Document:

<PAGE>

Exhibit 4.1

                 GLOBAL BEVERAGE SOLUTIONS, INC. 2008 STOCK PLAN

1.       PURPOSE; DEFINITIONS

         The purpose of the Plan is to support the Company's ongoing efforts to
attract and retain persons of exceptional talent to serve the Company and to
enable the Company to provide equity incentives to the Company's key employees,
officers, directors, contractors, and other service providers.

         For purposes of the Plan, the following terms are defined as set forth
below:

       (a) "Award" means any Stock, Stock Option or Restricted Stock award
granted to a key employee, officer, contractor, or other service provider
pursuant to this Plan.

       (b) "Board" means the Board of Directors of the Company.

       (c) "Change in Control" has the meaning given in Section 6.

       (d) "Committee" means the Board of Directors, or a subcommittee thereof,
any successor thereto, or such other committee or subcommittee as may be
designated by the Board to administer the Plan.

       (e) "Company" means Global Beverage Solutions, Inc. or any subsidiary or
affiliate thereof that is designated by the Committee as participating in the
Plan, or any successor thereto.

       (f) "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, and any successor thereto.

       (g) "Fair Market Value" means, on any date, the value of a share of Stock
as determined by the Committee, using a valuation methodology established by the
Committee that is consistent with Internal Revenue Code of 1986 Section 409A.
Unless otherwise determined by the Committee, the Fair Market Value of a share
of Stock shall be the closing price of a share of Stock as quoted on the last
trading day prior to the date of the Award (i) in the over-the-counter market,
if the Stock is not then listed and traded on a national securities exchange, or
(ii) on the national securities exchange on which the Stock is then listed and
traded.

       (h) "Incentive Stock Option" means any Stock Option intended to qualify
as an incentive stock option under Section 422 of the Internal Revenue Code of
1986, as amended, and any regulations promulgated thereunder.

       (i) "Nonqualified Stock Option" means any Stock Option that is not an
Incentive Stock Option.

                                       1
<PAGE>

       (j) "Plan" means the Global Beverage Solutions, Inc. 2008 Stock Plan, as
set forth herein and as it may be amended from time to time.

       (k) "Restricted Period" means the period during which an Award may not be
sold, assigned, transferred, pledged or otherwise encumbered.

       (l) "Restricted Stock" means an Award of shares of Stock pursuant to
Section 5(b).

       (m) "Spread Value" means, with respect to a share of Stock subject to a
Stock Option, an amount equal to the excess, if any, of the Fair Market Value on
the date such value is determined, over the Award's exercise price.

       (n) "Stock" means the common stock, par value $0.001 per share, of the
Company.

       (o) "Stock Option" means an option granted pursuant to Section 5.

2.     ADMINISTRATION

       The Plan is administered by the Committee, which will have the power to
interpret the Plan and to adopt such rules and guidelines for carrying out the
Plan as it may deem appropriate. The Committee will have the authority to adopt
such modifications, procedures, and subplans as may be necessary or desirable to
comply with the laws, regulations, compensation practices and tax and accounting
principles of the jurisdictions in which the Company, or any subsidiary or
affiliate may operate to assure the viability of the benefits of Awards made to
individuals employed in such jurisdictions and to meet the objectives of the
Plan.

       Subject to the terms of the Plan, the Committee will have the authority
to determine those individuals eligible to receive Awards and the amount, type
and terms of each Award and to establish and administer any performance goals
applicable to such Awards, provided that the Board may elect, prior to the date
such determinations are made, to make such determinations subject to
ratification by the Board.

       The Committee may delegate its authority and power under the Plan in
whole or in part to one or more officers of the Company, subject to guidelines
prescribed by the Committee and approved by the Board, with respect to
participants who would not be subject to Section 16 of the Exchange Act if the
Stock were registered under Section 12(b) or 12(g) of the Exchange Act.

       Any determination made by the Committee or pursuant to delegated
authority in accordance with the provisions of the Plan with respect to any
Award will be made in the sole discretion of the Committee or such delegate, and
all decisions made by the Committee, or any appropriately designated officer
pursuant to the provisions of the Plan, will be final and binding on all
persons, including the Company and Plan participants, provided that the Board
may elect, prior to the date such determinations or decisions are made, to make
such determinations or decisions subject to ratification by the Board.

