Document:

Exhibit 10.1

      

      

      

      

    

    

    

    

    

    

    

    

    

    

    

    

    NED Option Plan

    

    

    

    

    

    

    

    

    

    

    

    

    Iris Energy Pty Ltd

    

    

    ACN 629 842 799

    

    

    Date: 28 July 2021

     

    

     

    

     

    

     

    

     

    

    
      
        

    

    NED Option Plan Rules

    

    

    The rules of this NED Option Plan are set out in this document.

    

    

    An offer of Options is made to an Eligible Person in an Application Deed provided by the Company. This document should be read with that Eligible Person’s Application Deed. In this document:

    

    

    	

          	•	
            Section 1 sets out how this NED Option Plan is administered. Essentially the Board administers the NED Option Plan, and is responsible for the terms of each Application Deed.

          

    

    

    	

          	•	
            Section 2 deals with the mechanics of vesting. An Option must vest before an Optionholder can exercise the Option (exercise of Options is addressed in Section 5).

          

    

    

    	

          	•	
            Rule 2(e) provides that Options must be exercised during the Exercise Period.

          

    

    

    	

          	•	
            Section 3 addresses what happens if an Eligible Person ceases to be a director of the Company.

          

    

    

    	

          	•	
            Section 4 addresses the restrictions that can be placed on the Disposal of Options.

          

    

    

    	

          	•	
            Sections 6, 7 and 8 relate to a sale of the Company or a Listing.

          

    

    

    The remainder of the document contains procedural provisions in relation to the NED Option Plan. Definitions are set out at the end of the document.

    
      
        

    

    	

          	1.	
            Administration

          

    

    

    Administration of NED Option Plan and delegation

    

    

    	

          	a)	
            The NED Option Plan is to be administered by the Board.

          

    

    

    	

          	b)	
            The Board may delegate some or all of its powers in administering this NED Option Plan to a sub-committee of the Board.

          

    

    

    	

          	c)	
            Subject to these Rules, the Board or any sub-committee appointed to administer this NED Option Plan shall have the power, in its sole discretion:

          

    

    

    	

          	1.	
            to select the persons to participate in the NED Option Plan (these are referred to as Eligible Persons)

          

    

    

    	

          	2.	
            to determine the terms and conditions set out in any Application Deed, including but not limited to:

          

    

    

    	

          	A.	
            the number of Options the subject of the Application Deed

          

    

    

    	

          	B.	
            the purchase price for those Options

          

    

    

    	

          	C.	
            any trustee or nominee holding arrangements required to be entered into in connection with those Options

          

    

    

    	

          	D.	
            the vesting and Disposal restrictions applying to those Options, and

          

    

    

    	

          	E.	
            the manner in which the Application Deed may be returned to the Company and accepted.

          

    

    

    	

          	3.	
            to amend any offer related to any Option before Options are issued

          

    

    

    	

          	4.	
            to determine appropriate procedures, regulations and guidelines for the administration of the NED Option Plan, and

          

    

    

    	

          	5.	
            to take advice in relation to the exercise of any of its powers or discretions under these Rules.

          

    

    

    Calculations and adjustments

    

    

    	

          	(d)	
            Any calculations or adjustments which are required to be made by the Board or any sub-committee of the Board, in connection with this NED Option Plan will, in the absence of manifest error, be final and conclusive and binding on all
              Eligible Persons and Optionholders.

          

    

    

    Absolute discretion

    

    

    	

          	(e)	
            Where these Rules provide for a determination, decision, declaration or approval of the Board or any sub-committee of the Board, such determination, decision, declaration or approval may be made or given by the body in its absolute
              discretion.

          

    
      
        

    

    Powers to be exercised by the Board

    

    

    	

          	(f)	
            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 under any fiduciary or other obligation to any other person.

          

    

    

    	

          	2.	
            Issue and Vesting of Options

          

    

    

    Issue of Options and what vesting conditions may be set

    

    

    	

          	a)	
            Subject to the conditions of the Application Deed, if an Eligible Person returns a duly completed Application Deed, the Company must (subject to obtaining the waiver or approval of shareholders of the Company in accordance with the
              Constitution, Shareholders’ Agreement and the Corporations Act (if required)):

          

    

    

    	

          	(1)	
            issue the number of Options which corresponds with the number of Options the Eligible Person is entitled to apply for, free from any Security Interest;

          

    

    

    	

          	(2)	
            issue to the Optionholder an option certificate for those Options and enter the Optionholder into the Company’s option register; and

          

    

    

    	

          	(3)	
            lodge with the Australian Securities & Investments Commission (or equivalent regulatory body) the relevant forms to reflect the issue of the relevant number of Options (if applicable).

          

    

    

    	

          	b)	
            An Application Deed may specify any:

          

    

    

    	

          	(1)	
            vesting conditions, or

          

    

    

    	

          	(2)	
            other vesting events

          

    

    

    which must be satisfied before an Option vests.

    

    

    	

          	c)	
            The Board may, in its discretion, determine or vary any:

          

    

    

    	

          	(1)	
            vesting conditions, or

          

    

    

    
      	

            	(2)	
              other vesting events

              

            

    

    

    

    in respect of any Option.

    
      
        

    

    Options only vest if vesting conditions/events satisfied

    

    

    	

          	d)	
            An Option will only vest on the occurrence or satisfaction of the condition or other vesting events specified in respect of that Option as provided under the Application Deed.

          

    

    

    How to exercise an Option

    

    

    	

          	e)	
            An Optionholder may exercise an Outstanding Option during the Exercise Period, by:

          

    

    

    	

          	(1)	
            giving to the Company a signed Exercise Notice, and

          

    

    

    	

          	(2)	
            paying the Exercise Price multiplied by the number of Options being exercised.

          

    

    

    	

          	f)	
            An Optionholder cannot exercise an Option that is not an Outstanding Option.

          

    

    

    	

          	3.	
            Treatment of Options for Leavers

          

    

    

    When a person becomes a Leaver and what the Board can do

    

    

    	

          	a)	
            For the purposes of this rule 3, an Optionholder is a “Leaver” if:

          

    

    

    	

          	(1)	
            the Eligible Person ceases to be a director of the Company; or

          

    

    

    	

          	(2)	
            where the Eligible Person’s appointment pursuant to the Director Appointment Agreement has not commenced by the Start Date (as defined in the Director Appointment Agreement) and the Eligible Person and the Company have not reached
              agreement (evidenced in writing) on a new commencement date.

          

    

    

    	

          	b)	
            Where an Optionholder becomes a Leaver (Trigger Event), the Board may, in its absolute discretion, exercise the rights below in relation to the Options.

