Document:

<PAGE>   1
                                                                  EXHIBIT 10.47

                                PEOPLESOFT, INC.

                       CRAIG CONWAY EMPLOYMENT AGREEMENT

     This Agreement is made by and between PeopleSoft Inc. (the "Company"), and
Craig Conway ("Executive") as of May 10, 1999.

     1.   Duties and Scope of Employment.

          (a)  Positions: Employment Commencement Date: Duties. Executive's
employment with the Company pursuant to this Agreement shall commence on May 10,
1999 (the "Employment Commencement Date"). As of the Employment Commencement
Date, the Company shall employ he Executive as the President and Chief Operating
Officer of the Company reporting to the Chairman and the Chief Executive
Officer of the Company. It is expected that Executive shall be promoted to
Chief Executive Officer of the Company within six to twelve months from the
Employment Commencement Date, subject to Executive's reasonably acceptable
performance of his duties hereunder. The period of Executive's employment
hereunder is referred to herein as the "Employment Term." During the Employment
Term, Executive shall render such business and professional services in the
performance of his duties, consistent with executive's position within the
Company, as shall reasonably be assigned to him by the Board of Directors (the
"Board"), including direct responsibility for the day to day operations of the
Company, having he management committee directly report to him, Company
financial performance and hiring and employment termination decision-making
authority.

          (b)  Obligations. During the Employment Term, Executive shall devote
his full business efforts and time to the Company. Executive agrees, during the
Employment Term, not to actively engage in any other employment, occupation or
consulting activity for any direct or indirect remuneration without the prior
approval of the Board; provided, however, that Executive may serve in any
capacity with any civic, educational or charitable organization, or as a member
of corporate Boards of Directors or committees thereof upon which Executive
currently serves, without the approval of the Board; provided, further that
Executive may devote a reasonable amount of time to managing his family
investments (notwithstanding Section 3 of the Company's standard Employee
Proprietary Information Agreement).

     2.   Employee Benefits: Indemnification Agreement. During the Employment
Term, Executive shall be eligible to participate in the employee benefit plans
maintained by the Company that are applicable to other senior management to the
full extent provided for under those plans. Upon his commencement of employment
with the Company, Executive shall be offered an indemnification agreement
comparable in form and substance to indemnification agreements previously
entered into by and between the Company and its executive officers.

     3.   At-Will Employment. Executive and the Company understand and
acknowledge that Executive's employment with the Company constitutes "at-will"
employment. Subject to the Company's obligation to provide severance benefits as
specified herein, Executive and the Company acknowledge that this employment
relationship may be terminated at any time, upon
<PAGE>   2
written notice to the other party, with or without good cause or for any or no
cause, at the option either of the Company or Executive.

     4.   Compensation.

          (a)  Base Salary. While employed by the Company, the Company shall
pay the Executive as compensation for his services a base salary at the
annualized rate of $500,000 (the "Base Salary"). Such salary shall be paid
periodically in accordance with normal Company payroll practices and subject to
the usual, required withholding. Executive's Base Salary shall be reviewed
annually by the Compensation Committee of the Board for possible increases in
light of Executive's performance and competitive data.

          (b)  Bonuses. Executive shall receive a cash bonus on account of and
subject to his employment through May 24, 2000 in an amount determined by the
Compensation Committee of the Board, which amount shall be no less than $250,000
and shall be paid shortly thereafter. For the remainder of the Company's 2000
fiscal year, Executive shall be eligible to earn a target bonus equal to 50% of
the Base Salary paid to Executive for that time period. In subsequent fiscal
years, Executive shall be eligible to earn a target bonus equal to 50% of Base
Salary (the "Target Bonus"). For each period, Executive shall be eligible to
receive a greater payment, up to 100% of Base Salary, based on achievement in
excess of the target milestones, and with lesser or no payments if the target
milestones, and with lesser or no payments if the target milestones are not
achieved. Executive's performance shall be evaluated by the Compensation
Committee of the Board of Directors based upon performance criteria specified
by that committee. The payment of any bonus under this Section 4(b) shall be
subject to Executive's employment with the Company through the end of the
relevant evaluation period (which employment requirement does not apply with
the respect to the Target Bonus component of severance payments made pursuant
to Section 4(d)). Executive's Target Bonus shall be reviewed annually by the
Compensation Committee of the Board for possible increases in light of
Executive's performance and competitive data.

          (c)  Equity Compensation.

               (i)  Stock Options. As of the Employment Commencement Date,
Executive shall be granted stock options (the "Stock Options") to purchase a
total of two million (2,000,000) shares of Company common stock with a per
share exercise price equal to twelve and eleven-sixteenths dollars
($12-11/16ths) (the "Employment Commencement Date Stock Value"). The Stock
Options shall be for a term of ten years (or shorter upon termination of
employment or consulting relationship with the Company) and, subject to
accelerated vesting as set forth elsewhere herein, shall vest as to 1/48th of
the shares on each month following the Commencement Date, so as to be 100%
vested on the four year anniversary thereof, conditioned upon executive's
continued employment or consulting relationship with the Company as of each
vesting date. The Stock Options may be exercised prior to vesting by means of
Executive entering into a fully recourse promissory note bearing the lowest
rate of interest to avoid imputed income to Executive, subject to Executive
entering into a standard form of restricted stock purchase agreement with the
Company. The Stock Options are intended to be "incentive stock options" as
defined in Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code"), to the
<PAGE>   3
maximum extent permitted by the $100,000 rule of Code Section 422(d). Except as
specified otherwise herein, these option grants are in all respects subject to
the terms, definitions and provisions of the Company's 1989 Stock Plan and the
standard form of stock option agreement thereunder (the "Option Agreement"),
which documents are incorporated herein by reference; provided, however, that
to the extent that the Stock Options may not be granted under the 1989 Stock
Plan by virtue of the limitation on the number of shares subject to option that
may be granted thereunder in any fiscal year of the Company, they shall be
granted outside of the 1989 Stock Plan pursuant to a written option agreement
containing the same material terms and conditions as to those governing the
option granted under the 1989 Stock Plan. Any such non-Stock Plan stock option
shall be registered by the Company on Form S-8 prior to any vesting of such
option.

               (ii) Restricted Stock. As soon as practicable following the
Employment Commencement Date, Executive shall purchase five hundred thousand
(500,000) shares of Company common stock at a purchase price of $0.01 per share
(the "Restricted Stock"). The Restricted Stock shall vest (i.e., the Company's
right to repurchase the Restricted Stock at its original purchase price shall
lapse) as to one hundred twenty five thousand (125,000) shares subject to the
Restricted Stock on May 10, 2000 and as to an additional one hundred twenty five
thousand (125,000) shares subject to the Restricted Stock each year thereafter
through May 10, 2003, conditioned upon Executive's continued employment or
consulting relationship with the Company on such dates. The Restricted Stock
shall be subject to the terms and conditions of the restricted stock purchase
agreement by and between Executive and the Company (the Restricted Stock
Purchase Agreement), which is incorporated herein by reference. The Restricted
Stock shall be registered by the Company on Form S-8 prior to the date of
purchase.

                                      -3-
<PAGE>   4
          (d)  Severance.

               (i)  Involuntary Termination Other Than for Cause Restricted
Stock Performance-Based Vesting Acceleration. If Executive's employment with
the Company in involuntarily terminated by the Company other than for "Cause"
(as defined below), then, subject to Executive executing and not revoking a
standard form of mutual release of claims with the Company, in addition to any
benefits due Executive under Section 4(d)(ii) below, the Restricted Stock shall
vest pursuant to either or both, as applicable, of the Stock Performance
Milestones if the Stock Performance Milestones are achieved within six (6)
months following the date upon which Executive's employment terminates.

