Document:

EX-4.34

 Exhibit 4.34 

EXECUTION VERSION 
 BORROWER PLEDGE AND
CESSION 
  

	1.	As security for the obligations (the “Secured Indebtedness”) which 

HISTOPATH PROPRIETARY LIMITED 

(Registration No. 2012/082229/07) 

a limited liability company duly registered and incorporated in accordance with the laws of South Africa 

(the “Pledgor”) 

at present has and may from time to time in the future have or incur to 

HARMONY GOLD MINING COMPANY LIMITED 

(Registration No. 1950/038232/06) 

a limited liability company duly registered and incorporated in accordance with the laws of South Africa 

(the “Lender” and together with the Pledgor, collectively hereinafter the “Parties” and each of them a
“Party” as the context may require) 
 to pay all amounts due from time to time by the Pledgor under a term loan facility
agreement (the “Term Facility Agreement”) entered into on or about the date hereof between the Lender (as lender) and the Pledgor (as borrower) and the other Transaction Documents (as such term is defined in the Term Facility
Agreement) to which it is party, the Pledgor pledges and cedes in securitatem debiti to the Lender with effect from the Closing Date (as such term is defined in the Term Facility Agreement) – 

 

	 	1.1.	the Pledged Shares (as defined in Annexure A), and any capitalisation shares which may be issued on account of the holding of such shares and any rights and proceeds of any rights to subscribe for shares or other
rights attaching to such shares (including, without limitation, any distribution in specie) and any proceeds arising from the disposal of such shares or such proceeds or other rights or an election to receive cash in respect of such shares,
including, without limitation, any ordinary or preference shares in the issued share capital of the Company (as defined in Annexure A) from time to time issued to the Pledgor as well as its rights to receive from the Company any dividends or
other distributions in respect of such shares; 

  

	 	1.2.	all rights to any bank account into which the proceeds contemplated in clauses 1.1 and 1.3 hereof and any repayment of Ceded Claims (as defined below) may from time to time be paid; and 

 

	 	1.3.	 all claims of whatsoever nature and howsoever arising which the Pledgor at present has, and may from time to time have, against the Company,
including, without limitation, any 

	 	
claim which it may from time to time have against the Company in respect of monies owing by the Company to it under a Shareholder Loan Agreement (as such term is defined in the Term Facility
Agreement), its loan account, if any, as well as in respect of any unpaid dividends or other distributions (the “Ceded Claims”) and, which together with (a) the Pledged Shares and (b) the rights to any bank account
referred to in clause 1.2 hereof and (c) all other rights and interests ceded in terms of this clause 1.3, constitute the “Collateral”, 

all on the terms and conditions contained in this pledge and cession (this “Pledge and Cession”). 

 

	2.	In this Pledge and Cession, unless the context otherwise requires, capitalised terms and expressions not otherwise defined shall bear the meanings given to them in the Term Facility Agreement (whether directly or by
incorporation by reference). 

  

	3.	By no later than the Closing Date, the Pledgor shall deliver to the Lender, in respect of its Pledged Shares – 

  

	 	3.1.	the share certificates accompanied by undated share transfer declarations in respect thereof duly signed by the registered holder/s of the Pledged Shares and in blank as to transferee; 

 

	 	3.2.	a certified copy of a resolution passed by the directors of the Company irrevocably acknowledging and approving the pledge and cession of the Collateral and the transfer of the Collateral to any transferee; and

  

	 	3.3.	such other consents or authorities as may be required for the transfer of the Pledged Shares or any of them to any transferee. 

  

	4.	Should any of the Pledged Shares which are certificated as of the date of this Pledge and Cession at any time in the future be dematerialised, then the Pledgor shall forthwith, upon the happening of that event, deliver
to the Lender a written acknowledgement signed by or on behalf of the relevant central securities depository participant, confirming and specifying (to the Lender’s satisfaction) - 

 

	 	4.1.	the Pledgor’s ownership of the Pledged Shares and that such shares are held by the relevant central securities depository participant; 

 

	 	4.2.	the entry, in accordance with the applicable rules, of this Pledge and Cession in favour of the Lender in the Pledgor’s securities account kept by or on behalf of the relevant central securities depository
participant in respect of the Pledged Shares; 

  

	 	4.3.	that the relevant central securities depository participant will not remove the entry referred to in clause 4.2 from the relevant securities account nor will the Pledged Shares be transferred to a third party
without the written consent of the Lender, acting on the instructions of the Lender, first having been obtained; and 

  
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	 	4.4.	no other security cession or pledge was noted against the Pledged Shares at any time that the entry referred to in clause 4.2 was made against the relevant securities account, 

and in the event that the Lender is entitled to exercise its rights in terms of this Pledge and Cession, the Pledgor will instruct the relevant
central securities depository participant to transfer the Pledged Shares to the Lender (or its nominee) by effecting the necessary entries into the relevant securities account; in the event of the Pledgor not giving the necessary instruction as
aforesaid, the Pledgor irrevocably nominates constitutes and appoints the Lender (or its nominee) as its lawfully appointed attorney and agent, with full power and authority, to do all such things as necessary to give effect to the provisions of
this clause 4, and in particular to instruct the relevant central securities depository participant to transfer the shares to the Lender (or its nominee). 
  

	5.	Without in any way limiting or derogating from any other provision hereof, if at any time hereafter any shares in the capital of the Company are issued to or acquired by the Pledgor for any reason whatsoever, including,
without limitation, any other class of shares (howsoever described) which are issued by the Company to the Pledgor, then the documents of title evidencing any such shares shall be delivered to the Lender (mutatis mutandis in accordance with
clause 3 hereof) accompanied by undated share transfer declarations in respect thereof duly signed by the registered holder/s thereof and in blank as to transferee, together with certified copies of such other irrevocable resolutions, consents
and authorities as may be required for the transfer of such Pledged Shares. If such shares are dematerialised, the Pledgor shall forthwith comply with the provisions of clause 4 (mutatis mutandis) in respect of such shares.

  

	6.	All bonus or new shares which may from time to time accrue in respect of the Pledged Shares shall accrue to and be taken up by the Pledgor and the certificates in respect thereof, together with duly signed and currently
dated share transfer declarations in respect thereof in blank as to transferee, shall be delivered to the Lender (mutatis mutandis in accordance with clause 3 hereof) and shall be subject in all respects to the terms and conditions of
this Pledge and Cession or, if such further shares are dematerialised, the Pledgor shall procure that they become subject to this Pledge and Cession and, in particular, the arrangements contemplated in clause 4 mutatis mutandis. All
rights and proceeds accrued, earned or attaching to any such bonus or new shares from time to time are hereby ceded in securitatem debiti to the Lender mutatis mutandis in accordance with the provisions of clause 1 hereof and
shall form part of the Collateral for all purposes in terms hereof. 

