# EDGAR Filing Document

**Accession Number:** 0000844551
**File Stem:** 0001193125-23-052064
**Filing Date:** 2023-2
**Character Count:** 122527
**Document Hash:** 2f867522432b72567dc81d55adb27091
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052064.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052064

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WOODSIDE ENERGY GROUP LTD
- **CENTRAL INDEX KEY:** 0000844551
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270076
- **FILM NUMBER:** 23678214

**BUSINESS ADDRESS:**
- **STREET 1:** 11 MOUNT STREET
- **STREET 2:** PERTH
- **CITY:** WESTERN AUSTRALIA
- **STATE:** C3
- **ZIP:** 6000
- **BUSINESS PHONE:** (618) 9348 5036

**MAIL ADDRESS:**
- **STREET 1:** 11 MOUNT STREET
- **STREET 2:** PERTH
- **CITY:** WESTERN AUSTRALIA
- **STATE:** C3
- **ZIP:** 6000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WOODSIDE PETROLEUM LTD
- **DATE OF NAME CHANGE:** 19881222

**As filed with the Securities and Exchange Commission on February 28, 2023** 

**Registration No. 333-** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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## Woodside Energy Group Ltd
**(Exact name of registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| **Australia** | **N/A** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **Woodside Energy Group Ltd**<br> **Mia Yellagonga, 11 Mount Street**<br> **Perth, Western Australia**<br> **Australia** | **6000** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**EQUITY AWARD RULES** 

**(Full title of the plans)** 

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**Woodside Energy (USA) Inc.** 

**3040 Post Oak Blvd Floor 18, Suite 1800-124** 

**Houston, TX 77056** 

**(Name and address of agent for service)** 

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**(713) 401-0000** 

**(Telephone number, including area code, of agent for service)** 

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***Copies to*:** 

**Robert L. Kimball** 

**Scott D. Rubinsky** 

**Vinson & Elkins L.L.P.** 

**2001 Ross Avenue, Suite 3900** 

**Dallas, Texas 75201** 

**(214) 220-7700** 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"). ☐

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**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS** 

This Form S-8 registers transactions in ordinary shares of Woodside Energy Group Ltd (the "Registrant"), no par value per share ("Shares"), underlying awards to be granted under the Equity Award Rules (the "Plan") to participants in the Plan who are residents or citizens of the United States or Trinidad and Tobago as well as any other service provider granted awards under the Plan (the "Covered Participants"). Shares are traded in the United States in the form of American Depositary Shares ("ADSs") and awards granted under the Plan may be settled in Shares or ADSs. This Form S-8 does not register all awards granted under the Plan worldwide. The Registrant will provide the Covered Participants with the document(s) containing the information required by Part I of Form S-8, as specified in Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under the Securities Act. In accordance with Rule 424 of the Securities Act, the Registrant has not filed such document(s) with the Commission, but such document(s) (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof) shall constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. The Registrant shall maintain a file of such documents in accordance with the provisions of Rule 428(a)(2) of the Securities Act. Upon request, the Registrant shall furnish to the Commission or its staff a copy or copies of all of the documents included in such file.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.** **Incorporation of Documents by Reference.** <br>

Except to the extent that information is deemed furnished and not filed pursuant to securities laws and regulations, the following documents have been filed by the Registrant with the Commission and are incorporated by reference into this Registration Statement and will be deemed to be a part hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's [Form 20-F](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/844551/000119312523049521/d426370d20f.htm) filed with the Commission on February 27, 2023, which includes audited financial statements for the latest fiscal year for which such statements have been filed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The description of the Registrant's Shares contained in its Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/844551/000119312522156896/d310325d8a12b.htm) (File No. 001-41404) filed with the Commission on May 23, 2022 pursuant to Section 12 of the Securities Exchange Act, which incorporates by
reference the description of the Shares and the American Depositary Shares set forth in the Registrant's Registration Statement on [Form F-4](http://www.sec.gov/Archives/edgar/data/844551/000119312522104305/d264337df4.htm) (File No. 333-264268), filed with the Commission on April 13, 2022, including any amendments or reports filed for the purpose of updating such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act and, to the extent specifically designated therein, Reports of Foreign Private Issuer on Form 6-K furnished by the Registrant to the Commission that are identified in such forms as being incorporated into this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement indicating that all of the securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part hereof from the date of filing such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4.** **Description of Securities.** <br>

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.** <br>

Not applicable.

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**Item 6.** **Indemnification of Directors and Officers.** <br>

Set forth below is a description of certain provisions of the Corporations Act 2001 of Australia ("Corporations Act") and the Registrant's constitution, as such provisions relate to the indemnification of the Registrant's directors and officers. This description is intended only as a summary and is qualified in its entirety by reference to the Corporations Act and the constitution.

*Australian law*. Australian law provides that a company or a related body corporate of the company may provide for indemnification of a person as an officer or auditor of the company, except to the extent of any of the following liabilities incurred as an officer or auditor of the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a liability owed to the company or a related body corporate of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a liability for a pecuniary penalty order made under Section 1317G or a compensation order under
Section 961M, 1317H, 1317HA, 1317HB, 1317HC or 1317HE of the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a liability that is owed to someone other than the company or a related body corporate of the company and did not
arise out of conduct in good faith.

Australian law provides that a company or related body corporate of the company must not indemnify a person against legal costs incurred in defending an action for a liability incurred as an officer or auditor of the company if the costs are incurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in defending or resisting proceedings in which the officer or director is found to have a liability for which
they cannot be indemnified as set out above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in defending or resisting criminal proceedings in which the person is found guilty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in defending or resisting proceedings brought by the Australian Securities and Investments Commission
("ASIC") or a liquidator for a court order if the grounds for making the order are found by the court to have been established (except costs incurred in responding to actions taken by the ASIC or a liquidator as part of an investigation
before commencing proceedings for the court order); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with proceedings for relief to the officer or a director under the Corporations Act, in which the
court denies the relief.

*The Registrant's Constitution*. To the extent permitted by and subject to the Corporations Act, the Registrant's Constitution provides that the Registrant must, to the extent the person is not otherwise indemnified, indemnify every officer and employee of the Registrant and its wholly owned subsidiaries, and may indemnify its auditor, against a liability incurred as an officer, employee or auditor to a person (other than the Registrant or a related body corporate) including a liability incurred as a result of appointment or nomination by the Registrant or a subsidiary as a trustee or as an officer of another corporation or body (including a statutory authority), unless the liability arises out of conduct involving a lack of good faith.

The Registrant's Constitution provides, subject to the Corporations Act, that the Registrant may enter into, and pay premiums on, an insurance policy in respect of any person where it is in the interests of the Registrant to do so. The Registrant has paid premiums for a "directors and officers" insurance policy, which insures Directors, company secretaries and employees against certain liabilities (including legal costs) they may incur in carrying out their duties for the Registrant.

*Commission Position*. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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**Item 7.** **Exemption from Registration Claimed.** <br>

Not applicable.

**Item 8.** **Exhibits.** <br>

The exhibits to this Registration Statement are listed in the Exhibit Index to this Registration Statement, which precedes such exhibits and is incorporated herein by reference.

**Item 9.** **Undertakings.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to the
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Constitution of Woodside Energy Group Ltd (incorporated by reference to Exhibit 99.4 to the Registrant's Form 6-K filed with the Commission on May 20, 2022).](http://www.sec.gov/Archives/edgar/data/844551/000119312522155464/d301808dex994.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1\* | [Opinion of Herbert Smith Freehills regarding the legality of the securities being registered.](d425360dex51.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1\* | [Equity Award Rules.](d425360dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;23.1\* | [Consent of Ernst & Young.](d425360dex231.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;23.2\* | [Consent of Herbert Smith Freehills (included as part of its opinion filed as Exhibit 5.1).](d425360dex51.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;23.3\* | [Consent of PricewaterhouseCoopers.](d425360dex233.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;24.1\* | [Power of Attorney (included as part of the signature pages to this Registration Statement).](#sig) |
| 107.1\* | [Calculation of Filing Fee Table.](d425360dexfilingfees.htm) |

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\* Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Perth, State of Western Australia, Australia on February 28, 2023.

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| | |
|:---|:---|
| **Woodside Energy Group Ltd** | **Woodside Energy Group Ltd** |
|  By: | /s/ Graham Tiver |
|  | Name: Graham Tiver |
|  | Title: Chief Financial Officer |

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KNOW ALL PERSONS BY THESE PRESENTS, that the person whose signature appears below hereby constitutes and appoints Graham Tiver as the undersigned's true and lawful attorney-in-fact and agent, with the powers of substitution and revocation, for the undersigned and in the undersigned's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto such attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite or necessary to be done in order to affect the same as fully, to all intents and purposes, as the undersigned might or could do in person, hereby ratifying and confirming all that such attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following person in the capacities indicated.

