Document:

exv4w50

 

Exhibit 4.50

Share Purchase Agreement

L’Office des Mines d’Or de Kilo-Moto

and

Randgold Resources Limited

and

AngloGold Ashanti Limited

and

Moto Goldmines Limited

and

Border Energy PTY Limited

and

Kibali (Jersey) Limited

and

Kibali Goldmines SPRL

relating to the holding of OKIMO in Kibali Goldmines SPRL

 

 

 

CONTENTS

	 	 	 	 	 
	CLAUSE	 	PAGE	 
	1. INTERPRETATION
	 	 	4	 
	2. SALE AND PURCHASE
	 	 	7	 
	3. CONDITIONS
	 	 	7	 
	4. DOCUMENTS
	 	 	9	 
	5. SALE PRICE
	 	 	9	 
	6. COMPLETION
	 	 	9	 
	7. REPRESENTATIONS AND WARRANTIES
	 	 	11	 
	8. UNDERTAKINGS
	 	 	14	 
	9. COSTS
	 	 	14	 
	10. CONFIDENTIALITY AND ANNOUNCEMENTS
	 	 	15	 
	11. TERMINATION
	 	 	15	 
	12. ASSIGNMENT
	 	 	15	 
	13. GUARANTEE
	 	 	16	 
	14. ENTIRE AGREEMENT
	 	 	16	 
	15. WAIVER/AMENDMENT
	 	 	17	 
	16. FURTHER ASSURANCE
	 	 	17	 
	17. NOTICES
	 	 	17	 
	18. GOVERNING LAW AND ARBITRATION
	 	 	19	 
	19. LANGUAGE
	 	 	20	 
	APPENDIX 1
	 	 	21	 
	Revised Joint Venture Agreement
	 	 	21	 
	APPENDIX 2
	 	 	22	 
	Waiver of Pre-emption Rights
	 	 	22	 
	APPENDIX 3
	 	 	24	 
	APPENDIX 4
	 	 	25	 
	KIBALI RESOLUTION
	 	 	25	 
	KIBALI RESOLUTION
	 	 	25	 
	APPENDIX 5
	 	 	28	 
	APPENDIX 6
	 	 	31	 
	Transfer of Shares
	 	 	 	 
	APPENDIX 6
	 	Error! Bookmark not defined.
	Part A — Accord
	 	 	 	 
	Part B — Government Protocol
	 	 	 	 

 

 

 

THIS AGREEMENT is made on 31 October 2009

BETWEEN:

	(1)	 	OFFICE DES MINES D’OR DE KILO-MOTO, a Congolese Public Company, created by the Order-law no.
65-419 of 15 July 1966 and which articles of incorporation are instituted by Law n° 73-028 of
20 July 1973, registered with the New Commercial Registry of the city of BUNIA, under number
022 and with the National Identification under number AO 1094 P, with its registered office at
BAMBUMINES, Ituri District, BP 219 and 220 Bunia, Democratic Republic of the Congo being
transformed into a stock company with limited liability (“société par actions à responsabilité
limitée”) pursuant to the decree n° 09/13 dated 24 April 2009 establishing the list of the
public companies transformed into commercial companies, public entities and public services
and provisionally governed by the decree n°09/11 dated 24 April 2009 setting forth
transitional measures relating to the transformation of public companies, in particular its
articles 2 and 3, in application of the law n°08/007 dated 7 July 2008 setting forth general
provisions relating to the transformation of public companies, represented by Mr Yvon
NSUKA-ZI-KABWIKU, interim Chairman of the board of directors and Mr. Willy BAFOA LIFETA, Chief
Executive Officer, (the “Seller” or “OKIMO”);
	 
	(2)	 	RANDGOLD RESOURCES LIMITED, a corporation existing under the laws of Jersey (“Randgold”),
represented by Mark Bristow, its Chief Executive Officer, duly authorised;
	 
	(3)	 	ANGLOGOLD ASHANTI LIMITED, a corporation existing under the laws of South Africa
(“AngloGold”, whom together with Randgold are the “Principal Shareholders”), represented by
Paul Dennison its Vice President, Merger and Acquisitions, duly authorised;
	 
	(4)	 	MOTO GOLDMINES LIMITED, a British Columbia incorporated company the registered office of
which is located at 1600-925, West Georgia Street, Vancouver, British Columbia, V6C 3L2,
Canada (“Moto Goldmines”), represented by Mark Bristow, duly authorised;
	 
	(5)	 	BORDER ENERGY PTY LTD, an Australian incorporated company, the registered office of which is
located at 68, Hay Street, Level 1, Subiaco, WA 6008, Australia, (“Border”), represented by
Mark Bristow, duly authorised;
	 
	(6)	 	KIBALI (JERSEY) LIMITED a Jersey incorporated company, the registered office of which is
located at La Motte Chambers, La Motte Street, St Helier, Jersey, JE1 1BJ, Channel Islands,
(the “Buyer”), represented by Mark Bristow and Hendrik Snyman , duly authorised; and
	 
	(7)	 	KIBALI GOLDMINES SPRL, a Congolese private limited liability company, with its registered
office at Kinshasa/Gombe, 124, boulevard du 30 juin, Democratic Republic of the Congo,
incorporated by means of a notarial deed dated 21 June 2003 and received by Mr. Jean A. BIFUNU
M’FIMI, notary in the City of Kinshasa, registered at the Kinshasa Notarial Records Office on
that same date under number 143.945 Folio 1010, volume DXLIX, registered in the New Register
of Businesses of the City of Kinshasa under number 01-118-N41193C”), represented by Mark
Bristow, duly authorised (“Joint Company” or “KIBALI”).

3

 

 

RECITALS

	(A)	 	KIBALI is a company established for the development of the Moto Gold Project and owned,
directly or indirectly, by the Seller, Moto Goldmines and Border.
	 
	(B)	 	The Acquisition (as defined below) was completed on 15 October 2009.
	 
	(C)	 	The Seller is the registered and beneficial owner of (i) the Sale Shares (defined below) and
(ii) 1,000,000 Shares of the share capital of KIBALI.
	 
	(D)	 	The Seller has agreed to sell and the Buyer has agreed to buy the Sale Shares, in accordance
with the terms and subject to the conditions of this agreement.
	 
	(E)	 	The Buyer is jointly owned in equal share by Randgold and AngloGold.
	 
	(F)	 	The parties have calculated the Sale Price (defined below) by reference to the value of the
cash offer made to shareholders of Moto Goldmines, adjusted to reflect on the one hand, the
fact that the Sale Shares are shares of a subsidiary of Moto Goldmines and on the other hand,
a 10 per cent premium added to such amount, resulting in an global amount of USD 113,600,000
as the Sale Price for all the Sale Shares.
	 
	(G)	 	The Parties had agreed the dividends from the Sale Shares could be used in part for the
repayment of certain loans from KIBALI and the interest thereon in favour of OKIMO. However
the reduction of OKIMO’s stake in KIBALI is likely to lead to a reduction of its capacity to
repay these loans. Therefore, part of the proceeds from the sale of the Sale Shares shall be
used by OKIMO to fund repayment of said loans at Completion and another portion will be
allocated by OKIMO to fund the outstanding obligations of OKIMO to its employees and former
employees as set out in the audit and the final report prepared by Cabinet CMA dated 14
September 2009
	 
	(H)	 	The Parties have also agreed that appropriate amendments be made to the Original JV Contract
to establish the reduction of the holding of OKIMO in KIBALI. These amendments are thus
incorporated in the Restated JV Contract.

THE PARTIES AGREE THE FOLLOWING:

	1.	 	INTERPRETATION
	 
	1.1	 	In this agreement, the following words and expressions have the following meanings, unless
the context otherwise requires. Moreover, every word and expression beginning with a capital
letter and used in this agreement and not defined shall have the meaning that is given to them
in the Restated JV Contract:
	 
	 	 	“Accord” means the declaration of Government relative to the development of the Moto Gold
Project, addressed to Moto Goldmines Ltd., Randgold, AngloGold and KIBALI in the form
attached to this agreement as set out in Appendix 6 Part A, or in a form otherwise
acceptable to the Buyer;
	 
	 	 	“Acquisition” means the acquisition of all of the issued and outstanding shares of Moto
Goldmines by Bidco;
	 
	 	 	“Agreed Press Release” means the press release that shall outline the transaction
considered in this agreement, which content and issuing date the parties hereto shall agree
upon by mutual agreement;
	 
	 	 	“AngloGold SARB Approval” has the meaning set out in clause 3.1(b) to this agreement;

4

 

 

	 	 	“Balancing Retirement Amount” means the amount of ten million eight hundred and thirty-five
thousand four hundred and fifty nine American dollars fifty eight cents ( USD10,835,459.58)
set out in the final report presented by Cabinet CMA dated 14 September 2009 as being due
to OKIMO employees less the Retirement Amount Financed by KIBALI (USD 2,800,000)which shall
be funded as described in clause 6.3 (e) , being a net amount of eight million and thirty
fifty thousand four hundred and fifty nine American dollars fifty eight cents ( USD
8,035,459.58);
	 
	 	 	“Bidco” means, 0858605 B.C. Ltd, a company of the province of British Columbia (Canada),
which at the date hereof is an indirect wholly-owned subsidiary of the Buyer, which is in
turn owned indirectly, 50 per cent by Randgold and, indirectly, 50 per cent by AngloGold;
	 
	 	 	“Business Day” means a day other than a Saturday, Sunday or public holiday in the DRC;
	 
	 	 	“Completion” means completion of the sale and purchase of the Sale Shares as described in
clause 6 hereof;
	 
	 	 	“Debt” means all amounts characterised as debt including loans or indebtedness owed to Moto
Goldmines, Border and/or KIBALI from OKIMO together with interest accrued thereon at
Completion, which are governed by the OKIMO Financing Agreement. A description of the debts
is provided in Appendix 3. For the avoidance of doubt, the word “Debt” shall not include
the Retirement Amount Financed by KIBALI (except as provided in clause 6.4 (h) where the
amounts of the Retirement Amount Financed by Kibali will be considered as part of the
Debt), which shall be paid and reimbursed in accordance with the mechanism provided for
hereto, nor the Transferred Debt which was removed from the accounting books of OKIMO;
	 
	 	 	“Debt Adjustment” has the meaning given to it in clause 6.3;
	 
	 	 	“DRC” means the Democratic Republic of the Congo;
	 
	 	 	“Encumbrance” means any mortgage, charge (fixed or floating), pledge, lien, hypothecation,
trust, right of set off or other third party right or interest (legal or equitable)
including any right of pre-emption, assignment by way of security, reservation of title or
any other security interest of any kind however created or arising or any other agreement
or arrangement (including a sale and repurchase arrangement) having similar effect and the
terms “Encumber” and “encumber” shall be construed accordingly;
	 
	 	 	“Exploitation Permits” means the exploitation permits delivered in the name of KIBALI that
are identified in Appendix 2 to the Restated JV Contract
	 
	 	 	“Government Protocol” means a protocol to be entered into between the Government of the DRC
and Moto Goldmines in the form attached to this agreement as set out in Appendix 6 Part B,
or in a form otherwise acceptable to the Buyer detailing the obligations of these two
parties in respect of the renewal of the Exploitation Permits;
	 
	 	 	“KIBALI Resolution” means a resolution of the Shareholders of KIBALI approving the sale and
purchase contemplated herein, the appointment of new directors as contemplated in the
Restated JV Contract and the adoption of the Restated Articles, conditional only on the
conditions precedent of article 3 of this agreement being lifted;
	 
	 	 	“Retirement Amount Financed by KIBALI” means the amount of two million eight hundred
thousand American dollars (USD 2,800,000) being due to OKIMO employees which shall be paid
in the manner envisaged by clause 6.4 (g), funded by KIBALI in accordance with the terms of
the Original JV Contract;

5

 

 

	 	 	“Listing Rules” means the listing rules made by the Financial Services Authority in the
United Kingdom under Part VI of the Financial Services and Markets Act 2000 (as amended
from time to time);
	 
	 	 	“Long Stop Date” means 31 January 2010 or such other date as the Buyer and Seller shall
jointly agree;
	 
	 	 	“Losses” means all losses, costs, liabilities (including any liability to tax) and expenses
(including reasonable legal and other professional fees and expenses);
	 
	 	 	“Moto Gold Project” has the meaning set out in the Original JV Contract;
	 
	 	 	“Original JV Contract” means the contract of association regarding the incorporation of the
Joint Company for the development of the Moto Gold Project executed by the Seller, Moto
Goldmines, Border and KIBALI on 10 March 2009;
	 
	 	 	“Randgold Shareholders Approval” has the meaning set out in clause 3.1(a) to this
agreement;
	 
	 	 	“Reasonable Endeavours” means all reasonable steps which a prudent and determined party
(subject to that party’s commercial circumstances) acting in its own interest and anxious
to obtain the specified outcome would have taken;
	 
	 	 	“Restated Articles” means the restated articles of association in respect of KIBALI to be
adopted by KIBALI pursuant to the Restated JV Contract,;
	 
	 	 	“Restated JV Contract” means the restated contract of association to be executed by the
Seller, Moto Goldmines, Border, the Buyer and KIBALI in the form attached at Appendix 1;
	 
	 	 	“Revised ATF” means the revised financial and technical assistance contract entered into
between OKIMO and KIBALI dated 3 July 2008 and as amended by its amendment on 30 September
2008 and also by the provisions of the Restated JV Contract;
	 
	1.2	 	“Sale Price” is One hundred and thirteen million six hundred thousand American dollars (USD
113,600,000)., payable upon Completion as provided in clause 6;
	 
	 	 	“Sale Shares” means 2,000,000 Shares in the share capital of KIBALI land all rights and
benefits which are attached to those Shares;
	 
	 	 	“Shares” means the shares issued in the share capital of KIBALI;
	 
	 	 	“Social Fund Amount ” means the amount of eight million American dollars (USD 8,000,000)
coming out of the Sale Price to be used for social purposes which will be treated in the
manner provided in clause 6.4(i); and
	 
	 	 	“Transferred Debt” has the meaning set out in the Restated JV Contract.
	 