          

    

    

    	

          	c)	
            If a Trigger Event occurs in relation to an Optionholder, the Board may in its absolute discretion, and without any time restraint:

          

    

    

    	

          	(1)	
            serve a notice in writing on the Leaver (Lapse Notice), advising the Leaver that all or some of his or her Unvested Options have lapsed on the date specified in the Lapse Notice;

          

    

    

    	

          	(2)	
            serve a notice in writing on the Leaver (Transfer Notice), requiring the Leaver transfer some or all of their Unvested Options (Unvested Transfer Options), and
              the Eligible Person must procure that the Optionholder immediately offers all of its Unvested Transfer Options for sale to any person nominated by the Board, including:

          

    

    

    	

          	A.	
            other existing or new shareholders in the Company;

          

    

    

    	

          	B.	
            to any other Eligible Person or their nominee;

          

    

    

    	

          	C.	
            the Company or a nominee of the Company;

          

    
      
        

    

    	

          	D.	
            to an entity approved by the Board for the purpose of holding the Unvested Transfer Options temporarily with the purpose of transferring such Unvested Transfer Options to Eligible Persons or their nominees in the future;

          

    

    

    	

          	E.	
            to any other entity approved by the Board; or

          

    

    

    	

          	F.	
            any combination of the above, as the Board determines in its absolute discretion.

          

    

    

    (such person (or persons) for the purposes of this rule 3 refers to the transferee on the terms of sale set out in this rule 3.

    

    

    	

          	(3)	
            serve a notice in writing on the Leaver (Leaver Exercise Notice), requiring the Optionholder to exercise all of their Vested Options (Vested Transfer Options)
              within two (2) months of such notice.

          

    

    

    The Leaver must, as applicable, transfer the Unvested Transfer Options in accordance with the Transfer Notice and/or exercise the Vested Transfer Options in accordance with the Leaver Exercise Notice and is deemed to
      appoint the directors of the Company as its attorney for these purposes. For the avoidance of doubt, the provisions of the power of attorney contained in an Application Deed signed by the Eligible Person and the Optionholder (as applicable), apply
      for the purposes of this rule; or

    

    

    	

          	(4)	
            allow the Leaver to retain some or all of his or her Options

          

    

    

    or any combination of the above, as the Board determines in its absolute discretion.

    

    

    	

          	d)	
            The price for the Unvested Transfer Options pursuant to rule 3(c)(2) will be for nil consideration.

          

    

    

    	

          	e)	
            Completion of the sale of the Unvested Transfer Options must occur on the date determined by the Board in its absolute discretion and notified to the Leaver with at least 20 business days’ notice.

          

    

    

    	

          	4.	
            Disposal

          

    

    

    What restrictions can be placed on a sale of Options?

    

    

    	

          	a)	
            In addition to the restrictions set out in this NED Option Plan, an Application Deed may specify restrictions on the Disposal of any Option.

          

    

    

    	

          	b)	
            Notwithstanding anything else in this NED Option Plan or an Application Deed, a legal or beneficial interest in an Option may not be Disposed of without the prior written consent of the Board.

          

    
      
        

    

    No Disposal before Exit Event

    

    

    	

          	c)	
            Unless otherwise consented to by the Board in writing and notwithstanding any other provision in this NED Option Plan or an Application Deed, a legal or a beneficial interest in an Option may not be Disposed of until after:

          

    

    

    	

          	(1)	
            where a Listing occurs, the earlier of:

          

    

    

    	

          	A.	
            the date that is one hundred and eighty (180) days following the Listing; and

          

    

    

    	

          	B.	
            the expiration of any underwriter imposed lock-up in connection with the Listing; and

          

    

    

    	

          	(2)	
            in the case of any other Exit Event, the occurrence of that Exit Event.

          

    

    

    Overriding restriction on Disposal in first 3 years

    

    

    	

          	d)	
            Unless an Optionholder disposes of an Option or an Option Share under an arrangement which meets the requirements in section 83A-130 of the Tax Act, a legal or a beneficial interest in an Option or an Option Share may not be Disposed of
              until the earlier of:

          

    

    

    	

          	1)	
            3 years after the issue of the Option or such earlier time as the Commissioner of Taxation allows in accordance with section 83A-45(5) of the Tax Act; and

          

    

    

    	

          	2)	
            where the Optionholder becomes a Leaver (as defined in rule 3(a)).

          

    

    

    	

          	5.	
            Issue of Ordinary Shares in respect of the exercise of Outstanding Options

          

    

    

    Rights attaching to Option Shares issued to Optionholders on exercise of Outstanding Options

    

    

    	

          	a)	
            Subject to rule 5(c), if an Optionholder exercises Outstanding Options, the Company must:

          

    

    

    	

          	(1)	
            issue the number of Ordinary Shares which corresponds with the number of Outstanding Options exercised, free from any Security Interest;

          

    

    

    	

          	(2)	
            issue to the Optionholder or a trustee or nominee to hold on bare trust for that Optionholder (if determined by the Board or nominated by the Optionholder) a share certificate for those Ordinary Shares and enter the Optionholder into the
              Company’s share register; and

          

    

    

    	

          	(3)	
            lodge with the Australian Securities & Investments Commission (or equivalent regulatory body) the relevant forms to reflect the issue of the relevant number of Option Shares (if applicable).

          

    
      
        

    

    	

          	b)	
            All Option Shares issued on exercise of Options in accordance with this rule 5 will:

          

    

    

    	

          	(1)	
            be issued as fully paid;

          

    

    

    	

          	(2)	
            be free of any Security Interests; and

          

    

    

    	

          	(3)	
            rank equally in all respects with the other Ordinary Shares on issue in the Company as at the date of issue and be subject to the terms of the Constitution and Shareholders’ Agreement (if any).

          

    

    

    Shareholders’ Agreement

    

    

    	

          	c)	
            Despite anything else in this NED Option Plan, where there is a Shareholders’ Agreement in place, unless the Board otherwise determines, no Optionholder may receive any Option Shares upon the exercise of Outstanding Options, unless:

          

    

    

    	

          	(1)	
            the Optionholder first executes and delivers to the Company a document (in the form prescribed by the Board) pursuant to which the Optionholder accedes to, and becomes bound by, the terms of the Shareholders’ Agreement; or

          

    

    

    	

          	(2)	
            the Optionholder is already a party to the Shareholders' Agreement.

          

    

    

    	

          	d)	
            The Eligible Person and Optionholder acknowledge and agree that the Constitution, Shareholders’ Agreement, Director Appointment Agreement and Application Deed apply to Option Shares (with appropriate modifications such that reference to
              Shares will be taken to include references to Option Shares and references to Shareholders will be taken to include references to holders of Option Shares).

          

    

    

    	

          	6.	
            Procedure on Exit Event

          

    

    

    What happens if there is a listing or sale of the Company or its business?

    

    

    	

          	(a)	
            On or prior to an Exit Event, the Board may, in its absolute discretion:

          

    

    

    	

          	(1)	
            where there is a Reconstruction as part of the Exit Event:

          

    

    

    	

          	(A)	
            provide for the grant of new options in substitution of some or all of the Options on a like for like basis, by the New Holding Entity or any Related Body Corporate of the New Holding Entity;

          

    

    

    	

          	(B)	
            arrange for some or all of the Options to be acquired by the New Holding Entity or any Related Body Corporate of the New Holding Entity in exchange for their Fair Market Value on the date of completion of the Reconstruction;

          

    

    

    	

          	(2)	
            buy back or cancel some or all of the Options (whether vested or not) in exchange for their Fair Market Value; or

          

    

    

    	

          	(3)	
            take the following steps:

          

    

    

    	

          	(A)	
            notify an Optionholder of the number of Options that will vest as a result of the Exit Event occurring;

          

    
      
        

    

    	

          	(B)	
            make appropriate arrangements to ensure that such Options and all other Outstanding Options are able to be exercised on or prior to the Exit Date; and

          

    

    

    	

          	(C)	
            use reasonable endeavours to ensure that the Option Shares issued at or about the time of an Exit Event are accorded the same rights and receive the same benefits in relation to the Exit Event as pre-existing Ordinary Shares,

          

    

    

    or take any combination of the above steps.