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Marguerite O'Neill | Chief Executive Officer | February 28, 2023 |
| Marguerite O'Neill | (Principal Executive Officer) |  |
| /s/ Graham Tiver | Chief Financial Officer | February 28, 2023 |
| Graham Tiver | (Principal Financial Officer and<br> Principal Accounting Officer) |  |
| /s/ Richard Goyder, AO | Non-Executive Director | February 28, 2023 |
| Richard Goyder, AO |  |  |
| /s/ Larry Archibald | Non-Executive Director | February 28, 2023 |
| Larry Archibald |  |  |
| /s/ Frank C. Cooper, AO | Non-Executive Director | February 28, 2023 |
| Frank C. Cooper, AO |  |  |
| /s/ Swee Chen Goh | Non-Executive Director | February 28, 2023 |
| Swee Chen Goh |  |  |

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Christopher M. Haynes, OBE | Non-Executive Director | February 28, 2023 |
| Christopher M. Haynes, OBE |  |  |
| /s/ Ian Macfarlane | Non-Executive Director | February 28, 2023 |
| Ian Macfarlane |  |  |
| /s/ Ann Pickard | Non-Executive Director | February 28, 2023 |
| Ann Pickard |  |  |
| /s/ Sarah Ryan | Non-Executive Director | February 28, 2023 |
| Sarah Ryan |  |  |
| /s/ Gene T. Tilbrook | Non-Executive Director | February 28, 2023 |
| Gene T. Tilbrook |  |  |
| /s/ Ben Wyatt | Non-Executive Director | February 28, 2023 |
| Ben Wyatt |  |  |

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**AUTHORIZED REPRESENTATIVE IN THE UNITED STATES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, Woodside Energy Group Ltd has duly caused this registration statement to be signed by the following duly authorized representative in the United States on February 28, 2023.

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| | |
|:---|:---|
| **Woodside Energy (USA) Inc.** | **Woodside Energy (USA) Inc.** |
| By: | /s/ Louise Hornby |
| Name: | Louise Hornby |
| Title: | Director |

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## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g425360g82v52.jpg) | Herbert Smith Freehills<br> Level 24<br> 80 Collins Street<br> Melbourne VIC 3000<br> Australia<br>**T** +61 2 9288 1567<br>**www.hsf.com** |

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**Opinion of Herbert Smith Freehills** 

28 February 2023

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| | |
|:---|:---|
| **To** | Woodside Energy Group Ltd<br> Mia Yellagonga, 11 Mount Street<br> Perth, Western Australia 6000<br> Australia |

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**Woodside Energy Group Ltd – Registration Statement on Form S-8** 

We have acted as Australian counsel for Woodside Energy Group Ltd (ACN 004 898 962), a corporation incorporated under the laws of Australia (the "**Company**"), in connection with the registration statement on Form S-8 filed by the Company with the United States Securities and Exchange Commission (the "**SEC**") on 28 February 2023 (the "**Registration Statement**"), under the United States Securities Act of 1933 (the "**Securities Act**") with respect to 500,000 fully paid ordinary shares of the Company (the "**Plan Shares**"), which includes the Plan Shares underlying the American Depositary Shares (together with the Plan Shares, the "**Plan Securities**"), to be delivered by the Company in connection with the awards to be granted under the Equity Award Rules (the "**Plan**") to participants in the Plan who are residents or citizens of the United States or Trinidad and Tobago as well as any other service provider granted awards under the Plan.

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| | |
|:---|:---|
| **1** | **DOCUMENTS**  |

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We have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reviewed the Registration Statement and the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reviewed, examined and relied upon the originals, or electronic or physical certified copies of, (a) records of the Company, including the constitution of the Company ()"**Constitution** "), (b) certain resolutions adopted by the Board and committees thereof, and (c) public documents and any other certificates, approvals,
instruments and documents as we have deemed relevant and necessary as the basis of the opinion set forth below (collectively, the "**Documents** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) received written confirmation from the Company's Company Secretary that the above referenced resolutions
have been approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) received written representations regarding certain factual matters from Woodside in a letter dated
February 28, 2023.

We have not reviewed any documents other than those referred to above and have not taken, and are not obliged to take, any steps to verify the assumptions contained in this opinion.

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| | |
|:---|:---|
| **2** | **ASSUMPTIONS**  |

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In examining the Documents and for the purposes of this opinion, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the genuineness of all signatures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the authenticity of all Documents submitted to us as originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the conformity to original documents of all Documents submitted to us as copies, whether physical or
electronic, and the authenticity of the originals of those copies and, where a Document has been examined by us in draft or specimen form, it will be or has been executed in the form of that draft or specimen;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that all Documents submitted to us are true and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each natural person or entity signing any Document reviewed by us had the legal capacity and authority to do so
and to perform his or her obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the extent that the Company or its directors have the right to make elections or exercise discretions in the
future in respect of allocations of Plan Shares pursuant to the Plan, that such elections and/or discretions are properly authorised and made at the time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all information provided to us, and any representations made to us by officers and employees of the Company in
connection with this opinion are true, correct and complete as to questions of fact when provided and remain so at the date of this opinion, containing all information required, without us making any separate enquiry or investigation, in order for
us to provide this opinion.

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| | |
|:---|:---|
| **3** | **OPINION**  |

---

Based upon the assumptions under paragraph 2 of this letter and the review of the documents referred to in paragraph 1, and subject to the qualifications under paragraph 4 of this letter, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent Plan Shares will consist of newly issued ordinary shares of the Company, such Plan Shares, when
issued in accordance with the terms of the Plan, will be validly issued, fully paid and non-assessable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent Plan Shares will consist of already issued ordinary shares of the Company, such Plan Shares, when
acquired, allocated, and duly registered in accordance with the terms of the Plan, will be validly issued, fully paid and non-assessable.

For the purpose of this opinion, the term "non-assessable", when used to describe the liability of a person as the registered holder of shares has no clear meaning under the laws of Australia, so we have assumed those words to mean that, under the *Corporations Act 2001* (Cth), the Constitution, and any resolution taken under the Constitution approving the issue of the Plan Shares, no holder of the Plan Securities is liable, by reason solely of being a holder of Plan Securities, for additional payments or calls for further funds by the Company or any creditor of the Company.

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| | |
|:---|:---|
| **4** | **QUALIFICATIONS**  |

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This opinion is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this opinion is limited to the laws of Australia and we do not express any opinion as to the effect of any
other laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the
matters expressly stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) this opinion letter has been delivered on the date hereof based on the laws of Australia in effect on this
date, and we undertake no, and disclaim any, duty to advise you regarding any changes in, or to otherwise communicate with you with respect to, the matters and opinion set forth herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) we express no opinion as to the enforceability of any Documents.

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| | |
|:---|:---|
| **5** | **CONSENT**  |

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We hereby consent to the filing of our opinion as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC.

Yours faithfully

/s/ Herbert Smith Freehills

28 February 2023

## Exhibit 10.1

**Exhibit 10.1** 

**Equity Award Rules** 

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**Woodside Energy Group Ltd** 

**ACN 004 898 962** 

Adopted by the Board on 15 February 2023

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0 INTRODUCTION

Equity Award Rules

INTRODUCTION

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The purpose of these Rules is to allow the Board to make Offers of Incentive Securities to Eligible Employees.

These Rules outline the terms and conditions upon which Offers will be made, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the process for making and accepting Offers (**Part A**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the type of securities that may be offered (being Rights and Restricted Shares) (**Part B**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general terms and conditions that apply to Incentive Securities (**Part C**).

Capitalised terms are defined in Part D of these Rules.

PART A

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1 Offers of Incentive Securities

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**1.1** **Board to make invitations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may, from time to time, in its absolute discretion invite Eligible Employees to participate in a
grant of Incentive Securities (**Offer**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Offers will be made on the terms set out in these Rules and/or on any additional or alternative terms as the
Board determines, as specified in the terms of an Offer.

**1.2** **Information to be provided to Participants** 

Without limiting the Board's discretion, the terms of the Offer to an Eligible Employee may include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the type and number of Incentive Securities being offered, or the method by which the number will be
calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount (if any) that will be payable for the grant of Incentive Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Vesting Conditions or other conditions that apply, including any Vesting Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where a Right will be exercisable, information relating to the exercise of a Right, including any exercise
price payable and the period(s) during which it may be exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the circumstances in which Rights may lapse, Shares (including Restricted Shares) allocated under these Rules
may be forfeited or a Participant's entitlement to Incentive Securities may be reduced;

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0 PART B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) how Incentive Securities may be treated if the Eligible Employee ceases employment with a Group company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any restrictions (including the period of restriction) on Dealing in relation to a Restricted Share or Share
allocated to the Eligible Employee under these Rules.

**1.3** **Acceptance of Offer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Acceptance of an Offer must be made by the Eligible Employee in accordance with the instructions that accompany
the Offer, or in any other way the Board determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing limits the Board's ability to treat the conduct of an Eligible Employee in respect of an Offer
(including the failure of an Eligible Employee to lodge an election not to participate within the time specified in the instructions accompanying the Offer) as valid acceptance of that Offer under these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board may revoke an Offer given to an Eligible Employee prior to the date specified for the acceptance of
the Offer or the grant being made, whichever is later, and such Offer will be deemed never to have been made.

**1.4** **Offer terms and conditions take precedence** 

To the extent of any inconsistency, the terms and conditions advised to an Eligible Employee in an Offer will prevail over any other provision of these Rules.