  

	7.	     

  

	 	7.1.	Any distribution in specie which may from time to time accrue in respect of the Pledged Shares shall accrue to and be taken up by the Pledgor and if – 

 

	 	7.1.1.	such distribution in specie consists of certificated shares, the certificates in respect thereof, together with duly signed and currently dated share transfer declarations in respect thereof in blank as to
transferee, shall be delivered to the Lender (mutatis mutandis in accordance with clause 3 hereof) and shall be subject in all respects to the terms and conditions of this Pledge and Cession; 

  
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	 	7.1.2.	such distribution in specie consists of dematerialised shares, a written acknowledgement, signed by or on behalf of the relevant central securities depository participant, shall be delivered to the Lender
(mutatis mutandis in accordance with clause 4 hereof); and 

  

	 	7.1.3.	such distribution in specie consists of any other asset, such asset shall be delivered to the Lender and shall be subject in all respects to the terms and conditions of this Pledge and Cession. 

 

	 	7.2.	All rights and proceeds accrued, earned or attaching to any such distribution in specie from time to time are hereby ceded in securitatem debiti to the Lender mutatis mutandis in accordance with the
provisions of clause 1 hereof and shall form part of the Collateral for all purposes in terms hereof. 

  

	8.	All shares required to be delivered to the Lender from time to time in accordance with the provisions of this Pledge and Cession shall comprise Pledged Shares for all purposes in terms of this Pledge and Cession.

  

	9.	If at any time during the currency of this Pledge and Cession, any Event of Default occurs and is continuing the Lender shall be entitled, and the Pledgor hereby authorises the Lender irrevocably and in rem suam
without further authority or consent of any nature whatsoever required from the Pledgor, unless required by applicable law, without first obtaining an order of court - 

 

	 	9.1.	to convene general meetings of the Company for any purpose whatsoever including, without limitation, for the purpose of removing the directors of the Company appointed by the Pledgor as a result of the holding of the
Pledged Shares and to appoint in their stead such persons as directors as the Lender in its sole and absolute discretion deems fit; and/or 

  

	 	9.2.	to give special notice of an intention to pass any resolution which requires special notice under the Companies Act and to consent to short notice of or to waive notice of any general meeting of the Company; and/or

  

	 	9.3.	to attend any general meeting of shareholders of the Company as the Pledgor’s proxy or representative, to exercise any voting rights attaching to the Pledged Shares or any of them in such manner as it may in its
sole and absolute discretion deem fit, and to represent the Pledgor in all respects at any such meeting; and/or 

  

	 	9.4.	to procure the registration of all or any of the Pledged Shares into its name or the name of its nominee, or any other person, and to exercise any voting rights attaching thereto in such manner as it may in its sole and
absolute discretion deem fit; and/or 

  
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	 	9.5.	to receive all dividends or other distributions or payments paid from time to time on account of the Collateral which dividends and other payments and distributions shall, if irrevocably received and retained by the
Lender, be applied in pro tanto discharge of the Pledgor’s liability to the Lender in respect of the Secured Indebtedness; and/or 

  

	 	9.6.	whether after registration of the Pledged Shares into its name or the name of its nominee or any other person or without such registration, to realise the Collateral either by public auction or by private treaty, in the
latter case on reasonable notice to the Pledgor not exceeding 7 (seven) days, as the Lender may deem fit, and/or, at the Lender’s election, to take over the Collateral at a fair value which, in the absence of agreement, shall be determined
by an independent accountant agreed to by the Parties or, failing agreement, appointed by the President for the time being of the South African Institute of Chartered Accountants (or the successor body thereto) (which independent accountant shall
act as an expert and not as an arbitrator and shall determine the liability for its charges which will be paid accordingly) provided that if any determination is manifestly unjust, and the court exercises its general power, if any, to correct such
determination, the Parties shall be bound thereby, and to pro tanto apply the net proceeds of the sale (after all expenses of realisation) to, or set off the purchase price payable by it for the Collateral against the Pledgor’s
indebtedness to the Lender in respect of the Secured Indebtedness on the basis that any excess on realisation or any balance owing to the Pledgor, as the case may be, will be paid to the Pledgor and any shortfall will remain as a debt due by the
Pledgor to the Lender; and/or 

  

	 	9.7.	to convey valid title in the Collateral to any purchaser thereof (including the Lender); and/or 

  

	 	9.8.	to give notice of the cession to the Company and/or to recover the amount of the Ceded Claims or other sums forming part of the Collateral directly from it; and/or 

 

	 	9.9.	to institute such legal proceedings or other action as the Lender in its sole and absolute discretion may deem fit on behalf and in the name of the Pledgor in respect of the Collateral, and to proceed to the final end
and determination thereof; and/or 

  

	 	9.10.	to take all such further or other steps as the Lender may consider necessary to deal with the Collateral. 

  

	10.	If at any time the Lender becomes entitled to exercise its rights under clause 9, the Pledgor hereby authorises and appoints the Lender irrevocably and in rem suam as the Pledgor’s attorney and agent in
the Pledgor’s name, place and stead to sign and execute - 

  

	 	10.1.	any proxy in favour of the Lender or its nominee to enable the Lender to exercise any voting rights attaching to the Pledged Shares or any of them; and 

 

	 	10.2.	such documents as may be necessary - 

  
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	 	10.2.1.	in order to render the Pledged Shares or any of them negotiable including, without limitation, the signature of share transfer declarations; 

 

	 	10.2.2.	to receive payment of the purchase price of the Collateral; and/or 

  

	 	10.2.3.	to enable the Lender to exercise any of the rights granted to it herein. 

  

	11.	The Pledgor undertakes that until the full, final and irrevocable discharge of all obligations owing by the Pledgor to the Lender hereunder, under the Term Facility Agreement and under the other Transaction Documents
and, save as contemplated in the Transaction Documents or save as otherwise agreed in writing by the Lender, it will not sell, grant any further cession, encumber or otherwise Dispose of the Collateral. 

 

	12.	A certificate signed by any director or manager of the Lender reflecting the amount of - 

  

	 	12.1.	the Pledgor’s indebtedness to such Lender in respect of the Secured Indebtedness; and 

  

	 	12.2.	any costs or expenses incurred by the Lender in the exercise of its rights herein and the net proceeds of any realisation of the Collateral, 

shall be presumed to be correct, unless the contrary be proved. 
  

