Document:

EX-10.4

 Exhibit 10.4 

Lease 
 Building:     Como Centre, 650
Chapel Street South Yarra 
 Premises:     Suite 0403 Level 4 

The Trust Company (Australia) Limited 
 ACN 000 000 993 

in its capacity as custodian for the Newmark Como Property Trust 

(Landlord) 
 and 

Opthea Limited 
 ACN 006 340 567 

(Tenant) 
 GADENS LAWYERS

 Level 25, Bourke Place 
 600 Bourke Street 

MELBOURNE 3000 

T        +61 3 9252 2555 

F        +61 3 9252 2500 

Ref:    RSS:21904819 

					
	 Contents
	 
	 COMMERCIAL TERMS SCHEDULE
	  	 	1	 
		
	 1.  TERM
	  	 	5	 
		
	 Term of lease
	  	 	5	 
	 Monthly tenancy
	  	 	5	 
		
	 2.  BASE RENT
	  	 	5	 
		
	 Payment
	  	 	5	 
	 First instalment
	  	 	5	 
		
	 3.  REVIEW OF BASE RENT
	  	 	5	 
		
	 Market Review of Base Rent
	  	 	5	 
	 Dispute as to Base Rent
	  	 	6	 
	 Base Rent criteria
	  	 	6	 
	 Costs
	  	 	7	 
	 Minimum Base Rent
	  	 	7	 
	 Adjustments
	  	 	7	 
	 Consumer Price Index Adjustment
	  	 	8	 
	 Fixed Percentage Increase
	  	 	8	 
		
	 4.  OUTGOINGS
	  	 	8	 
		
	 Outgoings Contribution
	  	 	8	 
	 Payment of contributions
	  	 	9	 
	 Tenant to pay charges
	  	 	9	 
		
	 5.  USE OBLIGATIONS
	  	 	10	 
		
	 Positive use obligations
	  	 	10	 
	 Negative use obligations
	  	 	11	 
	 No warranty as to use
	  	 	12	 
	 Laws and Requirements
	  	 	12	 
	 Tenant’s Fixtures
	  	 	13	 
	 Essential Services Certification
	  	 	13	 
	 Cleaning
	  	 	13	 
		
	 6.  REPAIRS AND ALTERATIONS
	  	 	13	 
		
	 Repair and maintenance
	  	 	13	 
	 Landlord’s right of inspection
	  	 	14	 
	 Tenant to carry out obligations
	  	 	14	 
	 Landlord’s right of entry
	  	 	14	 
	 Alterations to the Building
	  	 	14	 
		
	 7.  ASSIGNMENT AND SUB-LETTING
	  	 	15	 
		
	 Dealings not permitted
	  	 	15	 
	 Subleases
	  	 	15	 
	 Assignment
	  	 	15	 
	 Control of Tenant
	  	 	16	 
	 Mortgage of Tenant’s equipment etc
	  	 	16	 
		
	 8.  INSURANCE AND DAMAGE
	  	 	16	 
		
	 Tenant’s insurances
	  	 	16	 

					
	 Insurance terms
	  	 	17	 
	 Not affect insurances
	  	 	17	 
	 Property of Tenant
	  	 	17	 
	 Releases of Landlord
	  	 	17	 
	 Indemnities
	  	 	17	 
	 Damage to Building
	  	 	18	 
		
	 9.  LANDLORD’S OBLIGATIONS
	  	    	19   	   
		
	 Quiet enjoyment
	  	 	19	 
	 Outgoings
	  	 	19	 
	 Facilities
	  	 	19	 
	 Common Areas
	  	 	19	 
	 Directory board and door signage
	  	 	20	 
	 Minimise disturbance
	  	 	20	 
	 Carpet
	  	 	20	 
		
	 10.  DEFAULT, TERMINATION
	  	    	20   	   
		
	 Essential terms
	  	 	20	 
	 Default
	  	 	20	 
	 Avoid default
	  	 	20	 
	 Termination of lease
	  	 	21	 
	 Landlord may rectify
	  	 	21	 
	 Tender after termination
	  	 	21	 
	 Damages
	  	 	21	 
	 Landlord may institute proceedings
	  	 	22	 
	 Landlord to mitigate damages
	  	 	22	 
	 Interest on overdue money
	  	 	22	 
		
	 11.  END DATE OBLIGATIONS
	  	    	22   	   
		
	 Reinstatement
	  	 	22	 
	 Abandoned Tenant’s Fixtures
	  	 	22	 
		
	 12.  LANDLORD’S RIGHTS
	  	    	23   	   
		
	 Roof
	  	 	23	 
	 Building name
	  	 	23	 
	 Change of Landlord
	  	 	23	 
	 Landlord’s agents
	  	 	23	 
	 Close Building
	  	 	23	 
	 Premises security
	  	 	23	 
	 Rules
	  	 	23	 
	 Changes in PCA Method
	  	 	24	 
	 Emergency
	  	 	24	 
	 Landlord access
	  	 	24	 
	 Structural works
	  	 	24	 
	 Prospective tenants or purchasers
	  	 	24	 
	 Environmental Initiatives
	  	 	24	 
	 Subdivision
	  	 	24	 
		
	 13.  NOTICES
	  	    	25   	   
		
	 14.  BANK GUARANTEE
	  	    	25   	   
		
	 15.  PAYMENTS AND COSTS
	  	    	26   	   

					
		
	 16.  GOVERNING LAW
	  	 	27	 
		
	 17.  GENERAL
	  	 	27	 
		
	 Exercise of rights
	  	 	27	 
	 Waiver
	  	 	27	 
	 Legislation
	  	 	28	 
	 Approval and consent
	  	 	28	 
	 Discretion and opinion
	  	 	28	 
	 Set-off
	  	 	28	 
	 Indemnities
	  	 	28	 
	 Further assurances
	  	 	28	 
	 Exclusion of statutory provisions
	  	 	29	 
	 Antecedent rights and obligations
	  	 	29	 
	 Severability
	  	 	29	 
	 If document not a lease
	  	 	29	 
	 Relationship of parties
	  	 	29	 
	 Counterparts
	  	 	29	 
	 No caveat
	  	 	29	 
	 Entire agreement
	  	 	29	 
	 Attorneys
	  	 	29	 
	 Tenant’s representations
	  	 	30	 
	 Non-merger
	  	 	30	 
		
	 18.  GST
	  	 	30	 
		
	 19.  LANDLORD LIMITATION OF LIABILITY
	  	 	31	 
		
	 20.  NEWMARK LIMITATION OF LIABILITY
	  	 	31	 
		
	 21.  APPLICABILITY OF THE RETAIL LEASES ACT
	  	 	32	 
		
	 22.  COMPLETION OF BLANKS
	  	 	32	 
		
	 23.  ESD REQUIREMENTS
	  	 	32	 
		
	 24.  PREMISES CONDITION
	  	 	33	 
		
	 25.  BUILDING WORKS
	  	 	33	 
		
	 26.  LANDLORD’S CONTRIBUTION
	  	 	33	 
		
	 SCHEDULE 1—DEFINITIONS AND INTERPRETATION
	  	 	35	 
		
	 SCHEDULE 2—OUTGOINGS
	  	 	45	 
		
	 Executed as a deed on 12 November 2019
	  	 	48	 

 COMMERCIAL TERMS SCHEDULE 
  

 
  

			
		 
	 Item 1
 Landlord
	  	The Trust Company (Australia) Limited ACN 000 000 993 in its capacity as custodian for the Newmark Como Property Trust

  

			
		 
	 Item 2
 Tenant
	  	Opthea Limited 
ACN 006 340 567

  

			
		 
	Item 3 
Premises	  	Suite 0403, Level 4 of the Building as shown hatched on the plans attached as annexure A to this lease

  

			
		 
	Item 4 
Area of Premises	  	180 square metres (subject to survey)

  

			
		 
	Item 5 
Land 
	  	The land located at the corner of Toorak Road, Chapel Street and River Street South Yarra Victoria but limited to 650 Chapel Street South
Yarra

  

			
		 
	Item 6 
Commencement Date 
	  	15 July 2019

  

			
	Item 7 
Expiry Date 
	  	14 July 2022

  

			
		 
	Item 8 
Base Rent 
	  	$460.00 per square metre per annum multiplied by the net lettable area of the Premises, being $82,800 per annum (subject to
survey)

  

			
		 
	Item 9 
Market Review Dates 
	  	 Not
applicable

  
 Page 1 of 53 

			
		 
	 Item 10
 CPI Adjustment
Dates
	  	Not applicable

  

			
		 
	Item 11 
Consumer Price Index 
	  	Not applicable

  

					
		 	 
	Item 12 
Fixed Increase Date and Fixed Percentage Increase	  	 Fixed Increase Date

Each anniversary of the Commencement Date
	  	
Fixed Percentage Increase

4%

  

			
		 
	Item 13 
Tenant’s Proportion	  	
1.96% (subject to survey)

  

			
		 
	Item 14 
Exclusion of Statutory Provisions	  	The covenants, powers and provisions implied in leases by virtue of the Transfer of Land Act 1958 do not apply to this lease.

  

			
		 
	Item 15 
Permitted Use	  	Commercial offices

  

			
		 
	Item 16 
Redecoration Date	  	 Not
applicable

  

			
		 
	Item 17 
Facilities Hours	  	Lifts and Escalators: all lifts and escalators to be operating daily between 8.00 a.m. and 6.00 p.m., Saturdays, Sundays and public
holidays excepted. Outside those hours, at least one lift in each rise to operate on call and subject to conformity with the Landlord’s access control system for the Building.

  
 Page 2 

			
		 
		  	
Air-conditioning: to operate daily between 8.00 a.m. and 6.00 p.m., Saturdays, Sundays and public holidays
excepted. Outside those hours, air-conditioning to be provided to the Premises at the request and at the cost of the Tenant which at the Commencement Date of the initial term is $60.00 per hour per zone
(minimum charge for 2 hours to apply) but subject to change during the Term as determined by the Landlord (acting reasonably) and notified to the Tenant.
  

Access to the Building: public entry doors to the Building to be open daily between 8.00 a.m. and 6.00 p.m., Saturdays, Sundays and public holidays
excepted. Outside those hours, access to be available through a nominated entry and exit point for the Tenant and the Tenant’s nominated staff and in accordance with the operations of the Landlord’s access control system for the
Building.
  
 Other Facilities: to be available at all times when the Building
is open.

  

			
		 
	Item 18 
Public risk insurance	  	$20,000,000

  

					
		 	 
	Item 19 
Notices	  	 Landlord:
	  	 Newmark Capital Limited 
Como Centre

 
 Level 18, 644 Chapel Street 
SOUTH YARRA VIC 3141

 
 Attention: Asset Manager

		 	 
		  	 Tenant:
	  	 Opthea Limited 
Suite 0403 
650 Chapel
Street 
SOUTH YARRA VIC 3141
  
 Attention: Company Secretary

  

			
		 
	Item 20 
Bank Guarantee amount	  	An amount equal to the Base Rent plus GST and Outgoings Contribution plus GST for 6 months being $57,281.40 as at the Commencement Date
subject to clause 14.6

  

			
		 
	Item 21 
Trust	  	
Newmark Como Property Trust

  
 Page 3 

			
		 
	Item 22
Further Term	  	Not applicable

  

			
		 
	Item 23 
Retail Leases Act	  	 The Act does not apply.

 
 Reason: The Premises are not used for the retail sale of goods or the provision of
services by retail.

  
 Page 4 

 The Landlord is the registered proprietor of the Land and the Building. 

The Landlord leases to the Tenant the Premises for the Term on the terms and conditions contained in this lease. 

 

	1.	 TERM 

  

 
 Term of lease 

 

	1.1	 Subject to the provisions of this lease, this lease commences on the Commencement Date and ends on the Expiry
Date. 

 Monthly tenancy 
  

	1.2	 If the Landlord in its discretion allows the Tenant to occupy the Premises after the Expiry Date (other than
under a grant of a further lease), the Tenant does so as a monthly tenant on the terms and conditions of this lease with necessary changes applicable to a monthly tenancy except that: 

 

	 	(a)	 the Base Rent will be an amount equal to one-twelfth of the Base Rent
payable immediately before the Expiry Date increased by the Fixed Percentage Amount. 

  

	 	(b)	 the first payment of rent is to be made on the next day after the Expiry Date; 

 

	 	(c)	 the monthly tenancy may be terminated at any time by either party giving one month’s notice to the other
party and the tenancy will end one month after service of that notice; and 

  

	 	(d)	 if the Tenant defaults in performing its obligations, then the Landlord may terminate the tenancy by giving
notice to the Tenant and the monthly tenancy will end seven days after service of that notice. 

  

	2.	 BASE RENT 

  

 
 Payment 

 

	2.1	 The Tenant must pay the Base Rent by equal monthly instalments (and proportionately for any part of a month) in
advance on the first day of each month during the Term. 

 First instalment 

 

	2.2	 The Tenant must pay the first instalment of Base Rent on the Commencement Date. 

 

	3.	 REVIEW OF BASE RENT 

 
  

Market Review of Base Rent 
  

	3.1	 If the Landlord chooses to review the Base Rent at any Market Review Date then clauses 3.2 to 3.16 inclusive
apply. The Landlord is not obliged to give a notice under clause 3.2. 

  

	3.2	 During each Review Period the Landlord may give a Rent Review Notice to the Tenant in respect of the Market
Review Date to which that Review Period relates. 

  
 Page 5 

	3.3	 The amount in the Rent Review Notice is the Base Rent reserved by this lease from that Market Review Date
unless a Dispute Notice is given by the Tenant within the Dispute Period. 

  

	3.4	 If the Landlord does not give the Tenant a Rent Review Notice in respect of a Market Review Date, then as from
that Market Review Date until the next Review Date (or if there is no further Review Date, the Expiry Date) the Tenant must continue to pay Base Rent at the rate payable before that Market Review Date; and 

Dispute as to Base Rent 
  

	3.5	 If the Tenant wants to dispute a Rent Review Notice, then during the Dispute Period the Tenant must give notice
to the Landlord: 

  

	 	(a)	 stating that the Tenant disputes the Base Rent assessed by the Landlord; and 

 

	 	(b)	 nominating the figure which is the Tenant’s assessment of the Base Rent to apply from the relevant Market
Review Date. 

  

	3.6	 Within 21 days after delivery of the Dispute Notice, the Landlord and the Tenant must agree on an Umpire who
will determine the Base Rent. 

  

	3.7	 If the Landlord and the Tenant do not appoint the Umpire under clause 3.6, then either party may ask the
president of the Institute to appoint the Umpire. 

  

	3.8	 An Umpire appointed under this lease: 

 

	 	(a)	 must be a full member of not less than five years’ standing of the Institute; 

 

	 	(b)	 must hold a licence or be registered to practise as a valuer of the kind of premises demised by this lease;

  

	 	(c)	 must have at least three years’ experience in valuing such premises and be active in that market at the
time of his or her appointment; 

  

	 	(d)	 must have due regard to any evidence submitted by the parties (and, in the case of the Umpire, by the Valuers)
as to their assessments of the Base Rent; 

  

	 	(e)	 as a condition of the appointment agree to make his or her determination of the Base Rent within 30 days of his
or her appointment; 

  

	 	(f)	 must give his or her determination and the reasons for that determination (including setting out what was taken
into account, what was disregarded, their respective weightings and any other adjustments) in writing; and 

  

	 	(g)	 acts as an expert and not as an arbitrator. 

 

	3.9	 The determination of the Umpire is final and binding and is the Base Rent as at that Market Review Date. The
Umpire’s determination must be a speaking valuation which complies with clause 3.8 (f). 

  

	3.10	 If the Umpire does not make his or her determination of the Base Rent within the required period, then either
party may ask the president of the Institute to appoint a substitute Umpire. On that appointment, the appointment of the previous Umpire ends. 

  
 Page 6 

 Base Rent criteria 
  

	3.11	 In determining the Base Rent, the parties and any Umpire must determine the current market rent on a face rent
basis for the Premises as at the particular Market Review Date having regard to the provisions of this lease and must: 

  

	 	(a)	 disregard the value of any goodwill attributable to the Tenant’s Business and the value of the
Tenant’s Fixtures or fitout or any other interest in the Premises created by this lease; 

  

	 	(b)	 disregard any deleterious condition of the Premises resulting from any work carried out by the Tenant or from
any breach of this lease by the Tenant; 

  

	 	(c)	 disregard any rent or other money payable under any sublease or licence where the rent or other money payable
under the sublease or licence is less than the Base Rent; 

  

	 	(d)	 have regard to the Term and, if part of the Term has elapsed at the Review Date, disregard that fact;

  

	 	(e)	 have regard to the rental value of comparable premises but in doing so must make no reduction on account of any
Incentive; 

  

	 	(f)	 consider the Premises as used for the Permitted Use but must have regard also to any other use to which the
Premises may be lawfully put; 

  

	 	(g)	 regard the Premises on a floor by floor basis without a discount where the Base Rent is to be determined for
more than one floor; 

  

	 	(h)	 assume that all obligations of the Tenant and the Landlord in this lease have been performed and observed;

  

	 	(i)	 make no reduction on account of any Incentive paid, provided or allowed to the Tenant or which would be likely
to be paid, provided or allowed to a tenant in relation to a new tenancy in respect of the Premises were they vacant; and 

  

	 	(j)	 assume that the Building has been reinstated in accordance with clause 8 if the Building has been damaged or
destroyed. 

 Costs 
  

	3.12	 The costs of the Umpire in determining the Base Rent must be paid by the parties equally.

 Minimum Base Rent 
  

	3.13	 If a Rent Review Notice is given under clause 3.2, then despite any other provision of this lease, the Base
Rent from and including any Market Review Date until the next Review Date or the Expiry Date as appropriate is the greater of: 

  

	 	(a)	 the Base Rent determined under this clause 3; and 

 

	 	(b)	 the Base Rent payable for the 12 months immediately before that Market Review Date. 

Adjustments 
  

	3.14	 If a Rent Review Notice is given under clause 3.2, the Base Rent specified in that notice is payable from the
particular Market Review Date, whether or not a Dispute Notice is given by the Tenant. Any receipt for the payment of Base Rent at a lesser amount due to the Landlord’s delay in issuing the Rent Review Notice does not prejudice the
Landlord’s right to demand payment of any additional rent payable by the Tenant as a result of that review. 

  
 Page 7 

	3.15	 If a Rent Review Notice is given after the Market Review Date to which it relates, then any shortfall in the
payment of Base Rent as from the Market Review Date must be paid by the Tenant on the first day of the month next following the date of service of the Rent Review Notice. 

 

	3.16	 If a Dispute Notice is given by the Tenant, any variation in the Base Rent arising from a determination under
this clause 3 takes effect from the relevant Market Review Date. 

  

	3.17	 After the determination of the Base Rent: 

 

	 	(a)	 if the Base Rent payable is less than that specified in the Rent Review Notice, then the Landlord must credit
to the Tenant any excess rent paid by the Tenant in one of the next two rental statements; or 

  

	 	(b)	 if the Base Rent payable is greater than that specified in the Rent Review Notice, then the Tenant must pay any
deficiency to the Landlord within seven days after the date of the determination. 

 Consumer Price Index Adjustment 

 

	3.18	 The Base Rent from and including each CPI Adjustment Date until the next Review Date (or if there is no further
Review Date, the Expiry Date) is the greater of: 

  

	 	(a)	 the Base Rent payable immediately before that CPI Adjustment Date multiplied by the Current CPI and divided by
the Previous CPI; and 

  

	 	(b)	 the Base Rent payable immediately before that CPI Adjustment Date. 

 

	3.19	 On the first day of the month after the information is available to make the calculation in clause 3.18, the
Tenant must pay the difference between what the Tenant has paid on account of Base Rent and the Base Rent as adjusted pursuant to clause 3.18 for the period from and including the relevant CPI Adjustment Date to but excluding the first day of that
month. 

 Fixed Percentage Increase 
  

	3.20	 The Base Rent from and including each Fixed Increase Date until the next Review Date (or if there is no further
Review Date, the Expiry Date) is increased by the Fixed Percentage Increase. 

  

	4.	 OUTGOINGS 

  

 
 Outgoings Contribution 

 

	4.1	 The Tenant must pay the Outgoings Contribution for each Outgoings Year calculated as follows:

 OC = LP x I x N  

                        
Y 
 where: 
 OC = the Outgoings
Contribution 
 LP = the Tenant’s Proportion 

  
 Page 8 

 I = the amount of the Outgoings for the relevant Outgoings Year 

N = is the number of days of the Term falling within the relevant Outgoings Year 

Y = 365 (or 366 in the case of a leap year). 
  

	4.2	 The Landlord may allocate to specific tenants (including the Tenant) Outgoings costs which in the
Landlord’s reasonable opinion have been incurred in respect of those tenants or in respect of a particular part of the Building occupied by those tenants. The Landlord must exclude those costs from the Outgoings for which other tenants are
liable. The Tenant must pay any cost allocated to it under this clause. 

  

	4.3	 The Outgoings for any particular Outgoings Year will be calculated on an accrual basis, unless the Landlord in
its discretion decides to calculate the Outgoings on a cash basis. 

  

	4.4	 Not used. 

  

	4.5	 Not used.. 

  

	4.6	 Not used. 

Payment of contributions 
  

	4.7	 The Landlord may notify the Tenant of the Landlord’s reasonable estimate of the Outgoings Contribution for
each Outgoings Year, and may adjust the reasonable estimate from time to time. 

  

	4.8	 The Tenant must pay, on account of the Tenant’s Proportion of the Outgoings Contribution, the estimate
notified under clause 4.7, by equal monthly instalments in advance on the days for payment of Base Rent. 

  

	4.9	 As soon as practicable after each Outgoings Year the Landlord must give the Tenant a statement for that
Outgoings Year with reasonable details of the Outgoings and the Tenant’s Proportion of the Outgoings Contribution payable by the Tenant. 

  

	4.10	 Within 14 days after receipt of the statement, the Tenant must pay or the Landlord must credit, the difference
between the amount paid on account of the Tenant’s Proportion in the Outgoings Contribution for that Outgoings Year and the amount actually payable by the Tenant. 

 

	4.11	 By notice to the Tenant the Landlord may recover any Tenant’s Proportion of the Outgoings Contribution by
payment of a lump sum, even if the Landlord has not notified the Tenant of an estimate under clause 4.7 or gives notice after the End Date. 

  

	4.12	 The Tenant’s Proportion of the Outgoings Contribution is payable even if the End Date occurs before the
relevant amount for any particular Outgoings Year can be calculated. In that case the Landlord’s reasonable estimate at the End Date is taken to be the actual Outgoings Contribution to the End Date without any further adjustment.

  

	4.13	 The Tenant acknowledges that details of the Tenant’s Proportion of any increase in the Outgoings
Contribution and Outgoings provided to it at the Commencement Date may have been based on estimates and that the estimates may require revision when the actual amount of the expense is determined. 

  
 Page 9 

 Tenant to pay charges 
  

	4.14	 The Tenant must pay on time all: 

 

	 	(a)	 waste costs, water costs and other costs which the Landlord reasonably determines to have been incurred in
respect of the Premises as a result of the Tenant’s use and occupation of the Premises; 

  

	 	(b)	 costs of services separately connected and supplied to the Premises or connected to the Building and separately
metered to the Premises including water, electricity, gas and telephone; 

  

	 	(c)	 the connection and usage costs of all services not connected and supplied to the Premises but required by the
Tenant; and 

  

	 	(d)	 after hours trading costs including but not limited to cleaning electricity gas insurance and security costs
and air conditioning . 