               (ii) Voluntary Termination for Good Reason: Involuntary
Termination Other Than for Cause. If Executive's employment with the Company is
voluntarily terminated by Executive for "Good Reason" (as defined below) or is
involuntarily terminated by the Company other than for "Cause" (as defined
below), then, subject to Executive executing and not revoking a standard form
of mutual release of claims with the Company (i) Executive's Stock Options and
Restricted Stock shall immediately have their vesting accelerated to the same
extent as such Stock Options and Restricted Stock would have vested had
Executive remained employed by the Company for an additional twelve (12) months
(reduced to six (6) months if Executive voluntarily terminates his employment
for Good Reason within twelve (12) months after the Employment Commencement
Date), with such accelerated vesting based on service-based vesting provisions
only and not on achieving the Stock Performance Milestones, (ii) Executive
shall receive continued payments of one year's Base Salary plus Target Bonus,
less applicable withholding, in accordance with the Company's standard payroll
practices, and (iii) the Company shall pay the group health, dental and vision
plan continuation coverage premiums for Executive and his covered dependents
under Title X of the Consolidated Budget Reconciliation Act of 1985, as amended
("COBRA") for the lesser of (A) eighteen (18) months from the date of
Executive's termination of employment, or (B) the date upon which Executive and
his covered dependents are covered by similar plans of Executive's new employer.

     For the purposes of this Agreement, "Cause" means (i) a material act of
dishonesty made by Executive in connection with Executive's responsibilities as
an employee, (ii) Executive's conviction of, or plea of nolo contendere to, a
felony, (iii) Executive's gross misconduct in connection with the performance
of his duties hereunder, (iv) Executive's death or permanent disability or (v)
Executive's material breach of his obligations under this Agreement; provided,
however, that with respect to clauses (iii) and (v), such actions shall not
constitute Cause if they

                                      -4-

<PAGE>   5
are cured by Executive within thirty (30) days following delivery to Executive
of a written explanation specifying the basis for the Company's beliefs with
respect to such clauses.

     For the purposes of this Agreement, "Good Reason" means (i) the failure of
the Company to appoint Executive as Chief Executive Officer and director within
twelve (12) months of the Employment Commencement Date, (ii) a reduction in
Executive's Base Salary or Target Bonus, (iii) a reduction in Executive's title
(whether or not material) or a material reduction in Executive's authority or
duties (other than a material reduction in authority or duties occurring solely
by virtue of a "Change of Control" (as defined below), as for example, when
Executive remains Chief Executive Officer of the Company following a Change of
Control, but the Company is a wholly-owned, privately-held subsidiary or
division of a larger company), (iv) the requirement that Executive relocate
more than twenty (20) miles from the current Company headquarters, or (v) the
Company's material breach of its obligations under this Agreement; provided,
however, that with respect to clause (v), such material breach shall not
constitute Cause if it is cured by the Company within thirty (30) days
following delivery to the Company of a written explanation specifying the basis
for the Executive's beliefs with respect to such clause.

     The Executive shall not be required to mitigate the value of any severance
benefits contemplated by Section 4 of this Agreement, nor shall any such
benefits be reduced by any earnings or benefits that the Executive may receive
from any other source.

     5.   Change of Control Vesting Acceleration. In the event of a "Change of
Control" (as defined below) within twelve (12) months from the Employment
Commencement Date, any remaining unvested Stock Options and Restricted Stock
held by Executive shall have their vesting accelerated by an amount equal to
50% of the remaining unvested shares. Following such partial acceleration, the
remaining unvested shares shall continue to vest at the same rate as prior to
the Change of Control, subject to Executive's continued employment or
consulting relationship with the Company. In the event of a Change of Control
twelve (12) months or after the Employment Commencement Date, any remaining
unvested Stock Options and Restricted Stock held by Executive shall become 100%
vested and exercisable.

     For the purpose of this Agreement, "Change of Control" is defined as:

          (a)  Any "person" (as such term is used in Section 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended) becomes the "beneficial owner"
(as defined in Rule 13d-3 under said Act), directly or indirectly, of
securities of the Company representing forty-five percent (45%) or more of the
total voting power represented by the Company's then outstanding voting
securities; or

          (b)  A change in the composition of the Board occurring within a
two-year period, as a result of which fewer than a majority of the directors
are Incumbent Directors. "Incumbent Directors" shall mean directors who either
(A) are directors of the Company as of the

                                      -5-
<PAGE>   6
date hereof, or (B) are elected, or nominated for election, to the Board with
the affirmative votes of at least a majority of the Incumbent Directors at the
time of such election or nomination (but shall not include an individual whose
election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors to the Company); or

          (c)  The consummation of a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least fifty-five
percent (55%) of the total voting power represented by the voting securities of
the Company or such surviving entity outstanding immediately after such merger
or consolidation; or

          (d)  The consummation of the sale or disposition by the Company of
all or substantially all of the Company's assets.

     6.   Total Disability of Executive. Upon Executive's becoming permanently
and totally disabled (as defined in accordance with Internal Revenue Code
Section 22(e)(3) or its successor provision) during the term of this Agreement,
employment hereunder shall automatically terminate, all payments of
compensation by the Company to Executive hereunder shall immediately terminate
(except as to amounts already earned) and all vesting of the Executive's Stock
Options and Restricted Stock shall immediately cease.

     7.   Death of Executive. If Executive dies while employed by the Company
pursuant to this Agreement, all payments of compensation by the Company to
Executive hereunder shall immediately terminate (except as to amounts already
earned, which shall be paid to his estate) and all vesting of the Executive's
Stock Options and Restricted Stock shall immediately cease.

     8.   Assignment. This Agreement shall be binding upon and inure to the
benefit of (a) the heirs, beneficiaries, executors and legal representatives of
Executive upon Executive's death and (b) any successor of the Company. Any such
successor of the Company shall be deemed substituted for the Company under the
terms of this Agreement for all purposes. As used herein, "successor" shall
include any person, firm, corporation or other business entity which at any
time, whether by purchase, merger or otherwise, directly or indirectly acquires
all or substantially all of the assets or business of the Company. None of the
rights of Executive to receive any form of compensation payable pursuant to this
Agreement shall be assignable or transferable except through a testamentary
disposition or by the laws of descent and distribution upon the death of
Executive. Any attempted assignment, transfer, conveyance or other disposition
(other than as aforesaid) of any interest in the rights of Executive to receive
any form of compensation hereunder shall be null and void; provided, however,
that Executive shall be allowed to transfer vested Stock Options and Restricted
Stock consistently with the rules under Form S-8 for estate planning and wealth
management purposes.

                                      -6-
<PAGE>   7
     9.   Notices. All notices, requests, demands and other communications
called for hereunder shall be in writing and shall be deemed given if (i)
delivered personally or by facsimile, (ii) one (1) day after being sent by
Federal Express or a similar commercial overnight service, or (iii) three (3)
days after being mailed by registered or certified mail, return receipt
requested, prepaid and addressed to the parties or their successors in interest
at the following addresses, or at such other addresses as the parties may
designate by written notice in the manner aforesaid:

     If to the Company:       PeopleSoft, Inc.
                              4460 Hacienda Drive
                              Pleasanton, CA 94588-3031
                              Attn: General Counsel

     If to Executive:         Craig Conway
                              at the last residential address known by the
                                Company.

     10.  Severability. In the event that any provision hereof becomes or is
declared by a court of competent jurisdiction to be illegal, unenforceable or
void, this Agreement shall continue in full force and effect without said
provision.

     11.  Proprietary Information Agreement. Executive agrees to enter into the
Company's standard Employee Proprietary Information Agreement (the "Proprietary
Information Agreement") upon commencing employment hereunder.

     12.  Entire Agreement. This Agreement, the Stock Plan, the Option
Agreements, the Restricted Stock Purchase Agreement, the indemnification
agreement and employee benefit plans referred to in Section 2 and the
Proprietary Information Agreement represent the entire agreement and
understanding between the Company and Executive concerning Executive's
employment relationship with the Company, and supersede and replace any and all
prior agreements and understandings concerning Executive's employment
relationship with the Company.

     13.  Non-Binding Mediation, Arbitration and Equitable Relief.

          (a)  The parties agree to make a good faith attempt to resolve any
dispute or claim arising out of or related to this Agreement through
negotiation. In the event that any dispute or claim arising out of or related
to this Agreement is not settled by the parties hereto, the parties will
attempt in good faith to resolve such dispute or claim by non-binding mediation
in Contra Costa County, California to be conducted by one mediator belonging to
the American Arbitration Association. The mediation shall be held within thirty
(30) days of the request therefor. The costs of the mediation shall be borne
equally by the parties to the mediation.