	13.	The Lender shall not be - 

  

	 	13.1.	obliged to take any steps which it is authorised or entitled to take or exercise any rights granted to it herein; and 

  

	 	13.2.	liable to the Pledgor for any loss or damage (whether directly or indirectly, consequential or otherwise), fines, Taxes or other fiscal charges or penalties or claims which the Pledgor may suffer or sustain as a
consequence, directly or indirectly, of - 

  

	 	13.2.1.	the Lender exercising any of its rights under this Pledge and Cession, save in respect of the gross negligence or wilful misconduct of the Lender; 

 

	 	13.2.2.	any omission or delay by the Lender including any delay in exercising any of its rights hereunder or its failure to insure or protect the Pledgor’s interests in the Collateral in any way; or 

 

	 	13.2.3.	the loss or destruction of any documents delivered by the Pledgor to the Lender in terms of this Pledge and Cession. 

  

	14.	The provisions of this Pledge and Cession shall be and continue to be of full force and effect and binding on the Pledgor notwithstanding - 

  
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	 	14.1.	the Lender agreeing with the Pledgor, any variation or departure (however substantial) of or from the Term Facility Agreement or any other Transaction Document so that any such variation or departure shall, whatever its
nature, be binding upon the Pledgor in all circumstances, notwithstanding that it may increase or otherwise affect the liability of the Pledgor; or 

  

	 	14.2.	the Lender releasing or granting any time or any indulgence whatsoever to the Pledgor under the Term Facility Agreement or any other Transaction Document or any contravention by the Pledgor of the Term Facility
Agreement or any other Transaction Document, or entering into any transaction or arrangements whatsoever with or in relation to the Pledgor and/or any third party; or 

 

	 	14.3.	the Lender taking, accepting, varying, dealing with, enforcing, abstaining from enforcing, surrendering or releasing any security for the obligations secured hereby in such manner as they think fit, or claiming, proving
for, accepting or transferring any payment in respect of such obligations in any composition by, or sequestration of, the Pledgor and/or any third party or abstaining from so claiming, proving, accepting or transferring; or 

 

	 	14.4.	the winding up, dissolution, administration, reorganisation or placement under supervision for business rescue proceedings of the Lender or the Pledgor or any change in their respective status, function, control or
ownership; or 

  

	 	14.5.	any of the obligations of the Pledgor under the Term Facility Agreement and/or any other Transaction Document being or becoming illegal, invalid, unenforceable or ineffective in any manner or respect whatsoever; or

  

	 	14.6.	any time or other indulgence being granted or agreed to be granted to the Pledgor under the Term Facility Agreement and/or any other Transaction Document; or 

 

	 	14.7.	any amendment to, or any variation, waiver or release of any of the obligations of the Pledgor under the Term Facility Agreement and/or any other Transaction Document; or 

 

	 	14.8.	any other act, event or omission which, but for this clause 14, might operate or might otherwise have operated to discharge, impair or otherwise affect any of the obligations of the Pledgor herein contained or any
of the rights, powers or remedies conferred upon the Lender, whether by the Term Facility Agreement, the other Transaction Documents or by applicable law. 

  

	15.	 The liabilities and obligations of the Pledgor under this Pledge and Cession shall remain in force notwithstanding any settlement of account, act,
omission, neglect, event or matter whatsoever, and in particular but without limitation, shall not be considered satisfied by any intermediate payment or satisfaction of all or any of the liabilities and obligations of the Pledgor under the Term
Facility Agreement or any other Transaction Document. Without prejudice to its generality, the foregoing 

  
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shall apply in relation to anything which would have discharged the Pledgor (wholly or in part) or which would have afforded the Pledgor with any legal or equitable defence, and in relation to
any winding up, sequestration, dissolution or placement under supervision for business rescue proceedings of, or any change in constitution or corporate identity or loss of corporate identity by the Pledgor (if applicable) or any other person.

  

	16.	The Pledgor shall be entitled to cancel this Pledge and Cession and to the return of the Pledged Shares together with documents rendering them negotiable when the Secured Indebtedness has been fully, finally and
irrevocably extinguished and discharged. 

  

	17.	The Pledgor shall render to the Lender such assistance as the Lender may require for the purposes of enforcing its rights in respect of the Collateral and/or to prove the amount of the Ceded Claims or any portion
thereof. 

  

	18.	     

  

	 	18.1.	The Pledgor, on each day that this Pledge and Cession is in force: 

  

	 	18.1.1.	warrants and represents that it is and will remain the sole and beneficial owner of the Collateral to the exclusion of all others and no person (other than the Lender) has an option or right of refusal over the
Collateral; 

  

	 	18.1.2.	warrants and represents that the Collateral pledged and ceded to the Lender under this Pledge and Cession has not been pledged and/or ceded (either outright or as security), discounted, factored, mortgaged under
notarial bond or otherwise, or otherwise disposed of or hypothecated, nor has it been subject to any other rights in favour of any person; 

  

	 	18.1.3.	warrants and represents that it has the power, authority and legal right to sign and perform this Pledge and Cession; 

  

	 	18.1.4.	warrants and represents that all obligations undertaken by it under this Pledge and Cession constitute its legal, valid and binding obligations enforceable against it in accordance with the terms of this Pledge and
Cession, and that the constitutional documents of the Company do not place any limitations or restrictions on the Pledgor to pledge and cede the Collateral as provided for in this Pledge and Cession other than such consents as have been obtained
prior to the Closing Date; 

  

	 	18.1.5.	warrants and represents that its entry into the Term Facility Agreement and this Pledge and Cession and the fulfilment of its obligations in accordance with the terms thereof and hereof do not contravene any applicable
law or any contractual obligation binding on it; and 

  

	 	18.1.6.	save as expressly contemplated by, and subject to the provisions of the Term Facility Agreement and this Pledge and Cession, acknowledges that it may not pledge, cede, assign or transfer or in any other manner create
any Security whatsoever, or allow any Security whatsoever to be created, over or deal with the Collateral without the prior written consent of the Lender. 

  
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	 	18.2.	Should the Collateral be subject to any right in breach of the representation and warranty in clause 18.1.2 then, without prejudice to any other rights that the Lender may have, any reversionary or other interests
the Pledgor may have in the Collateral are also ceded to the Lender and if the holder of that cession or right is entitled to possession of any of the documents referred to in clause 3, and it exercises that right, then the Pledgor shall
deliver photocopies of the documents to the Lender, and as soon as the holder of that cession or right ceases to be entitled to possession or gives up possession, the Pledgor shall deliver the relevant documents to the Lender. Without in any way
limiting or derogating from the foregoing, the Pledgor acknowledges and agrees that the Lender shall be entitled to receive payment from such prior cessionary of such amounts as such prior cessionary shall receive in excess of the sums due to them
by the Pledgor. 

  

	 	18.3.	It is recorded that the Lender has entered into the Term Facility Agreement and the Transaction Documents on the strength of and relying on, inter alia, the warranties and representations in this clause 18,
each of which shall be deemed to be separate warranties and representations, given without prejudice to any other warranty or representation, and deemed to be material representations inducing the Lender to enter into the Term Facility Agreement and
the other Transaction Documents. 