  

	5.	 USE OBLIGATIONS 

 
  

Positive use obligations 
  

	5.1	 The Tenant must: 

  

	 	(a)	 use the Premises only for the Permitted Use; 

 

	 	(b)	 lock all exterior doors and windows in the Premises when the Premises are not occupied; 

 

	 	(c)	 keep the Premises clean and tidy; 

 

	 	(d)	 notify the Landlord and the proper Authority promptly of any infectious illness in the Premises which must be
notified to an Authority and, if that infectious illness is confined to the Premises, the Tenant must disinfect the Premises to the satisfaction of the Landlord and that Authority; 

 

	 	(e)	 notify the Landlord of any damage or accident to or defects in the Building including the failure of any exit
lights or other equipment or any circumstances likely to cause any damage or injury within the Building promptly after the Tenant becomes aware of the damage, accident, defect or circumstances; 

 

	 	(f)	 comply with all reasonable directions of the Landlord relating to the receipt, delivery or other movement of
any goods or articles of bulk or quantity; 

  

	 	(g)	 pay all reasonable and proper costs of the Landlord in providing, at the request of the Tenant, access to the
Building outside the Public Access Hours or Facilities and Services outside the Facilities Hours; 

  

	 	(h)	 comply with all Laws and Requirements and the directions of the Landlord in relation to smoking and place in
the Premises signs as the Landlord reasonably requires to notify persons of the prohibitions contained in this lease in relation to smoking; 

  

	 	(i)	 comply with the Rules; 

 

	 	(j)	 participate in emergency procedures as required by the Landlord; 

  
 Page 10 

	 	(k)	 provide Keys only to employees and invitees of the Tenant, keep a list of the recipients of Keys and their
status and on request provide the Landlord with an up-to-date copy of that list; 

 

	 	(l)	 pay all costs arising from the issue to the Tenant of any Keys and the upgrading or reprogramming of the Keys
and the costs incurred as a result of the loss of or damage to any Key including the cost of replacement keys; 

  

	 	(m)	 ensure that any Key system installed in the Premises is compatible with the system for the Building;

  

	 	(n)	 obtain all consents or approvals of any Authority or under any Laws or Requirements necessary in relation to
the Tenant’s Business and not allow them to lapse or be revoked; 

  

	 	(o)	 use the cleaning service for the Building provided by the Landlord and comply with any recycling program
operating in the Building; 

  

	 	(p)	 fully satisfy any Requirement in respect of Contamination which exists by reason of any Tenant Cause;

  

	 	(q)	 nominate to the Landlord a representative of the Tenant who can be contacted by the Landlord on a 24 hour basis
in relation to the Premises or any emergency in them; and 

  

	 	(r)	 comply with any Environmental Initiatives implemented by the Landlord in the Building. 

Negative use obligations 
  

	5.2	 The Tenant must not: 

 

	 	(a)	 without the Landlord’s consent, bring, place or store Heavy Items in the Building; 

 

	 	(b)	 install any equipment in the Premises that overloads the Services; 

 

	 	(c)	 obstruct access to or impede the Services or the Facilities; 

 

	 	(d)	 affix any telecommunications device to the Building or install any communications cabling in the
Building without the Landlord’s consent (and any consent so given may be withdrawn at any time without consultation if the Landlord reasonably considers it to be in the interests of the Landlord or the other tenants or licensees of the Building
to do so); 

  

	 	(e)	 use any sound, picture or image producing equipment in the Premises which is audible or visible from outside
the Premises; 

  

	 	(f)	 install Coverings on the exterior of the Building or the internal face of perimeter glass without the
Landlord’s consent; 

  

	 	(g)	 deface or mark or drive any nails, screws or hooks into the Building; 

 

	 	(h)	 cover or obstruct the air-conditioning ducts and outlets or the
skylights and windows which reflect or admit air or light into the Building or cover or obstruct any lights or other means of illumination; 

  

	 	(i)	 throw anything out of the windows or doors of the Building or down the elevator shafts or into the light areas
of the Building; 

  
 Page 11 

	 	(j)	 deposit rubbish anywhere except in proper receptacles; 

 

	 	(k)	 place any article or thing on any sill, ledge or other like part of the Building; 

 

	 	(l)	 obstruct the Common Areas nor place items in any part of the Building other than the Premises;

  

	 	(m)	 without the Landlord’s consent, store or use Inflammable Substances in the Premises;

  

	 	(n)	 smoke cigarettes, pipes, cigars or any other form of tobacco or similar substance in or around the Building or
the Land; 

  

	 	(o)	 without the Landlord’s consent, remove any ceiling tiles, carpet or other floor coverings or other items
in the Premises at the Commencement Date from where they were originally installed in the Building; 

  

	 	(p)	 do anything to the carpet or other floor coverings in the Premises which contravenes any guarantee relating to
them notified to the Tenant by the Landlord; 

  

	 	(q)	 keep animals or birds in the Premises; 

 

	 	(r)	 carry on any noxious, noisome, or offensive business or do any act or thing which may cause nuisance, damage or
disturbance to any person including the Landlord and any other occupier of the Building; 

  

	 	(s)	 hold any auction, bankruptcy or fire sale in the Premises; 

 

	 	(t)	 prepare or cook food in the Premises except in areas approved by the Landlord; 

 

	 	(u)	 open external windows of the Building; 

 

	 	(v)	 without the Landlord’s consent, display or affix any Sign on any part of the Premises or the Building that
is visible from outside the Premises; 

  

	 	(w)	 use the Premises as a residence; 

 

	 	(x)	 cause damage to the Building; 

 

	 	(y)	 make any duplicate of the Keys provided by the Landlord; or 

 

	 	(z)	 Contaminate the Premises. 

No warranty as to use 
  

	5.3	 The Tenant acknowledges that the Landlord gives no warranty as to the use to which the Premises may be put. The
Tenant acknowledges that it has satisfied itself and is taken to have accepted this lease with full knowledge of and subject to any prohibitions or restrictions on the use of the Premises under any Laws or Requirements. 

Laws and Requirements 
  

	5.4	 Subject to clause 5.5 and any obligations of the Landlord under this lease, the Tenant must comply with and
observe all Laws and Requirements affecting: 

  

	 	(a)	 the Premises; 

  

	 	(b)	 the Tenant’s Fixtures; 

  
 Page 12 

	 	(c)	 the Tenant’s Business; and 

 

	 	(d)	 the Tenant’s use or occupation of the Premises, 

whether addressed to or required to be effected by the Landlord, the Tenant or both or by any other person. The Tenant must promptly give the
Landlord a copy of any Laws or Requirements notified to the Tenant. In complying with those Laws or Requirements the Tenant must obtain the Landlord’s consent and must observe the provisions of this lease. 

 

	5.5	 The Tenant is not required under clause 5.4 to effect structural works unless rendered necessary by any Tenant
Cause. 

 Tenant’s Fixtures 
  

	5.6	 The Landlord agrees that the installation by the Tenant of the Tenant’s Fixtures in accordance with the
terms of this lease does not constitute a breach of clause 5.2(g) or clause 5.2(x) by the Tenant. This clause 5.6 does not derogate from the Tenant’s obligations under clause 11. 

Essential Services Certification 
  

	5.7	 If due to a Tenant Cause the Landlord is prevented from or delayed in obtaining a statement in relation to each
essential fire or other safety measure implemented in the Building as required by any Law, then within a reasonable time (having regard to the Law and any Requirements) the Tenant, on being required by the Landlord to do so, must at the cost of the
Tenant carry out such works and do such things as are necessary to enable the Landlord to obtain the statement and to comply with the Landlord’s obligations under the Law. This clause operates subject to clause 12.13. 

 

	5.8	 If required by the Landlord at any time, the Tenant must, within the period nominated by the Landlord in its
notice to the Tenant, obtain and provide to the Landlord an essential services certificate in respect of the Premises. This clause does not limit the obligations of the Tenant under clause 5.7. 

Cleaning 
  

	5.9	 The Tenant is responsible for the Premises cleaning costs and may at its discretion use a third party cleaner
to clean the Premises provided such cleaner has been approved by the Landlord. 

  

	6.	 REPAIRS AND ALTERATIONS 

 
  
  

	6.1	 Not used. 

Repair and maintenance 
  

	6.2	 The Tenant must keep the Premises, the Tenant’s Fixtures and any Landlord’s Fixtures located in or
exclusively servicing the Premises in good and substantial repair, maintenance and condition including: 

  

	 	(a)	 replacing all damaged or faulty light bulbs, light globes and tubes (including exit lights) in the Premises;
and 

  

	 	(b)	 keeping current during the Term such Maintenance Contracts as the Landlord reasonably requires in relation to
the Tenant’s obligations under this clause 6.2. 

  
 Page 13 

 The Tenant must give the Landlord such evidence as to the existence of and performance of
the Maintenance Contracts as the Landlord requires including copies of reports, certificates and other statements issued in connection with those Maintenance Contracts. 
  

	6.3	 Clause 6.2 does not impose any obligation on the Tenant for: 

 

	 	(a)	 structural works unless rendered necessary by any Tenant Cause; or 

 

	 	(b)	 fair wear and tear (apart from replacing all damaged or faulty light bulbs, light globes and tubes (including
exit lights) in the Premises). 

  

	6.4	 Subject to clause 12.13, the Tenant must promptly make good damage (including of a structural nature) to the
Building due to a Tenant Cause. 

 Landlord’s right of inspection 

 

	6.5	 On giving the Tenant not less than two days’ notice (except in an emergency when no notice is required),
the Landlord may enter the Premises to: 

  

	 	(a)	 inspect the state of repair of the Premises; and 

 

	 	(b)	 review the Tenant’s observance and performance of the Tenant’s Covenants. 

Tenant to carry out obligations 
  

	6.6	 The Landlord may give the Tenant a notice of any failure by the Tenant to carry out any obligation of the
Tenant under clause 5 or clause 6. The notice may require the Tenant to carry out that obligation within a reasonable time. If the Tenant fails to do so, the Landlord may carry out that obligation at the Tenant’s cost. 

Landlord’s right of entry 
  

	6.7	 If: 

  

	 	(a)	 the Landlord wishes to do works to the Premises which the Landlord acting reasonably considers necessary or
desirable (including Environmental Initiatives) or which the Landlord is obliged to do under this lease or under any Law or Requirement; 

  

	 	(b)	 an Authority requires work to be done at the Building which the Landlord decides to do and which is not the
Tenant’s obligation under this lease; or 

  

	 	(c)	 the Landlord decides to carry out any obligation which the Tenant is required to carry out under this lease,
but fails to do, 

 then the Landlord, on giving to the Tenant not less than two days’ notice (except in an emergency
when no notice is required), may enter the Premises and do those works (provided that such works do not adversely affect the Tenant’s day-to-day operations). 

Alterations to the Building 
  

	6.8	 The Tenant must not: 

 

	 	(a)	 make any alterations or additions to the Building including the inter-tenancy partitions or floor coverings;

  

	 	(b)	 interfere with, alter or make any connections to the Services or the Landlord’s Fixtures; or

  
 Page 14 

	 	(c)	 use, install or alter internal partitions in the Premises, 

 

	 	unless	 the Tenant: 

  

	 	(d)	 obtains the Landlord’s consent (which consent must not be unreasonably withheld); and

  

	 	(e)	 the Tenant complies with the Works Conditions. 

 

	6.9	 The Tenant must issue drawing to the Landlord for approval prior to submitting them to any required Authority
for approval. 

  

	6.10	 The Tenant must complete the works to fit out the Premises to a standard commensurate with a high-end shopping centre precinct and to the reasonable satisfaction of the Landlord. 

  

	6.11	 The Tenant must provide to the Landlord a copy of all endorsed planning and building permits and approvals and
plans within five (5) business days of being issued to the Tenant by the relevant Authority or issuer. 

  

	6.12	 Where the Landlord imposes a condition on the Tenant pursuant to clause 6.8 requiring the works or any part
thereof to remain in or on the Premises when the Tenant vacates the Premises, the parties agree that part of the works are deemed to be a Fixture for the purpose of the PPS Act. 

 

	7.	 ASSIGNMENT AND SUB-LETTING 

 
  

Dealings not permitted 
  

	7.1	 Except as otherwise stated in this clause 7, during the Term the Tenant must not assign, sublease, mortgage,
charge or otherwise deal with or part with possession of the Premises or this lease or any estate or interest in this lease or agree to do any of those things and Section 144 of the Property Law Act shall not apply. 

Subleases 
  

	7.2	 The Tenant must not grant any sublease of the Premises without the Landlord’s consent which shall not be
unreasonably withheld. Subject to clauses 7.5 and 7.6 , the Landlord will consent to a sublease if the Tenant complies with the Dealing Conditions (other than Dealing Condition (i)). 

Assignment 
  

	7.3	 The Tenant must not assign this lease without the Landlord’s consent. Subject to clauses 7.5 and 7.6, the
Landlord will consent to an assignment if: 

  

	 	(a)	 the Assignment relates to the whole of the Premises and the whole of the Tenant’s interest in this lease;
and 

  

	 	(b)	 before the Tenant assigns, the Tenant and, where applicable, the assignee, comply with the Dealing Conditions;
and 

  

	 	(c)	 before the Tenant assigns, the assignee covenants with the Landlord to perform and observe the Tenant’s
Covenants after the Assignment. 

  

	7.4	 An Assignment under clause 7.3 does not release the Tenant from the Tenant’s Covenants.

  
 Page 15 

	7.5	 Despite any other provision of this lease, consent to assignment or sublease by the Tenant may be withheld by
the Landlord in the Landlord’s absolute discretion to: 

  

	 	(a)	 a government department or instrumentality (unless that government department or instrumentality is already a
tenant in the Building); 

  

	 	(b)	 a trustee or a legal entity constituting or representing a political party; or 

 

	 	(c)	 an embassy, consulate or trade commission office of a foreign country. 

Control of Tenant 
  

	7.6	 The Tenant must not allow a Control Event to occur without the Landlord’s consent. The Landlord must
consent to a Control Event occurring if: 

  

	 	(a)	 the Tenant notifies the Landlord of the Control Event; 

 

	 	(b)	 the Tenant satisfies the Landlord that the Control Event will not materially or adversely affect the
Tenant’s respectability, responsibility or solvency or its ability to observe and perform the Tenant’s Covenants; and 

  

	 	(c)	 the Tenant complies with the Dealing Conditions applicable to the Control Event. 

 

	7.7	 Clause 7.6 does not apply to a Tenant which is a corporation whose shares are listed on the Australian Stock
Exchange. 

 Mortgage of Tenant’s equipment etc 
  

	7.8	 The Tenant must not mortgage, charge, lease or otherwise deal with any Tenant’s Fixtures which requires
the Landlord to sign a waiver or similar document without the Landlord’s consent. The Landlord must consent if: 

  

	 	(a)	 the Tenant is entering into a genuine mortgage, charge or lease as a means of financing that equipment,
fixtures or fittings; 

  

	 	(b)	 the Tenant and all other relevant parties execute the Landlord’s standard form of waiver document; and

  

	 	(c)	 the Tenant pays the Landlord’s reasonable costs (including legal costs). 

 

	7.9	 The Tenant must notify the Landlord on or before the Commencement Date if the Tenant’s Fixtures or any
other Personal Property of the Tenant relevant to this lease is subject to a Security Interest. 

  

	7.10	 Without limiting clause 7.8, the Tenant agrees not to create a Security Interest in favour of any third party
in respect of the Tenant’s Fixtures or any other Personal Property of the Tenant relevant to the lease except with the prior written consent (not to be unreasonably withheld) of the Landlord. 

 

	7.11	 Despite anything in this lease the Tenant must if directed to do so by the Landlord reinstate and make good to
the Landlord’s satisfaction any sub-divisional works undertaken as a result of this clause 7 on or before the End Date. 

  
 Page 16 

	8.	 INSURANCE AND DAMAGE 

 
  

Tenant’s insurances 
  

	8.1	 The Tenant must keep current during the Term: 

 

	 	(a)	 a public risk insurance policy endorsed to include the risks referred to in clause 8.7 and all other claims
arising in connection with this lease, such policy to be for not less than the amount specified in item 18 or such other reasonable amount as the Landlord may notify the Tenant from time to time in respect of any single occurrence;

  

	 	(b)	 a policy against glass breakage covering all plate and other glass in the doors, offices and staircases on, in
or about the Premises and covering frames, surrounds and temporary shutters; 

  

	 	(c)	 a policy insuring all additions to the Premises carried out by the Tenant and all the Tenant’s Fixtures
and the Landlord’s Fixtures against loss or damage by events for which a Tenant can and does ordinarily insure, for their full replacement value; 

  

	 	(d)	 any other insurance (including business losses) that in the Landlord’s reasonable opinion a prudent Tenant
would maintain. 

  

	8.2	 On: 

  

	 	(a)	 each anniversary of the Commencement Date, the Tenant must give the Landlord a Certificate of Currency; and

  

	 	(b)	 on request, the Tenant must give the Landlord copies of the policy, the receipt for the last premium and a
Certificate of Currency, 

 in respect of any insurance referred to in clause 8.1. 

Insurance terms 
  

	8.3	 All policies of insurance under this clause 8 must: 

 

	 	(a)	 be with a reputable insurer with a Standard & Poors rating of A or better; 

 

	 	(b)	 be for such amounts and cover such risks and contain such conditions as are acceptable to, or are as required
by, the Landlord acting reasonably; and 

  

	 	(c)	 be taken out in the name of the Tenant and, in respect of the policy referred to in clause 8.1(a), must note
the interest of the Landlord as principal under the policy. 

 Not affect insurances 

 

	8.4	 The Tenant must not do any act or thing which may increase the cost of insurances in connection with the
Building or property in the Building or affect or make void or voidable that insurance or which may conflict with Laws or Requirements. 

Property of Tenant 
  

	8.5	 All property of the Tenant or of the Tenant’s Agents in the Building is at the sole risk of the Tenant.

  
 Page 17 

 Releases of Landlord 
  

	8.6	 The Tenant releases the Landlord from liability in respect of: 

 

	 	(a)	 loss of or damage to any property of the Tenant or any other person; and 

 

	 	(b)	 injury to or the death of any person, 

in the Building or in places adjacent to the Building except as a result of the negligence of the Landlord or of any servant or agent of the
Landlord if that person is acting for the Landlord. 
 Indemnities 
  

	8.7	 The Tenant is liable for and must indemnify the Landlord against all Claims for which the Landlord becomes
liable in connection with (except to the extent that the relevant loss or damage is caused or contributed to by the default, or negligent act or omission of the Landlord or any servant or agent of the Landlord): 

 

	 	(a)	 loss of or damage to the Building or to any property or injury to or the death of any person to the extent
caused or contributed to by a Tenant Cause; 

  

	 	(b)	 the negligent or careless use of the Building by the Tenant or the Tenant’s Agents; 

 

	 	(c)	 any defect in the Building due to a Tenant Cause; 

 

	 	(d)	 the Tenant’s failure to perform or observe the Tenant’s Covenants; or 

 

	 	(e)	 any act of the Landlord in connection with clause 5.1(j) or clause 12.13. 

 

	8.8	 Clause 8.7 applies even if a Claim results from any act or thing which the Tenant may be authorised or obliged
to do under this lease and even if at any time waiver or other indulgence has been given to the Tenant in respect of that act or thing. 

Damage to Building 
  

	8.9	 If the Building is damaged so that a substantial part of the Premises cannot be used or are inaccessible, the
Tenant’s liability to pay Base Rent is reduced in proportion to the nature and extent of the damage for the period the Premises cannot be used or are inaccessible. 

 

	8.10	 If the Building is damaged so that a substantial part of the Premises cannot be used or are inaccessible, the
Landlord may, within three months after the damage occurs, give the Tenant notice that it: 

  

	 	(a)	 intends to reinstate the Building and make the Premises fit for use or access by the Tenant; or

  

	 	(b)	 terminates the Lease on 7 days’ notice as it is impractical or undesirable to reinstate the Building.

  

	8.11	 If the Landlord does not give the Tenant a notice under clause 8.10 within three months after the damage
occurs, then the Tenant may terminate this lease by written notice to the Landlord. 

  

	8.12	 If the Landlord serves a notice under clause 8.10 of its intention to reinstate the Building and make the
Premises fit for use or access by the Tenant and does not carry out the necessary works within a reasonable time (having regard to the nature and extent of the damage and the time expected to commence and to carry out the necessary works), the
Tenant may serve a notice requiring the Landlord to carry out the necessary works. If the Landlord does not comply with that notice within a reasonable time, the Tenant may terminate this lease by written notice to the Landlord.

  
 Page 18 

	8.13	 The Tenant may not terminate this lease, nor may the Tenant’s liability to pay Base Rent be reduced under
this clause if the Tenant or the Tenant Agents: 

  

	 	(a)	 caused or contributed to the damage; 

 

	 	(b)	 prejudiced the Landlord’s rights under an insurance policy in connection with the Building; or

  

	 	(c)	 caused or contributed to a claim being refused by the insurer. 

Clauses 8.13(a) to 8.13(c) do not affect any other rights the Landlord may have in connection with the events specified in this clause 8.

  

	8.14	 If at any time, the Landlord considers it is impractical or undesirable to reinstate the Building and make the
Premises fit for use or access by the Tenant (including if it has already given a notice that it intends to reinstate the Building), the Landlord may terminate this Lease by giving one month’s written notice to the Tenant.

  

	8.15	 Nothing in this clause 8 obliges the Landlord to restore or reinstate the Building or the Premises.

  

	8.16	 Termination of this lease under this clause 8 does not affect the rights of either party in connection with a
breach of any covenant of this lease before termination. 

 OHS Indemnity 

 

	8.17	 Subject to any matters and works which under this Lease are the responsibility of the Landlord, the Tenant
indemnifies the Landlord from and against any liability under the Occupational Health and Safety Act 2004 (Vic) and the Tenant acknowledges that, to that extent, the Premises are under its control. 

 

	9.	 LANDLORD’S OBLIGATIONS 

 
  

Quiet enjoyment 
  

	9.1	 Subject to the Landlord’s rights reserved by this lease, while the Tenant complies with its obligations
under this lease the Tenant may use and occupy the Premises during the Term without interference by or through the Landlord. 

Outgoings 
  

	9.2	 The Landlord must pay the Outgoings not payable by any other person. 

Facilities 
  

	9.3	 The Landlord must use reasonable endeavours to ensure the Facilities are functional during the Facilities
Hours. 

  

	9.4	 If the Landlord has complied with clause 9.3 and, despite that, at any time: 

 

	 	(a)	 any Facilities or Services do not function or are not available; 

  
 Page 19 

	 	(b)	 the Landlord because of the need to repair, maintain or replace Facilities or Services or because of the
operation of any Laws or Requirements is compelled to shut off or remove any Facilities or Services; or 

  

	 	(c)	 the Landlord exercises its rights under clause 12.6 to close the Building, 

then the Tenant is not entitled to terminate or rescind this lease nor to make any Claim for compensation or damages or abatement of rent
against the Landlord. 
 Common Areas 
  

	9.5	 Subject to this lease, the Tenant and the Tenant’s Agents (in common with other persons authorised by the
Landlord) may use the Common Areas for their intended purposes as determined by and subject to the Landlord’s directions. 

Directory board and door signage 
  

	9.6	 The Tenant shall be entitled to place its name on the entrance door of the Premises at no charge. Signage is
subject to Landlord approval (which must not be unreasonably withheld or delayed) as well as relevant Authority approvals. 

 Minimise
disturbance 
  

	9.7	 The Landlord must use reasonable endeavours to minimise any disturbance to the Tenant’s use of the
Premises in carrying out works under clause 6.7(a) and 6.7(b) and clause 12.15. 

 Carpet 

 

	9.8	 The Landlord must keep the carpets and floor coverings in the Common Areas clean and in good repair.

  

	9.9	 The Tenant must keep all the carpets and floor coverings within the Premises (whether installed by the Landlord
or the Tenant and irrespective of the ownership of them) in good and tenantable repair and condition subject to fair wear and tear. 

  

	9.10	 Clauses 9.9 and 9.10 do not impose on the Landlord any obligation to replace any carpets or floor coverings.

  

	10.	 DEFAULT, TERMINATION 

 
  

Essential terms 
  

	10.1	 Each obligation of the Tenant to pay money and its obligations under clauses 3, 4, 5, 6, 7, 8, 11, 14 and 27
and are essential terms of this lease. This clause does not prevent any other obligation under this lease from being an essential term. 

