (Proprietary) Limited shall, on fulfilment (or waiver as the case maybe) of
  the Suspensive Conditions and signature of this letter by them, be bound by
  this letter (as against each other) and shall (as against each other) remain
  bound thereby, even if this letter is not signed by any of the other parties
  listed in annexure A hereto. Mvela Holdings shall procure the signature of
  all the parties listed in Annexure A within 180 days of the date of this
  letter. Mvela Holdings, Tokyo Sexwale and Mark Willcox jointly and severally
  hereby indemnify and hold Gold Fields and GFI-SA harmless from and against
  any and all losses, claims, costs, damages (including any actions in respect
  thereof), actions, demands, liabilities and expenses whatsoever, joint or
  several, which may be instituted, made or alleged against or which are
  suffered or incurred by Gold Fields or GFI-SA, as the case may be, as a
  result of any party listed in Annexure A not signing this letter. 12.
  Supercession The addenda referred to in the last sentence of 3.2 and 5 are
  terminated, and are superseded by this letter, in their entirety, with effect
  from the date on which all the Suspensive Conditions are fulfilled (“closing
  date”). No party shall have any claim against any other under the addenda
  referred to in the last sentence of 3.2 and 5 or by reason of their
  supercession and termination under this letter. 13. Amendments to the Initial
  Sponsor Support Agreement  With effect
  from the closing date, clause 10 of the intial sponsor support agreement is
  replaced in its entirety with the following – 10. Retention 10.1 MHL hereby
  undertakes in favour of Mezz SPV and GFL that for as long as (a) any payment
  obligations of Mvela Gold remain outstanding under the Mezz SPV Loan
  Agreement or (b) any obligations of Mvela

  

	
  

  
	
  Gold remain
  outstanding under the Subscription and Share Exchange Agreement, MHL shall –
  10.1.1 be an HDSA company; 10.1.2 retain beneficial ownership of no less than
  26%(twenty six percent) of the issued Equity Share Capital of the Sponsor;
  10.1.3 together with HDSAs have board control of the Sponsor (for the purpose
  of this clause 10.1.3 “board control” means having such number of nominee
  directors of the Sponsor as, when aggregated with the other directors of the
  Sponsor who are HDSAs, constitutes a majority of the directors thereof);
  10.1.4 retain management control of the Sponsor in terms of a written
  management agreement (for the purposes of this clause 10.1.4 “management
  control” means control, subject to the overriding control and authority of
  its board of directors, of the day to day management and operations of the
  Sponsor in the ordinary course). Each of Tokyo Sexwale and Mark Willcox,
  irrevocably and unconditionally jointly and severally guarantees to Mezz SPV
  and GFL punctual performance by MHL of all its obligations under this clause
  10.1. 10.2 For purposes of clause 10.1 - 10.2.1 an “HDSA company” is a
  company which is owned or controlled (whether directly or indirectly) by
  HDSAs and any other company which is an “HDSA company” as contemplated from
  time to time in the Mining Charter. Without limiting the aforegoing, a
  company is owned by HDSAs if–

  

 

	
  

  
	
  10.2.1.1 HDSAs
  beneficially own at least 50,1% of the equity share capital of that company;
  or 10.2.1.2 one or more trusts, the majority of whose beneficiaries are
  HDSAs, beneficially own at least 50,1% of the equity share capital of that
  company; and 10.2.3 “beneficially own” equity share capital means entitled to
  participate in the distribution of profits, reserves, capital, share premium
  or any other dividend or distribution arising in respect of that equity share
  capital. 10.3 MHL shall, within 120 (one hundred and twenty) days after the
  end of each of its financial years, provide Mezz SPV with a certificate
  signed by its chief financial officer certifying that it is not in breach of
  the provisions of clause 10.1.”. 14. Amendments to the Initial Mezz SPV Loan
  Agreement With effect from the closing date, the initial Mezz SPV loan
  agreement is hereby amended by the - 14.1 deletion of the words “as contemplated
  in the Mining Charter” after the words “HDSA Company” in the definition of
  “HDSA” in clause 2; 14.2 addition of the following definitions in clause 2 –
  14.2.1 ““HDSA Company” means a company which is owned or controlled (whether
  directly or indirectly) by HDSAs and any other company which is an “HDSA
  company” as contemplated from time to time in the Mining Charter. Without
  liming the aforegoing, a company is owned by HDSAs, if – 14.2.1.1 HDSAs
  beneficially own at least 50,1% of the issued equity share capital of that
  company; or