	1.3	 	In this agreement unless otherwise specified, reference to:

	 	(a)	 	a party means a party to this agreement and includes its permitted assignees
and/or the successors;
	 
	 	(b)	 	a statute or statutory instrument or accounting standard or any of their
provisions is to be construed as a reference to that statute or statutory instrument
or accounting standard or such provision as the same may have been amended or
re-enacted;

6

 

 

	 	(c)	 	recitals, clauses, paragraphs or schedules are to recitals, clauses and
paragraphs of and schedules to this agreement. The recitals and schedules form part of
the operative provisions of this agreement and references to this agreement shall,
unless the context otherwise requires, include references to the recitals and the
schedules;
	 
	 	(d)	 	writing shall include typewriting, printing, lithography, photography and
other modes of representing words in a legible form;
	 
	 	(e)	 	words denoting the singular shall include the plural and vice versa and words
denoting any gender shall include all genders; and
	 
	 	(f)	 	$ and “USD” shall designate the currency that is legal tender in the United
States of America.

	1.4	 	The index to and the headings in this agreement are for information only and are to be
ignored in construing the same.
	 
	1.5	 	A person is deemed to “control” another person when it owns more than 50% of its issued share
capital or when it has, directly or indirectly, the power to direct the affairs or management
of such person, whether through the ownership of voting securities, by contract or otherwise.
	 
	2.	 	SALE AND PURCHASE
	 
	2.1	 	Upon the terms and subject to the conditions of this agreement and in reliance on the
representations and warranties contained herein, the Seller as legal and beneficial owner
shall sell and the Buyer shall purchase the Sale Shares with effect from Completion.
	 
	2.2	 	The Buyer shall not be obliged to complete a purchase of any of the Sale Shares unless the
Seller completes the sale of all of the Sale Shares simultaneously. The Seller shall not be
obliged to complete the sale of any of the Sale Shares unless the Buyer completes the purchase
of all of the Sale Shares simultaneously.
	 
	2.3	 	The Sale Shares shall be transferred together with all rights thereto. Once the Sale Shares
have been transferred to the Buyer, the Seller’s non dilution rights under the Restated JV
Contract shall only apply to the 10% shareholding in KIBALI which it retains.
	 
	3.	 	CONDITIONS
	 
	3.1	 	The Buyer’s obligation to purchase the Sale Shares at Completion may only occur after the
satisfaction or waiver of the following conditions:

	 	(a)	 	a resolution to approve the purchase by the Buyer of the Sale Shares being
duly passed at a general meeting of the shareholders of Randgold so as to fully
satisfy the Listing Rules, laws and regulations to which Randgold is subject (if
required) (the “Randgold Shareholders Approval”);
	 
	 	(b)	 	approval by the South African Reserve Bank for AngloGold to enter into this
agreement and the purchase by the Buyer of the Sale Shares (the “AngloGold SARB
Approval”);
	 
	 	(c)	 	a resolution to approve (a) the sale by the Seller of the Sale Shares, (b)
the signature of the Restated JV Contract, (c) the adoption of the Restated Articles
and (d) voting in favour of the KIBALI Resolution being duly passed by the Board of
Directors of OKIMO and ratified by the General Meeting of the OKIMO in accordance with
applicable laws and the by-laws of the Seller (the “OKIMO Corporate Approval”) and
delivered to the Buyer within 10 Business Days of the date hereof;

7

 

 

	 	(d)	 	the signature and delivery, by the Government to the Buyer and the Principal
Shareholders, of duly executed copies of the Accord and Government Protocol; all such
documents to be delivered within 10 Business Days of the date hereof
	 
	 	(e)	 	the transmission to the Buyer and the Principal Shareholders of a
notification letter from the Government regarding the meeting of Cabinet at which note
was taken of the transaction, its terms and the revised arrangements with OKIMO and
it was confirmed (i) that it was being effected in accordance with the law; (ii) that
the Sale Price is at a premium to that implied by the cash offer for shares of Moto
Goldmines and (iii) that the DRC Government had benefited from independent financial
advice from BNP Paribas in relation to the transaction ;this letter to be delivered
within 10 Business Days of the date hereof;
	 
	 	(f)	 	the passing of the KIBALI Resolution in the form attached as set out in
Appendix 4 within 10 Business Days of the date hereof;
	 
	 	(g)	 	the signature and delivery of a duly executed copy of Restated JV Contract by
OKIMO to the Buyer and the Principal Shareholders;
	 
	 	(h)	 	the renewal of those Exploitation Permits expiring in 2014 pursuant to the
Government Protocol; it being understood that the Buyer shall be entirely responsible
for and take charge of all the measures, steps, costs and expenses in relation to the
application for renewal; and
	 
	 	(i)	 	the fact that representations and warranties of the Seller described in
clause 7.1 are authentic and accurate at Completion.

	 	 	The Parties agree that the conditions set forth in clauses 3.1(a) to (i) above are for the
sole benefit of the Buyer, who may agree to waive such conditions in its sole discretion.
The Buyer shall promptly notify the parties hereto in the event it elects to waive any of
the above conditions.
	 
	3.2	 	The Seller’s obligation to sell the Sale Shares at Completion will be subject to the
satisfaction or waiver of the following conditions:

	 	(a)	 	the passing of the OKIMO Corporate Approval within 10 Business Days of the
date hereof ;
	 
	 	(b)	 	the passing of the KIBALI Resolution within 10 Business Days of the date
hereof;
	 
	 	(c)	 	the signature and delivery of a duly executed copy of Restated JV Contract by
the Buyer, Border and Moto Goldmines to the Seller;
	 
	 	(d)	 	the fact that representations and warranties of the Buyer described in clause
7.3 are authentic and accurate at the date of Completion.

	 	 	The Parties agree that the conditions described above in clauses 3.2 (a) to (d) are for the
benefit of the Seller, which has the possibility to agree to waive these conditions at its
own discretion. The Seller shall swiftly notify the parties hereto in case that it would
opt to waive any of the conditions above.
	 
	3.3	 	If the conditions specified in clauses 3.1 and 3.2 have not all been satisfied (or waived as
appropriate) by the date indicated in each condition (unless there has been an agreement
between the Buyer and the Seller for an extension of such date) or where a date is not
indicated before 5.30 p.m. London time on the Long Stop Date, this agreement shall lapse and
none of the parties to this agreement shall have any claim against the other parties under
this agreement except in relation to any breach hereof occurring before that time and date.

8

 

 

	3.4	 	Subject to the Randgold board’s fiduciary duties, Randgold shall use its Reasonable
Endeavours prior to the Long Stop Date so that the condition provided for in clause 3.1(a)
above is satisfied at or before 5:30 pm, London Time on the Long Stop Date (including the
posting of a class 1 circular to shareholders of Randgold with a recommendation from the board
of Randgold to vote in favour of the purchase of the Sale Shares contemplated herein) and
Randgold shall notify the parties hereto of the satisfaction of such condition in writing.
	 
	3.5	 	Subject to the AngloGold board’s fiduciary duties, AngloGold shall use its Reasonable
Endeavours prior to the Long Stop Date to procure that the above condition in clause 3.1(b)
which AngloGold is responsible to obtain is satisfied at or before 5:30 pm, London Time on the
Long Stop Date and AngloGold shall notify the parties hereto of the satisfaction of such
condition in writing.
	 
	3.6	 	Subject to the OKIMO board’s fiduciary duties, OKIMO shall use its Reasonable Endeavours to
procure that the above conditions in clause 3.1(c) which OKIMO is responsible to obtain is
satisfied within 10 Business Days of the date hereof and OKIMO shall notify the parties
hereto of the satisfaction of said condition in writing. It is understood that OKIMO will not
assume any responsibility if the OKIMO board does not adopt the resolution.
	 
	3.7	 	Each of Randgold, AngloGold and OKIMO confirms that, at the date hereof, they are not aware
of any matter that would cause them to not comply with their obligations set out in clauses
3.4, 3.5 or 3.6 respectively.
	 
	3.8	 	For the sake of clarity, the Restated JV Contract shall not enter into force prior to the
date of Completion, the parties continuing to be governed by the Original Contract of
Association until such date.
	 
	4.	 	DOCUMENTS
	 
	 	 	At the date hereof, Moto Goldmines and Border will duly deliver to the Buyer and OKIMO a
waiver to any right originating from the Original JV Contract, and more specifically, the
pre-emption right provided for under Article 19 of the Original JV Contract in respect of
transactions considered in this agreement, in the form set out in Appendix 2 to this
agreement.
	 
	5.	 	SALE PRICE
	 
	5.1	 	The Sale Price shall be the sum of One hundred and thirteen million six hundred thousand
American dollars (USD 113,600,000).
	 
	5.2	 	The Sale Price shall be paid by the Buyer in immediately available cash funds at Completion
and shall be paid as provided in clause 6.3.
	 
	6.	 	COMPLETION
	 
	6.1	 	Completion of the sale and purchase of the Sale Shares shall occur on the date that is the
fifth Business Day following the later of all of the conditions described in clauses 3.1 (a)
to (h) and 3.2 (a)-(c) having being either satisfied and/or waived by the Buyer or the Seller
if necessary, subject to the conditions described in clauses 3.1 (i) and 3.2 (d) having also
been satisfied and/or waived by the Buyer or the Seller, if necessary.
	 
	6.2	 	Completion shall take place in Kinshasa at a place to be agreed.
	 
	6.3	 	On the third Business Day prior to Completion, KIBALI shall provide the parties with a final
certification of the Debt and the parties to whom any Debt is owed. The total of this amount
(the “Debt Adjustment”) shall be deducted from the Sale Price in accordance with clause 6.4
below.

9

 

 

	6.4	 	At Completion:

	 	(a)	 	the Seller shall deliver to the Buyer the transfer order in respect of the
Sale Shares in the form described in Part B of Appendix 5 duly completed and executed
in favour of the Buyer together with any certificate(s) for the Sale Shares ;
	 
	 	(b)	 	the Seller shall deliver to the Buyer the letter in the form described in
Part A of Appendix 5 duly executed by the Seller, giving power to update the register
of shareholders of KIBALI following the transfer of the Sale Shares ( the “KIBALI
Transfer Letter”);
	 
	 	(c)	 	the Buyer shall pay to the Seller the Sale Price less an amount equal to the
sum of (i) the Debt Adjustment; (ii) the Balancing Retirement Amount; (iii) the
Retirement Amount Financed by KIBALI and the (iv) the Social Fund Amount. The Sale
Price less the applicable deductions shall be paid in cash via international bank
transfer to the account the details of which will be specified by the Seller to the
Buyer at least fifteen (15) Business Days prior to the date of Completion. Receipt of
the funds corresponding to the payments referred to under this clause 6.4 (c) and
clauses 6.4 (e), (f), (g) and (i)shall be proper discharge by the Buyer of its
obligation to pay the Sale Price. For the avoidance of doubt, no transfer of title in
the Sale Shares shall occur (i.e. beneficial ownership shall not transfer and the
transfer of the Sale Shares shall not be registered in KIBALI’s share register),
unless and until such payments shall have been made by the Buyer and received by the
addressees in the manner described in this clause 6.4 (c), and clauses 6.4 (e), (f),
(g) and (i);
	 
	 	(d)	 	the Buyer shall deliver to the Seller the KIBALI Transfer Letter duly
countersigned;
	 
	 	(e)	 	the Buyer shall make immediate payments of the amount represented by the Debt
Adjustment to the persons set out in the final certification of the Debt referred to
in clause 6.3 such that the amount of Debt shall be entirely repaid in full;
	 
	 	(f)	 	the Buyer shall pay the Balancing Retirement Amount in cash via an
international bank transfer to a bank account notified to the Buyer by the Seller
within the time set out in clause 6.4 (c) . Following the reception of this amount,
the Seller shall as soon as reasonably practicable make payment of the Balancing
Retirement Amount to such employees or former employees of the Seller as have been
recognised as having amounts due to them. The Seller undertakes to use the monies in
the account referred above solely for the purposes of discharging its obligations to
make the payments as set out in the final report of the Cabinet CMA. In the event that
some amounts remain available, further to the payment of all employees or former
employees set out by the report of the Cabinet CMA, they shall be accounted to the
Seller;
	 
	 	(g)	 	the Buyer shall pay the Retirement Amount Financed by KIBALI in cash via an
international bank transfer to a bank account notified to the Buyer by KIBALI, such
account to be in the name of KIBALI. As soon as it shall be satisfied with regard to
the modalities of payments in respect of the Retirement Amount Financed by KIBALI and
the provisions to ensure that the Seller’s employees acknowledge receipt of the
amounts that are due to them, KIBALI shall as soon as practicable make payment of the
Retirement Amount Financed by KIBALI to the Seller to enable it to make payment to
such employees or former employees of the Seller who have been recognised amounts due
to them. The Seller undertakes to use the monies referred to above solely for the
purposes of discharging its obligations to make the payments as set out in the final
report of the Cabinet CMA, but not exceeding the Retirement Amount Financed by KIBALI.
The parties agree that when KIBALI has made such payments, it will have discharged its
obligations as set out in Clause 16.10 of the Original JV Contract in full. Likewise,
the Seller shall be

10

 

 

	 	 	 	considered as having made full repayment of such amount and shall not be bound by
any obligation in this respect;

	 	(h)	 	Notwithstanding clause 6.4 (g) the Buyer, the Seller and KIBALI may agree
that some of all of the amount of Retirement Amount Financed by KIBALI be advanced to
the Seller before Completion in order to allow the Seller to observe its obligations
towards its employees and former employees. To the extent that the Retirement Amount
Financed by KIBALI is advanced prior to Completion then the amount so advanced will be
considered as an Adjusted Debt and will be settled in the manner provided in clause
6.4 (e). The balance, if any, will be governed by clause 6.4 (g). KIBALI will be
discharged from its obligations as set out in Clause 16.10 of the Original JV Contract
to the extent of all amounts advanced under the terms of this clause 6.4 (h).
	 