PART B

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| 2 | Rights  |

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**2.1** **Grant** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where an Eligible Employee has accepted an Offer to participate in a grant of Rights in accordance with rule
1.3(a), the Board will, subject to its discretion under rule 1.1(a), grant Rights to the Eligible Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Board determines otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no payment is required for the grant of a Right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Rights may not be registered in any name other than that of the Eligible Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subdivision 83A-C of the Tax Act applies to the Rights (subject to the
requirements of the Tax Act).

**2.2** **Vesting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to any express rule to the contrary, a Right will only Vest (and if applicable, become exercisable)
where each Vesting Condition, and all other relevant conditions advised to the Participant by the Board pursuant to rule 1.2, have been satisfied or otherwise waived by the Board.

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2 Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vesting occurs upon notification from the Company to the Participant that a Right has Vested pursuant to this
rule 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where the Board notifies a Participant that a Right is exercisable, the exercise of the Right will be effected
in the form and manner determined by the Board and notified to the Participant. If an exercisable Right is not exercised (or otherwise surrendered by the Participant) by the end of the exercise period or expiry date specified in the terms of an
Offer, the Right will be automatically exercised on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Vesting or exercise of a Right would arise in a period where Dealings by a Participant would be
prohibited or the Board determines that the Vesting of a Right would otherwise be inappropriate in the circumstances, the Board may determine that Vesting or exercise will be delayed until such time as Dealings are permitted or appropriate. For the
avoidance of doubt, the Board may determine that Vesting or exercise will be delayed only in relation to the affected Participant or in relation to some or all Participants (irrespective of whether they are subject to the Dealing restriction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the time an Offer is made or at any time prior to Vesting or exercise (if applicable) of the Right, the
Board may determine that the Vesting (and if applicable, exercise) of some or all Rights will be satisfied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an allocation of Shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) making a cash payment under rule 2.4 (instead of an allocation of Shares).

If no determination is made, the Vesting (and, if applicable, exercise) of a Right will be satisfied by the Company allocating Shares to the Participant pursuant to rule 2.3.

The Participant has no entitlement to receive a Share or a cash payment under rule 2.2(e) until the Rights have Vested, and if applicable, been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of a Participant who is a US taxpayer, the Board shall not exercise any power or discretion under
these Rules in a manner that would cause a payment or transfer of Shares to occur later than 15 March following the taxable year in which vesting occurred.

**2.3** **Allocation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to rules 2.3(b) and 2.3(c), where Vesting (and if applicable, exercise) of a Right will be satisfied by
an allocation of Shares under rule 2.2(e), as soon as practicable following Vesting (and if applicable, exercise) of a Right, the Board must issue to, procure the transfer to, or procure the setting aside for, the Participant the number of Shares in
respect of which Rights have Vested or have been exercised (as applicable). No further action is required on the part of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of Rights held by or on behalf of a Participant who is a Director, Vested (and if applicable,
exercised) Rights must be satisfied by Shares that have been purchased on market, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no shareholder approval is required under the Listing Rules in respect of the Director's participation in
the Offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) shareholders have approved the Director's participation in the Offer to the extent required under the
Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the allocation of a Share would arise in a period where Dealings by a Participant would be prohibited or the
Board determines that the allocation of a Share would otherwise be inappropriate in the circumstances, the Board may determine that allocation will be delayed until such time as Dealings are permitted or appropriate.

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3 Restricted Shares

**2.4** **Payment of cash equivalent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where the Board determines under rule 2.2(e) to make a cash payment to a Participant in lieu of an allocation
of Shares, the Company must pay to the Participant an amount in Australian dollars (or any other currency determined by the Board in its absolute discretion) equivalent to the value of the Shares underlying the relevant Rights that the Board
determines will be settled by making a cash payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the cash payment referred to in rule 2.4(a) will be calculated by multiplying the number of
Shares underlying the Rights that the Board determines will be settled by making a cash payment by the Current Market Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Board determines that the payment under rule 2.4(a) is to be made in a currency other than Australian
dollars, unless the Board determines otherwise, the foreign exchange rate applied will be the average closing exchange rate of the relevant currency for the 5 days prior to the date of Vesting (or, if applicable, exercise).

**2.5** **Lapse or automatic exercise of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Right will lapse upon the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 15 years after the date on which the Right was allocated to the Participant, or any date specified as the
expiry date in in the Offer, other than a Vested but unexercised Right which will be automatically exercised on the applicable expiry date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Right lapsing in accordance with a provision of these Rules (including in accordance with a term of an
Offer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) failure to meet a Vesting Condition or any other condition applicable to the Right within the Vesting Period;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the receipt by the Company of a notice in writing from a Participant to the effect that the Participant has
elected to surrender the Right.

3 Restricted Shares

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**3.1** **Allocation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After an Eligible Employee has accepted an Offer to participate in a grant of Restricted Shares in accordance
with rule 1.3(a), the Board must, subject to its discretion under rule 1.1(a) and rule 3.1(b), allocate the Restricted Shares in accordance with any timeframe specified in the Offer by either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) issuing Restricted Shares to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) procuring the transfer of Restricted Shares to; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) procuring the setting aside of Restricted Shares for,

the Eligible Employee.

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3 Restricted Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the allocation of a Restricted Share would arise in a period where Dealings by a Participant would be
prohibited or the Board determines that the allocation of a Restricted Share would otherwise be inappropriate in the circumstances, the Board may determine that allocation will be delayed until such time as Dealings are permitted or appropriate. For
the avoidance of doubt, the Board may determine that allocation will be delayed only in relation to the affected Participant or in relation to some or all of Participants (irrespective of whether they are subject to the Dealing restriction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Board determines otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no payment is required for the grant of a Restricted Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Restricted Shares may not be registered in any name other than that of the Eligible Employee, or the Trustee.

**3.2** **Cessation of restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to any express rule to the contrary, a Share only ceases to be a Restricted Share (i.e. Vests) where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Vesting Period and each other relevant condition (including all Vesting Conditions) advised to the
Participant by the Board pursuant to rule 1.2 have been satisfied or otherwise waived by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company notifies the Participant that the restrictions in respect of the Restricted Share have ceased or no
longer apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of an Offer and the Securities Dealing Policy, when a Share ceases to be a Restricted
Share, all restrictions on disposing of, or otherwise Dealing with, that Share, as set out in these Rules or the terms of an Offer, will cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Vesting of a Restricted Share would arise in a period where Dealings by a Participant would be
prohibited or would otherwise be inappropriate in the circumstances, the Board may determine that Vesting will be delayed until such time as Dealings are permitted or appropriate. For the avoidance of doubt, the Board may determine that Vesting will
be delayed only in relation to the affected Participant or in relation to some or all Participants (irrespective of whether they are subject to the Dealing restriction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless provided otherwise in the terms of an Offer, when a Share that is held by the Trustee on behalf of a
Participant ceases to be a Restricted Share, the Trustee will continue to hold the Share on trust on behalf of the Participant until such time as the Participant, or the Company on behalf of the Participant, directs the Trustee to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) transfer the Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) into the Participant's name or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to another account the Participant nominates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to an account to be held on the Participant's behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) sell the Share and pay the proceeds of sale (net of any applicable brokerage, commission, stamp duty or other
transaction costs) to the Participant.

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0 PART C

**3.3** **Forfeiture of Restricted Shares** 

A Restricted Share will be forfeited upon the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Restricted Share being forfeited in accordance with a provision of these Rules (including in accordance
with a term of an Offer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the failure to meet a Vesting Condition or any other condition applicable to the Restricted Share within the
Vesting Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the receipt by the Company of a notice in writing from a Participant to the effect that the Participant has
elected to surrender the Restricted Share.

PART C

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4 Prohibited Dealings

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Securities Dealing Policy, any Dealing in respect of an Incentive Security prior to Vesting is
prohibited unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Board determines otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Dealing is required by law and the Participant has provided satisfactory evidence to the Company of that
fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where, in the opinion of the Board, a Participant Deals with a Right in contravention of rule 4(a), the Right
will immediately lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where, in the opinion of the Board, the Participant (or the Trustee at the Participant's direction) Deals
with a Restricted Share in contravention of rule 4(a), the Restricted Share is deemed to immediately be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may, at its discretion, impose restrictions on Dealing in respect of any Shares allocated under these
Rules (including upon Vesting or exercise of Rights or at the request of a Participant) and may implement any procedure it considers appropriate to enforce such restrictions. Where a Participant requests that the Board impose restrictions on Dealing
in respect of any Shares, the Board has the discretion to accept or reject such a request.