  

 

	
  

  
	
  14.2.1.2 one or
  more trusts, the majority of whose beneficiaries are HDSAs, beneficially own
  at least 50,1% of the issued share capital of that company;” 14.2.2
  “beneficially own” equity share capital means entitled to participate in the
  distribution of profits, reserves, capital, share premium or any other
  dividend or distribution arising in respect of that equity share capital;”;
  14.3 deletion of the words “retain a holding of” in the first line of the
  definition of “BEE Company” in clause 2 and their replacement with the words
  “beneficially own”; 14.4 addition of the words “when aggregated with the
  other directors of Mvela Resources who are HDSAs” before the words
  “constitutes a majority” in the definition of “BEE Company” in clause 2. 15.
  Amendment to the Initial Covenants Agreement With effect from the closing
  date, the initial covenants agreement is hereby amended by the - 15.1
  addition of a new clause 1.2.5(A) as follows - 1.2.5(A) “beneficially own”
  equity share capital means entitled to participate in the distribution of
  profits, reserves, capital, share premium or any other dividend or
  distribution arising in respect of that share;” 15.2 deletion of clause
  1.2.35 in its entirety and its replacement with the following new clause
  1.2.35 - “1.2.35 “HDSA company” – a company which is owned or controlled
  (whether directly or indirectly) by HDSAs and any other company which is an
  “HDSA company” as contemplated from time to time in the Mining Charter.
  Without limiting the aforegoing, a company is owned by HDSAs if –

  

	
  

  
	
  1.2.35.1 HDSAs
  beneficially own at least 50,1% of the issued equity share capital of that
  company; or 1.2.35.2 one or more trusts, the majority of whose beneficiaries
  are HDSAs beneficially own at least 50,1% of the issued equity share capital
  of that company;”; 15.3 substitution of the words “beneficially owned” for
  the word “held” in clause 7.1.1; 15.4 addition of the words “when aggregated
  with the other directors of Mvela Resources who are HDSAs” before the words
  “constitutes a majority” in clause 7.1.2.1; 15.5 addition of a new clause 7.4
  as follows: “7.4 If at any time prior to the later to occur of the events
  referred to in (a) and (b) of clause 10.1 of the initial sponsor support
  agreement, the Mining Charter or any other legislation imposes more stringent
  HDSA ownership requirements (than that achieved applying the criteria in
  clause 7.1 of the initial covenants agreement (as amended) and clause 10.1 of
  the initial sponsor support agreement (as amended)) for a mining company to
  convert its old order mining rights to new order mining rights under the
  Mineral and Petroleum Resources Development Act No 28 of 2002 and thereafter
  retain such new order mining rights, then Gold Fields and Mvela Resources shall
  meet and negotiate in good faith in an attempt to agree on how they can, and
  thereafter jointly use their reasonable commercial endeavours to, achieve
  compliance with such requirements.”

  

 

	
  

  
	