    

    

    Company may require Options to be exercised or lapse if an Exit Event is to occur

    

    

    	

          	(b)	
            If:

          

    

    

    	

          	(1)	
            the Company expects an Exit Event to occur; or

          

    

    

    	

          	(2)	
            an Exit Event not anticipated by the Company does occur,

          

    

    

    
      	

            	

            	
              then the Company may, by notice to all Optionholders, require that all Outstanding Options (including those Options vesting under rule 6(a)(3)) either be exercised:

            

    

    

    

    	

          	(3)	
            on or before the Exit Date pertaining to the relevant Exit Event; or

          

    

    

    
      	

            	(4)	
              in the case of an unanticipated Exit Event, a date after the Exit Date for that event, or if they are not exercised to lapse on a date specified by the Board.

            

    

    

    

    The provisions of any Shareholders' Agreement in force from time to time will govern the rights and obligations of the Optionholder with respect to Options Shares in relation to an Exit Event.

    

    

    	

          	7.	
            Listings

          

    

    

    Each Eligible Person and Optionholder agrees and represents that:

    

    

    	

          	(a)	
            in the event that a Listing is proposed by the Board, it will do all things and provide all assistance as is reasonably required by the Company in connection with the actual or proposed Listing, including, if required by the Company,
              entering into an underwriting, escrow or offer management agreement or similar agreement on market terms; and

          

    

    

    	

          	(b)	
            if, as part of the Listing, the Eligible Person’s or Optionholder’s Shares or the shares such person holds in the IPO Entity (as applicable) (together, the Listing Shares) are subject to the Listing
              Rules (including, without limitation, if the Eligible Person’s or Optionholder’s Listing Shares are “restricted securities” for the purpose of the Listing Rules), each Eligible Person or Optionholder will hold and deal with its Listing Shares
              in accordance with the Listing Rules.

          

    

    

    	

          	8.	
            Reorganisation Event

          

    

    

    	

          	(a)	
            Subject to this rule 8, the NED Option Plan continues to apply in full force and effect despite any Reorganisation Event.

          

    
      
        

    

    	

          	(b)	
            If any Reorganisation Event occurs before all Options capable of vesting in favour of the Optionholder have vested in favour of that Optionholder, the Company will procure that the terms of the NED Option Plan are varied in such a way as
              determined by the Board in its absolute discretion, which neither disadvantages nor advantages that Optionholder nor adversely effects the rights of the other holders of Shares, to account for the effect of the Reorganisation Event.

          

    

    

    	

          	(c)	
            Each Optionholder and Eligible Person agrees to any such variations to the NED Option Plan.

          

    

    

    	

          	9.	
            No effect

          

    

    

    NED Option Plan does not impact on directorship

    

    

    
      	

            	(a)	
              This NED Option Plan does not form any part of any contract of appointment of directorship between a Company Group Member and an Eligible Person.

            

    

    

    

    	

          	(b)	
            Nothing in this NED Option Plan:

          

    

    

    	

          	(1)	
            confers on an Eligible Person any right to continue as a director of a Company Group Member;

          

    

    

    	

          	(2)	
            affects the rights which a Company Group Member or any other person may have to remove an Eligible Person from office; or

          

    

    

    	

          	(3)	
            may be used to increase any compensation or damages in any action brought against a Company Group Member or any other person in connection with the removal from office of an Eligible Person.

          

    

    

    Option does not give the right to new issues of Options, to vote as a Shareholder

    

    

    	

          	(c)	
            An offer under this NED Option Plan will be in respect of a single grant of Options and does not entitle an Eligible Person to participate in any subsequent grants.

          

    

    

    	

          	(d)	
            Subject to the Constitution, the Corporations Act and the Shareholders’ Agreement, an Option confers on an Eligible Person or an Optionholder:

          

    

    

    	

          	(1)	
            voting rights in respect of Option Shares;

          

    

    

    	

          	(2)	
            the right to participate in new issues of Shares or other equity securities of the Company;

          

    

    

    	

          	(3)	
            the right to attend or vote at any general meeting or other meeting of holders of any Shares or other equity securities of the Company;

          

    

    

    	

          	(4)	
            the right to receive any dividends or other distributions or to receive or otherwise participate in any returns of capital from the Company; or

          

    

    

    
      	

            	(5)	
              the right to participate in a liquidation or winding up of the Company,

            

    

    

    

     as if the Options were exercised and Option Shares issued to the Optionholder.

    
      
        

    

    	

          	10.	
            General

          

    

    

    	

          	(a)	
            The Company is not responsible for any duties or taxes which may become payable by the Optionholder or their Eligible Person in connection with the issue of Options or any other dealing with the Options or in relation to the Option Shares.

          

    

    

    	

          	(b)	
            Subject to rule 1, the NED Option Plan and these Rules may be amended from time to time by resolution of the Board subject to the requirements from time to time of the Corporations Act. Any such amendment however, must not adversely affect
              the rights of Eligible Persons or Optionholders in respect of Options granted prior to such amendment without the consent of those Eligible Persons and Optionholders (as applicable), unless such amendment is required by, or necessitated by,
              law.

          

    

    

    	

          	(c)	
            Each Eligible Person and Optionholder agrees that it will complete and return to the Company such other documents as may be required by law to be completed by the Eligible Person or Optionholder from time to time in respect of the
              transactions contemplated by the NED Option Plan, or such other documents which the Company reasonably considers should, for legal, taxation or administrative reasons, be completed by the Eligible Person or Optionholder in respect of the
              transactions contemplated by the NED Option Plan.

          

    

    

    	

          	(d)	
            The Company may, in its sole discretion:

          

    

    

    	

          	(1)	
            make offers under this NED Option Plan to Eligible Persons who reside outside of Australia; and

          

    

    

    	

          	(2)	
            make regulations for the operation of this NED Option Plan which are not inconsistent with these Rules to apply to Eligible Persons who reside outside of Australia.

          

    

    

    	

          	(e)	
            Any notice regarding the Options will be sent to the registered address of the referable Optionholder as recorded in the register of Optionholders maintained by the Company.

          

    

    

    	

          	(f)	
            This NED Option Plan is governed by and shall be construed in accordance with the laws of the state where the Company is incorporated.

          

    

    

    	

          	11.	
            Definitions and interpretation

          

    

    

    Definitions

    

    

    The meanings of the terms used in these Rules are set out below.

    

    

    	 	
            Term

          	
            Meaning

          
	 	 	 
	 	
            Application Deed

          	
            The application deed under which an Eligible Person offered participation in the NED Option Plan by or on behalf of the Board makes application (either in their own capacity or through the Optionholder) to apply for the Options on the
              terms offered.