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5 Preventing inappropriate benefits

5 Preventing inappropriate benefits

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may do any of the things in rule 5(b) where, in the opinion of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) has acted fraudulently or dishonestly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) has engaged in gross misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) has engaged in an act which has brought the Company, the Group or any Group company into disrepute or may
negatively impact the Company's, Group's or any Group company's reputation in a material way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) has breached their duties or obligations to the Company or any Group company (including acting in breach of the
terms and conditions of their employment or the Group's Code of Conduct);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) owes money or a debt to the Company or a Group company and has not otherwise agreed to an alternative
arrangement with the Company or Group company (as applicable) to settle the debt owed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) is convicted of an offence or has a judgment entered against them in connection with the affairs of the Group;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) there is a Financial Misstatement Circumstance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a Participant's Incentive Securities Vest or may Vest as a result of the fraud, dishonesty, negligence or
breach of duties or obligations of any other person (including a breach by that person of the terms and conditions of their employment or the Group's Code of Conduct) and in the opinion of the Board, the Incentive Securities will not or would
not have otherwise Vested; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a significant unexpected or unintended consequence or outcome has occurred which impacts the Group or a Group
company, including where the original expected performance outcomes which the Incentive Securities were intended to promote have not been realised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Company (or another Group company) is required or entitled to reclaim remuneration from a Participant or
reduce a Participant's remuneration outcome under one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) regulation, including a direction or guidance from a regulator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Company or Group policy (as amended from time to time); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Vesting of some or all of the Participant's unvested Incentive Securities is not justified or supportable,
having regard to any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the personal performance and/or conduct of a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the performance of the business unit or function in which the Participant is employed or for which they have
accountability, or which is relevant in relation to the Participant's role;

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5 Preventing inappropriate benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the performance of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any other factor which the Board reasonably determines is appropriate to take into account in relation to the
Participant's entitlements under these Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any additional circumstances specified in an Offer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may determine that any or all of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) some or all of the following held by or on behalf of the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) unvested Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Vested but unexercised Rights; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Shares (including Restricted Shares) allocated under these Rules,

will lapse or be deemed to be forfeited (as the case may be), and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Participant must pay or repay (as the case may be) to the Company as a debt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all or part of the net proceeds of sale where Shares allocated under these Rules have been sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any cash payment received under these Rules; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any dividends or distributions received in respect of Shares allocated under these Rules; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the restrictions on disposing or otherwise Dealing with a Participant's Restricted Shares are extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Board is considering the application of this rule 5; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Participant is under investigation by the Group, a Group company or an external third party (including a
regulator); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such other circumstances specified in an Offer,

the Board may determine that any or all of the following will occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Vesting, exercise and/or allocation of a Participant's Incentive Securities be delayed or suspended
(as appropriate) until such time as the Board determines (including until the final conclusion of any investigation under rule 5(c)(2)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the restrictions on disposing or otherwise Dealing with a Participant's Restricted Shares are extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may specify in an Offer additional circumstances in which a Participant's entitlement to
Incentive Securities or Shares or cash received on vesting of Incentive Securities may be reduced or extinguished.

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6 Discretion regarding vesting

6 Discretion regarding vesting

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The Board may in its absolute discretion apply an adjustment (upwards or downwards) to the number of a Participant's Incentive Securities that Vest based on application of the Vesting Conditions and any other relevant conditions. In exercising this discretion, the Board may have regard to one or more of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the personal performance of a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the performance of the division or function in which the Participant is employed or for which they have
accountability, or which is relevant in relation to the Participant's role;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the performance of the Group or any Group company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other factor which the Board reasonably determines is appropriate to take into account in relation to the
Participant's Incentive Securities.

Where the Board applies its discretion to reduce the number of a Participant's Incentive Securities that Vest, those Incentive Securities that would otherwise have Vested will instead lapse or be forfeited (as applicable).

7 Forfeiture of Shares

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where Shares (including Restricted Shares) are forfeited in accordance with these Rules and the Shares are held
by the Participant, the Participant is deemed to have agreed to dispose of their legal and/or beneficial interest (as appropriate) in such Shares for nil consideration and the Shares will be transferred into the name of the Company's nominee
who will then hold full legal and beneficial title to those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where Shares (including Restricted Shares) are forfeited in accordance with these Rules and the Shares are held
by the Trustee, the Participant's rights in the Shares will be extinguished for total aggregate consideration of A$1.00 **.** Forfeited Shares held by the Trustee will be held as general trust property in accordance with the terms of the
Trust Deed and the Board may, at any time in the future, direct the Trustee to hold the Shares for the benefit of a different or new Participant.

8 Cessation of employment

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**8.1** **Board discretion on cessation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to rules 8.1(b) and 8.1(c), unless the Board determines otherwise, either prior to or within 60 days of
the Participant ceasing to be an employee of the Group, any unvested Incentive Securities will remain on foot and will not Vest or lapse as a result of the Participant ceasing employment. These Rules and the relevant conditions advised to the
Participant by the Board pursuant to rule 1.2 (including any Vesting Conditions) will continue to apply as though the Participant had not ceased employment.

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8 Cessation of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board, in its discretion, may determine that some or all of a Participant's unvested Incentive
Securities, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) lapse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) are forfeited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Vest (immediately or subject to conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) are only exercisable for a prescribed period and will otherwise lapse; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) are no longer subject to some or any of the restrictions (including any Vesting Condition) that previously
applied,

as a result of the Participant ceasing employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board may specify in the Offer to the Participant (in accordance with rule 1.2) how the Participant's
Incentive Securities will be treated on cessation of employment. The applicable treatment may vary depending on the circumstances in which the Participant's employment ceases. In specifying a cessation treatment to apply to an Offer, the Board
may preserve some or all of its discretion under rule 8.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else in this rule 8, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a Participant ceases their employment with a Group company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the reason for the cessation is due to the transfer of the Participant's employment to another Group
company or to a joint venture in which a Group company participates,

the Participant will be treated as though their employment did not cease and rules 8.1(b) and 8.2 do not apply, unless the Board determines otherwise.

**8.2** **Post cessation discretions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may exercise the post cessation discretions in rule 8.2(b) in respect of a Participant who has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ceased to be employed by the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) received or may receive remuneration or favourable treatment under these Rules or any other plan or agreement
with the Group in connection with their cessation of employment (including where entitlements Vest or remain on foot after cessation of employment in accordance with their terms),

where the Board determines in good faith that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Participant has breached a Post Cessation Covenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a change in the Participant's circumstances since they ceased to be employed by the Group means it is no
longer appropriate for the Participant to retain the benefits outlined in rule 8.2(a)(2) above. These circumstances may include, for example, where the Participant commences employment with a Competitor, or where the Participant purported to retire
from the workforce and subsequently recommences employment.

Equity Award Rules page 11

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9 Change of Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of rule 8.2(a), the Board may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) deem any unvested Incentive Securities of the Participant to have lapsed or be forfeited with effect from the
date determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deem all or any Shares (including Restricted Shares) allocated under these Rules that are still held by or on
behalf of the Participant, to be forfeited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) where any Shares allocated to a Participant under these Rules (including on Vesting of Incentive Securities)
have been sold by or on behalf of the Participant, require the Participant to pay all or part of the net proceeds of that sale to the Company as a debt; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) where cash has been allocated to a Participant on Vesting of Incentive Securities, including in the form of a
dividend or dividend equivalent payment made under rule 11.2, require the Participant to repay all or part of the cash to the Company as a debt.

**8.3** **Approved leave of absence** 

Subject to applicable laws, at the discretion of the Board, a Participant who is granted an approved leave of absence and who exercises their right to return to work under any applicable award, enterprise agreement, other agreement, statute or regulation may be treated as not having ceased to be an employee for the purposes of the Rules. Whether a Participant who is granted leave without pay is deemed to have ceased employment will be determined with reference to the Group's policies and any applicable laws.

9 Change of Control

------

**9.1** **Change of Control Events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where there is a Change of Control Event, the Board may, in its absolute discretion, determine that all or a
specified number of a Participant's Incentive Securities Vest, lapse, be forfeited or cease to be subject to restrictions (as applicable). For the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a Change of Control Event does not include an internal reorganisation of the structure, business and/or assets
of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) subject to rule 9.1(b), if the Board does not make a determination pursuant to this rule 9.1(a), then all of a
Participant's Incentive Securities will remain on foot subject to the original terms of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting rule 9.1(a), where there is an actual change in the Control of the Company then, unless the
Board determines otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all Restricted Shares will immediately Vest in full and any restrictions on Dealing imposed by the Board cease
to have effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all unvested Incentive Securities will immediately Vest or cease to be subject to restrictions (as applicable)
on at least a pro-rata basis having regard to the portion of the Vesting Period that has elapsed.

Equity Award Rules page 12

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9 Change of Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any unvested Incentive Securities that do not Vest under rule 9.1(a) or 9.1(b) will lapse, unless the Board
determines a different treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the default treatment set out in these Rules, the Board may specify in the Offer to the
Participant (in accordance with rule 1.2) a particular treatment that will apply to unvested Incentive Securities in the context of a Change of Control Event or other change of Control.

**9.2** **Notification of Vesting** 

Where some or all of a Participant's Incentive Securities Vest pursuant to rule 9.1, the Board will, as soon as reasonably practicable, give written notice to each Participant of the number of Incentive Securities that have Vested.