	 	(i)	 	The Buyer shall pay the Social Fund Amount in cash via an international bank
transfer to a bank account notified to the Buyer by the Seller on the same basis as
set out in clause 6.4 (c). This account shall be a separate bank account in the name
of OKIMO and the monies placed in it used solely for the purposes set out below. The
Seller undertakes to the Buyer to use the Social Fund Amount for the purposes of
building roads. an airfield, hospitals and other social and infrastructure works in
the Doko region in the vicinity of the Moto Gold Project . OKIMO shall provide
quarterly reports to KIBALI and the Buyer concerning the use of the funds and the
projects developed.

	6.5	 	In respect of all the accounts into which the Sale Price is to be paid, OKIMO shall provide
the Buyer with details of such accounts as soon as possible and in any event no less than 30
days prior to the expected date of Completion, together with a letter from the Minister of
Mines and the Minister of Portfolio approving such accounts. OKIMO shall provide all necessary
information to enable the Buyer to verify the accounts in accordance with international best
practice. It is understood that the Buyer shall be under no obligation to complete the
transaction until this process has been completed. .
	 
	6.6	 	If the formalities and conditions provided for in this clause 6 are not complied with on
Completion, the party for whose benefit the unrealised condition was provided may:

	 	(a)	 	defer Completion to a date not later than 28 days after the initially
contemplated date of Completion (in order that the formalities and conditions of this
clause 6 may be filled on or before the postponed date of Completion);
	 
	 	(b)	 	proceed to Completion so far as practicable (without prejudice to its rights
hereunder); or
	 
	 	(c)	 	terminate this agreement without prejudice to the rights and liabilities
which accrued prior to termination which shall continue to subsist,

	 	 	by means of a notice in writing served on the Seller or, as the case may be, the Buyer.
	 
	7.	 	REPRESENTATIONS AND WARRANTIES
	 
	7.1	 	The Seller warrants and represents to the Buyer and the Principal Shareholders at the date
hereof and at the date of Completion that:

	 	(a)	 	save as set out in the Original JV Contract , the Restated JV Contract, and
all other documents which appear in Appendix 3, OKIMO is not party, to any
arrangements which bind it to KIBALI, Border or Moto Goldmines or vice versa .Subject
to confirmation by the Board of Directors of KIBALI as well as to the certification of
the Adjusted Debt by KIBALI in the manner provided for in clause 6.3 no amount

11

 

 

	 	 	 	is currently owing by Okimo on the one hand in favour of KIBALI, Border and Moto
Goldmines on the other hand save for the Debts described in Appendix 3;

	 	(b)	 	it is the legal and beneficial owner of the Sale Shares and will remain as
such until Completion and, subject to clause 3.1(c), will have full power and
authority to enter into the sale of the Sale Shares upon the terms and conditions of
this agreement;
	 
	 	(c)	 	as described in the Original JV Contract, and based on the representations
and undertakings given by Moto Goldmines and Border in the Original JV Contract, OKIMO
owns 3,000,000 Shares among a total of 10,000,000 Shares in the share capital of
KIBALI, and the Sale Shares represent two thirds of the shares owned by OKIMO;
	 
	 	(d)	 	it has granted no Encumbrance on or over or affecting the Sale Shares, nor is
there any commitment to give or create any such Encumbrance, and it does not know
about any person having claimed to be entitled to any Encumbrance, save for the
pre-emption rights provided for under article 19 of the Original JV Agreement, to
which a renunciation shall be provided in the form under Appendix 2 attached hereto;
	 
	 	(e)	 	subject to clause 3.1(c), it has obtained all corporate authorisations and
all other applicable governmental, statutory, regulatory or other consents, licences,
waivers or exemptions required to empower it to enter into and to perform its
obligations under this agreement and each document referred to herein and to be
executed by it at or before Completion;
	 
	 	(f)	 	its obligations under this agreement and each document to be executed at or
before Completion are or will be enforceable in accordance with their terms, when the
relevant document is executed;
	 
	 	(g)	 	it is an entity duly organised, validly existing and in good standing under
the law of the jurisdiction of its incorporation and has been in continuous existence
since incorporation; and
	 
	 	(h)	 	in respect of it:

	 	(i)	 	no order has been made, petition presented or resolution passed
for the winding up, dissolution, liquidation or for the appointment of a
liquidator to it and no proposal has been made or resolution adopted for a
statutory merger or division, or a similar arrangement under the laws of any
applicable jurisdiction;
	 
	 	(ii)	 	it has not been or is not in administration and no step has
been taken by any person to place it into administration and it has not been
declared bankrupt or granted a temporary or definitive moratorium of payments
or made subject to any insolvency or reorganisation proceedings, nor has any
third party applied for a declaration of bankruptcy or any such similar
arrangement under the law of any applicable jurisdiction;
	 
	 	(iii)	 	no liquidator or receiver or similar officer or person under
any applicable law, has been appointed of the whole or part of its business or
its assets;
	 
	 	(iv)	 	no arrangement with its creditors has been proposed or approved
in respect of it;
	 
	 	(v)	 	no compromise or arrangement with its creditors has been
proposed, agreed to or sanctioned in respect of it;

12

 

 

	 	(vi)	 	it is not involved in negotiations and has not entered into any
compromise or arrangement with any of the creditors or any class of their
respective creditors generally or taken any other step with a view to the
readjustment or rescheduling of all or part of its debts;
	 
	 	(vii)	 	it has not stopped paying its debts as they fall due; and
	 
	 	(viii)	 	there is no unsatisfied judgment or court order outstanding against it that
is likely to result in one of the situations listed in (i) to (vii) above
occurring,

	 	 	 	and references to any such proceeding or statute shall be deemed to include any
similar or analogous proceeding in any other jurisdiction.

	7.2	 	The Seller undertakes to indemnify the Buyer against all Losses which the Buyer will have
suffered, sustained, incurred or paid and directly arising from an inaccuracy or mistake in
representations and warranties contained in clause 7.1, except any indemnification related to
a claim under USD 100.000, it being agreed that the indemnification obligations under this
clause 7.2 shall not exceed the Sale Price.
	 
	7.3	 	The Buyer warrants and represents to the Seller at the date hereof and at the date of
Completion that subject to clauses 3.1(a) and 3.1(b), it has and will have full power and
authority to purchase the Sale Shares upon the terms and conditions of this agreement;
	 
	7.4	 	Each of the Buyer, Randgold and Anglogold warrants and represents to the Seller at the date
hereof and at the date of Completion that

	 	(a)	 	subject to clauses 3.1(a) and 3.1(b), it has obtained all corporate
authorisations and all other applicable governmental, statutory, regulatory or other
consents, licences, waivers or exemptions required to empower it to enter into and to
perform its obligations under this agreement and each document to be executed by it at
or before Completion;
	 
	 	(b)	 	its obligations under this agreement and each document to be executed at or
before Completion are or, when the relevant document is executed, will be enforceable
in accordance with their terms;
	 
	 	(c)	 	it is a company or entity (as the case may be) duly organised, validly
existing and in good standing under the law of the jurisdiction of its incorporation
and has been in continuous existence since incorporation ;
	 
	 	(d)	 	in respect of it:

	 	(i)	 	no order has been made, petition presented or resolution passed
for the winding up, dissolution, liquidation or for the appointment of a
liquidator to it and no proposal has been made or resolution adopted for a
statutory merger or division, or a similar arrangement under the laws of any
applicable jurisdiction;
	 
	 	(ii)	 	it has not been or is not in administration and no step has
been taken by any person to place it into administration and it has not been
declared bankrupt or granted a temporary or definitive moratorium of payments
or made subject to any insolvency or reorganisation proceedings, nor has any
third party applied for a declaration of bankruptcy or any such similar
arrangement under the law of any applicable jurisdiction;
	 
	 	(iii)	 	no liquidator or receiver or similar officer or person under
any applicable law, has been appointed of the whole or part of its business or
its assets;

13

 

 

	 	(iv)	 	no arrangement with its creditors has been proposed or approved
in respect of it;
	 
	 	(v)	 	no compromise or arrangement with its creditors has been
proposed, agreed to or sanctioned in respect of it;
	 
	 	(vi)	 	it is not involved in negotiations and has not entered into any
compromise or arrangement with any of the creditors or any class of their
respective creditors generally or taken any other step with a view to the
readjustment or rescheduling of all or part of its debts;
	 
	 	(vii)	 	it has not stopped paying its debts as they fall due; and
	 
	 	(viii)	 	there is no unsatisfied judgment or court order outstanding against it that
is likely to result in one of the situations listed in (i) to (vii) above
occurring,

	 	 	and references to any such proceeding or statute shall be deemed to include any similar or
analogous proceeding in any other jurisdiction
	 
	7.5	 	The Buyer undertakes to indemnify the Seller against all Losses which the Seller will have
suffered, sustained, incurred or paid and directly arising from the inaccuracy or mistake in
representations and warranties contained in clauses 7.3 and 7.4, except any indemnification
related to a claim under USD 100.000; it being agreed that the indemnification obligations
under this clause 7.5 shall not exceed the Sale Price .
	 
	8.	 	UNDERTAKINGS
	 
	8.1	 	Until the earlier of the following dates: (a) the Completion and (b) the Long Stop Date,
unless this agreement ends beforehand pursuant to the terms and conditions of clause 11, the
Seller shall not without the prior written consent of the Buyer and the Principal
Shareholders:

	 	(a)	 	sell, transfer or otherwise dispose of or mortgage, charge, pledge or
otherwise encumber the Sale Shares (or any interest in any of them); or
	 
	 	(b)	 	frustrate any provision of the Original JV Contract, the Restated JV
Contract, and any other document appearing in Appendix 3; or
	 
	 	(c)	 	take any action which would result in any breach of clause 7.1.

	8.2	 	Until the earlier of the following dates: (a) the Completion and (b) the Long Stop Date,
unless this agreement ends beforehand pursuant to the terms and conditions of clause 11, the
Buyer and the Principal Shareholders shall not without the prior written consent of the
Seller:

	 	(a)	 	frustrate any provision of the Original JV Contract, the Restated JV
Contract, and any other document appearing in Appendix 3; or
	 
	 	(b)	 	take any action which would result in any breach of clauses 7.3 or 7.4.

	9.	 	COSTS
	 
	9.1	 	The parties agree that the registration and stamp duties payable in connection with the
transfer of Sale Shares, shall be borne by the Buyer.
	 
	9.2	 	Other than as set out in clause 9.1, each of the parties shall bear its own expenses,
financial costs, charges and other costs and fees in relation to the negotiation, preparation

14

 

 

	 	 	and implementation of this agreement and any other agreement incidental to or referred to
in this agreement. These fees and charges are personal to each party and shall in no event
be borne by KIBALI.

	10.	 	CONFIDENTIALITY AND ANNOUNCEMENTS
	 
	10.1	 	No party shall disclose (and each party shall keep confidential) this agreement, the making
of this agreement or its terms or any other agreement referred to in this agreement (except
those matters set out in the Agreed Press Release to be released, or the Canadian regulatory
filings to be made, in accordance with the provisions of clause 10.3) and each party shall
procure that each of its related persons and its professional advisers shall not make any such
disclosure without the prior consent of the other parties unless disclosure is:

	 	(a)	 	destined to its professional advisers or financiers; or
	 
	 	(b)	 	required by law or the rules or standards of the London Stock Exchange or the
UK Listing Authority, the Johannesburg Stock Exchange, the New York Stock Exchange,
the US Securities Exchange Commission, NASDAQ or the rules and requirements of any
other regulatory body or stock exchange; or
	 
	 	(c)	 	already made in public by a party other than the party which considers
disclosing information.

	10.2	 	The restrictions contained in clause 10.1 shall apply without limit of time and whether or
not this agreement is terminated.
	 
	10.3	 	The parties agree to prepare together the wording of the Agreed Press Release which may be
released at any time following the date hereof.
	 