  

	19.	This Pledge and Cession is in addition to and not in substitution for any other security held or hereafter to be held by the Lender from any party in connection with the Secured Indebtedness, or otherwise and the Lender
shall, without prejudice to their rights hereunder, be entitled to release any such additional security held by them. 

  

	20.	The Pledgor hereby renounces the legal benefits and exceptions of excussion, division, non numeratae pecuniae and non causa debiti, the Pledgor declaring itself to be fully acquainted with
the full meaning and effect of this renunciation. 

  

	21.	This Pledge and Cession shall be governed by and construed in accordance with the laws of South Africa. 

  

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

  

	23.	 Each provision in this Pledge and Cession is severable from all other provisions, notwithstanding the manner in which they may be linked together or
grouped grammatically, and if in terms of any 

  
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judgment or order, any provision, phrase, sentence, paragraph or clause is found to be defective or unenforceable for any reason, the remaining provisions, phrases, sentences, paragraphs and
clauses shall nevertheless continue to be of full force. In particular, and without limiting the generality of the aforegoing, the Parties hereto acknowledge their intention to continue to be bound by this Pledge and Cession notwithstanding that any
provision may be found to be unenforceable or void or voidable, in which event the provision concerned shall be severed from the other provisions, each of which shall continue to be of full force. The Parties agree that in such event, and insofar as
may be available under applicable law, to substitute valid, legal and enforceable provisions for the invalid, illegal or unenforceable provisions so as to implement the intention of the Parties hereto to the extent legally possible.

  

	24.	     

  

	 	24.1.	The Parties choose as their addresses for notices for all purposes under this Pledge and Cession, whether in respect of court process, notices or other documents or communications of whatsoever nature, the addresses set
out in the Term Facility Agreement. 

  

	 	24.2.	Any notice or communication required or permitted to be given in terms of this Pledge and Cession shall be valid and effective only if in writing but it shall be competent to give notice by hand delivery, courier or
facsimile. 

  

	 	24.3.	Any Party may by notice to the other Parties change the physical address chosen as its address for notices to another physical address in Gauteng, South Africa or its facsimile number, provided that the change shall
become effective vis-à-vis that addressee on the 14th (fourteenth) Business Day from the deemed receipt of the notice by the addressee. 

 

	 	24.4.	Any notice to a Party – 

  

	 	24.4.1.	delivered by hand to a responsible person during ordinary business hours at the physical address chosen as its address for notices shall be deemed to have been received on the day of delivery; or 

 

	 	24.4.2.	sent by facsimile to its chosen facsimile number stipulated against its name in the Term Facility Agreement, shall be deemed to have been received on the date of despatch (unless the contrary is proved).

  

	 	24.5.	Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by the Pledgor shall be an adequate written notice or communication to it notwithstanding that it was not
sent to or delivered at its chosen address for notices. 

  

	25.	No amendment or variation of, addition to, deletion from, or consensual cancellation of this Pledge and Cession or any provision or term thereof and no extension of time, waiver or relaxation of any of the provisions or
terms of this Pledge and Cession shall bind the Lender unless recorded in a written document signed by the Parties. Any such extension, waiver or relaxation which is so given or made shall be construed as relating strictly to the matter in respect
whereof it was made or given. 

  
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	26.	No extension of time or waiver or relaxation of any of the provisions of this Pledge and Cession shall operate as an estoppel against the Lender in respect of its rights hereunder nor shall it operate so as to preclude
the Lender thereafter from exercising its rights strictly in accordance with this Pledge and Cession. 

  

	27.	     

  

	 	27.1.	The Lender shall be entitled on written notice to but without the consent of the Pledgor (and without notice following the occurrence of an Event of Default which is continuing) to assign or otherwise transfer all or
any of its rights and/or obligations under this Pledge and Cession to any party to whom it cedes or delegates it rights and/or obligations under the Term Facility Agreement subject to and in accordance with the provisions thereof. The Pledgor hereby
unconditionally and irrevocably consents to the splitting of all ordinary claims against it hereunder (both known and unknown as of any date, present and future, actual and contingent) which may result from such assignment or transfer.

  

	 	27.2.	The Pledgor shall not be entitled to cede any of its rights nor delegate any of its obligations in terms of this Pledge and Cession to any person without the prior written consent of the Lender. 

 

	28.	The Pledgor undertakes to pay on first demand all costs and expenses of whatsoever nature incurred by the Lender in exercising or enforcing any of its rights hereunder together with the costs of and incidental to the
transfer of the Pledged Shares, including, without limitation, any transfer duty or securities transfer Tax which may be payable in connection therewith. 

  

	29.	This Pledge and Cession may be executed in one or more counterparts all of which, when read together, shall constitute one and the same instrument. A facsimile shall constitute a valid counterpart for all purposes
hereunder. 

  

	30.	The Pledgor acknowledges that it has been free to secure independent legal and other advice as to the nature and effect of all the provisions of this Pledge and Cession and that it has either taken such independent
legal and other advice or dispensed with the necessity of doing so. Further, the Pledgor acknowledges that all of the provisions of this Pledge and Cession have been negotiated as between it and the Lender and are part of the overall intention of
the Parties in connection with this Pledge and Cession. 

  
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 As witnessed by the duly authorised representatives of the parties hereto 

Signed for and on behalf of: 
 Histopath Proprietary Limited

  

					
	 /s/
	 		 	
			
	Name: Sipho Tsotsi	 		 	
			
	Title: Managing Director	 		 	
			
	Witness: /s/	 		 	
			
	Date: 18 March 2013	 		 	

  

					
	Accepted the benefits hereof:	 		 	
			
	Signed for and on behalf of:	 		 	
			
	Harmony Gold Mining Company Limited	 		 	Harmony Gold Mining Company Limited
	(in its capacity as lender)	 		 	(in its capacity as lender)
			
	 /s/
	 		 	 /s/

			
	Name: Graham Briggs	 		 	Name: Graham Briggs
			
	Title: Director	 		 	Title: Director
			
	Witness: /s/	 		 	Witness: /s/
			
	Date: 20 March 2013	 		 	Date: 20 March 2013

 Annexure A 

For the purposes of this Pledge and Cession – 
  

	1.	“Company” means Business Venture Investments No 1692 Proprietary Limited (Registration No. 2012/041001/07), a limited liability company duly registered and incorporated in accordance with the laws
of South Africa; 

  

	2.	“Pledged Shares” means 16 (sixteen) ordinary shares in the issued share capital of the Company (comprising 16% (sixteen per cent) of the entire ordinary issued share capital of the Company,
together with any shares in the capital of the Company that may hereafter be acquired by the Pledgor for any reason.EX-4.35