**9.3** **Treatment of Vested Incentive Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board has the discretion to determine the treatment of all Vested Incentive Securities (including those
that Vest in accordance with rule 9.1) where a Change of Control Event occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting rule 9.3(a), where there is an actual change in the Control of the Company then, unless the
Board determines otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all Vested Rights that are exercisable (where applicable) will be exercisable for a period of 6 months from the
actual change in the Control of the Company and will lapse if not exercised within the specified period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any restrictions on Dealing imposed by the Board on Vested Incentive Securities will cease to have effect.

**9.4** **Acquisition of shares in Acquiring Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a company (**Acquiring Company**) obtains Control of the Company as a result of a Change of Control Event;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company and the Acquiring Company agree,

subject to applicable laws (including the Listing Rules) a Participant may, upon Vesting (and, if applicable, exercise) of Rights be provided with shares of the Acquiring Company or its parent or subsidiary in lieu of Shares in such manner as the Company and the Acquiring Company may agree (including by a replacement security or exchange of Shares issued on Vesting or exercise) and on substantially the same terms and on substantially the same conditions but with any necessary or appropriate adjustments to the number and kind of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If rule 9.4(a) applies, the Participant appoints the Company as their agent to do anything needed to give
effect to this arrangement, including agreeing to become a member of the Acquiring Company or its parent (as applicable).

Equity Award Rules page 13

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10 Power to adjust Rights

**9.5** **Divestment of material business or subsidiary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where the Company divests a business designated by the Board for this purpose as "material", the
Board may make special rules that apply to some or all of an affected Participant's Incentive Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the Board's discretion in rule 9.5(a), such rules may include varying the Vesting
Condition and/or any other relevant conditions advised to a Participant and deeming that a Participant remains an employee of the Group for a specific period for the purposes of the relevant Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As soon as reasonably practicable after making any special rules under this rule 9.5, the Board will give
notice in writing of those special rules to any affected Participant.

Any special rules made under this rule 9.5 will not be considered amendments for the purposes of rule 13.

10 Power to adjust Rights

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rights carry no entitlement to participate in new issues of Shares by the Company prior to Vesting and (if
applicable) exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to rule 10(c), prior to the allocation of Shares (or payment of an equivalent cash amount) to a
Participant upon Vesting or exercise of Rights, the Board may grant additional Rights or make any adjustments it considers appropriate to the terms of a Right granted to that Participant in order to minimise or eliminate any material advantage or
disadvantage to a Participant resulting from a corporate action by, or capital reconstruction in relation to, the Company, including but not limited to any return of capital. Adjustments that may be made include adjustments to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of Rights to which the Participant is entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the number of Shares to which the Participant is entitled upon Vesting or exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any amount payable on Vesting or exercise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a combination of paragraphs (1), (2) and/or (3) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting rule 10(b), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares are issued pro rata to the Company's shareholders generally by way of a bonus issue (other than an
issue in lieu of dividends or by way of a dividend reinvestment) involving capitalisation of reserves of distributable profits, Rights will be adjusted in the manner allowed or required by the Listing Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any reorganisation (including consolidation, subdivision, reduction or return) of the issued capital of the
Company is effected, Rights will be adjusted in the manner required by the Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where additional Rights are granted to the Participant under this rule 10, such Rights will be subject to the
same terms and conditions as the original Rights granted to the Participant (including without limitation, any Vesting Conditions), unless the Board determines otherwise.

Equity Award Rules page 14

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11 Dividends and other rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board must, as soon as reasonably practicable after making any additional grants or adjustments under this
rule 10, give notice in writing to any affected Participant.

11 Dividends and other rights

------

**11.1** **Dividends and other rights associated with Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of any Trust Deed (if applicable) or Offer, the following rules apply in respect of Shares
allocated to, or on behalf of, a Participant under these Rules (including Restricted Shares allocated under rule 3.1):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Participant is entitled to receive all dividends and other distributions or benefits payable to the
Participant or to the Trustee in respect of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Participant is entitled to exercise, or to direct the Trustee in writing how to exercise, the voting rights
attaching to the Shares, either generally or in a particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any bonus shares that are issued in respect of the Shares will be issued to the Participant, or to the Trustee
on the Participant's behalf, and will be held by the Participant or Trustee as Shares subject to the same terms, conditions and restrictions on Dealing (if any) as the Shares in respect of which they were issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if rights arise on a rights issue in respect of the Shares, the Participant may Deal with or exercise those
rights, or instruct the Trustee (if applicable) in relation to those rights in accordance with the Trust Deed. If the Shares are held by the Trustee on the Participant's behalf and the Participant does not instruct the Trustee how to Deal with
the rights, the rights will be Dealt with in accordance with the Trust Deed.

**11.2** **Dividend equivalent payments and other rights associated with Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless or until Shares are allocated to a Participant following Vesting or exercise of their Rights (as
applicable), the Participant has no interest in those Shares in respect of which the Right was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding rule 11.2(a), the Board may determine at the time an Offer is made that a dividend equivalent
payment may be paid to a Participant who becomes entitled to an allocation of Shares (or equivalent cash amount) following the Vesting or exercise of Rights under that Offer (minus any applicable tax).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant will have no right to receive a dividend equivalent payment in respect of any Rights that lapse
under these Rules.

Equity Award Rules page 15

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12 Withholding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the terms of any Offer, a dividend equivalent payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) will only be paid following Vesting or exercise of Rights (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) will be an amount determined by the Company that will be approximately equal to the amount of dividends that
would have been payable to the Participant had they been the owner of the Shares referred to in rule 11.2(b)during the Vesting Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) may, at the Company's discretion, be grossed up to reflect any franking credits that would have attached
to the dividends, but otherwise will not be grossed up or otherwise adjusted to account for any tax consequences which would have applied if the Participant had actually been paid a dividend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) may be satisfied through the allocation of Shares or payment of cash.

12 Withholding

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions of these Rules, if a Group company, the Trustee or a plan administrator is
obliged, or reasonably believes it may have an obligation, as a result of or in connection with any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) grant of Incentive Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) allocation of Shares under these Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) payment of any amounts including a cash equivalent amount or a dividend equivalent amount,

to account for the following liability of a Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) income tax or employment taxes under any wage, withholding or other arrangements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any other tax, social security contributions or levy or charge of a similar nature,

then the relevant Group company, Trustee or plan administrator is entitled to withhold or be reimbursed by the Participant for the amount or amounts so paid or payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where rule 12(a) applies, the relevant Group company, the Trustee or plan administrator is not obliged to grant
any Incentive Securities, to allocate Shares or to make a cash payment in accordance with these Rules unless the Company is satisfied that arrangements for payment or reimbursement of the amounts referred to in rule 12(a) have been made. Those
arrangements may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the provision by the Participant of sufficient funds to reimburse the relevant Group company, Trustee or plan
administrator for the amount (by salary deduction, reduction of any amount owed by the Group to the Participant or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sale on behalf of the Participant of Shares allocated pursuant to these Rules for payment or reimbursement
of these amounts, as well as the costs of any such sale;

Equity Award Rules page 16

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13 Amendments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a reduction in any amount payable to the Participant in lieu of an allocation of Shares under these Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Participant forgoing their entitlement to an equivalent number of Shares that would otherwise be allocated
to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) lapse or forfeiture of a sufficient number of Rights and/or Shares to satisfy the debt the Participant owes to
the relevant Group company, Trustee or plan administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Group company, Trustee or plan administrator (as applicable) and the Participant agree to use a
different valuation, any Rights and/or Shares lapsed or forfeited (as applicable) under this rule will be valued at the Current Market Price on the date of lapse or forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any amounts which are paid or payable for the purposes of these Rules are inclusive of the Group's
compulsory superannuation contribution (if applicable).

13 Amendments

------

**13.1** **Power to make amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to rule 13.2, the Board may at any time by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) amend or add to (**amend**) all or any of the provisions of these Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) amend the terms or conditions of any Incentive Security granted under these Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) suspend or terminate the operation of any incentive plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding rule 13.2, the Board may waive, amend or replace any Vesting Condition attaching to an
Incentive Security if the Board determines that the original Vesting Condition is no longer appropriate or applicable (including, without limitation, where a Vesting Condition refers to a particular stock market index that is no longer published or
there is a corporate action by the Company, including a discounted rights issue, which impacts on the Vesting Condition), provided that the interests of the relevant Participant are not, in the opinion of the Board, materially prejudiced or
advantaged relative to the position reasonably anticipated at the time of the grant.

**13.2** **Restrictions on amendments** 

Without the consent of the Participant, the Board may not exercise its powers under rule 13.1(a) in a manner which reduces the rights of the Participant in respect of any Incentive Security or Share already granted under these Rules other than an amendment introduced primarily:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purpose of complying with or addressing present or future laws or regulatory developments that apply to
one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the remuneration and benefits of Participants (collectively or individually);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) awards of Incentive Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) incentive plans generally;

Equity Award Rules page 17

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14 Participants based overseas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to correct any manifest error or mistake; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take into consideration possible adverse tax implications arising from, amongst others, adverse rulings,
changes to tax legislation and/or changes in the interpretation of tax legislation by a court of competent jurisdiction.

**13.3** **Notice of amendment** 

As soon as reasonably practicable after making any amendment under rule 13.1, the Board will give notice in writing of that amendment to any Participant affected by the amendment.

