Document:

Exhibit 4.20

 

 

Rules of the Randgold Resources Limited
Co-Investment Plan

 

Approved by the Company in general meeting

on 3 May 2011 and amended by the Board on

30 January 2012 and on 16 March 2012

 

    	 	 

     

    

  

RULES OF THE RANDGOLD RESOURCES LIMITED
CO-INVESTMENT PLAN

 

CONTENTS

 

	CLAUSE	 	PAGE
	 	 	 
	1.	DEFINITIONS	1
	2.	COMMENCEMENT AND TITLE	5
	3.	GRANT OF AWARDS	5
	4.	INVESTMENT SHARES	6
	5.	DIVIDEND ACCRUAL PAYMENT	7
	6.	PLAN LIMITS	7
	7.	NON-ASSIGNABILITY OF AWARDS	8
	8.	EXERCISE PRICE OF AN OPTION	8
	9.	EXERCISE OF OPTIONS AND VESTING OF ALLOCATIONS	8
	10.	LAPSE	10
	11.	MANNER OF EXERCISE OR VESTING	11
	12.	CASH ALTERNATIVE	12
	13.	RECONSTRUCTION, TAKEOVER OR LIQUIDATION	13
	14.	CAPITAL REORGANISATION	15
	15.	EMPLOYMENT RIGHTS	15
	16.	ADMINISTRATION AND AMENDMENT	16
	17.	DATA PROTECTION	18
	18.	TERMINATION	18
	19.	GOVERNING LAW	18

 

    	 	 

     

    

  

RULES OF THE RANDGOLD RESOURCES LIMITED
CO-INVESTMENT PLAN

 

		1.	DEFINITIONS

 

In these Rules (unless the context
otherwise requires) the following words and phrases have the following meanings:

 

“Admitted” means:

 

		(a)	admitted to the official list maintained by the FSA and admitted to trading on the London Stock
Exchange’s market for listed securities; or

 

		(b)	listed on The NASDAQ Global Select Market; or

 

		(c)	otherwise traded or listed on another stock exchange;

 

“ADS” means an American
Depositary Share representing one fully paid ordinary share in the capital of the Company;

 

“Allocation” means
a conditional award of a specified number of Shares;

 

“Announcement Date”
means any date on which the results of the Group for any period;

 

“Annual Bonus Plan”
means the Randgold Resources Limited Annual Bonus Plan adopted by the Board on 2 May 2011 or such other bonus plan as the Board
may adopt and operate in relation to any future Financial Period(s);

 

“Associated Company”
has the meaning given to it in section 416 of the Income and Corporation Taxes Act 1988;

 

“Award” means any
Allocation or Option granted in connection with the acquisition or pledging of Investment Shares;

 

“Award Tax Liability”
means an amount sufficient to satisfy all taxes, duties, social security or national insurance contributions and any equivalents
or any other amounts which are required to be withheld or accounted for by a Participant’s Employing Company, the Company, any
Associated Company of the Company or the Trustees in connection with the grant, holding, exercise and/or vesting of an Award or
in connection with a Dividend Accrual Payment;

 

“Basic Salary” means
the cash earnings (excluding bonuses) of the office(s) or employment(s) by virtue of which an Eligible Employee is eligible to
participate in the Plan during the period of 12 months ending on the relevant Date of Grant or the last accounting period of the
Company, if greater;

 

“Board” means the
board of directors from time to time of the Company (or the directors present at a duly convened meeting of such board) or a duly
authorised committee of the Board;

 

“Cash Alternative” has
the meaning given to it in Rule 12.1;

 

“Commencement Date”
means the date on which the Plan is approved by the Company;

 

“Company” means
Randgold Resources Limited, a company incorporated under the laws of Jersey with registered number 62686;

 

“Compulsory Acquisition Provisions”
means the provisions contained in Articles 116 to 124 of the Companies (Jersey) Law 1991;

 

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“Condition” means
any Performance Condition or any other objective condition determined by the Board on or prior to the Date of Grant of an Award;

 

“Control” has the
meaning given to it by section 995 of the Income Tax Act 2007;

 

“Date of Grant” means
the date on which an Award is granted in accordance with Rule 3.1;

 

“Dealing Day” means
any day on which NASDAQ or as applicable the London Stock Exchange or such other relevant stock exchange is open for the transaction
of business;

 

“Deferred Bonus Amount”
means such percentage of an Eligible Employee’s Bonus (as defined in the Annual Bonus Plan) as he is required to apply in the
acquisition of Investment Shares for the purposes of this Plan;

 

“Dividend Accrual Payment”
means an amount equal to the aggregate cash amount of the Dividends;

 

“Dividends” means
the aggregate dividends (excluding any related tax credits and any dividend of a special or exceptional nature unless the Board
in its absolute discretion determines that it shall be included) which would have been paid to the Participant in respect of the
Shares acquired on the exercise or vesting of an Award between the date on which the Award is granted and the date on which an
Option first becomes exercisable or the date on which an Allocation vests had those Shares been beneficially owned by the Participant
during that period;

 

“Eligible Employee”
means any employee (including an executive director) of any Member of the Group who is required to devote substantially the
whole of his working time to his employment or office;

 

“Employees’ Share Scheme”
has the meaning given to it in section 1166 of the Companies Act 2006;

 

“Employing Company”
means the Company or any other Member of the Group or any Associated Company of the Company by which the Participant is or,
where the context so admits, was employed;

 

“Employment” means
office or employment with any Member of the Group;

 

“Exercise Price” means
the price at which a Participant may exercise an Option, established in accordance with Rule 8;

 

“Financial Period” means
a period for which a profit and loss account of a company is made up in accordance with the Companies (Jersey) Law 1991;

 

“Formula” has the
meaning given to it in Rule 9.2 as modified for the purposes of Rule 13.1;

 

“FSA” means the
Financial Services Authority acting in its capacity as the competent authority for the purposes of part VI of the Financial Services
and Markets Act 2000;

 

“Group” means the
Company and its Subsidiaries from time to time;

 

“Internal Reorganisation”
means any compromise, arrangement or offer (including any Specified Event) which, in the reasonable opinion of the Board, having
regard to the shareholdings in the Company and any acquiring company before and after the compromise, arrangement or offer and/or
the consideration given for the acquisition of the

 

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Shares and/or any other matter which
it considers relevant, is in the nature of an internal reorganisation or reconstruction of the Company;

 

“Investment Shares”
means Shares which a Participant has agreed to retain under Rule 4.2 as Investment Shares until the commencement of the Option
Period or until the Vesting Date as appropriate;

 

“London Stock Exchange”
means London Stock Exchange plc or any successor company or body carrying on the business of London Stock Exchange plc;

 

“Market Value” means,
in relation to a Share on any date:

 

		(a)	at any time at which the ADSs are Admitted for trading on The NASDAQ Global Select Market, the
US dollar NASDAQ Official Closing Price per ADS on the Dealing Day immediately preceding that date;

 

		(b)	at any time at which the ADSs are not Admitted for trading on The NASDAQ Global Select Market but
the Shares are Admitted to trading on the London Stock Exchange’s market for listed securities, its middle market quotation (as
derived from the Daily Official List of the London Stock Exchange) on the Dealing Day immediately preceding that date;

 

		(c)	at any time at which the ADSs and/or Shares are Admitted to trading on a stock exchange (other
than The NASDAQ Global Select Market and the London Stock Exchange’s market for listed securities) such price or quotation derived
from such stock exchange as the Board shall determine to be the fair market value on the Dealing Day immediately preceding that
date;

 

		(d)	at any time at which neither the Shares nor ADSs are Admitted, the Board’s reasonable opinion of
the fair market value on the day immediately preceding that date;

 

“Member of the Group”
means the Company or any one of its Subsidiaries from time to time;

 

“Model Code” means
the Model Code for transactions in securities by directors and certain employees of listed companies issued by the FSA from time
to time (or such other code as may replace it), as amended from time to time;

 

“NASDAQ” means The
NASDAQ OMX Group, Inc or any successor company or body carrying on the business of The NASDAQ OMX Group, Inc;

 

“NASDAQ Official Closing
Price” means the NASDAQ Official Closing Price as determined by the NASDAQ Closing Cross;

 

“Option” means a
right to acquire a specified number of Shares at the Exercise Price in accordance with the Rules;

 

“Option Period” means
the period commencing on the latest of:

 

		(a)	the date on which the Board determines that, the Performance Period having expired, any Performance
Condition has been satisfied, either in full or in part, in respect of that period or has been waived;

 

		(b)	the date on which the Board determines that any other Condition(s) have been satisfied or waived;
and

 

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		(c)	the third anniversary of the Date of Grant of an Option or such later date as the Board may on
or before the Date of Grant determine,

 

and ending on the day preceding the
tenth anniversary of the Date of Grant of an Option or such earlier date as the Board may on or before the Date of Grant determine;

 

“Participant” means
any Eligible Employee who has been granted and remains entitled to a Subsisting Award or (where the context admits) the personal
representative(s) of any such individual;

 

“Performance Condition(s)”
means any condition or conditions relating to the performance of the Company and/or the Group and/or the Participant determined
by the Board on or prior to the Date of Grant of an Award;

 

“Performance Period”
means the period specified by the Board on or prior to the Date of Grant of an Award in respect of which any Performance Condition
is to be measured for the purpose of determining whether or to what extent the Performance Condition has been satisfied;

 

“Personal Data” has
the meaning given to that term in section 1(1) of the Data Protection (Jersey) Law 2005;

 

“Plan” means this
plan as governed by the Rules;

 

“Relevant Period” has
the meaning given to that term in Rules 9.2 and 13.1;

 

“Rules” means these
rules as from time to time amended in accordance with their provisions;

 

“Share” means a
fully paid ordinary share in the capital of the Company;

 

“Specified Event” means
any of the following events or, in the case of paragraph (e), date:

 

		(a)	any person obtains Control of the Company as a result of making a general offer to acquire the
whole of the issued share capital of the Company or all the shares in the Company which are of the same class as the Shares; or

 

		(b)	the Court sanctions a compromise or arrangement under Article 125 of the Companies (Jersey) Law
1991 (a “Scheme of Arrangement”); or

 

		(c)	any person becomes bound or entitled to acquire Shares under the Compulsory Acquisition Provisions;
or

 

		(d)	the Company passes a resolution for summary winding-up; or

 

		(e)	if the Board determines that Awards should be allowed to vest or become exercisable in the event
of a proposed demerger of the Company’s business or assets, such date prior to the demerger as the Board shall reasonably determine;

 

“Subsidiary” means
a subsidiary as defined in section 2 and section 2A of the Companies (Jersey) Law 1991;

 

“Subsisting Allocation”
means an Allocation to the extent that it has neither lapsed nor vested;

 

“Subsisting Award” means
a Subsisting Option or a Subsisting Allocation;

 

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“Subsisting Option”
means an Option to the extent that it has neither lapsed nor been exercised;

 

“Trustees” means
the trustees of any employee benefit trust established by the Company or any other Member of the Group for the benefit of directors
and/or employees of the Company and/or Group; and

 

“Vesting Date” means
subject to Rules 9.2 and 13.1, the latest of:

 

		(a)	the date on which it is determined that, the Performance Period having expired, in respect of that
period, the extent to which any Performance Condition has been satisfied, or has been waived;

 

		(b)	the date on which the Board determines that any other Condition(s) have been satisfied or waived,

 

save that if such date falls at a
time at which the vesting of the Shares would not be permitted under the Model Code, the Vesting Date shall be the first day following
such date on which the vesting of the Shares is permitted under the Model Code.

 

Where the context so admits the singular
shall include the plural and vice versa and the masculine gender shall include the feminine. Any reference to a statutory provision
shall be a reference to a UK statutory provision, unless indicated otherwise, and any reference to a statutory provision is to
be construed as a reference to that provision as for the time being amended or re-enacted and shall include any regulations or
other subordinate legislation made under it.

 

		2.	COMMENCEMENT AND TITLE

 

The Plan shall commence on the Commencement
Date and shall be known as The Randgold Resources Limited Co-Investment Plan.

 

		3.	GRANT OF AWARDS

 

		3.1	Subject to Rule 4, the Board may from time to time in its absolute discretion grant Awards to such
Eligible Employees as it shall in its absolute discretion select provided such Eligible Employees have agreed to retain Investment
Shares under Rule 4. No Eligible Employee shall be entitled as of right to have an Award granted to him.

 

		3.2	The number of Shares over which an Award shall be granted shall not exceed such number of Shares
as is equal to the number of Investment Shares which a Participant has agreed to retain under Rule 4.

 

		3.3	An Award shall be designated as an Allocation or an Option.

 

		3.4	On or prior to the grant of an Award the Board shall determine the following in relation to such
Award:

 

		(a)	the
maximum number of Shares which are the subject of such Award;

 

		(b)	the Exercise Price (where relevant);

 

		(c)	the Performance Period to apply to such Award;

 

		(d)	the Performance Condition to be satisfied in respect of
the Performance Period;

 

		(e)	subject to Rules 10, 11 and 13, the Vesting Date of such
Award; and

 

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		(f)	any other Condition(s) applying to such Award.

 

		3.5	Subject to Rules 3.6 and 3.7 below, an Award may only be granted at the following times:

 

		(a)	within the period of 42 days after the Commencement Date;
or

 

		(b)	within the period of 42 days after an Announcement Date;
or

 

		(c)	at any time at which the Board resolves that exceptional
circumstances exist which justify the grant of an Award.

 

		3.6	No Award may be granted at any time at which a dealing in the Shares would not be permitted under
the Model Code.

 

		3.7	No Award may be granted under the Plan later than ten years after the Commencement Date.

 

		3.8	No payment shall be required in consideration for the grant of an Award. The Board shall grant
Awards by deed or in such form as the Board shall decide. A single deed of grant may be executed in favour of any number of Participants.
Each Participant shall on, or as soon as possible after, the Date of Grant be issued with a certificate evidencing the grant of
the Award and setting out its terms as specified in Rule 3.4 above and any Condition(s) determined under Rule 3.9 below.