Default 
  

	10.2	 It is a default under this lease if: 

 

	 	(a)	 the Base Rent, or any GST or any part of them is not paid within 7 days of the date on which they are due; or

  

	 	(b)	 any other money payable by the Tenant under this lease are not paid within 14 days after the Landlord asks the
Tenant to pay it (and the Tenant has been given a reasonable period of time to rectify such default); or 

  
 Page 20 

	 	(c)	 the Tenant does not comply with any other obligation under this lease and, if the failure to comply can be
remedied, it is not remedied within a reasonable time after the Landlord asks the Tenant to remedy it; or 

  

	 	(d)	 the Tenant is a corporation and an Insolvency Event occurs in respect of it; or 

 

	 	(e)	 the Tenant repudiates this lease. 

Avoid default 
  

	10.3	 The Tenant must ensure that no Default occurs. 

Termination of lease 
  

	10.4	 If the Tenant Defaults, the Landlord may: 

 

	 	(a)	 (unless prior demand or notice is required by Law or under this lease) without any prior demand or notice, re-enter and take possession of the Premises (by force if necessary) and eject the Tenant and all other persons and repossess the Premises and terminate this lease; or 

 

	 	(b)	 by notice to the Tenant, terminate this lease as from the date of giving that notice; or 

 

	 	(c)	 by notice to the Tenant, convert the unexpired portion of the Term into a monthly tenancy (as to which clause
1.2 applies) and this lease is terminated from the date of giving that notice. 

 Pursuant to Section 146(1) of the
Property Law Act 1958, fourteen days is fixed by this lease as the time within which the Tenant is to remedy the breach or non-compliance, if it is capable of remedy, and to make reasonable compensation in
money to the satisfaction of the Landlord for the breach or non-compliance. 
 Landlord may rectify 

 

	10.5	 The Landlord may, any time and without notice, remedy a Default by the Tenant. The Tenant must pay all
reasonable costs incurred by the Landlord (including legal costs) in remedying a Default. 

 Tender after termination 

 

	10.6	 Money tendered by the Tenant after this lease is terminated and accepted by the Landlord without prejudice to
the Landlord’s rights in relation to the termination may be applied in the manner the Landlord decides. 

 Damages 

 

	10.7	 If this lease is lawfully terminated by the Landlord: 

 

	 	(a)	 the Tenant indemnifies the Landlord for any Claim in connection with any Default giving rise to the termination
or the termination of the lease; and 

  

	 	(b)	 the Landlord may recover damages from the Tenant for the damage suffered by the Landlord for the Term including
the difference between: 

  

	 	(i)	 the aggregate of the Base Rent and other money payable by the Tenant for the unexpired residue of the Term; and

  
 Page 21 

	 	(ii)	 any amount which the Landlord is able or could, in the Landlord’s opinion, reasonably be expected to
obtain by observing clause 10.10. 

  

	10.8	 The Landlord’s right to recover damages from the Tenant or any other person is not affected or limited if:

  

	 	(a)	 the Tenant abandons or vacates the Premises; 

 

	 	(b)	 the Landlord acting lawfully re-enters the Premises or terminates the
lease; 

  

	 	(c)	 the Landlord acting lawfully accepts the Tenant’s repudiation; or 

 

	 	(d)	 the parties’ conduct (or that of any person on their behalf) constitutes a surrender by operation of law.

 Landlord may institute proceedings 
  

	10.9	 The Landlord may institute legal proceedings claiming damages against the Tenant in respect of the Term
including the period before and after any repudiation, abandonment, termination, acceptance of repudiation or surrender by operation of law whether the proceedings are instituted before or after that conduct. 

Landlord to mitigate damages 
  

	10.10	 If the Landlord terminates this lease, the Landlord must take reasonable steps to mitigate its loss and to re-lease the Premises at a reasonable rent and on reasonable terms. The Landlord’s entitlement to damages is to be assessed on the basis that the Landlord has observed this obligation to mitigate damages. The
Landlord’s conduct under this duty to mitigate damages does not constitute acceptance of the Tenant’s breach or repudiation or a surrender by operation of law. 

Interest on overdue money 
  

	10.11	 The Tenant must pay on demand interest on any money due but unpaid by the Tenant under this lease. Interest is
payable at the Default Interest Rate and is to be computed on daily balances from the due date for payment of the money until payment of that money in full. Interest not paid when due is to be capitalised at monthly intervals. Interest is payable on
capitalised interest at the rate and in the manner referred to in this clause. Interest is recoverable in the same way as rent in arrears. 

  

	11.	 END DATE OBLIGATIONS 

 
  

Reinstatement 
  

	11.1	 The Tenant must, unless agreed in writing by the Landlord, on or before the End Date: 

 

	 	(a)	 remove any Tenant’s Fixtures, fittings and equipment as directed by the Landlord from the Premises;

  

	 	(b)	 return the Premises to the Landlord in a clean, tidy and safe condition and hand over all Keys to the Premises
and any licensed areas; 

  

	 	(c)	 remove all the Tenant’s Fixtures and fittings from the Premises and make good any damage to the Premises
or the Common Areas of the Building caused by such removal; and 

  
 Page 22 

	 	(d)	 reinstate the Premises and its Services to a standard base building open plan configuration.

 Abandoned Tenant’s Fixtures 
  

	11.2	 Any Tenant’s Fixtures remaining on the Premises after the End Date will become the property of the
Landlord and the Landlord may deal with those Tenant’s Fixtures as it sees fit and recover costs of dealing with the Tenant’s Fixtures on demand from the Tenant. 

 

	12.	 LANDLORD’S RIGHTS 

 
  

Roof 
  

	12.1	 The Landlord reserves the exclusive right to use the roof and the external walls of the Building including the
right to erect and display Signs or to grant leases or licences or otherwise authorise any person to use those areas for such purposes as the Landlord in its discretion thinks fit. 

Building name 
  

	12.2	 The Landlord reserves the right at any time to name or create a logo or to change the name or logo of the
Building. The Tenant must not make any Claim in relation to any exercise by the Landlord of its rights under this clause. 

 Change of
Landlord 
  

	12.3	 If another person becomes entitled to receive the rent payable by the Tenant under this lease, the Landlord is
released from any obligation under this lease arising after that other person acquires the Landlord’s interest in this lease (and in respect of obligations prior to that date, once it has complied with those obligations) and the Tenant at the
Landlord’s cost must enter into such covenants with the other person as the Landlord reasonably requires. 

  

	12.4	 An obligation owed by the Tenant to the Landlord which is due for performance before an event in clause 12.3
(including the payment of amounts owing for Base Rent in respect of a period or date or because of an event or Review Date occurring before that event) remains owing to the Landlord and not to the other person and may be recovered by the Landlord in
its own name. 

 Landlord’s agents 
  

	12.5	 The Landlord may appoint persons to exercise any of its rights or perform any of its duties under this lease.
The Tenant must treat those persons when they are exercising those rights or performing those duties as if they were the Landlord. Communications from the Landlord override those from the persons appointed if they are inconsistent.

 Close Building 
  

	12.6	 The Landlord may close the Building in an emergency or if the Landlord otherwise deems that action reasonably
necessary but not limited to the Landlord’s right to close off the Building or any means of access to or egress from for one (1) period of twenty-four (24) hours continuously during each calendar year for the purpose of preventing any
prescriptive public or private right of way to or across any part of the Building or the Land or any access to or egress from arising. 

  
 Page 23 

 Premises security 
  

	12.7	 The Landlord may enter the Premises to lock any door or window left unlocked. The Landlord is not responsible
or liable for security in the Premises or in respect of any unauthorised entry to the Premises. 

 Rules 

 

	12.8	 At any time the Landlord may make Rules or vary existing Rules if that Rule or variation does not materially
derogate from the express rights of the Tenant under this lease. If there is any inconsistency between this lease and the Rules, this lease prevails. The Landlord must give the Tenant copies of all Rules made and notice of any variations to those
Rules. 

 Changes in PCA Method 
  

	12.9	 If the PCA Method changes and the Landlord subsequently surveys the Building, then the Landlord may notify the
Tenant that the: 

  

	 	(a)	 lettable areas of the Building and the Premises are to be changed; and 

 

	 	(b)	 Tenant’s Proportion is to be re-calculated and item 13 amended,

 in accordance with the altered PCA Method. 
  

	12.10	 If the Base Rent is determined by reference to the lettable area of the Premises, the Base Rent may not be
amended until the next Review Date after a Landlord’s notice under clause 12.9. 

 Emergency 

 

	12.11	 Where in this lease there is reference to an emergency the reasonable determination of the Landlord as to the
existence of an emergency is conclusive. 

 Landlord access 

 

	12.12	 To allow the Landlord to perform its obligations under this lease or under any Laws or Requirements, the Tenant
must give the Landlord access to the Premises during the hours notified by the Landlord to the Tenant from time to time. The Landlord must give the Tenant not less than two days’ notice of its access requirements, except in an emergency when no
notice is required. 

 Structural works 
  

	12.13	 Where in this lease the Tenant is obliged to do any work of a structural nature or which affects the
Facilities, the Services or the Landlord’s Fixtures, the Landlord may elect that that work will be carried out only by the Landlord at the Tenant’s reasonable cost (and in determining reasonable cost the Tenant accepts the need of the
Landlord to have regard to factors such as the urgency of the work, the nature of the work and the need to preserve any warranty or guarantee rights or to comply with service contracts). 

Prospective tenants or purchasers 
  

	12.14	 After giving reasonable notice, the Landlord may: 

 

	 	(a)	 enter the Premises to show prospective agents, purchasers, investors, analysts or tenants through the Premises;
and 

  
 Page 24 

	 	(b)	 display for a reasonable time from the Building a sign indicating that the Building is or the Premises are
available for purchase or lease. 

 Environmental Initiatives 

 

	12.15	 The Landlord may, at any time, implement Environmental Initiatives in the Building. If access to the Premises
is required to implement the Environmental Initiatives then the Landlord, on giving the Tenant not less than two days’ notice, may enter the Premises and implement the Environmental Initiatives. 

Subdivision 
  

	12.16	 The Landlord may subdivide (including by strata or stratum) the Land or the Building or grant easements or
other rights over it or the Premises unless this would have a substantial adverse effect on the Tenant’s ability to use the Premises in accordance with the Permitted Use. The Tenant must promptly sign all plans and other documents reasonably
required by the Landlord to enable the Landlord to do those things and if the Tenant fails to do so within a reasonable time then the Tenant is deemed to have appointed the Landlord as its agent to sign the plans and documents on the Tenant’s
behalf. 

  

	13.	 NOTICES 

  

 
  

	13.1	 A notice: 

  

	 	(a)	 must be in writing; 

  

	 	(b)	 may be left at the address of the party in item 19, as varied by notice; and 

 

	 	(c)	 may be sent by prepaid post to the address of the party in item 19, as varied by notice. 

 

	13.2	 If more than one address appears in item 19 for any party then notices must be left at or sent to all addresses
for that party. 

  

	13.3	 A notice sent by prepaid post and correctly addressed is taken to be received on the fifth (ninth, if posted to
or from a place outside Australia) day after posting. 

  

	13.4	 A notice by a party under this lease may be given by an Authorised Officer of the party or an attorney or
solicitor for the party. 

  

	13.5	 Unless a later time is specified in it, a notice takes effect from the time it is received or taken under this
lease to be received. 

  

	13.6	 A certificate signed by an Authorised Officer of the Landlord or an attorney or solicitor for the Landlord
about a matter or about a sum payable to the Landlord in connection with this lease is sufficient evidence of the matter or sum stated in the certificate unless the matter or sum is proved to be false. 

 

	14.	 BANK GUARANTEE 

 
  
  

	14.1	 On or before signing this lease, the Tenant must deliver to the Landlord a Bank Guarantee.

  

	14.2	 The Landlord may at any time after Default occurs call on the Bank Guarantee and apply any money received
towards money (including damages) payable by the Tenant in connection with this lease or any Related Agreement as the Landlord determines. 

  
 Page 25 

	14.3	 The Landlord may call and the bank is entitled to pay under the Bank Guarantee without reference to the Tenant
and despite any contrary objection, claim or direction by the Tenant or any other party to a Related Agreement. 

  

	14.4	 The Landlord’s rights under this clause 14 are in addition to the other rights and remedies of the
Landlord in relation to any default of the Tenant in connection with this lease. 

  

	14.5	 Each time the Landlord claims on a Bank Guarantee, the Landlord may notify the Tenant to top up the Bank
Guarantee in relation to the claim (and any previous claims) made by the Landlord. Within seven days of receipt of each notice the Tenant must: 

  

	 	(a)	 reinstate the Bank Guarantee to the full amount before the claim; or 

 

	 	(b)	 give the Landlord a supplemental Bank Guarantee equal to the amount of the claim. 

 

	14.6	 After each increase in the Base Rent under clause 3, the Tenant if requested by the Landlord must give the
Landlord within 7 days of that request a supplemental Bank Guarantee for the amount required to bring the amount of the Bank Guarantees up to the increased amount then required by item 20. 

 

	14.7	 The Landlord may call on the Bank Guarantee after the End Date and notwithstanding that this lease has been
terminated. 

  

	14.8	 After the Tenant has complied with its obligations under this lease, the Landlord must return the Bank
Guarantee to the Tenant. The Tenant acknowledges that the Landlord may have called on the Bank Guarantee. 

  

	14.9	 Despite any other provision in this lease, if the Landlord sells the Land or otherwise disposes of its interest
in the reversion of this lease, the Tenant must deliver a replacement Bank Guarantee in favour of the purchaser or disponee within 14 days after the Landlord asks for it. 

 

	15.	 PAYMENTS AND COSTS 

 
  

	15.1	 The Tenant must make payments under this lease without set-off or
counterclaim and free and clear of any withholding or deduction. 

  

	15.2	 All payments by the Tenant under this lease must be paid: 

 

	 	(a)	 to the Landlord or to a person nominated by the Landlord in a notice given to the Tenant; and

  

	 	(b)	 in Australian dollars. 

 

	15.3	 If the Tenant pays an amount and it is found later that the amount payable should have been higher, then the
Landlord may demand payment of the difference even though the Landlord has given the Tenant a receipt for payment of the lower amount. 

  

	15.4	 The Landlord need not make demand for any amount payable by the Tenant under this lease unless this lease
expressly states that demand must be made. 

  

	15.5	 If the Tenant must pay to or reimburse the Landlord any cost, charge or other money under this lease, that
amount is payable on demand unless otherwise provided in this lease. 

  

	15.6	 The Tenant must make: 

 

	 	(a)	 all payments under this lease on account of Base Rent and GST by direct credit to the Landlord’s nominated
bank account; and 

  
 Page 26 

	 	(b)	 all other payments under this lease to the Landlord by such method as the Landlord reasonably requires
including by direct credit to the Landlord’s nominated bank account. 

  

	15.7	 The Tenant must pay all stamp duty (including penalties and fines other than penalties and fines due to the
delay of the Landlord) in connection with this lease. 

  

	15.8	 The Tenant must pay the Landlord’s reasonable legal and other costs (including the costs of any
consultants of the Landlord) and expenses relating to: 

  

	 	(a)	 the stamping of this lease; and 

 

	 	(b)	 any consent or approval of the Landlord required under this lease even if the consent or approval is not given.

  

	15.9	 If the Tenant defaults under this lease, the Tenant must pay all costs and expenses (including legal costs)
which the Landlord suffers or incurs in connection with that default. 

  

	15.10	 Where the Tenant is obliged under this lease to do some act or thing, it must be done at the cost of the Tenant
unless otherwise provided in this lease. 

  

	15.11	 Each Party must pay its own costs in relation to the negotiation, preparation and completion of this lease.

  

	15.12	 The Tenant shall not be responsible for mortgagees consent costs which the Landlord must procure if required.

  

	16.	 GOVERNING LAW 

 
  
  

	16.1	 This lease is governed by the law in force in the State. 

 

	16.2	 Each party submits to the non-exclusive jurisdiction of the courts of
the State. 

  

	16.3	 Without preventing any other mode of service, any document in an action (including any writ of summons or other
originating process or any third or other party notice) may be served on any party by being left for that party at its address for service of notices set out in item 19, as varied by notice. 

 

	17.	 GENERAL 

  

 
 Exercise of rights 

 

	17.1	 The Landlord may exercise a right, power or remedy at its discretion, and separately or concurrently with
another right, power or remedy. A single or partial exercise of a right, power or remedy by the Landlord does not prevent a further exercise of that or of any other right, power or remedy. 

 

	17.2	 Failure by the Landlord to exercise or delay in exercising a right, power or remedy does not prevent its
exercise. The Landlord is not liable for any loss caused by the exercise or attempted exercise of, failure to exercise, or delay in exercising a right, power or remedy whether or not caused by the Landlord’s negligence. 

 

	17.3	 The rights, powers and remedies provided in this lease are cumulative with and not exclusive of the rights,
powers or remedies provided by law independently of this lease. 

  
 Page 27 

 Waiver 
  

	17.4	 A provision of or a right created under this lease may not be waived or varied except in writing signed by the
party or parties to be bound. 

  

	17.5	 A custom or practice which may grow up between the parties in the course of administering this lease is not to
be construed to waive or to lessen: 

  

	 	(a)	 the right of the Landlord to insist on the performance by the Tenant of any provision of this lease; or

  

	 	(b)	 the Landlord’s rights, powers or remedies in respect of any default of the Tenant. 

 

	17.6	 A waiver by the Landlord of a particular breach or default is not to be deemed to be a waiver of the same or
any other subsequent breach or default. 

  

	17.7	 The demand of or subsequent acceptance of any money under this lease by the Landlord is not to be deemed a
waiver of any preceding breach of this lease by the Tenant, other than the relevant Tenant’s breach to which the payment relates. 

Legislation 
  

	17.8	 Any present or future Law which operates to vary the obligations of the Tenant in connection with this lease
with the result that the Landlord’s rights, powers or remedies are adversely affected (including by way of delay or postponement) is excluded except to the extent that its exclusion is prohibited or rendered ineffective by Law.

 Approval and consent 
  

	17.9	 If this lease states that approval or consent must be obtained, then: 

 

	 	(a)	 consent or approval must be obtained before the act or thing is done; 

 

	 	(b)	 the Landlord must not unreasonably withhold its consent or approval unless this lease expressly states
otherwise. However, an approval or consent may be given conditionally or unconditionally; and 

  

	 	(c)	 the Tenant must address its request for consent or approval to the Landlord’s employee holding the
position of property manager for the Building. 

 Discretion and opinion 

 

	17.10	 The Landlord may form an opinion, exercise a discretion or be satisfied as to any matter or thing in its
absolute discretion unless this lease expressly states otherwise. 

 Set-off 

 

	17.11	 At its discretion the Landlord may apply (without notice) any credit balance in any currency in any account of
the Tenant with the Landlord towards satisfaction of any amount then payable by the Tenant to the Landlord under this lease. At its discretion the Landlord by notice to the Tenant may reduce the amount payable at any time by the Landlord to the
Tenant by the amount payable at that time by the Tenant to the Landlord under this lease. The Tenant is taken to have paid the Landlord that part of the amount then payable by the Tenant equal to the amount of the reduction. The Tenant authorises
the Landlord in the name of the Tenant or the Landlord to do anything (including execute any document) that is required for the purpose of this clause. 

  
 Page 28 

 Indemnities 
  

	17.12	 Each indemnity in this lease is a continuing obligation, separate and independent from the other obligations of
the Tenant and survives the End Date. It is not necessary for the Landlord to incur expense or make payment before enforcing a right of indemnity conferred by this lease. 

Further assurances 
  

	17.13	 If asked by the Landlord, the Tenant must: 

 

	 	(a)	 execute and cause its successors to execute documents and do everything else necessary or appropriate to bind
the Tenant and its successors under this lease; and 

  

	 	(b)	 use its best endeavours to cause relevant third parties to do likewise to bind every person intended to be
bound under this lease. 

 Exclusion of statutory provisions 

 

	17.14	 The statutory provisions referred to in item 14 do not apply to this lease or have the effect described in item
14. 

 Antecedent rights and obligations 
  

	17.15	 The End Date does not affect: 

 

	 	(a)	 the Landlord’s rights in connection with a breach of this lease by the Tenant before the End Date; or

  

	 	(b)	 the Tenant’s obligations under this lease in respect of periods before the End Date.

 Severability 
  

	17.16	 If a provision of this lease is void, unenforceable or illegal in a jurisdiction it is severed for that
jurisdiction. The remainder of this lease has full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. 

If document not a lease 
  

	17.17	 If this document is found not to be a lease or to be a lease for a period less than the Term, the parties are
bound in contract to carry out their obligations under this document for the Term, as if this were deemed to be a lease, unless expressly released under this document from those obligations. 

Relationship of parties 
  

	17.18	 This lease does not create any relationship between the parties other than the relationship of landlord and
tenant on the terms of this lease. 

 Counterparts 
  

	17.19	 This lease may consist of a number of counterparts. The counterparts taken together constitute one instrument.

 No caveat 
  

	17.20	 The Tenant must not lodge or allow to be lodged for it a caveat against the Land in relation to this lease.

  
 Page 29 

 Entire agreement 
  

	17.21	 This lease constitutes the entire agreement of the parties in relation to the matters in this lease and
supersedes all prior agreements, understandings and negotiations between the parties in relation to those matters. 

 Attorneys

  

	17.22	 If this lease is executed by an attorney the attorney states by such execution that as at the time of such
execution the attorney has received no notice of the revocation of the power of attorney under which the attorney executed this lease. 

Tenant’s representations 
  

	17.23	 The Tenant represents to the Landlord that: 

 

	 	(a)	 the Tenant has full power to enter into and to perform its obligations under this lease; 

 

	 	(b)	 this lease constitutes valid and binding obligations of the Tenant enforceable in accordance with its terms;
and 

  

	 	(c)	 in entering into this lease the Tenant has not relied on any representation, warranty or undertaking given or
made by or for the Landlord prior to the execution of this lease, and the Tenant has satisfied itself as to all relevant matters in connection with the grant of this lease. 

Non-merger 
  

	17.24	 Each representation and covenant under this lease continues until satisfied or completed.

  

	18.	 GST 

  

 
  

	18.1	 In this lease: 

  

	 	(a)	 words or expressions which are defined in the GST Law have the same meaning, except where the context suggests
otherwise; 

  

	 	(b)	 any part of a supply which is treated as a separate supply for GST purposes (including attributing GST payable
to tax periods) is treated as a separate supply; 

  

	 	(c)	 references to GST payable and to input tax credit entitlement include GST payable by, and input tax credit
entitlement of, the representative member for a GST group of which the entity is a member; and 

  

	 	(d)	 references to something done (including a supply made) by a party includes something done by any entity through
which that party acts. 

  

	18.2	 All consideration for a supply made under or in connection with this lease is exclusive of GST, unless
specified to be GST inclusive. 

  

	18.3	 Where a party (Supplier) makes a taxable supply under or in connection with this lease, the recipient
will pay to the Supplier an amount equal to the amount of GST payable on the supply (GST Amount) at the same time as the recipient first provides consideration for that supply, unless the consideration is specified to be GST inclusive.

  

	18.4	 Where clause 18.3 applies, the Supplier must deliver a tax invoice to the recipient of the supply no later than
the time at which the GST Amount for that supply is to be paid. 

  
 Page 30 

	18.5	 If an adjustment event occurs in relation a taxable supply for which a GST Amount was paid under clause 18.3:

  

	 	(a)	 and the GST Amount properly payable varies from that paid, the Supplier will provide a corresponding refund or
credit to, or will be entitled to receive the amount of that variation from, the recipient. The amount paid, refunded or credited is taken to form part of the GST Amount should a subsequent adjustment event occur; and 

 

	 	(b)	 the Supplier must deliver an adjustment note to the recipient as soon as reasonably practicable after the
Supplier becomes aware of the adjustment event. 

  

	18.6	 Where a party is required to reimburse or indemnify another party under this lease, the reimbursement or
indemnity payment will be reduced by an amount equal to the amount of the payee’s input tax credits entitlement on the outgoing, expense or loss which is to be reimbursed or indemnified. 

 

	18.7	 This clause 18 does not merge on termination of this lease. 

 

	19.	 LANDLORD LIMITATION OF LIABILITY 

 
  
  

	19.1	 The Custodian enters into this lease only as agent of Newmark Capital Limited
(“Client”). The Custodian can only act in accordance with the terms of the agreement under which it is appointed as the Client’s agent and is not liable under any circumstances to any party under this lease. This
limitation of the Custodian’s liability applies despite any other provision of this lease and extends to all liabilities and obligations of the Custodian in any way connected with any representation, warranty, conduct, omission, agreement or
transaction related to this lease. 