                                       2
<PAGE>

3.     ELIGIBILITY

       Key employees, officers, and directors of the Company and contractors and
other persons or entities that provide services to the Company, as designated by
the Committee, are eligible to be granted Awards under the Plan.

4.     STOCK SUBJECT TO PLAN

       The number of shares of Stock reserved and available for distribution
pursuant to the Plan will be determined by the Committee, but shall not exceed
40,000,000 shares. Any or all of the authorized shares may be issued pursuant to
the exercise of Stock Options awarded under the Plan. If any Award is exercised,
is cashed out, terminates, expires, or is forfeited without a payment being made
to the participant in the form of unrestricted Stock, the shares subject to such
Award, if any, will again be available for distribution in connection with
Awards under the Plan. Any shares of Stock that are used by a participant as
full or partial payment of withholding or other taxes or as payment for the
exercise or conversion price of an Award will thereafter be available for
distribution in connection with Awards under the Plan.

       In the event of any merger, reorganization, consolidation,
recapitalization, share exchange, stock dividend, stock split, reverse stock
split, split-up, spin-off, issuance of rights or warrants or other change in
corporate structure affecting the Stock after adoption of the Plan by the Board,
the Committee will make appropriate substitutions or adjustments in the
aggregate number and kind of shares reserved for issuance under the Plan, in the
number, kind and price of shares subject to outstanding Awards and in the number
of shares reserved and available for distribution pursuant to the Plan,
provided, however, that any such substitutions or adjustments will be consistent
with the treatment of shares of Stock not subject to the Plan.

5.     AWARDS

       (a) Stock. The Committee may grant vested Stock Awards at such times and
in such amounts as the Committee may designate.

       (b) Restricted Stock. The Committee may grant Restricted Stock Awards
under the Plan. Shares of Restricted Stock are shares of Stock that are awarded
to a participant and that during the Restricted Period may be forfeitable to the
Company upon certain conditions. A Restricted Stock Award shall be set forth in
an Award agreement that contains the terms and conditions of the Award as
determined in the discretion of the Committee, including, but not limited to,
provisions regarding vesting, forfeiture, termination of employment, Change in
Control, noncompetition, nonsolicitation, and put and/or call rights. Restricted
Stock may not be sold, assigned, transferred, pledged or otherwise encumbered
during the Restricted Period. Except as provided in this subsection (b) and in
the applicable Award agreement, a participant will have all the rights of a
holder of Stock, including the rights to receive dividends and to vote during
the Restricted Period. Any dividends with respect to Restricted Stock that are
payable in stock will be paid in the form of Restricted Stock.

                                       3
<PAGE>

       (c) Stock Options. The Committee may grant Stock Options under the Plan.
A Stock Option represents the right to purchase a share of Stock at a
predetermined exercise price. The exercise price of a Stock Option may not be
less than 100% of the Fair Market Value on the date of grant. A Stock Option
Award shall be set forth in an Award agreement that contains the terms and
conditions of the Award as determined in the discretion of the Committee,
including, but not limited to, provisions regarding exercisability, vesting,
expiration, forfeiture, termination of employment, Change in Control,
noncompetition, nonsolicitation, and put and/or call rights. Stock Options
granted under this Plan may be in the form of Incentive Stock Options or
Nonqualified Stock Options, as specified in the Award agreement. Stock Options
may not be sold, assigned, transferred, pledged or otherwise encumbered. An
option holder will not have any rights of a holder of Stock solely by virtue of
holding a Stock Option. The term of each Stock Option will be set forth in the
Award agreement, but no Incentive Stock Option may be exercisable more than ten
years after the grant date and must have an exercise price at least equal to
Fair Market Value on the date of grant.

       Subject to the applicable Award agreement, Stock Options may be
exercised, in whole or in part, by giving written notice of exercise to the
Company specifying the number of shares to be purchased. This notice must be
accompanied by payment in full of the exercise price by certified or bank check
or such other instrument as the Company may accept (including a copy of
instructions to a broker or bank acceptable to the Company to deliver promptly
to the Company an amount of sale or loan proceeds sufficient to pay the purchase
price). If permitted by the Committee, payment in full or in part may also be
made in the form of Stock already owned by the optionee valued at the Fair
Market Value on the date the Stock Option is exercised.

