Document:

Guaranty between MK Resources Company and Leucadia National Corporation

 EXHIBIT 10.3 
  
 GUARANTY 
  
 GUARANTY, dated as of March 4, 2005, by MK Resources Company (“Guarantor”), in favor of the Lender
(as defined below). 
  
 W I T
N E S S E T H: 
  
 WHEREAS, pursuant to the Credit Agreement dated as of March 4, 2005 (together with all appendices, exhibits and schedules thereto and as
the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms defined therein and used herein having the meanings given to them in the Credit Agreement) between MK
GOLD EXPLORATION B.V. (the “Borrower”) and Leucadia National Corporation (the “Lender”), the Lender has agreed to make extensions of credit to the Borrower upon the terms and subject to
the conditions set forth therein; 
  
 WHEREAS, the
Guarantor is the sole shareholder of the Borrower; 
  
 WHEREAS, the Guarantor will receive substantial direct and indirect benefits from the making of the Loans and the granting of the other financial accommodations to the Borrower under the Credit Agreement; and 
  
 WHEREAS, a condition precedent to the obligation of the Lender
to make extensions of credit to the Borrower under the Credit Agreement is that the Guarantor shall have executed and delivered this Guaranty for the benefit of the Lender; 
  
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 Section 1 Guaranty 
  
 (a) To induce the Lender to make the Loans, the Guarantor hereby absolutely, unconditionally and irrevocably guarantees, as
primary obligor and not merely as surety, the full and punctual payment when due, whether at stated maturity or earlier, by reason of acceleration, mandatory prepayment or otherwise in accordance herewith or any other Loan Document, of all the
Obligations, whether or not from time to time reduced or extinguished or hereafter increased or incurred, whether or not recovery may be or hereafter may become barred by any statute of limitations, whether or not enforceable as against the
Borrower, whether now or hereafter existing, and whether due or to become due, including principal, interest (including interest at the contract rate applicable upon default accrued or accruing after the commencement of any proceeding under Title 11
of the United States Code (the “Bankruptcy Code”), whether or not such interest is an allowed claim in such proceeding), fees and costs of collection. This Guaranty constitutes a guaranty of payment and not of collection.

  
 (b) The Guarantor further agrees that, if (i) any payment made
by the Borrower or any other person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or (ii) the proceeds of
collateral are required to be returned by the Lender to the Borrower, its estate, trustee, receiver or any other party, including the Guarantor, under any bankruptcy law, equitable cause or any other requirement of law, then, to the extent of such
payment or repayment, the Guarantor’s liability hereunder (and any Lien or other collateral 

 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 
securing such liability) shall be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing,
this Guaranty shall have been cancelled or surrendered (and if any Lien or other collateral securing the Guarantor’s liability hereunder shall have been released or terminated by virtue of such cancellation or surrender), this Guaranty (and
such Lien or other collateral) shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of the Guarantor in respect of the amount of
such payment (or any Lien or other collateral securing such obligation). 
  
 Section 2 Authorization; Other Agreements 
  
 The Lender is hereby authorized, without notice to, or demand upon, the Guarantor, which notice and demand requirements each are expressly waived hereby,
and without discharging or otherwise affecting the obligations of the Guarantor hereunder (which obligations shall remain absolute and unconditional notwithstanding any such action or omission to act), from time to time, to do each of the following:

  
 (a) supplement, renew, extend, accelerate or otherwise change
the time for payment of, or other terms relating to, the Obligations, or any part of them, or otherwise modify, amend or change the terms of any promissory note or other agreement, document or instrument (including the other Loan Documents) now or
hereafter executed by the Borrower and delivered to the Lender or any of them, including any increase or decrease of principal or the rate of interest thereon; 
  

(b) waive or otherwise consent to noncompliance with any provision of any instrument evidencing the Obligations, or any part thereof, or any other
instrument or agreement in respect of the Obligations (including the other Loan Documents) now or hereafter executed by the Borrower and delivered to the Lender or any of them; 
  
 (c) accept partial payments on the Obligations; 
  
 (d) receive, take and hold additional security or collateral for the payment of the Obligations or any part of them and
exchange, enforce, waive, substitute, liquidate, terminate, abandon, fail to perfect, subordinate, transfer, otherwise alter and release any such additional security or collateral; 
  
 (e) settle, release, compromise, collect or otherwise liquidate the Obligations or accept, substitute, release, exchange or
otherwise alter, affect or impair any security or collateral for the Obligations or any part of them or any other guaranty therefor, in any manner; 
  
 (f) add, release or substitute any one or more other guarantors, makers or endorsers of the Obligations or any part of them and otherwise deal with the
Borrower or any other guarantor, maker or endorser; 
  
 (g) apply
to the Obligations any payment or recovery (x) from the Borrower, from any other guarantor, maker or endorser of the Obligations or any part of them or (y) from the Guarantor in such order as provided herein, in each case whether such Obligations
are secured or unsecured or guaranteed or not guaranteed by others; 
  

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 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 (h) apply to the Obligations any payment or recovery from the Guarantor of the Obligations or any sum
realized from security furnished by the Guarantor upon its indebtedness or obligations to the Lender or any of them, in each case whether or not such indebtedness or obligations relate to the Obligations; and 
  
 (i) refund at any time any payment received by the Lender in respect of any
Obligation; provided, however, that the amount so refunded shall be fully guaranteed hereby regardless of whether this Guaranty shall have been cancelled or surrendered (or any collateral has been released or terminated by virtue thereof)
prior to such refund (it being understood that such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of the Guarantor hereunder in respect of the amount so refunded (and any
collateral so released or terminated shall be reinstated with respect to such obligations)); 
  
 even if any right of reimbursement or subrogation or other right or remedy of the Guarantor is extinguished, affected or impaired by any of the foregoing (including any election of remedies by reason of any judicial,
non-judicial or other proceeding in respect of the Obligations that impairs any subrogation, reimbursement or other right of the Guarantor). 
  