  

	19.2	 The Custodian is not obliged to do or refrain from doing anything under this lease (including, without
limitation, incur any liability) unless the Custodian’s liability is limited in the same manner as set out in clause 19.1 to 19.4. 

  

	19.3	 No attorney, agent, receiver or receiver and manager appointed in accordance with this lease has authority to
act on behalf of the Custodian in a way which exposes the Custodian to any liability. 

  

	19.4	 If, whether by the express provisions of this lease or by implication of law, the Custodian makes or is taken
to have made any representation or warranty then, except for the representations and warranties that can only be within the Custodian’s actual corporate knowledge, those representations and warranties are taken to have been made by the Client.

  

	20.	 NEWMARK LIMITATION OF LIABILITY 

 
  
  

	20.1	 The Landlord enters into this lease only in its capacity as agent for Newmark Capital Limited
(“Trustee”) as the trustee of the Trust and in no other capacity. 

  

	20.2	 The parties acknowledge that the Trustee incurs any liability through the Landlord as its agent solely in its
capacity as trustee of the Trust and agree that (to the maximum extent permitted by law, but subject to clause 20.5), that the Trustee will cease to have any liability as trustee of the Trust if the Trustee ceases for any reason to be the trustee of
the Trust. 

  

	20.3	 A liability incurred by the Trustee arising under or in connection with this lease is limited to and can be
enforced against the Trustee only to the extent to which it can be satisfied out of the assets of the Trust and out of which the Trustee is actually indemnified for the liability. The Trustee will exercise its rights of indemnification in order to
satisfy its obligations this lease. This limitation of the Trustee’s liability applies despite any other provision of any other lease (other than clause 20.3) and extends to all liabilities and obligations of the Trustee in any way connected
with any representation, warranty, conduct, omission, agreement or transaction related to any agreement between the parties. 

  
 Page 31 

	20.4	 No party is entitled to sue the Trustee in any capacity other than as trustee of the Trust, including seeking
the appointment of a receiver, a liquidator, an administrator or any similar person to the Trustee or prove in any liquidation, administration or arrangement of or affecting the Trustee (except in relation to the assets of the Trust).

  

	20.5	 The provisions of this clause 20 do not apply to any obligation or liability of the Trustee to the extent that
it is not satisfied because under the Trust’s constituent documents or by operation of law the Trustee is not indemnified or there is an elimination of or a reduction in the extent of the Trustee’s indemnification out of the assets of the
Trust as a result of the Trustee’s fraud, negligence, wilful misconduct or breach of trust. 

  

	20.6	 No act or omission of the Trustee (including any related failure to satisfy its obligations or breach of
representation or warranty under this lease will be considered fraud, negligence, wilful misconduct of the Trustee for the purpose of clause 20.5 to the extent to which the act or omission was caused or contributed to by any failure by another
person (other than a person whose acts or omissions the Trustee is liable for, as agent, officer, employee, contractor or otherwise) to fulfil its obligations relating to the Trust or by any other act or omission of another person (other than a
person whose acts or omissions the Trustee is liable for, as agent, officer, employee, contractor or otherwise). 

  

	20.7	 No receiver or receiver and manager appointed has authority to act on behalf of the Trustee in any way which
exposes the Trustee to any personal liability and no act or omission of any such person will be considered fraud, negligence, wilful misconduct or a breach of a representation and warranty as to authority for the purpose of clause 20.5.

  

	20.8	 The Trustee is not obliged to enter into any commitment or obligation under any agreement unless the
Trustee’s liability is limited in accordance with this clause 20. 

  

	21.	 APPLICABILITY OF THE RETAIL LEASES ACT 

 
  

The Tenant represents and warrants to the Landlord that the Retail Leases Act does or does not apply to the Tenant or this lease as stipulated
and for the reason set out in item 23. 
  

	22.	 COMPLETION OF BLANKS 

 
  

The Tenant hereby authorises the Landlord or the Landlord’s solicitors to complete any blanks in this lease. 

 

	23.	 ESD REQUIREMENTS 

 
  
  

	23.1	 The Tenant acknowledges that the Landlord intends to obtain or retain certificates that the base Building
achieves the ESD Requirements. The Tenant agrees with the Landlord that: 

  

	 	(a)	 the Tenant will not decrease or adversely change any of the ESD Requirements at any time, and

  

	 	(b)	 the Tenant will do anything reasonably required by the Landlord, including adopting any procedure or practice,
which maintains or increases the ESD Requirements. 

  

	23.2	 The Tenant acknowledges that the design of the fitout of the Premises can have a significant impact on the
NABERS Rating and the Tenant agrees that it must comply with any 

  
 Page 32 

	 	
requirement in relation to the NABERS Rating when designing the fitout of the Premises. Without limitation, the Tenant must ensure the design of the fitout of the Premises is based on the
internal load estimations in the current NABERS Energy Guide to Tenancy Energy Estimation Version and for areas served by supplementary air conditioning plant being part of the fitout of the Premises, the supplementary air conditioning plant must be
separately metered by the Tenant to the reasonable satisfaction of the Landlord. 

  

	23.3	 The Tenant agrees that it will design the fitout of the Premises so as to maintain the NABERS Rating during the
Term. 

  

	23.4	 The Tenant acknowledges that it is reasonable for the Landlord to refuse approval to the Tenant’s detailed
plans and specifications for the fitout of the Premises if, in the Landlord’s opinion the NABERS Rating will be decreased or adversely changed at any time or the Tenant otherwise fails to comply with the requirements of this clause 23.

  

	24.	 PREMISES CONDITION 

 
  
  

	24.1	 The Premises will be provided to the Tenant in “as is” condition”. 

 

	24.2	 The Tenant accepts the condition of the Premises as suitable for the Tenant’s business purposes and agrees
that the Landlord makes no representation or warranty in relation to this issue or the proposed use by the Tenant. 

  

	25.	 BUILDING WORKS 

 
  
  

	25.1	 The Tenant acknowledges that, subject to clause 25.3, the Landlord may carry out works to any part of the
Building (other than the Premises) during the Term. 

  

	25.2	 Despite any other provision of this lease, the Tenant: 

 

	 	(a)	 consents to the Landlord carrying out works to any part of the Building (other than the Premises) and assumes
the risk of any impact those works may have on its use and occupation of the Premises; 

  

	 	(b)	 releases the Landlord from, and must not make, any claim against the Landlord in respect of any loss which the
Tenant may incur or may become liable for in respect of or arising directly or indirectly from the Landlord carrying out works to any part of the Building (other than the Premises) (including any claim for breach of the quiet enjoyment covenant of
this lease or a breach of the implied covenant not to derogate from grant); and 

  

	 	(c)	 must not seek to terminate this lease because of or in connection with the Landlord carrying out works to any
part of the Building (other than the Premises). 

  

	25.3	 If the Landlord carries out works to any part of the Building (other than the Premises), the Landlord must
ensure that the Tenant is able to access the Premises at all times. 

  

	26.	 LANDLORD’S CONTRIBUTION 

 
  
  

	26.1	 The Landlord will provide the Landlord’s Contribution to the Tenant. 

 

	26.2	 The Lessee shall be provided with a Lessor’s Contribution amount of $20,000 + GST. 

 

	26.3	 The Landlord’s Contribution must be given to the Tenant taken as a contribution to the Tenant’s fit-out of the Premises. 

  
 Page 33 

	26.4	 The Landlord’s Contribution is to be used only for fixed and identifiable items of a tangible and real
nature. 

  

	26.5	 The Landlord will at its sole discretion determine which items of the fitout are to be deemed to have been paid
for by the Landlord by way of the Contribution. 

  

	26.6	 The Landlord will own and will be entitled to depreciate those items of fitout which has determined that it has
paid for under clause 26.5. 

  

	26.7	 Payment of the Landlord’s Contribution to the Tenant will be made within 30 days of receipt of the
Tenant’s proper tax invoices and evidence to the reasonable satisfaction of the Landlord that the whole of the fitout works have been properly carried out. 

 

	26.8	 The Tenant will be responsible for maintaining and insuring that part of the fitout paid for by the
Landlord’s Contribution throughout the Term. 

  

	26.9	 If this lease ends for any reason (other than the Landlord’s default), or the Tenant assigns this lease,
sublets the Premises or ceases to occupy or use the Premises prior to the Expiry Date, the Tenant must repay to the Landlord the equivalent amount of the Landlord’s Contribution, calculated by the unexpired period of the Term as a proportion of
the Term 

  

	26.10	 In this clause 26 “Landlord’s Contribution “ means the amount of $20,000 plus GST.

  
 Page 34 

 SCHEDULE 1 - DEFINITIONS AND INTERPRETATION 

 
  

Definitions 
  

	1.1	 Unless the context otherwise requires: 

APRA means the Australian Prudential Regulation Authority. 

Authorised Officer means: 
  

	 	(a)	 for the Landlord, a director or secretary or an officer of the Landlord or a Related Body Corporate of the
Landlord whose title contains the word “manager” or a person performing the functions of any of them or any other person appointed by the Landlord to act as an Authorised Officer for the purpose of this lease; 

 

	 	(b)	 for the Tenant a person appointed by the Tenant to act as an Authorised Officer for the purpose of this lease.

 Authority means any government, statutory, public or other authority or body having jurisdiction over the
Building or any matter or thing relating to the Building. 
 Bank means an authorised deposit taking institution as listed on the APRA
website which is acceptable to the Landlord. 
 Bank Guarantee means an irrevocable and unconditional undertaking in favour of the
Landlord issued by a Bank or other person approved by the Landlord containing such terms and conditions as are acceptable to the Landlord in its discretion for the amount specified in or determined by item 20. A bank guarantee that specifies an
expiry date that is earlier than 6 months after the Expiry Date is unacceptable. 
 Base Rent means the annual rent payable by the
Tenant under this lease in respect of the Premises as specified in item 8 and varied in accordance with this lease. 
 Building means
650 Chapel Street South Yarra Victoria including the Facilities, the Services, the Common Areas and the Premises, and where appropriate includes the Land. 

Certificate of Currency means a certificate from an insurer permitted under this lease which contains: 

 

	 	(a)	 the name of the insurer; 

 

	 	(b)	 the policy number; 

  

	 	(c)	 the policy period; 

  

	 	(d)	 details of any policy conditions or exclusions; 

 

	 	(e)	 the policy type; 

  

	 	(f)	 the name of the insured; 

 

	 	(g)	 the interest insured; 

 

	 	(h)	 the sum insured; 

  

	 	(i)	 the territorial limits (if any); 

  
 Page 35 

	 	(j)	 confirmation that the cover includes the interest of the Landlord or that the policy contains a Tenant’s
liability endorsement. 

 Claim means claim, demand, liability, loss, damages, proceedings, costs, charges and
expenses. 
 Commencement Date means the date in item 6. 

Common Areas means those parts of the Building designated by the Landlord from time to time for use by the tenants or other occupiers of
the Building and their respective employees, invitees and licensees and any other persons authorised by the Landlord (including members of the public) in common with each other. 

Consumer Price Index means the Consumer Price Index in item 11 or the index officially substituted for it. 

Contaminate means to cause Contamination. 

Contamination means the presence in or on the Building or in, on or under the Land of a substance at a concentration above the
concentration at which the substance is normally present in or on buildings or in, on or under (respectively) land in the same locality, being a presence that presents a risk of harm to human health or any other aspect of the environment. 

Control Event means that a person becomes or ceases to be a Parent of the Tenant. 

Corporations Act means the Corporations Act 2001 (Clth). 

Coverings means blinds, screens, awnings or other window coverings. 

CPI Adjustment Date means each date in item 10. 

Current CPI means the Consumer Price Index number last published before the relevant CPI Adjustment Date. 

Custodian means the Landlord. 

Dealing means a proposed sublease under clause 7.2 or a proposed assignment under clause 7.3, and Deal has a corresponding
meaning. 
 Dealing Conditions means in relation to a Dealing that: 

 

	 	(a)	 at the time of applying for consent and up to the date of the proposed Dealing, the Tenant is not in Default;

  

	 	(b)	 the Tenant pays the Landlord’s reasonable costs (whether or not the proposed Dealing proceeds to
completion) including the Landlord’s administrative and other expenses and legal costs of giving its consent; 

  

	 	(c)	 the Tenant satisfies the Landlord that the Subtenant or Assignee is a reputable, respectable, responsible and
solvent person; 

  

	 	(d)	 the Tenant satisfies the Landlord acting reasonably that the Assignee is a person financially substantial (at
least equal to the Tenant) and capable of observing and performing the Tenant’s Covenants; 

  

	 	(e)	 the Tenant and either the Subtenant or the Assignee execute a deed with the Landlord in a form approved by the
Landlord acting reasonably; 

  
 Page 36 

	 	(f)	 the Subtenant or Assignee covenants with the Landlord not to cause or contribute to a breach of this lease by
the Tenant; 

  

	 	(g)	 the Tenant covenants with the Landlord that if the Tenant sublets the Premises or part thereof at a passing
rent that is greater than the Base Rent payable by the Tenant under this lease (Profit Rent) the Tenant will pay any Profit Rent to the Landlord together with all payments of Base Rent under this lease; 

 

	 	(h)	 the Tenant and either the Subtenant or the Assignee comply with the Landlord’s reasonable requirements in
relation to documenting and, if applicable, stamping and registering the proposed Dealing; 

  

	 	(i)	 the Tenant procures in favour of the Landlord any guarantee or security the Landlord reasonably requires in a
form acceptable to the Landlord of the obligations and covenants of the Assignee in connection with the Dealing; 

  

	 	(j)	 the Tenant will be responsible for any subdivisional works and costs if applicable; and 

 

	 	(k)	 the Dealing will not result in the Landlord being in breach of an existing lease for another tenant at the
Building. 

 Default means a breach of this lease by the Tenant and includes the defaults listed in clause 10.2.

 Default Interest Rate means the rate calculated on daily balances and compounded quarterly at the rate of 4% per annum higher than
the rate for the time being fixed under Section 2 of the Penalty Interest Rates Act (Vic) 1983. 
 Dispute Notice means a
notice given under and which complies strictly with clause 3.5. 
 Dispute Period means the period commencing on the date of
delivery of a Rent Review Notice and ending at 5.00 pm on the date 14 days after that date, time being of the essence. 
 ESD
Requirements means the environmental rating for the base Building as advised by the Landlord from time to time. 
 End Date means
the earlier of the Expiry Date or the date of termination of this lease. 
 Environmental Initiatives means activities, programs or
works (including the installation and operation of plant and equipment) which are aimed at environmental awareness or at reducing damage to the environment. Examples of such activities, programs and works include Earth Hour, the introduction of
recycling programs for waste, the installation of energy efficient lighting and the reduction of water usage by the installation of dual flush toilets and waterless urinals. 

Expiry Date means the date in item 7. 

Facilities means all facilities to the Building including lifts, escalators, air-conditioning,
toilets, loading docks, access control systems and Keys. 
 Facilities Hours means the times for the provision of relevant Facilities
as specified in item 17. 
 Fitout Guide means the fitout guide for the Building from time to time. 

Fixed Increase Date means each date in item 12. 

  
 Page 37 

 Fixed Percentage Increase means the percentage specified in item 12 by which the Base
Rent is to increase on the relevant Fixed Increase Date. 
 GST has the same meaning as in the GST Law. 

GST Law has the same meaning as in the A New Tax System (Goods and Services) Tax Act 1999 (Clth). 

Heavy Item means any thing which the Tenant proposes to bring in the Building which in the Landlord’s opinion might cause damage to
the Building. 
 Incentive means any inducement, incentive or concession of any kind however named or structured in connection with a
tenancy and includes any premium or capital payment and any period of abatement or reduction of rent or other money. 
 Inflammable
Substance means any substance or thing of an inflammable nature including acetylene gas, volatile or explosive oils and alcohol which in the Landlord’s reasonable opinion might cause damage to the Building. 

Insolvency Event means the happening of any of these events: 
  

	 	(a)	 an order is made that a body corporate be wound up; 

 

	 	(b)	 an order appointing a liquidator or provisional liquidator in respect of a body corporate is made;

  

	 	(c)	 except to reconstruct or amalgamate while solvent on terms consented to by the Landlord acting reasonably, a
body corporate enters into, or resolves to enter into, a scheme of arrangement or composition with, or assignment for the benefit of, all or any class of its creditors, or it proposes a reorganisation, moratorium or other administration involving
any of them; 

  

	 	(d)	 a body corporate resolves to wind itself up, or otherwise dissolve itself, or gives notice of intention to do
so, except to reconstruct or amalgamate while solvent on terms approved by the Landlord acting reasonably or is otherwise wound up or dissolved; 

  

	 	(e)	 a body corporate is or states that it is insolvent; 

 

	 	(f)	 as a result of the operation of section 459F(1) of the Corporations Act, a body corporate is taken to have
failed to comply with a statutory demand; 

  

	 	(g)	 a body corporate is, or makes a statement from which it may be reasonably deduced by the Landlord that the body
corporate is, the subject of an event described in section 459C(2)(b) or section 585 of the Corporations Act; 

  

	 	(h)	 a body corporate takes any step to obtain protection or is granted protection from its creditors, under any
applicable legislation or an administrator is appointed to a body corporate; 

  

	 	(i)	 a person becomes an insolvent under administration as defined in section 9 of the Corporations Act or action is
taken which could result in that event; or 

  

	 	(j)	 anything analogous or having a substantially similar effect to any of the events specified above happens under
the law of any applicable jurisdiction. 

 Institute means the Division of Australian Property Institute
Incorporated in the State. 
 Keys means keys, access cards and other access or security devices relating to the Building. 

  
 Page 38 

 Land has the meaning given to it in item 5. 

Landlord means the Landlord specified in item 1 and its successors and assignors. 

Landlord’s Fixtures means the plant, equipment, fixtures, furniture, furnishings, Coverings, and light fittings in or on the
Premises from time to time supplied by the Landlord. 
 Landlord’s Valuer means a valuer nominated under clause 3.6. 

Laws means statutes, rules, regulations, proclamations, ordinances or by-laws present or future
and includes applicable Australian Standards and Codes of Practice. 
 Maintenance Contracts means contracts for the maintenance,
repair and service of the Tenant’s Fixtures and any Landlord’s Fixtures located in or exclusively servicing the Premises including contracts for the maintenance of air conditioning equipment and pest control. 

Market Review Date means each of the dates in item 9. 

NABERS means National Australian Built Environment Rating System or, if the National Australian Built Environment Rating System is
discontinued or suspended, whatever national or international system used to rate buildings on the basis of their operational impacts on the environment is substituted for it. 

NABERS Rating means the NABERS Rating of the Building from time to time, as advised by the Landlord to the Tenant. 

notice means a notice, approval, consent, certificate, nomination, offer or other communication in connection with this lease. 

Outgoings means the total of all amounts: 
  

	 	(a)	 paid by the Landlord; or 

 

	 	(b)	 for which the Landlord is or may become liable, 

in any Outgoings Year in respect of the Building or the Land, and includes the items listed in schedule 2. The Outgoings exclude capital
expenditure. 
 Outgoings Contribution means the amounts payable by the Tenant under clause 4.1. 

Outgoings Year means each 12 month period ending on a date that the Landlord chooses and notifies to the Tenant, even if part of that 12
month period does not fall within the Term. 
 Parent of a person means the person directly or indirectly exercising the decision
making power of the first mentioned person including: 
  

	 	(a)	 if the first mentioned person is a corporation, a person who: 

 

	 	(i)	 controls the composition of the board of directors of the first mentioned person; or 

 

	 	(ii)	 is in a position to cast, or control the casting of, more than one half of the maximum number of votes that
might be cast at a general meeting of the first mentioned person; or 

  

	 	(iii)	 holds or has a Relevant Interest in more than one-half of the issued
share capital of the first mentioned person (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or 

  
 Page 39 

	 	(b)	 if the first mentioned person is a trustee of a unit trust and, in the case of the Tenant, its interest in this
lease is property subject to that trust, a person who: 

  

	 	(i)	 is in a position to cast, or control the casting of, more than one half of the maximum number of votes that
might be cast at a meeting of holders of units at that meeting; or 

  

	 	(ii)	 holds or has a Relevant Interest in more than one half of the issued units of that trust (excluding any of the
issued units that carry no right to participate beyond a specified amount in a distribution of either profits or capital); or 

  

	 	(c)	 if the first mentioned person is a trustee of a trust and, in the case of the Tenant, its interest in this
lease is property subject to that trust, a person who: 

  

	 	(i)	 is a beneficiary of that trust entitled directly or indirectly to more than one half of the corpus or profits
of the trust; or 

  

	 	(ii)	 is entitled to or whose consent is required to: 

 

	 	(A)	 appoint or change the trustee; or 

 

	 	(B)	 give directions to the trustee; or 

 

	 	(C)	 vary the constituent document of the trust; or 

 

	 	(D)	 appoint or remove beneficiaries; or 

 

	 	(E)	 decide to whom any distribution is made or the amount of any distribution. 

A person is a Parent of another person if the first mentioned person is a Parent of a Parent of the other person (including a person that is
the other person’s Parent by another or other applications of this definition). 
 PCA Method means the method of measurement
from time to time adopted by the Property Council of Australia Limited for buildings such as the Building. 
 Permitted Use means the
use in item 15. 
 Personal Property means personal property as defined under the PPS Act. 

PPS Act means the Personal Property Securities Act 2009 (Cth) 

Premises means that part of the Building demised by this lease as described in Item 3 of the Commercial Terms Schedule which: 

 

	 	(a)	 extends up to and including: 

 

	 	(i)	 the internal face of external walls and of any internal structural walls of the Building;

  

	 	(ii)	 the false ceiling below the internal face of the concrete ceiling; 

 

	 	(iii)	 the internal face of the concrete floor; and 

  
 Page 40 

	 	(iv)	 the centre line of any partitions which separate the Premises from other parts of the Building; and

  

	 	(b)	 includes the Landlord’s Fixtures in that part of the Building; but 

 

	 	(c)	 excludes the tea rooms, stairs, water closets, toilets and lift lobbies which are intended or are physically
available for use jointly with any other tenant of the Building. 

 Previous CPI means the Consumer Price Index
Number last published before the immediately preceding Review Date or if there has not been one, the Commencement Date. 
 Public Access
Hours means the hours for access to the Building specified in item 17. 
 Related Agreement means any document entered into by the
Landlord and the Tenant (or parties related to the Tenant) in connection with this lease. 
 Related Body Corporate has the meaning
given to that expression in the Corporations Act. 
 Relevant Interest means the power: 

 

	 	(a)	 to exercise, or to control the exercise of, the right to vote attached to a share or unit; or

  

	 	(b)	 to dispose of, or to exercise control over the disposal of, a share or unit. 

Rent Review Notice means a notice given by the Landlord to the Tenant under clause 3.2 specifying the Landlord’s assessment of
the Base Rent of a face rent basis to apply from the relevant Market Review Date. 
 Requirements means requirements, notices, orders
or directions of any Authority. 
 Review Date means any of the following days: 

 

	 	(a)	 a CPI Adjustment Date; 

 

	 	(b)	 a Market Review Date; and 

 

	 	(c)	 a Fixed Increase Date. 

Review Period in respect of a Market Review Date means the period: 

 

	 	(a)	 commencing three months before that Market Review Date; and 

 

	 	(b)	 ending on the day prior to the next Review Date, or if there is no further Review Date ending on the day before
the Expiry Date. 

 Rules means rules relating to the management and care of the Building or the conduct of tenants,
occupants and other persons in the Building or the use or occupation of the Building. 
 Security Interest means a security interest
as defined under the PPS Act. 
 Services means all services supplied to or in the Premises such as gas, water, drainage, fresh air,
exhaust systems, electricity, sprinkler heads, heating and lighting and includes: 
  

	 	(a)	 the Facilities to the extent that those Facilities are in, connected to or exclusively service the Premises;
and 

  

	 	(b)	 the Landlord’s Fixtures. 