6.     CHANGE IN CONTROL

       A "Change in Control" shall be deemed to have occurred if:

       (a) Any person or group of persons acting together ("Group") becomes the
beneficial owner, directly or indirectly, of the Company's Stock representing 50
percent or more of the combined voting power of the Company's then outstanding
Stock (other than any Company pension or benefits plan or any Person owning at
least five percent of the Stock of the Company as of the effective date of this
Plan);

       (b) There occurs a sale, exchange, transfer, or other disposition in one
or in a series of related transactions of all or substantially all of the assets
of the Company to another entity, person, or Group, except to an entity
controlled directly or indirectly by the Company, to any Company employee
pension or benefit plan, or to any person directly or indirectly owning at least
five percent of the Stock of the Company as of the effective date of this Plan;

       (c) There occurs a merger, consolidation, or other reorganization of the
Company, unless:

                                       4
<PAGE>

              (i) The stockholders of the Company immediately before such
merger, consolidation or reorganization own, directly or indirectly, immediately
following such merger, consolidation or reorganization, at least 51 percent of
the combined voting power of the outstanding voting securities of the entity
resulting from such merger, consolidation or reorganization (the "Surviving
Business Entity") in substantially the same proportion as their ownership of the
voting securities immediately before such merger, consolidation or
reorganization; or

              (ii) The individuals who were members of the Board immediately
prior to the execution of the agreement providing for such merger, consolidation
or reorganization constitute at least 51 percent of the members of the board of
directors of the Surviving Business Entity; or

       (d) A plan of liquidation or dissolution of the Company other than
pursuant to bankruptcy or insolvency laws is adopted.

7.     PLAN AMENDMENT AND TERMINATION

       The Board may amend or terminate the Plan or an Award agreement at any
time, provided that no Plan amendment will be made without stockholder approval
if such approval is required under applicable law. Except as set forth in any
Award agreement, no amendment or termination of the Plan or an Award agreement
may materially and adversely affect any outstanding Award under the Plan without
the Award recipient's consent.

8.     TRANSFERABILITY

       Except to the extent permitted by the Award agreement, either initially
or by subsequent amendment, Awards will not be transferable or assignable other
than by will or the laws of descent and distribution, and will be exercisable
during the lifetime of the recipient only by the recipient.

9.     GENERAL PROVISIONS

       (a) The Committee may require each recipient acquiring shares of Stock
pursuant to an Award to represent to and agree with the Company in writing that
such person is acquiring the shares without a view to the distribution thereof
and furnish such information as may, in the opinion of counsel for the Company,
be appropriate to permit the Company to issue the Stock in compliance with
applicable Federal and state securities laws. The certificates for such shares
may include any legend that the Committee deems appropriate to reflect any
restrictions on transfer.

       All certificates for shares of Common Stock or other securities delivered
under the Plan will be subject to such stock transfer orders and other
restrictions as the Committee may deem advisable under the rules, regulations
and other requirements of the Securities and Exchange Commission, any national
securities exchange upon which the Stock is then listed and any applicable
Federal, state or foreign securities law, and the Committee may cause a legend
or legends to be put on any such certificates to make appropriate reference to
such restrictions.

                                       5
<PAGE>

       (b) Nothing contained in this Plan will prevent the Company, a subsidiary
or an affiliate from adopting other or additional compensation arrangements for
its employees, contractors, or other service providers.

       (c) The adoption of the Plan will not confer upon any employee,
contractor or other service provider any right to continued employment or
engagement by the Company nor will it interfere in any way with the right of the
Company, a subsidiary or an affiliate to terminate the employment or engagement
of any employee, contractor, or other service provider at any time.

       (d) No later than the date as of which an amount first becomes includible
in the gross income of the Award recipient for Federal income tax purposes with
respect to any Award under the Plan, the Award recipient will pay to the
Company, or make arrangements satisfactory to the Company regarding the payment
of, any Federal, state, local or foreign taxes of any kind required by law to be
withheld with respect to such amount. If permitted by the Committee, withholding
obligations arising from an Award may be settled with Stock, including Stock
that is part of, or is received upon exercise or conversion of, the Award that
gives rise to the withholding requirement. The obligations of the Company under
the Plan will be conditional on such payment or arrangements, and the Company,
its subsidiaries and its affiliates will, to the extent permitted by law, have
the right to deduct any such taxes from any payment otherwise due to the
participant. The Committee may establish such procedures as it deems
appropriate, including the making of irrevocable elections, for the settling of
withholding obligations with Stock.