                                      -7-

<PAGE>   8
          (b)  Except as provided in Section 13(c) below, Executive and the
Company agree that, to the extent permitted by law, any dispute or controversy
arising out of, relating to, or in connection with this Agreement, or the
interpretation, validity, construction, performance, breach, or termination
thereof which has not been resolved by negotiation or mediation as set forth in
Section 13(a) shall be finally settled by binding arbitration to be held in
Contra Costa County, California, in accordance with the National Rules for the
Resolution of Employment Disputes then in effect of the American Arbitration
Association (the "Rules"). The arbitrator may grant injunctions or other relief
in such dispute or controversy. The decision of the arbitrator shall be
confidential, final, conclusive and binding on the parties to the arbitration.
Judgment may be entered under a protective order on the arbitrator's decision
in any court having jurisdiction.

          (c)  The arbitrator shall apply California law to the merits of any
dispute or claim, without reference to rules of conflict of law. The
arbitration proceedings shall be governed by federal arbitration law and by the
Rules, without reference to state arbitration law. Executive hereby expressly
consents to the personal jurisdiction of the state and federal courts located
in California for any action or proceeding arising from or relating to this
Agreement and/or relating to any arbitration in which the parties are
participants.

          (d)  Executive understands that nothing in Section 13 modifies
Executive's at-will status. Either the Company or Executive can terminate the
employment relationship at any time, with or without cause.

          (e)  EXECUTIVE HAS READ AND UNDERSTANDS SECTION 13, WHICH DISCUSSES
ARBITRATION. EXECUTIVE UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, EXECUTIVE
AGREES, TO THE EXTENT PERMITTED BY LAW, TO SUBMIT ANY FUTURE CLAIMS ARISING OUT
OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION,
VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH, OR TERMINATION THEREOF TO BINDING
ARBITRATION, AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF
EXECUTIVE'S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES
RELATING TO ALL ASPECTS OF THE EMPLOYER/EXECUTIVE RELATIONSHIP, INCLUDING BUT
NOT LIMITED TO, THE FOLLOWING CLAIMS:

               (i)  ANY AND ALL CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT;
BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED; BREACH OF THE COVENANT OF GOOD
FAITH AND FAIR DEALING, BOTH EXPRESSED AND IMPLIED; NEGLIGENT OR INTENTIONAL
INFLICTION OF EMOTIONAL DISTRESS; NEGLIGENT OR INTENTIONAL MISREPRESENTATION;
NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC
ADVANTAGE; AND DEFAMATION.

                                      -8-
<PAGE>   9
               (ii)  ANY AND ALL CLAIMS FOR VIOLATION OF ANY FEDERAL STATE OR
MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED TO, TITLE VII OF THE CIVIL RIGHTS
ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT
ACT OF 1967, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAIR LABOR
STANDARDS ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, AND LABOR CODE
SECTION 201, et seq;

               (iii) ANY AND ALL CLAIMS ARISING OUT OF ANY OTHER LAWS AND
REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION.

     14.  Consult & Legal Fee Reimbursement. The Company agrees to directly pay
Executive's reasonable consultant and legal fees associated with entering into
this Agreement up to $10,000 upon receiving invoices for such services.

     15.  Golden Parachute Excise Taxes. In the event that the benefits
provided for in this Agreement or otherwise payable to the Executive constitute
"parachute payments" within the meaning of Section 280G of the Code and will be
subject to the excise tax imposed by Section 4999 of the Code, then the
Executive shall receive a payment from the Company sufficient to pay the excise
tax and federal and state income and employment taxes arising from the payments
made by the Company to Executive pursuant to this sentence; provided, however,
that in no event shall the Company be obligated to pay Executive more than one
million dollars ($1,000,000) pursuant to this Section 15. Unless the Company
and the Executive otherwise agree in writing, the determination of Executive's
excise tax liability and the amount required to be paid under this Section 15
shall be made in writing by the independent auditors who are primarily used by
the Company immediately prior to the Change of Control (the "Accountants"). For
purposes of making the calculations required by this Section 15, the
Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Section 280G and 4999 of the Code. The Company
and the executive shall furnish to the Accountants such information and
documents as the Accountants may reasonably request in order to make a
determination under this Section. The Company shall bear all costs the
Accountants may reasonably incur in connection with any calculations
contemplated by this Section 15.

     16.  No Oral Modification, Cancellation or Discharge. This Agreement may
only be amended, canceled or discharged in writing signed by Executive and the
Company's General Counsel and a member of the Compensation Committee of the
Board of Directors.

     17.  Withholding. The Company shall be entitled to withhold, or cause to
be withheld, from payment any amount of withholding taxes required by law with
respect to payments made to Executive in connection with his employment
hereunder.

                                      -9-
<PAGE>   10
     18.  Governing Law. This Agreement shall be governed by the laws of the
State of California.

     19.  Effective Date. This Agreement is effective upon the Employment
Commencement Date.

     20.  Acknowledgement. Executive acknowledges that he has had the
opportunity to discuss this matter with and obtain advice from his private
attorney, has had sufficient time to, and has carefully read and fully
understands all the provisions of this Agreement, and is knowingly and
voluntarily entering into this Agreement.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement.

PEOPLESOFT, INC.

/s/ DAVID DUFFIELD
----------------------------------------
David Duffield

EXECUTIVE

/s/ CRAIG CONWAY
----------------------------------------
Craig Conway

                                      -10-<PAGE>   1

                                                                   EXHIBIT 10.13

                           AGREEMENT FOR SALE OF STOCK

                                      Among

                      PIEDMONT MINING COMPANY, INC., Seller

                       KERSHAW GOLD COMPANY, INC., Company

                                       and

                      LANCASTER MINING COMPANY, INC., Buyer

                                   Dated as of

                                DECEMBER 22, 1998

                THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT
             TO S.C.CODE ANN. SECTION 15-48-10 ET SEQ. (1993 SUPP.)

<PAGE>   2

                           AGREEMENT FOR SALE OF STOCK

        THIS AGREEMENT FOR SALE OF STOCK ("Agreement") dated as of December 22,
1998, entered into by and among Lancaster Mining Company, Inc., a Delaware
corporation ("Buyer"), Kershaw Gold Company, Inc., a South Carolina corporation
(the "Company"); and Piedmont Mining Company, Inc., a North Carolina corporation
(the "Seller"). Buyer, the Company, and the Seller are referred to collectively
herein as the "Parties."

        This Agreement contemplates a transaction in which the Seller will sell
all of the outstanding capital stock of the Company to the Buyer.

        In consideration of the premises and the mutual promises herein made,
and in consideration of the representations, warranties and covenants herein
contained, the Parties agree as follows.

                                    SECTION 1

                                   DEFINITIONS

        1.1 Definitions. Certain capitalized terms used in this Agreement shall
have meanings set forth in Section 9.1.

        1.2 Accounting Terms. Accounting terms used herein and not otherwise
defined herein shall have the meanings attributed to them under generally
accepted accounting principles except as otherwise specified.

                                    SECTION 2

                                    THE SALE

        2.1 Sale of Stock. On the Closing Date, Seller shall sell, transfer and
deliver to Buyer ten thousand (10,000) shares of the Company's Common Stock,
which represents all of the issued and outstanding capital stock of the Company
(the "Sale").

        2.2 The Closing. The closing of the Sale contemplated by this Agreement
(the "Closing") shall take place at the offices of Haynsworth, Marion, McKay &
Guerard, LLP, Greenville, South Carolina, commencing at 9:00 a.m. local time on
the second business day following the satisfaction or waiver of all conditions
to the obligations of the Parties to

                THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT
             TO S.C.CODE ANN. SECTION 15-48-10 ET SEQ. (1993 SUPP.)

<PAGE>   3

consummate the transactions contemplated hereby (other than conditions with
respect to actions the respective Parties will take at the Closing itself) or
such other date as the Parties may mutually determine (the "Closing Date");
provided, however, that the closing date shall be no later than March 15, 1999.

        2.3 The Sale Consideration.

               2.3.1 Consideration. The aggregate consideration to be paid for
        all of the issued and outstanding Common Stock of the Company on a
        fully-diluted basis pursuant to the Sale is Two Million Dollars
        ($2,000,000) (the "Consideration).

               2.3.2 Payment of the Closing Consideration. At Closing, the Buyer
        and the Company will cause to be paid the Consideration, in cash by wire
        transfer in immediately available funds to an account designated by
        Seller.