	11.	 	TERMINATION
	 
	11.1	 	The parties may at any time terminate this agreement by agreement in writing signed by all
the parties.
	 
	11.2	 	If any party is in default of any material obligation under this agreement, any other party
may send a formal notice to the defaulting party to advise it of the default.
	 
	11.3	 	In the case where the defaulting party has not remedied to its default within twenty (20)
days of the reception of said formal notice, any other party may terminate this Contract
subject to a five (5) days written notice.
	 
	12.	 	ASSIGNMENT
	 
	12.1	 	This agreement is personal to the parties and accordingly, subject to clause 12.2, no party
without the prior written consent of the other parties shall assign, transfer or charge its
rights and obligations arising under this agreement and the agreements referred to herein, in
whole or in part.
	 
	12.2	 	Notwithstanding the foregoing, the Buyer may (without the consent of the Seller) assign to
any direct or indirect subsidiary undertaking of either Randgold or AngloGold or any
subsidiary directly or indirectly owned or controlled jointly by Randgold and AngloGold its
rights and obligations arising under this agreement and the agreements referred to herein, in
whole or in part, provided that terms and conditions of the warranty set out in clause 13
remain unchanged by such an assignment.
	 
	12.3	 	Notwithstanding the provisions of clause 10, the Buyer may disclose to a proposed purchaser
of the Buyer or of its business or any part thereof or provider of finance (whether equity or
debt) or any professional adviser, information in its possession relating

15

 

 

	 	 	to the provisions of this agreement, the negotiations relating to this agreement and the
agreements referred to herein, the subject matter of this agreement and the agreements
referred to herein and the identity of the other parties which the Buyer may reasonably be
required to disclose for the purposes of the proposed assignment, purchase or financing and
provided the person to which such information is disclosed has undertaken in writing to
keep it strictly confidential in accordance with clause 10.

	13.	 	GUARANTEE
	 
	13.1	 	Each of the Principal Shareholders, acting severally, irrevocably and unconditionally
guarantees to the Seller as principal obligor (a) the due and punctual payment by the Buyer of
half of the Sale Price and (b) the performance by the Buyer of its obligations and undertaking
as provided for under this agreement (“the Guarantee”).
	 
	13.2	 	The Guarantee is a security measure which shall remain in full force and effect until
Completion. The Guarantee is to be in addition, and without prejudice to, and shall not be
assimilated to any other right, remedy, guarantee, indemnity or security which the Seller may
now or hereafter hold in respect of all or any of the obligations, representations, warranties
and undertakings of the Buyer under this agreement.
	 
	13.3	 	The liability of the Principal Shareholders under the Guarantee shall not be affected,
impaired or discharged by reason of any act, omission, matter or situation which, but for this
provision, could have released or otherwise exonerated the Principal Shareholders from their
obligations hereunder including, without limitation:

	 	(a)	 	any amendment, variation or modification to, or replacement of this
agreement;
	 
	 	(b)	 	the taking, variation, compromise, renewal, release, refusal or neglect to
perfect or enforce any rights, remedies or securities against the Buyer or any other
person;
	 
	 	(c)	 	any time or indulgence or waiver given to, or composition made with, the
Buyer or any other person; or
	 
	 	(d)	 	the fact that the Buyer becomes insolvent, goes into receivership or
liquidation or has an administrator appointed, or is subject to any similar process.

	13.4	 	The Guarantee shall continue in full force and effect notwithstanding:

	 	(a)	 	that any purported obligation of the Buyer or any other person in favour of
Seller (or any guarantee therefore) becomes wholly or partly void, invalid or
unenforceable for any reason whether or not known to the Seller or the Government; or
	 
	 	(b)	 	any incapacity or any change in the constitution of, or any amalgamation or
reconstruction of the Buyer or any other matter whatsoever.

	13.5	 	The Guarantee shall constitute the primary obligations of the Principal Shareholders and the
Seller shall not be obliged to make any demand on the Buyer or any other person before
enforcing its rights against the Principal Shareholders under the Guarantee.
	 
	13.6	 	No delay or omission of the Seller in exercising any right, power or privilege under the
Guarantee shall impair such right, power or privilege or be construed as a waiver of such
right, power or privilege nor shall any single or partial exercise of any such right, power or
privilege preclude any further exercise thereof or the exercise of any other right.
	 
	14.	 	ENTIRE AGREEMENT
	 
	 	 	Save in the case of fraud or fraudulent concealment, each party acknowledges that:

16

 

	 	(a)	 	this agreement together with any other documents referred to in it
constitutes the entire and only agreement between the parties relating to the subject
matter of this agreement; and
	 
	 	(b)	 	it has not been induced to enter this agreement in reliance on, nor has it
been given, any representation or other statement of any nature whatsoever other than
those set out in this agreement.

	15.	 	WAIVER/AMENDMENT

	15.1	 	No breach of any provision of this agreement shall be waived or discharged except with the
express written consent of the party benefiting from it.
	 
	15.2	 	No failure or delay by a party to exercise its rights under this agreement shall operate as a
waiver thereof and no single or partial exercise of any such right shall prevent any other or
further exercise of that right in the future or in its fullness.
	 
	15.3	 	No variation to this agreement shall be effective unless made in writing and signed by all
the parties.
	 
	16.	 	FURTHER ASSURANCE
	 
	 	 	At all times after the date of this agreement, the parties shall at their own expense
execute all such documents and do such deeds and formalities as may reasonably be required
for the purpose of giving full effect to this agreement.
	 
	17.	 	NOTICES
	 
	17.1	 	Except as specifically otherwise provided in this agreement, any notice, demand or other
communication served under this agreement may be served upon any party only by posting by
first class post, air mail or delivering the same or sending the same by facsimile
transmission or e-mail to be served at its address below, or facsimile number or e-mail
address given below, or at such other address or number as it may from time to time notify in
writing to the other party.
	 
	 	 	In the case of OKIMO, to:

Office des Mines D’or de Kilo-Moto

15, avenue des Sénégalais

Kinshasa/Gombe

B.P. 8498

Kinshasa 1

DRC

e-mail: kilomoto_okimo@yahoo.fr

For the attention of the Chief Executive Officer

In the case of Randgold, to:

Randgold Resources Limited

La Motte Chambers

La Motte Street

St Helier

Jersey

JE1 1BJ

Channel Islands

17

 

Fax number:+44 1534 735 444

Email:dhaddon@randgoldresources.com

For the attention of David Haddon

In the case of AngloGold, to:

AngloGold Ashanti Limited

76 Jeppe Street

Newtown

Johannesburg, 2001

South Africa

Fax number: +27 11 637 6677

Email:companysecretary@anglogoldashanti.com

For the attention of the Company Secretary

In the case of Moto Goldmines, to:

Moto Goldmines Limited

La Motte Chambers

La Motte Street

St Helier

Jersey

JE1 1BJ

Channel Islands

Fax number:+44 1534 735 444

Email:dhaddon@randgoldresources.com

For the attention of David Haddon

In the case of Border, to:

Border Energy PTY Limited

La Motte Chambers

La Motte Street

St Helier

Jersey

JE1 1BJ

Channel Islands

Fax number:+44 1534 735 444

Email:dhaddon@randgoldresources.com

For the attention of David Haddon

In the case of the Buyer to:

La Motte Chambers

La Motte Street

18

 

St Helier

Jersey

JE1 1BJ

Channel Islands

Fax number:+44 1534 735 444

Email:dhaddon@randgoldresources.com

For the attention of David Haddon

AND

C/O AngloGold Ashanti Holdings PLC

1st Floor, Atlantic House

4-8 Circular Road

Douglas

Isle of Man IM1 1AG

Fax number:+44 (0)1624 613 874

Email:companysecretary@anglogoldashanti.com

For the attention of Emma Calister

In the case of KIBALI, to:

KIBALI Goldmines S.P.R.L.

124, boulevard du 30 juin

Kinshasa/Gombe

DRC

e-mail: lwatum@motogoldmines.com

For the attention of the Managing Director

	17.2	 	A notice or demand served by first class post shall be deemed duly served ten (10) days
after posting and a notice or demand sent by facsimile transmission or e-mail shall be deemed
to have been served at the time of transmission and in proving service of the same it will be
sufficient to prove, in the case of a letter, that such letter was properly stamped or franked
first class, addressed and placed in the post and, in the case of a facsimile transmission or
e-mail, that such facsimile or e-mail was duly transmitted to a current facsimile number or
e-mail address of the addressee referred to above.
	 
	18.	 	GOVERNING LAW AND ARBITRATION
	 
	18.1	 	The validity, interpretation and performance of this agreement are governed by the laws in
force in the Democratic Republic of the Congo.
	 
	18.2	 	The Parties agree herein to submit to the International Court of Arbitration of the
International Chamber of Commerce any disputes or divergence relating to this agreement or in
connection either direct or indirect to the latter, in view of their settlement through
arbitration, in accordance with the Rules of the International Chamber of Commerce.

19

 

	18.3	 	Any dispute will be settled by an arbitral Tribunal composed of three arbitrators. The
arbitrators shall be appointed in accordance with the Rules of the International Chamber of
Commerce.
	 
	18.4	 	The seat of the arbitral Tribunal will be Paris, France.
	 
	18.5	 	In settling the issues submitted by the Parties, the arbitral tribunal shall apply the
applicable law designated by this agreement and, in case of silence of said law, the
international law general principles.
	 
	18.6	 	The language of the arbitration proceedings shall be French. The award shall be drafted in
French. The documents and memorials exchanged by the Parties shall be drafted in French. The
evidence shall be communicated in their language of origin, with a French translation.
	 
	18.7	 	Following the example of the Government with regard to Article 320 of the Mining Code, OKIMO
expressly and irrevocably waives, in case of arbitration, the right to claim for the immunity
protection, in particular, the immunity from jurisdiction, the immunity from execution, and
the diplomatic immunity.
	 
	18.8	 	This agreement has been executed delivered on the date stated at the beginning of this
agreement
	 
	19.	 	LANGUAGE
	 
	 	 	This agreement has been executed solely in a French version. An English version may be
prepared for the convenience of certain parties, but it shall not be valid, the version
being the sole version reflecting the agreement occurred between the parties.

IN WITNESS whereof this agreement has been entered into and executed on the date first above
written.

20

 

APPENDIX 1

Revised Joint Venture Agreement

21

 

APPENDIX 2

Waiver of Pre-emption Rights

To:

L’Office des Mines d’Or de Kilo-Moto

15 rue des Sénégalais

Kinshasa, Gombe

République Démocratique du Congo

AND

KIBALI (Jersey) Limited and Randgold Resources Limited

La Motte Chambers

La Motte Street

St Helier

Jersey

JE1 1BJ

Channel Islands

AND

AngloGold Ashanti Limited

76 Jeppe Street

Newtown

Johannesburg, 2001

South Africa

Dear Sirs

Re: Waiver of Pre-Emption Rights

Contract of Association regarding the incorporation of the Joint Company for the development of the
Moto Gold Project dated 10 March 2009 (the “JV Contract”)

We hereby renounce the pre-emption provisions arising from clause 19.4 of the JV Contract in
connection with the contemplated transfer of 2,000,000 Shares by OKIMO in favour of KIBALI (Jersey)
Limited (the Buyer”) as provided for by the Share Purchase Agreement dated ..October 2009 (the
“Share Purchase Agreement”).

Furthermore, the signing parties to this letter hereby confirm that the parties unanimously consent
to the transfer of said Shares as envisaged by the Share Purchase Agreement and undertake to make
all corporate and other decisions that are necessary in order to grant to this sale full power and
also agree the Buyer as Shareholder of KIBALI Goldmines SPRL.

Yours faithfully

 

For and on behalf of

22

 

MOTO GOLDMINES

BORDER ENERGY PTY LIMITED

KIBALI GOLDMINES SPRL

23

 

APPENDIX 3

	1.	 	Protocol Agreement (3 November 2006)
	 
	2.	 	Consolidated Lease Agreement (3 July 2008)
	 
	3.	 	Amendment to the Lease Agreement (30 September)
	 
	4.	 	Appendix 6 Termination Deed (10 March 2009)
	 
	5.	 	Deeds of Partial Transfer (27 March 2009)
	 
	6.	 	Deeds of Total Transfer (27 March 2009)
	 
	7.	 	ATF Contract (30 December 2003)
	 
	8.	 	Revised ATF Contract (3 July 2008)
	 
	9.	 	Amendment to Revised ATF Contract (30 September 2008)
	 
	10.	 	Completion Agreement (31 January 2008)
	 
	11.	 	Tripartite Agreement (12 June 2009)
	 
	12.	 	OKIMO Financing Agreement (10 March 2009)

Schedule of Debts

Balances as at September 30, 2009:

Surface rentals

Payment of historical outstanding surface rentals by Kibali on behalf of Okimo — USD 2,000,000
(plus interest if applicable)

Payment of 2009 surface rentals by Kibali on behalf of Okimo — USD 1,024,747 (plus interest
if applicable)

ATF

ATF advances — USD1,622,908 (Note this figure includes USD 18,967 of capitalized interest)

Pension/employee

Pension/employee commitment USD 200,000 (plus interest if applicable)

24

 

APPENDIX 4

KIBALI RESOLUTION

KIBALI RESOLUTION

Resolution of the JV Company

KIBALI GOLDMINES SPRL

SOCIETE PRIVEE A RESPONSABILITE LIMITEE

NRC N°

KINSHASA

 

MINUTES OF THE EXTRAODINARY GENERAL MEETING

 

—

The year two thousand and nine, the                     , was held the Extraordinary General Meeting of
KIBALI GOLDMINES SPRL.