  
 Page 41 

 Sign means a sign, advertisement, notice or similar thing. 

Subtenant means a subtenant proposed under clause 7.2. 

State means the state or territory in which the Land is situated. 

Tenant means the Tenant specified in item 2. 

Tenant’s Agents means the Tenant’s employees, agents, contractors, consultants, invitees, Subtenants, licensees,
concessionaires and others who at any time are in the Building with the consent of the Tenant express or implied. 
 Tenant’s
Business means that business of the Tenant carried on in the Premises in compliance with the Permitted Use. 
 Tenant Cause means:

  

	 	(a)	 any act, omission, neglect, default or misconduct of the Tenant or of the Tenant’s Agents;

  

	 	(b)	 the use or occupancy of the Premises by the Tenant or the Tenant’s Agents; or 

 

	 	(c)	 the Tenant’s Fixtures. 

Tenant’s Covenants means the covenants, obligations and agreements on the part of the Tenant contained or implied in this lease.

 Tenant’s Fixtures means: all fixtures, fittings, plant, equipment, furniture, internal partitions, fitout (including ceilings,
kitchens and kitchen fittings and showers and shower fittings, tiles and flooring) and other articles in the Premises in the nature of trade or Tenant’s fixtures (including any riser duct cables) in each case which are owned or leased by the
Tenant or by any Subtenant of the Tenant or otherwise brought onto or installed in the Premises by or on behalf of the Tenant or any Subtenant of the Tenant. 

Tenant’s Proportion means that proportion (expressed as a percentage) which the lettable area of the Premises bears to the lettable
area of the office space which forms part of the Building known as 650 Chapel Street both measurements to be calculated in accordance with the PCA Method and which at the Commencement Date is the percentage in item 13, as varied under clause 12.9.

 Term means the term of this lease being the period from the Commencement Date to and including the Expiry Date. 

Trust means the trust described in item 21. 

Umpire means a person appointed under clause 3.6 or 3.8. 

Works Conditions means that relevant works consented to by the Landlord under this lease must be carried out: 

 

	 	(a)	 at the Tenant’s cost; 

 

	 	(b)	 in a proper and workmanlike manner and to the satisfaction of the Landlord, acting reasonably;

  

	 	(c)	 by a contractor (who has a public liability policy of not less than $20,000,000 and appropriate contract
construction risk, workers’ compensation and other usual insurances all of which must note the rights and interest of the Landlord and evidence of which must be given to the Landlord) and under the supervision of persons both approved by the
Landlord; 

  
 Page 42 

	 	(d)	 in accordance with all Laws and Requirements (including the Occupational Health and Safety Act, 2004);

  

	 	(e)	 in accordance with plans and specifications approved by the Landlord; 

 

	 	(f)	 in accordance with and only after obtaining the approvals of all relevant Authorities; 

 

	 	(g)	 only after providing copies to the Landlord of all approvals from relevant Authorities in relation to the works
prior to carrying out the works; 

  

	 	(h)	 so long as the Tenant provides as-built drawings for the Premises
layout and services on completion of the works; 

  

	 	(i)	 so long as the Tenant provides copies to the Landlord of all certificates of compliance from relevant
Authorities in relation to the works within a reasonable period as nominated by the Landlord (but in any event within 30 days) after the completion of the works; 

 

	 	(j)	 so long as the Tenant pays the reasonable costs of the Landlord in connection with the works including the
Landlord’s administrative and other reasonable costs of giving consent and the fees of any architect or other consultant used by the Landlord in connection with the works; 

 

	 	(k)	 in accordance with clause 23; 

 

	 	(l)	 subject to the conditions of the Landlord’s consent in relation to those works; and 

 

	 	(m)	 in accordance with the then current Fitout Guide. 

Interpretation 
  

	1.2	 Unless the context otherwise requires: 

 

	 	(a)	 a reference to this lease or another instrument includes any variation or replacement of any of them;

  

	 	(b)	 a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and
consolidations, amendments, re-enactments or replacements of any of them; 

  

	 	(c)	 the singular includes the plural and vice versa; 

 

	 	(d)	 the word “person” includes a firm, a body corporate, an unincorporated association or an
Authority; 

  

	 	(e)	 a reference to a person includes a reference to the person’s executors, administrators, successors,
permitted substitutes (including persons taking by novation) and permitted assigns; 

  

	 	(f)	 an agreement, representation or warranty in favour of two or more persons is for the benefit of them jointly
and severally; 

  

	 	(g)	 an agreement, representation or warranty on the part of two or more persons binds them jointly and severally;

  
 Page 43 

	 	(h)	 a reference to an accounting term is to be interpreted in accordance with approved accounting standards under
the Corporations Act and, if not inconsistent with those accounting standards, generally accepted principles and practices in Australia consistently applied by a body corporate or as between bodies corporate and over time; 

 

	 	(i)	 a reference to any thing (including any amount) is a reference to the whole and each part of it and a reference
to a group of persons is a reference to all of them collectively, to any two or more of them collectively and to each of them individually; 

  

	 	(j)	 a reference to the president of a body or authority is a reference, if there is no such person, to the senior
officer of the body or authority or to the person who fulfils the duties of president; 

  

	 	(k)	 a reference to a clause is a reference to a clause in this lease; 

 

	 	(l)	 the words “include”, “including”, “for example” or
“such as” when introducing an example, do not limit the meaning of the words to which the example relates to that example or examples of a similar kind; 

 

	 	(m)	 a reference to this lease includes the cover sheet, all schedules and annexures to this lease and the Rules;

  

	 	(n)	 a reference to “month” or “monthly” means respectively calendar month and
calendar monthly; 

  

	 	(o)	 a reference to “day” means any day of the week including Saturday, Sunday and public holidays;
and 

  

	 	(p)	 a reference to an “item” followed by a number is a reference to the item with the
corresponding number in the Commercial Terms Schedule. 

  

	1.3	 If this lease prohibits the Tenant from doing a thing then: 

 

	 	(a)	 the Tenant must do everything necessary to ensure that the Tenant’s Agents do not do that thing; and

  

	 	(b)	 the Tenant may not allow or cause any person to do that thing. 

 

	1.4	 If this lease requires the Tenant to do a thing then the Tenant must do everything necessary to ensure that the
Tenant’s Agents also do that thing. 

  

	1.5	 Headings are inserted for convenience and do not affect the interpretation of this lease.

  

	1.6	 In the interpretation of this lease no rule of construction applies to the disadvantage of one party on the
basis that that party put forward the lease. 

  
 Page 44 

 SCHEDULE 2 - OUTGOINGS 
  

 
 Statutory or regulatory 

 

	1.	 Rates, taxes (excluding income tax, capital gains tax and other taxes of a like nature) charges, assessments
duties impositions levies surcharges and fees (including council rates) payable to any Authority in respect of the Building or the Land or the Landlord’s ownership and operation of them or in respect of receipts of rent and other money under
this lease (including any bank debits tax and financial institutions duty). 

  

	2.	 Rates, charges and costs (including water rates) payable to any Authority for the provision, reticulation or
discharge of water or sewerage or drainage, including excess water charges and meter rents. 

  

	3.	 Land taxes or taxes of the nature of a tax on land computed on the taxable value of the Land at the rate for
the time being payable by the Landlord in respect of all land owned by the Landlord in the State in which the Building is situated. 

Insurances 
  

	4.	 Insurance premiums and amounts payable (including policy excesses and deductible amounts) in respect of
insurances: 

  

	 	(a)	 on the Building for its full insurable value; 

 

	 	(b)	 for loss of rents resulting from damage or destruction of the Building or other like causes (including Base
Rent) but excluding loss of rents arising from normal vacancies during letting up periods; 

  

	 	(c)	 for public liability insurance; 

 

	 	(d)	 for workers’ compensation insurance for all employees of the Landlord engaged in employment in connection
with the Building. If any employee is engaged on less than a full time basis in connection with the Building, the cost of workers’ compensation insurance is to be equitably apportioned by the Landlord; and 

 

	 	(e)	 for other insurable risks (including machinery breakdown and boiler explosion) as the Landlord reasonably deems
appropriate from time to time. 

 Head lease 
  

	5.	 Any money (excluding rental) payable by the Landlord to any head lessor under a head lease on account of
operating expenses excepting any amount already included by any other item of this schedule. 

 Water, sewerage and drainage 

 

	6.	 Costs in relation to supply of water, sewerage and drainage services to and the removal of all waste, sullage
and other general garbage from the Building, including the cost of operating and maintaining any plant and equipment provided for that purpose, whether or not such plant or equipment is located in the Building and the costs of operating and
maintaining recycling programs in the Building. 

 Pest control 

 

	7.	 Costs in relation to the control of pests or vermin. 

  
 Page 45 

 Gardening and landscaping 
  

	8.	 Costs of purchasing, hiring, maintaining and servicing all outdoor gardens, lawns, potted shrubs, planted
areas, fountains and any artificial water courses and associated plants. 

 Security and caretaking 

 

	9.	 Costs of providing security and caretaking services including the cost of policing and regulating traffic in
the Building and the Land and roads giving access to the Building. 

 Miscellaneous operational costs 

 

	10.	 Reasonable costs of providing general amenities for the Building (including art works in the foyer, Christmas
decorations, newsletters) and rental and hiring charges (or where appropriate replacement costs) for the provision of indoor plants, music amplification systems, telephones, and similar equipment servicing the Building. 

Air conditioning 
  

	11.	 The cost of the repair, maintenance, servicing and all other running costs of the air-conditioning equipment in the Building including any reasonable fees or premiums payable to specialist contractors. 

Repairs and maintenance 
  

	12.	 The cost of repairs or maintenance of the Building, (excluding repairs and maintenance of a structural nature),
including the cost of operating, supplying, maintaining and repairing all Facilities and Services and the cost of complying with essential services, Laws and Requirements in relation to the Building. 

Light fuel and power 
  

	13.	 Costs incurred in providing lighting, fuel, heating, security lighting and power to the Building and other
services and systems in and for the operation of the Building. 

 Operating costs (labour) 

 

	14.	 All reasonable costs in the form of salary, wages, leave entitlements, superannuation and other employment
overheads, (equitably apportioned by the Landlord where any employee is engaged on less than a full time basis) for the operation maintenance and supply of any Facilities and Services. 

Management 
  

	15.	 A management fee to cover the Landlord’s reasonable cost of managing the Building and, if applicable, fees
payable by the Landlord to any managing agents for the general management of the Building and any other money relating to the management and promotion of the Building including that part of the Landlord’s expenditure which the Landlord
reasonably apportions to the Building of operating a central tenant’s service centre in another building for the Building and other Landlord’s buildings. 

Computer Services 
  

	16.	 All fees and charges relating to any computer service in respect of the Building or the services to the
Building. 

  
 Page 46 

 General expenditure 
  

	17.	 Any other expenditure properly incurred by the Landlord in the management, operation or maintenance of the
Building or the Land generally including Common Area cleaning, excluding expenditure of a capital nature. 

  
 Page 47 

 Executed as a deed on _12 November______________2019 

 
  
  

			
	Executed by THE TRUST COMPANY (AUSTRALIA) LIMITED ACN 000 000 993 as custodian for the Newmark Como Property Trust by Power of Attorney dated	 	
		
	/s/ Shane Johstone	 	/s/ Trent Franklin
		
	  
	 	  

		
	 Witness Signature
	 	 Attorney Signature

		
	 Shane Johnstone Custody Administrator
	 	 Trent Franklin Manager Custody

		
	  
	 	  

		
	 Print Name
	 	 Print Name

  

			
	EXECUTED by 
OPTEA LIMITED ACN 006 340 567 
in accordance with s127 of the Corporations Act 2001 by:	 	
		
	 /s/ Megan Baldwin
	 	/s/ Mike Tonroe
		
	  
	 	  

	Director	 	Director / Secretary
		
	Megan Baldwin	 	Mike Tonroe
		
	  
	 	  

	Name of Director (Block Letters)	 	Name of Director / Secretary (Block Letters)

  
 Page 48 

 Annexure A – Plan(s) 
  

 
  

	
	

  
 Page 49EX-10.5

 Exhibit 10.5 
  

			
		  	 Opthea Limited
  

ACN 006 340 567
  

Long term incentive plan rules

 

		  	

							
	 Long term incentive plan rules
	  	 	5	 
			
	 1.
	 	Introduction	  	 	5	 
	 1.1
	 	 Name of Plan
	  	 	5	 
	 1.2
	 	 Objects of Plan
	  	 	5	 
	 1.3
	 	 Commencement of Plan
	  	 	5	 
			
	 2.
	 	Defined terms and interpretation	  	 	5	 
	 2.1
	 	 Defined terms
	  	 	5	 
	 2.2
	 	 Interpretation
	  	 	11	 
	 2.3
	 	 Headings
	  	 	11	 
	 2.4
	 	 Primary instruments
	  	 	11	 
			
	 3.
	 	Principal conditions	  	 	11	 
	 3.1
	 	 Options or Rights issued only to Employees
	  	 	11	 
	 3.2
	 	 Compliance with laws
	  	 	11	 
	 3.3
	 	 No prohibited financial assistance
	  	 	12	 
	 3.4
	 	 Plan limit
	  	 	12	 
	 3.5
	 	 Director participation
	  	 	13	 
	 3.6
	 	 Operation of the Plan
	  	 	13	 
			
	 4.
	 	Offers	  	 	13	 
	 4.1
	 	 Board may make Offer
	  	 	13	 
	 4.2
	 	 Form of Offer
	  	 	13	 
	 4.3
	 	 Information provided with Offer
	  	 	13	 
	 4.4
	 	 Number of Options or Rights
	  	 	14	 
	 4.5
	 	 Issue Price and Exercise Price
	  	 	14	 
	 4.6
	 	 Terms
	  	 	14	 
	 4.7
	 	 Exercise Price and Issue Price in Australian dollars
	  	 	14	 
	 4.8
	 	 Offer personal
	  	 	14	 
			
	 5.
	 	Application for Options and Rights	  	 	14	 
	 5.1
	 	 Acceptance of Offer
	  	 	14	 
	 5.2
	 	 Application for all or some of the Options or Rights the subject of an Offer
	  	 	14	 
	 5.3
	 	 Lapse of Offer
	  	 	15	 
	 5.4
	 	 Withdrawal of Offer prior to acceptance
	  	 	15	 
			
	 6.
	 	Issue of Options or Rights	  	 	15	 
	 6.1
	 	 Acceptance by Eligible Employee
	  	 	15	 
	 6.2
	 	 Acceptance by Company
	  	 	15	 
	 6.3
	 	 Notification of issue of Options or Rights
	  	 	15	 
	 6.4
	 	 Consideration for Options and Rights
	  	 	15	 
	 6.5
	 	 Entitlement to Shares
	  	 	16	 
	 6.6
	 	 Interest in Shares
	  	 	16	 
			
	 7.
	 	Vesting of Options or Rights	  	 	16	 
	 7.1
	 	 Requirements for vesting
	  	 	16	 
	 7.2
	 	 Vesting Notice
	  	 	16	 
	 7.3
	 	 Variation or waiver of Vesting Conditions and other terms
	  	 	16	 
	 7.4
	 	 Notice of variation or waiver
	  	 	17	 
			
	 8.
	 	Exercise of Options	  	 	17	 
	 8.1
	 	 Exercise during Exercise Period
	  	 	17	 

  

	
	Long term incentive plan rules | page 2

							
	 8.2
	 	 Exercise Conditions
	  	 	17	 
	 8.3
	 	 Exercise of Options
	  	 	17	 
	 8.4
	 	 Clearance of Exercise Price
	  	 	17	 
	 8.5
	 	 Exercise or conversion of all or some Options or Rights
	  	 	18	 
	 8.6
	 	 Replacement Certificate
	  	 	18	 
			
	 9.
	 	Allocation of Shares to satisfy Vested Options or Rights	  	 	18	 
	 9.1
	 	 Requirement to allocate Shares
	  	 	18	 
	 9.2
	 	 Method of allocation of Shares
	  	 	18	 
	 9.3
	 	 Timing of allocation of Shares
	  	 	19	 
	 9.4
	 	 Shares rank equally
	  	 	19	 
	 9.5
	 	 Discretion to settle Vested Plan Securities in cash
	  	 	19	 
	 9.6
	 	 Calculation of amount payable for any Cash-Settled Plan Securities
	  	 	19	 
	 9.7
	 	 Tax withholding and superannuation contributions
	  	 	20	 
			
	 10.
	 	Lapse of Options and Rights	  	 	20	 
	 10.1
	 	 Lapse of Plan Securities where Vesting Conditions not satisfied
	  	 	20	 
	 10.2
	 	 Lapse of Plan Securities on cessation of employment in certain circumstances
	  	 	21	 
	 10.3
	 	 Lapse of Plan Securities to prevent inappropriate benefits
	  	 	22	 
	 10.4
	 	 Lapse of Plan Securities where a Corporate Control Event occurs
	  	 	22	 
	 10.5
	 	 Lapse of Options on Last Exercise Date
	  	 	23	 
	 10.6
	 	 Timing of lapse
	  	 	23	 
	 10.7
	 	 Entitlements and rights cease
	  	 	23	 
			
	 11.
	 	Dealings with Options and Rights	  	 	23	 
	 11.1
	 	 Options and Rights personal
	  	 	23	 
	 11.2
	 	 No unauthorised disposal
	  	 	23	 
	 11.3
	 	 Permitted transfer of Options and Rights
	  	 	23	 
			
	 12.
	 	Participation rights, bonus issues, rights issues, reorganisations of capital and winding up	  	 	24	 
	 12.1
	 	 Application of this Rule
	  	 	24	 
	 12.2
	 	 New issues
	  	 	24	 
	 12.3
	 	 Bonus issues
	  	 	24	 
	 12.4
	 	 Pro-rata issues
	  	 	24	 
	 12.5
	 	 Reorganisation of capital
	  	 	25	 
	 12.6
	 	 Winding up
	  	 	25	 
	 12.7
	 	 Rounding
	  	 	25	 
	 12.8
	 	 Calculations and adjustments
	  	 	25	 
	 12.9
	 	 Notice of change
	  	 	25	 
			
	 13.
	 	Corporate Control Events	  	 	26	 
	 13.1
	 	 Treatment of Plan Securities on a Corporate Control Event
	  	 	26	 
	 13.2
	 	 Board determinations under Rule 13.1
	  	 	26	 
	 13.3
	 	 Board determination as to pro rata vesting
	  	 	26	 
	 13.4
	 	 Terms of Offer prevail
	  	 	27	 
			
	 14.
	 	Restriction on disposal of Shares acquired pursuant to exercise of Options or conversion of Rights	  	 	27	 
	 14.1
	 	 Restricted Shares
	  	 	27	 
	 14.2
	 	 No disposal during Restriction Period
	  	 	27	 
	 14.3
	 	 Refusal to register transfer
	  	 	27	 
	 14.4
	 	 Release of Holding Lock
	  	 	27	 
	 14.5
	 	 Notification upon request by Participant
	  	 	27	 

  

	
	Long term incentive plan rules | page 3

							
	 15.
	 	Quotation of Options or Rights	  	 	28	 
	 15.1
	 	 No Quotation of Options or Rights
	  	 	28	 
	 15.2
	 	 Quotation of Shares
	  	 	28	 
			
	 16.
	 	Power of Attorney	  	 	28	 
	 16.1
	 	 Appointment of Attorney
	  	 	28	 
	 16.2
	 	 Ratification of Actions
	  	 	28	 
	 16.3
	 	 Indemnity
	  	 	28	 
			
	 17.
	 	Administration	  	 	28	 
	 17.1
	 	 Powers of the Board
	  	 	28	 
	 17.2
	 	 Delegation
	  	 	29	 
	 17.3
	 	 Exercise of powers or discretion
	  	 	29	 
	 17.4
	 	 Determinations
	  	 	29	 
	 17.5
	 	 Expenses and costs
	  	 	29	 
	 17.6
	 	 Board members not liable
	  	 	29	 
	 17.7
	 	 Participants responsible for Tax in respect of Options, Rights and Shares
	  	 	30	 
			
	 18.
	 	Amendment to Rules	  	 	30	 
	 18.1
	 	 Board may amend Rules
	  	 	30	 
	 18.2
	 	 Waiver or amendment
	  	 	30	 
	 18.3
	 	 Consent of Participants required
	  	 	30	 
	 18.4
	 	 Exceptions to requirements of Rule 18.4
	  	 	31	 
	 18.5
	 	 Exercise of discretions under Rules
	  	 	31	 
	 18.6
	 	 Eligible Employees outside Australia
	  	 	31	 
			
	 19.
	 	Rights of Participants	  	 	31	 
			
	 20.
	 	No representation as to Tax consequences	  	 	32	 
			
	 21.
	 	Notices	  	 	32	 
	 21.1
	 	 Service of notices
	  	 	32	 
	 21.2
	 	 Effective on receipt
	  	 	32	 
	 21.3
	 	 Address
	  	 	33	 
			
	 22.
	 	Governing law	  	 	33	 
			
	 23.
	 	Advice	  	 	33	 

  

	
	Long term incentive plan rules | page 4

 Long term incentive plan rules 

 
  

	1.	 Introduction 

  

	1.1	 Name of Plan 

The Plan is the long term incentive plan (Plan) of Opthea Limited ACN 006 340 567 (Company). 

 

	1.2	 Objects of Plan 

The objects of the Plan are to: 
  

	 	(a)	 provide Eligible Employees with an additional incentive to work to improve the performance of the Company;

  

	 	(b)	 attract, retain and motivate Eligible Employees essential for the continued growth and development of the
Company; 

  

	 	(c)	 promote and foster the loyalty and support of Eligible Employees for the benefit of the Company;

  

	 	(d)	 enhance the relationship between the Company and Eligible Employees for the long term mutual benefit of all
parties; and 

  

	 	(e)	 provide Eligible Employees with the opportunity to acquire Options or Rights in the Company, in accordance with
these Rules, as part of the remuneration for their services as Eligible Employees. 

  

	1.3	 Commencement of Plan 

The Plan commences on the date determined by the Board. 
  

	2.	 Defined terms and interpretation 

 

	2.1	 Defined terms 

In these Rules, unless the context otherwise requires: 

Allocated means allocated by any means permitted under Rule 9.2. 

Applicable Law means any one or more, as the context requires of: 

 

	 	(a)	 the Corporations Act; 

 

	 	(b)	 the Corporations Regulations; 

 

	 	(c)	 any other applicable securities or financial services laws; 

 

	 	(d)	 any class order, declaration, exemption or modification made or granted by ASIC pursuant to any of the
abovementioned statutes, regulations or laws, or any waiver from the Listing Rules granted by ASX, on which the Company seeks to rely or that binds the Company in making any Offer or otherwise in connection with the operation of the Plan;

  

	 	(e)	 Listing Rules or the rules of any other applicable securities exchange; 

 

	 	(f)	 any other legislation regulating or applying to the activities of the Company; and 

 

	 	(g)	 the Constitution. 

Application means a duly completed application for the issue of Options or Rights made by an Eligible Employee in respect of an Offer,
in the form approved by the Board from time to time (which may, without limitation, be an electronic form that is accessible and submitted via a website managed by the Company, its share registry or any other third party service provider). 

  

	
	Long term incentive plan rules | page 5

 ASIC means the Australian Securities and Investments Commission. 

Associated Body Corporate means: 
  

	 	(a)	 a body corporate that is a related body corporate of the Company; 

 

	 	(b)	 a body corporate that has Voting Power in the Company of not less than 20% and that has been approved for
participation in the Plan by the Company; or 

  

	 	(c)	 a body corporate in which the Company has Voting Power of not less than 20% and that has been approved for
participation in the Plan by the Company, 

 and Associated Bodies Corporate means all such bodies corporate. 

ASX means ASX Limited ACN 008 624 691. 

Board means: 
  

	 	(a)	 all or some of the Directors, acting as a board; or 

 

	 	(b)	 any committee, person or persons to whom power or authority to exercise or perform the relevant power, function
or discretion, or to administer the Plan generally, has been delegated under Rule 17.2 (including any sub-delegate). 