 Exhibit 4.35 

edward nathan sonnenbergs 

johannesburg cape town durban stellenbosch 

150 west street 
 sandown sandton
johannesburg 2196 
 p o box 783347 sandton south africa 2146 

docex 152 randburg 
 tel +2711 269
7600 fax +2711 269 7899 
 info@problemsolved.co.za www.problemsolved.co.za 

 

			
	 	  	 

 EXECUTION VERSION 

CASHFLOW WATERFALL AGREEMENT 
 entered into between 

HARMONY GOLD MINING COMPANY LIMITED 
 (Registration
No. 1950/038232/06) 
 (in its capacity as Lender and Sponsor) 

and 
 BUSINESS VENTURE INVESTMENTS NO. 1692 PROPRIETARY
LIMITED 
 (Registration No. 2012/041001/07) 
 and

 HISTOPATH PROPRIETARY LIMITED 
 (Registration
No. 2012/082229/07) 
 and 
 BUSINESS VENTURE
INVESTMENTS NO. 1677 PROPRIETARY LIMITED 
 (Registration No. 2012/035756/07) 

and 
 BUSINESS VENTURE INVESTMENTS NO. 1687 PROPRIETARY
LIMITED 
 (Registration No. 2012/030646/07) 
 and

 BUSINESS VENTURE INVESTMENTS NO. 1688 PROPRIETARY LIMITED 

(Registration No. 2012/030648/07) 

 TABLE OF CONTENTS 
  

							
	 Clause number and description
	  	Page	 
			
	1.	 	 PARTIES
	  	 	3	  
			
	2.	 	 INTERPRETATION
	  	 	3	  
			
	3.	 	 INTRODUCTION AND RECORDAL
	  	 	8	  
			
	4.	 	 CASHFLOW WATERFALL
	  	 	9	  
			
	5.	 	 PAYMENT INSTRUCTION
	  	 	10	  
			
	6.	 	 GENERAL WARRANTIES
	  	 	10	  
			
	7.	 	 JOINT VENTURE
	  	 	11	  
			
	8.	 	 NOTICES AND DOMICILIA
	  	 	11	  
			
	9.	 	 BENEFIT OF THE AGREEMENT
	  	 	13	  
			
	10.	 	 APPLICABLE LAW AND JURISDICTION
	  	 	13	  
			
	11.	 	 GENERAL
	  	 	14	  
			
	12.	 	 SIGNATURE
	  	 	15	  

  
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	1.	PARTIES 

  

	 	1.1.	The Parties to this Agreement are - 

  

	 	1.1.1.	HARMONY GOLD MINING COMPANY LIMITED (Registration No. 1950/038232/06) (in its capacity as Lender and Sponsor); 

  

	 	1.1.2.	BUSINESS VENTURE INVESTMENTS NO. 1692 PROPRIETARY LIMITED (Registration No. 2012/041001/07); 

  

	 	1.1.3.	HISTOPATH PROPRIETARY LIMITED (Registration No. 2012/082229/07); 

  

	 	1.1.4.	BUSINESS VENTURE INVESTMENTS NO. 1677 PROPRIETARY LIMITED (Registration No. 2012/035756/07); 

  

	 	1.1.5.	BUSINESS VENTURE INVESTMENTS NO. 1687 PROPRIETARY LIMITED (Registration No. 2012/030646/07); and 

  

	 	1.1.6.	BUSINESS VENTURE INVESTMENTS NO. 1688 PROPRIETARY LIMITED (Registration No. 2012/030648/07). 

  

	 	1.2.	The Parties agree as set out below. 

  

	2.	INTERPRETATION 

  

	 	2.1.	In this Agreement - 

  

	 	2.1.1.	clause headings are for convenience only and are not to be used in its interpretation; 

  

	 	2.1.2.	an expression which denotes - 

  

	 	2.1.2.1.	any gender includes the other genders; 

  

	 	2.1.2.2.	a natural person includes a juristic person and vice versa; and 

  

	 	2.1.2.3.	the singular includes the plural and vice versa. 

  

	 	2.2.	save as defined in this Agreement, terms defined in the Facility Agreements (as the context may require) shall bear the same meanings when used herein and the following terms shall have the meanings assigned to them
hereunder and cognate expressions shall have the corresponding meanings, namely - 

  

	 	2.2.1.	“Agreement” means this cashflow waterfall agreement as it may be amended, novated or supplemented from time to time; 

  
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	 	2.2.2.	“CPI” means the weighted average consumer price index, all items of the 12 (twelve) areas specified in the notice as notified by Statistics South Africa (with the average for the year 2009 as a base
which equals 100 (one hundred); 

  

	 	2.2.3.	“Discharge Date” means the date on which all of the obligations under the Finance Documents have been fully, finally and irrevocably discharged to the satisfaction of the Lender; 

 

	 	2.2.4.	“Excess Free Cashflow” means Free Cashflow after providing for all required or reasonably anticipated Stay-In-Business Expenditure; 

 

	 	2.2.5.	“Facility Agreements” means – 

  

	 	2.2.5.1.	the Histopath Term Loan Facility Agreement; 

  

	 	2.2.5.2.	the R18 239 760.00 (eighteen million two hundred and thirty nine thousand seven hundred and sixty Rand) term loan facility agreement dated on or about the date of this Agreement, between BEECo1 (as borrower) and the
Lender; 

  

	 	2.2.5.3.	the R18 239 760.00 (eighteen million two hundred and thirty nine thousand seven hundred and sixty Rand) term loan facility agreement dated on or about the date of this Agreement, between BEECo2 (as borrower) and the
Lender; and 

  

	 	2.2.5.4.	the R18 239 760.00 (eighteen million two hundred and thirty nine thousand seven hundred and sixty Rand) term loan facility agreement dated on or about the date of this Agreement, between BEECo3 (as borrower) and the
Lender; 

  

	 	2.2.6.	“Harmony” means Harmony Gold Mining Company Limited (registration number 1950/038232/06), a company incorporated under the laws of South Africa; 

 

	 	2.2.7.	“Histopath Term Loan Facility Agreement” means the R97 278 720.00 (ninety seven million two hundred and seventy eight thousand seven hundred and twenty Rand) term loan facility agreement dated on or
about the date of this Agreement, between the Borrower and the Lender; 

  

	 	2.2.8.	“Indemnity Payment Amount” means each amount (other than principal or interest) required to be paid by the Project Company to a BEE Shareholder pursuant to the indemnity provisions of clause 14.4 of the
Subscription Sale and Shareholders’ Agreement; 

  
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	 	2.2.9.	“Indexed” means, in relation to any sum, that sum adjusted annually to take account of year-on-year changes in the CPI since the Signature Date; 

 

	 	2.2.10.	“Parties” means the parties to this Agreement; 

  