 

		3.9	The Board may grant an Award subject to such Condition(s) (in addition to the Performance Condition)
as it in its discretion thinks fit which must (save as otherwise provided in the Rules) be fulfilled before the Award (other than
a new award under Rule 13.3) may be exercised or vest (as the case may be). No such Condition(s) may subsequently be varied or
waived (save as otherwise provided in the Rules) unless circumstances occur which cause the Board to determine that such Condition(s)
shall have ceased to be appropriate whereupon the Board may in its absolute discretion vary or waive such Condition(s) so that
any new Condition(s) imposed or any variation are in its opinion fair, reasonable and no more difficult to satisfy than the previous
Condition(s).

 

		3.10	Subject to Rule 6 below, an Eligible Employee may be granted any combination of Awards, whether
in a single grant or pursuant to a series of grants.

 

		3.11	For the avoidance of doubt, where or to the extent that a Performance Condition has not been satisfied
in respect of the Performance Period determined by the Board on the Date of Grant of an Award the Performance Period may not be
extended.

 

		3.12	A Participant may within one month following the Date of Grant thereof renounce, release or surrender
an Award by notice in writing to the Company. The renunciation shall be effective from the date of receipt of such notice by the
Company upon which date the relevant Award shall be deemed never have to have been granted.

 

		4.	INVESTMENT SHARES

 

		4.1	An Award may only be granted to an Eligible Employee who has agreed to retain Investment Shares
under this Rule 4 and, where the Board has so determined under the Annual Bonus Plan, such Eligible Employee has acquired Investment
Shares using his Deferred Bonus Amount.

 

		4.2	The Board may invite an Eligible Employee who is to be granted an Award to:

 

		(a)	apply monies (and where required to do so using any Deferred Bonus Amount) in the acquisition of
Investment Shares and the payment of associated expenses,

 

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subject to the Company’s share dealing
code, the Model Code and any relevant UK or overseas regulation or enactment; or

 

		(b)	otherwise agree to retain Investment Shares.

 

An Eligible Employee must agree to
retain the Investment Shares relating to an Award until the commencement of the Option Period or until the Vesting Date as appropriate.

 

		4.3	The Market Value of the Investment Shares a Participant agrees to retain pursuant to Rule 4.2
                                                           shall not in aggregate exceed such percentage of a Participant’s Basic Salary as the Board may determine on or before
                                                           the making of an invitation under Rule 4.2, such percentage not to exceed 200 per cent., or, where the Board determines that
                                                           exceptional circumstances exist, 300 per cent.

 

		4.4	Investment Shares shall be held:

 

		(a)	on the Participant’s behalf by a nominee as chosen from time to time by the Board; or

 

		(b)	in such other manner as the Board may determine that will enable it to determine ownership of the
Investment Shares.

 

		5.	DIVIDEND ACCRUAL PAYMENT

 

		5.1	The Board may in its absolute discretion determine, on or before the grant of an Award, that the
grant of such an Award shall also give the Participant a right to receive a Dividend Accrual Payment on the exercise or vesting
of that Award.

 

		5.2	The Dividend Accrual Payment may be paid, at the absolute discretion of the Board:

 

		(a)	in cash, subject to any deductions made in accordance with Rule 5.3 below, as soon as reasonably
practicable after the exercise or vesting of the Award; and/or

 

		(b)	in whole or in part by the issue or transfer to the Participant (or his nominee) of that number
of Shares which could be subscribed or purchased using the cash amount (or part thereof) of the Dividend Accrual Payment at a price
equal to the Market Value of the Shares on the date of payment, in which case the provisions of Rule 11.6 shall apply to the issue
or transfer of those Shares.

 

		5.3	Such deductions on account of the Award Tax Liability as may be required by law or as the Board
may consider necessary or desirable shall be made from any cash payment under Rule 5.2(a).

 

		5.4	The Board may make any arrangements it considers necessary or desirable for the purposes of recovering
any Award Tax Liability arising on the delivery of Shares under Rule 5.2(b) which may include requiring the Participant to remit
amounts sufficient to satisfy such liability or selling (on behalf of the Participant) a sufficient number of the Shares so transferred
or allotted to realise proceeds sufficient to satisfy such liability.

 

		6.	PLAN LIMITS

 

		6.1	Subject to such adjustments as may be made in accordance with Rule 14, no Award shall be granted on
any Date of Grant or any proposed Date of Grant if, as a result:

 

		(a)	the aggregate number of Shares issued or committed to be issued pursuant to Awards made after Admission
under the Plan would exceed five per cent. of the issued ordinary share capital of the Company on that Date of Grant; or

 

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		(b)	the aggregate number of Shares issued or committed to be issued pursuant to Awards made after Admission
under the Plan and pursuant to grants or appropriations made after Admission during the ten years preceding such Date of Grant
under all Employees’ Share Schemes established by the Company would exceed ten per cent of the issued ordinary share capital of
the Company on that Date of Grant.

 

		6.2	For the avoidance of doubt:

 

		(a)	Shares which have been the subject of Awards or of rights granted under any other Employees’ Share
Scheme which have lapsed shall not be taken into account for the purposes of this Rule 6; and

 

		(b)	Shares issued for the purpose of a Dividend Accrual Payment shall count towards the limits contained
in Rule 6.1.

 

		6.3	For the purposes of the limits contained in Rule 6.1, the references to Shares issued or committed
to be issued shall include Shares transferred from treasury or committed to be so transferred unless the ABI Guidelines on Executive
Remuneration cease to require such Shares to be counted.

 

		7.	NON-ASSIGNABILITY OF AWARDS

 

An Award may not be transferred,
charged, pledged, mortgaged, made subject to a security interest or encumbered in any way whatsoever by a Participant or his personal
representative(s). In the event of any breach or purported breach of this Rule, an Award shall lapse forthwith. This Rule 7 shall
not prevent the personal representative(s) of a deceased Participant from exercising an Option or from receiving Shares pursuant
to a vested Allocation in accordance with the Rules or the law of succession.

 

		8.	EXERCISE PRICE OF AN OPTION

 

The Exercise Price of an Option shall
be determined by the Board not later than the Date of Grant and shall be such an amount (whether expressed as an amount per Share
subject to the Option or an amount payable on each exercise of an Option irrespective of the number of Shares in respect of which
the Option is exercised) as the Board may in its absolute discretion determine provided that, in the case only of an Option to
subscribe for Shares, the Exercise Price per Share shall not be less than the nominal value of a Share.

 

		9.	EXERCISE OF OPTIONS AND VESTING OF ALLOCATIONS

 

		9.1	Save as otherwise provided in the Rules and subject to Rule 11:

 

		(a)	a Subsisting Option shall be exercisable during the Option Period; and

 

		(b)	a Subsisting Allocation shall vest on the Vesting Date,

 

to the extent that any Condition(s)
shall have been fulfilled or waived.

 

		9.2	Subject to Rule 13, if a Participant ceases to hold Employment before the expiry of the Performance Period by reason of:

 

		(a)	death;

 

		(b)	injury, ill-health or disability proved to the satisfaction of the Board;

 

		(c)	redundancy;

 

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		(d)	retirement;

 

		(e)	the company employing the Participant ceasing to be a Member of the Group;

 

		(f)	the business or part of the business to which the Participant’s office or employment relates being
transferred to a person who is not a Member of the Group;

 

		(g)	any other reason (other than those set out in Rule 10.1(f)) and the Board in its absolute discretion
so permits,

 

the following provisions shall apply:

 

		(i)	the Performance Period shall be deemed
                                         to have ended on the date of cessation of Employment (which reduced period shall be referred
                                         to as the “Relevant Period”);

 

		(ii)	a Subsisting Option shall become exercisable on the later of:

 

		(A)	the date on which the Board has determined the number of Shares in respect of which that Option
is exercisable pursuant to paragraph (iv) below; and

 

		(B)	the date on which the Board determines that any other Conditions have been satisfied or waived;

 

and may be exercised within the period
of six months (or, in the case of Rule 9.2(a) only, 12 months) from that date;

 

		(iii)	a Subsisting Allocation shall vest on the later of:

 

		(A)	the date on which the Board has determined the number of Shares in respect of which that Allocation
vests pursuant to paragraph (iv) below; and

 

		(B)	the date on which the Board determines that any other Condition(s) have been satisfied or waived;

 

or, if such date falls at a time when
the vesting of the Shares would not be permitted under the Model Code, on the first date following such date on which the vesting
of the Shares is permitted under the Model Code; and

 

		(iv)	a Subsisting Option shall be exercisable, and a Subsisting Allocation shall vest, in respect of
such number of Shares as is equal to “A” where:

 

	A = 	X	 PA (the “Formula”) where:
	Y

 

A is the number of Shares in respect
of which the Award may be exercised vests;

 

PA is the number of Shares in respect
of which the Award would be exercisable or vest if the Performance Condition were applied to the Relevant Period or, where the
Board deems it impracticable to apply the Performance Condition to the Relevant period, such other period as the Board shall determine;

 

X is the number of days comprised in
the Relevant Period; and

 

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Y is the total number of days which
would have been comprised in the Performance Period had the Participant not ceased to be in Employment.

 

		9.3	If a Participant ceases to hold Employment on or after the expiry of the Performance Period for
one of the reasons set out in Rules 9.2(a) to (f) inclusive:

 

		(a)	any Subsisting Option may be exercised within the period of six months (or, in the case of Rule
9.2(a) only, 12 months) commencing on the latest of:

 

		(i)	the date of cessation of Employment;

 

		(ii)	the date on which it is determined that the Performance Condition has been satisfied, either in
full or in part, in respect of the Performance Period; and

 

		(iii)	the date on which the Board determines that any other Condition(s) have been satisfied or waived;
and

 

		(b)	any Subsisting Allocation shall vest on the date which is the latest of the dates referred to in
Rule 9.3 (a) (i), (ii) and (iii) or, if such date falls at a time when the vesting of the Shares would not be permitted under the
Model Code, on the first date following such date on which the vesting of the Shares is permitted under the Model Code.

 

		10.	LAPSE

 

		10.1	A Subsisting Award (or portion of a Subsisting Award where relevant), whenever granted, shall lapse
and cease to be capable of exercise or vesting upon the earliest to occur of the following:

 

		(a)	in the case of an Option, the expiry of the Option Period;

 

		(b)	the expiry of the Performance Period, if any Performance Condition(s) remain unfulfilled at that
date and have not been waived, except that:

 

		(i)	where Performance Condition(s) allow for an Award to be exercisable or vest in part on partial
satisfaction of the Performance Condition(s), a Subsisting Award shall lapse only to the extent of the unexercisable or unvested
part; and

 

		(ii)	a Subsisting Option which is exercisable pursuant to Rule 9.2 or Rule 13.1 by reference to the
Relevant Period rather than the Performance Period shall not lapse on the expiry of the original Performance Period to the extent
that it is exercisable under either of those Rules;

 

		(c)	the expiry of any period within which a Condition other than a Performance Condition has to be
satisfied in accordance with its terms, if such Condition remains unfulfilled at that date and has not been waived;

 

		(d)	the date on which the provisions under Rule 4.4 of the Annual Bonus Plan are invoked by the Company
in respect of such whole number of Shares which is nearest to the number of Investment Shares acquired with a Participant’s Deferred
Bonus Amount and clawed back under the Annual Bonus Plan expressed as a fraction of the total number of his Investment Shares (not
exceeding 1);

 

		(e)	in the case of a Subsisting Option, the expiry of any of the periods mentioned in Rules 9.2 and
9.3;

 

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		(f)	the date on which the Participant ceases to hold any Employment, or the date on which he gives
or is given notice of such cessation for any reason other than those referred to in Rule 9.2(a) to (f) inclusive and the Board
has not determined that an Award may be exercised or vest under Rule 9.2(g) above;

 

		(g)	the first to expire of any of the periods mentioned in Rule 13 below including for the avoidance
of doubt the expiry of the period of one month specified in Rule 13.3 (subject to any agreement entered into pursuant to Rule 13.3);

 

		(h)	the date upon which the Participant is adjudicated bankrupt or an analogous event occurs;

 

		(i)	any breach or purported breach of Rule 7 by the Participant; and

 

		(j)	any transfer or purported transfer by the Participant of any Investment Shares in respect of the
corresponding number of Shares subject to an Award attributable to such Investment Shares.

 

		10.2	Where all or a portion of an Award lapses under Rule 10.1(d), the Participant shall cease to be
beneficially entitled to the corresponding number of Investment Shares and the Company shall require the Participant to transfer
or procure the transfer of such Investment Shares to such person(s) as it may direct.

 

		11.	MANNER OF EXERCISE OR VESTING

 

	11.1	(a)	a Subsisting Option shall be exercised by the Participant lodging with the Company Secretary at the Company’s registered office (or otherwise as may be notified to Participants from time to time):

 

		(i)	the certificate in respect of the Option to be exercised;

 

		(ii)	a notice of exercise in such form as the Board may from time to time prescribe; and

 

		(iii)	payment (in such manner as the Board shall direct) of the Exercise Price in respect of the Option;

 

and the date of exercise shall be the
date of receipt of such notice and payment or such other date as the Board may have specified in the notice of exercise; and

 

		(b)	a Subsisting Allocation shall vest automatically on the Vesting Date.

 

		11.2	On the vesting of a Subsisting Allocation which is to be satisfied by the issue of new Shares,
the Board may require the Participant to pay to the Company the aggregate nominal value of the Shares to be issued in which case
such Shares will not be issued pursuant to Rule 11.5 until such payment has been received by the Company.