 Section 3 Guaranty Absolute and Unconditional 
  
 The Guarantor hereby waives any defense of a surety or guarantor or any other obligor on any obligations arising in
connection with or in respect of any of the following and hereby agrees that its obligations under this Guaranty are absolute and unconditional and shall not be discharged or otherwise affected as a result of any of the following: 
  
 (a) the invalidity or unenforceability of any of the Borrower’s
obligations under the Credit Agreement or any other Loan Document or any other agreement or instrument relating thereto, or any security for, or other guaranty of the Obligations or any part of them, or the lack of perfection or continuing
perfection or failure of priority of any security for the Obligations or any part of them; 
  
 (b) the absence of any attempt to collect the Obligations or any part of them from the Borrower or other action to enforce the same; 
  
 (c) failure by the Lender to take any steps to perfect and maintain any Lien on, or to preserve any rights to, any
collateral; 
  
 (d) any borrowing or grant of a Lien by the
Borrower, as debtor-in-possession, or extension of credit, under Section 364 of the Bankruptcy Code; 
  
 (e) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the Lender’s claim (or claims) for repayment of the
Obligations ; 
  
 (f) any use of cash collateral under Section 363
of the Bankruptcy Code; 
  
 (g) any agreement or stipulation as to
the provision of adequate protection in any bankruptcy proceeding; 
  
 (h) the avoidance of any Lien in favor of the Lender or any of them for any reason; 
  

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 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or
dissolution proceeding commenced by or against the Borrower, the Guarantor or any of the Borrower’s Subsidiaries, including any discharge of, or bar or stay against collecting, any Obligation (or any part of them or interest thereon) in or as a
result of any such proceeding; 
  
 (j) failure by the Lender to
file or enforce a claim against the Borrower or its estate in any bankruptcy or insolvency case or proceeding; 
  
 (k) any action taken by the Lender if such action is authorized hereby; or 
  
 (l) any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a surety or
guarantor or any other obligor on any obligations, other than the payment in full of the Obligations. 
  
 Section 4 Waivers 
  
 The Guarantor hereby waives diligence, promptness, presentment, demand for payment or performance and protest and notice of protest, notice of acceptance
and any other notice in respect of the Obligations or any part of them, and any defense arising by reason of any disability or other defense of the Borrower. The Guarantor shall not, until the Obligations are irrevocably paid in full and the
Commitment has been terminated, assert any claim or counterclaim it may have against the Borrower or set off any of its obligations to the Borrower against any obligations of the Borrower to it. In connection with the foregoing, the Guarantor
covenants that its obligations hereunder shall not be discharged, except by complete performance. 
  
 Section 5 Reliance 
  
 The Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Borrower and any endorser and other guarantor of
all or any part of the Obligations, and of all other circumstances bearing upon the risk of nonpayment of the Obligations, or any part thereof, that diligent inquiry would reveal, and the Guarantor hereby agrees that the Lender shall not have any
duty to advise the Guarantor of information known to it regarding such condition or any such circumstances. In the event the Lender, in its sole discretion, undertakes at any time or from time to time to provide any such information to the
Guarantor, the Lender shall be under no obligation (a) to undertake any investigation not a part of its regular business routine, (b) to disclose any information that the Lender, pursuant to accepted or reasonable commercial finance or banking
practices, wishes to maintain confidential or (c) to make any other or future disclosures of such information or any other information to the Guarantor. 
  
 Section 6 Waiver of Subrogation and Contribution Rights 
  
 Until the Obligations have been irrevocably paid in full and the Commitment has been terminated, the Guarantor shall not
enforce or otherwise exercise any right of subrogation to any of the rights of the Lender or any part of them against the Borrower or any right of reimbursement or contribution or similar right against the Borrower by reason of this Agreement or by
any payment made by the Guarantor in respect of the Obligations. 
  

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 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 Section 7 Subordination 
  
 The Guarantor hereby agrees that any Indebtedness of the Borrower now or
hereafter owing to the Guarantor, whether heretofore, now or hereafter created (the “Guarantor Subordinated Debt”), is hereby subordinated to all of the Obligations and that the Guarantor Subordinated Debt shall not be paid in whole
or in part until the Obligations have been paid in full and this Guaranty is terminated and of no further force or effect. No Guarantor shall accept any payment of or on account of the Guarantor Subordinated Debt at any time in contravention of the
foregoing. 
  