  16. Empowerment
  interest 16.1 Mvela Holdings warrants that it has not and undertakes that it
  will not – 16.1.1 pledge(d), encumber(ed) or otherwise grant(ed) any form of
  security rights over the “empowerment interest” (as defined in the initial
  covenants agreement) to or in favour of any third party in respect of its
  acquisition of Mvela Resources shares under the MR share acquisition
  agreement and/or the Khumama MR acquisition agreement; and 16.1.2 do (done)
  anything that would prejudice the empowerment status of Mvela Holdings and/or
  Mvela Resources in any way resulting in Mvela Holdings and/or Mvela
  Resources, as the case may be, no longer being a HDSA company (as defined in
  the initial covenants agreement as amended under 15) and/or GFIMSA not being
  able to convert its old order mining rights to new order mining rights under
  the Mineral and Petroleum Resources Development Act No 28 of 2002 and
  thereafter retain such new order mining rights. 16.2 Gold Fields confirms its
  awareness that Mvela Holdings has and will be pledging, encumbering or
  otherwise granting security rights over the MR acquisition shares and the
  Khumama MR acquisition shares to the funders of its acquisition of the MR
  acquisition shares and the Khumama MR acquisition shares (“the MR share
  security”). Mvela Holdings undertakes that – 16.2.1 if such funders become
  entitled at any time prior to the “repayment date” (as defined in the initial
  covenants agreement (as amended under 15)) to exercise their rights under the
  MR share security such that they can transfer (from Mvela Holdings) to any
  third party such number of the MR acquisition shares and the Khumama MR
  acquisition shares as will result in a contravention of the warranty in
  clause 10.1.2 of the initial sponsor support agreement (as amended under 13),
  Mvela Holdings shall, before the funders so transfer such MR shares, procure
  that other security satisfactory to the funders is furnished to the funders
  in consideration for the funders agreeing not to so exercise such security;

  

	
  

  
	
  16.2.2 if Mvela
  Holdings fail to procure that other satisfactory security is furnished to the
  funders in consideration for the funders agreeing not to so exercise their
  rights under the MR share security, Mvela Holdings shall forthwith furnish
  Gold Fields with a written notice of such failure (“Notice”); 16.2.3 with effect
  from the date of the Notice or such earlier date upon which Gold Fields
  become aware of such failure, Mvela Holdings shall grant to Gold Fields
  and/or GFI-SA the right to exercise and enjoy the rights, benefits, powers
  and discretions expressed to be assumed by or granted to Mvela Holdings under
  the financing arrangements, for the purpose of negotiating a resolution
  satisfactory to the funders, which may include the provision of Gold Fields
  security to the funders, in consideration for the funders agreeing not to so
  exercise their rights under the MR share security; 16.2.4 Mvela Holdings
  shall indemnify and hold Gold Fields and GFI-SA harmless from and against any
  and all losses, claims, costs, damages (including any actions in respect
  thereof), actions, demands, liabilities and expenses whatsoever, joint or
  several, which may be instituted, made or alleged against or which are
  suffered or incurred by Gold Fields or GFI-SA, as the case may be, under
  16.2.3 above. 16.2.5 the financing arrangements for the funding of the
  acquisition of the MR acquisition shares shall not prejudice the empowerment
  status of Mvela Holdings and/or Mvela Resources in any way resulting in Mvela
  Holdings no longer being a HDSA company (as defined in the initial covenants
  agreement as amended by this letter) and/or GFI-SA not being able to convert
  its old order mining rights to new order mining rights under the Mineral and
  Petroleum Resources Development Act No 28 of 2002 and thereafter retain such
  new order mining rights. 16.3 Each of Tokyo Sexwale and Mark Willcox,
  irrevocably and unconditionally jointly and severally guarantees to Gold
  Fields punctual performance by Mvela Holdings of all its obligations under
  this 16 of this letter. 16.4 The provision of this 16 of this letter shall
  not limit or excuse compliance with 

  

 

	
  

  
	
  any obligations
  of Mvela Holdings or Mvela Resources under the Gold Fields transaction
  documents. 17. Public Announcements Without limitation to any other
  confidentiality or like obligation in the Transaction Documents (which apply
  equally to the contents of this letter), Gold Fields must approve in writing
  (such approval not to be unreasonably withheld and such decision to be
  furnished within twenty-four hours of receipt of same) the wording/terms of
  any public announcement or communication pertaining, or referring in any way,
  to the content of this letter and/or Gold Fields’ consideration of or consent
  to the content of this letter. 18. Consents 18.1 Each party referred to in
  annexure A hereto agrees to the provisions of this letter by its signature in
  annexure A hereto. 18.2 Gold Fields and each of the parties listed in
  annexure A hereto acknowledges that by reason of the Suspensive Condition in
  clause 11.1.3, the MR acquisition shares will be sold and transferred into
  the name of Mvela Holdings or its CSDP, broker or other nominee before the
  closing date. Gold Fields and each of parties listed in annexure A hereto
  hereby ratifies and approves such sale and transfer, and waives all and any
  right it may have, whether under any agreement or otherwise in law, arising
  out of the fact that such sale and transfer occurs prior to the closing date.
  19. General 19.1 Save for the amendments in 13, 14, 15 and 16, the provisions
  of the initial covenants agreement, of the initial Mezz SPV loan agreement
  and of the initial sponsor agreement shall remain unaltered and of full force
  and effect. 19.2 No addition to, variation or agreed cancellation of, or
  cession, assignment and/or delegation of rights and/or obligations under, this
  letter shall be of any force or effect unless reduced to writing and signed
  by or on behalf of the parties.