14 Participants based overseas

------

**14.1** **Overseas transfers** 

If a Participant is transferred to work in another country and the Participant continues to hold an office or employment with the Group, the Board may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) some or all of the Participant's Restricted Shares or Rights will Vest (and if applicable become
exercisable) or will be forfeited and replaced with cash or an entitlement to a future cash amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) some or all of the Participant's Rights will be settled in cash in lieu of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) some or all of the Participant's unvested Incentive Securities will be forfeited and replaced with cash or
an entitlement to a future cash amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other treatment that the Board determines will apply in relation to some or all of a Participant's
Incentive Securities,

with the balance (if any) continuing to be held on the original terms.

**14.2** **Non-Australian residents** 

The Board may adopt additional rules that will apply to a grant made to an Eligible Employee who is a resident in a jurisdiction other than Australia. The remaining provisions of these Rules will apply subject to whatever alterations or additions the Board may determine having regard to any securities, exchange control, taxation or other laws and/or regulations or any other matter that the Board considers directly or indirectly relevant. To the extent of any inconsistency, any additional rules adopted by the Board under this rule will prevail over any other provision of these Rules.

Equity Award Rules page 18

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15 Miscellaneous

15 Miscellaneous

------

**15.1** **Shares issued under these Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Shares issued under these Rules will rank equally in all respects with other Shares for the time being on
issue by the Company (for example, having rights with respect to voting, dividends and other distributions, and in the event of a winding up of the Company), except

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in relation to any rights attaching to such Shares by reference to a record date prior to the date of their
issue; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as provided for in accordance with rule 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company is listed, the Company will apply for quotation of Shares issued under these Rules within the
period required by the Listing Rules.

**15.2** **Rights and obligations of Participants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the subject of an express provision in an employment contract, the rights and obligations of any
Participant under the terms of their office, employment or contract with the Group are not affected by their participation in an Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Participation in an Offer does not confer on any Participant any right to future employment and does not affect
any rights which any member of the Group may have to terminate the employment of any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) These Rules will not form part of and are not incorporated into any contract of any Participant (whether or not
they are an employee of the Group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The grant of Incentive Securities on a particular basis in any year does not create any right or expectation of
the grant of Incentive Securities on the same basis, or at all, in any future year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Participant has any right to compensation for any loss in relation to an Offer, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any loss or reduction of any rights or expectations under an Offer in any circumstances or for any reason
(including lawful or unlawful termination of employment or the employment relationship);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any exercise of a discretion or a decision taken in relation to a grant of Incentive Securities or in relation
to these Rules, or any failure to exercise a discretion under these Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the operation, suspension, termination or amendment of these Rules or any incentive plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) lapse or forfeiture (as applicable) of any Incentive Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Participant irrevocably appoints each company secretary of the Company (or any other officer of the Company
authorised by the Board for this purpose) as their attorney to do anything necessary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) allocate Shares to the Participant in accordance with these Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) effect a forfeiture of Shares in accordance with these Rules (including rule 6 or the terms of an Offer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) execute transfers of Shares in accordance with these Rules,

and the Participant acknowledges that this irrevocable attorney is deemed to be given for valuable consideration..

Equity Award Rules page 19

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15 Miscellaneous

**15.3** **Power of the Board to administer these Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) These Rules are administered by the Board which has power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) determine procedures for administration of these Rules consistent with these Rules including to implement an
employee share trust for the purposes of delivering and holding Shares on behalf of Participants upon the grant of Restricted Shares or the Vesting (and, if applicable, exercise) of Rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) delegate to any one or more persons for such period and on such conditions as it may determine the exercise of
any of its powers or discretions arising under these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting rule 15.3(a), the Board has delegated authority to the following persons to exercise powers
vested in the Board under these Rules as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for an award made to a Participant other than the Company's Chief Executive Officer and the Senior
Executives, authority is delegated to the Company's Chief Executive Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for an award made to the Senior Executives, authority is delegated to the Human Resources &
Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise expressly provided in these Rules, the Board has absolute and unfettered discretion to act
or refrain from acting under or in connection with these Rules and in the exercise of any power or discretion under these Rules.

**15.4** **Waiver of terms and conditions** 

Notwithstanding any other provision of these Rules, the Board may at any time waive in whole or in part any terms or conditions (including any Vesting Condition) in relation to any Incentive Securities or Shares granted to a Participant.

**15.5** **Application of constitution of the Company, Corporations Act, and Listing Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of these Rules, Incentive Securities and Shares will not be allocated,
issued, acquired, transferred or otherwise dealt with under these Rules, and no other benefit will be deliverable under these Rules, if to do so would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) contravene the constitution of the Company, the Corporations Act, the Listing Rules, or any other applicable
laws (including any applicable foreign law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) give rise to unreasonable cost or regulatory requirements for the Company or any Group company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) require the Company or any Group company to pay, provide, or procure the payment or provision of, any money or
benefits to the Participant which would require shareholder approval under Part 2D.2, Division 2 of the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the Company has no obligation to seek shareholder approval to deliver any benefit
under these Rules that cannot be delivered without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Offers under these Rules must be operated in accordance with the constitution of the Company, the Corporations
Act, the Listing Rules and other applicable laws and regulations (Australian or foreign).

Equity Award Rules page 20

------

15 Miscellaneous

**15.6** **Error in Allocation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Incentive Security is provided under these Rules in error or by mistake to a person (**Mistaken Recipient**) who is not the intended recipient, the Mistaken Recipient will have no right or interest, and will be taken never to have had any right or interest in, that Incentive Security and the Incentive Security will immediately lapse or be
forfeited (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any cash payment is paid under these Rules in error or by mistake to a person who is not the intended
recipient (**Mistaken Recipient**), the Mistaken Recipient will have no right to retain that cash payment and the Company may take whatever steps it deems reasonably necessary to seek repayment of that cash payment as a debt.

**15.7** **Dispute or disagreement** 

In the event of any dispute, disagreement or uncertainty as to the interpretation of these Rules, or as to any question or right arising from or related to these Rules or to any Incentive Securities or Shares granted under it, the decision of the Board is final and binding.

**15.8** **Communication** 

Any notice or other communication provided to a Participant under or in connection with these Rules may be given by personal delivery, or by sending it, by post or email to the Participant, or by posting it on the Company's intranet.

**15.9** **Data protection** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to any applicable laws, by participating in an Offer, the Participant consents to the holding and
processing of personal data provided by the Participant to the Group, a plan administrator or the Trustee, for all purposes with regard to the operation of these Rules. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) administering and maintaining Participant records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) providing information to the Trustee, registrars, brokers, printers or third party plan administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) providing information to any regulatory authority (including the Australian Tax Office) where required under
law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) providing information to future purchasers of a Group company or the business in which the Participant works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant acknowledges that the Group, the plan administrator and/or the Trustee may be required or
authorised to collect the personal data under laws including the Tax Act, the *Taxation Administration Act 1953* (Cth) and the Corporations Act, and that limited details about shareholders are available to members of the public on request. The
Participant has reviewed the Privacy Policy, and acknowledges that the Privacy Policy applies to the Group's handling of their personal data, and contains further details about the countries to which personal data may be disclosed, requesting
access to and updating of personal data and how to raise queries and concerns.

Equity Award Rules page 21

------

15 Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting rules 15.9(a) or 15.9(b), by allowing the Company to grant Incentive Securities under these
Rules, the Participant agrees, subject to rule 15.9(d):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the tax file number (**TFN**) they have provided to the Group as an employee of the Group (where applicable)
being provided to any plan administrator, as agent for the Company and also as administrator of these Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) their TFN (where applicable) being provided to the Australian Taxation Office and any other regulatory
authorities as permitted under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Rule 15.9(c) is voluntary and the Participant should notify the Company if they wish to withdraw agreement to
that rule at any time. Participants who do not agree to that rule may be subject to withholding tax deductions under the *Taxation Administration Act 1953* (Cth).

**15.10** **Tax** 

Unless otherwise required by law, no Group company is responsible for any Tax which may become payable by a Participant as a consequence of or in connection with the grant of any Incentive Securities, the allocation of any Shares or any Dealing with any Incentive Securities or any Shares.

**15.11** **Laws governing these Rules** 

These Rules, and any Incentive Securities granted and Shares allocated under them, are governed by the laws of Western Australia and the Commonwealth of Australia.