          

    
      
        

    

    	 	Term

          	Meaning 

          
	 	 	 
	 	 	
            Where an Eligible Person is offered participation in the NED Option Plan with respect to more than one issue of Options, each discrete issue of Options shall be documented under a separate Application Deed on the terms specific to that
              particular issue. Under such circumstances, a reference to “Application Deed” shall refer to each individual Application Deed on a several basis.

          
	 	 	 
	 	 	 	 
	 	
            Board

          	
            the board of directors of the Company.

          
	 	 	 
	 	 	 	 
	 	
            Business Sale

          	
            a sale to a third party purchaser of all (or substantially all) of the assets and business undertaking of the Company Group (including by way of a sale of shares of the Company’s directly or indirectly owned Subsidiaries) provided that no
              sale or transfer undertaken to effect a corporate reorganisation of any of the Company Group will constitute a Business Sale.

          
	 	 	 
	 	 	 	 
	 	
            Commissioner of Taxation

          	
            the office of Commissioner of Taxation created by section 4 of the Taxation Administration Act 1953 (Cth).

          
	 	 	 
	 	 	 	 
	 	
            Company

          	
            Iris Energy Pty Ltd ACN 629 842 799.

          
	 	 	 
	 	 	 	 
	 	
            Company Group

          	
            the Company and each Subsidiary (if any) from time to time.

          
	 	 	 
	 	 	 	 
	 	
            Company Group Member

          	
            any member of the Company Group.

          
	 	 	 
	 	 	 	 
	 	
            Constitution

          	
            the constitution of the Company from time to time.

          
	 	 	 
	 	 	 	 
	 	
            Corporations Act

          	
            the Corporations Act 2001 (Cth).

          
	 	 	 
	 	 	 	 
	 	
            Director Appointment Agreement

          	
            the director appointment agreement between the Company and the Eligible Person.

          
	 	 	 
	 	 	 	 
	 	
            Dispose

          	
            in relation to a Share or Option:

          
	 	 	 	 
	 	 	
            1

          	
            sell, assign, buy-back, redeem, transfer, convey, grant an option over, grant or allow a Security Interest over;

          

    
      
        

    

    	 	Term	Meaning 

          
	 	 	 	 
	 	 	
            2

          	
            enter into any swap arrangement, any derivative arrangements or other similar arrangement;

          
	 	 	 	 
	 	 	
            3

          	
            any attachment or assignment for the benefit of creditors against any company or appointment of a custodian, liquidator or receiver of any of its properties, business or undertaking, but shall not include transfer by way of testamentary or
              intestate succession; or

          
	 	 	 	 
	 	 	
            4

          	
            otherwise directly or indirectly dispose of a legal, beneficial or economic interest in the Share or Option,

          
	 	 	 	 
	 	 	
            (and Disposal has a corresponding meaning).

          
	 	 	 
	 	 	 	 
	 	
            Eligible Person

          	
            any contractor or director (or prospective contractor or director) of one or more Company Group Members selected by the Board to participate in the NED Option Plan.

          
	 	 	 
	 	 	 	 
	 	
            Exercise Notice

          	
            a notice substantially in the form of Schedule 1.

          
	 	 	 
	 	 	 	 
	 	
            Exercise Period

          	
            in relation to an Option, the period commencing on the date the Option becomes a Vested Option and ending on the Expiry Date.

          
	 	 	 
	 	 	 	 
	 	
            Exercise Price

          	
            in respect of an Option the exercise price determined by the Board and included in the Application Deed giving rise to that Option, as amended pursuant to the terms of this NED Option Plan.

          
	 	 	 
	 	 	 	 
	 	
            Exit Date

          	
            each of:

          
	 	 	 
	 	 	
            1

          	
            in respect of a Listing, the date of admission of the IPO Entity to the official list of ASX Limited or any other recognised stock exchange;

          
	 	 	 	 
	 	 	
            2

          	
            in respect of a Share Sale, the date on which the parties complete the sale and purchase of the Shares; or

          
	 	 	 	 
	 	 	
            3

          	
            in respect of a Business Sale, the date of the first distribution to Shareholders arising from the Business Sale,

          
	 	 	 	 
	 	 	
            or any such other date as nominated by the Board as the Exit Date.

          
	 	 	 
	 	 	 	 
	 	
            Exit Event

          	
            each of:

          
	 	 	 	 
	 	 	
            1

          	
            a Listing;

          
	 	 	 	 
	 	 	
            2

          	
            a Business Sale; or

          
	 	 	 	 
	 	 	
            3

          	
            a Share Sale.

          

    
      
        

    

    	 	Term	Meaning 

          
	 	 	 
	 	
            Expiry Date

          	
            with respect to an Option, the earlier of:

          
	 	 	 	 
	 	 	
            1

          	
            the date on which the Option lapses under rules 3 or 6(b); and

          
	 	 	 	 
	 	 	
            2

          	
            the date which is 10 years from the date the Option is granted under this NED Option Plan pursuant to the Application Deed.

          
	 	 	 	 
	 	 	 	 
	 	
            Fair Market Value

          	
            as of any date, the fair market value of an Option, as determined by the Board in good faith on such basis as it deems appropriate and applied consistently with respect to all Options.

          
	 	 	 
	 	 	 	 
	 	
            IPO Entity

          	
            a member of the Company Group or a special purpose vehicle formed for the purpose of a Listing which directly or indirectly (including through one or more interposed entities) owns at least 50% per cent (based on earnings) of the business
              of the Company Group.

          
	 	 	 
	 	 	 	 
	 	
            Listing

          	
            an initial public offering and/or direct listing of an IPO Entity to the official list of ASX Limited or any other recognised stock exchange.

          
	 	 	 
	 	 	 	 
	 	
            Listing Rules

          	
            the ASX Listing Rules and any other rules of ASX Limited which apply to an entity while it is a listed entity (or the rules of any other recognised stock exchange (if applicable)), each as amended or replaced from time to time, except to
              the extent of any express written waiver by ASX Limited (or any other recognised stock exchange (if applicable)).

          
	 	 	 
	 	 	 
	 	
            NED Option Plan

          	
            the non-executive director option plan constituted by these Rules, as amended from time to time.

          
	 	 	 
	 	 	 	 
	 	
            New Holding Entity

          	
            an entity in which equity securities are issued in exchange for Shares as part of a Reconstruction.

          
	 	 	 
	 	 	 	 
	 	
            Option

          	
            an option, issued under this NED Option Plan, to acquire a newly issued Ordinary Share, as a result of an offer and duly completed Application Deed by an Eligible Person.

          

    
      
        

    

    	 	Term

          	Meaning 

          
	 	 	 
	 	
            Optionholder

          	
            the Eligible Person, or the person or entity nominated by the Eligible Person (as applicable), registered in the Company’s register of Optionholders as the holder of Options from time to time in accordance with the Application Deed.

          
	 	 	 
	 	 	 	 
	 	
            Option Share

          	
            an Ordinary Share issued as a result of the exercise by an Optionholder of its Options.