	 	2.2.11.	“Prescribed Ratio” means, in relation to a BEE Shareholder, the ratio comprised by the Facility Outstandings of that BEE Shareholder to the aggregate Facility Outstandings of all BEE Shareholders;

  

	 	2.2.12.	“Signature Date” means the date of signature of this Agreement by the Party last signing; 

  

	 	2.2.13.	“Sponsor Loan” means the loan contemplated in clause 9.1.2 of the Sale of Business Agreement (as defined in the Subscription Sale and Shareholders’ Agreement); 

 

	 	2.2.14.	“Stay-In-Business Expenditure” means the following fees, expenses and charges, and VAT thereon – 

  

	 	2.2.14.1.	all audit fees of the Project Company; 

  

	 	2.2.14.2.	all legal and other fees and expenses incurred in respect of the ongoing activities of the Project Company, the holding, protection and realisation of its assets, matters ancillary thereto and the eventual winding-up or
termination of the Project Company; 

  

	 	2.2.14.3.	bank charges in respect of all bank accounts maintained by the Project Company in terms of the Transaction Documents and in respect of all payments to and from such accounts; 

 

	 	2.2.14.4.	the fees payable to the board of directors of the Project Company from time to time; 

  

	 	2.2.14.5.	expenditure incurred on or associated with meetings of the board of directors of the Project Company; 

  

	 	2.2.14.6.	all other fees and expenses reasonably incurred by the board of directors of the Project Company for or in connection with the administration and operation of the Project Company, including professional fees and
disbursements incurred in the course of any dispute to which the Project Company is or may become a party; and 

  

	 	2.2.14.7.	all taxes, levies or other imposts payable on or in respect of the income or capital of the Project Company, including income, capital gains or other taxes arising from the disposal of any of the assets of the Project
Company. 

  
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	 	2.3.	In this Agreement - 

  

	 	2.3.1.	Clause headings and the heading of the Agreement are for convenience only and are not to be used in its interpretation; 

  

	 	2.3.2.	an expression which denotes - 

  

	 	2.3.2.1.	any gender includes the other genders; 

  

	 	2.3.2.2.	a natural person includes a juristic person and vice versa; 

  

	 	2.3.2.3.	the singular includes the plural and vice versa; and 

  

	 	2.3.2.4.	a Party includes a reference to that Party’s successors in title and assigns allowed at law. 

  

	 	2.4.	Any reference in this Agreement to - 

  

	 	2.4.1.	“business hours” shall be construed as being the hours between 08h30 and 17h00 on any business day. Any reference to time shall be based upon South African Standard Time; 

 

	 	2.4.2.	“days” shall be construed as calendar days unless qualified by the word “business”, in which instance a “business day” will be any day other than a Saturday, Sunday or public holiday
as gazetted by the government of South Africa from time to time; 

  

	 	2.4.3.	“law” means any law of general application and includes the common law and any statute, constitution, decree, treaty, regulation, directive, ordinance, by-law, order or any other enactment of
legislative measure of government (including local and provincial government) statutory or regulatory body which has the force of law; 

  

	 	2.4.4.	“person” means any person, company, close corporation, trust, partnership or other entity whether or not having separate legal personality; and 

 

	 	2.4.5.	“writing” means legible writing and in English and excludes any form of electronic communication contemplated in the Electronic Communications and Transactions Act, No. 25 of 2002.

  
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	 	2.5.	The words “include” and “including” mean “include without limitation” and “including without limitation”. The use of the words
“include” and “including” followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it. 

 

	 	2.6.	The words “shall” and “will” and “must” used in the context of any obligation or restriction imposed on a Party have the same meaning. 

 

	 	2.7.	Any substantive provision, conferring rights or imposing obligations on a Party and appearing in any of the definitions in this clause 2 or elsewhere in this Agreement, shall be given effect to as if it were a
substantive provision in the body of the Agreement. 

  

	 	2.8.	Words and expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause, bear the meaning assigned to such word or expression throughout this
Agreement. 

  

	 	2.9.	Unless otherwise provided, defined terms appearing in this Agreement in title case shall be given their meaning as defined, while the same terms appearing in lower case shall be interpreted in accordance with their
plain English meaning. 

  

	 	2.10.	A reference to any statutory enactment shall be construed as a reference to that enactment as at the Signature Date and as amended or substituted from time to time. 

 

	 	2.11.	Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls on a day that is not a business day, the next
succeeding business day. 

  

	 	2.12.	If the due date for performance of any obligation in terms of this Agreement is a day which is not a business day then (unless otherwise stipulated) the due date for performance of the relevant obligation shall be the
immediately preceding business day. 

  

	 	2.13.	Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the context indicates a contrary intention. 

 

	 	2.14.	The rule of construction that this Agreement shall be interpreted against the Party responsible for the drafting of this Agreement, shall not apply. 

 

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

  
 7 

	 	2.16.	No provision of this Agreement shall (unless otherwise stipulated) constitute a stipulation for the benefit of any person (stipulatio alteri) who is not a Party to this Agreement; 

 

	 	2.17.	The use of any expression in this Agreement covering a process available under South African law, such as winding-up, shall, if either of the Parties to this Agreement is subject to the law of any other jurisdiction, be
construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

  

	 	2.18.	Whenever any person is required to act “as an expert and not as an arbitrator” in terms of this Agreement, then - 

  

	 	2.18.1.	the determination of the expert shall (in the absence of manifest error) be final and binding; 

  

	 	2.18.2.	subject to any express provision to the contrary, the expert shall determine the liability for his or its charges, which shall be paid accordingly; 

 

	 	2.18.3.	the expert shall be entitled to determine such methods and processes as he or it may, in his or its sole discretion, deem appropriate in the circumstances provided that the expert may not adopt any process which is
manifestly biased, unfair or unreasonable; 

  

	 	2.18.4.	the expert shall consult with the relevant Parties (provided that the extent of the expert’s consultation shall be in his or its sole discretion) prior to rendering a determination; and 

 

	 	2.18.5.	having regard to the sensitivity of any confidential information, the expert shall be entitled to take advice from any person considered by him or it to have expert knowledge with reference to the matter in question.

  

	 	2.19.	Any reference in this Agreement to “this Agreement” or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement or document, as amended,
varied, novated or supplemented from time to time. 

  

	 	2.20.	In this Agreement the words “clause” or “clauses” and “annexure” or “annexures” refer to clauses of and annexures to this Agreement. 

 

	3.	INTRODUCTION AND RECORDAL 

  

	 	3.1.	The Parties have entered into the Transaction Documents in order to facilitate (i) the funding of the Project Company and (ii) the several transactions contemplated in the Transaction Documents.

  

	 	3.2.	Pursuant to the transactions contemplated in the Transaction Documents, the Parties hereby wish to record the priority of the payments due under the Transaction Documents. 