Equity Award Rules page 22

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0 PART D

PART D

------

16 Definition and Interpretation

------

**16.1** **Definitions** 

---

| | |
|:---|:---|
| **Term**  | **Meaning** |

---

---

| | |
|:---|:---|
| **Acquiring Company**  | has the meaning given in rule 9.4(a) |

---

---

| | |
|:---|:---|
| **ASX**  | ASX Limited ACN 008 624 691 or the Australian Securities Exchange, as the context requires |

---

---

| | |
|:---|:---|
| **Board**  | the board of directors of the Company, any committee of the board or a duly authorised person or body to which the board has delegated its powers under these Rules |

---

---

| | |
|:---|:---|
| **Change of Control Event**  | where there is a: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Takeover Bid for Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other transaction, event or state of affairs,

that, in the Board's opinion, is likely to result in, or should otherwise be treated as, a change in the Control of the Company

---

| | |
|:---|:---|
| **Code of Conduct**  | the Company's code of conduct as amended from time to time |

---

---

| | |
|:---|:---|
| **Company**  | Woodside Energy Group Ltd ABN 55 004 898 962 |

---

---

| | |
|:---|:---|
| **Competitor**  | any business that competes with the Group or a Group company |

---

---

| | |
|:---|:---|
| **Control**  | has the meaning given in section 50AA of the Corporations Act |

---

---

| | |
|:---|:---|
| **Corporations Act**  | *Corporations Act 2001* (Cth) |

---

Equity Award Rules page 23

------

16 Definition and Interpretation

---

| | |
|:---|:---|
| **Current Market Price**  | the arithmetic average of the daily volume weighted average closing price (rounded to the nearest cent) of all Shares traded on the ASX during the previous five trading days, or any other calculation as determined by the Board |

---

---

| | |
|:---|:---|
| **Deal or Dealing**  | in relation to an Incentive Security or Share (as the case may be), any dealing, including but not limited to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a sale, transfer, assignment, encumbrance, option, swap, or any other alienation of all or any part of the
rights attaching to the Incentive Security or Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any attempt to do any of the actions set out in paragraph (a) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any hedging (including any dealing with a derivative instrument) intended to "lock in" a profit
relating to an Incentive Security, and any other transactions in financial products that operate to limit the economic risk associated with holding an Incentive Security

---

| | |
|:---|:---|
| **Director**  | a director of the Company |

---

---

| | |
|:---|:---|
| **Eligible Employee**  | an employee of the Group (including a Director employed in an executive capacity) or any other person who is declared by the Board to be eligible to receive a grant of Incentive Securities under these Rules |

---

---

| | |
|:---|:---|
| **Financial Misstatement Circumstance**  | material misstatement or omission in the financial statements of a Group company or any other circumstances or events which, in the opinion of the Board, may, or are likely to, affect the Group's financial soundness or require re-statement of the Group's financial accounts, including, without limitation, as a result of misrepresentations, errors, omissions, or negligence |

---

---

| | |
|:---|:---|
| **Group**  | the Company and each Related Body Corporate of the Company |

---

---

| | |
|:---|:---|
| **Group company**  | a member of the Group or any other entity designated by the Board to be a Group company for the purposes of these Rules |

---

---

| | |
|:---|:---|
| **Incentive Security**  | a Restricted Share and/or Right (as the case may be) |

---

Equity Award Rules page 24

------

16 Definition and Interpretation

---

| | |
|:---|:---|
| **Listing Rules**  | the official Listing Rules of the ASX and any other exchange on which the Company is listed as they apply to the Company from time to time |

---

---

| | |
|:---|:---|
| **Offer**  | an invitation to an Eligible Employee made by the Board under rule 1.1 to apply for, participate in, or receive (as applicable), a grant of Incentive Securities |

---

---

| | |
|:---|:---|
| **Participant**  | a person who has been allocated an Incentive Security or Share under these Rules from time to time |

---

---

| | |
|:---|:---|
| **Post Cessation Covenant**  | In respect of a Participant means: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a restriction or undertaking owed to the Group in connection with the Participant's former employment with
the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any compromise or contractual arrangement in relation to the cessation of the Participant's employment
with the Group.

---

| | |
|:---|:---|
| **Privacy Policy**  | The Group's privacy policy, as amended from time to time, which can be found on the Group's website at woodside.com/privacy |

---

---

| | |
|:---|:---|
| **Related Body Corporate**  | has the meaning given in section 50 of the Corporations Act |

---

---

| | |
|:---|:---|
| **Restricted Share**  | a Share allocated in accordance with rule 3.1 that is subject to restrictions on Dealing, Vesting Conditions and/or other restrictions or conditions |

---

---

| | |
|:---|:---|
| **Right**  | an entitlement to a Share or, in certain circumstances, to a cash payment, subject to satisfaction of applicable conditions (including any Vesting Condition) and compliance with any applicable exercise procedure |

---

---

| | |
|:---|:---|
| **Rules**  | the terms and conditions set out in this document as amended from time to time |

---

Equity Award Rules page 25

------

16 Definition and Interpretation

---

| | |
|:---|:---|
| **Securities Dealing Policy**  | the Group's policy for trading in securities (as amended or replaced from time to time) or such other Company or Group policy in relation to trading or Dealing in Shares as applicable from time to time |

---

---

| | |
|:---|:---|
| **Senior Executives**  | the members of Woodside's Executive Leadership Team, other than the Chief Executive Officer. |

---

---

| | |
|:---|:---|
| **Share**  | a fully paid ordinary share in the capital of the Company. A reference to a Share includes a reference to a Restricted Share |

---

---

| | |
|:---|:---|
| **subsidiary**  | has the meaning given in section 46 of the Corporations Act |

---

---

| | |
|:---|:---|
| **Takeover Bid**  | has the meaning given in section 9 of the Corporations Act |

---

---

| | |
|:---|:---|
| **Tax**  | includes any tax, levy, impost, goods and services tax, deduction, charge, rate, contribution, duty or withholding which is assessed (or deemed to be assessed), levied, imposed or made by any government or any governmental, semi-governmental or judicial entity or authority together with any interest, penalty, fine, charge, fee or other amount assessed (or deemed to be assessed), levied, imposed or made on or in respect of any or all of the foregoing |

---

---

| | |
|:---|:---|
| **Tax Act**  | the *Income Tax Assessment Act 1997* (Cth) |

---

---

| | |
|:---|:---|
| **Trust Deed**  | in relation to an Offer, any trust deed or custodian deed nominated by the Company as the Trust Deed for the purposes of the Offer, as amended from time to time |

---

---

| | |
|:---|:---|
| **Trustee**  | the trustee under the Trust Deed and/or the custodian under the custodian deed (as applicable) |

---

Equity Award Rules page 26

------

16 Definition and Interpretation

---

| | |
|:---|:---|
| **Vest or Vesting**  | the process by which the holder of an Incentive Security becomes entitled to: |

---

1 in the case of a Right, exercise the Right (if applicable) or be allocated a Share (or equivalent cash payment) in accordance with rules 2.2 and 2.3;

2 in the case of a Restricted Share, have all restrictions on disposing of or otherwise Dealing with the Restricted Share cease in accordance with rule 3.2 (other than any additional restrictions imposed by the Board under rule 4(d)),

---

| | |
|:---|:---|
| **Vesting Condition**  | performance, service or other conditions that must be satisfied or circumstances which must exist before an Incentive Security Vests under these Rules |

---

---

| | |
|:---|:---|
| **Vesting Period**  | the prescribed period for satisfaction of a Vesting Condition, advised to a Participant by the Board under rule 1.2. |

---

**16.2** **Interpretation** 

The following rules apply unless a contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) headings are for convenience only and do not affect the interpretation of these Rules unless the context
requires otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any reference in these Rules to any statute or statutory instrument includes a reference to that statute or
statutory instrument as amended, consolidated, re-enacted or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reference to any agreement or document includes a reference to that agreement or document as amended,
novated, supplemented or amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any words denoting the singular include the plural and words denoting the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) where any word or phrase is given a definite meaning in these Rules, any part of speech or other grammatical
form of that word or phrase has a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the word "includes" in any form is not a word of limitation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any determination, decision or exercise of power, by the Board will be at its absolute discretion.

Equity Award Rules page 27

------

**Woodside Energy Group Ltd** 

**Supplement to Equity Award Rules For United States Participants** 

1. **General**. This supplement ()"**Supplement**") to the Equity Award Rules, as such rules may be
amended from time to time (the "**Rules** "), shall apply to Eligible Employees who are, in respect of Incentive Securities, subject to taxation under the U.S. Internal Revenue Code of 1986, as amended (the "**Code** "). In
the event of any inconsistency between the Rules and this Supplement, the terms and conditions of this Supplement shall control and govern Incentive Securities granted to such Eligible Employees (the "**U.S. Participants** "), except to
the extent necessary to ensure that a U.S. Participant who is also subject to Tax under Australian law in respect of Incentive Securities granted under the Rules is not subject to material adverse tax consequences under Australian law. A U.S.
Participant who is granted an Incentive Security that may be settled in Shares may include only an Eligible Employee who is an "employee" of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a)
to Form S-8 promulgated by the U.S. Securities and Exchange Commission (the "SEC"), or there is otherwise an exemption available from applicable registration requirements under Unites States law with
respect to the issuance of such Incentive Security to such individual. Capitalized terms not defined in this Supplement shall have the meaning given to such terms in the Rules, the terms and conditions of which are herein incorporated by reference.

2. **Share.** A Share shall mean a fully paid ordinary share in the capital of the Company or an American
Depositary Share listed on the New York Stock Exchange and all references to a Share include a Restricted Share.

3. **Entitlement to Shares.** The vesting of an Incentive Security held by a U.S. Participant will be satisfied
by the allocation of a Share unless the Board determines otherwise pursuant to clause 2.4 of the Rules.