          
	 	 	 
	 	 	 	 
	 	
            Ordinary Shares

          	
            fully paid ordinary shares in the capital of the Company with such rights and obligations as set out in the Constitution.

          
	 	 	 
	 	 	 	 
	 	
            Outstanding Option

          	
            a Vested Option which has not been exercised and has not lapsed.

          
	 	 	 
	 	 	 	 
	 	
            Reconstruction

          	
            the reconstruction of the Company involving holders of Shares exchanging those Shares for equity securities in a New Holding Entity such that the equity security holders of the New Holding Entity are, or after the reconstruction become,
              the same or substantially the same as the former holders of Shares.

          
	 	 	 
	 	 	 	 
	 	
            Related Body Corporate

          	
            has the meaning given in the Corporations Act.

          
	 	 	 
	 	 	 	 
	 	
            Reorganisation Event

          	
            any one or more of the following:

          
	 	 	 	 
	 	 	
            1

          	
            a distribution of cash or securities by way of a return of capital;

          
	 	 	 	 
	 	 	
            2

          	
            a share split, consolidation or other similar action in respect of the share capital of the Company; or

          
	 	 	 	 
	 	 	
            3

          	
            any other internal reorganisation, recapitalisation, reclassification or similar event with respect to the share capital of the Company.

          
	 	 	 	 
	 	 	 	 
	 	
            Rules

          	
            these terms and conditions, as amended from time to time.

          
	 	 	 
	 	 	 	 
	 	
            Security Interest

          	
            an interest or power:

          
	 	 	 	 
	 	 	
            1

          	
            reserved in or over an interest in any asset including any retention of title; or

          
	 	 	 	 
	 	 	
            2

          	
            created or otherwise arising in or over any interest in any asset under a security agreement, a bill of sale, mortgage, charge, lien, pledge, trust or power,

          

    
      
        

    

    	 	Term

          	Meaning 

          
	 	 	 
	 	 	
            by way of, or having similar commercial effect to, security for the payment of a debt, any other monetary obligation or the performance of any other obligation, and includes, but is not limited to:

          
	 	 	 	 
	 	 	
            3

          	
            any agreement to grant or create any of the above; and

          
	 	 	 	 
	 	 	
            4

          	
            a security interest within the meaning of section 12 of the Personal Property Securities Act 2009 (Cth).

          
	 	 	 	 
	 	 	 	 
	 	
            Share Sale

          	
            the sale by Shareholders (in one transaction or a series of connected transactions) to a third party purchaser of all of the issued Shares provided that no sale or transfer undertaken to effect a corporate reorganisation of any of the
              Company Group will constitute a Share Sale.

          
	 	 	 
	 	 	 	 
	 	
            Shareholder

          	
            a person who is the registered holder of a Share.

          
	 	 	 
	 	 	 	 
	 	
            Shareholders’ Agreement

          	
            any shareholders’ agreement of the Company in force (and as amended or replaced from time to time).

          
	 	 	 
	 	 	 	 
	 	
            Shares

          	
            shares in the capital of the Company with such rights and obligations as set out in the Constitution.

          
	 	 	 
	 	 	 	 
	 	
            Subsidiary

          	
            has the meaning given in the Corporations Act.

          
	 	 	 
	 	 	 	 
	 	
            Tax Act

          	
            the Income Tax Assessment Act 1997 (Cth).

          
	 	 	 
	 	 	 	 
	 	
            Unvested Options

          	
            has the meaning given in the Application Deed.

          
	 	 	 
	 	 	 	 
	 	
            Vested Options

          	
            has the meaning given in the Application Deed.

          
	 	 	 

    

    

    Interpretation

    

    

    In these Rules, unless the context otherwise requires:

    

    

    	

          	(a)	
            headings and guidance notes are for convenience only and do not affect the interpretation of these Rules;

          

    

    

    	

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

          

    
      
        

    

    	

          	(c)	
            the word person includes a firm, a body corporate, an unincorporated association and an authority;

          

    

    

    	

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

          

    

    

    	

          	(e)	
            a reference to a document includes an amendment or supplement to, or replacement or novation of, that document;

          

    

    

    	

          	(f)	
            a reference to a person includes a reference to the person’s executors, administrators, successors, substitutes (including, without limitation, persons taking by novation) and assigns;

          

    

    

    	

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

          

    

    

    	

          	(h)	
            if a period of time is specified and dates from a given day or the day of an act or event, it is to be calculated exclusive of that day;

          

    

    

    	

          	(i)	
            a reference to a currency is a reference to Australian currency unless otherwise indicated;

          

    

    

    	

          	(j)	
            where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings;

          

    

    

    	

          	(k)	
            specifying anything after the words ‘including’ or ‘for example’ or similar expressions does not limit what else is included; and

          

    

    

    	

          	(l)	
            a reference to time is a reference to the time in the capital city of the state where the Company is incorporated.

          

    
      
        

    

    Schedule 1

    

    

    Option Exercise Notice

    

    

    I,                                                            (the "Optionholder") being the registered holder of the Outstanding Options specified below, elect to
      exercise those Outstanding Options pursuant to rule 5 of the NED Option Plan in respect of Iris Energy Pty Ltd ACN 629 842 799 (“Company”).

    

    

    Outstanding Options being exercised:

    Total number of Outstanding Options being exercised ...............................................................

    

    

    Exercise Price:

    Exercise Price per Outstanding Option ...................................................................................

    

    

    Total Exercise Price ..........................................................................................

    

    

    

    

    

    

    I agree to be bound by the provisions of the Constitution and the Shareholders’ Agreement, upon being issued Option Shares.

    

    

    Signed by the Optionholder:          ..............................................................................

    

    

    Date: ............................................................................................................

    
      
        

    

    
      

      

      	
              [Director name]

            	 
	
              [Director address]

            	
              [Date]

            

      

      

      Dear [Director]

      

      

      Offer under NED Option Plan

       

      

      You are invited to participate in the non-executive director option plan of Iris Energy Limited (formerly known as Iris Energy Pty Ltd) ACN 629 842 799 (Company) on the terms set out in this Application Deed and the NED Option Plan.

      

      

      Capitalised terms in this letter have the meaning given to them in the NED Option Plan.

      
        
          

      

      	
              NED Option Plan

            	
              the Company’s non-executive director option plan dated 28 July 2021, as amended from time to time in accordance with its terms

            
	 	 
	 	 
	
              Number of Options

            	
              [insert number] (Unrestricted Options)

               

              [insert number] (Restricted Options)

               

              Total Options refers to the sum of the Unrestricted Options and the Restricted Options

            
	 	 
	 	 
	
              Exercise Price

            	
              [insert exercise price] per Option

            
	 	 
	 	 
	
              Issue Date

            	
              [insert]

            
	 	 

      

      

      
        
          

      

      	
              Vesting dates and conditions

            	
              For the purposes of the NED Option Plan, where a Trigger Event (as defined in the NED Option Plan) has occurred:

               

              •          “Unvested Options” means the Total Options less the “Vested Options” (defined immediately below)

              •          “Vested Options” means:

              o          the number of days between the Trigger Event and the Start Date (as defined in the NED Option Plan); divided by

              o          1,825; multiplied by

              o          the Restricted Options; plus

              o          the Unrestricted Options.