 Section 8 Default;
Remedies 
  
 The obligations of the Guarantor
hereunder are independent of and separate from the Obligations. If any Obligation is not paid when due, or upon any Event of Default hereunder or upon any default by the Borrower as provided in any other instrument or document evidencing all or any
part of the Obligations, the Lender may, at its sole election, proceed directly and at once, without notice, against the Guarantor to collect and recover the full amount or any portion of the Obligations then due, without first proceeding against
the Borrower or any other guarantor of the Obligations, or against any collateral under the Loan Documents or joining the Borrower or any other guarantor in any proceeding against the Guarantor. At any time after maturity of the Obligations, the
Lender may (unless the Obligations have been irrevocably paid in full), without notice to the Guarantor and regardless of the acceptance of any collateral for the payment hereof, appropriate and apply toward the payment of the Obligations (a) any
indebtedness due or to become due from the Lender to the Guarantor and (b) any moneys, credits or other property belonging to the Guarantor at any time held by or coming into the possession of the Lender or any of its respective Affiliates.

  
 Section 9 Irrevocability

  
 This Guaranty shall be irrevocable as to the Obligations (or
any part thereof) until the Commitment has been terminated and all monetary Obligations then outstanding have been irrevocably repaid in cash, at which time this Guaranty shall automatically be cancelled. Upon such cancellation and at the written
request of the Guarantor or its successors or assigns, and at the cost and expense of the Guarantor or its successors or assigns, the Lender shall execute in a timely manner a satisfaction of this Guaranty and such instruments, documents or
agreements as are necessary or desirable to evidence the termination of this Guaranty. 
  
 Section 10 Setoff 
  
 Upon the occurrence and during the continuance of an Event of Default, the Lender may, without notice to the Guarantor and regardless of the acceptance of any security or collateral for the payment hereof, appropriate
and apply toward the payment of all or any part of the Obligations (a) any indebtedness due or to become due from the Lender to the Guarantor and (b) any moneys, credits or other property belonging to the Guarantor, at any time held by, or coming
into, the possession of the Lender. 
  
 Section 11 No
Marshalling 
  
 The Guarantor consents and agrees
that neither the Lender nor any Person acting for or on behalf of the Lender shall be under any obligation to marshal any assets in favor of the Guarantor or against or in payment of any or all of the Obligations. 
  

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 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 Section 12 Enforcement; Amendments; Waivers 
  
 No delay on the part of the Lender in the exercise of any right or remedy
arising under this Guaranty, the Credit Agreement, any other Loan Document or otherwise with respect to all or any part of the Obligations, the collateral or any other guaranty of or security for all or any part of the Obligations shall operate as a
waiver thereof, and no single or partial exercise by any such Person of any such right or remedy shall preclude any further exercise thereof. No modification or waiver of any provision of this Guaranty shall be binding upon the Lender, except as
expressly set forth in a writing duly signed and delivered by the party making such modification or waiver. Failure by the Lender at any time or times hereafter to require strict performance by the Borrower, the Guarantor, any other guarantor of all
or any part of the Obligations or any other Person of any provision, warranty, term or condition contained in any Loan Document now or at any time hereafter executed by any such Persons and delivered to the Lender shall not waive, affect or diminish
any right of the Lender at any time or times hereafter to demand strict performance thereof and such right shall not be deemed to have been waived by any act or knowledge of the Lender, or its respective agents, officers or employees, unless such
waiver is contained in an instrument in writing, directed and delivered to the Borrower or the Guarantor, as applicable, specifying such waiver, and is signed by the party or parties necessary to give such waiver under the Credit Agreement. No
waiver of any Event of Default by the Lender shall operate as a waiver of any other Event of Default or the same Event of Default on a future occasion, and no action by the Lender permitted hereunder shall in any way affect or impair the
Lender’s rights and remedies or the obligations of the Guarantor under this Guaranty. Any determination by a court of competent jurisdiction of the amount of any principal or interest owing by the Borrower to the Lender shall be conclusive and
binding on the Guarantor irrespective of whether the Guarantor was a party to the suit or action in which such determination was made. 
  
 Section 13 Successors and Assigns 
  
 This Guaranty shall be binding upon the Guarantor and upon the successors and assigns of the Guarantor and shall inure to the benefit of the Lender and
their respective successors and assigns; all references herein to the Borrower and to the Guarantor shall be deemed to include their respective successors and assigns. The successors and assigns of the Guarantor and the Borrower shall include,
without limitation, their respective receivers, trustees and debtors-in-possession. All references to the singular shall be deemed to include the plural where the context so requires. 
  
 Section 14 Governing Law 
  
 This Guaranty and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 
  
 Section 15 Submission to Jurisdiction; Service of Process 
  
 (a) Any legal action or proceeding with respect to this Guaranty, and any other Loan Document, may be brought in the courts of the State of New York or of the United States of America for the Southern District of New
York, and, by execution and delivery of this Agreement, the Guarantor hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any
objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such respective
jurisdictions. 
  

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 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 (b) Nothing contained in this Section 15 (Submission to Jurisdiction; Service of
Process) shall affect the right of the Lender to serve process in any other manner permitted by law or commence legal proceedings or otherwise proceed against a Guarantor in any other jurisdiction. 
  