       (e) On receipt of written notice of exercise, the Committee may elect to
cash out all or a portion of the shares of Stock for which a Stock Option is
being exercised by paying the optionee an amount, in cash or Stock, equal to the
Spread Value of such shares on the date such notice of exercise is received.

       (f) The Plan and all Awards made and actions taken thereunder will be
governed by and construed in accordance with the laws of the United States and
the State of Florida.

       (g) If any provision of the Plan is held invalid or unenforceable, the
invalidity or unenforceability will not affect the remaining parts of the Plan,
and the Plan will be enforced and construed as if such provision had not been
included.

       (h) Any reference in the Plan to a provision of the Exchange Act or other
law may be interpreted by the Committee, in its discretion, to encompass any
successor provision of the law.

       (i) The Committee will have full power and authority to interpret, in its
sole discretion, the provisions of the Plan and any Award agreements, including
the ability to resolve any ambiguities, inconsistencies or omissions, and to
determine any and all questions arising under the Plan or such Award agreements.
All such interpretations, determinations and decisions of the Committee will be
final, conclusive and binding on all persons having an interest under the Plan.

       (j) The Plan is effective upon the later of its adoption by the Board or,
if stockholder approval is required under applicable law, upon stockholder
approval of the Plan.

                                       6exv10w1

 

EXHIBIT 10.1

SHAREHOLDER AGREEMENT

          SHAREHOLDER AGREEMENT, dated as of January 11, 2008 (this “Agreement”), by the
undersigned shareholder (the “Shareholder”) of Golden Cycle Gold Corporation, a Colorado
corporation (“Target”), for the benefit of AngloGold Ashanti Limited, a corporation
organized under the laws of the Republic of South Africa (“Parent”).

RECITALS

          WHEREAS, Parent, GCGC LLC, a Colorado limited liability company and an indirect wholly owned
subsidiary of Parent (“Merger Sub”), and Target are entering into the Agreement and Plan of
Merger, dated as of January 11, 2007 (the “Merger Agreement”), which provides for the
merger of Target with and into Merger Sub (the “Merger”);

          WHEREAS, the Shareholder owns that number of shares of common stock, no par value per share,
of Target (“Target Common Stock”), appearing on the signature page hereof (such shares of
Target Common Stock, together with any other shares of capital stock of Target acquired by such
Shareholder after the date hereof and during the term of this Agreement, being collectively
referred to herein as the “Subject Shares”); and

          WHEREAS, as a condition to its willingness to enter into the Merger Agreement, Parent has
required that the Shareholder agree, and in order to induce Parent to enter into the Merger
Agreement the Shareholder has agreed, to enter into this Agreement.

          NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements set
forth herein, the Shareholder agrees as follows:

          1. Covenants of Shareholder. Until the termination of this Agreement in accordance
with Section 3:

     (a) The Shareholder shall attend the Target Meeting, in person or by proxy, and at the
Target Meeting (or at any adjournment thereof) or in any other circumstances upon which a
vote, consent or other approval with respect to the Merger and the Merger Agreement is
sought, the Shareholder shall vote (or cause to be voted) the Subject Shares in favor of (i)
the Merger, the adoption of the Merger Agreement and the approval of the terms thereof and
each of the other transactions contemplated by the Merger Agreement and (ii) any other
matter necessary to the consummation of the Merger and the other transactions contemplated
by the Merger Agreement.

     (b) At any meeting of shareholders of Target or at any adjournment thereof or in any
other circumstances upon which the Shareholder’s vote, consent or other approval is sought,
the Shareholder shall vote (or cause to be voted) the Subject Shares against (i) any merger
agreement or merger (other than the Merger Agreement and the Merger), consolidation,
combination, sale of substantial assets, reorganization, recapitalization, dissolution,
liquidation or winding up of or by Target or any of its Subsidiaries or any other
Acquisition Proposal, (ii) any amendment of Target’s articles of incorporation or bylaws or
other proposal or transaction involving Target or any of its Subsidiaries, which

 

 

amendment or other proposal or transaction would in any manner impede, frustrate,
prevent or nullify the Merger, the Merger Agreement or any of the other transactions
contemplated by the Merger Agreement or change in any manner the voting rights of any class
of capital stock of Target or (iii) any action that would result in a breach of any
representation, warranty or covenant made by Target in the Merger Agreement. The
Shareholder further agrees not to commit or agree to take any action inconsistent with the
foregoing.