               

              For all other purposes of the NED Option Plan:

               

              •          “Unvested Options” means during the time periods listed in the table below, the corresponding % of Restricted Options under the column ‘Unvested Options’; and

              •          “Vested Options” means during the time periods listed in the table below, the corresponding % of Restricted Options under the column ‘Vested Options’, plus the Unrestricted
                Options.

            
	 	 
	 	 	
              Time Period

            	
              Unvested Options (% of Restricted Options)

            	
              Vested Options (% of Restricted Options)

            	 
	 	 	
              prior to Issue Date + 3yrs

            	
              100.00%

            	
              0.00%

            	 
	 	 	
              Issue Date +3 yrs to Issue Date +4yrs

            	
              66.67%

            	
              33.33%

            	 
	 	 	
              Issue Date +4 yrs to Issue Date +5yrs

            	
              33.33%

            	
              66.67%

            	 
	 	 	
              Issue Date +5 yrs onwards

            	
              0.00%

            	
              100.00%

            	 
	 	 
	 	
              Provided that the “Vested Options” in all circumstances under this Application Deed shall never exceed the Total Options (or be less than nil).

            
	 	 
	 	 
	
              Restrictions on disposal

            	
              3 years from the Issue Date

            
	 	 
	 	 
	
              Other terms

            	
              the rights and obligations which apply to Options, including in relation to vesting, disposal and forfeiture, are specified in the NED Option Plan. The NED Option Plan governs the Options that are issued to you

            
	 	 

      
        
          

      

      The Company considers that this offer of Options will qualify to access the ‘start-up’ tax concessions in the tax legislation. On that basis:

      

      

      	

            	•	
              you will not be taxed on grant, vesting or exercise of the Options;

            

      	

            	•	
              you will only be taxed on transfer of the Option Shares or Options;

            

      	

            	•	
              for capital gains tax (CGT) purposes, the Option Shares you receive on exercise of the Options will be deemed to have been acquired on the day the Options are granted; and

            

      	

            	•	
              any gain or loss you make on disposal of the Option Shares or Options will be assessed under the CGT rules. Provided you were granted the Options at least 12 months prior to disposing of the Option Shares or Options, you should be
                entitled to apply the CGT discount to reduce the gain, after applying any current or prior year capital losses.

            

      

      

      You are encouraged to obtain your own independent professional legal and financial product advice in relation to your participation in the NED Option Plan, prior to accepting this offer.

      

      

      You are not required to pay any consideration in relation to your acceptance of this offer or the Company issuing the Options to you.

      

      

      You may accept this offer by returning to the Company a signed copy of the Application Deed attached to this letter as Attachment 1.

      

      

      Yours sincerely

      

      

      [Name]

      [Title]

      

      

      
        
          

      

      Attachment 1

      

      

      Application Deed

      

      

      To:          The Board, Iris Energy Limited ACN 629 842 799 (the ‘Company’)

      

      

      [Director] of [Address] (the “Eligible Person” and “Optionholder”); applies for the Options offered under the Company’s NED Option Plan.

      

      

      [Director entity] (the “Optionholder”)], apply for the Options offered under the Company’s NED Option Plan.

      

      

      Eligible Person and Optionholder acknowledge that the Company has advised Eligible Person and Optionholder to seek independent legal and financial advice in relation to the NED Option Plan and that it is advisable that
        Eligible Person and Optionholder obtain their own separate independent legal and financial advice in relation to the NED Option Plan.

      

      

      Eligible Person and Optionholder acknowledge that they have read and agree to be bound by the terms of the NED Option Plan.

      

      

      Eligible Person and Optionholder irrevocably appoint each director from time to time of the Company severally as their attorney (Attorney) only to the extent necessary to satisfy
        their obligations under and to give effect to the NED Option Plan. Each Attorney has the power to:

      

      

      	(a)	
              execute under hand or under seal and deliver (conditionally or unconditionally) any document in a form and of substance as the Attorney thinks fit;

            

      

      

      
        	(b)	
                complete any blanks in any document

              

      

      

      	(c)	
              amend or vary any document as the Attorney thinks fit (including but not limited to, amending or varying the parties), and execute under hand or seal and deliver (conditionally or unconditionally) any document
                which effects or evidences the amendment or variation;

            

      

      

      	(d)	
              do anything which in the Attorney’s opinion is necessary, expedient or incidental to or in any way relates to:

            

      

      

      
        	
                

                

              	(1)	
                any document referred to in (a) and (c) above; or

              

      

       

      

      
        	
                

                

              	(2)	
                any transaction contemplated by any document referred to in (a) and (c) above;

              

      

      

      

      	(e)	
              do anything which ought to be done by myself under any document to which Eligible Person and Optionholder are a party (including, without limitation in relation to clauses 3 (Treatment of Options for Leavers), 6
                (Procedure on Exit Event), 7 (Listings) and 8 (Reorganisation Event) of the NED Option Plan); and

            

      

      

      	(f)	
              do any other thing (whether or not of the same kind as the above) which in the Attorney’s opinion is necessary, expedient or desirable to give effect to the provisions of this deed and the NED Option Plan.

            

      

      

      Eligible Person and Optionholder acknowledge that each Attorney may exercise the powers of an Attorney under this deed even if the Attorney benefits from the exercise of that power.

      
        
          

      

      Eligible Person and Optionholder undertake to ratify and confirm any act of each Attorney in exercise of the powers of attorney under this deed.

      

      

      This deed is governed by and shall be construed in accordance with the laws of the state where the Company is incorporated.

      

      

      Executed as a deed

      

      

      	 	
              Signed sealed and delivered by

              [Eligible Person]

              as the Eligible Person and Optionholder

            
	 	 
	
              sign here ►

            	 	 
	 	 	 
	
              print name

            	 	 
	 	 	 
	 	
              in the presence of

            	 
	 	 	 
	
              sign here ►

            	 	 
	 	
              Witness

            	 
	 	 	 
	
              print name

            	 	 
	 	 	 
	 	
              Signed sealed and delivered by

              [Optionholder]

              as the Optionholder

            
	 	 
	
              sign here ►

            	 	 
	 	
              Company Secretary/Director

            	 
	 	 	 
	
              print name

            	 	 
	 	 	 
	
              sign here ►

            	 	 
	 	
              Director

            	 
	 	 	 
	
              print nameExhibit 10.2

   

  Deed of indemnity, 

      insurance and access

   

  Dated [•]

   

  Iris Energy Limited (ACN 629 842 799)

  (“Company”)

   

    

  [•] (“Officer”)

   

  
     

    
      
 

  

   

  Deed of indemnity, insurance and access

  Contents 

  

   

  

  	Details 	1
	 	 	 
	General terms 	2
	1	Interpretation	2
	 	 	 
	1.1	Definitions	2
	1.2	Interpretation	5
	2	Indemnities	6
	 	 	 
	2.1	Indemnities	6
	2.2	Nature of indemnities	7
	2.3	Payment of indemnified amounts	7
	2.4	Payment on account of Legal Costs	7
	2.5	Repayment by Officer	7
	3	Conduct of Action – Group Company	8
	 	 	 