 

		11.3	An Option may be exercised in whole or in part, provided that any exercise of an Option (other
than an exercise which exhausts the Option) shall be in respect of 100 Shares or an integral multiple thereof. Following any exercise
of an Option in part (other than an exercise which exhausts the Option), the Participant shall be sent a new Award certificate
in respect of the balance of Shares which are the subject of such Option.

 

		11.4	Unless otherwise provided in these Rules, no Award shall be treated as having been exercised or
vested unless and until the Board is satisfied that any Condition(s) have been satisfied or partially satisfied in accordance with
their terms or have been waived.

 

    	 	11	 

     

    

  

		11.5	Subject to the obtaining of any necessary consents and to the terms of any such consent and subject
to Rule 11.4, the Board shall within 30 days of the vesting of an Allocation or exercise of an Option cause the Company to allot
and issue or procure the transfer of the relevant Shares and send or cause to be sent to the Participant a share certificate (or
other evidence of title) for the Shares in respect of which the Award is exercised or has vested.

 

		11.6	Shares issued or transferred pursuant to the Plan will rank pari passu in all respects with Shares
then already in issue except that they will not rank for any dividend or other distribution of the Company paid or made by reference
to a record date falling prior to the date of exercise or vesting of the relevant Award.

 

		11.7	If and for so long as the Shares are Admitted, the Company shall as soon as practicable after any
such allotment apply to the FSA and the London Stock Exchange for permission for the same to be Admitted. Any application may be
postponed at the Board’s discretion until application can be made in respect of such number of Shares as the Board considers appropriate.

 

		11.8	The Company shall maintain sufficient unissued share capital to satisfy all rights to subscribe
for Shares from time to time under Subsisting Awards.

 

		11.9	The Company and/or the Employing Company of a Participant and/or the Trustees shall have the right,
prior to the delivery of the Shares otherwise deliverable to him on the exercise or vesting of an Award:

 

		(a)	to require the Participant to remit to or at the direction of his Employing Company an amount sufficient
to satisfy the Award Tax Liability; and/or

 

		(b)	to reduce the number of Shares otherwise deliverable to the Participant by an amount equal in value
to the amount of the Award Tax Liability or sell a sufficient number of the Shares on behalf of the Participant to realise sale
proceeds equivalent to the Award Tax Liability and remit such amount to or at the direction of his Employing Company or the Trustees
in satisfaction of the liability; and/or

 

		(c)	to deduct the amount of the Award Tax Liability from cash payments otherwise to be made to the
Participant.

 

The Board may make such arrangements
and determinations in this regard, consistent with the Rules, as it may in its absolute discretion consider to be appropriate.

 

		12.	CASH ALTERNATIVE

 

		12.1	Where an Option has been exercised
                                         or an Allocation has vested and Shares have not yet been allotted or transferred to the
                                         Participant, the Board may determine that, instead of allotting or transferring all or
                                         some of the Shares to which the Participant is then entitled, it shall pay to the Participant
                                         an amount in cash (the “Cash Alternative”) equal to:

 

		(a)	in the case of an Allocation, the Market Value of the relevant number of Shares on the date of
vesting; and

 

		(b)	in the case of an Option, the aggregate Market Value of the relevant number of Shares on the date
of exercise less the aggregate Option Price payable in respect of those Shares.

 

		12.2	The Cash Alternative, less the amount of any Award Tax Liability, shall be paid to the Participant
as soon as reasonably practicable after the Board has determined to make such a payment and shall be in full and final satisfaction
of the Participant’s right to acquire the corresponding number of Shares.

 

    	 	12	 

     

    

  

		12.3	If the Participant has paid any amount by way of the Exercise Price of an Option or the subscription
price for any Shares subject to an Allocation and the Board determines to pay a Cash Alternative, any such sum shall be reimbursed
to the Participant.

 

		13.	RECONSTRUCTION, TAKEOVER OR LIQUIDATION

 

		13.1	Subject to Rule 13.4, if a Specified Event occurs before the expiry of the Performance Period, Participants shall be notified
and the following provisions shall apply:

 

		(a)	the Performance Period shall be
                                         deemed to have ended on the date of the Specified Event (which reduced period shall be
                                         referred to as the “Relevant Period”);

 

		(b)	the Board shall determine immediately prior to the date of the Specified Event:

 

		(i)	the number of Shares in respect of which a Subsisting Option is exercisable or a Subsisting Allocation
shall vest pursuant to paragraph (e) below; and

 

		(ii)	whether any other Condition(s) have been satisfied or waived;

 

		(c)	if any other Condition(s) have been satisfied or waived, a Subsisting Option shall become exercisable
immediately following the Specified Event and may be exercised until the earlier of:

 

		(i)	the expiry of the period of six months commencing on the date of the Specified Event; and

 

		(ii)	the expiry of any period during which any person is bound or entitled to acquire Shares under the
Compulsory Acquisition Provisions;

 

in respect of the number of Shares
determined under paragraph (b)(i) above;

 

		(d)	if any other Condition(s) have been satisfied or waived, a Subsisting Allocation shall vest:

 

		(i)	immediately following the Specified Event; or

 

		(ii)	if the date of vesting under paragraph (i) above falls at a time when the vesting of the Shares
would not be permitted under the Model Code, on the first date following such date on which the vesting of the Shares is permitted
under the Model Code;

 

in respect of the number of Shares
determined under paragraph (b)(i) above; and

 

		(e)	a Subsisting Option shall be exercisable, and a Subsisting Allocation shall vest, in respect of:

 

		(i)	such number of Shares as is equal to “A” where the Formula is applied but the variable
“Y” is construed as meaning the total number of days which would have been comprised in the Performance Period had there
not been a Specified Event; or

 

		(ii)	where the Board, acting fairly and reasonably, determines that the number of Shares as is equal
to “A” (as revised as set out in paragraph (e)(i) above) would be inappropriate in any particular case, such higher number
of Shares as it determines provided that number does not exceed the total number of Shares subject to that Option or Allocation.

 

    	 	13	 

     

    

  

		13.2	Subject to Rule 13.4, if a Specified Event occurs on or after the expiry of the Performance Period,
Participants shall be notified and the following provisions shall apply:

 

		(a)	the Board shall, if it has not already done so, determine immediately prior to the Specified Event:

 

		(i)	whether the Performance Condition has been satisfied, in full or in part, in respect of the Performance
Period and the number of Shares in respect of which a Subsisting Option is exercisable or a Subsisting Allocation shall vest; and

 

		(ii)	whether any other Condition(s) have been satisfied or waived;

 

		(b)	if any other Condition(s) have been satisfied or waived, a Subsisting Option shall become exercisable
immediately following the Specified Event and may be exercised until the earlier of:

 

		(i)	the expiry of the period of six months commencing on the date of the Specified Event; and

 

		(ii)	the expiry of any period during which any person is bound or entitled to acquire Shares under the
Compulsory Acquisition Provisions;

 

in respect of the number of Shares
determined by the Board;

 

		(c)	if any other Condition(s) have been satisfied or waived, a Subsisting Allocation shall vest:

 

		(i)	immediately following the Specified Event or

 

		(ii)	if the date of vesting under paragraph (i) above falls at a time when the vesting of the Shares
would not be permitted under the Model Code, on the first date following such date on which the vesting of the Shares is permitted
under the Model Code;

 

in respect of the number of Shares
determined by the Board.

 

		13.3	If a company has obtained Control
                                         of the Company or has become bound or entitled to acquire Shares as a result of a Specified
                                         Event, any Participant may, by agreement with that other company (the “Acquiring
                                         Company”), within the period of one month from the date of the Specified
                                         Event release any of his Subsisting Awards in consideration of the grant of a new award
                                         on such terms as are agreed with the Acquiring Company.

 

		13.4	Rules 13.1 and 13.2 shall not apply in the case of an Internal Reorganisation, unless the Acquiring
Company fails to make an offer to Participants to release Subsisting Awards in accordance with Rule 13.3 within one week of obtaining
Control or becoming bound or entitled to acquire Shares or the Court’s sanction, in which case Rule 13.1 or Rule 13.2 shall apply
as if the Specified Event had occurred on the day following the end of the period of one week mentioned above.

 

		13.5	For the purposes of this Rule 13, other than Rule 13.3 above, a person shall be deemed to have
obtained Control of the Company if he and others acting in concert with him have together obtained Control of it.

 

		13.6	The vesting of an Allocation or exercise of an Option pursuant to the preceding provisions of this
Rule 13 shall be subject to the provisions of Rule 11.

 

    	 	14	 

     

    

 

		14.	CAPITAL REORGANISATION

 

		14.1	In the event of:

 

		(a)	any variation in the ordinary share capital of the Company by way of capitalisation of profits
or reserves or by way of rights or any consolidation or sub-division or reduction of capital or otherwise; or

 

		(b)	any demerger, dividend in specie or super dividend; or

 

		(c)	any other corporate event which in the reasonable opinion of the Board justifies such an adjustment;

 

then the number and the nominal value
of Shares subject to any Subsisting Awards, the Exercise Price and, where an Award has been exercised or has vested but, as at
the date of the variation of capital referred to above, no Shares have been allotted or transferred pursuant to such exercise or
vesting, the number of Shares which may be so allotted or transferred and the price at which they may be acquired, may be adjusted
by the Board in such manner and with effect from such date as the Board may determine to be appropriate.

 

		14.2	No adjustment under Rule 14.1 shall be made which would reduce the Exercise Price of any Option
to subscribe for Shares below the nominal value of a Share unless and to the extent that:

 

		(a)	the Board is authorised to capitalise from the reserves of the Company a sum equal to the amount
by which the nominal value of the Shares subject to the Option exceeds the aggregate adjusted Exercise Price; and

 

		(b)	the Board shall resolve to capitalise and apply such sum on exercise of that Option.

 

		14.3	The Board shall notify Participants in such manner as it thinks fit of any adjustment made under
Rule 14.1 and may call in, cancel, endorse, issue or re-issue any award certificate as a result of any such adjustment.

 

		15.	EMPLOYMENT RIGHTS

 

		15.1	The Plan shall not form part of any contract of employment between any Member of the Group and
any employee of any such company and the rights and obligations of any Eligible Employee under the terms of his Employment with
any Member of the Group shall not be affected by his participation in the Plan or any right which he may have to participate therein.

 

		15.2	The grant of an Award to a Participant on one occasion is no indication that further Award(s) shall
be granted to such Participant.

 

		15.3	No Eligible Employee or Participant shall be entitled to any compensation for any loss which he
may suffer as a result of the exercise by the Board, or its failure to exercise, any of the discretions given to it by the Rules
even if such exercise, or failure to exercise, constitutes a breach of contract or breach of duty by the Company or by any Member
of the Group by whom the Eligible Employee or Participant is employed or gives rise to any other claim whatsoever.

 

		15.4	Neither participation in the Plan nor the grant of an Award shall form any part of a Participant’s
remuneration or count as his remuneration for any purpose or be pensionable.

 

		15.5	Participation in the Plan shall be on the express condition that:

 

    	 	15	 

     

    

  

		(a)	neither it nor cessation of participation shall afford any Eligible Employee under the terms of
his Employment with any Member of the Group any additional or other rights to compensation or damages; and

 

		(b)	no damages or compensation shall be payable in consequence of the termination of such Employment
(whether or not in circumstances giving rise to a claim for wrongful or unfair dismissal) or for any other reason whatsoever to
compensate him for the loss of any rights the Participant would otherwise have had (actual or prospective) under the Plan howsoever
arising but for such termination; and

 

		(c)	the Participant shall be deemed irrevocably to have waived any such rights to which he may otherwise
have been entitled.

 

		15.6	No individual shall have any claim against a Member of the Group arising out of his not being admitted
to participation in the Plan which (for the avoidance of all, if any, doubt) is entirely within the discretion of the Board.

 

		15.7	No Participant shall be entitled to claim compensation from any Member of the Group in respect
of any sums paid by him pursuant to the Plan or for any diminution or extinction of his rights or benefits (actual or otherwise)
under any Award held by him consequent upon the lapse for any reason of any Award held by him or otherwise in connection with the
Plan and each Member of the Group shall be entirely free to conduct its affairs as it sees fit without regard to any consequences
under, upon or in relation to the Plan or any Award or Participant.

 

		15.8	By accepting the grant of an Award, a Participant is deemed to have agreed to the provisions of
this Rule 15.

 

		16.	ADMINISTRATION AND AMENDMENT

 

		16.1	The Plan shall be administered under the direction of the Board which may at any time and from
time to time by resolution and without other formality delete, amend or add to the Rules of the Plan in any respect provided that:

 

		(a)	no deletion, amendment or addition shall operate to affect adversely in any material way any rights
already acquired by a Participant under the Plan without the approval of the majority of the affected Participants first having
been obtained;

 

		(b)	no deletion, amendment or addition to the advantage of Participants may be made to any of the provisions
of the Plan relating to:

 

		(i)	eligibility;

 

		(ii)	the limitations on the number or amount of Shares, cash or other benefits subject to the Plan;

 

		(iii)	the maximum entitlement for any one Participant;

 

		(iv)	the basis for determining a Participant’s entitlement to, and the terms of Shares, cash or other
benefits to be provided under the Plan and for the adjustment thereof (if any) in the event of a capitalisation issue, rights issue
or open offer, sub-division or consolidation of Shares or reduction of capital or any other variation of capital;

 

except with the prior approval of
the Company in general meeting, unless the deletion, amendment or addition is minor and to benefit the administration of the Plan,
to obtain or maintain favourable tax, exchange control or regulatory treatment

 

    	 	16	 

     

    

 

for Participants or any Member of
the Group or to take into account existing or proposed legislation.

 

		16.2	Notwithstanding anything to the contrary contained in these Rules, the Board may at any time by
resolution and without further formality establish further plans or sub-plans to apply in overseas territories governed by rules
similar to these Rules but modified to take account of local tax, exchange control or securities laws, regulation or practice provided
that any Shares made available under any such scheme shall be treated as counting against any limits on overall or individual participation
in the Plan.