  
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	4.	CASHFLOW WATERFALL 

  

	 	4.1.	On each Payment Date, the Project Company shall apply Excess Free Cashflow in accordance with the following order of priority – 

 

	 	4.1.1.	first, to the payment of any Indemnity Payment Amount due by a BEE Shareholder on such Payment Date; 

  

	 	4.1.2.	second, on a pari passu and pro rata (in the Prescribed Ratio) basis, to the payment of all accrued interest due and payable under each Shareholder Loan; 

 

	 	4.1.3.	third, on a pari passu and pro-rata (in the Prescribed Ratio) basis, to the payment of all capital repayments due under each Shareholder Loan; 

 

	 	4.1.4.	fourth, to the payment of an annual trickle dividend which shall not in aggregate exceed an amount of R2 500 000.00 (two million five hundred thousand Rand) (Indexed), to the shareholders of the Project Company,
pro rata to their respective shareholding; 

  

	 	4.1.5.	fifth, on a pari passu and pro-rata (in the Prescribed Ratio) basis, to the payment of a voluntary pre-payment under each Shareholder Loan in an amount determined by the Sponsor, provided such
amount shall not exceed 50% (fifty per cent) of the balance of Excess Free Cashflow following the payments at “first” to (and including) “fourth” above; 

 

	 	4.1.6.	sixth, to the payment of all accrued unpaid interest in respect of the Sponsor Loan; 

  

	 	4.1.7.	seventh, to the payment of arrear capital payments in respect of the Sponsor Loan; 

  

	 	4.1.8.	eighth, to the payment of all scheduled capital repayments in respect of the Sponsor Loan; 

  

	 	4.1.9.	ninth, to the payment of an annual trickle dividend which shall not in aggregate exceed an amount of R2 500 000.00 (two million five hundred thousand Rand) (Indexed) to the shareholders of the Project Company,
pro rata to their respective shareholding; 

  

	 	4.1.10.	tenth, to the payment of a voluntary capital pre-payment under the Sponsor Loan in an amount determined by the Sponsor; and 

  

	 	4.1.11.	eleventh, following the full, final and irrevocable discharge of the Sponsor Loan, to the payment of ordinary dividends to the shareholders of the Project Company, pro rata to their respective
shareholding. 

  
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	5.	PAYMENT INSTRUCTION 

  

	 	5.1.	On each date on which payment of an amount at “first”, “second”, “third” and “fifth” in the cashflow waterfall in clause 4.1 hereof is made to a BEE Shareholder (each a
“Relevant Payment”), such BEE Shareholder hereby irrevocably and unconditionally instructs the Project Company to pay such Relevant Payment directly to the Lender. 

 

	 	5.2.	Each Relevant Payment received by the Lender shall be applied in accordance with the order of priority contained in each Facility Agreement. 

 

	6.	GENERAL WARRANTIES 

  

	 	6.1.	Each of the Parties hereby warrants to and in favour of the others that - 

  

	 	6.1.1.	it has the legal capacity and has taken all necessary corporate action required to empower and authorise it to enter into this Agreement; 

 

	 	6.1.2.	this Agreement constitutes an agreement valid and binding on it and enforceable against it in accordance with its terms; 

  

	 	6.1.3.	the execution of this Agreement and the performance of its obligations hereunder does not and shall not - 

  

	 	6.1.3.1.	contravene any law or regulation to which that Party is subject; 

  

	 	6.1.3.2.	contravene any provision of that Party’s constitutional documents; or 

  

	 	6.1.3.3.	conflict with, or constitute a breach of any of the provisions of any other agreement, obligation, restriction or undertaking which is binding on it. 

 

	 	6.2.	Each of the representations and warranties given by the Parties in terms of clause 6.1, shall - 

  

	 	6.2.1.	be a separate warranty and will in no way be limited or restricted by inference from the terms of any other warranty or by any other words in this Agreement; 

 

	 	6.2.2.	continue and remain in force notwithstanding the completion of any or all the transactions contemplated in this Agreement; and 

  

	 	6.2.3.	prime facie be deemed to be material and to be a material representation inducing the other Parties to enter into this Agreement. 

  
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	7.	JOINT VENTURE 

 Nothing contained in this Agreement shall be deemed to constitute a
partnership or joint venture amongst the Parties. 
  

	8.	NOTICES AND DOMICILIA 

  

	 	8.1.	Notices 

  

	 	8.1.1.	Each Party chooses the addresses set out opposite its name below as its addresses to which any written notice in connection with the Finance Documents may be addressed: 

 

	 	8.1.1.1.	Harmony Gold Mining Company Limited (in its capacity as Lender and Sponsor): 

  

					
		 	Address:	  	Block 27
		 		  	Randfontein Office Park
		 		  	Cnr Main Reef Road & Ward Avenue
		 		  	Randfontein
			
		 	Telefax No:	  	+27 (0) 86 628 2332
			
		 	Attention:	  	The Company Secretary

  

	 	8.1.1.2.	Business Venture Investments No. 1692 Proprietary Limited: 

  

					
		 	Address:	  	Block 27
		 		  	Randfontein Office Park
		 		  	Cnr Main Reef Road & Ward Avenue
		 		  	Randfontein
			
		 	Telefax No:	  	+27 (0) 86 628 2332
			
		 	Attention:	  	The Company Secretary

  

	 	8.1.1.3.	Histopath Proprietary Limited: 

  

					
		 	Address:	  	638 Jacqueline Drive
		 		  	Garsfontein
		 		  	0081
			
		 	Telefax No:	  	+27 (0) 86 539 2740
			
		 	Attention:	  	Sikhuliso Resources Directors

  
 11 

	 	8.1.1.4.	Business Venture Investments No. 1677 Proprietary Limited: 

  

					
		 	Address:	  	Building H303
		 		  	18 Melrose Arch
		 		  	Ground Floor
		 		  	Melrose Arch
			
		 	Telefax No:	  	+27 11 684 1116
			
		 	Attention:	  	Mr Collin Matjila

  

	 	8.1.1.5.	Business Venture Investments No. 1687 Proprietary Limited: 

  

					
		  	Address:	  	Block A
		  		  	Boston House
		  		  	3A De-La-Rey Road
		  		  	Rivonia
		  		  	2128
			
		  	Telefax No:	  	+27 (0) 11 234 0926
			
		  	Attention:	  	Livhu Nengovhela

  

	 	8.1.1.6.	Business Venture Investments No. 1688 Proprietary Limited: 

  

					
		  	Address:	  	268 Jubilee Avenue
		  		  	Halfway House
		  		  	Midrand
		  		  	1682
			
		  	Telefax No:	  	+27 (0) 11 805 3191
			
		  	Attention:	  	Ms Lesego Tibane

  

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

  

	 	8.1.3.	Any Party may by written notice to the other Parties change its chosen physical addresses and/or telefax number for the purposes of clause 8.1.1 to any other address(es) and/or telefax number, provided that the
change shall become effective on the 14th (fourteenth) day after the receipt of the notice by the addressee. 