 (c) If for the purposes of obtaining judgment in any court it is necessary to
convert a sum due hereunder in U.S. Dollars into another currency, the parties hereto agree, to the fullest extent they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the
Lender could purchase U.S. Dollars with such other currency at the spot rate of exchange quoted by Citibank, N.A. at 11:00 a.m. (New York time) on the Business Day preceding that on which final judgment is given, for the purchase of U.S. Dollars,
for delivery two Business Days thereafter. 
  
 Section 16
Certain Terms 
  
 The following rules of interpretation
shall apply to this Guaranty: (a) the terms “herein,” “hereof,” “hereto” and “hereunder” and similar terms refer to this Guaranty as a whole and not to any particular Article,
Section, subsection or clause in this Guaranty, (b) unless otherwise indicated, references herein to an Exhibit, Article, Section, subsection or clause refer to the appropriate Exhibit to, or Article, Section, subsection or clause in this Guaranty
and (c) the term “including” means “including without limitation” except when used in the computation of time periods. 
  
 Section 17 Waiver of Jury Trial 
  
 EACH OF THE LENDER AND THE GUARANTOR
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
  
 Section 18 Notices 
  
 Any notice or other communication herein required or permitted shall be given as provided in Section 8.8 (Notices) of the Credit Agreement and, in
the case of the Guarantor, to the Guarantor at it’s address set forth on the signature pages hereto. 
  
 Section 19 Severability 
  
 Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this
Guaranty. 
  

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 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 Section 20 Collateral 
  
 The Guarantor hereby acknowledges and agrees that its obligations under this Guaranty are secured pursuant to the terms and
provisions of the Dutch Agreement and Deed of Pledge, and covenants that it shall not grant any Lien with respect to its property in favor, or for the benefit, of any Person other than the Lender or the Lender under the MK Resources Credit
Agreement. 
  
 Section 21 Costs and Expenses

  
 The Guarantor agrees to pay or reimburse the Lender upon
demand for all out-of-pocket costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel and costs of settlement), incurred by the Lender in enforcing this Guaranty or any security therefor or
exercising or enforcing any other right or remedy available in connection herewith or therewith. 
  
 Section 22 Waiver of Consequential Damages 
  
 EACH OF THE LENDER AND THE GUARANTOR
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED
BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER ANY
SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGE IN ANY LEGAL ACTION OR
PROCEEDING IN RESPECT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT. 

 
 Section 23 Entire Agreement 
  
 This Guaranty, taken together with all of the other Loan Documents executed
and delivered by the Guarantor, represents the entire agreement and understanding of the parties hereto and supersedes all prior understandings, written and oral, relating to the subject matter hereof. 
  
 [SIGNATURE PAGES FOLLOW]

  

 8 

 IN WITNESS WHEREOF, this Guaranty has been duly executed by
the Guarantor as of the day and year first set forth above. 
  

			
	 MK RESOURCES COMPANY,

	 as Guarantor

		
	 By:
	 	 /s/ John Farmer

	 Name:
	 	John Farmer
	 Title:
	 	CFO
	
	 NOTICE ADDRESS:

	
	 MK Resources Company

	 60 East South Temple, Suite 1225

	 Salt Lake City, Utah 84014

	 Attn:
	 	John Farmer
	 Fax:
	 	(801) 297-6950
	 Tel:
	 	(801) 297-6900

 GUARANTY 
 MK GOLD EXPLORATION B.V. 
  

 ACKNOWLEDGED AND AGREED 
 as of the date first above written: 
  

			
	 LEUCADIA NATIONAL CORPORATION

	 as the Lender

		
	 By:
	 	 /s/ Joseph A. Orlando

	 Name:
	 	Joseph A. Orlando
	 Title:
	 	Vice President

  

 10Agreement and Deed of Pledge

 EXHIBIT 10.4 
  
 AGREEMENT AND DEED OF PLEDGE 
  
 REGISTERED SHARES MK GOLD EXPLORATION B.V.  
  
 On this seventh day of March two thousand and five, appears before me Professor Martin van Olffen, “notaris” (civil law notary) in
Amsterdam: [**] 
  
 acting for the purposes hereof as attorney
authorized-in-writing of: 
  

	1.	MK Resources Company, a corporation organized under the laws of the State of Delaware, the United States of America with its registered office at: 1209 Orange Street,
City of Wilmington, County of New Castle, Delaware 19801, the United States of America, hereinafter: the “Pledgor”; 

  

	2.	Leucadia National Corporation, a corporation under the laws of the State of New York, the United States of America, with its registered office at: 315 Park Avenue
South, New York, NY 10010, the United States of America, hereinafter: the “Pledgee”; and 

  

	3.	MK Gold Exploration B.V., a private company with limited liability organized under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands
and with its address at: Strawinskylaan 3105 7E etage, 1077 ZX Amsterdam, the Netherlands, hereinafter: the “Company”, 

  
 and as such representing the Pledgor, the Pledgee and the Company, respectively. 
  

The person appearing before me declares as follows. 
  