 

		16.3	The Board may from time
to time make and vary such rules and regulations not inconsistent with the Plan and establish such procedures for the administration
and implementation of this Plan as it thinks fit and in the event of any dispute or disagreement as to the interpretation of any
such rules, regulations or procedures, the decision
of the

Board shall be final and binding upon
all persons.

 

		16.4	The Plan, the granting, exercise or vesting of Awards thereunder, and the other obligations of
the Company under the Plan, shall be subject to all applicable national or local laws, rules, and regulations and to such approvals
by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange or securities association
on which the Shares are listed. The Company, in its discretion, may postpone the granting and exercise or vesting of Awards, the
issuance or delivery of Shares under any Award or any other action permitted under the Plan to permit the Company, with reasonable
diligence, to complete such stock exchange listing or registration or qualification of such Shares or other required action under
any national or local law, rule, or regulation and may require any Participant to make such representations and furnish such information
as it may consider appropriate in connection with the issuance or delivery of Shares in compliance with applicable laws, rules,
and regulations. The Company shall not be obliged by virtue of any provision of the Plan to recognise the exercise or vesting of
any Award or to otherwise sell or issue Shares in violation of any such laws, rules, or regulations; and any postponement of the
exercise or vesting and settlement of any Award under this provision shall not extend the term of such Award, and neither the Company
nor its directors or officers shall have any obligation or liability to the Participant with respect to any Award (or Shares issuable
or transferable thereunder) that shall lapse because of such postponement.

 

		16.5	The Board’s decision on any matter relating to the interpretation of the Rules and any other matters
concerning the Plan (including the rectification of errors or mistakes of procedure or otherwise) shall be final and binding.

 

		16.6	Any notice or other communication under or in connection with the Plan may be given:

 

		(a)	by the Company to an Eligible Employee or Participant either personally or sent to him at his place
of work by electronic mail or by post addressed to the address last known to the Company (including any address supplied by the
relevant Member of the Group) or sent through the Company’s internal postal service; and

 

		(b)	to the Company, either personally or by post to the Company Secretary.

 

Items sent by post shall be pre-paid
and shall be deemed to have been received 72 hours after posting. Items sent by electronic mail shall be deemed to have been received
at the expiration of 24 hours from when they were sent.

 

		16.7	The Company shall bear the costs of setting up and administering the Plan. However, the Company
may require any Member of the Group to reimburse the Company for any costs borne by the Company directly or indirectly in respect
of such Member of the Group’s officers or employees.

 

    	 	17	 

     

    

  

		16.8	The Company shall maintain all necessary books of account and records relating to the Plan.

 

		16.9	The Board shall be entitled to authorise any person to execute on behalf of a Participant, at the
request of the Participant, any document relating to the Plan, in so far as such document is required to be executed pursuant hereto.

 

		16.10	The Company may send copies to Participants of any notice or document sent by the Company to the
holders of Shares.

 

		16.11	If any Award certificate shall be worn out, defaced or lost, it may be replaced on such evidence
being provided as the Board may require.

 

		16.12	In the case of the partial exercise of an Option, the Board may call in and endorse or cancel and
re-issue as it thinks fit, any certificate for the balance of Shares over which the Option was granted.

 

		17.	DATA PROTECTION

 

As a condition of the grant of an
Award, a Participant consents to the collection, retention, use, processing and transfer (whether between themselves or to any
third party and including transfer to countries outside the European Economic Area) of his Personal Data by any Member of the Group,
any of their Associated Companies, the trustees of any employee benefit trust, any administrator of the Plan or the Company’s registrars
or brokers for the purposes of implementing and operating the Plan.

 

		18.	TERMINATION

 

The Board or the Company in general
meeting may resolve at any time that no Awards or further Awards shall be granted under the Plan and in any event no Awards may
be granted under the Plan on or after the tenth anniversary of the Commencement Date provided that this Rule shall not affect the
subsisting rights of Participants.

 

		19.	GOVERNING LAW

 

These Rules shall be governed by
and construed in accordance with Jersey law.

 

    	 	18Exhibit 4.21

 

		
         

        Randgold Resources Limited

        Reg No. 62686

        3rd
        Floor, Unity Chambers

        28 Halkett
        Street

        St. Helier,
        Jersey

        JE2 4WJ

        CHANNEL ISLANDS

        TEL: +44
        1534 735 333

        FAX: +44
        1534 735 444

 

 

Andrew Quinn

Dyffryn Marlais

Llanboidy

Whitland

Carmarthenshire,
SA34 0ER

United Kingdom

 

6
May 2014

 

Dear
Mr Quinn

 

RANDGOLD
RESOURCES LIMITED (THE “COMPANY”) AND APPOINTMENT

TO
THE BOARD AS A NON-EXECUTIVE DIRECTOR

 

The
board of the Company (the “Board”)
is pleased to confirm the main terms of your appointment as a non-executive director (with details relating to the appointment
period being contained in the paragraph hereof titled “Appointment”).
It is agreed that this is a contract for services and not a contract of employment. You should be aware that your appointment
is subject to the Company’s articles of association as amended from time to time. If there is a conflict between the terms
of this letter and the articles of association then the articles shall prevail.

 

DUTIES

 

		1.	The Board is responsible for promoting the success of the Company by directing and supervising
the Company’s affairs, including:

 

		(a)	supervising and providing guidance to the Company within a framework of prudent and effective controls;

 

		(b)	approving the Company’s objectives and strategic plan, ensuring that the necessary financial and
human resources are in place for the Company to meet its strategic objectives, and review management performance; and

 

		(c)	setting the Company’s values and standards and ensuring that its obligations to its stakeholders
are met.

 

		2.	The Board Charter (annexed hereto marked
                                         “Annexure
                                         A”) describes how the Board is structured and what authorities
                                         are delegated to the Chief Executive. Details of powers specifically reserved for the
                                         Board are listed in paragraph 13 of the Board Charter. The Charters of the Board Committees
                                         are available on the Company’s website and can be obtained from the Company’s
                                         Secretary.

 

		3.	Your role as a non-executive director is to:

 

		(a)	contribute to the development of strategies to attain the Company’s objectives;

 

		(b)	evaluate the performance of Executive Directors in meeting agreed objectives and implementing strategies;

 

		(c)	satisfy yourself that publicly available financial information is accurate and that financial controls
and systems of risk management are robust and effective; and

 

     

     

    

 

 

		(d)	be responsible, for determining appropriate levels of remuneration of the Executive Directors,
and where necessary, members of the Executive Management Team.

 

		4.	You will, in conjunction with paragraph 4 of the Board Charter, be required to:

 

		(a)	perform your duties loyally and diligently;

 

		(b)	bring independent judgement to bear on issues of strategy, policy, resources, performance and standards
of conduct;

 

		(c)	provide guidance and direction in planning, developing and implementing the strategic direction
of the Company;

 

		(d)	contribute to the effective control of the Company and to the supervision of the Executive Directors;

 

		(e)	attend wherever possible in person or by conference call all meetings of the Board, which meets
at least quarterly, and consider all relevant papers well in advance of each meeting;

 

		(f)	serve on any Committee to which you are nominated by the Board;

 

		(g)	attend the Annual General Meeting of the Company if requested;

 

		(h)	comply with your fiduciary and statutory duties (including under the Companies (Jersey) Law 1991,
as amended, which can be obtained from the Company’s Secretary); and

 

		(i)	comply with the Company’s Code of Conduct and Anti-Corruption Compliance Policy, which are available
on the Company’s website and can be obtained from the Company Secretary.

 

		5.	Overall the Company anticipates that you will be available to fulfil your duties as and when you
are needed, and the Company expects that the minimum time commitment over a normal year will equate to approximately 5 days per
quarter on your work for the Company. This will include the quarterly board meetings, at least one site visit per year, and the
appropriate period of time preparing for each meeting. By accepting this appointment, you confirm that you are able to allocate
sufficient time to the Company to discharge your duties effectively. You also acknowledge that there may be circumstances in which
you will need to devote additional time to your duties, such as when the Company is undergoing a period of particularly increased
activity, or as a result of some major difficulty with one or more of its operations. In these circumstances you agree to work
such additional hours (without any additional remuneration, unless it is specifically agreed by the Remuneration Committee and
approved by the Board) as may be required for the proper performance of your duties.

 

		6.	You will, be entitled to request such information from the Company, its subsidiaries or its employees,
consultants or professional advisers as may be reasonably necessary to enable you to perform your role effectively. The Company
shall use its reasonable endeavours to provide such information.

 

		7.	The performance of individual directors, the whole board and its committees is evaluated annually.
If in the interim there are any matters which cause you concern about your role, you should discuss them with the Chairman as soon
as you can.

 

CONFIDENTIALITY

 

During
the course of your duties you will have access to confidential information belonging to the Company and its subsidiaries (including,
but not limited to, details of suppliers, customers, margins, know-how, marketing and other relevant business information). Unauthorised
disclosure of this information could seriously damage the Company. You therefore undertake not to use or disclose such information
save in pursuance of your duties or in accordance with any statutory obligation or court or similar order.

 

     

     

    

 

 

COMPLIANCE
WITH REGULATORY REQUIREMENTS

 

The
Company is committed to the UK Corporate Governance Code and the associated Guidance on Board Effectiveness published by the Financial
Reporting Council, copies of which can be obtained from the Company Secretary. You will be expected to carry out your duties in
accordance with these.

 

You
undertake to comply with all legal and regulatory requirements and any code of practice or compliance manual issued by the Company
relating to transactions in securities and inside information and dealing in force from time to time, including the Company’s
current Share Dealing Code and any rules and regulations of or under the Financial Services Authority (including the Model Code,
the Listing Rules, the Disclosure and Transparency Rules), the Financial Services and Markets Act 2000, the Criminal Justice Act
1993, the Financial Services (Jersey) Law 1998 and other rules and regulations of relevant regulatory authorities relevant to
the Company (the “Regulatory Requirements”).

 

By
accepting this appointment you acknowledge that you are aware of and understand the Regulatory Requirements and that a breach
of the Regulatory Requirements carries sanctions including criminal liability, disciplinary action by the relevant regulatory
authority (civil liability, fines and public censure by the Financial Conduct Authority (“FCA”)
and the immediate termination of your appointment.

 

Due
to your position you will be named on the Company’s list of persons with access to inside information relating to the Company which
can be made available to the FCA.

 

You
acknowledge that the non-executive directors are required, pursuant to the Company’s Shareholding Policy, to hold ordinary shares
in the Company with a value of at least US$100,000 (i.e. an amount equal to twice the annual retainer fee).

 

OUTSIDE
INTERESTS

 

You
should seek the agreement of the Chairman of the Board before you accept any public company appointments or any new outside interests,
which might affect the time you are able to devote to this appointment.

 

The
Board have determined you to be independent, according to the provisions of the UK Corporate Governance Code.

 

In
accordance with the principles set out in the UK Corporate Governance Code you must seek approval of the Chairman of the Board
in relation to of any interests which you have, or acquire, which might reasonably be thought to jeopardise your independence from
the Company.

 

During
your appointment you must seek approval of the Chairman of the Board in relation to any office or employment with, or have any
material interest in, any firm or company which is or may be in direct or indirect competition with the Company.

 

INSURANCE

 

During
your appointment you will be covered by the Company’s directors’ and officers’ liability insurance on the terms in place from time
to time. A copy of the policy document is available from the Company Secretary. The Company will maintain this insurance cover
after the termination of your appointment, and you will continue to be covered by the policy (or any replacement on the same basis
as the rest of the Board) for matters related to your duties as a non executive director during your period of service.

 

APPOINTMENT

 

Your
appointment will commence on 6 May 2014 for three years ending on 31 May 2017. It is terminable by three months’ notice from either
the Board or yourself. The continuation of your appointment depends upon re-election at the forthcoming Annual General Meetings
and will follow the rules of the UK Corporate Governance Code.

 

Notwithstanding
the aforementioned notice provisions, the Company may terminate your appointment with immediate effect if you have:

 

     

     

    

 

 

		(a)	committed any serious breach or (after warning in writing) any repeated or continued material breach
of your obligations to the Company (which include an obligation not to breach your fiduciary duties) or of any Regulatory Requirement;

 

		(b)	been guilty of any act of dishonesty or serious misconduct or any conduct which (in the reasonable
opinion of the Board) tends to bring you or the Company into disrepute; or

 

		(c)	been declared bankrupt or have made an arrangement or composition with for the benefit of your
creditors.

 

All
appointments and reappointments to the Board are subject to the Company’s Articles of Association. You are required to stand for
re-election every year at the Annual General Meeting. If you are not re-elected to your position as a director of the Company by
the shareholders at any time and for any reason then this appointment shall terminate automatically and with immediate effect.

 

On
termination of the appointment you shall only be entitled to such fees as may have accrued to the date of termination together
with reimbursement in the normal way of any expenses properly incurred prior to that date.

 

REMUNERATION

 

The
fee is US$50,000 per annum and is payable half yearly in arrears. In addition, should you be appointed to serve on a Board Committee
the fees payable are as follows:

 

		•	Audit Committee: US$35,000 per annum.

 

		•	Remuneration Committee: US$25,000 per annum.

 

		•	Nomination & Governance Committee: US$10,000 per annum.

 

The
chairman of a board committee is entitled to receive an additional premium to the committee assignment fee of US$15,000 per annum.

 

Furthermore,
each non-executive director receives an award of 1,200 ordinary shares in the Company per year subject to shareholder approval
at the Company’s annual general meeting.

 

Remuneration
and the award of ordinary shares, is reviewed periodically by the Board and submitted annually to the Annual General Meeting for
approval.

 

EXPENSES

 

The
Company will reimburse you for any expenses that you may incur properly and reasonably in performing your duties and which are
documented and in accordance with the Company’s Board Travel Policy.