                                   SECTION 3.

                    REPRESENTATIONS AND WARRANTIES CONCERNING
                                   THE COMPANY

        In order to induce the Buyer to enter into this Agreement and to provide
the Consideration set forth in Section 2, the Seller represents and warrants to
the Buyer as follows:

        3.1 Organization, Qualification, and Corporate Power. Except as set
forth on Schedule 3.1, the Company is a corporation duly organized, validly
existing, and in good standing under the laws of the State of South Carolina.
The Company is duly authorized to conduct business and is in good standing under
the laws of each jurisdiction where such qualification is required except where
the failure to be so qualified would not have a Material Adverse Effect on the
business, financial condition or results of operations of the Company taken as a
whole. The Company has full corporate power and authority necessary to carry on
the businesses in which it is engaged and to own and use the properties owned
and used by it. Schedule 3.1 lists the current directors and officers of the
Company. The Company has delivered to the Buyer correct and complete copies of
the charter and bylaws of each of the Company (as amended to date). The minute
books (containing the records of meetings of the stockholders, the board of
directors, and any committees of the board of directors), the stock certificate
books, and the stock record books of the Company are correct and complete. The
Company is not in default under or in violation of any provisions of its charter
or bylaws.

        3.2 Capitalization. The entire authorized capital stock of the Company
consists of one hundred thousand (100,000) shares of common stock without par
value ("Common Stock"), of which 10,000 shares are issued and outstanding (the
"Shares"). All of the issued and outstanding Shares have been duly authorized,
are validly issued, fully paid, and non-assessable, and are held of record by
the Seller. There are no outstanding or authorized options, warrants, purchase
rights, subscription rights, conversion rights, exchange rights, or other
contracts or

                                       2
<PAGE>   4

commitments that could require the Company to issue, sell, or otherwise cause to
become outstanding any of its capital stock. There are no outstanding or
authorized stock appreciation, phantom stock, profit participation, or similar
rights with respect to the Company. There are no voting trusts, proxies, or
other agreements or understandings with respect to the voting of the capital
stock of the Company.

        3.3 Authorization of Transaction. Subject only to approval of the
shareholders of the Seller, the Seller and the Company have full corporate power
and authority to execute and deliver this Agreement and to perform their
respective obligations hereunder. This Agreement constitutes the valid and
legally binding obligation of the Seller and the Company, enforceable in
accordance with its terms.

        3.4 Non-Contravention. Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge or other restriction of any government,
governmental agency, or court to which the Company is subject or any provision
of the charter or bylaws of the Company, or (ii) conflict with, result in a
breach of, constitute a default under, result in the acceleration of, create in
any party the right to accelerate, terminate, modify, or cancel, or require any
notice under any agreement, contract, lease, license, instrument, or other
arrangement to which the Company is a party or by which it is bound or to which
any of its assets is subject (or result in the imposition of any Lien upon any
of its assets). The Company does not need to give any notice to, make any filing
with, or obtain any authorization, consent, or approval of any government or
governmental agency in order for the Parties to consummate the transactions
contemplated by this Agreement.

        3.5 Brokers' Fees. Neither the Company nor the Seller has any Liability
or obligation to pay any fees or commissions to any broker, finder, or agent
with respect to the transactions contemplated by this Agreement.

        3.6 Subsidiaries. The Company does not have any subsidiaries.

        3.7 Taxes. All Tax Returns required by any Governmental Authority to be
filed by the Company and the Seller in connection with the properties, business,
income, expenses, net worth and corporate status of the Company and the Seller
have been timely filed, and such returns are accurate and complete in all
respects. All Taxes due pursuant to the Tax Returns or otherwise due in
connection with the properties, business, income, expenses, net worth and
corporate status of the Company and the Seller have been paid, other than Taxes
which are not yet due or which, if due, are not delinquent, are being disputed
in good faith, or have not been finally determined, and adequate and complete
reserves for all such Taxes have been established. There are no Tax claims,
audits or proceedings pending in connection with the properties, business,
income, expenses, net worth or corporate status of the Company or Seller, and
there are no threatened claims, audits or proceedings. The Company and the
Seller have withheld and paid all Taxes required to have been withheld and paid
in connection with amounts paid or owing to any employee, independent
contractor, creditor, Shareholder, or other third party. There are not currently
in force any extensions of time with respect to the dates on which any Tax

                                       3
<PAGE>   5

Return was or is due to be filed by the Seller or Company or any waivers or
agreements for the extension of time for the assessment or payment of any Tax.

        The Company (i) has not with regard to any property or assets held or
acquired by it at any time, filed a consent pursuant to Section 341(f) of the
Code, (ii) is not a party to any agreement providing for the allocation, sharing
or indemnification of Taxes, (iii) is not required to include in income any
adjustment pursuant to Section 481(a) of the Code, or (iv) is not a party to any
agreement, plan or arrangement (including, without limitation, any Employee
Benefit Plan or Other Plan) or any amendment thereto which would obligate it to
make a payment which would not be deductible by reason of Section 280G of the
Code.

        3.8 Powers of Attorney. There are no persons authorized by proxies,
powers of attorney or other like instruments to act on behalf of the Company in
matters concerning any of its business or affairs. All such proxies, powers of
attorney or other like instruments are revocable with or without cause at the
discretion of the Company.

        3.9 Employment. The Company has withheld or collected from each payment
made to each of its employees the amount of all Taxes required to be withheld or
collected therefrom, and the Company has paid the same when due to the proper
Governmental Authorities. Except as set forth on Schedule 3.9, there are no
controversies, grievances or claims by any of the employees, former employees or
beneficiaries of employees of the Company pending with respect to their
employment or benefits incident thereto, including, but not limited to, sexual
harassment and discrimination claims and claims arising under workers'
compensation laws ("Employee Claims")" and no Employee Claims are threatened
against the Company. There is no union representation of the Company's
employees. The Company has no employees.

        3.10 Employee Benefits.

                      The Company does not contribute nor has ever been required
               to contribute to any pension, profit sharing or 401(k) plan. The
               Company has no liability with respect to any employee benefit
               plan.

        3.11 Assets and Liabilities.

                (a) The Company has no material assets other than (i) its
        interests in the Haile Property and the Haile Mining Venture, (ii) its
        rights under the Haile Mining Venture Contracts, (iii) its claims and
        causes of action in the Haile Mining Venture Litigation, and (iv) the
        other assets described in Schedule 3.11(a) attached hereto.

                (b) The Company has no material Liabilities either directly, by
        guaranty or otherwise, other than (i) any Liabilities to the Amax
        Companies under the Haile Mining Venture Contracts, (ii) any Liabilities
        to third parties that were incurred by, or pursuant to, the Haile Mining
        Venture or that are attributable to the Company by reason of its
        participation in the Haile Mining Venture or its interests in the Haile
        Property (including without limitation, property taxes on the Haile
        Property or other assets of the Haile

                                       4
<PAGE>   6

        Mining Venture and obligations under leases included in the Haile
        Property), (iii) any Liabilities to the Amax Companies arising out of
        the Haile Mining Venture Litigation, (iv) any Environmental Liabilities
        with respect to the Haile Property, and (v) the other Liabilities
        described in Schedule 3.11(b) hereto.

        3.12 Operations. Since January 1, 1993, (a) the Company has conducted no
business or operations other than the business and operations conducted through
the Haile Mining Venture, (b) the Company has engaged in no material acts or
activities other than its participation in the Haile Mining Venture, its
disposition of assets held by it prior to that date or proceeds thereof that
were not included in the Haile Mining Venture, and its prosecution and defense
of the Haile Mining Venture Litigation, and (c) the Company has had no
employees. With respect to any assets disposed of by the Company that were not
included in the Haile Mining Venture, no claim has been asserted, and the Seller
and the Company are unaware of any facts which could give rise to a claim being
made in the future, that the Company has or may have an Environmental Liability
as a result of its interest in, or operation of, such assets.