 - 1 - 

 WHEREAS: 
  

	(i)	the Pledgee and the Pledgor have entered into Amendment No. 12 to the Credit Agreement (both as defined below), inter alia on the condition that the Pledgor will grant the Pledgee
security rights in the form of first ranking rights of pledge (pandrechten) on sixty-five percent (65%) of the Pledgor’s shares in the share capital of the Company in favour of the Pledgee pursuant to this Deed of Pledge;

  

	(ii)	the Pledgor is the holder of the Present Shares (as defined below); 

  

	(iii)	the Pledgor acquired legal title to the Present Shares at the incorporation of the Company by virtue of a notarial deed executed on the twenty-third day of February two thousand
before a duly authorized substitute of Mr. J.H.J. Preller, notaris at Rotterdam, the Netherlands, 

  
 THE PARTIES HERETO AGREE AND DECLARE AS FOLLOWS: 
  
 Article 1 
  
 Definitions 
  
 In this Deed of
Pledge the following capitalized terms shall have the meaning set opposite thereto unless expressly stated otherwise. 
  
 Amendment 12: Amendment 12 to the Credit Agreement, dated as of the fourth day of March two thousand and five; 
  
 Business Day: Any other day than: Saturday, Sunday and any other day on which banks
located in New York are authorized or required to close; 
  
 BV Credit
Agreement: The credit agreement dated as of the fourth day of March two thousand and five, between the Pledgee, as lender, and the Company, as borrower (as such credit agreement may be amended from time to time), pursuant to which a credit
facility was granted by the Pledgee to the Company; 
  

 - 2 - 

 Costs: Means the costs described in Article 11; 
  
 Credit Agreement: The credit agreement dated as of the first day of March nineteen hundred and ninety-eight, as amended by Amendments
numbered 1 through 11 and as further amended by Amendment 12, between the Pledgee, as lender, and the Pledgor, as borrower (and as such credit agreement may be further amended from time to time), pursuant to which a credit facility was granted by
the Pledgee to the Pledgor; 
  
 DCC: The Dutch Civil Code; 
  
 Deed or Deed of Pledge: This agreement and deed of pledge; 
  
 Event of Default: Has the meaning given to such term in the Credit Agreement and the
Guaranty; 
  
 Guaranty: The form of guaranty attached as Exhibit III to the
Credit Agreement dated as of the fourth day of March two thousand and five, by the Pledgor in favor of the Pledgee, made to induce the Pledgee to provide a credit facility in the form of the BV Credit Agreement to the Company; 
  
 Present Shares: Eighteen thousand two hundred (18,200) registered shares in the share
capital of the Company with a par value of one euro (EUR 1) each, numbers 1 up to and including 18,200, currently held by the Pledgor; 
  
 Secured Obligations: All existing and future claims by the Pledgee against the Pledgor to pay an amount of money by virtue of the Credit Agreement, the Guaranty
and this Deed of Pledge, including, but not limited to, all amounts of principal, interest and costs (including the Costs). 
  
 Pledged Shares: Eleven thousand eight hundred and thirty (11,830) shares in the share capital of the Company, with a par value of one euro (EUR 1) each, numbered 1
up to and including 11,830 (being sixty-five percent (65%) of the Present Shares). 
  

 - 3 - 

 Article 2 
  
 Agreement to pledge  
  

	2.1	Pursuant to Section 2.7 of the Credit Agreement as amended by Amendment 12, and Section 20 of the Guaranty, the Pledgor and the Pledgee have agreed, in order to secure to the
Pledgee the prompt payment in full of the Secured Obligations by the Pledgor, to create first ranking rights of pledge as meant in Section 3:236, subsection 2 DCC, on the Pledged Shares. 

  

	2.2	If and to the extent at any time it shall appear that any rights of pledge created hereby shall not have the ranking as referred to in paragraph 1 of this Article, the Pledgor and
the Pledgee confirm, and to the extent necessary, hereby further agree, that valid rights of pledge have or shall nevertheless (have been) created with the highest possible ranking as shall then be possible under Dutch law. 

 
 Article 3 
  
 Creation of rights of pledge 
  

	3.1	In order to secure to the Pledgee the prompt payment in full of the Secured Obligations by the Pledgor, the Pledgor creates first ranking rights of pledge (verpandt) as meant
in Section 3:236 subsection 2 DCC, to the Pledgee on the Pledged Shares, without prejudice to Article 5.1. hereof, which rights of pledge the Pledgee hereby accepts. 

  

	3.2	The Pledgor hereby irrevocably grants power of attorney (verleent onherroepelijke volmacht) to the Pledgee to represent the Pledgor with regard to all obligations of the
Pledgor under this Deed of Pledge. 

  
 Article 4

  
 Representations 
  
 The Pledgor hereby represents to the Pledgee that: 
  

	(a)	the Company has no shareholders other than the Pledgor and the Pledgor holds no other shares in the share capital of the Company than the Present Shares; 

 

 - 4 - 

	(b)	the Pledgor holds full and unencumbered title to the Pledged Shares; 

  

	(c)	the Pledged Shares are fully paid up; 

  

	(d)	the Pledgor has the full power (is volledig beschikkingsbevoegd) to pledge the Pledged Shares without any third-party rights being violated; 

  

	(e)	no limited rights (beperkte rechten) in respect of the Pledged Shares exist or have been created in advance (bij voorbaat) on the Pledged Shares, none have been
attached, none have been disposed of in advance (bij voorbaat), nor will be disposed of, other than as permitted under the Credit Agreement, the BV Credit Agreement, the Guaranty and/or this Deed of Pledge; 

  