Business Day means a day on which banks are open for general banking business in Melbourne, Victoria excluding Saturdays or Sundays.

 Business Hours means from 9.00am to 5.00pm on a Business Day. 

Cash-Settled Plan Securities means Plan Securities that are the subject of a determination made by the Board under Rule 9.5. 

Cessation Date means the date on which the relevant Participant ceases to be employed within the Group. 

Clawback Policy means the policy, if any, adopted by the Board in relation to any circumstances in which the Company may claw back
performance-based remuneration from key management personnel (or other senior executives) of the Company (or any other Group Company). 

Company means Opthea Limited ACN 006 340 567. 

Constitution means the constitution of the Company (as amended from time to time). 

Corporate Control Event means any one or more of the following events or circumstances: 

 

	 	(a)	 an offer is made for Shares (or shares in a subsidiary) pursuant to a takeover bid under Chapter 6 of the
Corporations Act; 

  

	 	(b)	 the Court orders a meeting of members (or a class of members) or creditors (or a class of creditors) under Part
5.1 of the Corporations Act for the purpose of considering a proposed compromise or arrangement relating to the Company (or a subsidiary) or a compromise or arrangement proposed for the purposes of, or in connection with, a scheme for the
reconstruction of the Company (or a subsidiary) or its amalgamation with any other body corporate or bodies corporate; 

  

	 	(c)	 approval is given by a resolution duly passed at a general meeting, or by circular resolution, of members of
the Company (or a subsidiary) for an acquisition that would result in a person having Voting Power in the Company (or a subsidiary) of more than 50%; 

  

	 	(d)	 a person acquires Voting Power of more than 50% in the Company: 

  

	
	Long term incentive plan rules | page 6

	 	(i)	 as a result of a takeover bid for all of the issued shares in the Company; or 

 

	 	(ii)	 through a scheme of arrangement relating to the acquisition of all of the issued shares of the Company;

  

	 	(e)	 the Board determines that a change of control of the Company has occurred within the meaning of section 50AA of
the Corporations Act; 

  

	 	(f)	 any other event or transaction (including any other merger, consolidation or amalgamation involving the Company
(or a subsidiary)) occurs or is proposed where either or both of the following applies: 

  

	 	(i)	 in the case of a merger, consolidation or arrangement, the transaction results in the holders of Shares (or
shares in a subsidiary) immediately prior to the merger, consolidation or amalgamation having relevant interests, in aggregate, in 50% or less of the voting shares in the body corporate resulting from the merger consolidation or amalgamation; or

  

	 	(ii)	 the Board determines, in its discretion, that the relevant transaction constitutes a Corporate Control Event
for the purposes of the Rules; 

  

	 	(g)	 the Company (or a Subsidiary) enters into an agreement or agreements to sell, in aggregate, a majority in value
of the business or assets of all Group Companies (whether or not in the form of shares in a Group Company) to a person or persons that are not Group Companies; or 

 

	 	(h)	 an administrator, liquidator, provisional liquidator, receiver or receiver and manager is appointed in respect
of the Company or substantially all of the assets of the Company. 

 Corporations Act means the Corporations Act
2001 (Cth). 
 Date of Grant, in respect of an Option or Right, means the date on which the Company issues the Option or
Right (as the context requires) to an Eligible Employee. 
 Deal or Dealing means sale, transfer, assignment, mortgage, pledge,
grant of a lien or other alienation or encumbrance over or attempted sale, transfer, assignment, mortgage, pledge, grant of a lien or other alienation or encumbrance over, or creation in favour of any third party of any interest whatsoever. 

Director means a director of the Company (including a non-executive director). 

Eligible Employee means: 
  

	 	(a)	 an Employee to whom, or who falls within a class of Employees to whom, the Board determines that an Offer is to
be made under the Plan; or 

  

	 	(b)	 an Employee who satisfies the eligibility criteria (if any) determined by the Board for a proposed Offer.

 Employee means: 
  

	 	(a)	 a full-time or part-time employee of a Group Company (including any employee on parental leave, long service
leave or other special leave as approved by the relevant Group Company); or 

  

	 	(b)	 a director of a Group Company who holds a salaried employment or other salaried office in a Group Company
(excluding, for the avoidance of doubt, a non-executive director). 

 Exercise
Period means the period commencing on the First Exercise Date and ending on the Last Exercise Date, subject to any variation to those dates determined by the Board under Rule 7.3. 

Exercise Price means the amount (if any) payable by the holder of an Option on the exercise of the Option, being (subject to Rules 12
and 18) the amount fixed (or the amount calculated in the manner determined) at the time of the Offer of the Option and determined by the Board under Rule 4.5. 

  

	
	Long term incentive plan rules | page 7

 Final Acceptance Date has the meaning given to this term in Rule 4.3(b). 

First Exercise Date, in respect of an Option, means: 
  

	 	(a)	 if the Offer Document for the Option specified a fixed date as the first day on which the holder may exercise
the Option, that date; or 

  

	 	(b)	 if the Offer Document for the Option did not specify a fixed date as the first day on which the holder may
exercise the Option, the date (if any) on which the Company issues a Vesting Notice in respect of the Option, 

 and, in
each case, any different applicable date determined by the Board under Rule 7.3 or 18. 
 Grant Conditions, in respect of an Offer of
an Option or Right, means any conditions that must be satisfied, or circumstances that must exist, before the Option or Right will be issued, as determined by the Board under Rule 4.6. 

Group means the Company and its Associated Bodies Corporate. 

Group Company means any body corporate within the Group. 

Holding Lock means a mechanism arranged or approved by the Board and administered by the Company (including through its share registry)
that prevents Shares being disposed of by or on behalf of a Participant. 
 Issue Price means the amount (if any) payable per Option
or Right by an Eligible Employee on application for Options or Rights offered under an Offer. 
 Last Exercise Date, in respect of an
Option, means: 
  

	 	(a)	 if the Offer Document for the Option specified a fixed date as the last day on which the holder may exercise
the Option, that date: 

  

	 	(a)	 if the Offer Document for the Option did not specify a fixed date as the last day on which the holder may
exercise the Option, the date that is five years after the Date of Grant; or 

 and, in each case, any different applicable
date determined by the Board under any of Rules 7.3, 12, 13 or 18. 
 Legal Personal Representative means the executor of the will or
an administrator of the estate of a deceased person, the trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by another person. 

Listing Rules means the listing rules of ASX Limited and any other rules of ASX (or the applicable securities exchange) that are
applicable to the Company or the Shares while the Company is listed on that exchange, each as amended or replaced from time to time, and except to the extent of any express written waiver by ASX. 

Notice of Exercise means a notice of exercise of an Option by a Participant, in the form approved by the Board from time to time (which
may be in electronic form and, without limitation, accessed and submitted via a website managed by the Company, its share registry or another third party service provider). 

Offer means an invitation to an Eligible Employee to apply for the issue of Plan Securities and, if the Eligible Employee is not already
a Participant, to participate in the Plan. 
 Offer Document, in respect of Plan Securities, means a document (or documents)
setting out the Offer of the relevant Plan Securities and given to an Eligible Employee under Rule 4.2. 

  

	
	Long term incentive plan rules | page 8

 Option means an option issued, or to be issued (as the context requires), under the
Plan to acquire a Share, subject to these Rules and the terms and conditions set out in the relevant Offer Document. 
 Participant
means a person who holds Options or Rights issued under the Plan, or Restricted Shares, and includes, if a Participant dies or becomes subject to a legal disability or has granted an enduring power of attorney, the Legal Personal Representative of
the Participant. 
 Performance Period, in respect of Plan Securities, means any period or periods (if any, and however
described) determined by the Board and specified in the relevant Offer Document as the period during, or by reference to, which the satisfaction of any performance-based Vesting Conditions applicable to those Plan Securities is to be measured or
assessed (and, where Plan Securities the subject of an Offer are divided into tranches to which different performance-based Vesting Conditions apply, means any such period applicable in respect of the relevant tranche of Plan Securities and, where
any such period may be or is extended by the Board, excludes any such extension of the period unless otherwise determined by the Board). 

Plan means the long term incentive plan of the Company governed by these Rules. 

Plan Security means an Option or Right and Plan Securities means Options or Rights, or both (as the context requires). 

Resignation means the resignation of a Participant from their employment with a Group Company other than:

  

	 	(a)	 Retirement; 

  

	 	(b)	 Total and Permanent Disablement; 

 

	 	(c)	 where the Participant has accepted an offer of employment received from any other Group Company or from the
purchaser (or a related body corporate of the purchaser) of all or part of the assets or business of any Group Company, or from any person to whom any Group Company has outsourced, or agreed to outsource, any part of its functions or business; or

  

	 	(d)	 for any other reason, or in any other circumstances, that the Offer Document for the Offer of the relevant Plan
Securities held by the Participant specified would not constitute resignation for the purposes of these Rules. 

Restriction Period has the meaning given to this term in Rule 14.1. 

Restricted Shares has the meaning given to this term in Rule 14.1. 

Retirement means the resignation of the Participant from their employment with a Group Company in circumstances where the Board is
satisfied that the Participant intends to leave the workforce permanently in the sense that the person intends to no longer be employed on a full-time or permanent part-time basis. 

Right means a right issued, or to be issued (as the context requires), under the Plan to acquire a Share, subject to these Rules and the
terms and conditions set out in the relevant Offer Document. 
 Rules means the rules governing the operation of the Plan set out in
this document, as amended from time to time. 
 Security Interest means a mortgage, charge, pledge, lien, encumbrance or other third
party interest of any nature (including the registration and/or perfection of that security interest under the Personal Property Securities Act 2009 (Cth)). 

Share Allocation Date or Share Allocation Period means the date on which, or the period during which, the Company expects to
Allocate a Share to a Participant in respect of a Vested Right. 

  

	
	Long term incentive plan rules | page 9

 Shares means fully paid ordinary shares in the capital of the Company. 

Tax includes any tax, levy, impost, GST, deduction, charge, rate, contribution, duty or withholding which is assessed (or deemed to be
assessed), levied, imposed or made by or under any law or 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 means the Income Tax Assessment Act
1997 (Cth). 
 Termination for Cause means the termination by any Group Company of the Participant’s employment with that
Group Company: 
  

	 	(a)	 where neither notice nor payment in lieu of notice is required to be given by the Group Company;
or 

  

	 	(b)	 in circumstances involving the Participant’s actual or alleged serious misconduct, whether or not notice
or any payment in lieu of notice is required to be given by the Group Company. 

 Total and Permanent Disablement
means the resignation of the Participant from his or her employment with any Group Company as a result of his or her total and permanent disablement, as determined by the Board. 

Trading Policy means any policy adopted by the Company in relation to trading or dealing in Shares or other securities by the
Company’s key management personnel (or any other persons), as amended from time to time. 
 Unvested Plan Securities means Plan
Securities that have not become Vested Plan Securities and the terms Unvested Options and Unvested Rights have corresponding meanings. 

Vested Plan Securities means Plan Securities: 
  

	 	(a)	 that have become vested Plan Securities under Rule 7.1; 

 

	 	(b)	 that are taken to be vested Plan Securities by virtue of a determination of the Board under Rule 13.1; or

  

	 	(c)	 that the Board has determined and notified the relevant Participant have otherwise become vested Plan
Securities (including by reason of the waiver of any Vesting Conditions under Rule 7.3), 

 and the terms Vested
Option and Vested Right have corresponding meanings. 
 Vesting Conditions, in relation to an Option or Right, means any
performance, service or other conditions that must be satisfied, or circumstances that must exist, before: 
  

	 	(a)	 in the case of an Option, the Option may (during the Exercise Period) vest and be exercised; 

  

	 	(b)	 in the case of a Right, the Right may vest and be converted into a Share, 

as determined by the Board under Rule 4.6. 

Vesting Notice, in respect of Plan Securities held by a Participant, means notice to the Participant that, to the extent
specified in the notice (or in information accompanying the notice or that the Participant may access using electronic means specified in the notice), the Plan Securities have become Vested Plan Securities. 

Voting Power means voting power as determined in accordance with section 610 of the Corporations Act. 

  

	
	Long term incentive plan rules | page 10

	2.2	 Interpretation 

In these Rules (and any Offer Document), unless the context otherwise requires: 

 

	 	(a)	 a reference to any legislation or to any provision of any legislation includes any modification, amendment or re-enactment of it, any legislation or legislative provision substituted for it, and all legislation, statutory instruments and regulations made under it; 

 

	 	(b)	 words denoting the singular include the plural and vice versa; 

 

	 	(c)	 words denoting a gender include the other genders; 

 

	 	(d)	 a reference to any document or agreement includes a reference to that document or agreement as amended,
novated, supplemented, varied or replaced from time to time; 

  

	 	(e)	 where any word or phrase is given a defined meaning in these Rules or an Offer Document, any part of speech or
other grammatical form of that word or phrase has a corresponding meaning; 

  

	 	(f)	 a reference to a document or record includes a document or record in electronic form; 

 

	 	(g)	 a reference to a person includes a natural person, partnership, body corporate, association, governmental or
local authority or agency or other entity; 

  

	 	(h)	 a word or expression defined in the Corporations Act has the meaning given to it in the Corporations
Act; 

  

	 	(i)	 a reference to a Rule is a reference to a rule of these Rules, or the corresponding rule of the Plan as amended
from time to time; and 

  

	 	(j)	 the meaning of general words is not limited by specific examples introduced by including, for
example or similar expressions; 

  

	 	(k)	 where these Rules provide (or an Offer Document provides) for an act or thing to be done, occur or take effect
on a particular day or within a particular period, that act or thing must be done before, or occurs or takes effect, or that period ends, at 5.00pm Melbourne, Australia time on the relevant day or the last day of the relevant period (as the context
requires); and 

  

	 	(l)	 a reference to Plan Securities (or Rights or Options) held by a Participant does not include any Rights
or Options that have lapsed under Rule 10. 

  

	2.3	 Headings 

Headings are for convenience only and do not affect the interpretation of these Rules. 

 

	2.4	 Primary instruments 

These Rules are to be interpreted subject to the Applicable Laws. 
  

	3.	 Principal conditions 

 

	3.1	 Options or Rights issued only to Employees 

No Options or Rights may be issued to a person under the Plan unless, as at the Date of Grant of the Options or Rights, the person is or
remains an Employee, or the Board determines otherwise. 
  

	3.2	 Compliance with laws 

 

	 	(a)	 No Option or Right (or Share issued on exercise of an Option or conversion of a Right) may be issued or
otherwise Allocated to, or (in the case of an Option) exercised by, an Eligible Employee or Participant if to do so would contravene an Applicable Law. 

  

	
	Long term incentive plan rules | page 11

	 	(b)	 Nothing in these Rules requires or permits any act to be done, determination to be made or thing to occur where
that act, determination or thing would, in the opinion of the Board: 

  

	 	(i)	 cause any Group Company or Participant to contravene, or be involved in a contravention of, any provision of
any Applicable Law; or 

  

	 	(ii)	 require approval by resolution of the Company’s shareholders under a provision of Applicable Law
(including section 200B of the Corporations Act and the Listing Rules applying to options) where no such approval has been given. 

  

	3.3	 No prohibited financial assistance 

No person may, whether directly or indirectly, provide financial assistance that is prohibited by the Corporations Act for the purposes of, or
in connection with, the acquisition by an Eligible Employee of Options or Rights under the Plan, or of Shares on exercise of Options or conversion of Rights. 
  

	3.4	 Plan limit 

  

	 	(a)	 Subject to Rule 3.4(b), the Company will not make an Offer of Plan Securities if the total number of Shares the
subject of those Plan Securities plus: 

  

	 	(i)	 the total number of Shares that would be issued were each outstanding: 

 

	 	(A)	 offer with respect to Shares, units of Shares or rights or options to acquire unissued Shares (including an
Offer); 

  

	 	(B)	 right or option to acquire unissued Shares (including a Plan Security), being a right or option that has been
granted but has not been exercised or converted (as the context requires), lapsed or otherwise expired; 

  

	 	(C)	 unit of a Share, 

issued under an employee share scheme of the Company (including the Plan) to be accepted or exercised; and 

 

	 	(ii)	 the number of Shares issued during the previous five years pursuant to the Plan or any other employee share
scheme of the Company; 

 but disregarding and excluding any offer made or option or right acquired (whether under the
Plan or any other employee share scheme), or any Share or unit of a Share issued, by way of, or as a result of: 
  

	 	(iii)	 an offer to a person situated, at the time of receipt of the offer, outside Australia; 

 

	 	(iv)	 an offer that was an excluded offer or invitation within the meaning of the Corporations Act as it stood prior
to the commencement of Schedule 1 to the Corporate Law Economic Reform Program Act 1999 (Cth); 

  

	 	(v)	 an offer that does not need disclosure to investors because of section 708 of the Corporations Act;

  

	 	(vi)	 an offer that did not require the giving of a product disclosure statement (as defined in the Corporations Act)
because of section 1012D of the Corporations Act; or 

  

	 	(vii)	 an offer made under a disclosure document or product disclosure statement (as defined in the Corporations Act),

 would exceed 5% of the total number of issued Shares as at the time of the Offer.     

  

	
	Long term incentive plan rules | page 12

	 	(b)	 If ASIC replaces ASIC Class Order [CO 03/184] with a new class order in relation to employee incentive
schemes (or substantially modifies ASIC Class Order [CO 03/184]) Rule 3.4(a) will no longer apply and Rule 3.4(c) will apply instead. 

  

	 	(c)	 Where this Rule 3.4(c) applies instead of Rule 3.4(a), the Company will not make an Offer of Options or Rights
if the issue of the Options or Rights the subject of the Offer to the Eligible Employee to whom the Offer is made would cause the Company to exceed any limit that applies under the ASIC class order that replaces or modifies Class Order [CO
03/184] (when aggregated with the total number of Shares and other financial products required by the replacement or modified class order to be counted towards the limit, and disregarding and excluding all offers, Shares and other financial products
that may be disregarded when applying that limit). 

  

	3.5	 Director participation 

Neither Options nor Rights may be issued to Directors or their associates pursuant to the Plan unless prior approval of the Company’s
shareholders is obtained in accordance with the Listing Rules or such approval is not required by the Listing Rules. 
  

	3.6	 Operation of the Plan 

The Plan must be operated in accordance with these Rules which bind the Company, any Associated Body Corporate and each Participant. 

 

	4.	 Offers 

  

	4.1	 Board may make Offer 

Subject to these Rules, the Board may from time to time make an Offer (on behalf of the Company) to an Eligible Employee. 

 

	4.2	 Form of Offer 

 

	 	(a)	 An Offer must be set out in a document (or documents) given to the Eligible Employee to whom the Offer is made.

  

	 	(b)	 Subject to Rule 4.3, the form of the Offer Document and the form of the Application accepting the invitation
constituted by the Offer will be as approved by the Board from time to time. 

  

	4.3	 Information provided with Offer 

The Offer Document provided to an Eligible Employee must include the following information: 

 

	 	(a)	 the date of the Offer; 

 

	 	(b)	 the final date by which the Eligible Employee may accept the invitation constituted by the Offer (Final
Acceptance Date); 

  

	 	(c)	 the number of Options or Rights the subject of the Offer, or the manner in which that number will be
determined; 

  

	 	(d)	 the Grant Conditions (if any) for the Offer; 

 

	 	(e)	 the Vesting Conditions (if any) that will apply to Options or Rights (or, if the Options or Rights will be
divided into tranches, the Vesting Conditions (if any) that will apply to the different tranches) issued the subject of the Offer; 

  

	 	(f)	 in respect of an Offer of Options: 

 

	 	(i)	 if the first day on which the holder may (subject to these Rules) exercise the Options the subject of the Offer
is fixed at the time of the Offer, that date; 

  

	
	Long term incentive plan rules | page 13

	 	(ii)	 if the last day on which the holder may (subject to these Rules) exercise the Options the subject of the Offer
is fixed at the time of the Offer, that date; and 

  

	 	(iii)	 the Exercise Price (if any) of each Option the subject of the Offer, or the manner in which any such Exercise
Price will be determined; 

  

	 	(g)	 in respect of an Offer of Rights, the Share Allocation Date or Share Allocation Period; 

 

	 	(h)	 if the Board has made a determination under Rule 9.2(b), details of that determination; 

 

	 	(i)	 if any Shares Allocated pursuant to exercise of any Options, or conversion of any Rights, the subject of the
Offer will be subject to restrictions on disposal under Rule 13, that fact and the applicable Restriction Period; and 

  

	 	(j)	 any other specific terms and conditions applicable to the Offer or that will apply to any Options or Rights
issued under the Offer. 

  

	4.4	 Number of Options or Rights 

Subject to Rule 3, the number of Options or Rights the subject of an Offer to an Eligible Employee, or the method for determining that
number, will be determined by the Board. 
  

	4.5	 Issue Price and Exercise Price 

 

	 	(a)	 Unless otherwise determined by the Board and specified in the Offer Document for the Option or Right, no amount
will be payable by a Participant to acquire an Option or Right. 

  

	 	(b)	 The Exercise Price (if any) in respect of an Option will be determined by the Board (subject to any adjustment
under Rule 12). 

  

	4.6	 Terms 

The terms and conditions applicable to an Offer, including the Final Acceptance Date, any First Exercise Date, any Last Exercise Date, any
Share Allocation Date or Share Allocation Period, any Grant Conditions, any Vesting Conditions and any Restriction Period, will be determined by the Board. 
  

	4.7	 Exercise Price and Issue Price in Australian dollars 

The Exercise Price (if any) and Issue Price (if any) in respect of an Option must be denominated and payable in Australian dollars, unless
otherwise determined by the Board. 
  

	4.8	 Offer personal 

An Offer under the Plan is personal to the Eligible Employee to whom it is made and, accordingly, the invitation constituted by an Offer may
only be accepted by, and Options or Rights may only be issued to, the Eligible Employee to whom the Offer is made. 
  

	5.	 Application for Options and Rights 

 

	5.1	 Acceptance of Offer 

An Eligible Employee may accept the invitation constituted by an Offer by giving to the Company a duly completed Application (and, in the case
of any Offer of Options or Rights that have an Issue Price, payment of the relevant amount) by the Final Acceptance Date. 
  

	5.2	 Application for all or some of the Options or Rights the subject of an Offer 

Unless otherwise determined by the Board and specified in the Offer Document for the Offer, an Eligible Employee may, in his or her discretion,
accept the invitation constituted by the Offer, in whole or in part, in multiples of 100 Options or Rights or another multiple of Options or Rights as the Board may allow for the Eligible Employee. An Eligible Employee cannot accept less than the
number of Options or Rights that would constitute the minimum parcel determined by the Board. 

  

	
	Long term incentive plan rules | page 14

	5.3	 Lapse of Offer 

An Offer not accepted in accordance with Rule 5.1 will lapse at 5:00pm Melbourne time on the Final Acceptance Date. 

 

	5.4	 Withdrawal of Offer prior to acceptance 

The Board reserves the right (subject to any Applicable Law) to withdraw an Offer made to an Eligible Employee. 

 

	6.	 Issue of Options or Rights 

 

	6.1	 Acceptance by Eligible Employee 

By accepting an Offer in respect of Options or Rights in accordance with Rule 5.2, an Eligible Employee: 

 

	 	(a)	 agrees to become a Participant and be bound by these Rules; 

 

	 	(b)	 offers to acquire those Options or Rights, and Shares following exercise of those Options or on conversion of
those Rights (as the context requires): 

  

	 	(i)	 under, and subject to, these Rules; and 

 

	 	(ii)	 on and subject to the terms and conditions of the Offer; and 

 

	 	(c)	 agrees to become a member of the Company following exercise of any Options or on conversion of any Rights, and
to be bound by the Constitution (as amended from time to time). 

  

	6.2	 Acceptance by Company 

Unless otherwise provided in the Offer Document for the Offer, the Company may accept an Eligible Employee’s Application in respect of an
Offer of Plan Securities by issuing to the Eligible Employee the Plan Securities the subject of the Application. Unless otherwise determined by the Board, the issue of Plan Securities to an Eligible Employee will be constituted by the registration
of the Eligible Employee as the holder of the relevant number and type of Plan Securities in a register of holders of Plan Securities maintained by or on behalf of the Company (which may, without limitation, be in electronic form and maintained by
the Company’s share registrar or other third party service provider). Nothing in any Offer Document or Application, or in these Rules, will be taken to confer on any Eligible Employee any right or title to, or interest in, any Plan Securities
until the Plan Securities are issued to the Eligible Employee. 
  