4. **Custodian.** A U.S. Participant may, at the discretion of the Company be permitted to have physical
possession of the Restricted Shares granted prior to the time that such Restricted Shares become vested; alternatively, physical possession may be retained by a nominee or custodian selected by the Company until such time as the Restricted Shares
become vested.

5. **Legend on Shares.** The Company reserves the right to place a legend on the Restricted Shares restricting
the transferability of such certificate until such time as the Restricted Shares become vested.

6. **The Trust Deed**. Notwithstanding any provision in the Rules to the contrary, no Shares, cash or other
property shall at any time be funded or set aside (directly or indirectly) in the Trust Deed or any other trust or similar arrangement with respect to any Rights or Shares granted, allocated, issuable or issued to a U.S. Participant. Shares issued
in satisfaction of Incentive Securities granted to a U.S. Participant shall be transferred by the Company to such U.S. Participant, and such Shares shall not be subject to the Trust Deed. References in the Rules to the Trust Deed and Trustee shall
be disregarded for purposes of U.S. Participants.

------

7. **Governing Tax Law**. Incentive Securities granted to U.S. Participants generally shall be subject to the
requirements of the Code.

8. **Termination of Employment**. The employment of a U.S. Participant shall be considered terminated for
purposes of the Rules on the date such U.S. Participant incurs a "separation from service" with Woodside within the meaning of Section of the Code, including the guidance and regulations promulgated thereunder
(" **Section 409A** ").

9. **Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is the general intention, but not the obligation of Woodside or any of its officers or directors, that
Incentive Securities offered under the Rules to U.S. Participants comply with or be exempt from the limitations and requirements of Section 409A, and such Incentive Securities will be administered and construed accordingly. The Board may adopt
such additional rules or provide for terms in an Offer that are inconsistent with or contrary to the requirements of the Rules or this Supplement in providing Incentive Securities awarded to U.S. Participants that comply with or are exempt from the
limitations and requirements of Section 409A. Neither this clause 10 nor any other provision of the Rules or this Supplement is or contains a representation to any U.S. Participant regarding the tax consequences of the grant, vesting, exercise,
settlement, or sale of any Incentive Security (or the Shares underlying a Right) granted under the Rules, and should not be interpreted as such. In no event shall Woodside be liable for all or any portion of any taxes, penalties, interest, or other
expenses that may be incurred by a U.S. Participant on account of non-compliance with Section 409A. The applicable provisions of Section 409A are hereby incorporated by reference and shall control
over the Rules in conflict therewith; provided, however, in the case of a U.S. Participant that is also subject to Tax under Australian law in respect of Incentive Securities granted under the Rules, if the applicable provisions of Section 409A
are contrary to the provisions of the applicable tax laws of Australia, the more restrictive body of law shall control. Notwithstanding any provision of the Rules, this Supplement or any Offer to the contrary, in the event that following the
Effective Date the Board determines that the related Offer may be subject to Section 409A, the Board may adopt such amendments to the Rules, this Supplement or the applicable Offer, adopt other policies and procedures (including amendments,
policies, and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (i) exempt the Offer from Section 409A and/or preserve the intended tax treatment of the benefits
provided with respect to the Offer, or (ii) comply with the requirements of Section 409A and thereby avoid the application of any additional taxes or interest under Section 409A.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that an Offer and the related Incentive Securities granted to a U.S. Participant are subject to
and not exempt from the limitations and requirements of Section 409A (whether by reason of such U.S. Participant being eligible for vesting in Rights due to attainment of retirement eligibility under the Rules, such Offer or related
documentation or some other reason), then the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an event shall constitute a Change of Control Event under clause 9 of the Rules only if such event also
constitutes a "change in control event" within the meaning of the regulations under Section 409A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event such U.S. Participant is a "specified employee" (as defined under Section 409A) and
becomes entitled to a payment on account of a grant of Incentive Securities (whether in Shares or cash) that would be subject to additional taxes and interest under Section 409A if such U.S. Participant's receipt of such payment is not
delayed until the earlier of (A) the date of such U.S. Participant's death or (B) the date that is six (6) months after such U.S. Participant's "separation from service," as defined under Section 409A (such
earlier date, the "**Section 409A Payment Date** "), then such payment shall not be provided to such U.S. Participant until the Section 409A Payment Date.

Any amounts subject to subclause (ii) of the preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without interest on the Section 409A Payment Date.

10. **Conformity to Applicable Law**. The Rules, this Supplement and each Offer to a U.S. Participant are
intended to conform to the extent necessary with all applicable laws, including, without limitation, the provisions of the U.S. Securities Act of 1933, as amended, and the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act** "), and any and all regulations and rules promulgated thereunder by the SEC, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Rules shall be administered, and the Incentive Securities are
granted, with respect to U.S. Participants only in such a manner as to conform to applicable law. To the extent permitted by applicable law, the Rules, this Supplement and each Offer to a U.S. Participant shall be deemed amended to the extent
necessary to conform to applicable law.

11. **Limitations Applicable to Section 16 Persons**. Notwithstanding any other provision of
the Rules, the Rules, this Supplement, the Incentive Securities and the Offer shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Rules, this Supplement and the Offer shall be deemed amended to the extent
necessary to conform to such applicable exemptive rule.

------

12. **Tax Withholding Matters**. Any determination made pursuant to the Rules to allow a U.S. Participant who is
subject to Rule 16b-3 of the Exchange Act to pay Tax with Shares through net settlement or previously owned Shares shall be approved by either the full Board or a committee of the Board made up of solely two
or more members who are each (a) a "non-employee director" within the meaning of Rule 16b-3(b)(3) of the Exchange Act, and (b) "independent"
under the listing standards or rules of the U.S. securities exchange upon which the Shares are traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. If Tax withholding
amounts are satisfied through net settlement or previously owned Shares pursuant to the Rules, then the maximum number of Shares that may be so withheld or surrendered shall be the number of Shares that have an aggregate fair market value on the
date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without
creating adverse accounting treatment for Woodside with respect to such Incentive Securities, as determined by the Board.

13. **Status under ERISA**. The arrangement governed by the Rules shall not constitute an "employee benefit
plan" for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Equity Awards Rules of Woodside Energy Group Ltd of our report dated March 8, 2022, with respect to the consolidated financial statements of Woodside Energy Group Ltd (formerly known as Woodside Petroleum Ltd) included in its Annual Report (Form 20-F) for the year ended December 31, 2022, filed with the Securities and Exchange Commission.

/s/ Ernst & Young

Perth, Australia

28 February 2023

## Exhibit 23.3

**Exhibit 23.3** 

**Consent of Independent Registered Public Accounting Firm** 

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Woodside Energy Group Ltd of our report dated 27 February 2023 relating to the financial statements of Woodside Energy Group Ltd, which appears in the Annual Report on Form 20-F of Woodside Energy Group Ltd (File No. 001-41404) for the year ended December 31, 2022.

/s/ PricewaterhouseCoopers

PricewaterhouseCoopers

Perth, Australia

28 February 2023

## Ex-Filing

**Exhibit 107.1** 

**Calculation of Filing Fee Tables** 

**Form S-8** 

(Form Type)

**Woodside Energy Group Ltd.** 

(Exact Name of Registrant as Specified in its Charter)

Table 1 – Newly Registered Securities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security<br>Type** | **Security Class Title** | **Fee** <br> **Calculation** <br> **Rule**  | **Amount<br>Registered (1)** | **Proposed<br>Maximum<br>Offering<br>Price Per<br>Unit (2)** | **Maximum<br>Aggregate<br>Offering<br>Price (2)** | **Fee Rate** | **Amount of**<br> **Registration**<br> **Fee (2)** |
| &nbsp;&nbsp;&nbsp;Equity | Ordinary Shares, no par value per share, reserved for issuance under the Equity Award Rules | Other | 500000 | $23.53 | $11765000 | 0.00011020 | $1296.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Offering Amounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Offering Amounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Offering Amounts |  |  | $11765000 |  | $1296.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fee Offsets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fee Offsets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fee Offsets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  |  |  | $1296.50 |

---

------

(1) This Registration Statement on Form S-8 (this "Registration
Statement") registers transactions in ordinary shares, no par value per share ("Shares"), of Woodside Energy Group Ltd. (the "Registrant") that are authorized for issuance under the Equity Award Rules (the "Plan").
Shares are traded in the United States in the form of American Depositary Shares ("ADSs") and awards granted under the Plan may be settled in Shares or ADSs. Each ADS represents one Share on deposit with Citibank, N.A., as a depositary
bank. A separate registration statement on Form F-6 (File No. 333-264280) has been filed to register the ADSs. In the event of any share dividend, share split or
other similar transaction involving the Shares, the number of Shares registered hereby shall automatically be adjusted in accordance with Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act").

(2) Estimated solely for purposes of calculating the registration fee. Pursuant to Rule 457(c) and Rule 457(h)
under the Securities Act, the proposed maximum offering price per unit and proposed maximum aggregate offering price are based on the reported average of the high and low prices of the Registrant's Shares as reported on the Australian
Securities Exchange Limited on February 22, 2023, translated into United Sates dollars as of the same date at the rate of A$1.00 = US$0.6839.