	(f)	neither the Pledgor nor the Company has been dissolved and no resolution to dissolve the Pledgor or the Company has been adopted by its general meeting of shareholders, and neither
the Pledgor nor the Company has been dissolved by virtue of a decision to that effect by the competent court pursuant to an order thereto by the public prosecutor or pursuant to a request of the managing board or any interested third party, or by
virtue of a decision of the competent chamber of commerce; 

  

	(g)	no depositary receipts (certificaten) have been issued for the Pledged Shares with the co-operation of the Company; 

  

	(h)	except as permitted or contemplated by the Credit Agreement, the BV Credit Agreement, the Guaranty and/or this Deed of Pledge, neither the Company nor the Pledgor has entered into
any agreement pursuant to 

  

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 which it is obliged to do anything which would cause the foregoing to be untrue and incorrect, nor has
any agreement or other instrument been entered into or signed by the Pledgor or the Company pursuant to which it has transferred or is obliged to transfer any rights attached to the Pledged Shares or pursuant to which it has granted options,
warrants or similar rights with respect to the Pledged Shares; 
  

	(i)	no resolution or other action has been adopted or taken by the Company or its general meeting of shareholders since the Company’s incorporation to amend the articles of
association of the Company, other than the resolution of the twenty-eight day of February two thousand and five which is attached to this deed. 

  
 Article 5 
  
 Rights to collect distributions; voting rights; other rights 
  

	5.1	So long as no Event of Default shall have occurred the Pledgor shall be entitled to collect, retain and utilize 

  

	 	(a)	any and all dividends and any and all distributions from retained earnings and other reserves; 

  

	 	(b)	any and all distributions whether by way of return of paid up nominal share capital, paid in capital surplus, liquidation proceeds or otherwise, in respect of the Pledged Shares,
whether made in cash or in the form of assets, in such manner as the Pledgor deems appropriate, free from the rights of pledge hereby created. 

  
 The Pledgor is further in that event authorized to demand performance of the obligations to pay the distributions referred to above, whether by way of
court action or otherwise. 
  

	5.2	Upon or at any time after the occurrence of an Event of 

  

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 Default, the Pledgor’s rights under Article 5.1 hereof shall automatically cease and the Pledgee
shall be entitled to, and shall have the right to collect, any and all distributions as referred to in Article 5.1 and to demand performance of the payment obligation, whether by way of court action or otherwise, provided (i) that the Pledgee shall
apply any and all cash amounts so collected to satisfy the Secured Obligations, to the fullest extent permitted by Dutch law, in the manner set forth in Article 5.3, and provided (ii) that any distributions in the form of assets shall be received
subject to the rights of pledge hereby created, to the fullest extent permitted by or possible under Dutch law or any other law governing such assets or the creation of an encumbrance thereon. 
  

	5.3	Any net amount received by the Pledgee in accordance with Article 5.2 hereof, shall to the fullest extent permitted by Dutch law be applied by the Pledgee to satisfy the Secured
Obligations in the manner as it deems appropriate. 

  

	5.4	The Pledgee shall not have the rights which Dutch law affords the holders of depositary receipts for shares that have been issued with the co-operation of the company concerned as
referred to in Section 2:198, subsection 4, DCC. 

  

	5.5	So long as no Event of Default shall have occurred, the Pledgor shall have the voting rights pertaining to the Pledged Shares, and the Pledgor may exercise any and all of such
voting rights or any part thereof with due observance of Article 5.7 hereof (i) for any purpose not inconsistent with the terms of this Deed of Pledge, the Guaranty or the Credit Agreement and (ii) in a way 

  

 - 7 - 

 which in the Pledgee’s reasonable judgement shall have no material adverse effect on the value or
enforceability or the rights of pledge created hereby in the Pledged Shares. Upon or at any time after the occurrence of an Event of Default, the Pledgor’s rights under this Article 5.5 hereof shall automatically cease and the Pledgee shall
have the voting rights pertaining to the Pledged Shares, and the Pledgee may exercise any and all of such voting rights or any part thereof. 
  

	5.6	Both the stipulation that the Pledgee shall have the voting rights pertaining to the Pledged Shares upon an Event of Default and the transfer of the voting rights (overgang van
het stemrecht) within the meaning of Section 2:198, subsection 3, DCC are permitted under the articles of association of the Company and the creation of the rights of pledge has been unconditionally approved by a resolution in writing of the
managing board of the Company dated the fourth day of March two thousand and five, a copy of which is attached to this Deed. 

  

	5.7	Without prejudice to what has been provided in Article 5.5, the Pledgor shall not vote in favour of the following proposals made to the Company’s general meeting of
shareholders without the prior written consent of the Pledgee, which consent shall not be withheld unreasonably, and which shall be deemed to have been granted if not granted or refused and notified in writing to the Pledgor within five (5) Business
Days after the date of the request: 

  

	 	(a)	a resolution to amend the Company’s articles of association; 

  

	 	(b)	a resolution to dissolve the Company and a resolution to (de)merge the Company within the meaning of Chapter 7, Book 2, DCC; 

  

 - 8 - 

	 	(c)	a resolution to issue shares in the share capital of the Company and a resolution to grant rights to subscribe for shares in the share capital of the Company;

  

	 	(d)	a resolution to grant authority for the acquisition by the Company of shares in its own share capital; 

  

	 	(e)	a resolution to approve the transfer of shares in its own share capital to the Company or to approve a transfer of such shares held by the Company. 