 

DATA
PROTECTION

 

By
signing this agreement you consent to the Company holding and processing information about you which you or any referees may provide
or which it may acquire during the course of this agreement, providing such use is in accordance with the Data Protection Act 1998
and the Data Protection (Jersey) Law 2005. In particular you consent to the Company holding and processing:

 

		(a)	personal data relating to you, for administrative and management purposes; and

 

		(b)	“sensitive
personal data” relating to you (as defined in the Data Protection Act 1998 and the Data Protection (Jersey) Law
2005)

 

     

     

    

 

 

THIRD
PARTY RIGHTS

 

The
Contracts (Rights of Third Parties) Act 1999 shall not apply to this agreement. No person other than the parties to this agreement
shall have any rights under it and it will not be enforceable by any person other than the parties to it.

 

GOVERNING
LAW

 

This
agreement, and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this
agreement or its formation (including any non-contractual disputes or claims), shall be governed by and construed in accordance
with Jersey law. Each of the parties to this agreement irrevocably agrees that the courts of Jersey shall have exclusive jurisdiction
to hear and decide any suit, action or proceedings, and/or to settle any disputes, which may arise out of or in connection with
this agreement and, for these purposes, each party irrevocably submits to the jurisdiction of the courts of Jersey.

 

Please
sign and return the enclosed copy of this letter to confirm your agreement to the above terms.

 

The
Company looks forward to working with you in the future.

 

Yours
sincerely

 

 

C
Coleman

for
and on behalf of

RANDGOLD
RESOURCES LIMITED

 

     

     

    

  

 

I, Andrew Quinn,
agree to the above terms of appointment as a non-executive director of Randgold Resources Limited.

 

	Signature:		 	Date: 6th May 2014

 

     

     

    

  

RANDGOLD RESOURCES LIMITED

 

BOARD
CHARTER

 

The
Board Charter for Randgold Resources (the “Company”)
sets out the functions and responsibilities of the Board, the roles of its constituent members and its Committees in order
to facilitate Board and management accountability for the Company’s performance and strategic direction.

 

		1.	Composition of the Board

 

		1.1	The Board will have a majority of Directors who are non-executive and are judged by the Board to
be independent of judgement and character and free of material relationships with the company and other entities and people that
might influence or would be perceived by shareholders to influence such judgement.

 

		1.2	The Board will have a balance of non-executive and executive Directors that is effective for the
promotion of shareholder interests and the governance of the Company although the majority will be independent non-executive directors.

 

		1.3	The qualifications for Directors are: unquestioned honesty and integrity; a proven track record
of creating value for shareholders; time available to undertake the preparedness to question, challenge and critique; and a willingness
to understand and commit to the highest standards of governance of the Company.

 

		1.4	The Board will, with the assistance of the Governance and Nomination Committee, on an ongoing basis
review the skills represented by the Directors on the Board and determine whether the composition and mix of those skills remain
appropriate to achieve the Company’s strategic objectives.

 

		1.5	Directors will be expected to participate in all induction programmes, and any continuing education
or training arranged for them.

 

		2.	Role of the Board

 

		2.1	The role of the Board is to
                                         organise and direct the affairs of the Company and its subsidiaries (together, the “Group”
                                         and each company within the Group a “Group
                                         Company”) in a manner that seeks to maximise the value of the
                                         Company for the benefit of its shareholders as a whole, while complying with relevant
                                         regulatory requirements, the Company’s constitution, and relevant corporate governance
                                         standards.

 

		3.	Responsibilities of the Board

 

		3.1	The Board takes collective responsibility for:

 

		(a)	determining the Group’s objectives and strategy;

 

		(b)	ensuring that the necessary financial and human resources are in place to allow the Group to achieve
its objectives;

 

		(c)	ensuring that the necessary corporate and management structures are in place to allow the Group
to achieve its objectives;

 

		(d)	determining the policies applicable to the Group;

 

		(e)	determining the nature and extent of the significant risks it is willing to take in achieving the
Group’s strategic objectives and establishing and maintaining a framework of risk management and internal controls that enables
the strategic, financial and operational risks of the Group to be assessed and managed;

 

		(f)	monitoring progress by the Group towards the achievement of its objectives and compliance by the
Group with approved plans and policies and monitoring the decisions and actions of the Chief Executive Officer and other Executive
Directors;

 

		(g)	reporting to relevant stakeholders on the Group’s activities, presenting a balanced and understandable
assessment of the Group’s position and prospects;

 

    	 	1

     

    

  

		(h)	appointing Board Committees with the appropriate balance of skills, experience, independence and
knowledge to meet the Group’s requirements and relevant corporate governance standards;

 

		(i)	delegating clearly defined responsibilities and authorities to the Chairman, the Senior Independent
Director, the Chief Executive Officer, Board Committees and otherwise as the Board may determine from time to time;

 

		(j)	determining the information it requires to fulfil its responsibilities and, in such regard, may
make direct requests for information including from the Chief Executive Officer, any employee, the external auditor and any third
party;

 

		(k)	ensuring that the structure of remuneration for the Executive Directors is linked to the achievement
of the Company’s strategic objectives; and

 

		(l)	formally reviewing its own effectiveness as well as the effectiveness of its Committees and individual
Directors.

 

		3.2	Specific responsibilities of the Board are set out in the “Reserved Matters” at paragraph
13 below.

 

		4.	Conduct

 

		4.1	Each Director will ensure that no decision or action is taken that has the effect of placing his
or her interests in priority to the interests of the Group.

 

		4.2	Directors commit to the collective, group decision-making processes of the Board. Individual Directors
will always respect the contributions of other Directors, and strive to understand their perspective and contributions to the Board
debate and discussion. Directors will debate issues openly and constructively and be free to question or challenge the opinions
presented at meetings where their own judgement differs from that of other Directors.

 

		4.3	All Directors are expected to utilise their range of relevant skills, knowledge and experience
for all matters discussed at Board meetings. Executive Directors will ensure that they bring to all Board debate and discussion
their unique knowledge, experience, and perspective on the Group’s business.

 

		4.4	Directors will use all reasonable endeavours to attend Board meetings in person or if not possible
via conference phone. Members unable to attend a meeting must advise the Chairman and Company Secretary as soon as practicable
with an explanation for non-attendance.

 

		4.5	Non-executive Directors will meet at least once a year without Executive Directors or representatives
of executive management present. The Chairman will lead the non-executive sessions.

 

		5.	Independent Professional Advice

 

		5.1	The Non-executive Directors may, with the assistance of the Company Secretary, where they judge
it necessary to discharge their responsibilities as directors, seek independent professional advice at the expense of the Company.

 

		5.2	Any Director (other than the Chairman) seeking to obtain such advice must first agree the scope
and an estimate of the costs of such advice with the Chairman. Where the Chairman seeks to obtain such advice, he/she must first
agree the scope and an estimate of the costs of such advice with the Senior Independent Director.

 

		5.3	As soon as the substance of the advice is known, the Director who sought it should inform the Company
Secretary who will arrange for the advice to be imparted to, and where appropriate discussed by the Board and, if relevant, appropriate
Committees.

 

		6.	The Chairman

 

		6.1	The role of the Chairman is to lead the Board and ensure that it functions effectively. The Chairman
is the Board’s principal spokesperson, and acts also as Chairman of General Meetings of shareholders. The Senior

 

    	 	2

     

    

  

Independent
Director will stand in for the Chairman in his absence The Chairman is a Non-Executive Director, appointed by the Board.

 

		6.2	The specific responsibilities of the Chairman are to:

 

		(a)	set the agenda, style and tone of Board discussions to promote a culture of openness, effective
decision making and constructive debate in Board meetings including appropriate consideration of strategic issues affecting the
Group;

 

		(b)	in conjunction with the Chief Executive Officer, where appropriate, represent the Group to external
stakeholders, including shareholders, customers, suppliers, regulatory and governmental authorities and the community;

 

		(c)	promote the highest standards of corporate governance within the Group;

 

		(d)	ensure that the members of the Board receive accurate, timely and clear information on the Group
and its activities;

 

		(e)	ensure effective communication with shareholders and ensure that Directors develop an understanding
of their views, issues and concerns;

 

		(f)	ensure that the Group maintains contact, as required, with its principal shareholders about remuneration,
governance and strategy;

 

		(g)	manage the Board to ensure that appropriate time is allowed for consideration of all issues;

 

		(h)	ensure that there is in place a properly constructed induction programme for new Directors;

 

		(i)	take the lead in identifying and agreeing the training and development needs of individual Directors
with the Company Secretary and General Counsel having a key role in facilitating the provision of initiatives to meet the needs
identified;

 

		(j)	address the development needs of the Board as a whole with a view to enhancing its overall effectiveness
as a team and maintaining its collective skills and knowledge;

 

		(k)	meet with Non-Executive Directors without the executives present;

 

		(l)	ensure that the performance of individual Executive and Non-Executive Directors and of the Board
as a whole and its Committees is evaluated at least once a year and act on the results of the performance evaluation;

 

		(m)	drawing on the guidance of the Governance and Nomination Committee lead, on behalf of the Non-Executive
Directors, an annual formal evaluation of the performance of each Executive Director;

 

		(n)	encourage active engagement by all the members of the Board, promoting constructive relations between
Executive and Non-Executive Directors; and

 

		(o)	work closely with the Chief Executive Officer, providing support and advice on matters relevant
to strategy and operations while respecting the executive responsibility of the Chief Executive Officer to manage the Group.

 

		6.3	The Chairman has access at all times to the Company Secretary,
General Counsel and the external auditors.

 

    	 	3

     

    

 

		7.	The Chief Executive Officer

 

		7.1	The role of the Chief Executive Officer is to manage the Group’s business on a day-to-day basis,
subject to the Reserved Matters for the Board and the matters assigned by the Board to the Committees of the Board, and to assist
the Board in carrying out its role by providing advice and recommendations consistent with the agreed corporate objectives and
financial and operational risk management and regulatory good practice.

 

		7.2	In fulfilling his executive role, the Chief Executive Officer acts within the authority delegated
to him by the Board. His specific responsibilities include:

 

		(a)	leading the Executive Directors and the senior management in the day to day running of the Group’s
businesses;

 

		(b)	developing and presenting to the Board the Group strategy and objectives, and ensuring subsidiary
companies’ strategies are consistent with them;

 

		(c)	developing appropriate capital, corporate and management structures to ensure the Group’s objectives
can be met;

 

		(d)	monitoring the operational performance and strategic direction of the Group;

 

		(e)	managing the Group’s internal control framework, including approving management and control policies;

 

		(f)	approving investments/disinvestments and major contracts (within authorised limits);

 

		(g)	approving the Group’s management development and succession plans for senior management, and approving
appointments and termination of staff reporting to senior management;

 

		(h)	reporting regularly to the Board with appropriate, timely and quality information so that the Board
can discharge its responsibilities effectively and in particular will report on the progress being made by the Group towards its
strategic objectives and towards its short, medium and long term plans; and

 

		(i)	in conjunction with the Chairman, where appropriate, represent the Group to external stakeholders,
including shareholders, customers, suppliers, regulatory and governmental authorities, and the community.

 

		8.	The Senior Independent Director and the Non-Executive Directors

 

		8.1	Senior Independent Director (SID)

 

		(a)	The Senior Independent Director is an independent Non-Executive Director who is available as a
trusted intermediary to shareholders and other Non-Executive Directors in particular if they have concerns which contact through
the normal channels of Chairman or Chief Executive Officer has failed to resolve, or for which such contact is inappropriate. He
has the power to call meetings of the Non-Executive Directors should he consider it necessary.

 

		(b)	The Senior Independent Director provides a sounding board for the Chairman and shall, at least
annually, lead a review of the performance of the Chairman including a meeting of Directors at which the Chairman is not present.

 

		(c)	The Senior Independent Director has access at all times to the Company Secretary, General Counsel
and the external auditors.

 

    	 	4

     

    

  

		8.2	Non-Executive Directors

 

		(a)	The role of the Non-Executive Directors is to participate fully in the functioning of the Board,
advising, supporting and challenging management as appropriate. Further details of the role and responsibilities of Non-Executive
Directors are set out below.

 

		(b)	All Directors are required as members of a unitary Board:

 

		(i)	to provide entrepreneurial leadership of the Group within a framework of prudent and effective
controls which enables risk to be assessed and managed;

 

		(ii)	to set the Group’s strategic aims, ensure that the necessary financial and human resources are
in place for the Group to meet its objectives, and review management performance;

 

		(iii)	to set the Group’s values and standards and ensure that its obligations to its members and others
are understood and met;

 

		(iv)	to bring unfettered judgement to bear on the issues of strategy, performance, resources, key appointments
and standards of conduct;

 

		(v)	to be able to allocate sufficient time to the Group to discharge their responsibilities effectively;
and

 

		(vi)	to attend meetings of the Board, any relevant Committees and any general meetings of shareholders
of the Company.

 

		(c)	In addition to these requirements for all Directors, the role of the Non-Executive Director has
the following key elements:

 

		(i)	Strategy:
                                         Non-Executive Directors should constructively challenge and contribute to
                                         the development of strategy;

 

		(ii)	Performance:
                                         Non-Executive Directors should scrutinise the performance of management in
                                         meeting agreed goals and objectives, and monitor the reporting of performance;

 

		(iii)	Risks:
                                         Non-Executive Directors should satisfy themselves on the integrity of financial
                                         information and that financial controls and systems of risk management are robust and
                                         defensible; and

 

		(iv)	People:
                                         Non-Executive Directors are (in conjunction with the Remuneration Committee)
                                         responsible for determining appropriate levels of remuneration of Executive Directors
                                         and have a prime role in succession planning.