	3.1	When a Group Company may conduct an Action	8
	3.2	When a Group Company may not conduct an Action	8
	3.3	Resolving a dispute about existence of a Material Conflict	9
	3.4	Control of Action when conducted by a Group Company	10
	4	Officer’s rights and obligations regarding Actions	10
	 	 	 
	4.1	Officer’s undertakings	10
	4.2	Control of Action when conducted by the Officer	11
	4.3	Separate legal advisers appointed by the Officer	11
	5	Insurance	11
	 	 	 
	5.1	Company to maintain insurance	11
	5.2	Company’s obligations in relation to the Insurance Policy	12
	5.3	Officer’s undertaking in connection with insurance	12
	5.4	Officer’s acknowledgment in connection with insurance	12
	6	Access to documents	13
	 	 	 
	6.1	Access Rights	13
	6.2	Request for Access Rights	13
	6.3	Company’s obligations regarding access	13
	6.4	Company’s obligation to maintain documents	14
	6.5	Officer’s obligations	14
	6.6	Return of documents	15
	6.7	Corporations Act and common law rights of access preserved	15
	7	Notices	15
	 	 	 
	7.1	Requirements for notices	15
	7.2	When effective	15
	 	 	 
	8	Disclosure of Officer’s benefits and notifiable interests	15
	 	 	 
	9	General	16

   

  	Deed of indemnity, insurance and access	i

   

  
     

    
      
 

  

   

  	9.1	Partial exercise of rights	16
	9.2	Discretion in exercising rights	16
	9.3	Reinstatement of rights	16
	9.4	GST	16
	9.5	Variation and waiver	17
	9.6	Severability	17
	9.7	Further action	17
	9.8	Governing law and jurisdiction	17
	9.9	Counterparts	17
	Signing page	18

   

  	Deed of indemnity, insurance and access	ii

   

  
     

    
      
 

  

   

  Deed of indemnity, insurance and access

   

  Details 

  

   

  

  	Parties	Company and Officer
	Company	Name	Iris Energy Limited
	 	ACN	629 842 799
	 	Address	Level 21, 60 Margaret Street, Sydney NSW 2000
	 	Attention	The Directors
	Officer	Name	[•]
	 	Position	[Director]
	 	Address	[•]
	 	Telephone	[•]
	 	Email	[•]
	Recitals	A         The
            Officer has been appointed to the Position.
	 	B         The Company has offered to enter into
            this deed with the Officer and the Officer has agreed to enter into this deed with the Company.
	 	C         This deed is not intended to replace
            or diminish any Third Party’s obligations to the Officer, including any insurer’s obligation to indemnify the Officer against any liability.
	Governing law	Victoria
	Date of deed	See Signing page

   

  	Deed of indemnity, insurance and access	1

   

  
     

    
      
 

  

   

  Deed of indemnity, insurance and access

   

  General terms

   

  		1	Interpretation

   

  		1.1	Definitions

   

  These meanings apply unless the contrary intention appears:

   

  Access Period means, in respect of a Group Company, the
      period commencing on the Appointment Date and ending on the later of:

   

  		(a)	seven years after the Retirement Date; or

   

  		(b)	the date any Action relating to the Group Company commenced during the period specified in paragraph
            (a) has been finally resolved, including any appeal Action.

   

  Access Rights means the rights referred to and contained
      in clause 6.1 to access and take copies of the Company Books of the Company and its Subsidiaries.

   

  Action means, in respect of a Group Company:

   

  		(a)	any civil, criminal, administrative or arbitral proceedings, mediation or other form of alternative
            dispute resolution (whether or not held in conjunction with any civil, criminal, administrative or arbitral proceedings) which:

   

  		(i)	are instigated or commenced by, or on behalf of, someone other than the Officer, in which it is
            alleged that an Officer’s Act has occurred in respect of the Group Company; or

   

  		(ii)	is commenced by, or on behalf of, the Officer and which is in connection with the proceedings referred
            to in paragraph (a)(i); or

   

  		(b)	any investigation or Inquiry in which the Officer is involved in his or her capacity as the holder of
            the Position in the Group Company; or

   

  		(c)	any written threat, complaint or demand that results in the Officer reasonably believing that an
            action of the kind outlined in paragraphs (a)(i) or (b) will be initiated.

   

  Appointment Date means the date on which the Officer
      commences acting in the Position.

   

  ASIC means Australian Securities and Investments
      Commission.

   

  ASX means ASX Limited or Australian Securities Exchange
      as appropriate.

   

  Authority means:

   

  		(a)	a Royal Commission, Board of Inquiry, Parliamentary Committee or similar body;

   

  	Deed of indemnity, insurance and access	2

   

  
     

    
      
 

  

   

  		(b)	ASIC, Australian Prudential Regulation Authority, Australian Competition and Consumer Commission, ASX
            and any other regulatory authority;

   

  		(c)	a department of any Australian government or of any other jurisdiction;

   

  		(d)	a public authority;

   

  		(e)	an instrumentality, agent or appointee of the Crown in right of the Commonwealth, in right of a State
            or in right of a Territory or the equivalent of any of them in any other jurisdiction; and

   

  		(f)	any other body exercising statutory or prerogative power.

   

  Board means, as the case requires, the board of
      directors of the Company or of a Subsidiary in respect of which the Officer holds the Position.

   

  Board Papers means, in respect only of Boards of the
      Company or Subsidiaries of which the Officer is a director, company secretary, other officer or executive:

   

  		(a)	all documents given or made available to the directors and company secretaries of the Company or a
            Subsidiary or any of them in the capacity of director or company secretary or tabled at meetings of the relevant Board or any committee of the relevant Board (including periodic Board papers, submissions, minutes, letters, Board committee and
            sub-committee papers) during the applicable Office-holding Period; and

   

  		(b)	any other documents in the possession or control of the Company or a Subsidiary (as the case may be)
            which are referred to in any of those documents,

   

  whether or not legal professional privilege applies to the
      documents.

   

  Company Books means:

   

  		(a)	a register;

   

  		(b)	any other record of information;

   

  		(c)	financial reports or financial records, however compiled, recorded or stored;

   

  		(d)	a document; and

   

  		(e)	the Board Papers,

   

  of the entity in respect of which the Officer holds the Position (being the
      Company or a Subsidiary), and any subsidiary of that entity.

   

  Corporations Act means the Corporations Act 2001 (Cwlth).

   

  	Deed of indemnity, insurance and access	3

   

  
     

    
      
 

  

   

  Details means the section of this deed headed “Details”.

   

  document includes:

   

  		(a)	any paper or other material on which there is writing or printing or on which there are marks,
            figures, symbols or perforations having a meaning for persons qualified to interpret them;

   

  		(b)	a disc, tape or other article from which sounds, images or messages are capable of being reproduced;
            and

   

  		(c)	a disc, tape or other article, or any material, from which sounds, images, writings or messages are
            capable of being reproduced with or without the aid of any other article or device,

   

  including any notice, order, writ, summons and other legal process document.