	6.3	 Notification of issue of Options or Rights 

Within a reasonable period after the issue of Options or Rights to a Participant, the Company must give the Participant notice in writing of:

  

	 	(a)	 the number of Options or Rights issued to the Participant; 

 

	 	(b)	 the Issue Price (if any) of those Options or Rights; 

 

	 	(c)	 in the case of Options, the Exercise Price (if any); and 

 

	 	(d)	 the Date of Grant of those Options or Rights. 

 

	6.4	 Consideration for Options and Rights 

Any Options or Rights issued to a Participant will be issued for consideration comprising the services that are expected to be provided by the
Participant to or for the benefit of the Group and, unless the Board determines otherwise, no monetary or other consideration will be payable in respect of the issue of an Option or Right. 

  

	
	Long term incentive plan rules | page 15

	6.5	 Entitlement to Shares 

 

	 	(a)	 Subject to these Rules, each Option confers on its holder the entitlement to be Allocated one Share following
exercise of the Option and payment of the Exercise Price (if any). 

  

	 	(b)	 Subject to these Rules, each Right confers on its holder the entitlement to be Allocated one Share.

  

	6.6	 Interest in Shares 

A Participant: 
  

	 	(a)	 has no right or interest in a Share the subject of an Option or Right held by the Participant unless and until
the Share the subject of that Option or Right, as applicable, is Allocated to that Participant following the exercise of the Option or on conversion of the Right under these Rules; and 

 

	 	(b)	 does not have any rights to dividends, rights to vote or rights to participate in any new issue of capital of
the Company as a result of holding an Option or Right. 

 Subject to the Corporations Act and the Constitution,
Participants will not, as holders of Options or Rights, have any right to attend or vote at general meetings of holders of Shares. 
  

	7.	 Vesting of Options or Rights 

 

	7.1	 Requirements for vesting 

Subject to these Rules: 
  

	 	(a)	 if the Offer Document for Plan Securities held by a Participant specified any Vesting Conditions and each of
the following occurs: 

  

	 	(i)	 the Board determines that the applicable Vesting Conditions have been satisfied in respect of all, or a
specified percentage or number of, those Plan Securities; and 

  

	 	(ii)	 if any additional terms were specified in the Offer Document and required to be satisfied before vesting, the
Board determines that those additional terms have been satisfied or, in the Board’s discretion, are not required to be satisfied, 

then all, or any specified percentage or number determined by the Board, of those Plan Securities will become vested Plan Securities on and
from the date of the Board’s determination (or any later date determined by the Board); and 
  

	 	(b)	 if the Offer Document for Plan Securities held by a Participant did not specify any Vesting Conditions, the
Plan Securities will become vested Plan Securities on and from the vesting date specified in the Offer Document (or any earlier date determined by the Board). 

 

	7.2	 Vesting Notice 

If, and within a reasonable period after: 
  

	 	(a)	 any Options held by a Participant become Vested Options; or 

 

	 	(b)	 any Rights held by a Participant become Vested Rights, 

the Company must give the Participant a Vesting Notice. 
  

	7.3	 Variation or waiver of Vesting Conditions and other terms 

Subject to Applicable Law, and without limiting Rules 12, 13 and 18.1, the Board may, in its discretion and at any time and in any particular
case or cases: 

  

	
	Long term incentive plan rules | page 16

	 	(a)	 reduce or waive the Vesting Conditions (if any) that apply to a Plan Security held by the Participant (in whole
or in part); 

  

	 	(b)	 reduce the Performance Period (if any) that applies to any Plan Security held by the Participant;

  

	 	(c)	 in the case of an Option, determine that a new First Exercise Date or Last Exercise Date (or both) will apply
to the Option (whether earlier or later than the original date); 

  

	 	(d)	 in the case of a Right, determine that a new Share Allocation Date or Share Allocation Period will apply to the
Right (whether earlier or late than the original date or period); or 

  

	 	(e)	 do any combination of the things referred to in paragraphs (a) to (d) above. 

 

	7.4	 Notice of variation or waiver 

If the Board exercises its discretion to alter any terms of a Plan Security under Rule 7.3 or in reliance on Rule 18.4, the Company: 

 

	 	(a)	 must within a reasonable period of the alteration give notice to each Participant affected by the alteration in
respect of any Options or Rights held by the Participant; and 

  

	 	(b)	 if the Company issued a certificate for the Plan Security, may have to issue a replacement certificate.

  

	8.	 Exercise of Options 

  

	8.1	 Exercise during Exercise Period 

Subject to Rules 3.2 and 8.2 and the Trading Policy, an Option held by a Participant may be exercised at any time during (and only during)
the Exercise Period for that Option. 
  

	8.2	 Exercise Conditions 

An Option may not be exercised unless and until it has become a Vested Option. 

 

	8.3	 Exercise of Options 

Subject to these Rules, Vested Options held by a Participant may be exercised by the Participant giving to the Company: 

 

	 	(a)	 a Notice of Exercise duly completed by the Participant; 

 

	 	(b)	 if there is an Exercise Price for the Options: 

 

	 	(i)	 payment (in cleared funds) of the amount calculated by multiplying the number of Options being exercised by the
Exercise Price; or 

  

	 	(ii)	 payment, or the Participant’s agreement to pay, the relevant amount under any ‘cashless
exercise’ arrangement that is acceptable to, and approved by, the Board; and 

  

	 	(c)	 if a certificate was issued by the Company in respect of those Options, the relevant certificate.

  

	8.4	 Clearance of Exercise Price 

Unless the Board determines otherwise, the Company is not obliged to Allocate Shares on exercise of Options until payment of the Exercise Price
(if any) has been received by the Company in cleared funds from the Participant. 

  

	
	Long term incentive plan rules | page 17

	8.5	 Exercise or conversion of all or some Options or Rights 

 

	 	(a)	 A Participant may only exercise Options and convert Rights in multiples of 100 or another multiple that the
Board determines, unless the Participant exercises all Options or converts Rights with the same Date of Grant able to be exercised by him or her at that time or under a cashless exercise arrangement. 

 

	 	(b)	 The exercise or conversion by a Participant of only some of the Options or Rights held by the Participant does
not affect the Participant’s right to exercise or convert at a later date other Options or Rights held by the Participant (whether those other Options or Rights have the same First Exercise Date or otherwise). 

 

	8.6	 Replacement Certificate 

If a Participant submits a Notice of Exercise in respect of only part of the Options or Rights for which a certificate has been issued by the
Company, the Company must issue a certificate stating the remaining number of Options or Rights held by the Participant. 
  

	9.	 Allocation of Shares to satisfy Vested Options or Rights 

 

	9.1	 Requirement to allocate Shares 

 

	 	(a)	 Subject to these Rules (including Rule 9.5), where any Options held by a Participant become Vested Options and
are validly exercised by the Participant in accordance with Rule 8, the Company must Allocate to the Participant the number of Shares that are the subject of the Vested Options that have been exercised, as determined in accordance with these Rules
and the Offer Document for those Options. 

  

	 	(b)	 Subject to these Rules (including Rule 9.5), where any Rights held by a Participant become Vested Rights, the
Company must (without the need for any action by the Participant) Allocate to the Participant the number of Shares that are the subject of those Vested Rights, as determined in accordance with these Rules and the Offer Document for those Rights. For
the purposes of these Rules, the Allocation of Shares in respect of Vested Rights constitutes the conversion of Vested Rights. 

  

	9.2	 Method of allocation of Shares 

 

	 	(a)	 Subject to Rule 9.2(b) and Applicable Law, any Shares to be allocated to a Participant under Rule 9.1 may, in
the Board’s discretion, be allocated by the Company by any one or more of the following means: 

  

	 	(i)	 issuing Shares to the Participant; 

 

	 	(ii)	 procuring the transfer to the Participant of Shares purchased on-market
(within the meaning given to that term by the Corporations Act); 

  

	 	(iii)	 procuring the transfer to the Participant of Shares acquired through an
off-market transaction (including from any ‘employee share trust’ within the meaning of the Tax Act that may be established by the Company for the purposes of the Plan); or 

 

	 	(iv)	 procuring the holding of Shares by a person as bare nominee for and on behalf of the Participant.

  

	 	(b)	 The Board may determine and the Offer Document for Options or Rights may specify that any Shares to be
allocated to a Participant to satisfy those Options or Rights may: 

  

	 	(i)	 only be allocated by a specified method or methods under Rule 9.2(a); or 

 

	 	(ii)	 not be allocated by a specified method or methods under Rule 9.2(a), 

and, where so determined and specified, those Shares may (where paragraph (i) of this Rule applies) only be allocated to the Participant
by the specified method or methods or (where paragraph (ii) of this Rule applies) may not be allocated to the Participant by the specified method or methods. 

  

	
	Long term incentive plan rules | page 18

	9.3	 Timing of allocation of Shares 

Subject to Applicable Law and the Trading Policy, any Shares to be Allocated to a Participant under Rule 9.1 must: 

 

	 	(a)	 in the case of Shares to be Allocated to satisfy Vested Options that have been exercised by the relevant
Participant, be Allocated within a reasonable period after the Participant exercises the Vested Options in accordance with these Rules; and 

  

	 	(b)	 in the case of Shares to be Allocated to satisfy Vested Rights, be Allocated on (or before) any applicable
Share Allocation Date or before the end of any applicable Share Allocation Period (in each case, subject to any variation determined by the Board under Rule 7.3). 

 

	9.4	 Shares rank equally 

Unless otherwise determined by the Board and specified in the Offer Document for the relevant Plan Securities, Shares Allocated to a
Participant to satisfy Plan Securities will rank equally with all existing Shares on and from the date of Allocation, including in respect of all rights issues, bonus issues and dividends that have a record date for determining entitlements on or
after the date of registration of those Shares in the name of, or on behalf of, the Participant. 
  

	9.5	 Discretion to settle Vested Plan Securities in cash 

 

	 	(a)	 Notwithstanding any other provision of these Rules, and unless the Offer Document for the relevant Plan
Securities specifies that this Rule 9.5 does not apply, the Board may, in its discretion (and at any time), determine that, in lieu and satisfaction of a Participant’s right to be Allocated Shares in respect of: 

 

	 	(i)	 any or all Vested Options exercised by the Participant; or 

 

	 	(ii)	 any or all Vested Rights held by the Participant, 

the Company will make, or cause to be made, a payment (in Australian dollars) to or for the benefit of the Participant of a cash equivalent
amount in respect of the Vested Options or Vested Rights the subject of the Board’s determination, as calculated in accordance with Rule 9.6 or in any other manner determined by the Board and specified in the relevant Offer Document (and
subject to Rule 9.7). 
  

	 	(b)	 Where the Board has made a determination under this Rule 9.5, the Company must make, or cause to be made, the
relevant payment to or for the benefit of the Participant by the time that Shares would otherwise have been required to be Allocated to the Participant under Rule 9.3. 

 

	 	(c)	 Any payment made to or for the benefit of a Participant in respect of any Cash-Settled Plan Securities in
accordance with the relevant determination of the Board under this Rule 9.5 constitutes full and final satisfaction of the Participant’s right to otherwise be Allocated Shares in respect of those Cash-Settled Plan Securities.

  

	9.6	 Calculation of amount payable for any Cash-Settled Plan Securities 

For the purposes of Rule 9.5(a), and subject to the Offer Document for the Cash-Settled Plan Securities, the cash equivalent amount in respect
of any Cash-Settled Plan Securities will be calculated by multiplying the number of Shares that would (but for payment in accordance with Rule 9.5) be Allocated to the Participant in respect of those Cash-Settled Plan Securities by: 

 

	 	(a)	 if Shares are quoted on ASX or another securities exchange at the time, the volume weighted average price of
Shares traded on ASX (or on the securities exchange or exchanges determined by the Board) over the 5 trading days preceding, where the Cash-Settled Plan Securities are Options, the date of exercise of the Options or, where the Cash- Settled Plan
Securities are Rights, the date on which the Rights became Vested Rights (Valuation Time); or 

  

	
	Long term incentive plan rules | page 19

	 	(b)	 if Shares are not quoted on ASX at the time, an amount reasonably determined by the Board to be equivalent to
the value of a Share at the Valuation Time, 

 and, where the Cash-Settled Plan Securities are Options, reducing the
resulting amount by the aggregate Exercise Price (if any) for the number of Vested Options in respect of which the cash equivalent amount is to be paid. If the resulting number is a fractional number, it will be rounded down to the next lower whole
cent. 
  

	9.7	 Tax withholding and superannuation contributions 

 

	 	(a)	 The Company will deduct or withhold, or cause to be deducted or withheld, from any amount paid or payable to a
Participant in respect of any Cash-Settled Plan Securities any Tax and other amounts required by law to be deducted or withheld from the payment. 

  

	 	(b)	 Any amount payable to or for the benefit of a Participant in respect of any Cash-Settled Plan Securities in
accordance with the relevant determination of the Board under Rule 9.5 will be payable such that the total of: 

  

	 	(i)	 the amount payable to the Participant (before any applicable deduction or withholding for Tax or other amounts
under 9.7(a) above); plus 

  

	 	(ii)	 the amount of any contribution that any Group Company makes, will make or is required or has agreed to make, to
an Australian superannuation fund for the benefit of the Participant that is or will be attributable or referable to any amount paid or payable to the Participant in accordance with the Board’s determination under Rule 9.5,

 is equal to the cash equivalent amount in respect of those Cash-Settled Plan Securities determined in accordance with
Rule 9.5 (and, if applicable, Rule 9.6). 
  

	 	(c)	 For the purposes of Rule 9.7(b) (and without limitation), a Group Company will be taken to be required to make
a contribution if it is required to make the contribution in order to ensure that it will have no liability or potential liability to pay any superannuation guarantee charge (as defined in the Superannuation Guarantee (Administration) Act
1992 (Cth)) in respect of the amount paid or payable to the relevant Participant in respect of the relevant Cash-Settled Plan Securities. 

  

	 	(d)	 To the maximum extent permitted by law, in no event will the amount payable to a Participant under Rule 9.5 be
included in any definition of pensionable or other earnings or salary (however defined) for the purpose of calculating any contributions payable to any Australian superannuation fund for the benefit of the Participant. 

 

	10.	 Lapse of Options and Rights 

 

	10.1	 Lapse of Plan Securities where Vesting Conditions not satisfied 

 

	 	(a)	 If the Board determines that the Vesting Conditions (if any) applicable to all or a specified number or
percentage of the Plan Securities held by a Participant have not been satisfied and should therefore lapse, all or the relevant percentage or number (as the context requires) of those Plan Securities will lapse with effect from the date on which the
Board makes this determination (or, if the Board specifies a later lapse date when making this determination, on that later date). 

  

	 	(b)	 If the Board determines that the Vesting Conditions (if any) applicable to all or a specified number or
percentage of the Plan Securities held by a Participant are not capable of being satisfied in accordance with their terms and should therefore lapse, all or the relevant number or percentage (as the context requires) of those Plan Securities will
lapse with effect from the date on which the Board makes this determination (or, if the Board specifies a later lapse date when making this determination, on that later date). 

  

	
	Long term incentive plan rules | page 20

	10.2	 Lapse of Plan Securities on cessation of employment in certain circumstances 

 

	 	(a)	 Subject to the terms specified in the Offer Document for the relevant Plan Securities and unless otherwise
determined by the Board (at any time and whether before of after cessation of employment), all Unvested Plan Securities held by a Participant will lapse: 

  

	 	(i)	 if the Participant ceases to be employed within the Group due to his or her Termination for Cause, with effect
from the Cessation Date; 

  

	 	(ii)	 if the Participant ceases to be employed within the Group due to his or her Resignation, with effect from the
Cessation Date; or 

  

	 	(iii)	 if the Participant ceases, or will cease, to be employed within the Group in any circumstances not covered by
paragraphs (i) or (ii) above and the Board determines that, in those particular circumstances, all of the Participant’s Unvested Plan Securities should lapse (for example, because the circumstances involve the Participant’s poor or
inadequate performance), with effect from the Cessation Date or any earlier or later lapse date determined by the Board. 

  

	 	(b)	 Unless otherwise determined by the Board, if: 

 

	 	(i)	 a Participant ceases to be employed within the Group for any reason or in any circumstances;

  

	 	(ii)	 the Participant holds Unvested Plan Securities that have not lapsed under Rule 10.2(a)(i) or (ii) and the
Board has not determined that all of those Unvested Plan Securities should lapse under Rule 10.2(a)(iii); and 

  

	 	(iii)	 the Offer Document for those Unvested Plan Securities specified that this Rule 10.2(b) applies or the Board
otherwise determines that this Rule 10.2(b) applies, 

 then a proportion of the Participant’s Unvested Plan
Securities will lapse with effect from the Cessation Date, being the proportion determined in accordance with Rule 10.2(c) (and rounded to the next higher whole number). 
  

	 	(c)	 Where Rule 10.2(b) applies, unless otherwise determined by the Board, the proportion of Unvested Plan
Securities held by a Participant that will lapse under that Rule will be: 

  

	 	(i)	 subject to paragraph (ii), equal to the proportion that the number of days in the period starting on the day
after the Participant’s Cessation Date and ending on the last day of the Performance Period applicable to those Plan Securities (or, if no Performance Period applies to those Plan Securities, ending on the date specified in Rule 7.1(b)) bears
to the total number of days in the Performance Period (or, if no Performance Period applies to those Plan Securities, to the total number of days between the Date of Grant and the date specified in Rule 7.1(b)); or 

 

	 	(ii)	 if the Offer Document for those Plan Securities specified that the proportion was to be determined on a
different basis to that set out in Rule 10.2(c)(i), the proportion determined in the manner specified in the relevant Offer Document. 

  

	 	(d)	 Any Plan Securities held by a Participant that do not lapse by operation of this Rule 10.2 or determination of
the Board as a result of the Participant ceasing to be employed within the Group will continue to be held by the Participant subject to these Rules and the terms and conditions set out in the Offer for those Plan Securities. 

  

	
	Long term incentive plan rules | page 21

	 	(e)	 For the purposes of these Rules (and any Offer Document), a Participant ceases to be employed within the
Group if and when the Participant is no longer employed by, and no longer holds any other office with, any body corporate within the Group. 

  

	10.3	 Lapse of Plan Securities to prevent inappropriate benefits 

Subject to the terms specified in the Offer Document for the relevant Plan Securities and unless otherwise determined by the Board (at any
time), some or all of any Unvested Plan Securities that have not otherwise lapsed under this Rule 10, or Vested Plan Securities (or both), held by a Participant will lapse: 
  

	 	(a)	 if, and with effect from the date on which, the Board determines that the relevant Plan Securities should lapse
because, in the Board’s opinion, the Participant: 

  

	 	(i)	 has been, or could be, dismissed or removed from his or her employment in the Group for a reason that entitles
a Group Company to dismiss the Participant without notice; 

  

	 	(ii)	 has committed an act of fraud, misappropriation or serious misconduct in relation to the affairs of the Group
or any Group Company (whether or not charged with an offence); 

  

	 	(iii)	 has done an act which brings the Group or any Group Company into disrepute or causes material damage to any
Group Company; 

  

	 	(iv)	 has been convicted on indictment of an offence against the Corporations Act in connection with the affairs of
the Company or any Group Company; 

  

	 	(v)	 has had a judgement entered against him or her in civil proceedings in respect of the contravention by the
Participant of his or her duties at law, in equity or under statute in his or her capacity as an executive or Director of the Company or any other Group Company; 

 

	 	(vi)	 has materially breached his or her obligations to any Group Company; 

 

	 	(vii)	 has performed below expectations or requirements (whether or not any performance-based Vesting Conditions have
been or are likely to be met); 

  

	 	(viii)	 has materially breached any policy of the Company (including, without limitation, the Trading Policy or the
Company’s policy (if any) on the hedging of long term incentives) or of any Group Company; or 

  

	 	(ix)	 has dealt with the Options or Rights in breach of the Rules; 

 

	 	(b)	 in the case of Unvested Plan Securities, on the happening of any other circumstance determined by the Board and
specified in the Offer Document for those Plan Securities as a circumstance that will cause an Unvested Plan Security to lapse; 

  

	 	(c)	 in the case of Vested Plan Securities, on the happening of any other circumstance determined by the Board and
specified in the Offer Document for those Plan Securities as a circumstance that will cause an Vested Plan Security to lapse; or 

  

	 	(d)	 if, in the opinion of the Board, the Plan Securities are liable to clawback under any Clawback Policy.

  

	10.4	 Lapse of Plan Securities where a Corporate Control Event occurs 

If the Board makes a determination under Rule 13.1(c) that any Plan Securities held by a Participant will lapse, those Plan Securities will
lapse on the date determined by the Board under that Rule 13.1(c). 

  

	
	Long term incentive plan rules | page 22

	10.5	 Lapse of Options on Last Exercise Date 

If a Participant fails to exercise any Vested Options by the Last Exercise Date, those Options will lapse on the Last Exercise Date. 

 

	10.6	 Timing of lapse 

A Plan Security held by a Participant will lapse upon the earliest to occur of: 

 

	 	(a)	 the Plan Security lapsing under any of Rules 10.1, 10.2, 10.3, 10.4 or 10.5; or 

 

	 	(b)	 the date that is seven years after the Date of Grant for the Plan Security or any other date nominated as the
expiry date in the Offer Document. 

  

	10.7	 Entitlements and rights cease 

On the lapse of a Plan Security under this Rule 10, all rights of a Participant in respect of the Plan Security under the Plan cease and
no compensation will be payable to the Participant for the lapse of the Plan Security. 
  

	11.	 Dealings with Options and Rights 

 

	11.1	 Options and Rights personal 

Except where Options or Rights have been transferred under Rule 11.3, Options and Rights held by a Participant are personal to the
Participant and, in the case of Options, may not be exercised by another person. 
  

	11.2	 No unauthorised disposal 

Except as permitted under Rule 11.3, a Participant must not dispose of or grant a Security Interest over, or otherwise engage in any
Dealing with, an Option or Right or any interest in an Option or Right, and any Security Interest or disposal or dealing granted or undertaken contrary to this Rule is not recognised in any manner by the Company. 

 

	11.3	 Permitted transfer of Options and Rights 

The Board may determine that Options or Rights may be transferred, by an instrument of transfer, where the transfer would be: 

 

	 	(a)	 a transfer constituting the necessary transfer documents following an acceptance of an offer made under an off-market bid made under Chapter 6 of the Corporations Act relating to Options or Rights; 

  

	 	(b)	 a transfer to a bidder on the sale of the Options or Rights under Division 3 of Part 6A.1 of the Corporations
Act; 

  

	 	(c)	 a transfer to a 100% holder on the sale of the Options or Rights under Division 2 of Part 6A.2 of the
Corporations Act; 

  

	 	(d)	 a transfer under Part 6A.3 of the Corporations Act to a person entitled to acquire the Options or Rights under
section 661A or 664A of the Corporations Act; or  

  

	 	(e)	 a transfer approved by the Board in any other circumstances as may be determined by the Board.

 The Board must notify Participants if a circumstance set out in this Rule 11.3 occurs and the Board authorises transfer
of Options or Rights pursuant to this Rule. 

  

	
	Long term incentive plan rules | page 23

	12.	 Participation rights, bonus issues, rights issues, reorganisations of capital and winding up

  

	12.1	 Application of this Rule 

This Rule 12 only applies to Participants who hold Options or Rights that have not lapsed in accordance with the Rules. 

 

	12.2	 New issues 

A Participant is not entitled to participate in any new issue to existing holders of securities in the Company by virtue of holding an Option
or Right unless: 
  

	 	(a)	 in the case of an Option, the Option has become a Vested Option and been validly exercised by the Participant;
or 

  

	 	(b)	 in the case of a Right, the Right has become a Vested Right and been converted, 

and a Share has been issued or transferred to, and registered in the name of, the Participant (in satisfaction of the Option or Right) before
the record date for the determination of entitlements to the new issue of securities (in which case, the Participant will participate in the new issue as a result of being the holder of the Share). 