I. Quorum, Formalities of Convening and Agenda :

The following shareholders were present or duly represented:

[TO BE COMPLETED]

The attendance sheet was signed by the above-mentioned shareholders, who declared that they waive
the convening formalities. The General Meeting can, consequently, validly meet and decide on the
items constituting the agenda, i.e.:

	a.	 	Approval of shares transfers
	 
	b.	 	Amendment of the by-laws
	 
	c.	 	Appointment of three new members of the Management Board.

	II.	 	Resolutions :

After debates and deliberations, the following resolutions have been unanimously approved.

	1.	 	First resolution :

The General Meeting grants its approval to the transfer by Offices des Mines d’Or de Kilo-Moto of
2,000,000 shares to Kibali (Jersey) Limited.

	2.	 	Second resolution :

25

 

Following this shares transfer and in order to comply with the provisions of the “Revised Contract
of Association relating to the constitution of the Joint Company for the development of the Moto
Gold project which amends and replaces the Contract of Association dated 10 March 2009”, the
by-laws are amended as set out in Appendix [___] to these minutes.

	3.	 	Third resolution :

The General Meeting designate [TO BE COMPLETED] as members of the Management Board.

	4.	 	Fourth resolution :

The General Meeting grants all powers to the holder of one or several originals of these minutes in
order to accomplish all legal formalities to validate these minutes, to file these minutes with the
New Trade Registry and to publish them at the Official Gazette.

The agenda being exhausted, the meeting is ended. Thee minutes were established in five originals.

[Signatories to be completed]

26

 

Extraordinary General Meeting of 7 July 2009

Attendance Sheet

	 	 	 	 	 
	Shareholder
	 	Number of shares
	 	Signature

27

 

APPENDIX 5

TRANFER of SHARES

Part A —  Letter to be signed by the Seller and the Purchaser

POWER OF ATTORNEY OF THE SELLER

The undersigned, Office des Mines d’Or de Kilo-Moto, notifies hereby to KIBALI GOLDMINES SPRL
“KIBALI” a company having its registered office in Kinshasa — Democratic Republic of Congo, the
sale to :

KIBALI (JERSEY) LIMITED, a company incorporated under the laws of Jersey, of 2,000,000 shares which
are entered in its name.

The Undersigned requires KIBALI GOLDMINES SPRL to proceed with the inscription of this sale in the
shareholders register and gives, to this effect, all power to Mr [Watum] and to all competent
corporate bodies empowered by the by-laws to sign, in its name and its behalf, said sale and
represents that, in any event, this letter can be considered as the execution by the undersigned of
the register of the shareholders of KIBALI in Kinshasa

On the                      in                     

Good for power of attorney

	 	 	 
	 
	 	 
	Office des Mines d’Or de Kilo-Moto
	 	 

For agreement and acceptation

	 	 	 
	 
	 	 
	KIBALI (JERSEY) LIMITED
	 	 
	New shareholder of Kibali
	 	 

28

 

POWER OF ATTORNEY OF THE PURCHASER

The undersigned, KIBALI (JERSEY) LIMITED, notifies hereby to KIBALI GOLDMINES SPRL “KIBALI” a
company having its registered office in Kinshasa — Democratic Republic of Congo, that it is the
beneficiary of the following sale:

- the sale by Office des Mines d’Or de Kilo-Moto to KIBALI (JERSEY) LIMITED, of 2,000,000 shares
which are entered in its name.

The Undersigned requires KIBALI GOLDMINES SPRL to proceed with the inscription of this sale in the
shareholders register and gives, to this effect, all power to Mr Louis Watum and to all competent
corporate bodies empowered by the by-laws to sign, in its name and its behalf, said sale and
represents that, in any event, this letter can be considered as the execution by the undersigned of
the register of the shareholders of KIBALI in Kinshasa

On the                      in                     

Good for power of attorney

	 	 	 
	 
	 	 
	KIBALI (JERSEY) LIMITED
	 	 

29

 

Part-B — Model of Shares Sale Agreement

SALE OF SHARES

	1.	 	We, the undersigned, acting as owner and holder of shares of KIBALI GOLDMINES SPRL
(“KIBALI”), a private limited company incorporated under the laws of the Democratic Republic
of Congo, assign hereby to Kibali (Jersey ) Limited as assignee 2,000,000 shares of KIBALI we
hold and by this agreement irrevocably transfer said shares to the benefit of the sole
assignee.
	 
	2.	 	This sale will be effective at the date hereof.

In _______________ on __________________2009

Name: _______________________________

Signature :___________________________

For the Buyer

Name: _______________________________

Signature :___________________________

30

 

APPENDIX 6

PART A –ACCORD

31

 

PART B – GOVERNMENT PROTOCOL

32

 

	 	 	 	 	 
	Signed by

	 	/s/ Willy Bafoa Lifeta & /s/ Yvon Nsuka-Zi-Kabwiku
	 		 	 
	For and on behalf of	 	 
	L’OFFICE DES MINES D’OR DE KILO-MOTO	 	 
	 
	Signed by

	 	/s/ D M Bristow	 	 
	 

	 	 	 	 
	For and on behalf of	 	 
	RANDGOLD RESOURCES LIMITED	 	 
	 
	Signed by

	 	/s/ Paul J.G. Dennison and /s/ Lynda Eatwell	 	 
	 

	 	 	 	 
	For and on behalf of	 	 
	ANGLOGOLD ASHANTI LIMITED	 	 
	 
	Signed by

	 	/s/ D M Bristow	 	 
	 

	 	 	 	 
	For and on behalf of	 	 
	MOTO GOLDMINES LIMITED	 	 
	 
	Signed by

	 	/s/ D M Bristow	 	 
	 

	 	 	 	 
	For and on behalf of	 	 
	BORDER ENERGY PTY LIMITED	 	 
	 
	Signed by

	 	/s/ D M Bristow & /s/ G.R. Lukama Nkurzi	 	 
	 

	 	 	 	 
	For and on behalf of	 	 
	KIBALI (JERSEY) LIMITED	 	 
	 
	Signed by

	 	/s/ D M Bristow	 	 
	 

	 	 	 	 
	For and on behalf of	 	 
	KIBALI GOLDMINES SPRL	 	 

This agreement is signed in the presence of the Minister of Portfolio and the Minister of Mines.

	 	 	 
	/s/ Jeannine Mabunda

	 	/s/ Martin Kabwelulu
	 

	 	 
	MINISTER OF PORTFOLIO

	 	MINISTER OF MINES

33exv10w05

Exhibit 10.05

GLU MOBILE INC.

2008 Equity Inducement Plan

(adopted by the Committee on March 13, 2008)

(as amended and restated on December 28, 2009)

     1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and
motivate eligible persons whose potential contributions are important to the success of the
Company, and any Parents and Subsidiaries that exist now or in the future, by offering them an
opportunity to participate in the Company’s future performance through the grant of Awards.
Capitalized terms not defined elsewhere in the text are defined in Section 19.

     2. SHARES SUBJECT TO THE PLAN.

          2.1 Number of Shares Available. Subject to Section 2.3 and any other applicable
provisions hereof, the total number of Shares reserved and available for grant and issuance
pursuant to this Plan is the aggregate of (1) 600,000 Shares reserved as of the Effective Date of
the Plan and (2) an additional 819,245 Shares reserved as of December 28, 2009, plus Shares
subject to Awards, and Shares issued upon exercise of Awards, will again be available for grant and
issuance in connection with subsequent Awards under this Plan to the extent such Shares: (i) are
subject to issuance upon exercise of an Option granted under this Plan but which cease to be
subject to the Option for any reason other than exercise of the Option; (ii) are subject to Awards
granted under this Plan that are forfeited or are repurchased by the Company at the original issue
price; (iii) are surrendered pursuant to an Exchange Program; or (iv) are subject to Awards granted
under this Plan that otherwise terminate without such Shares being issued. Shares used to pay the
exercise price of an Award or to satisfy the tax withholding obligations related to an Award will
become available for future grant or sale under the Plan. To the extent an Award under the Plan is
paid out in cash rather than Shares, such cash payment will not result in reducing the number of
Shares available for issuance under the Plan.

          2.2 Minimum Share Reserve. At all times the Company shall reserve and keep available
a sufficient number of Shares as shall be required to satisfy the requirements of all outstanding
Awards granted under this Plan and all other outstanding but unvested Awards granted under this
Plan.

          2.3 Adjustment of Shares. If the number of outstanding Shares is changed by a stock
dividend, recapitalization, stock split, reverse stock split, subdivision, combination,
reclassification or similar change in the capital structure of the Company, without consideration,
then (a) the number of Shares reserved for issuance and future grant under the Plan set forth in
Section 2.1 and (b) the Exercise Prices of and number of Shares subject to outstanding Awards,
shall be proportionately adjusted, subject to any required action by the Board or the stockholders
of the Company and in compliance with applicable securities laws; provided that fractions of a
Share will not be issued.

     3. ELIGIBILITY. Awards may be granted only to persons who (a) were not previously an
employee or director of the Company or any Parent or Subsidiary of the Company or (b) have
completed a period of bona fide non-employment by the Company, and any Parent or Subsidiary of the
Company; and then only as an incentive material to such persons entering into employment with the
Company or any Parent or Subsidiary of the Company. A person eligible for an Award under this Plan
may be granted more than one Award under this Plan.

 

     4. ADMINISTRATION.

          4.1 Committee Composition; Authority. This Plan will be administered by the Committee
or by the Board acting as the Committee. Subject to the general purposes, terms and conditions of
this Plan, and to the direction of the Board, the Committee will have full power to implement and
carry out this Plan. Notwithstanding the foregoing, the grant of any Award shall not be effective
unless: (i) if the grant is made by the Board, then it must be approved by a majority of the
Outside Directors on the Board; and (ii) if the grant is made by the Committee, then the Committee
must be comprised solely of Outside Directors (except as otherwise permitted under the rules of the
NASD). The Committee will have the authority to:

               (a) construe and interpret this Plan, any Award Agreement and any other agreement or document
executed pursuant to this Plan;

               (b) prescribe, amend and rescind rules and regulations relating to this Plan or any Award;

               (c) select persons to receive Awards;

               (d) determine the form and terms and conditions, not inconsistent with the terms of the Plan,
of any Award granted hereunder. Such terms and conditions include, but are not limited to, the
exercise price, the time or times when Awards may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or
limitation regarding any Award or the Shares relating thereto, based in each case on such factors
as the Committee will determine;

               (e) determine the number of Shares or other consideration subject to Awards;

               (f) determine the Fair Market Value in good faith, if necessary;

               (g) determine whether Awards will be granted singly, in combination with, in tandem with, or
as alternatives to, other Awards under this Plan or any other incentive or compensation plan of the
Company or any Parent or Subsidiary of the Company;

               (h) grant waivers of Plan or Award conditions;

               (i) determine the vesting, exercisability and payment of Awards;

               (j) correct any defect, supply any omission or reconcile any inconsistency in this Plan, any
Award or any Award Agreement;

               (k) determine whether an Award has been earned;

               (l) determine the terms and conditions of any, and to institute any Exchange Program;

               (m) reduce or waive any criteria with respect to Performance Factors;

               (n) adjust Performance Factors to take into account changes in law and accounting or tax rules
as the Committee deems necessary or appropriate; and

               (o) make all other determinations necessary or advisable for the administration of this Plan.

3

 

          4.2 Committee Interpretation and Discretion. Any determination made by the Committee
with respect to any Award shall be made in its sole discretion at the time of grant of the Award
or, unless in contravention of any express term of the Plan or Award, at any later time, and such
determination shall be final and binding on the Company and all persons having an interest in any
Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award Agreement
shall be submitted by the Participant or Company to the Committee for review. The resolution of
such a dispute by the Committee shall be final and binding on the Company and the Participant. The
Committee may delegate to one or more executive officers the authority to review and resolve
disputes with respect to Awards held by Participants who are not Insiders, and such resolution
shall be final and binding on the Company and the Participant.

          4.3 Section 16 of the Exchange Act. Awards granted to Insiders must be approved by
two or more “non-employee directors” (as defined in the regulations promulgated under Section 16 of
the Exchange Act).

     5. OPTIONS. The Committee may grant Options to Participants, which will be
Nonqualified Stock Options (“NQSOs”) and will determine the number of Shares subject to the Option,
the Exercise Price of the Option, the period during which the Option may be exercised, and all
other terms and conditions of the Option, subject to the following:

          5.1 Option Grant. Each Option granted under this Plan will be an NQSO. An Option may
be, but need not be, awarded upon satisfaction of such Performance Factors during any Performance
Period as are set out in advance in the Participant’s individual Award Agreement. If the Option is
being earned upon the satisfaction of Performance Factors, then the Committee will: (x) determine
the nature, length and starting date of any Performance Period for each Option; and (y) select from
among the Performance Factors to be used to measure the performance, if any. Performance Periods
may overlap and Participants may participate simultaneously with respect to Options that are
subject to different performance goals and other criteria.

          5.2 Date of Grant. The date of grant of an Option will be the date on which the
Committee makes the determination to grant such Option, or a specified future date. The Award
Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time
after the granting of the Option.