  
 Article 6 
  
 Remedies 
  

	6.1	If (a) any of the Secured Obligations have become due and payable (whether at maturity or by acceleration upon the occurrence of an Event of Default); and (b) the Pledgor fails to
discharge any of such Secured Obligations, the Pledgor is in default (in verzuim) within the meaning of Section 3:248, DCC, and the Pledgee shall, without prejudice to the rights of the Pledgee referred to in Article 5.2 hereof, be entitled
to the fullest extent permitted by Dutch law, to 

  

	 	(i)	sell the Pledged Shares at a public auction in accordance with local custom and conditions in accordance with Section 3:250, DCC; or 

  

	 	(ii)	apply for a court order authorizing the sale of the Pledged Shares in a manner other than as referred to under (i) as to be determined by such court, or authorizing that title to
the Pledged Shares shall be vested in the Pledgee in payment of such amounts as determined by such court, in accordance with Section 3:251, DCC, 

  

 - 9 - 

 all the foregoing subject to any share transfer restrictions (blokkeringsbepalingen) as are
provided in the articles of association of the Company as such articles of association are in force at the time of such exercise. 
  

	6.2	Nothing in this Deed of Pledge shall prevent the Pledgee from exercising any and all rights and remedies under the Credit Agreement, the Guaranty or any other agreement to which the
Pledgor and the Pledgee are a party. 

  

	6.3	The Pledgor and the Pledgee agree that the Pledgee shall have the obligations as referred to in Section 3:252 DCC. 

  

	6.4	The Pledgor and the Pledgee agree that the Pledgor shall have the rights as referred to in Section 3:251, subsection 1, DCC. 

  
 Article 7 
  
 Termination; Amounts due 
  

	7.1	If the Pledgor has fully performed all of the Secured Obligations, or, insofar as the Secured Obligations relate to the Guaranty, the Pledgor has no further obligations under the
Guaranty, the Pledgee shall upon the Pledgor’s first request confirm in writing that the rights of pledge on the Pledged Shares have terminated. Articles 9, 11 and 13 shall survive the termination of the rights of pledge created hereby.

  

	7.2	The outstanding amounts of the Secured Obligations shall be determined by reference to the accounts, books and records of the Pledgee, which evidence shall be binding on the
Pledgor, without prejudice to the right of the Pledgor to prove otherwise. 

  

	7.3	The Pledgor agrees in advance with a written statement of the Pledgee stating that the Pledgee renounces (doet afstand van) the rights of pledge on any of the Pledged Shares
created by this Deed of Pledge. 

  

 - 10 - 

 Article 8 
  
 Amendments of the Secured Obligations 
  

	8.1	The Pledgor hereby explicitly acknowledges that any modification, amendment, release, waiver or modification of the Secured Obligations or any part thereof, this Deed of Pledge, the
Guaranty, the Credit Agreement or any other documentation guaranteeing or securing the Secured Obligations, or any part thereof, toward the Pledgee, shall not discharge or otherwise prejudice the rights of pledge created by this Deed of Pledge.

  

	8.2	No failure or delay by the Pledgee in exercising, and no course of dealing with respect to, any right, power or remedy under this Deed of Pledge, the Guaranty or under the Credit
Agreement or any document delivered in connection herewith, shall operate as a waiver thereof or shall impair such right, power or remedy, nor shall any single or partial exercise of any right, power or remedy preclude any further exercise thereof
or the exercise of any other right, power or remedy. 

  

	8.3	The rights of pledge created by this Deed of Pledge, shall be in addition to and shall not operate so as to prejudice or affect any other security right which the Pledgee may be
entitled to or at any time hereafter may acquire for or in respect of the Secured Obligations and shall not be affected by any invalidity of any such other security right. 

  
 Article 9 
  
 No liability of the Pledgee 
  
 The Pledgor shall indemnify (schadeloos stellen) the Pledgee against, and keep the Pledgee harmless from (vrijwaren), all losses, costs an damages of every
nature and kind 
  

 - 11 - 

 whatsoever, sustained or suffered by the Pledgee or for which the Pledgee may be or become liable as a result of the
pledging of the Pledged Shares by the Pledgor to the Pledgee by this Deed of Pledge, including such losses, costs and damages claimed by third parties and including legal costs to defend such claims. 
  
 Article 10 
  
 Miscellaneous 
  

	10.1	The Pledgor shall at all times immediately notify in writing the Pledgee of all that may be of significance to the Pledgee with regard to the Pledged Shares or the exercise of the
Pledgee’s rights, pursuant to this Deed of Pledge. 

  

	10.2	The Pledgor shall notify the Pledgee immediately in writing in the event of attachment (beslag) of all or any one of the Pledged Shares. The Pledgor shall inform the bailiff
serving the writ levying such attachment of the rights of the Pledgee under this Deed of Pledge. 

  
 Article 11 
  
 Costs

  

	11.1	If the Pledgor defaults in the fulfilment of any obligation towards third parties in relation to the Pledged Shares whatsoever, the Pledgee is authorized, but under no obligation,
to fulfil this obligation on behalf of and for the account of the Pledgor. The amounts due by the Pledgor to the Pledgee resulting therefrom will be considered as Costs incurred under this Deed of Pledge. 