 

		(d)	The role of the Non-Executive Directors is also to:

 

		(i)	uphold the highest ethical standards of integrity and probity;

 

		(ii)	support the Executive Directors in their leadership of the business while monitoring their conduct;

 

		(iii)	question intelligently, debate constructively, challenge rigorously and decide dispassionately;

 

		(iv)	listen sensitively to the views of others, inside and outside the Board;

 

		(v)	gain the trust and respect of other Board members;

 

		(vi)	are well informed about the Group and the external environment in which it operates and the Group’s
operations; and

 

		(vii)	promote the highest standards of corporate governance and seek appropriate compliance with the
provisions of the UK Corporate Governance Code.

 

    	 	5

     

    

  

		(e)	Non-Executive Directors are appointed for specific terms subject to election or re-election by
shareholders and to the provisions of the Articles of Association and statutory provisions relating to the removal of Directors.

 

		(f)	The Non-Executive Directors have access at all times to the Company Secretary, General Counsel
and the external auditors.

 

		(g)	All Directors have the right to have any unresolved concerns about the running of the Company or
a proposed action recorded in the minutes.

 

		9.	Fiduciary Duties of all Directors as directors of a Jersey company

 

		9.1	The Companies (Jersey) Law 1991
also sets out certain statutory duties that the Directors owe to the Company. These are:

 

		(a)	to act honestly and in good faith with a view to the best interests of the Company;

 

		(b)	to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable
circumstances; and

 

		(c)	to disclose to the Company any direct or indirect interest that he or she has in any transactions
entered into or to be entered into by the Company which materially conflicts with the Company’s interests.

 

		9.2	In interpreting these statutory duties, a Director has a duty to exercise powers for their proper
purpose and to account for profits.

 

		9.3	Further details of the duties that a director owes to the Company are set out in the Company’s
memorandum entitled “Memorandum on Duties and Responsibilities of Directors of Randgold Resources Limited” which is available
from the Company Secretary.

 

		10.	Secretary

 

		10.1	The Company Secretary is accountable to the Board and his or her appointment and removal is a matter
for the Board as a whole.

 

		10.2	The Company Secretary will advise the Chairman, and through the Chairman, the Board and individual
directors on all matters of business ethics and good governance and will provide practical support and guidance to the Directors.

 

		10.3	The Company Secretary’s advice and services shall be available to all Directors and Board Committees.

 

		10.4	The Company Secretary will be responsible for obtaining independent advisory services at the request
of the Board, Board Committees or individual Directors subject to the procedures set out at paragraph 5 above.

 

		10.5	The Company Secretary will develop and maintain the information systems and processes and will
facilitate the acquisition of information by the Directors and Board Committees to maximise their ability to contribute to Board
discussions and enable the Board to fulfil its role and to achieve the Company’s strategic objectives.

 

		10.6	The Company Secretary will ensure that the procedure for the appointment of directors is properly
carried out and will assist in the proper induction of new directors.

 

		10.7	The Company Secretary will ensure compliance by the Group with all relevant statutory and regulatory
requirements.

 

		10.8	The Company Secretary will assist in the implementation of corporate strategies by helping to ensure
that the Board’s decisions and instructions are carried out and communicated.

 

    	 	6

     

    

  

		11.	Board Evaluation

 

		11.1	The Board will, in conjunction with the Governance and Nomination Committee, conduct performance
evaluations of the Board as a whole, its Committees, the Chairman, individual Directors, and the governance processes which support
the Board’s work.

 

		11.2	All evaluations will have regard to the collective nature of Board work, and the operation of the
governance processes established in this document. Evaluations will be conducted annually.

 

		11.3	In its evaluation, the Board will consider the balance of skills, experience, independence and
knowledge of the Company on the Board, its diversity, including gender, how the Board works together as a unit and other factors
relevant to its effectiveness.

 

		11.4	The Board will, in conjunction with the Governance and Nomination Committee, conduct evaluations
of the performance of Directors retiring and seeking re-election to the Board. The Board will use the results of these evaluations
in considering the endorsement of Directors for re-election by shareholders.

 

		11.5	The Non-Executive Directors, led by the Senior Independent Director, will on an annual basis, evaluate
the performance of the Chairman taking into account the views of the Executive Directors.

 

		11.6	The Board will be externally evaluated at least every three years.

 

		11.7	The annual report will include a statement as to how performance evaluation of the Board, its Committees
and individual directors has been conducted.

 

		12.	Committees of the Board

 

		12.1	The Board will establish Committees to assist the Board in exercising its authority.

 

		12.2	The permanent committees of the Board are the Audit Committee, the Remuneration Committee and the
Governance and Nomination Committee.

 

		12.3	The Board will establish Committee Terms of Reference to set the constitutional base for each Committee
and to set out their duties and remit. The current Terms of Reference for the Audit Committee, the Remuneration Committee and the
Governance and Nomination Committee are set out in the Appendices to this document.

 

		12.4	The composition of each Committee will be set out in the Terms of Reference for the relevant Committee.

 

		12.5	The Committees will be provided with access to sufficient resources to carry out their activities
effectively.

 

		12.6	The Terms of Reference of the Committees will not be altered without the approval of the Board.

 

		13.	Reserved Matters

 

		13.1	The Board has reserved some matters to itself for decision and has delegated certain matters to
the Committees of the Board. Subject thereto, the Board has delegated authority for all other matters to the Chief Executive Officer.

 

		13.2	The Board has reserved for its sole discretion the following:

 

		(a)	Objectives and Strategy

 

		(i)	Determination of the Group’s objectives and review of their achievement.

 

		(ii)	Determination of the Group’s strategies and review of their implementation.

 

		(b)	Structure

 

Determination
of the corporate structure of the Group.

 

    	 	7

     

    

  

		(c)	Capital and Dividends

 

		(i)	Approval of changes, which are material to the Group, relating to the capital of any Group Company,
including reduction of share capital, share issues, share buy backs, reorganisation or restructuring of capital and the listing
or de-listing of any Group Company’s shares or other securities, including debt instruments, on any recognised investment exchange.

 

		(ii)	Approval of dividend policy, interim dividends and recommendation of final dividends of the Company.

 

		(d)	Management

 

Approval
of the annual plans, allocation of capital, and operating and capital expenditure budgets of the Group, and changes to them, which
are material to the Group.

 

		(e)	Financial Reporting, Internal Controls, Risk and Capital management

 

		(i)	Approval of the Company’s interim and final financial statements including all associated reports
and Form 20-F.

 

		(ii)	Approval of, and material changes to, the Group’s accounting policies or practices.

 

		(iii)	Approval of the Company’s fiscal policies including treasury and hedging policies.

 

		(iv)	Approval of the Group’s risk strategy, appetite and tolerance and approval of all financial, legal
and ethical controls of the Company to ensure the appropriate compliance procedures are in place.

 

		(v)	Approval of the results of the annual review of the effectiveness of the system of internal control.

 

		(f)	Transactions1

 

		(i)	Approval of any material transaction of any Group Company, being:

 

		(A)	any Class 1 or
Class 2 transaction (as defined by the Listing Rules);

 

		(B)	any Class 3 transaction
(as defined by the Listing Rules) which gives rise to any issue of securities;

 

		(C)	any transaction with a related party (as defined by the Listing Rules) giving rise to an obligation
on the Company to send a circular to its shareholders;

 

		(D)	any new mine development or project.

 

		(ii)	Approval of the commencement of any material new activity by any Group Company.

 

		(iii)	Approval of the cessation, by any Group Company, of any material activity previously conducted.

 

		(g)	Communication

 

		(i)	Approval of business to be considered at general meetings of the Company and related documentation
to be communicated to shareholders.

 

		(ii)	Approval of all prospectuses and listing particulars material to the Group issued by any Group
Company, and all communications with shareholders concerning Board decisions.

 

		(iii)	Approval of announcements of quarterly, interim and final results of any Group Company or concerning
Board decisions.

 

 

 

    	 	8

     

    

  

		(iv)	Approval of communications, which are material to the Group, with any relevant Regulatory Authority
made in the name of the Board.

 

		(h)	Corporate Governance, Board, and Other Appointments

 

		(i)	Approval of material changes to the Board Charter of the Company, including:

 

		(A)	the matters reserved for the Board; and

 

		(B)	the Terms of Reference of Board Committees.

 

		(ii)	Approval of the results of the review of the effectiveness of the Board, the Chairman, individual
Directors and Board Committees.

 

		(iii)	Approval of changes to the structure, size and composition of the Board of Directors of the Company.

 

		(iv)	Approval of the formal processes for the selection, induction and training of Directors and review
of the implementation of these processes.

 

		(v)	Determination of the independence of the Company’s Non-Executive Directors.

 

		(vi)	Approval of the appointment and removal of:

 

		(A)	Chairman;

 

		(B)	Chief Executive Officer;

 

		(C)	Executive Directors;

 

		(D)	Non-Executive Directors;

 

		(E)	Senior Independent Director;

 

		(F)	Company Secretary and General Counsel;

 

		(G)	Chairmen of Board Committees;

 

		(H)	Members of Board Committees;

 

and
approval of their respective roles and responsibilities, and any material changes to any of them.

 

		(vii)	Approval of any recommendation to shareholders for the election or re-election of any Director.

 

		(viii)	Approval of the appointment, reappointment or removal of the Company’s external auditor.

 

		(ix)	Approval of the arrangements for directors’ and officers’ liability insurance and indemnification
of directors within the Group.

 

		(x)	Approval of the Company’s principal corporate advisors.

 

		(i)	Remuneration and Pensions

 

		(i)	Approval of the establishment of, or material changes to, any relevant employee share plans and/or
annual cash bonus plans.

 

		(ii)	Approval of the remuneration and terms of appointment of any Director and any material changes
to them.

 

		(iii)	Approval of the establishment or cessation by any Group Company of any pension schemes, under which
any directors or officers of the Group may benefit.

 

    	 	9

     

    

  

		(j)	Delegation of Authority

 

		(i)	Approval of the scope and extent of the role of, and delegations to, the Chairman, Senior Independent
Director, Chief Executive Officer and Executive and Non-Executive Directors.

 

		(ii)	Approval of the delegations to Board Committees, as reflected in their Terms of Reference.

 

		(k)	Policies

 

		(i)	Approval of material changes to Group polices.

 

		(l)	Other

 

		(i)	Such other matters as the Board may determine from time to time.

 

    	 	10

     

    

  

APPENDIX
1

 

Audit
Committee Terms of Reference

 

		1.	Purpose

 

The
Audit Committee will assist the Board of Directors (the “Board”)
in fulfilling its oversight responsibilities. The Audit Committee will review the financial reporting process, the system
of internal control and management of financial risks, the audit process, and the Company’s process for monitoring compliance
with laws, regulations and governance and the Company’s Code of Conduct. In performing its duties, the Committee will maintain
effective working relationships with the Board, management, and the internal and external auditors. To perform his/her role effectively,
each Committee member will obtain an understanding of the detailed responsibilities of Committee membership as well as the Company’s
business, operations, and risks.

 

		2.	Authority

 

The
Board authorises the Audit Committee, within the scope of its responsibilities, to:

 

		2.1	seek any information it requires from:

 

		(a)	any employee (and all employees are directed to co-operate with any request made by the Audit Committee);
and

 

		(b)	external parties;

 

		2.2	call any employee to be questioned at a meeting of the Committee as and when required;

 

		2.3	ensure the attendance of Company officers at meetings of the Committee, as appropriate; and

 

		2.4	have the right to publish in the Company’s annual report details of any issues that cannot be resolved
between the Committee and the Board.

 

		3.	Composition

 

		3.1	The Audit Committee will comprise at least three (3) members, each of whom shall be independent
for the purposes of the UK Corporate Governance Code and the NASDAQ stock market independence requirements. Members of the Committee
shall be appointed by the Board on the recommendation of the Governance and Nomination Committee in consultation with the chairman
of the Audit Committee.

 

		3.2	Each member should be capable of making a valuable contribution to the Committee.

 

		3.3	At least one member of the Committee shall have recent and relevant financial experience. The chairman
of the Board shall not be a member of the Committee.

 

		3.4	The chairman of the Audit Committee will be nominated by the Board from time to time and shall
be an independent non-executive director. In the absence of the Committee chairman and/or an appointed deputy, the remaining members
present shall elect one of themselves to chair the meeting.

 

		3.5	Members will be appointed for periods of up to three years which may be extended for further periods
of up to three years, provided the director still meets the criteria for membership of the Committee.

 

		3.6	The secretary of the Audit Committee will be the Company secretary, or his or her nominee.

 

		3.7	The Board may remove members of the Committee with or without cause.

 

     

     

    

  

		4.	Duties, Roles and Responsibilities

 

		4.1	Internal Control

 

The
Audit Committee will:

 

		(a)	keep under review, the adequacy and effectiveness of the Company’s internal financial controls
and internal control and risk management systems;

 

		(b)	evaluate whether management is setting the appropriate “control culture” by communicating
the importance of internal control and the management of risk, ensuring that all employees have an understanding of their roles,
responsibilities and duties in compliance with the Company’s system of internal controls;

 

		(c)	consider how management is held to account for the security of computer systems and applications,
and the contingency plans for processing financial information in the event of a systems breakdown;

 

		(d)	review whether internal control recommendations made by the external auditors have been implemented
by management;

 

		(e)	review the Company’s annual risk assessment; and

 

		(f)	review and approve the statements to be included in the annual report concerning internal controls
and risk management.

 

		4.2	Financial Reporting

 

		(a)	General

 

The
Audit Committee will:

 

		(i)	gain an understanding of the current areas of greatest financial risk and how management is managing
these effectively;

 

		(ii)	consider with the external auditors any fraud, illegal acts, deficiencies in internal control or
other similar issues;

 

		(iii)	review significant accounting and reporting issues, including recent professional and regulatory
pronouncements, and gain an understanding of their impact on the financial statements;

 

		(iv)	ask management and the external auditors about significant risks and exposures and the plans to
minimize such risks; and

 

		(v)	review any legal matters which could significantly impact the financial statements.