          5.3 Exercise Period. Options may be exercisable within the times or upon the
conditions as set forth in the Award Agreement governing such Option; provided,
however, that no Option will be exercisable after the expiration of six (6) years from the
date the Option is granted. The Committee also may provide for Options to become exercisable at
one time or from time to time, periodically or otherwise, in such number of Shares or percentage of
Shares as the Committee determines.

          5.4 Exercise Price. The Exercise Price of an Option will be determined by the
Committee when the Option is granted. Payment for the Shares purchased may be made in accordance
with Section 6. The Exercise Price of a NQSO may be less than one hundred percent (100%) of the
Fair Market Value per Share on the date of grant in the Committee’s discretion.

          5.5 Method of Exercise. Any Option granted hereunder will be exercisable according to
the terms of the Plan and at such times and under such conditions as determined by the Committee
and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An
Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as
the Committee may specify from time to time) from the person entitled to exercise the Option, and
(ii) full payment for the Shares with respect to which the Option is exercised (together with
applicable withholding taxes). Full payment may consist of any consideration and method of payment
authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued upon
exercise of an Option will be issued in the name of the Participant. Until the Shares are issued
(as

4

 

evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to vote or receive dividends or any other rights as a stockholder
will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will
issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the
Shares are issued, except as provided in Section 2.3 of the Plan. Exercising an Option in any
manner will decrease the number of Shares thereafter available, both for purposes of the Plan and
for sale under the Option, by the number of Shares as to which the Option is exercised.

          5.6 Termination. The exercise of an Option will be subject to the following (except
as may be otherwise provided in an Award Agreement):

               (a) If the Participant is Terminated for any reason except for Cause or the Participant’s
death or Disability, then the Participant may exercise such Participant’s Options only to the
extent that such Options would have been exercisable by the Participant on the Termination Date no
later than three (3) months after the Termination Date (or such shorter time period or longer time
period not exceeding five (5) years as may be determined by the Committee), but in any event no
later than the expiration date of the Options.

               (b) If the Participant is Terminated because of the Participant’s death (or the Participant
dies within three (3) months after a Termination other than for Cause or because of the
Participant’s Disability), then the Participant’s Options may be exercised only to the extent that
such Options would have been exercisable by the Participant on the Termination Date and must be
exercised by the Participant’s legal representative, or authorized assignee, no later than twelve
(12) months after the Termination Date (or such shorter time period not less than six (6) months or
longer time period not exceeding five (5) years as may be determined by the Committee), but in any
event no later than the expiration date of the Options.

               (c) If the Participant is Terminated because of the Participant’s Disability, then the
Participant’s Options may be exercised only to the extent that such Options would have been
exercisable by the Participant on the Termination Date and must be exercised by the Participant (or
the Participant’s legal representative or authorized assignee) no later than twelve (12) months
after the Termination Date, but in any event no later than the expiration date of the Options.

               (d) If the Participant is Terminated for Cause, then Participant’s Options shall expire on
such Participant’s Termination Date, or at such later time and on such conditions as are determined
by the Committee, but in any event no later than the expiration date of the Options.

          5.7 Limitations on Exercise. The Committee may specify a minimum number of Shares
that may be purchased on any exercise of an Option, provided that such minimum number will not
prevent any Participant from exercising the Option for the full number of Shares for which it is
then exercisable.

          5.8 Modification, Extension or Renewal. The Committee may modify, extend or renew
outstanding Options and authorize the grant of new Options in substitution therefor, provided that
any such action may not, without the written consent of a Participant, impair any of such
Participant’s rights under any Option previously granted.

     6. PAYMENT FOR SHARE PURCHASES.

          Payment from a Participant for Shares purchased pursuant to this Plan may be made in cash or
by check or, where expressly approved for the Participant by the Committee and where permitted by
law (and to the extent not otherwise set forth in the applicable Award Agreement):

               (a) by cancellation of indebtedness of the Company to the Participant;

5

 

               (b) by surrender of shares of the Company held by the Participant that have a Fair Market
Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said
Award will be exercised or settled;

               (c) by waiver of compensation due or accrued to the Participant for services rendered or to be
rendered to the Company or a Parent or Subsidiary of the Company;

               (d) by consideration received by the Company pursuant to a broker-assisted and/or same day
sale (or other) cashless exercise program implemented by the Company in connection with the Plan;

               (e) by any combination of the foregoing; or

               (f) by any other method of payment as is permitted by applicable law.

     7. WITHHOLDING TAXES.

          7.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards
granted under this Plan, the Company may require the Participant to remit to the Company an amount
sufficient to satisfy applicable federal, state, local and international withholding tax
requirements prior to the delivery of Shares pursuant to exercise of any Award. Whenever payments
in satisfaction of Awards granted under this Plan are to be made in cash, such payment will be net
of an amount sufficient to satisfy applicable federal, state, local and international withholding
tax requirements.

          7.2 Stock Withholding. The Committee, in its sole discretion and pursuant to such
procedures as it may specify from time to time, may require or permit a Participant to satisfy such
tax withholding obligation, in whole or in part by (without limitation) (i) paying cash,
(ii) electing to have the Company withhold otherwise deliverable cash or Shares having a Fair
Market Value equal to the minimum statutory amount required to be withheld, or (iii) delivering to
the Company already-owned Shares having a Fair Market Value equal to the minimum statutory amount
required to be withheld. The Fair Market Value of the Shares to be withheld or delivered will be
determined as of the date that the taxes are required to be withheld.

     8. TRANSFERABILITY. Unless determined otherwise by the Committee, an Award may not be
sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will
or by the laws of descent or distribution. If the Committee makes an Award transferable, such
Award will contain such additional terms and conditions as the Committee deems appropriate. All
Awards shall be exercisable: (i) during the Participant’s lifetime only by (A) the Participant, or
(B) the Participant’s guardian or legal representative; and (ii) after the Participant’s death, by
the legal representative of the Participant’s heirs or legatees

     9. PRIVILEGES OF STOCK OWNERSHIP; VOTING AND DIVIDENDS. No Participant will have any
of the rights of a shareholder with respect to any Shares until the Shares are issued to the
Participant. After Shares are issued to the Participant, the Participant will be a shareholder and
have all the rights of a shareholder with respect to such Shares, including the right to vote and
receive all dividends or other distributions made or paid with respect to such Shares.

     10. CERTIFICATES. All certificates for Shares or other securities delivered under
this Plan will be subject to such stock transfer orders, legends and other restrictions as the
Committee may deem necessary or advisable, including restrictions under any applicable federal,
state or foreign securities law, or any rules, regulations and other requirements of the SEC or any
stock exchange or automated quotation system upon which the Shares may be listed or quoted.

     11. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Shares,
the Committee may require the Participant to deposit all certificates representing Shares, together

6

 

with stock powers or other instruments of transfer approved by the Committee, appropriately
endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until
such restrictions have lapsed or terminated, and the Committee may cause a legend or legends
referencing such restrictions to be placed on the certificates. Any Participant who is permitted
to execute a promissory note as partial or full consideration for the purchase of Shares under this
Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased
as collateral to secure the payment of the Participant’s obligation to the Company under the
promissory note; provided, however, that the Committee may require or accept other
or additional forms of collateral to secure the payment of such obligation and, in any event, the
Company will have full recourse against the Participant under the promissory note notwithstanding
any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the
Shares, the Participant will be required to execute and deliver a written pledge agreement in such
form as the Committee will from time to time approve. The Shares purchased with the promissory
note may be released from the pledge on a pro rata basis as the promissory note is paid.

     12. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be effective
unless such Award is in compliance with all applicable federal and state securities laws, rules and
regulations of any governmental body, and the requirements of any stock exchange or automated
quotation system upon which the Shares may then be listed or quoted, as they are in effect on the
date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any
other provision in this Plan, the Company will have no obligation to issue or deliver certificates
for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that
the Company determines are necessary or advisable; and/or (b) completion of any registration or
other qualification of such Shares under any state or federal law or ruling of any governmental
body that the Company determines to be necessary or advisable. The Company will be under no
obligation to register the Shares with the SEC or to effect compliance with the registration,
qualification or listing requirements of any state securities laws, stock exchange or automated
quotation system, and the Company will have no liability for any inability or failure to do so.
This Plan shall not take effect until the fifteen (15) day period provided pursuant to Nasdaq rule
4310(c)(17) has expired.

     13. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this
Plan will confer or be deemed to confer on any Participant any right to continue in the employ of,
or to continue any other relationship with, the Company or any Parent or Subsidiary of the Company
or limit in any way the right of the Company or any Parent or Subsidiary of the Company to
terminate Participant’s employment or other relationship at any time.

     14. CORPORATE TRANSACTIONS.

          14.1 Assumption or Replacement of Awards by Successor. In the event of a Corporate
Transaction any or all outstanding Awards may be assumed or replaced by the successor corporation,
which assumption or replacement shall be binding on all Participants. In the alternative, the
successor corporation may substitute equivalent Awards or provide substantially similar
consideration to Participants as was provided to stockholders (after taking into account the
existing provisions of the Awards). The successor corporation may also issue, in place of
outstanding Shares of the Company held by the Participant, substantially similar shares or other
property subject to repurchase restrictions no less favorable to the Participant. In the event
such successor or acquiring corporation (if any) refuses to assume, convert, replace or substitute
Awards, as provided above, pursuant to a Corporate Transaction, then notwithstanding any other
provision in this Plan to the contrary, such Awards will expire on such transaction at such time
and on such conditions as the Board (or, the Committee, if so designated by the Board) will
determine; the Board (or, the Committee, if so designated by the Board) may, in its sole
discretion, accelerate the vesting of such Awards in connection with a Corporate Transaction. In
addition, in the event such successor or acquiring corporation (if any) refuses to assume, convert,
replace or substitute Awards, as provided above, pursuant to a Corporate Transaction, the Committee
will notify the Participant in writing or electronically that such Award will be exercisable for a
period of time

7

 

determined by the Committee in its sole discretion, and such Award will terminate
upon the expiration of such period. Awards need not be treated similarly in a Corporate
Transaction.

Notwithstanding anything to the contrary in this Section 14.1, the Committee, in its sole
discretion, may grant Awards that provide for acceleration upon a Corporate Transaction or in other
events in the specific Award Agreements.

          14.2 Assumption of Awards by the Company. The Company, from time to time, also may
substitute or assume outstanding awards granted by another company, whether in connection with an
acquisition of such other company or otherwise, by either; (a) granting an Award under this Plan in
substitution of such other company’s award; or (b) assuming such award as if it had been granted
under this Plan if the terms of such assumed award could be applied to an Award granted under this
Plan.

     15. TERM OF PLAN. Unless earlier terminated as provided herein, this Plan will become
effective on the Effective Date and will terminate ten (10) years from the date this Plan is
adopted by the Committee. This Plan and all Awards granted hereunder shall be governed by and
construed in accordance with the laws of the State of Delaware.

     16. AMENDMENT OR TERMINATION OF PLAN. The Board or Committee may at any time
terminate or amend this Plan in any respect, including, without limitation, amendment of any form
of Award Agreement or instrument to be executed pursuant to this Plan; provided,
however, that the Board or Committee will not, without the approval of the shareholders of
the Company, amend this Plan in any manner that requires such shareholder approval; provided
further, that a Participant’s Award shall be governed by the version of this Plan then in
effect at the time such Award was granted.

     17. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Committee,
nor any provision of this Plan, will be construed as creating any limitations on the power of the
Board or Committee to adopt such additional compensation arrangements as it may deem desirable,
including, without limitation, the granting of stock awards and bonuses otherwise than under this
Plan, and such arrangements may be either generally applicable or applicable only in specific
cases.

     18. INSIDER TRADING POLICY. Each Participant who receives an Award shall comply with
any policy adopted by the Company from time to time covering transactions in the Company’s
securities by Employees, officers and/or directors of the Company.

     19. DEFINITIONS. As used in this Plan, and except as elsewhere defined herein, the
following terms will have the following meanings:

“Award” means an Option awarded under the Plan.

“Award Agreement” means, with respect to each Award, the written or electronic agreement between
the Company and the Participant setting forth the terms and conditions of the Award, which shall be
in substantially a form (which need not be the same for each Participant) that the Committee has
from time to time approved, and will comply with and be subject to the terms and conditions of this
Plan.

“Board” means the Board of Directors of the Company.

“Cause” means (a) the commission of an act of theft, embezzlement, fraud, dishonesty, (b) a breach
of fiduciary duty to the Company or a Parent or Subsidiary, or (c) a failure to materially perform
the customary duties of Employee’s employment.

“Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.

“Committee” means the Compensation Committee of the Board or those persons to whom administration
of the Plan, or part of the Plan, has been delegated as permitted by law, or an “independent
compensation committee” (as such term is defined for purposes of the rules of the National
Association of Securities Dealers, Inc.).

8

 

“Company” means Glu Mobile Inc., or any successor corporation.

“Corporate Transaction” means the occurrence of any of the following events: (i) any “person” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner”
(as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the total voting power represented by the
Company’s then-outstanding voting securities; (ii) the consummation of the sale or disposition by
the Company of all or substantially all of the Company’s assets; or (iii) the consummation of a
merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total
voting power represented by the voting securities of the Company or such surviving entity or its
parent outstanding immediately after such merger or consolidation.

“Director” means a member of the Board.