     (c) The Shareholder agrees not to (i) sell, transfer (including by operation of law),
pledge, assign, encumber or otherwise dispose of (including by gift) (collectively,
“Transfer”), or enter into any contract, option or other arrangement (including any
profit-sharing arrangement) with respect to the Transfer of the Subject Shares to any person
or (ii) enter into any voting arrangement (other than this Agreement), whether by proxy,
voting agreement or otherwise, or grant or appoint any power of attorney in relation to the
Subject Shares, and agrees not to commit or agree to take any of the foregoing actions.

     (d) The Shareholder shall not, nor shall the Shareholder authorize any investment
banker, consultant, attorney, agent or other advisor or representative of the Shareholder
to, (i) directly or indirectly initiate, solicit or knowingly encourage or facilitate
(including by furnishing non-public information) any inquiries regarding, or the making or
submission of any proposal that constitutes, or that may reasonably be expected to lead to,
an Acquisition Proposal or (ii) participate or engage in discussions or negotiations with,
or disclose any non-public information regarding Target or any of its Subsidiaries or afford
access to the properties, books or records of Target or any of its Subsidiaries to, any
Person that has made an Acquisition Proposal or to any Person that the Shareholder knows or
has reason to believe is contemplating making an Acquisition Proposal.

     (e) The Shareholder shall use the Shareholder’s commercially reasonable efforts to
take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and
cooperate with Target and Parent in doing, all things necessary, proper or advisable to
support and to consummate and make effective, in the most expeditious manner practicable,
the Merger and the other transactions contemplated by the Merger Agreement.

     (f) The Shareholder agrees to promptly notify Parent in writing of the nature and
amount of any acquisition by the Shareholder of any voting securities of Target acquired by
the Shareholder hereafter and promptly notify Parent in writing of the nature and amount of
any inquiry regarding, or the making or submission of any proposal that would constitute, or
that may reasonably be expected to lead to, an Acquisition Proposal.

     (g) The Shareholder hereby irrevocably grants to, and appoints any individual or
individuals who shall hereafter be designated by Parent, and each of them, the Shareholder’s
proxy and attorney-in-fact (with full power of substitution), for and in the name, place and
stead of the Shareholder, to vote, or cause to be voted, the Shareholder’s Subject Shares,
or grant a consent or approval in respect of such Subject Shares, at every

2

 

annual, special or other meeting of the shareholders of Target, and at any adjournment
or adjournments thereof, or pursuant to any consent in lieu of a meeting or otherwise,
solely in the manner specified in Section 1(a) and (b) hereof;
provided, however, that the foregoing grant of proxy shall terminate
immediately upon termination of this Agreement in accordance with its terms, including with
respect to matters as to which a record date has heretofore passed.

     (h) The Shareholder specifically recognizes and agrees that this grant of proxy is
coupled with an interest. This appointment of proxy shall survive the bankruptcy, merger,
dissolution, liquidation, death or incapacity of the Shareholder. The Shareholder
represents that any proxies heretofore given in respect of the Shareholder’s Subject Shares
are not irrevocable, and that any such proxies are hereby revoked.

          2. Representations and Warranties. The Shareholder represents and warrants to Parent
as follows:

     (a) The Shareholder is the record and beneficial owner of, and has good and marketable
title to, the Subject Shares, free and clear of any liens, claims, options or other
encumbrances. The Shareholder does not own, of record or beneficially, or have the right to
vote any shares of capital stock of Target other than the Subject Shares. The Shareholder
has the sole right to vote, and the sole power of disposition with respect to, the Subject
Shares, and none of the Subject Shares is subject to any voting trust, proxy or other
agreement, arrangement or restriction with respect to the voting or disposition of such
Subject Shares, except as contemplated by this Agreement.

     (b) This Agreement has been duly executed and delivered by the Shareholder. Assuming
the due authorization, execution and delivery of this Agreement by Parent, this Agreement
constitutes the valid and binding agreement of the Shareholder enforceable against the
Shareholder in accordance with its terms, except as such enforceability may be subject to
the effects of bankruptcy, insolvency, reorganization, arrangement, moratorium fraudulent
transfer, statutes of limitation, or other similar laws and judicial decisions affecting or
relating to the rights of creditors generally. The execution and delivery of this Agreement
by the Shareholder does not and will not conflict with, result in a breach of, or constitute
a default under, or give rise to any rights of termination, amendment, acceleration,
suspension, revocation or cancellation of, any agreement, order or other instrument binding
upon the Shareholder, nor require any regulatory registration, filing or approval.