 

		(b)	Annual Financial
Statements

 

The
Audit Committee will:

 

		(i)	review and monitor the integrity of the annual financial statements and the annual report on Form
20-F and determine whether they are complete and consistent with the information known to Committee members, assess whether the
financial statements reflect appropriate accounting standards and principles and make appropriate estimates and judgments, taking
into account the view of the external auditor;

 

		(ii)	review and challenge where necessary the consistency of and any changes to accounting policies
on a year to year basis;

 

		(iii)	review the clarity of disclosure in the financial statements and the context in which the statements
are made;

 

		(iv)	pay particular attention to complex and/or unusual transactions such as restructuring charges and
derivative disclosures and review and challenge the methods used to account for significant or unusual transactions where different
approaches are possible;

 

     

     

    

  

		(v)	focus on judgmental areas, for example those involving valuation of assets and liabilities, warranty,
product or environmental liability, litigation reserves, and other commitments and contingencies;

 

		(vi)	meet with management and the external auditors to review the financial statements and the results
of the audit; and

 

		(vii)	review the other sections of the annual report before its release and consider whether the information
is understandable and consistent with members’ knowledge about the Group and its operation.

 

		(c)	Preliminary Announcements, Interim and Quarterly Financial Statements and other announcements relating
to financial performance

 

The
Audit Committee will:

 

		(i)	review and monitor the integrity of preliminary announcements, interim and quarterly financial
statements and other announcements relating to financial performance and assess whether they reflect appropriate accounting standards
and principles and make appropriate estimates and judgments taking into account the views of the external auditor;

 

		(ii)	assess the fairness of the preliminary announcements, interim and quarterly financial statements
and other announcements relating to financial performance, including reviewing the clarity of disclosure and the context in which
statements are made and obtain explanations from management and external auditors on whether:

 

		(A)	actual financial results for the relevant period varied significantly from budgeted or projected
results;

 

		(B)	changes in financial ratios and relationships in the relevant financial statements are consistent
with changes in the Company’s operations and financial practices;

 

		(C)	the appropriate accounting standards and principles have been consistently applied;

 

		(D)	there have been actual or there are proposed to be changes in accounting or financial reporting
practices;

 

		(E)	there are or have been any significant or unusual events or transactions and whether the methods
used to account for significant or unusual transactions are appropriate;

 

		(F)	the Company’s financial and operating controls are functioning effectively; and

 

		(G)	the preliminary announcements and interim and quarterly financial statements and other announcements
relating to financial performance contain adequate and appropriate disclosures

 

		4.3	External Audit

 

The
Audit Committee will:

 

		(a)	review the external auditors’ terms of engagement and approve the proposed audit scope and approach
and ensure no unjustified restrictions or limitations have been placed on the scope;

 

		(b)	review and oversee the relationship and the performance of the external auditors;

 

		(c)	make recommendations on the auditor’s remuneration and whether fees for audit or non-audit services
are appropriate, including to enable an adequate audit to be conducted;

 

		(d)	assessing annually the auditor’s independence and objectivity, taking into account relevant professional
and regulatory requirements and the relationship with the auditor as a whole including the provision of any non-audit services;

 

		(e)	satisfying itself that there are no relationships (such as family, employment, investment, financial
or business) between the auditor and the Company (other than in the ordinary course of business);

 

     

     

    

  

		(f)	make recommendations to the Board regarding the appointment, reappointment and removal of the external
auditors and the rotation of the audit partner. The Committee shall oversee the selection process for a new auditor and if an auditor
resigns, the Committee shall investigate the issues leading to this and decide whether any action is required;

 

		(g)	agree with the Board a policy on the employment of former employees of the Company’s auditor, and
monitor the implementation of this policy;

 

		(h)	monitor the auditor’s compliance with relevant ethical and professional guidance on the rotation
of audit partner, the level of fees paid by the Company compared to the overall fee income of the firm, office and partner and
other related requirements;

 

		(i)	assess annually the qualifications, expertise and resources of the auditor and the effectiveness
of the audit process, which shall include a report from the external auditor on their own internal quality procedures;

 

		(j)	seek to ensure co-ordination with the activities of the internal audit function;

 

		(k)	meet regularly with the external auditor, including once at the planning stage before the audit
and once after the audit at the reporting stage. The Committee shall meet the external auditor at least once a year, without management
being present, to discuss the auditor’s remit and any issues arising from the audit;

 

		(l)	review and approve the annual audit plan and ensure that it is consistent with the scope of the
audit engagement;

 

		(m)	review the findings of the audit with the external auditor. This shall include but not be limited
to, the following:

 

		(i)	discussion of any major issues which arose during the audit;

 

		(ii)	any accounting and audit judgements;

 

		(iii)	levels of errors identified during the audit; and

 

		(iv)	the effectiveness of the audit.

 

		(n)	review any representation letter(s) requested by the external auditor before they are signed by
management;

 

		(o)	review the management letter and management’s response to the auditor’s findings and recommendations;
and

 

		(p)	develop and implement a policy on the supply of non-audit services by the external auditor, taking
into account any relevant ethical guidance on the matter.

 

		4.4	Internal Audit

 

The
Audit Committee shall:

 

		(a)	monitor and review the effectiveness of the Company’s internal audit function in the context of
the Company’s overall risk management system;

 

		(b)	approve the appointment and removal of the head of the internal audit function;

 

		(c)	consider and approve the remit of the internal audit function and ensure it has adequate resources
and appropriate access to information to enable it to perform its function effectively and in accordance with the relevant professional
standards. The Committee shall also ensure the function has adequate standing and is free from management or other restrictions;

 

		(d)	review and assess the annual internal audit plan;

 

		(e)	review reports addressed to the Committee from the internal auditor;

 

     

     

    

  

		(f)	review and monitor management’s responsiveness to the findings and recommendations of the internal
auditor; and

 

		(g)	meet the head of internal audit at least once a year, without management being present, to discuss
their remit and any issues arising from the internal audits carried out. In addition, the head of internal audit shall be given
the right of direct access to the chairman of the Board and to the Committee.

 

		4.5	Risks

 

The
Audit Committee shall:

 

		(a)	advise the Board on the Group’s overall risk appetite, tolerance and strategy in connection
with its business plans and operations, taking account of the current and prospective local and international regulatory, political,
trading and economic environments within which it operates;

 

		(b)	oversee and advise the Board on the current risk exposures of the Group and future risk strategy;

 

		(c)	before a decision to proceed is taken by the Board, if requested by the Board, advise the Board
on proposed strategic transactions, including any significant new project, tender, development phase, acquisition or disposal,
ensuring that a suitable due diligence appraisal of the proposition is undertaken, focussing in particular on risk aspects and
implications for the risk appetite and tolerance of the Company, and taking independent external advice where appropriate and available;

 

		(d)	review the adequacy and effectiveness of environmental and health and safety policies, strategies,
standards, reporting and management behaviours, including organisational structures, compliance processes and competency within
the Group and where relevant in respect of instruction, coordination and supervision of contractors, and equivalent arrangements
in relation to other key project and operational risks and responsibilities such as concerning local employment, sustainable development,
human rights and managing relationships with communities and other stakeholder engagement; and

 

		(e)	review and monitor the effectiveness of the Group’s risk management systems, including reviewing
the process of indentifying, assessing and reporting key risks and control activities as well as reviewing the Group’s annual review
report.

 

		5.	Compliance, whistleblowing and fraud

 

The
Audit Committee shall:

 

		5.1	review the adequacy and security of the Company’s arrangements for its employees and contractors
to raise concerns, in confidence, about possible wrongdoing in financial reporting or other matters. The Committee shall ensure
that these arrangements allow proportionate and independent investigation of such matters and appropriate follow up action;

 

		5.2	review the Company’s procedures for detecting fraud and the results of any management investigation
of any suspected fraudulent acts;

 

		5.3	review the Company’s systems and controls for the prevention of bribery and receive reports on
non- compliance;

 

		5.4	review the effectiveness of the system for monitoring compliance with laws and regulations and
the results of any management’s investigation into non-compliance;

 

		5.5	obtain regular updates from management and the Company’s legal counsel regarding compliance matters;

 

		5.6	be satisfied that all regulatory compliance matters have been considered in the preparation of
the financial statements; and

 

		5.7	review the findings of any investigation, report or examination by any external regulatory agency
and make appropriate recommendations to the Board.

 

     

     

    

  

		6.	Compliance with the Code of Conduct

 

The
Audit Committee shall:

 

		6.1	ensure that the Code of Conduct is being brought to the attention of all employees; and

 

		6.2	evaluate whether management is setting the appropriate “tone at the top” by communicating
the importance of the Code of Conduct and the guidelines for acceptable behaviour.

 

		7.	Meetings

 

		7.1	Only members of the Committee have the right to attend Committee meetings. The Audit Committee
may invite such other persons (e.g. the chief executive officer, chief financial officer, chairman of the Board, other directors
and internal audit and representatives from the finance function) to all or part of its meetings, as it deems appropriate or necessary.

 

		7.2	A quorum for any meeting will be two members.

 

		7.3	The external auditors should be invited to attend meetings of the Committee and make presentations
to the Audit Committee as appropriate.

 

		7.4	Meetings shall be held not less than four times a year at appropriate times in the reporting and
audit cycle. Other meetings may be convened as required. Meetings of the Committee shall be called by the secretary of the Committee
at the request of any of its members or at the request of the external or internal auditor if they consider that it is necessary.

 

		7.5	Unless otherwise agreed, notice of each meeting confirming the venue, time and date together with
an agenda of items to be discussed, shall be forwarded to each member of the Committee, any other person required to attend and
all other non-executive directors no later than four working days before the date of the meeting. Supporting papers shall be sent
to Committee members and to other attendees as appropriate, at the same time.

 

		7.6	The proceedings and decisions of all meetings will be minuted by the secretary.

 

		7.7	Draft minutes of Committee meetings shall be circulated to all members of the Committee. Once approved,
minutes should be circulated to all other members of the Board unless it would be inappropriate to do so.

 

		7.8	The Committee chairman shall report formally to the Board on its proceedings after each meeting
on all matters within its duties and responsibilities.

 

		8.	Other Matters

 

		8.1	The Committee Chairman should attend the annual general meeting to answer shareholder questions
on the Committee’s activities.

 

		8.2	The Committee shall make whatever recommendations to the Board it deems appropriate on any area
within its remit where action or improvement is needed.

 

		8.3	The Committee shall produce a report on its activities to be included in the Company’s annual report.

 

		8.4	The Committee shall have access to sufficient resources in order to carry out its duties, including
access to the Company secretariat for assistance as required.

 

		8.5	The Committee shall perform other oversight functions such as insurance cover, tax planning as
may be requested by the Board.

 

		8.6	The Committee shall keep under review, the Board Charter and make recommendations to the Board.

 

		8.7	The Committee shall give due consideration to laws and regulations, the provisions of the UK Corporate
Governance Code and the requirements of the UK Listing Authority’s Listing, Prospectus and Disclosure and Transparency Rules and
any other applicable rules, as appropriate.

 

		8.8	The Committee shall be responsible for co-ordination of the internal and external auditors.

 

     

     

    

  

		8.9	The Committee shall, If necessary, institute special investigations and oversee any investigation
of activities which are within its terms of reference.

 

		8.10	The Committee shall arrange for periodic reviews of its own performance and, at least annually,
review its constitution and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it
considers necessary to the Board for approval.

 

		8.11	The Committee is authorised by the Board to obtain, at the Company’s expense, outside legal or
other professional advice on any matters within its terms of reference.

 

     

     

    

  

APPENDIX
2

 

Remuneration
Committee Terms of Reference

 

		1.	Purpose

 

The
Remuneration Committee is charged with the responsibility of determining and agreeing with the Board of Directors (the “Board”)
the framework or broad policy for the remuneration of the chairman, the executive directors and senior management of the
Company.

 

		2.	Composition

 

		2.1	The Remuneration Committee (the
                                         “Committee”)
                                         shall be made up of at least three (3) members, each of whom who shall be an independent
                                         non-executive director for the purposes of the UK Corporate Governance Code and independent
                                         for the purposes of the NASDAQ Stock Market independence requirements. The chairman of
                                         the Board may also serve on the Committee as an additional member (but will not chair
                                         the Committee) if he or she was considered independent on appointment as chairman.

 

		2.2	Members of the Committee shall be appointed by the Board, on the recommendation of the Governance
and Nomination Committee and in consultation with the chairman of the remuneration Committee.

 

		2.3	Each member should be capable of making a valuable contribution to the Committee.

 

		2.4	The Committee members shall be appointed by the Board for periods of up to three years, which may
be extended for further periods of up to three years, provided the director still meets the criteria for membership of the Committee.

 

		2.5	The Board may remove members of the Committee with or without cause.

 

		2.6	The Board shall appoint the Committee chairman who shall be an independent non-executive director.
In the absence of the Committee chairman and/or an appointed deputy at any meeting of the Committee, the remaining members present
shall elect one of themselves to chair the meeting who would qualify under these terms of reference to be appointed to that position
by the Board.