  

	 	8.1.4.	Any notice given in terms of this Agreement shall: 

  

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

  
 12 

	 	8.1.4.2.	if delivered by hand be deemed to have been received by the addressee on the date of delivery; 

  

	 	8.1.4.3.	if transmitted by facsimile or e-mail be deemed to have been received by the addressee on the 1st (first) Business Day after the date of transmission,

 unless the contrary is proved. 
  

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

  

	 	8.2.	Domicilia 

  

	 	8.2.1.	Each of the Parties chooses its physical address referred to in clause 8.1 (Notices) as its domicilium citandi et executandi at which documents in legal proceedings in connection with this Agreement
may be served. 

  

	 	8.2.2.	Any Party may by written notice to the other Parties change its domicilium from time to time to another address, not being a post office box or a poste restante, in South Africa; provided that any such
change shall only be effective on the 14th (fourteenth) day after deemed receipt of the notice by the other Party pursuant to clause 8.1.4. 

 

	9.	BENEFIT OF THE AGREEMENT 

 This Agreement will also be for the benefit of and be binding
upon the successors in title and permitted assigns of the Parties or any of them. 
  

	10.	APPLICABLE LAW AND JURISDICTION 

  

	 	10.1.	This Agreement will in all respects be governed by and construed under the laws of the Republic of South Africa. 

  

	 	10.2.	The Parties hereby consent and submit to the non-exclusive jurisdiction of the High Court of the Republic of South Africa (South Gauteng High Court, Johannesburg) to hear and determine any suit, action or proceeding,
and to settle any disputes, which may arise under and/or out of and/or relating to and/or in connection with this Agreement. 

  

	 	10.3.	The Parties agree that the courts of South Africa are the most appropriate and convenient courts to settle disputes. The Parties agree not to argue to the contrary and waive objection to this court on the grounds of
inconvenient forum or otherwise in relation to proceedings in connection with any Transaction Document. 

  
 13 

	11.	GENERAL 

  

	 	11.1.	Whole Agreement 

  

	 	11.1.1.	This Agreement constitutes the whole of the agreement between the Parties relating to the matters dealt with herein and, save to the extent otherwise provided herein, no undertaking, representation, term or condition
relating to the subject matter of this Agreement not incorporated in this Agreement shall be binding on either of the Parties. 

  

	 	11.1.2.	This Agreement supersedes and replaces any and all agreements between the Parties (and other persons, as may be applicable) and undertakings given to or on behalf of the Parties (and other persons, as may be applicable)
in relation to the subject matter hereof. 

  

	 	11.2.	Variations to be in Writing 

 No addition to or variation,
deletion, or agreed cancellation of all or any clauses or provisions of this Agreement will be of any force or effect unless in writing and signed by the Parties. 
  

	 	11.3.	No Indulgences 

 No latitude, extension of time or other indulgence which may be
given or allowed by any Party to the other Parties in respect of the performance of any obligation hereunder, and no delay or forbearance in the enforcement of any right of any Party arising from this Agreement, and no single or partial exercise of
any right by any Party under this Agreement, shall in any circumstances be construed to be an implied consent or election by such Party or operate as a waiver or a novation of or otherwise affect any of the Party’s rights in terms of or arising
from this Agreement or estop or preclude any such Party from enforcing at any time and without notice, strict and punctual compliance with each and every provision or term hereof. 

 

	 	11.4.	Provisions Severable 

 All provisions and the various clauses of this Agreement
are, notwithstanding the manner in which they have been grouped together or linked grammatically, severable from each other. Any provision or clause of this Agreement which is or becomes unenforceable in any jurisdiction, whether due to voidness,
invalidity, illegality, unlawfulness or for any other reason whatever, shall, in such jurisdiction only and only to the extent that it is so unenforceable, be treated as pro non scripto and the remaining provisions and clauses of

  
 14 

 
this Agreement shall remain of full force and effect. The Parties declare that it is their intention that this Agreement would be executed without such unenforceable provision if they were aware
of such unenforceability at the time of execution hereof. 
  

	 	11.5.	Transfer 

 Save as specifically provided for in the Transaction Documents, no
Party shall be entitled to cede or delegate any of its rights or obligations under this Agreement without the prior written consent of the other Parties, which consent shall not unreasonably be withheld or delayed. 

 

	 	11.6.	Counterparts 

 This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original, and all of which together shall constitute one and the same agreement as at the date of signature of the Party last signing one of the counterparts. The Parties undertake to take whatever steps may be necessary
to ensure that all counterparts are duly signed by all of them without delay. 
  

	12.	SIGNATURE 

 Signed on behalf of the Parties, each signatory hereto warranting that he/she
has due authority to do so. 

  
 15 

 Signed for and on behalf of: 

Harmony Gold Mining Company Limited (as Lender and Sponsor) 
  

					
	 /s/
	 		 	  

			
	Name: Graham Briggs	 		 	Name:
			
	Title: Director	 		 	Title:
			
	Date: 20 March 2013	 		 	Date:

 Signed for and on behalf of: 

Business Venture Investments No. 1692 Proprietary Limited 
  

					
	 /s/
	 		 	  

			
	Name: Graham Briggs	 		 	Name:
			
	Title: Director	 		 	Title:
			
	Date: 20 March 2013	 		 	Date:

 Signed for and on behalf of: 

Histopath Proprietary Limited 
  

					
	 /s/
	 		 	  

			
	Name: Sipho Tsotsi	 		 	Name:
			
	Title: Managing Director	 		 	Title:
			
	Date: 18 March 2013	 		 	Date:

 Signed for and on behalf of: 

Business Venture Investments No. 1677 Proprietary Limited 
  

					
	 /s/
	 		 	  

			
	Name: M.C. Matjila	 		 	Name:
			
	Title: Director	 		 	Title:
			
	Date: 20 March 2013	 		 	Date:

 Signed for and on behalf of: 

Business Venture Investments No. 1687 Proprietary Limited 
  

					
	 /s/
	 		 	  

			
	Name: L. Nengovhela	 		 	Name:
			
	Title: Director	 		 	Title:
			
	Date: 20 March 2013	 		 	Date:

 Signed for and on behalf of: 

Business Venture Investments No. 1688 Proprietary Limited 
  

					
	 /s/
	 		 	  

			
	Name: M.M. Moira	 		 	Name:
			
	Title: Director	 		 	Title:
			
	Date: 20 March 2013	 		 	Date:

  
 2

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