     (c) The Shareholder acknowledges receipt and review of the Merger Agreement.

          3. Termination. The obligations of the Shareholder hereunder shall terminate upon the
earlier to occur of (i) the termination of the Merger Agreement pursuant to Section 10.1
thereof and (ii) the Effective Time.

          4. Further Assurances. The Shareholder will, from time to time, execute and deliver,
or cause to be executed and delivered, such additional or further consents, documents

3

 

and other instruments as Parent may reasonably request for the purpose of effectively carrying
out the transactions contemplated by this Agreement.

          5. Successors, Assigns and Transferees Bound. Any successor, assignee or transferee
(including a successor, assignee or transferee as a result of the death of the Shareholder, such as
an executor or heir) shall be bound by the terms hereof, and the Shareholder shall take any and all
actions necessary to obtain the written confirmation from such successor, assignee or transferee
that it is bound by the terms hereof.

          6. Remedies. The Shareholder acknowledges that money damages would be both
incalculable and an insufficient remedy for any breach of this Agreement by it, and that any such
breach would cause Parent irreparable harm. Accordingly, the Shareholder agrees that in the event
of any breach or threatened breach of this Agreement, Parent, in addition to any other remedies at
law or in equity it may have, shall be entitled, without the requirement of posting a bond or other
security, to equitable relief, including injunctive relief and specific performance.

          7. Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such a determination, the parties shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.

          8. Amendment. This Agreement may be amended only by means of a written instrument
executed and delivered by both the Shareholder and Parent.

          9. Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking
to enforce any provision of, or based on any matter arising out of or in connection with, this
Agreement or the transactions contemplated hereby shall be brought in any federal court located in
the State of Colorado or any Colorado state court, and each of the parties hereby irrevocably
consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in
any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding in any such court or that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any
such court. Without limiting the foregoing, each party agrees that service of process on such
party as provided in Section 12 shall be deemed effective service of process on such party.

          10. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND

4

 

ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF
THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 10.

          11. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Colorado, without regard to the conflicts of law rules of such state.

          12. Notice. All notices, requests and other communications to any party hereunder
shall be in writing (including facsimile transmission) and shall be given,

          (a) if to Parent, to:

AngloGold Ashanti Limited

11 Diagonal Street

Johannesburg 2001

P.O. Box 62117

Marshalltown 2107 South Africa

Attention:                     

Facsimile No.:                     

with a copy to:

Davis Graham & Stubbs LLP

1550 Seventeenth Street, Suite 500

Denver, Colorado 80202

Attention: Ronald R. Levine II, Esq.

Facsimile No.: 303-893-1379

          (b) if to the Shareholder to:

Prudent Bear Funds, Inc.

8140 Walnut Hill Lane, Suite 300

Dallas, Texas 75231

Attention: David W. Tice

Facsimile No.: 214-696-5474

with a copy to:

Dorsey & Whitney, LLP

370 Seventeenth Street, Suite 4700

5

 

Denver, CO 80202-5647

Attention: Kenneth G. Sam, Esq.

Facsimile No.: (303) 629-3450

          All such notices, requests and other communications shall be deemed given when delivered
personally, one day after being delivered to a nationally recognized overnight courier or when sent
by facsimile (with a confirmatory copy sent by such overnight courier).

          13. Capitalized Terms. Capitalized terms used in this Agreement that are not defined
herein shall have such meanings as set forth in the Merger Agreement.

          14. Counterparts. This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

[Signatures on Following Page]

6

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

	 	 	 	 	 
	 	DAVID W. TICE & ASSOCIATES, LLC

 	 
	 	By:  	/s/ David W. Tice	 
	 	 	Name:  	David W. Tice 	 
	 	 	Title:  	President 	 
	 
	 	
Number of shares of Target Common Stock owned on the
date hereof:  1,298,265 	 
	 

Accepted and Agreed to

as of the date set forth above:

	 	 	 	 	 
	ANGLOGOLD ASHANTI LIMITED

 	 	 
	By:  	/s/ Donald C. Ewigleben	 	 
	 	Name:  	Donald C. Ewigleben 	 	 
	 	Title:  	Executive Officer - Law, Health, Safety and Environment 	 	 
	 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]