  

 

	
  

  
	
  19.3 If there
  is any conflict between any of the provisions of this letter (on the one
  hand) and those of the initial covenants agreement, of the initial Mezz SPV
  loan agreement and/or the initial sponsor agreement (on the other hand), the
  provisions of this letter shall prevail. 19.4 The signature by any party of a
  counterpart of this letter (including annexure A) shall be as effective as if
  that party had signed the same document as all of the other parties. Yours
  sincerely /s/ Mark Willcox Mark Willcox Chief Executive Officer   We, Gold Fields Limited, agree to the provisions of this letter  /s/ [ILLEGIBLE] who warrants that he is
  duly authorised hereto  17 July 2006

  

 

 

	
  

  
	
  ANNEXURE A Mvelaphanda Resources Limited /s/ [ILLEGIBLE] who warrants that
  he is duly authorised hereto [17] July 2006 Mvelaphanda Gold (Proprietary)
  Limited /s/ [ILLEGIBLE] who warrants that he is duly authorised hereto [17] July
  2006 GFI Mining South Africa (Proprietary) Limited  /s/ [ILLEGIBLE] who warrants that he is
  duly authorised hereto [    ] July 2006
  Gold Fields Holding Company (BVI) Limited, formerly known as Gold Fields
  Guernsey Limited /s/ [ILLEGIBLE] who warrants that he is duly authorised
  hereto [    ] July 2006 Gold Fields
  Australia Proprietary Limited /s/ [ILLEGIBLE] who warrants that he is duly
  authorised hereto [    ] July 2006

  

 

 

	
  

  
	
  GFL Mining
  Services Limited /s/ [ILLEGIBLE] who warrants that he is duly authorised
  hereto [    ] July 2006   Micawber 325 (Proprietary) Limited who
  warrants that he is duly authorised hereto [    ] July 2006   Public Investment Commissioners who
  warrants that he is duly authorised hereto [    ] July 2006   International Finance Corporation who
  warrants that he is duly authorised hereto [    ] July 2006   Industrial Development Corporation of
  South Africa Limited who warrants that he is duly authorised hereto [    ] July 2006

  

 

 

	
  

  
	
  JP Morgan
  Securities South Africa (Proprietary) Limited who warrants that he is duly
  authorised hereto  [    ] July 2006   Indwa Investments Limited who warrants
  that he is duly authorised hereto [   
  ] July 2006   Barclays Bank plc
  South African Branch who warrants that he is duly authorised hereto [    ] July 2006   FirstRand Bank Limited (acting through its
  Rand Merchant Bank and FNB Corporate Divisions) /s/ [ILLEGIBLE] who warrants
  that he is duly authorised hereto [17] July 2006

  

 

 

	
  

  
	
  The Trustees
  for the time being of the West Street 7 Trust who warrants that he is duly
  authorised hereto [    ] July 2006   Bergg Credit (Pty) Ltd who warrants that
  he is duly authorised hereto [    ]
  July 2006   Calyon Corporate and
  Investment Bank, South Africa Branch who warrants that he is duly authorised
  hereto [    ] July 2006   Commerzbank AG, Johannesburg Branch who
  warrants that he is duly authorised hereto [    ] July 2006

  

 

 

	
  

  
	
  Tokyo Sexwale
  /s/ Tokyo Sexwale [    ] JuIy 2006 Mark
  Willcox /s/ Mark Willcox [17] July 2006

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