        3.13 Litigation. The Company is not party to any action, suit,
arbitration or other proceeding before any court or quasi-judicial or
administrative agency of any jurisdiction or before any arbitrator, other than
(a) the Haile Mining Venture Litigation and (b) any proceedings to which the
Company is party solely by reason of its being a participant in the Haile Mining
Venture and which proceedings are being conducted under the control of one or
more of the Amax Companies. The Company is not subject to any outstanding
injunction, judgment, order, decree, ruling or charge other than any arising out
of the other Haile Mining Venture Litigation or any in connection with the Haile
Mining Venture in its capacity as a participant therein or as the owner of its
interest in the Haile Property and which applies to one or more of the Amax
Companies in its capacity as such.

        3.14 Contracts. Other than the Haile Mining Venture Contracts and any
other obligation arising out of the Haile Mining Venture, the Company is not a
party to any contract which would (a) require payment to a Person in excess of
Ten Thousand Dollars ($10,000) or (b) limit its freedom to compete in any line
of business, with any Person or in any geographic area or market.

                                   SECTION 4.

                   REPRESENTATIONS AND WARRANTIES OF THE BUYER

           The Buyer represents and warrants to the Seller as follows:

        4.1 Organization. The Buyer is a corporation duly organized, validly
existing, and in good standing under the laws of the jurisdiction of its
incorporation. The Buyer is duly authorized to conduct business and is in good
standing under the laws of each jurisdiction where such qualification is
required except where the failure to be so qualified would not have a

                                       5
<PAGE>   7

Material Adverse Effect on the business, financial condition or results of
operations of the Buyer taken as a whole.

        4.2 Authorization of Transaction. The Buyer has full corporate power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder. This Agreement constitutes the valid and legally binding obligation
of the Buyer, enforceable in accordance with its terms and conditions.

        4.3 Non-contravention. Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge. or other restriction of any government,
governmental agency, or court to which the Buyer is subject or any provision of
the charter or bylaws of the Buyer or (ii) conflict with, result in a breach of,
constitute a default under, result in the acceleration of, create in any party
the right to accelerate, terminate, modify, or cancel or require any notice
under any agreement, contract, lease, license, instrument or other arrangement
to which the Buyer is a party or by which it is bound or to which any of its
assets is subject. Except as set forth in Schedule 4.3, the Buyer does not need
to give any notice to, make any filing with, or obtain any authorization,
consent, or approval of any government or governmental agency in order for the
Parties to consummate the transactions contemplated by this Agreement.

        4.4 Brokers' Fees. The Buyer has no liability or obligation to pay any
fees or commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement for which the Seller could become
liable or obligated.

                                    SECTION 5

                                    COVENANTS

        The Parties agree as follows with respect to the period from and after
the execution of this Agreement.

        5.1 Each of the Parties will use its reasonable best efforts to take all
action and to do all things necessary, proper, or advisable in order to
consummate and make effective the transactions contemplated by this Agreement
(including satisfaction, but not waiver, of the closing conditions set forth in
Section 6 below).

        5.2 Notices and Consents. The Company will give any notices to third
parties, and will use its reasonable best efforts to obtain any third-party
consents, that the Buyer reasonably may request.

        5.3 Regulatory Matters and Approvals. Each of the Parties will give any
notices to, make any filings with, and use its reasonable best efforts to obtain
any authorizations, consents,

                                       6
<PAGE>   8

and approvals of governments and governmental agencies which may be reasonably
requested by another Party.

        5.4 Operation of Business. The Company will not engage in any practice,
take any action, or enter into any transaction outside the ordinary course of
business. Without limiting the generality of the foregoing:

                        (i) the Company will not authorize or effect any change
                in its charter or bylaws;

                        (ii) the Company will not grant any options, warrants,
                or other rights to purchase or obtain any of its capital stock
                or issue, sell or otherwise dispose of any of its capital stock;

                        (iii) except as provided herein, the Company will not
                declare, set aside, or pay any dividend or distribution with
                respect to its capital stock (whether in cash or in kind), or
                redeem, repurchase, or otherwise acquire any of its capital
                stock;

                        (iv) the Company will not issue any note, bond, or other
                debt security or create, incur, assume, or guarantee any
                indebtedness for borrowed money or capitalized lease obligation;

                        (v) the Company will not impose any Liens upon any of
                its assets;

                        (vi) the Company will not make any capital investment
                in, make any loan to, or acquire the securities or assets of any
                other Person;

                        (vii) the Company will not make any change in employment
                terms for any of its directors, officers, and employees; and

                        (ix) the Company not will commit to any of the
                foregoing.

        5.5 Full Access. The Company will permit representatives of the Buyer to
have full access to all premises, properties, personnel, books, records
(including tax records), contracts, and documents of or pertaining to the
Company.

        5.6 Notice of Developments. Each Party will give prompt written notice
to the others of any material adverse development causing a breach of any of its
own representations and warranties in Section 3 and Section 4 above. No
disclosure by any Party pursuant to this Section 5.6, however, shall be deemed
to prevent or cure any misrepresentation, breach of warranty, or breach of
covenant.

        5.7 Exclusivity. The Seller will not solicit, initiate, or encourage the
submission of any proposal or offer from any Person relating to the acquisition
of all or substantially all of the

                                       7
<PAGE>   9

capital stock or assets of the Company (including any acquisition structured as
a merger, consolidation, or share exchange). The Seller and the Company shall
notify the Buyer immediately if any Person makes any proposal, offer, inquiry,
or contact with respect to any of the foregoing.

        5.8 Post-Closing Tax Covenant. The parties hereto acknowledge and agree
that the Seller and the Company will make a timely election under Treasury
Regulation Section 1.1502-20(g) to reattribute all net operating losses and net
capital losses sustained by the Company for all of its taxable years or periods
ending on or prior to December 31, 1998, to the Seller to the maximum extent
permitted under such Treasury Regulation. To accomplish this reattribution, the
Buyer agrees that it will (a) cause the Company to sign the statement required
by Treasury Regulation Section 1.1502-20(g)(5)(i) (the "Statement") in
substantially the form attached hereto as Schedule 5.8 with the appropriate
reattributed losses as determined by the Seller inserted into the Statement, (b)
cause the Company to retain a copy of the Statement in its records, (c)
acknowledge to the Seller in writing its receipt of a copy of the Statement when
delivered to it, and (d) attach the Statement, or cause the Statement to be
attached, to the Company's timely filed federal income tax return, or to the
timely filed federal income tax return of the consolidated group that includes
the Company, for the first tax year ending after the due date, including
extensions, of the Seller's tax return for the tax year of the Seller's sale of
the Shares to the Buyer in which the Statement is to be filed, as required by
Treasury Regulation Section 1.1502-20(g)(5)(ii).

        Seller acknowledges that this election is being made at its request and
for its benefit. Neither the Buyer nor the Company makes its representation or
warranty regarding the appropriateness of the election, and neither the Buyer or
the Company shall have any liability to the Seller in the event that the net
operating losses and net capital losses sustained by the Company are not
reattributed. Seller agrees to keep the Company advised of any position taken by
the Internal Revenue Service with respect to this election.

        5.9 Litigation Standstill. Until the Closing or the termination of this
Agreement pursuant to Section 7, the parties hereto will, and will cause their
respective affiliates to, refrain from prosecuting the Haile Mining Venture
Litigation except as necessary to maintain the pendency thereof until the
Closing, and refrain from enforcing any arbitration award or judgment entered in
connection therewith.

                                    SECTION 6

                        CONDITIONS TO OBLIGATION TO CLOSE

        6.1 Conditions to Obligation of the Buyer. The obligation of the Buyer
to consummate the transactions to be performed by it in connection with the
Closing is subject to satisfaction of the following conditions:

                                       8
<PAGE>   10

                6.1.1 The Seller shall have entered this Agreement and delivered
        to the Buyer stock certificates representing the outstanding shares,
        with appropriate stock transfer power for purchase.;

                6.1.2 The Parties shall have procured all required third-party
        consents;

                6.1.3 The representations and warranties set forth in Section 3
        above shall be true and correct in all material respects at and as of
        the Closing Date and Seller shall have delivered a certificate executed
        by all of its directors that to their knowledge, such representations
        and warranties are true and correct;

                6.1.4 The Company shall have performed and complied with all of
        its covenants hereunder in all material respects through the Closing;

                6.1.5 The Buyer shall have received from counsel to the Company
        and the Seller an opinion(s) in substantially the form attached hereto
        as Schedule 6.1.5, addressed to the Buyer, and dated as of the Closing
        Date and such other evidence as may be reasonably required by Buyer to
        evidence that the Seller has taken all actions necessary to effect the
        transaction;

                6.1.6 The Buyer shall have received the resignations, effective
        as of the Closing, of each director and officer of the Company;

                6.1.7 All actions to be taken by the Company in connection with
        the consummation of the transactions contemplated hereby and all
        certificates, opinions, instruments, and other documents required to
        effect the transactions contemplated hereby will be reasonably
        satisfactory in form and substance to the Buyer;

                6.1.8 Execution and delivery of an Agreement of Settlement and
        Release, in substantially the form attached hereto as Exhibit I, ending
        all of the Haile Mining Venture Litigation and terminating all of the
        obligations of the Seller under the Haile Mining Venture Contracts.