“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code,
provided, however, that the Committee in its discretion may determine whether a total and permanent
disability exists in accordance with non-discriminatory and uniform standards adopted by the
Committee from time to time, whether temporary or permanent, partial or total, as determined by the
Committee.

“Effective Date” means the expiration of the fifteen (15) day waiting period following the adoption
of the Plan by the Committee, as set forth in Section 12.

“Employee” means any person, including Officers, employed by the Company or any Parent or
Subsidiary of the Company and who meets the eligibility requirements as set forth in Section 3.

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

“Exercise Price” means the price at which a holder of an Award may purchase the Shares issuable
upon exercise of an Award.

“Exchange Program” means a program pursuant to which outstanding Awards are surrendered, cancelled
or exchanged for cash, the same type of Award or a different Award (or combination thereof).

“Fair Market Value” means, as of any date, the value of a share of the Company’s Common Stock
determined as follows:

               (a) if such Common Stock is publicly traded and is then listed on a national securities
exchange, its closing price on the date of determination on the principal national securities
exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street
Journal or such other source as the Board or the Committee deems reliable;

               (b) if such Common Stock is publicly traded but is neither listed nor admitted to trading on a
national securities exchange, the average of the closing bid and asked prices on the date of
determination as reported in The Wall Street Journal or such other source as the Board or the
Committee deems reliable; or

               (c) if none of the foregoing is applicable, by the Board or the Committee in good faith.

“Insider” means an officer or director of the Company or any other person whose transactions in the
Company’s Common Stock are subject to Section 16 of the Exchange Act.

“Option” means an award of an option to purchase Shares pursuant to Section 5.

“Outside Director” means a Director who is not an Employee of the Company or any Parent or
Subsidiary and who is an “independent” director under the rules of the Nasdaq Stock Market, as may
be amended from time to time.

9

 

“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending
with the Company if each of such corporations other than the Company owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain.

“Participant” means a newly hired Employee who receives an Award under this Plan at the time of his
or her employment. The term “Participant” shall include individuals who were previously employed
by the Company, or any Parent or Subsidiary of the Company, who have undergone a bona fide period
of non-employment by the Company. The term “Participant” shall also include individuals who become
Employees of the Company, or any Parent or Subsidiary of the Company, as the result of a merger or
acquisition.

“Performance Factors” means the factors selected by the Committee, which may include, but are not
limited to the, the following measures (whether or not in comparison to other peer companies) to
determine whether the performance goals established by the Committee and applicable to Awards have
been satisfied:

	 	•	 	Net revenue and/or net revenue growth;
	 
	 	•	 	Earnings per share and/or earnings per share growth;
	 
	 	•	 	Earnings before income taxes and amortization and/or earnings before income
taxes and amortization growth;
	 
	 	•	 	Operating income and/or operating income growth;
	 
	 	•	 	Net income and/or net income growth;
	 
	 	•	 	Total stockholder return and/or total stockholder return growth;
	 
	 	•	 	Return on equity;
	 
	 	•	 	Operating cash flow return on income;
	 
	 	•	 	Adjusted operating cash flow return on income;
	 
	 	•	 	Economic value added;
	 
	 	•	 	Individual business objectives; and
	 
	 	•	 	Company specific operational metrics.

“Performance Period” means the period of service determined by the Committee, not to exceed five
(5) years, during which years of service or performance is to be measured for the Award.

“Plan” means this Glu Mobile Inc. 2008 Equity Inducement Plan.

“SEC” means the United States Securities and Exchange Commission.

“Securities Act” means the United States Securities Act of 1933, as amended.

“Shares” means shares of the Company’s Common Stock, as adjusted pursuant to Sections 2 and 14, and
any successor security.

“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if each of the corporations other than the last corporation in the
unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power
of all classes of stock in one of the other corporations in such chain.

10

 

“Termination” or “Terminated” means, for purposes of this Plan with respect to a Participant, that
the Participant has for any reason ceased to provide services as an employee of the Company or a
Parent or Subsidiary of the Company. An employee will not be deemed to have ceased to provide
services in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence
approved by the Committee; provided, that such leave is for a period of not more than 90
days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute or
unless provided otherwise pursuant to formal policy adopted from time to time by the Company and
issued and promulgated to employees in writing. In the case of any employee on an approved leave
of absence, the Committee may make such provisions respecting suspension of vesting of the Award
while on leave from the employ of the Company or a Parent or Subsidiary of the Company as it may
deem appropriate, except that in no event may an Award be exercised after the expiration of the
term set forth in the applicable Award Agreement. The Committee will have sole discretion to
determine whether a Participant has ceased to be employed and the effective date on which the
Participant ceased to be so employed (the “Termination Date”).

11

 

GLU MOBILE INC.

2008 EQUITY INDUCEMENT PLAN

NOTICE OF STOCK OPTION GRANT

	 	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 
	 	 	 	 
	 

	 	 	 	 

     You (the “Participant”) have been granted an option to purchase Common Stock of the Company,
subject to the terms and conditions of this Notice of Stock Option Grant (the “Notice”), the 2008
Equity Inducement Plan, as amended from time to time (the “Plan”) and the Stock Option Award
Agreement (the “Option Agreement”) attached hereto, as follows. The terms defined in the Plan
shall have the same meanings in this Notice.

	 	 	 
	Grant Number

	 	 
	 
	 	 
	Date of Grant

	 	 
	 
	 	 
	Vesting Commencement Date

	 	 
	 
	 	 
	Exercise Price per Share

	 	 
	 
	 	 
	Total Number of Shares

	 	 
	 
	 	 
	Total Exercise Price

	 	 
	 
	 	 
	Type of Option

	 	Non-Qualified Stock Option
	 
	 	 
	Expiration Date

	 	 
	 
	 	 
	Post-Termination Exercise Period:

	 	Termination for Cause = None
	 

	 	Voluntary Termination = 3 Months
	 

	 	Termination without Cause = 3 Months
	 

	 	Disability = 12 Months
	 

	 	Death = 12 Months

Vesting Schedule:

     Subject to the limitations set forth in this Notice, the Plan and the Option Agreement, the
Option will vest and may be exercised, in whole or in part, in accordance with the following
schedule:

     [INSERT VESTING SCHEDULE]

     You acknowledge receipt of a copy of the Plan and the Option Agreement, and represent that you
are familiar with the terms and provisions thereof, and hereby accept the Option subject to all of
the terms and provisions hereof. You understand that your employment with the Company is for an
unspecified duration and can be terminated at any time (i.e., is “at-will”), and that nothing in
this Notice, the Stock

12

 

Option Award Agreement or the Plan changes the at-will nature of that
relationship. You acknowledge that the vesting of shares pursuant to this Notice is earned only by
your continuing service as an Employee of the Company.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	PARTICIPANT:	 	GLU MOBILE INC.	 	 
	 
	 	 	 	 	 	 	 	 
	Signature:

	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	Its:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 

GLU MOBILE INC.

STOCK OPTION AWARD AGREEMENT

2008 EQUITY INDUCEMENT PLAN

   Unless otherwise defined herein, the terms defined in the Company’s 2008 Equity Inducement
Plan (the “Plan”) shall have the same defined meanings in this Award Agreement (the “Agreement”).

   Participant has been granted an option to purchase Shares (the “Option”), subject to the terms
and conditions of the Plan, the Notice of Stock Option Grant (“Notice of Grant”) and this
Agreement.

     1. Vesting Rights. Subject to the applicable provisions of the Plan and this
Agreement, this Option may be exercised, in whole or in part, in accordance with the schedule set
forth in the Notice of Grant.

     2. Termination Period.

          (a) General Rule. Except as provided below, and subject to the Plan, this Option may
be exercised for 3 months after termination of Participant’s employment with the Company. In no
event shall this Option be exercised later than the Term/Expiration Date set forth in the Notice of
Grant.

          (b) Death; Disability. Upon the termination of Participant’s employment with the
Company by reason of his or her Disability or death, or if a Participant dies within three months
of the Termination Date, this Option may be exercised for twelve months in the case of death, and
six months in the case of Disability, after the Termination Date, provided that in no event shall
this Option be exercised later than the Term/Expiration Date set forth in the Notice of Grant.

          (c) Cause. Upon the termination of Participant’s employment by the Company for Cause,
the Option shall expire on such date of Participant’s Termination Date.

     3. Grant of Option. The Participant named in the Notice of Grant has been granted an
Option for the number of Shares set forth in the Notice of Grant at the exercise price per Share
set forth in the Notice of Grant (the “Exercise Price”). In the event of a conflict between the
terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and
conditions of the Plan shall prevail.

     4. Exercise of Option.

          (a) Right to Exercise. This Option is exercisable during its term in accordance with
the Vesting Schedule set forth in the Notice of Grant and the applicable provisions of the Plan and
this Agreement. In the event of Participant’s death, Disability, Termination for Cause or other
Termination, the exercisability of the Option is governed by the applicable provisions of the Plan,
the Notice of Stock Option Grant and this Agreement.

          (b) Method of Exercise. This Option is exercisable by delivery of an exercise notice
(the “Exercise Notice”), which shall state the election to exercise the Option, the number of
Shares in respect of which the Option is

13

 

being exercised (the “Exercised Shares”), and such other
representations and agreements as may be required by the Company pursuant to the provisions of the
Plan. The Exercise Notice shall be delivered in person, by mail, via electronic mail or facsimile
or by other authorized method to the Secretary of the Company or other person designated by the
Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to
all Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of
such fully executed Exercise Notice accompanied by such aggregate Exercise Price.

          (c) No Shares shall be issued pursuant to the exercise of this Option unless such issuance and
exercise complies with all relevant provisions of law and the requirements of any stock exchange or
quotation service upon which the Shares are then listed. Assuming such compliance, for income tax
purposes the Exercised Shares shall be considered transferred to the Participant on the date the
Option is exercised with respect to such Exercised Shares.

     5. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the
following, or a combination thereof, at the election of the Participant:

          (a) cash; or

          (b) check; or

          (c) a “broker-assisted” or “same day sale” (as described in Section 11(d) of the Plan); or

          (d) other method authorized by the Company.

     6. Non-Transferability of Option. This Option may not be transferred in any manner
other than by will or by the laws of descent or distribution or court order and may be exercised
during the lifetime of Participant only by the Participant. The terms of the Plan and this
Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the
Participant.

     7. Term of Option. This Option may be exercised only within the term set out in the
Notice of Grant, and may be exercised during such term only in accordance with the Notice of Grant,
the Plan and the terms of this Agreement.

     8. U.S. Tax Consequences. For Participants subject to U.S. income tax, some of the
federal tax consequences relating to this Option, as of the date of this Option, are set forth
below. All other Participants should consult a tax advisor for tax consequences relating to this
Option in their respective jurisdiction. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS
AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE
EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

          (a) Exercising the Option. Each Option granted hereunder is intended to be a
Nonqualified Stock Option (“NSO”). The Participant may incur regular federal income tax liability
upon exercise of a NSO. The Participant will be treated as having received compensation income
(taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the
Exercised Shares on the date of exercise over their aggregate Exercise Price. If the Participant
is an Employee or a former Employee, the Company will be required to withhold from his or her
compensation or collect from Participant and pay to the applicable taxing authorities an amount in
cash equal to a percentage of this compensation income at the time of exercise, and may refuse to
honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at
the time of exercise.

          (b) Disposition of Shares. If the Participant holds NSO Shares for at least one year,
any gain realized on disposition of the Shares will be treated as long-term capital gain for
federal income tax purposes.

          (c) Possible Effect of Section 409A of the Code. Section 409A of the Code applies to
arrangements that provide for the deferral of compensation. Generally, a stock option granted with
an exercise price per share of not

2

 

less than the “fair market value” (determined in a manner
consistent with Section 409A of the Code and the regulations and other guidance promulgated
thereunder) per share on the date of grant of the stock option and with no other feature providing
for the deferral of compensation will not be subject to Section 409A of the Code. However, if the
exercise price of the stock option is less than such “fair market value” or the stock option has
another feature for the deferral of compensation, then if the stock option is not administered
within the parameters established under Section 409A the optionholder will be subject to additional
taxes. Also, the amount deemed to be deferred compensation under Section 409A of the Code will be
subject to ordinary income and employment taxes (in this respect the IRS has not yet indicated how
it will calculate the amount of deferred compensation subject to tax and the timing and frequency
of taxation, but it seems likely that the income will be measured and taxes imposed at least on the
vesting dates of the stock option). If Section 409A of the Code does apply to this Option, then
special rules apply to the timing of making and effecting certain amendments of this Option with
respect to distribution of any deferred compensation.

     9. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan, the Notice of Grant, and this Agreement constitute the entire agreement of the parties
with respect to the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and Participant with respect to the subject matter hereof, and may
not be modified adversely to the Participant’s interest except by means of a writing signed by the
Company and Participant. This agreement is governed by Delaware law except for that body of law
pertaining to conflict of laws.

     10. No Rights as Employee. Nothing in this Agreement shall affect in any manner
whatsoever the right or power of the Company, or a Parent or Subsidiary of the Company, to
terminate Participant’s employment, for any reason, with or without cause.

     By your signature and the signature of the Company’s representative on the Notice of Grant,
you and the Company agree that this Option is granted under and governed by the terms and
conditions of the Plan, the Notice of Grant, and this Agreement. Participant has reviewed the
Plan, the Notice of Grant, and this Agreement in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing the Notice of Grant, and fully understands all provisions
of the Plan, the Notice of Grant, and this Agreement. Participant hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the Committee upon any questions
relating to the Plan, the Notice of Grant, and the Agreement. Participant further agrees to notify
the Company upon any change in the residence address indicated on the Notice of Grant.