  

	11.2	All Costs incurred by a party to this Deed in preparing, concluding or performing this Deed are for its own account. 

  

 - 12 - 

 Article 12 
  
 Notices 
  

	12.1	Any notice or other communication under or in connection with this Deed of Pledge shall be in writing and shall be delivered personally or by courier or by registered mail or fax to
the respective addresses or fax numbers set forth below or as a party may have notified to the other party in accordance with Article 12.2 and 12.3. A notice or communication which has not been given in accordance with this Article 12.1 shall be
invalid. 

  

	12.2	For all purposes hereof each party chooses domicile at the following address: 

  

the Pledgor at: 
  
 MK Resources Company 
 60 East South Temple,
Suite 1500 
 Salt Lake City, Utah 84014 
 Attention of John Farmer 
 Fax number: (801) 297 6950 
 Telephone number: (801) 297 6900 
  
 the Pledgee at: 
  
 Leucadia National
Corporation 
 315 Park Avenue South 
 New York, NY 10010-3679 
 Attention of Joseph Orlando 
 Fax number: (212) 598 3241 
 Telephone number: (212) 460 1932 
  
 the Company at: 
  
 60 East South Temple, Suite 1500 
 Salt Lake City, Utah 84014 
 Attention of John
Farmer 
 Fax number: (801) 297 6950 
 Telephone number: (801) 297 6900 
  

 - 13 - 

 Article 13 
  
 General conditions; applicable law; jurisdiction 
  

	13.1	The foregoing shall also apply to agreements in relation to this Deed of Pledge, to the extent the relevant agreement does not provide otherwise. 

  

	13.2	This Deed of Pledge shall exclusively be governed by Dutch law. 

  

	13.3	All disputes arising in connection with this Deed of Pledge and/or the agreements included herein, including but not limited to any disputes regarding the existence and validity
thereof shall exclusively by adjudicated by the competent courts in Amsterdam. 

  

	Article	14 

  
 Binding effect and entire agreement; amendment 
  

	14.1	If part of this Deed is or becomes invalid or non-binding, the parties shall remain bound to the remaining part. The parties shall replace the invalid or non-binding part by
provisions which are valid and binding and the effect of which, given the contents and purpose of this Deed, is, to the greatest extent possible, similar to that of the invalid or non-binding part. 

  

	14.2	This Deed may not be rescinded in whole or in part. 

  

	14.3	This Deed contains the entire agreement of the parties in relation to its subject matter. 

  

	14.4	Unless this Deed expressly provides otherwise, it contains no stipulations for the benefit of a third party which could be invoked by a third party against a party to this Deed.

  

	14.5	This Deed may only be amended or supplemented in writing. 

  

	14.6	With reference to the Rules of Professional Conduct (Verordening beroeps- en gedragsregels) of the Royal Dutch Organisation of Civil Law Notaries (Koninklijke
Notariële Beroepsorganisatie) all parties expressly 

  

 - 14 - 

 agree that (i) De Brauw Blackstone Westbroek N.V. acts as counsel to the Pledgor in connection with, or
acts as counsel for or on behalf of the Pledgor in the event of any dispute relating to, this Deed or any related agreement, and (ii) the civil law notary mentioned in the opening paragraph of this Deed executes this Deed even though he works at De
Brauw Blackstone Westbroek N.V. as civil law notary. 
  

	14.7	Subclauses 1 to 6 inclusive shall apply mutatis mutandis to all agreements connected with this Deed, unless the relevant agreement expressly provides otherwise.

  

	14.8	Waiver of any rights of pledge on one or more Pledged Shares created hereby can only be effected by notarial deed. 

  
 Acknowledgements by the Company 
  
 The Company hereby declares that it: 
  

	(a)	has reviewed this Deed of Pledge; 

  

	(b)	acknowledges the pledging of the Pledged Shares as set forth in this Deed of Pledge; 

  

	(c)	shall act in accordance with the provisions of this Deed of Pledge and, in particular, without limitations, shall notify the Pledgee timely and in writing of every general meeting
of shareholders of the Company; 

  

	(d)	shall without delay register the pledging of the Pledged Shares in the shareholders register of the Company together with the exact date and time of the rights of pledge created
hereby and shall issue to the Pledgee as soon as practically possible an extract from such register relating to the rights of pledge of the Pledged Shares. 

  
 Sufficient proof of the existence of the powers of attorney has been given to me, notaris. 
  

 - 15 - 

 The written powers of attorney are evidenced by three private instruments, which are attached to this deed. 

 
 To this deed are further attached the resolutions referred to in Articles 4.(i) and 5.6.

  
 In witness whereof the original of this deed which will be retained by me,
notaris, is executed in Amsterdam, on the date first mentioned in the head of this deed. 
  
 Having conveyed the substance of the deed and given an explanation thereto and having pointed out the consequences arising from the contents of the deed for the parties and following the statement of the person
appearing that she has taken note of the contents of the deed and agrees with the partial reading thereof, this deed is signed, immediately after reading those parts of the deed which the law requires to be read, by the person appearing, who is
known to me, notaris, and by myself, notaris, at . 
  

 - 16 -

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