                The Buyer may waive any condition specified in this Section 6.1
        if it executes a writing so stating at or prior to the Closing.

        6.2 Conditions to Obligation of Seller. The obligation of the Seller to
consummate the transactions to be performed by it in connection with the Closing
is subject to satisfaction of the following conditions:

                6.2.1 The Buyer shall have performed and complied with all of
        its covenants hereunder in all material respects through the Closing;

                6.2.2 Approval of the transaction by the Seller's shareholders;

                                       9
<PAGE>   11

                6.2.3 No action, suit, or proceeding shall be pending or
        threatened before any court or quasi-judicial or administrative agency
        of any federal, state, local, or foreign jurisdiction or before any
        arbitrator wherein an unfavorable injunction, judgment, order, decree,
        ruling, or charge would (A) prevent consummation of any of the
        transactions contemplated by this Agreement, (B) cause any of the
        transactions contemplated by this Agreement to be rescinded following
        consummation, or (C) affect adversely the right of the Buyer to own the
        capital stock of the Company and to control the Company;

                6.2.4 The Seller shall have received all authorizations,
        consents, and approvals of third parties;

                6.2.5 The Seller shall have received from counsel to the Buyer
        an opinion in substantially the form attached hereto as Schedule 6.2.5,
        addressed to the Seller, and dated as of the Closing Date;

                6.2.6 All actions to be taken by the Buyer in connection with
        consummation of the transactions contemplated hereby and all
        certificates, opinions, instruments, and other documents required to
        effect the transactions contemplated hereby will be reasonably
        satisfactory in form and substance to the Seller;

                6.2.7 Receipt of certified copy of Board Resolutions of Buyer;

                6.2.8 Execution and delivery of an Agreement of Settlement and
        Release, in substantially the form attached hereto as Exhibit I, ending
        all of the Haile Mining Venture Litigation and terminating all
        obligations of the Seller under the Haile Mining Venture contracts.

                                    SECTION 7

                                   TERMINATION

        7.1 Termination of Agreement. The Buyer on the one hand, or the Seller
on the other, may terminate this Agreement as provided below:

                        (i) by mutual written consent at any time prior to the
                Closing Date;

                        (ii) the Buyer may terminate this Agreement by giving
                written notice to the Seller at any time prior to the Closing
                (A) in the event the Company or the Seller have breached in any
                material respect any representation, warranty, or covenant
                contained in this Agreement, the Buyer has notified the Company
                and the Seller of the breach, and the breach has continued
                without cure for a period of fifteen (15) days after the notice
                of breach, or (B) if the Closing shall not have occurred on or
                before March 15, 1999, by reason of the failure of any condition
                precedent under Section 6.1 hereof (unless the failure results
                primarily from the

                                       10
<PAGE>   12

                Buyer breaching any representation, warranty, or covenant
                contained in this Agreement); or

                        (iii) the Company or the Seller may terminate this
                Agreement by giving written notice to the Buyer at any time
                prior to the Closing (A) in the event the Buyer has breached in
                any material respect any representation, warranty, or covenant
                contained in this Agreement, the Company or the Seller has
                notified the Buyer of the breach, and the breach has continued
                without cure for a period of fifteen (15) days after the notice
                of breach, or (B) if the Closing shall not have occurred on or
                before March 15, 1999, by reason of the failure of any condition
                precedent under Section 6.2 hereof (unless the failure results
                primarily from the Company or Seller breaching any
                representation, warranty, or covenant contained in this
                Agreement).

                7.2 Effect of Termination. If this Agreement is terminated
        pursuant to Section 7.1 above, all rights and obligations hereunder
        shall terminate without any liability (except for any liability of any
        Party then in breach).

                7.3 Extension of Time. In the event the parties are unable to
        close the transaction by March 15, 1999, the Closing Date shall be
        extended if mutually agreed to by them.

                                    SECTION 8

                                 INDEMNIFICATION

        8.1 Survival of Representations and Warranties. The representations and
warranties of the Seller in Section 3 and of Buyer in Section 4 shall survive
the Closing and continue to be binding regardless of any investigation made at
any time by any party. Nevertheless, the right of the Buyer to bring claims for
breaches is subject to the time limits in paragraph (a) of Section 8.5, and the
right of the Seller to bring claims for breaches is subject to the time limits
in paragraph (a) of Section 8.6.

        8.2 Indemnification by Seller. The Seller shall indemnify Buyer against
and hold them harmless from:

                        (a) any proceeding, claim, liability, loss, damage or
                deficiency, and any and all costs and expenses (including, but
                not limited to, reasonable legal and accounting fees) related to
                any of the foregoing ("Loss"), resulting from or arising out of
                any inaccuracy in or breach of any representation or warranty by
                the Company or the Seller in Section 3 hereof;

                        (b) any Loss resulting from or arising out of any breach
                or nonperformance by the Company prior to Closing or by the
                Seller prior to Closing

                                       11
<PAGE>   13

                of any covenant or obligation herein or in any other agreement
                or document delivered by or on behalf of the Company or the
                Seller in connection herewith; and

                        (c) any Loss resulting from or arising out of the claims
                of any broker, finder, or other Person acting in a similar
                capacity on behalf of the Company pre-Closing or the Seller in
                connection with the transactions herein contemplated.

For the purposes hereof, "Loss" shall not include any "Loss" which is otherwise
covered by insurance and the parties hereto expressly waive any subrogation
rights in connection therewith.

        The Parties further agree that Buyer shall be entitled to proceed
directly against the Seller without joining, or proceeding through, the Company
in a claim for indemnification.

        8.3 Indemnification by Buyer. The Buyer shall indemnify the Seller
against and hold them harmless from:

                        (a) any Loss resulting from or arising out of any
                inaccuracy in or breach of any representation or warranty by
                Buyer in Section 4 hereof or in any other agreement or document
                delivered by or on behalf of Buyer in connection herewith;

                        (b) any Loss resulting from or arising out of any breach
                or nonperformance by Buyer prior to or after the Closing or the
                Company after the Closing of any covenant or obligation herein
                or in any other agreement or document delivered by or on behalf
                of Buyer in connection herewith; and

                        (c) any Loss resulting from or arising out of the claims
                of any broker, finder or other Person acting in a similar
                capacity on behalf of Buyer in connection with the transactions
                herein contemplated.

        8.4 Third-Party Claims. If any legal proceedings shall be instituted or
any claim is asserted by any third party in respect of which the Buyer on the
one hand, or the Seller on the other hand, may be entitled to indemnity
hereunder, the party asserting such right to indemnity shall give the party from
whom indemnity is sought written notice thereof. A delay in giving notice shall
only relieve the recipient of liability to the extent the recipient suffers
actual prejudice because of the delay. The party from whom indemnity is sought
shall have the right, at its option and expense, to participate in the defense
of such a proceeding or claim, but not to control the defense, negotiation or
settlement thereof, which control shall at all times rest with the party
asserting such right to indemnity, unless the proceeding or claim involves only
money damages and the party from whom indemnity is sought:

                        (a) irrevocably acknowledges in writing complete
                responsibility for and agrees to indemnify the party asserting
                such right to indemnity, and

                                       12
<PAGE>   14

                        (b) furnishes satisfactory evidence of the financial
                ability to indemnify the party asserting such right to
                indemnity, in which case the party from whom indemnity is sought
                may assume such control through counsel of its choice and at its
                expense, but the party asserting such right to indemnity shall
                continue to have the right to be represented, at its own
                expense, by counsel of its choice in connection with the defense
                of such a proceeding or claim. If the party from whom indemnity
                is sought does assume control of the defense of such a
                proceeding or claim, it will not, without the prior written
                consent of the party asserting such right to indemnity, settle
                the proceeding or claim or consent to entry of any judgment
                relating thereto which does not include as an unconditional term
                thereof the giving by the claimant to the party asserting such
                right to indemnity a release from all Losses in respect of the
                proceeding or claim. The parties hereto agree to cooperate fully
                with each other in connection with the defense, negotiation or
                settlement of any such proceeding or claim.