3

 

No.                     

GLU MOBILE INC.

2008 EQUITY INDUCEMENT PLAN

STOCK OPTION EXERCISE AGREEMENT

     This Stock Option Exercise Agreement (the “Exercise Agreement”) is made and entered into as of
                                        , ___(the “Effective Date”) by and between Glu Mobile Inc., a Delaware
corporation (the “Company”), and the purchaser named below (the “Purchaser”). Capitalized terms
not defined herein shall have the meanings ascribed to them in the Company’s 2008 Equity Inducement
Plan (the “Plan”).

	 	 	 	 	 
	 

	 	 	 	 
	Purchaser:
	 	 	 	 
	 

	 	 	 	 
	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Social Security Number:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Total Number of Shares:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Exercise Price Per Share:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Type of Stock Option:

	 	Nonqualified Stock Option	 	 

     1. EXERCISE OF OPTION.

          1.1 Exercise. Pursuant to exercise of that certain option (the “Option”) granted to
Purchaser under the Plan and subject to the terms and conditions of this Exercise Agreement,
Purchaser hereby purchases from the Company, and the Company hereby sells to Purchaser, the Total
Number of Shares set forth above (the “Shares”) of the Company’s Common Stock, at the Exercise
Price Per Share set forth above (the “Exercise Price”). As used in this Exercise Agreement, the
term “Shares” refers to the Shares purchased under this Exercise Agreement and includes all
securities received (i) in replacement of the Shares, (ii) as a result of stock dividends or stock
splits with respect to the Shares, and (iii) all securities received in replacement of the Shares
in a merger, recapitalization, reorganization or similar corporate transaction.

          1.2 Title to Shares. The exact spelling of the name(s) under which Purchaser will
take title to the Shares is:

                                              
                                
                      
                    

               

                    
                                 
                           
                    
                    

               

          Purchaser desires to take title to the Shares as follows:

	 	o	 	Individual, as separate property
	 
	 	o	 	Husband and wife, as community property

4

 

	 	o	 	Joint Tenants
	 
	 	o	 	Other; please specify:                                                            

          1.3 Payment. Purchaser hereby delivers payment of the Exercise Price in the manner
permitted in the Stock Option Agreement as follows (check and complete as appropriate):

	 	o	 	in cash (by check) in the amount of $                    , receipt of which is
acknowledged by the Company;
	 
	 	o	 	by delivery of                      fully-paid, nonassessable and vested shares of
the Common Stock of the Company owned by Purchaser which have been paid
for within the meaning of SEC Rule 144, (if purchased by use of a promissory note, such note
has been fully paid with respect to such vested shares), or obtained by Purchaser in the open public market, and owned
free and clear of all liens, claims, encumbrances or security interests,
valued at the current fair market value of $                     per share;
	 
	 	o	 	through a “broker-assisted” or “same day sale” program, commitment from
the Purchaser or Authorized Transferee and an NASD Dealer meeting the
requirements set forth by the Company; or
	 
	 	o	 	through a “margin” commitment from Purchaser or Authorized Transferee
and an NASD Dealer meeting the requirements of the Company’s “margin”
procedures and in accordance with law.

     2. DELIVERY.

          2.1 Deliveries by Purchaser. Purchaser hereby delivers to the Company (i) this
Exercise Agreement and (ii) the Exercise Price and payment or other provision for any applicable
tax obligations.

          2.2 Deliveries by the Company. Upon its receipt of the Exercise Price, payment or
other provision for any applicable tax obligations and all the documents to be executed and
delivered by Purchaser to the Company under Section 2.1, the Company will issue a duly executed
stock certificate evidencing the Shares in the name of Purchaser.

     3. REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser represents and warrants to
the Company that:

          3.1 Agrees to Terms of the Plan. Purchaser has received a copy of the Plan and the
Stock Option Agreement, has read and understands the terms of the Plan, the Stock Option Agreement
and this Exercise Agreement, and agrees to be bound by their terms and conditions. Purchaser
acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition
of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or
disposition.

          3.2 Access to Information. Purchaser has had access to all information regarding the
Company and its present and prospective business, assets, liabilities and financial condition that
Purchaser reasonably considers important in making the decision to purchase the Shares, and
Purchaser has had ample opportunity to ask questions of the Company’s representatives concerning
such matters and this investment.

          3.3 Understanding of Risks. Purchaser has received and reviewed the Form S-8
prospectus for the Plan and Shares and is fully aware of: (i) the highly speculative nature of the
investment in the Shares; (ii) the financial hazards involved; (iii) the qualifications and
backgrounds of the management of the Company; and (iv) the tax consequences of investment in the
Shares. Purchaser is capable of evaluating the merits and risks of this investment, has

5

 

the ability to protect Purchaser’s own interests in this transaction and is financially capable of
bearing a total loss of this investment.

     4. COMPLIANCE WITH SECURITIES LAWS. Purchaser understands and acknowledges that the
exercise of any rights to purchase any Shares is expressly conditioned upon compliance with the
Securities Act and all applicable state securities laws. Purchaser agrees to cooperate with the
Company to ensure compliance with such laws.

     5. RESTRICTED SECURITIES.

          5.1 No Transfer Unless Registered or Exempt. Purchaser understands that Purchaser may
not transfer any Shares except when such Shares are registered under the Securities Act or
qualified under applicable state securities laws or unless, in the opinion of counsel to the
Company, exemptions from such registration and qualification requirements are available. Purchaser
understands that only the Company may file a registration statement with the SEC and that the
Company is under no obligation to do so with respect to the Shares, and may withdraw any such
registration statement at any time after filing. Purchaser has also been advised that exemptions
from registration and qualification may not be available or may not permit Purchaser to transfer
all or any of the Shares in the amounts or at the times proposed by Purchaser.

          5.2 SEC Rule 144. If Purchaser is an “affiliate” for purposes of Rule 144 promulgated
under the Securities Act, then in addition, Purchaser has been advised that Rule 144 requires that
the Shares be held for a minimum of six (6) months, and in certain cases one (1) year, after they
have been purchased and paid for (within the meaning of Rule 144). Purchaser understands
that Rule 144 may impose limitations on the volume of shares that can be sold, and may indefinitely
restrict transfer of the Shares so long as Purchaser remains an “affiliate” of the Company or if
“current public information” about the Company (as defined in Rule 144) is not publicly available.

     6. RIGHTS AS A STOCKHOLDER. Subject to the terms and conditions of this Exercise
Agreement, Purchaser will have all of the rights of a stockholder of the Company with respect to
the Shares from and after the date that Shares are issued to Purchaser until such time as Purchaser
disposes of the Shares.

     7. RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS.

          7.1 Legends. Purchaser understands and agrees that the Company will place any legends
that may be required by state or U.S. Federal securities laws, the Company’s Certificate of
Incorporation or Bylaws, any other agreement between Purchaser and the Company or, subject to the
assent of the Company, any agreement between Purchaser and any third party.

          7.2 Stop-Transfer Instructions. Purchaser agrees that, to ensure compliance with any
restrictions imposed by this Exercise Agreement, the Company may issue appropriate “stop-transfer”
instructions to its transfer agent, if any, and if the Company transfers its own securities, it may
make appropriate notations to the same effect in its own records.

          7.3 Refusal to Transfer. The Company will not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions
of this Exercise Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote
or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.

     8. TAX CONSEQUENCES. PURCHASER UNDERSTANDS AND REPRESENTS: (i) THAT PURCHASER HAS
REVIEWED THE PROSPECTUS PREPARED FOR THE PLAN AND CONSULTED PURCHASER’S PERSONAL TAX ADVISER IN
CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND (ii) THAT PURCHASER IS NOT RELYING ON
THE COMPANY FOR ANY TAX ADVICE. SET FORTH BELOW IS A BRIEF SUMMARY AS OF THE DATE THE PLAN WAS
ADOPTED BY THE BOARD OF SOME OF THE U.S. FEDERAL TAX CONSEQUENCES OF EXERCISE OF THE OPTION AND
DISPOSITION OF THE SHARES. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND

6

 

REGULATIONS ARE SUBJECT TO CHANGE. PURCHASER SHOULD CONSULT THE PROSPECTUS AND PURCHASER’S
PERSONAL TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

          8.1 Exercise of Nonqualified Stock Option. There may be a regular U.S. Federal income
tax liability upon the exercise of the Option. Purchaser will be treated as having received
compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair
Market Value of the Shares on the date of exercise over the Exercise Price. If Purchaser is or was
an employee of the Company, the Company may be required to withhold from Purchaser’s compensation
or collect from Purchaser and pay to the applicable taxing authorities an amount equal to a
percentage of this compensation income at the time of exercise.

          8.2 Disposition of Shares. The following tax consequences may apply upon disposition
of the Shares.

               (a) Nonqualified Stock Options. If the Shares are held for more than twelve (12)
months after the date of the transfer of the Shares pursuant to the exercise of an NQSO, any gain
realized on disposition of the Shares will be treated as long-term capital gain.

               (b) Withholding. The Company may be required to withhold from the Purchaser’s
compensation or collect from the Purchaser and pay to the applicable taxing authorities an amount
equal to a percentage of this compensation income.

     9. COMPLIANCE WITH LAWS AND REGULATIONS. The issuance and transfer of the Shares will
be subject to and conditioned upon compliance by the Company and Purchaser with all applicable
state and federal laws and regulations and with all applicable requirements of any stock exchange
or automated quotation system on which the Company’s Common Stock may be listed or quoted at the
time of such issuance or transfer.

     10. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under this
Exercise Agreement. No other party to this Exercise Agreement may assign, whether voluntarily or
by operation of law, any of its rights and obligations under this Exercise Agreement, except with
the prior written consent of the Company. This Exercise Agreement shall be binding upon and inure
to the benefit of the successors and assigns of the Company. Subject to the restrictions on
transfer herein set forth, this Exercise Agreement will be binding upon Purchaser and Purchaser’s
heirs, executors, administrators, legal representatives, successors and assigns.

     11. GOVERNING LAW. This Exercise Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to that body of laws
pertaining to conflict of laws.

     12. NOTICES. Any and all notices required or permitted to be given to a party
pursuant to the provisions of this Exercise Agreement will be in writing and will be effective and
deemed to provide such party sufficient notice under this Exercise Agreement on the earliest of the
following: (i) at the time of personal delivery, if delivery is in person; (ii) one (1) business
day after deposit with an express overnight courier for United States deliveries, or two (2)
business days after such deposit for deliveries outside of the United States, with proof of
delivery from the courier requested; or (iii) three (3) business days after deposit in the United
States mail by certified mail (return receipt requested) for United States deliveries. All notices
for delivery outside the United States will be sent by express courier. All notices not delivered
personally will be sent with postage and/or other charges prepaid and properly addressed to the
party to be notified at the address set forth below the signature lines of this Exercise Agreement,
or at such other address as such other party may designate by one of the indicated means of notice
herein to the other parties hereto. Notices to the Company will be marked “Attention: Stock Plan
Administration”.

     13. FURTHER ASSURANCES. The parties agree to execute such further documents and
instruments and to take such further actions as may be reasonably necessary to carry out the
purposes and intent of this Exercise Agreement.

7

 

     14. TITLES AND HEADINGS. The titles, captions and headings of this Exercise Agreement
are included for ease of reference only and will be disregarded in interpreting or construing this
Exercise Agreement. Unless otherwise specifically stated, all references herein to “sections” will
mean “sections” to this Exercise Agreement.

     15. ENTIRE AGREEMENT. The Plan, the Notice, the Stock Option Agreement and this
Exercise Agreement constitute the entire agreement and understanding of the parties with respect to
the subject matter of this Exercise Agreement, and supersede all prior understandings and
agreements, whether oral or written, between or among the parties hereto with respect to the
specific subject matter hereof.

     16. COUNTERPARTS. This Exercise Agreement may be executed in any number of
counterparts, each of which when so executed and delivered will be deemed an original, and all of
which together shall constitute one and the same agreement.

     17. SEVERABILITY. If any provision of this Exercise Agreement is determined by any
court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any
respect, such provision will be enforced to the maximum extent possible given the intent of the
parties hereto. If such clause or provision cannot be so enforced, such provision shall be
stricken from this Exercise Agreement and the remainder of this Exercise Agreement shall be
enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not
enforceable) never been contained in this Exercise Agreement. Notwithstanding the forgoing, if the
value of this Exercise Agreement based upon the substantial benefit of the bargain for any party is
materially impaired, which determination as made by the presiding court or arbitrator of competent
jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good
faith negotiations.

8

 

     IN WITNESS WHEREOF, the Company has caused this Exercise Agreement to be executed in
triplicate by its duly authorized representative and Purchaser has executed this Exercise Agreement
as of the Effective Date, indicated above.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	GLU MOBILE INC.	 	PURCHASER	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	(Signature)	 	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	(Please print name)	 	(Please print name)	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	(Please print title)	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Address:	 	Address:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Fax No.:	 	 	 	Fax No.	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Phone No.:

	 	 	 	Phone No.:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 

[Signature page to Glu Mobile Inc. Stock Option Exercise Agreement]

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}]]