 

		2.7	The Company secretary or his or her nominee shall act as the secretary of the Committee.

 

		3.	Duties, Responsibilities and Authority

 

The
Committee shall:

 

		3.1	Remuneration Policy

 

		(a)	determine and agree with the Board the framework or broad policy for the remuneration of the chairman
of the Board, chief executive, and the other executive directors, the Company secretary and such other members of the executive
management as it is designated to consider. The remuneration of non-executive directors shall be a matter for the executive members
of the Board. No director or manager shall be involved in any decisions as to their own remuneration;

 

		(b)	in determining such policy, take into account all factors which it deems necessary including relevant
legal and regulatory requirements, the provisions and recommendations of the UK Corporate Governance Code and associated guidance,
and the NASDAQ stock market requirements. The objective of such policy shall be to ensure that members of the executive management
of the Company are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner,
rewarded for their individual contributions to the success of the Company;

 

		(c)	when setting remuneration policy for directors, review and have regard to the remuneration trends
across the Company or Group as a whole;

 

		(d)	review the ongoing appropriateness and relevance of the remuneration policy;

 

     

     

    

  

		(e)	within the terms of the agreed policy and in consultation with the chairman and/or chief executive,
as appropriate, determine the total individual remuneration package of the chairman of the Board, each executive director, Company
secretary and other designated senior executives including bonuses, incentive payments and restricted share awards or other share
awards; and

 

		(f)	on an annual basis and within the context of paragraph 3.1(e) above, review corporate goals and
objectives relevant to the chief executive’s compensation, evaluate the chief executive’s performance in light of those goals and
objectives, and determine the chief executive’s compensation level based on this evaluation. In determining any long-term incentive
component of the chief executive’s compensation, the Committee shall consider the Company’s performance and relative shareholder
return, the value of similar incentive awards to chief executive officers at comparable companies, and the awards given to the
Company’s chief executive in past years.

 

		3.2	Remuneration Consultants

 

		(a)	obtain reliable, up-to-date information about remuneration in other companies. To help it fulfil
its obligations the Committee shall have full authority to appoint remuneration consultants and to commission or purchase any reports,
surveys or information which it deems necessary within any budgetary restraints imposed by the Board; and

 

		(b)	be exclusively responsible for establishing the selection criteria, selecting, appointing and setting
the terms of reference for any remuneration consultants who advise the Committee.

 

		3.3	Performance related pay and other benefits

 

		(a)	approve the design of, and determine targets for, any performance related pay schemes operated
by the Company and approve the total annual payments made under such schemes;

 

		(b)	review the design of all share incentive plans for approval by the Board and (if required) by the
shareholders. For any such plans, determine each year whether awards will be made, and if so, the overall amount of such awards,
the individual awards to executive directors, Company secretary and other designated senior executives and the performance targets
to be used;

 

		(c)	determine the policy for, and scope of, pension arrangements for each executive director and other
designated senior executives;

 

		(d)	oversee any major changes in employee benefits structures throughout the Company or Group;

 

		(e)	agree the policy for authorising claims for expenses from the directors; and

 

		(f)	ensure that contractual terms on termination, and any payments made, are fair to the individual,
and the Company, that failure is not rewarded and that the duty to mitigate loss is fully recognised.

 

		3.4	Other responsibilities

 

Carry
out any other responsibilities as determined by the Board.

 

		4.	Meetings

 

		4.1	Only members of the Committee have the right to attend Committee meetings. However, other individuals
such as the chief executive, the head of human resources and external advisers may be invited to attend for all or part of any
meeting, as and when appropriate and necessary.

 

		4.2	A quorum shall consist of two members both of whom shall be independent non-executive directors.
A duly convened meeting of the Committee at which a quorum is present shall be competent to exercise all or any of the authorities,
powers and discretions vested in or exercisable by the Committee.

 

		4.3	Meetings shall be held not less than four times a year with other meetings being convened as required.

 

		4.4	Meetings of the Committee shall be called by the secretary of the Committee at the request of the
Committee chairman.

 

     

     

    

  

		4.5	Unless otherwise agreed, notice of each meeting confirming the venue, time and date together with
an agenda of items to be discussed, shall be forwarded to each member of the Committee, any other person required to attend and
all other non-executive directors, no later than four working days before the date of the meeting. Supporting papers shall be sent
to Committee members and to other attendees, as appropriate, at the same time.

 

		4.6	The secretary shall minute the proceedings and resolutions of all Committee meetings.

 

		4.7	Draft minutes of Committee meetings shall be circulated to all members of the Committee. Once approved,
minutes should be circulated to all other members of the Board unless it would be inappropriate to do so.

 

		4.8	The Committee chairman shall report to the Board the results of its proceedings, deliberations
and activities after each meeting.

 

		5.	Other matters

 

		5.1	The Committee chairman should attend the annual general meeting to answer any shareholder questions
on the Committee’s activities.

 

		5.2	The Committee shall make whatever recommendations to the Board it deems appropriate on any area
within its remit where action or improvement is needed.

 

		5.3	The Committee shall produce a report of the Company’s remuneration policy and practices to be included
in the Company’s annual report and ensure each year that it is put to shareholders for approval at the AGM.

 

		5.4	The Committee shall prepare and produce any reports required by any applicable regulatory authority
for any jurisdiction in which the Company’s securities are traded, including, but not limited to, the annual report on executive
compensation as required by the Securities and Exchange Commission.

 

		5.5	The Committee shall have access to sufficient resources in order to carry out its duties, including
access to the Company secretariat for assistance as required.

 

		5.6	The Committee shall give due consideration to laws and regulations, the provisions of the UK Corporate
Governance Code and the requirements of the UK Listing Authority’s Listing, Prospectus and Disclosure and Transparency Rules and
any other applicable rules, as appropriate.

 

		5.7	The Committee shall arrange for periodic reviews of its own performance and, at least annually,
review its constitution and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it
considers necessary to the Board for approval.

 

		5.8	The Committee is authorised by the Board to obtain, at the Company’s expense, outside legal or
other professional advice on any matters within its terms of reference.

 

     

     

    

  

APPENDIX 3

 

Governance
and Nomination Committee Terms of Reference

 

		1.	Purpose

 

The
Governance and Nomination Committee (the “Committee”)
of the Board of Directors (the “Board”)
shall assist the Board in identifying qualified individuals for service as directors of the Company and as Board Committee
members; develop and monitor a process for evaluating Board effectiveness; and oversee the development and administration of the
Company’s Code of Conduct.

 

		2.	Composition

 

		2.1	The Committee shall consist of at least three (3) non-executive directors, each of whom shall be
independent for the purposes of the UK Corporate Governance Code and the NASDAQ Stock Market independence requirements. The chairman
of the Board may also serve on the Committee as a member if he or she was considered independent on appointment as chairman.

 

		2.2	Each member should be capable of making a valuable contribution to the Committee.

 

		2.3	The Committee members shall be appointed by the Board and shall be appointed for a period of up
to three years, which may be extended for further periods of up to three years, provided the director still meets the criteria
for membership of the Committee.

 

		2.4	The Board may remove Committee members with or without cause.

 

		2.5	The Board shall appoint the Committee chairman who should be either the chairman of the Board or
an independent non-executive director. In the absence of the Committee chairman and/or an appointed deputy, at a meeting of the
Committee the remaining members present shall elect one of themselves to chair the meeting from those who would qualify under these
terms of reference to be appointed to that position by the Board. The chairman of the Board shall not chair the Committee when
it is dealing with the matter of succession to the chairmanship.

 

		2.6	The Company secretary or his or her nominee shall act as the secretary of the Committee.

 

		3.	Duties, Responsibilities and Authority

 

 The
Committee shall:

 

		3.1	Director nominations

 

lead
the search to select qualified candidates of high personal and professional integrity and ability to serve the Company’s interests
as directors and to contribute to the Board’s effectiveness.

 

		3.2	Board size and composition and Board Committees

 

		(a)	evaluate from time to time the structure, size and composition (including the skills, knowledge,
experience and diversity) of the Board and recommend to the Board any desired changes;

 

		(b)	give full consideration to , and make recommendations to the Board in relation to, succession
                                                                planning for directors (and, in particular, for the key roles of chairman and chief executive officer) and other senior
                                                                executives in the course of its work, taking into account the challenges and opportunities facing the Company, and the skills
                                                                and expertise needed on the Board in the future;

 

		(c)	keep under review the leadership needs of the organisation, both executive and non-executive, with
a view to ensuring the continued ability of the Company to compete effectively in the marketplace;

 

		(d)	keep up to date and fully informed about strategic issues and commercial changes affecting the
Company and the market in which it operates;

 

     

     

    

 

 

		(e)	before any appointment is made by the Board, evaluate the balance of skills, knowledge, experience
and diversity on the Board, and, in the light of this evaluation prepare a description of the role and capabilities required for
a particular appointment. In identifying suitable candidates the Committee shall:

 

		(i)	if deemed appropriate, use open advertising or the services of external advisers to facilitate the
search;

 

		(ii)	consider candidates from a wide range of backgrounds; and

 

		(iii)	consider candidates on merit and against objective criteria and with due regard for the benefits
of diversity on the Board, including gender, taking care that appointees have enough time available to devote to the position;

 

		(f)	for the appointment of a chairman of the Board, prepare a job specification, including the time
commitment expected. A proposed chairman of the Board’s other significant commitments should be disclosed to the Board before appointment
and any changes to the chairman of the Board’s commitments should be reported to the Board as they arise;

 

		(g)	prior to the appointment of a director, require the proposed appointee to disclose any other business
interests that may result in a conflict of interest and be required to report any future business interests that could result in
a conflict of interest;

 

		(h)	ensure that on appointment to the Board, non-executive directors receive a formal letter of appointment
setting out clearly what is expected of them in terms of time commitment, Committee service and involvement of outside Board meetings;

 

		(i)	make recommendations to the Board concerning suitable candidates for the role of senior independent
director;

 

		(j)	make recommendations to the Board concerning membership of the Committee, and the audit and remuneration
Committees, and any other Board Committees as appropriate, in consultation with the chairmen of those Committees;

 

		(k)	make recommendations to the Board concerning the re-appointment of any non-executive director at
the conclusion of their specified term of office having given due regard to their performance and ability to continue to contribute
to the Board in the light of the knowledge, skills and experience required;

 

		(l)	make recommendations to the Board concerning the re-election by shareholders of directors under
the annual re-election provisions of the UK Corporate Governance Code or the retirement by rotation provisions in the Company’s
articles of association, having due regard to their performance and ability to continue to contribute to the Board in the light
of the knowledge, skills and experience required and the need for progressive refreshing of the Board (particularly in relation
to directors being re-elected for a term beyond six years);

 

		(m)	make recommendations to the Board concerning any matters relating to the continuation in office
of any director at any time including the suspension or termination of service of an executive director as an employee of the Company
subject to the provisions of the law and their service contract; and

 

		(n)	make recommendations to the Board concerning the appointment of any director to executive or other
office.

 

		3.3	Board self-evaluation

 

		(a)	review annually the time required from non-executive directors. Performance evaluation should be
used to assess whether the non-executive directors are spending enough time to fulfil their duties; and

 

		(b)	facilitate the Board’s self-evaluation process to assess the effectiveness of Board and Committee
practices and the performance of the Board and its Committees as a whole.

 

     

     

    

  

		3.4	Corporate governance

 

		(a)	develop, recommend to the Board and administer such corporate governance guidelines and practices
as are required by laws or regulations applicable to the Company or that the Committee otherwise deems appropriate; and

 

		(b)	oversee the development and maintenance of, and approval of the Company’s Code of Conduct.

 

		3.5	Shareholder proposals and communications

 

review
and make recommendations to the Board regarding any proposals received from the Company’s shareholders that relate to corporate
governance. The Committee may develop such policies and procedures as it deems appropriate with respect to: (i) the acceptance
and consideration of any nominations for director appointments received from shareholders, subject to the requirements of any applicable
laws or regulations and (ii) any other communications received from the Company’s shareholders to the Board.

 

		3.6	Advisors

 

have
the authority to engage any search firm to assist in identifying director candidates and have the authority to seek advice from
internal and external sources, as the Committee deems appropriate to assist in discharging its responsibilities.

 

		3.7	Other responsibilities

 

carry
out such other responsibilities as the Board may determine.

 

		4.	Meetings

 

		4.1	Only members of the Committee have the right to attend Committee meetings. However, other individuals,
such as the chief executive, the head of human resources and external advisers, may be invited to attend for all or part of any
meeting as and when appropriate and necessary.

 

		4.2	A quorum shall consist of two members both of whom shall be independent non-executive directors.
A duly convened meeting of the Committee at which a quorum is present shall be competent to exercise all of any of the authorities,
powers and discretions vested in or exercisable by the Committee.

 

		4.3	Meetings shall be held not less than four times a year, with other meetings being convened as required.

 

		4.4	Meetings of the Committee shall be called by the secretary of the Committee at the request of the
Committee chairman.

 

		4.5	Unless otherwise agreed, notice of each meeting confirming the venue, time and date, together with
an agenda of items to be discussed, shall be forwarded to each member of the Committee, any other person required to attend and
all other non-executive directors, no later than four working days before the date of the meeting. Supporting papers shall be sent
to Committee members and to other attendees as appropriate, at the same time.

 

		4.6	The secretary shall minute the proceedings and resolutions of all Committee meetings.

 

		4.7	Draft minutes of Committee meetings shall be circulated to all members of the Committee. Once approved,
minutes should be circulated to all other members of the Board unless it would be inappropriate to do so.

 

		4.8	The Committee chairman shall report to the Board the results of its proceedings, deliberations
and activities after each meeting.

 

		5.	Other matters

 

		5.1	The Committee chairman should attend the annual general meeting to answer any shareholder questions
on the Committee’s activities.

 

		5.2	The Committee shall make whatever recommendations to the Board it deems appropriate on any area
within its remit where action or improvement is needed.

 

     

     

    

  

		5.3	The Committee shall produce a report to be included in the Company’s annual report about its activities,
the process used to make appointments and explain if external advice or open advertising has not been used.

 

		5.4	The Committee shall have access to sufficient resources in order to carry out its duties, including
access to the Company secretariat for assistance as required.

 

		5.5	The Committee shall give due consideration to laws and regulations, the provisions of the UK Corporate
Governance Code and the requirements of the UK Listing Authority’s Listing, Prospectus and Disclosure and Transparency Rules and
any other applicable Rules, as appropriate.

 

		5.6	The Committee shall arrange for periodic reviews of its own performance and, at least annually,
review its constitution and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it
considers necessary to the Board for approval.

 

		5.7	The Committee is authorised by the Board to obtain, at the Company’s expense, outside legal or
other professional advice on any matters within its terms of reference.

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