        8.5 Limitations on Indemnification of Buyer. The indemnification of the
Buyer provided for under paragraph (a) of Section 8.2 shall be limited in
certain respects as follows:

                        (a) any claim for indemnification under paragraph (a) of
                Section 8.2 by the Buyer shall be made by notice to the Seller
                by the first anniversary of the Closing Date, except that: (i)
                there shall be no limits on the time for making a claim for
                indemnification relating to the representations and warranties
                contained in Sections 3.2 [Capitalization], and (ii) a claim for
                indemnification relating to the representations and warranties
                contained in Sections 3.7 [Taxes] and 3.10 [Employee Benefits]
                may be made until the expiration of the applicable statute of
                limitations for either the assessment or collection of Taxes or
                for the initiation of any action by a current or former Employee
                Benefit Plan participant, (iii) claim for indemnification
                relating to the representations and warranties contained in the
                last sentence of Section 3.12 [Environmental liabilities as to
                assets disposed of] may be made until the seventh
                (7th)anniversary of the Closing Date; and

                        (b) Seller shall not be liable to the Buyer for
                indemnification claims until the aggregate amount of
                indemnification claims exceeds $50,000 at which time the Seller
                shall be liable for the amount of such claims in excess of
                $50,000, up to an aggregate indemnification amount equal to the
                Consideration.

        8.6 Limitations on Indemnification of Seller. The indemnification of the
Seller provided for under paragraph (a) of Section 8.3 shall be limited in
certain respects as follows:

                        (i) any claim for indemnification under paragraph (a) of
                Section 8.3 by the Seller shall be made by the first (1st)
                anniversary of the Closing Date except that there shall be no
                limits on the time for making a claim for indemnification
                relating to the representations and warranties contained in
                Section 4.2 [Authorization of Transaction].

                                       13
<PAGE>   15

        8.7 Environmental Liabilities. At all times from and after the Closing,
the Buyer shall indemnify and save harmless the Seller and its Affiliates, and
their respective directors, officers, employees, agents and shareholders, from
and against any and all Environmental Liabilities with respect to the Haile
Property, including without limitation any such Environmental Liabilities
arising out of acts or omissions of the Seller or the Company or the condition
of the Haile Property prior to the formation of the Haile Mining Venture, and
from and against any Loss incurred by them with respect thereto. Section 8.4
shall apply to indemnification under this Section 8.7.

                                    SECTION 9

                                  MISCELLANEOUS

        9.1 Definitions. When used in this Agreement, the following terms in all
of their tenses and cases shall have the meanings assigned to them below or
elsewhere in this Agreement as indicated below:

                        "Affiliate" of any Person means any person directly or
                indirectly controlling, controlled by, or under common control
                with, any such Person and any officer, director or controlling
                person of such Person, and any relative by blood or marriage of
                any such Person.

                        "Amax Companies" means Amax Gold Exploration, Inc., Amax
                Gold Inc., Lancaster Mining Company, Inc., Haile Mining Company,
                Inc., and their respective successors and assigns.

                        "Closing" has the meaning set forth in Section 2.2.

                        "Closing Date" has the meaning set forth in Section 2.2.

                        "Code" means the Internal Revenue Code of 1986, as
                amended.

                        "Common Stock" means the shares of the Company as
                defined in Section 3.2

                        "Company" has the same meaning in the preface to this
                Agreement.

                        "Consideration" is defined in Subsection 2.3.1.

                        "Contract" means any commitment, understanding,
                instrument lease, pledge, mortgage, indenture, note, license,
                agreement, purchase or sale order, contract, promise or similar
                arrangement evidencing or creating any obligation, whether
                written or oral.

                                       14
<PAGE>   16

                        "Environmental Laws" shall mean any law, rule, policy,
                order, permit, demand, or regulation whatsoever, or any federal,
                state, or local government, or any subdivision thereof, relating
                to damage to or the protection, preservation, reclamation, or
                rehabilitation of, the environment, whether now existing or
                hereafter arising, including without limitation, the South
                Carolina Mining Act, the Lancaster County Land Use and
                Development Standards Ordinance, and the Federal Clean Air Act,
                Clean Water Act, Endangered Species Act, National Environmental
                Policy Act, Comprehensive Environmental Response, Compensation
                and Liability Act, Superfund Amendments and Reauthorization Act
                of 1986, Solid Waste Disposal Act, as amended by the Resource
                Conservation and Recovery Act, Toxic Substances Control Act,
                Uranium Mill Tailings Radiation Control Act, and National
                Historic Preservation Act, any state or local law counterparts
                of the foregoing, and all amendments to the foregoing.

                        "Environmental Liabilities" shall mean liabilities,
                whether imposed administratively or judicially, arising as a
                result of any Environmental Law or arising under the common law
                relating to damage to, or the protection, preservation,
                reclamation, or rehabilitation of, the environment, including
                any liabilities to third parties arising as a result of any
                release of pollutants or other harmful substances into the
                environment, or arising out of conditions constituting a
                nuisance, such as blasting, dust, or noise.

                        "Financial Statements" has the meaning set forth in
                Section 3.7.

                        "Governmental Authority" means any foreign, federal,
                state, regional or local authority, agency, body, court or
                instrumentality.

                        "Haile Mining Venture" means the mining venture
                established under the Haile Mining Venture Agreement.

                        "Haile Mining Venture Agreement" means the agreement so
                captioned, dated as of July 1, 1992, between the Buyer and the
                Company (then named "Mineral Mining Company, Inc.").

                        "Haile Mining Venture Contracts" means, collectively,
                the Haile Mining Venture Agreement, the Option and Earn-In
                Agreement dated March 15, 1991, among Amax Gold Exploration,
                Inc., the Seller, and the Company (then named "Mineral Mining
                Company, Inc."), the Management Agreement dated as of July 1,
                1992, among the Buyer, the Company (then named "Mineral Mining
                Company, Inc."), and Haile Mining Company, Inc., and any and all
                other contracts, agreements, and instruments (including, without
                limitation, any oral contracts or contracts or quasi-contracts
                established by implication or course of dealing) between or
                among any of the Seller and the Company, on the one hand, and
                any of the Amax Companies, on the other hand, or from any of
                Seller and the

                                       15
<PAGE>   17

                Company to any of the Amax Companies or from any of the Amax
                Companies to any of the Seller and the Company, but not
                including this Agreement or any contract, agreement or
                instrument delivered pursuant to this Agreement.

                        "Haile Mining Venture Litigation" means all suits,
                actions or proceedings (including arbitration proceedings)
                between any of the Seller and the Company, on the one hand, and
                any of the Amax Companies, on the other hand, including those
                more particularly described in the form of Agreement of
                Settlement and Release attached hereto as Exhibit I. For
                purposes of Sections 3.11 through 3.13, "Haile Mining Company
                Litigation" also includes the proceedings pursuant to the
                petitions of the Seller and the Company for relief under the
                U.S. Bankruptcy Code brought in the U.S. Bankruptcy Court for
                the Western District of North Carolina (heretofore dismissed).

                        "Haile Property" means the "Properties" as defined in
                the Haile Mining Venture Agreement (including any changes
                therein prior to the Closing resulting from the dispositions of
                any interests therein, the modification of the terms of, or
                termination of, any lease, or the acquisition for the Haile
                Mining Venture of any new properties that have become
                "Properties" thereunder, in accordance with the Haile Mining
                Venture Agreement).

                        "Internal Revenue Code" means the Internal Revenue Code
                of 1986, as amended.

                        "Law" means any federal, state, local, or foreign law,
                statuate, ordinance, rule, order or regulation.

                        "Liabilities" mean any liabilities or obligations of any
                nature, whether currently due, accrued, contingent or otherwise.