The Company will give Participants, in accordance with the Listing Rules, notice of any new issue of securities before the record date for
determining entitlements to the new issue. 
  

	12.3	 Bonus issues 

If the Company makes a bonus issue of Shares or other securities to existing holders of Shares (other than an issue in lieu or in satisfaction
of dividends or by way of dividend reinvestment) and no Share has been Allocated in respect of an Option or Right held by a Participant before the record date for determining entitlements to the bonus issue, then: 

 

	 	(a)	 the number of Shares to which the Participant is entitled on exercise of the Option or conversion of the Right
(as applicable) will be increased by the number of Shares that the Participant would have received if the Participant had exercised the Option or the Right had converted (as applicable) and acquired the underlying Share prior to such record date;
and 

  

	 	(b)	 in the case of an Option, no change will be made to the Exercise Price (if any). 

 

	12.4	 Pro-rata issues 

If the Company makes a pro-rata issue of Shares to existing holders of Shares (other than a bonus
issue, or an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment) and no Share has been Allocated in respect of an Option or Right before the record date for determining entitlements to the issue, then: 

 

	 	(a)	 in the case of an Option, the Exercise Price (if any) of the Option will be reduced in accordance with the
relevant formula set out in the Listing Rules applying to options at the time of the pro-rata issue, and there will be no change to the number of Shares to which the relevant Participant is entitled on
exercise of the Option; and 

  

	 	(b)	 in the case of a Right, but subject to Rule 18.3, the Board may determine, in its discretion, whether any
adjustment will be made to the terms of the Right (including, without limitation, whether or not there will be any resulting increase in the number of Shares to which the relevant Participant will be entitled on conversion of the Right and the
manner in which any such increase will be calculated). 

 Note: At the time of adoption of these Rules, the relevant
formula for reduction of the Exercise Price (if any) of Options in the event of a pro-rata issue is set out in rule 6.22.2 of the Listing Rules. 

  

	
	Long term incentive plan rules | page 24

	12.5	 Reorganisation of capital 

If, prior to the Allocation of Shares to a Participant in respect of Options or Rights held by the Participant, there is a reorganisation of
capital of the Company (including a consolidation, subdivision, reduction or return of capital), then the rights of each Participant (including, where applicable, the number of Options or Rights (or both), and the Exercise Price (if any) of any
Options, held by the Participant) will be amended to the extent necessary to comply with the ASX Listing Rules applying to a reorganisation of capital at the time of the reorganisation (whether or not the ASX Listing Rules apply to the Company at
the time and, in the case of Rights, on the same basis as required by the ASX Listing Rules applying to Options). 
  

	12.6	 Winding up 

If, while a Participant holds Options or Rights, a resolution for a members’ voluntary winding up of the Company is proposed (other than
for the purpose of a reconstruction or amalgamation) the Board may, in its discretion: 
  

	 	(a)	 in the case of Options, give written notice to the Participant of the proposed resolution, in which case,
subject to the applicable Vesting Conditions (if any) being satisfied (or waived by the Board), the Participant may, during the period referred to in the notice, exercise the Option provided that no Option will be capable of exercise later than the
Last Exercise Date; and 

  

	 	(b)	 in the case of Rights, determine that the Rights are Vested Rights and that on conversion, Shares will be
Allocated in respect of the Rights on a date specified by the Board and notified to the Participant. 

  

	12.7	 Rounding 

For the purposes of this Rule 12, if Options are exercised simultaneously or Rights are converted simultaneously, then the number of
Shares or fractions of Shares that the Participant is entitled to be Allocated in respect of those Options or Rights may be aggregated and, in the case of Options with an Exercise Price, the Exercise Price payable by the Participant in respect of
those Options may be aggregated. Fractions in the aggregate number or amount will be dealt with as follows (unless otherwise required by the Listing Rules): 
  

	 	(a)	 fractions in the aggregate number of Shares that the Participant is entitled to be Allocated on such exercise
or conversion will be rounded down to the next lower whole number; and 

  

	 	(b)	 fractions in the aggregate Exercise Price of Options payable by the Participant on exercise of those Options
will be rounded up to the next higher whole cent. 

  

	12.8	 Calculations and adjustments 

Any calculations or adjustments which are required to be made under this Rule 12 will be made by the Board and, in the absence of manifest
error, are final and conclusive and binding on the Company and each Participant. 
  

	12.9	 Notice of change 

The Company must, within a reasonable period, give to each Participant notice of any change under Rule 12 to the Exercise Price (if any)
of any Options held by a Participant or to the number of Shares that the Participant is entitled to be Allocated following exercise of an Option or conversion of a Right. 

  

	
	Long term incentive plan rules | page 25

	13.	 Corporate Control Events 

 

	13.1	 Treatment of Plan Securities on a Corporate Control Event 

Subject to Rule 13.4 and Applicable Law, and without limiting Rule 7.3, the Board may, in its discretion, determine that, where a Corporate
Control Event has occurred or occurs in the future, any one or more of the following things will occur: 
  

	 	(a)	 all or a specified proportion of any Unvested Rights then held by a Participant will be taken to have become
vested Plan Rights (and that any Vesting Conditions applicable to those Unvested Rights that have not been, or are not then capable of being, satisfied will be waived), on a date determined by the Board, and that the Share Allocation Date or Share
Allocation Period for those Rights will be brought forward to an earlier date or period determined by the Board; 

  

	 	(b)	 all or a specified proportion of any Unvested Options then held by a Participant will be taken to have become
vested Options (and that any Vesting Conditions applicable to those Unvested Rights that have not been, or are not then capable of being, satisfied will be waived), on a date determined by the Board, and that the First Exercise Date or Last Exercise
Date (or both) for those Options will be brought forward to an earlier date or dates determined by the Board; 

  

	 	(c)	 if the Board has determined under paragraph (a) or (b) above that a specified proportion of any Unvested
Rights or Unvested Options then held by a Participant will be taken to have become vested Rights or Options (as the context requires), the balance of those Unvested Rights or Options will lapse on a date determined by the Board (or otherwise remain
on foot); 

  

	 	(d)	 the First Exercise Date or Last Exercise Date (or both) for any Vested Options then held by a Participant will
be brought forward to an earlier date determined by the Board; or 

  

	 	(e)	 the Share Allocation Date or Share Allocation Period for any Vested Rights held by a Participant will be
brought forward to an earlier date or period determined by the Board. 

  

	13.2	 Board determinations under Rule 13.1 

Without limiting Rule 13.1, the Board may make a determination under Rule 13.1: 

 

	 	(a)	 at any time (including before an Offer is made and Plan Securities are issued to an Eligible Employee, or at
any other time before (or at any time after) a Corporate Control Event occurs); 

  

	 	(b)	 in respect of any one or more particular Eligible Employees or Participants, or class of Eligible Employees or
Participants; 

  

	 	(c)	 in respect of any particular type or types of Plan Securities; and 

 

	 	(d)	 in respect of any particular Corporate Control Event, or any specified class or classes of Corporate Control
Event (including any Corporate Control Events that satisfy any requirements or conditions determined by the Board). 

  

	13.3	 Board determination as to pro rata vesting 

In making any determination under Rule 13.1 as to a specified proportion of any Unvested Plan Securities that will be taken to become Vested
Plan Securities, the Board may (without limitation) have regard to either or both of the following: 
  

	 	(a)	 the proportion of the Performance Period applicable to those Unvested Plan Securities (or, if no Performance
Period applies to the Unvested Plan Securities, the proportion of the period from the Date of Grant of those Plan Securities to the date specified in Rule 7.1(b)) that has, or will have, elapsed when the relevant Corporate Control Event occurs (or
by any later date determined by the Board); and 

  

	
	Long term incentive plan rules | page 26

	 	(b)	 the extent to which any performance-based Vesting Conditions would be satisfied if they were measured and
applied by reference to performance against those performance conditions up to, or at the time of, the relevant Corporate Control Event or Board determination, and expectations of future performance against those conditions. 

 

	13.4	 Terms of Offer prevail 

If the Board makes a determination under Rule 13.1 before an Offer of Plan Securities is made to an Eligible Employee, details of that
determination must be included in the Offer Document for that Offer and the treatment of those Plan Securities where a Corporate Control Event occurs will be determined in accordance with that determination to the extent that it is applicable in
relation to the particular Corporate Control Event, but that determination will not otherwise be taken to limit the Board’s powers under Rule 13.1. 
  

	14.	 Restriction on disposal of Shares acquired pursuant to exercise of Options or conversion of Rights

  

	14.1	 Restricted Shares 

This Rule 14 applies to Shares Allocated to a Participant pursuant to exercise of Options or conversion of Rights (as applicable) if the
Offer Document for those Options or Rights specified that any Shares so Allocated would be subject to restrictions on disposal under this Rule 13 and the period for which these restrictions would apply (Restriction Period). Any Shares to
which this Rule 13 applies are Restricted Shares for the purposes of this Rule. 
  

	14.2	 No disposal during Restriction Period 

A holder of Restricted Shares must not dispose of or engage in any other Dealing with any of those Restricted Shares, or any interest in those
Restricted Shares, for the duration of the Restriction Period. 
  

	14.3	 Refusal to register transfer 

 

	 	(a)	 Subject to the Listing Rules, the Company must refuse to register a paper-based transfer, and must apply or
cause to be applied a Holding Lock to prevent a transfer, of any Restricted Shares, and the Company may take any other steps that it considers necessary or appropriate to enforce and give effect to the disposal restrictions under this Rule 13.

  

	 	(b)	 Each Participant: 

  

	 	(i)	 irrevocably authorises the Company to apply a Holding Lock to any Restricted Shares held by that Participant;
and 

  

	 	(ii)	 undertakes not to request the removal of the Holding Lock (or permit or authorise another person to do so),

 while those Restricted Shares are subject to restriction on disposal under this Rule 13. 

 

	14.4	 Release of Holding Lock 

On the expiry of any applicable Restriction Period, the Company must, as soon as reasonably practicable, lift the Holding Lock in respect of
the relevant Shares and must notify the holder of the Shares that the Holding Lock has been lifted. 
  

	14.5	 Notification upon request by Participant 

The Company must, if requested, notify the holder of the Shares of the particular date on which when the Holding Lock was lifted under
Rule 14.4. 

  

	
	Long term incentive plan rules | page 27

	15.	 Quotation of Options or Rights 

 

	15.1	 No Quotation of Options or Rights 

The Company will not seek official quotation of any Options or Rights. 

 

	15.2	 Quotation of Shares 

The Company must, to the extent required by Listing Rule 2.4, apply to ASX for quotation of any Shares issued: 

 

	 	(a)	 following exercise of Options; or 

 

	 	(b)	 on conversion of Rights, 

if Shares are officially quoted by ASX at that time. 
  

	16.	 Power of Attorney 

  

	16.1	 Appointment of Attorney 

By accepting an Offer for Plan Securities and agreeing to become a Participant and be bound by the Plan Rules, the relevant Participant
irrevocably appoints the Company, each company secretary of the Company from time to time and any other person nominated from time to time by the Company (each an Attorney), severally, as the Participant’s attorney, to: 

 

	 	(a)	 do all acts, matters and things (including executing any instrument of transfer or other document) that the
Attorney considers necessary or desirable to Allocate Shares to the Participant in respect of any Vested Options that have been exercised by the Participant or any Vested Rights held by the Participant, including all acts, matters and things to be
done in order that Shares may be acquired by and registered in the name of the Participant; 

  

	 	(b)	 do all acts, matters and things (including executing any instrument of transfer or other document) to exercise
and give effect to the power of sale referred to in Rule 17.7(b); and 

  

	 	(c)	 appoint an agent to do any of the things referred to in paragraphs (a) and (b) above.

 This power of attorney is given by each Participant for valuable consideration. 

 

	16.2	 Ratification of Actions 

The Participant will confirm and ratify everything which an Attorney may do pursuant to any power set out in Rule 16.1 and no person dealing
with the Attorney shall be bound or concerned to enquire as to the occasion for or the regularity of the exercise of any such power. 
  

	16.3	 Indemnity 

The Participant will indemnify and keep indemnified the Attorney against all losses, liabilities, costs, expenses, proceedings, claims,
actions, demands, and damages in consequence of or arising out of the exercise by the Attorney of any of the powers granted under this Rule 16. 
  

	17.	 Administration 

The Plan is administered by the Board. 
  

	17.1	 Powers of the Board 

The Board has power to: 
  

	 	(a)	 exercise all powers and discretions vested in it under these Rules; 

 

	 	(b)	 determine appropriate procedures and make regulations and guidelines for the administration and operation of
the Plan that are not inconsistent with these Rules; 

  

	
	Long term incentive plan rules | page 28

	 	(c)	 resolve conclusively all questions of fact or interpretation arising in connection with the Plan;

  

	 	(d)	 terminate or suspend the operation of the Plan at any time, provided that the termination or suspension does
not adversely affect or prejudice the rights of Participants holding Options, Rights or Restricted Shares at that time or contravene any Applicable Law; 

  

	 	(e)	 take and rely on independent professional or expert advice in or in relation to the exercise of any of their
powers or discretions under these Rules; 

  

	 	(f)	 appoint a trustee to acquire and hold Shares on behalf of Participants or otherwise for the purposes of the
Plan; and 

  

	 	(g)	 administer the Plan in accordance with these Rules as and to the extent provided in these Rules.

  

	17.2	 Delegation 

The Board and the Company may each delegate any functions, powers and discretions conferred on it under these Rules or under any Offer Document
(including this power to delegate) to any committee, person or persons it considers appropriate, for such period and on such conditions as it thinks fit. Without limiting the generality of this Rule, the Board or the Company (as the case may be) may
appoint, and delegate some or all of the responsibilities of administration of the Plan, to a third party provider of employee share plan administration services. 
  

	17.3	 Exercise of powers or discretion 

Any power or discretion which is conferred on the Board by these Rules may be exercised by the Board in the interests or for the benefit of the
Company, and the Board is not, in exercising that power or discretion, under any fiduciary or other obligation to another person, including a Participant. 
  

	17.4	 Determinations 

 

	 	(a)	 Where these Rules provide for a determination, decision, approval or opinion of the Board, that determination,
decision, approval or opinion may be made or given by the Board in its absolute discretion. 

  

	 	(b)	 Where these Rules refer to an opinion or state of mind (however described) of a group of persons (including the
Board), the group of persons will be taken to have that opinion or state of mind if persons constituting a majority of the group each have that opinion or state of mind. 

 

	 	(c)	 In the absence of manifest error, any determination, decision, approval or opinion of the Board as to the
interpretation, effect or application of the Rules will be final. 

  

	 	(d)	 Any calculations that are required to be made under these Rules or the terms and conditions applicable to any
Plan Security will be made by the Board and, in the absence of manifest error, will be final. 

  

	17.5	 Expenses and costs 

Subject to these Rules, the Group must pay all expenses, costs and charges incurred in the administration of the Plan (excluding any costs
incurred by a Participant’s disposal of Shares). 
  

	17.6	 Board members not liable 

To the extent permitted by law, no member of the Board (including delegates and sub-delegates of the
Board) shall be liable for anything done, or omitted to be done by him or her or by any other member of the Board in connection with the Plan, except for his or her own wilful misconduct or as expressly provided by law. 

  

	
	Long term incentive plan rules | page 29

	17.7	 Participants responsible for Tax in respect of Options, Rights and Shares 

 

	 	(a)	 No Group Company is responsible for any Tax which may become payable by a Participant in connection with the
issue, acquisition or disposal of Options, Rights, or Shares Allocated to the Participant pursuant to the exercise of Options or conversion of Rights, or any other dealing by a Participant with Options, Rights or Shares. For the avoidance of doubt,
this does not prevent a Group Company from complying with any obligation to deduct or withhold Tax and any other amounts required by law to be deducted or withheld from any payments made to a Participant in respect of any Cash-Settled Plan
Securities in accordance with a determination of the Board under Rule 9.5. 

  

	 	(b)	 If the Company or any other Group Company becomes liable to pay any ‘TFN withholding tax (ESS)’
pursuant to Section 14-155 of Schedule 1 to the Taxation Administration Act 1953 (Cth), or any other Taxes in respect of a Participant’s Options, Rights or Shares Allocated to the Participant
pursuant to the exercise of Options or conversion of Rights, the Company will, in addition to any rights afforded to it or any other Group Company by the Taxation Administration Act 1953 (Cth) or any other legislation or by law and failing
any arrangement satisfactory to the Company being entered into with the Participant to meet or reimburse the Company or any Group Company for any such Tax liability, be entitled to sell all or any of the Shares acquired by the Participant under this
Plan for and on behalf of, and as attorney for, the Participant and to apply the proceeds firstly in and towards meeting or reimbursing the Company or any Group Company for such Tax liability and to pay any balance to the Participant. This Rule
17.7(b) does not apply to any obligations to deduct or withhold Tax and any other amounts required by law to be deducted or withheld from any payments made to a Participant in respect of any Cash-Settled Plan Securities in accordance with a
determination of the Board under Rule 9.5. 

  

	18.	 Amendment to Rules 

  

	18.1	 Board may amend Rules 

Subject to the Listing Rules and Rule 18.3, the Board may, in its discretion, at any time: 

 

	 	(a)	 amend or add to any of these Rules (or the terms and conditions of any Plan Security issued under the Plan); or

  

	 	(b)	 waive or modify the application of any of these Rules (or the terms and conditions of any Plan Security issued
under the Plan) in relation to any Participant or class of Participants. 

 Any amendment may be given such retrospective
effect as the Board may determine from time to time. 
  

	18.2	 Waiver or amendment 

Neither the Board nor the Company will be taken to have waived any provision of, or any right or entitlement under, these Rules, or agreed to
any amendment of or addition to the Rules, unless it does so expressly in writing and provided further that any waiver or amendment of, or addition to, these Rules (or of any right or other entitlement under these Rules) is permitted by the Listing
Rules. 
  

	18.3	 Consent of Participants required 

Subject to Rule 18.4, if an amendment or addition proposed to be made under Rule 18.1 would in the opinion of the Board materially
adversely affect the existing rights of Participants in respect of any Plan Securities then held by them, the Board must obtain the consent of Participants who between them hold not less than 75% of the total number of the particular Plan Securities
in respect of which Participants’ rights would be adversely affected by the proposed amendment, before making the amendment or addition. 

  

	
	Long term incentive plan rules | page 30

	18.4	 Exceptions to requirements of Rule 18.4 

Rule 18.3 does not apply to any amendment or addition proposed under Rule 18.1 that the Board considers necessary or desirable: 

 

	 	(a)	 to correct a manifest error or mistake; 

 

	 	(b)	 for the primary purpose of ensuring that the maintenance, administration and operation of the Plan (including
the making of Offers, issue and vesting of Plan Securities, exercise of Options, conversion of Rights and Allocation and release of Shares) complies with present and future Applicable Law (having regard to any changes or proposed changes in
Applicable Law); or 

  

	 	(c)	 having regard to any possible adverse taxation implications, or the conditions for maintaining or obtaining any
concessional taxation treatment, for any Group Company or Participants in connection with the administration or operation of, or participation in, the Plan, including as a result of: 

 

	 	(i)	 any changes to the Tax Act or any other applicable taxation legislation (including an official
announcement by the Commonwealth of Australia); 

  

	 	(ii)	 the issue of any public or private rulings, determinations, interpretative decisions, circulars, decision
impact statements, or other statements by the Commissioner of Taxation or any other person or authority administering applicable taxation legislation; or 

  

	 	(iii)	 changes in the interpretation of any applicable taxation legislation by a court of competent jurisdiction.

  

	18.5	 Exercise of discretions under Rules 

To avoid doubt, the exercise by the Board of a discretion or power conferred or specifically contemplated by any other provision of these Rules
or the terms of an Offer will not constitute an amendment under Rule 18.1. 
  

	18.6	 Eligible Employees outside Australia 

The Board may make any additions, variations or modifications to the Rules it thinks necessary or desirable in relation to the implementation
of the Plan, and the specific application of the Rules, to Eligible Employees residing outside Australia. 
  

	19.	 Rights of Participants 

These Rules: 
  

	 	(a)	 do not confer on any Participant any right or entitlement if that right or entitlement could only be provided
with approval of the Company’s shareholders and that approval has not been obtained; 

  

	 	(b)	 do not confer on any Employee the right to receive any Offer, Options or Rights, nor any basis for expecting
that the Eligible Employee will receive any of those things; 

  

	 	(c)	 do not confer on any Eligible Employee the right to continue as an Employee; 

 

	 	(d)	 do not form part of or constitute any variation to, and are not incorporated into, any contract with any
Participant (whether or not they are an Employee); 

  

	 	(e)	 do not affect any rights which the Company or an Associated Body Corporate may have to terminate the employment
of an Eligible Employee; and 

  

	 	(f)	 may not be used to increase damages in an action brought against the Company or an Associated Body Corporate in
any circumstances, including in respect of the termination of employment of an Eligible Employee. 

  

	
	Long term incentive plan rules | page 31

	20.	 No representation as to Tax consequences 

None of the Company, any other Group Company, any representative of or adviser to a Group Company, or the Board: 

 

	 	(a)	 represents or warrants that the Plan will have any particular taxation or financial consequences or that any
Eligible Employee or Participant will gain any taxation or financial advantage by participating in the Plan; and 

  

	 	(b)	 are liable for any Taxes imposed upon or duties assessed against a Participant as a consequence of the
Participant’s participation in the Plan, the receipt by the Participant of Options, Rights or Shares under the Plan or other Dealing in Options, Rights or Shares by the Participant. 

 

	21.	 Notices 

  

	21.1	 Service of notices 

A notice, document, consent, approval or communication under the Rules (Notice) is validly given if it is: 

 

	 	(a)	 hand delivered to the intended recipient; 

 

	 	(b)	 sent by prepaid post or facsimile to the intended recipient’s address for Notices specified in Rule
21.3 ̧as varied by any Notice given by the recipient to the sender; 

  

	 	(c)	 in the case of a Notice to be given to an Eligible Employee or a Participant, sent or notified by electronic
means (including, without limitation, by electronic notification that the Notice may be accessed using electronic means specified in the notification) to the person’s last known electronic address shown in the records of any Group Company, as
varied by any Notice received by the Company (or, in the case of an Eligible Employee, any other Group Company that employs the Eligible Employee) from that person; or 

 

	 	(d)	 given in any other manner that the Board from time to time determines. 

 

	21.2	 Effective on receipt 

A Notice given in accordance with Rule 21.1 takes effect when taken to be received (or at a later time specified in it), and is taken to
be received: 
  

	 	(a)	 if hand delivered, on delivery; 

 

	 	(b)	 if sent by prepaid post, two Business Days after the date of posting (or seven Business Days after the date of
posting if posted to or from a place outside Australia); 

  

	 	(c)	 if sent by facsimile, when the sender’s facsimile system generates a message confirming successful
transmission of the entire Notice unless, within eight Business Hours after the transmission, the recipient informs the sender that it has not received the entire Notice; and 

 

	 	(d)	 if sent or notified by electronic means, on the day on which it is sent or notified, 

but if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken to be received
at 9.00am (addressee’s time) on the next Business Day. 

  

	
	Long term incentive plan rules | page 32

	21.3	 Address 

The address of an Eligible Employee and the Company for the purposes of giving a Notice is: 

 

	 	(a)	 in the case of the Company, at the address of its registered office from time to time, which at the date of
adoption of this Plan is Level 0403, 650 Chapel Street, South Yarra, Victoria, 3141; and 

  

	 	(b)	 in the case of the Eligible Employee, the address of the Eligible Employee as specified in the employment
records of the Group Company that employs the Eligible Employee. 

  

	22.	 Governing law 

These Rules and the rights and obligations of Participants under the Plan are governed by the laws of Victoria, Australia, and each Participant
irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of Victoria, Australia. 
  

	23.	 Advice 

Eligible Employees and Participants should obtain their own independent advice at their own expense on the financial, taxation and other
consequences to them of, or relating to, participation in the Plan. 

  

	
	Long term incentive plan rules | page 33

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