                        "Lien" means any lien, charge, covenant, condition,
                easement, adverse claim, demand, encumbrance, limitation,
                mortgage, security interest, option, pledge, or any other title
                defect or restriction of any kind.

                        "Loss" has the meaning as set forth in Section 8.2(a).

                        "Material Adverse Effect" means a material adverse
                effect on the business, financial condition or results of
                operations of the Company taken as a whole.

                        "Person" means an individual, a partnership, a
                corporation, an association, a joint stock company, a trust, a
                joint venture, an unincorporated organization, or a governmental
                entity (or any department, agency, or political subdivision
                thereof).

                                       16
<PAGE>   18

                        "Shareholder" means any Person who or which holds any
                shares of Common Stock.

                        "Shares" has the meaning set forth in Section 3.2.

                        "Tax" or "Taxes" means any federal, state, local, or
                foreign income, gross receipts, license, payroll, employment,
                excise, severance, stamp, occupation, premium, windfall profits,
                environmental (including taxes under Code Section 59A), custom
                duties, capital stock, franchise, profits, withholding, social
                security (or similar), unemployment, disability, real property,
                personal property, sales, use, transfer, minimum, estimated, or
                other tax or governmental charge of any kind whatsoever,
                including any interest, penalty, or addition thereto, whether
                disputed or not.

                        "Tax Return" means any return, declaration, report,
                claim or refund, or information return or statement relating to
                Taxes, including any schedule or attachment thereto, and
                including any amendment thereof.

        9.2 Press Releases and Public Announcements. No Party shall issue any
press release or make any public announcement relating to the subject matter of
this Agreement without the prior approval of the other Parties; provided,
however, that any Party may make any public disclosure it believes in good faith
is required by applicable law (in which case the disclosing Party will use its
reasonable best efforts to advise the other Party prior to making the
disclosure).

        9.3 No Third-Party Beneficiaries. This Agreement shall not confer any
rights or remedies upon any Person other than the Parties.

        9.4 Entire Agreement. This Agreement and the agreements and documents
referred to in this Agreement or delivered hereunder are the exclusive statement
of the agreement among the Parties concerning the subject matter hereof. All
negotiations, disclosures, discussions and investigations relating to the
subject matter of this Agreement and the agreements and documents referred to in
this Agreement and delivered hereunder are merged into this Agreement, and there
are no representations, warranties, covenants, understandings, or agreements,
oral or otherwise, relating to the subject matter of this Agreement, other than
those included herein, and the agreements and documents referred to in this
Agreement and delivered hereunder.

        9.5 Succession and Assignment. This Agreement shall be binding upon and
inure to the benefit of the Parties named herein and their respective successors
and permitted assigns. No Party may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval
of the other Parties, except Buyer may assign this Agreement and all of the
rights of the Buyer hereunder to an Affiliate of the Buyer.

        9.6 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument.

                                       17
<PAGE>   19

        9.7 Headings. The section headings contained in this Agreement are
inserted for convenience only and shall not affect in any way, the meaning or
interpretation of this Agreement.

        9.8 Notices. All notices, requests, demands, claims, and other
communications hereunder shall be in writing delivered as follows:

      If to the Seller or the      Piedmont Mining Company, Inc.
      Company (pre-closing)        Post Office Box 20675
                                   New York, NY 10021-0073
                                   Attn:  Mr. Robert M. Shields, Jr.

      With a copy to:              Kennedy, Covington, Lobdell & Hickman, L.L.P.
                                   Bank of America Corporate Center, Suite 4200
                                   100 North Tryon Street
                                   Charlotte, NC  28202-4006
                                   Attn:  J. Norfleet Pruden, III, Esq.

      If to the Buyer or the:      Lancaster Mining Company, Inc.
      Company (post-closing)       c/o Kinross Gold Corporation
                                   40 King Street West, 57th Floor
                                   Toronto, Ontario M5H 3YZ Canada
                                   Attn:  John Ivany, Executive Vice President

      With a copy to:              Haynsworth, Marion, McKay & Guerard, L.L.P.
                                   75 Beattie Place, 11th Floor (29601)
                                   Post Office Box 2048
                                   Greenville, South Carolina 29602
                                   Attn:  Joseph J. Blake, Jr., Esq.

or to such other address as may have been designated in a prior notice. Notices
sent by registered or certified mail, postage prepaid, return receipt requested,
shall be deemed to have been given two (2) business days after being mailed, and
otherwise notices shall be deemed to have been given when received by the Person
to whom the notice is addressed.

        9.9 Governing Law/Consent to Jurisdiction Arbitration. This Agreement
shall be governed by and construed in accordance with the laws of the State of
North Carolina exclusive of the conflict of law principles thereof. Any dispute
arising under this Agreement shall be subject to binding arbitration held before
a panel of three (3) neutral arbitrators in accordance with the Commercial Rules
of the American Arbitration Association in Charlotte, North Carolina, and
judgment upon the award of the arbitrators may be entered in any court of
competent jurisdiction.

                                       18
<PAGE>   20

        9.10 Amendments and Waivers. The Parties may mutually amend any
provision of this Agreement at any time prior to the Effective Time with the
prior authorization of their respective boards of directors. No amendment of any
provision of this Agreement shall be valid unless the same shall be in writing
and signed by all of the parties. No waiver by any Party of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, shall be deemed to extend to any prior or subsequent
default, misrepresentation, or breach of warranty or covenant hereunder or
affect in any way any rights arising by virtue of any prior or subsequent such
occurrence.

        9.11 Severability. Any term or provision of this Agreement that is
invalid or unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and provisions hereof or
the validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction.

        9.12 Expenses. Except to the extent otherwise specifically provided
herein, each of the Parties will bear it own costs and expenses (including legal
fees and expenses and transfer taxes) incurred in connection with this Agreement
and the transactions contemplated hereby.

        9.13 Construction. The Parties have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any
provision of this Agreement. Any reference to any federal, state, local, or
foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context otherwise requires. The
word "including" shall mean including without limitation.

        9.14 Pronouns. The use of a particular pronoun herein shall not be
restrictive as to gender or number but shall be interpreted in all cases as the
context may require.

        9.15 Time Periods. Any action required hereunder to be taken within a
certain number of days shall be taken within that number of calendar days;
provided, however, that if the last day for taking such action falls on a
weekend or a holiday, the period during which such action may be taken shall be
automatically extended to the next business day.

        9.16 Incorporation of Exhibits and Schedules. The Exhibits and Schedules
identified in this Agreement are incorporated herein by reference and made a
part hereof.

        9.17 Gender and Plurals. Whenever a gender reference is incorrect, it
shall be deemed corrected. Whenever the singular is used instead of the plural
or the plural is used instead of the singular and is incorrect, it shall be
deemed corrected.

                                       19
<PAGE>   21

        IN WITNESS , the Parties hereto have executed this Agreement on the date
first above written.

                                            LANCASTER MINING COMPANY, INC.,
                                            the Buyer

                                            By:_________________________________
                                            Its:________________________________

                                            KERSHAW GOLD COMPANY, INC.,
                                            the Company

                                            By:_________________________________
                                            Its:________________________________

                                            PIEDMONT MINING COMPANY, INC.,
                                            the Seller

                                            ____________________________________
                                            By:_________________________________
                                            Its:________________________________

                                       20
<PAGE>   22

GUARANTY OF KINROSS GOLD CORPORATION

The undersigned, KINROSS GOLD CORPORATION (the "Guarantor"), being the indirect
parent corporation of Lancaster Mining Corporation, and to induce Piedmont
Mining Company, Inc. to enter into the foregoing Agreement for Sale of Stock,
does hereby guarantee to Piedmont Mining Company, Inc., and its successors and
assigns, the due and punctual payment by Lancaster Mining Corporation, Inc., of
the Consideration under the foregoing Agreement for Sale of Stock. This is a
guaranty of payment and performance and not of collection, and the guaranteed
obligations may be enforced directly against the Guarantor without the necessity
of joining or first pursuing any claims against Lancaster Mining Corporation,
Inc.

        IN WITNESS WHEREOF, the Guarantor has executed and joined in this
Agreement as such Guarantor effective as of the date thereof.

                            KINROSS GOLD CORPORATION

                                            By:    ____________________________
                                            Its:   ____________________________

                                       21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]