   

  Excluded Liability means a Liability which a Group
      Company is prohibited by law (including section 199B of the Corporations Act) from insuring against.

   

  External Administrator means a liquidator, provisional
      liquidator, controller (which has the same meaning as in the Corporations Act) or an administrator.

   

  Group means the Company and its Subsidiaries and Group

        Company means any one of them.

   

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

   

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

   

  Inquiry means an examination, investigation, inquiry,
      hearing, subpoena, notice to produce a document, notice to give evidence or notice requiring disclosure of information conducted or issued in any part of the world by any Authority or External Administrator.

   

  Insurance Policy means an insurance policy or policies
      against liabilities (other than Excluded Liabilities) incurred as an officer of a Group Company taken out by the Group in accordance with and subject to clause 5. 

   

  Insurer means any reputable and financially sound
      insurer whose business includes the provision of the insurance contemplated in clause 5.

   

  Legal Costs means a Liability comprising reasonable legal
      costs, charges and expenses and includes any order for payment of legal costs.

   

  Liability means, in respect of a Group Company, any
      liability, loss, expense, damages, monetary obligation or charge (whether actual, contingent or prospective).

   

  Material Conflict has the meaning given in clause
      3.3(a).

   

  Material Conflict Claim has the meaning given in clause
      3.3(b).

   

  	Deed of indemnity, insurance and access	4

   

  
     

    
      
 

  

   

  Office-holding Period means the period commencing on the
      Appointment Date and ceasing on the day on which the Officer ceases to hold the Position and any other position in respect of which the Officer is or is entitled to be similarly indemnified by a Group Company under this deed.

   

  Officer’s Act means, in respect of a Group Company, any
      actual or alleged act of, or omission by, the Officer:

   

  		(a)	that is committed (or omitted to be done) either alone or jointly with other persons; or

   

  		(b)	which is otherwise attributable to, or alleged to be attributable to, the Officer, (including any
            actual or alleged act or omission of the Company, a Subsidiary or any other person for which the Officer is deemed to be responsible for by law),

   

  in the performance of, or in connection with their role in the
      Position.

   

  Position means the position of director, company
      secretary, other officer or executive with the Company or a Subsidiary which the Officer is appointed to from time to time, initially being the position described in the Details.

   

  Related Bodies Corporate has the meaning given in the
      Corporations Act.

   

  Retirement Date means, in respect of a Group Company, the
      last date on which the Officer ceases to hold any office as a director, company secretary, other officer or executive of the Group Company except that for the purposes of this definition, if the Officer is a director, the Officer is not taken to have
      resigned if the Officer retires at a general meeting of a Group Company in accordance with the relevant constitution, offers themself for re-election at that meeting and is re-elected at that meeting (or any adjournment of that meeting).

   

  Senior Counsel means a currently practising member of the
      Bar Association of Victoria having the title “Queen’s Counsel” or “Senior Counsel” who specialises in company law.

   

  Subsidiary means, in respect of the Company, a
      subsidiary of the Company. “Subsidiary” has the same meaning as in the Corporations Act.

   

  Third Party means a person other than the Company and
      any of its Subsidiaries and includes any insurer.

   

  		1.2	Interpretation

   

  In this agreement, unless the context requires otherwise:

   

  		(a)	a reference to a document (including this deed) includes any variation or replacement of it;

   

  		(b)	the word “law” includes common law, principles of equity, and legislation and a reference to
            legislation includes regulations and other instruments under it, and variation or replacements of any of them;

   

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  		(c)	the word “person” includes an individual, a firm, a body corporate, a partnership, a joint venture, an
            unincorporated association and an authority;

   

  		(d)	a reference to the Officer includes a reference to the Officer’s executors and administrators;

   

  		(e)	a reference to a Liability incurred by the Officer in the performance of the Officer’s role in the
            Position or as a director, company secretary, other officer or executive of the Company or a Subsidiary includes a reference to a Liability incurred by the Officer after the Retirement Date to the extent the Liability relates to an Officer’s
            Act occurring while the Officer was in the Position or was otherwise a director, company secretary, other officer or executive of the Company or Subsidiary;

   

  		(f)	the meaning of general words is not limited by specific examples introduced by “including”, “for
            example” or “such as” or similar expressions;

   

  		(g)	if a word or phrase is defined, its other grammatical forms have corresponding meanings;

   

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

   

  		(i)	headings are for convenience only and do not affect interpretation; and

   

  		(j)	a period of time dating from a given day or the day of an act or event, is to be calculated exclusive
            of that day.

   

  		2	Indemnities

   

  		2.1	Indemnities

   

  To the maximum extent permitted by law, the Company indemnifies (and must procure
      that each other Group Company indemnifies) the Officer against:

   

  		(a)	any Liability in connection with an Officer’s Act in respect of the Company or a Subsidiary of the
            Company other than Legal Costs (except in accordance with paragraph (b)); and

   

  		(b)	Legal Costs, on a full indemnity basis, incurred by the Officer in respect of the Company or a
            Subsidiary of the Company:

   

  		(i)	in conducting, defending, or otherwise being represented or advised in connection with an Action; 

   

  		(ii)	in appearing before, providing information to, or preparing for, an Inquiry or otherwise in connection
            with an Inquiry in which the Officer is involved in the performance of the Officer’s role in the Position; or

   

  		(iii)	in good faith in obtaining legal advice on issues relevant to their performance of their functions and
            the discharge of their duties in the Position, subject to obtaining prior Board approval and complying with any other requirements imposed by the Board from time to time.

   

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  		2.2	Nature of indemnities

   

  The indemnities in this deed:

   

  		(a)	are continuing obligations, independent of the Company’s other obligations under this deed; and

   

  		(b)	extend to Liabilities arising out of Actions brought or arising after the Retirement Date.

   

  It is not necessary for the Officer to incur expense or make payment before
      enforcing a right of indemnity under this deed.

   

  		2.3	Payment of indemnified amounts

   

  If the Officer is entitled to be indemnified by a Group Company under this deed
      for a Liability which is due and payable, the Company agrees to procure that Group Company to pay that amount at the direction of the Officer to discharge the Liability. Payment is to be made within 30 days of the date on which the Officer provides
      evidence satisfactory to the relevant Group Company that:

   

  		(a)	the Officer has incurred the Liability; and

   

  		(b)	the amount is due and payable.

   

  		2.4	Payment on account of Legal Costs

   

  As it may take time to determine whether the Officer is entitled to be indemnified
      under this deed, pending the final outcome, the Company must, subject to paragraphs (a) to (d) below, procure that a Group Company pays the Legal Costs reasonably incurred by the Officer in conducting, defending, or otherwise being represented or
      advised in connection with, an Action. The Officer must provide evidence satisfactory to the relevant Group Company that the Legal Costs are due and payable by the Officer. Amounts payable under this clause:

   

  		(a)	are on such terms as the relevant Group Company thinks fit, acting reasonably;

   

  		(b)	do not include Legal Costs for which it would not be possible to be indemnified under this deed;

   

  		(c)	must be reasonable in the circumstances of the relevant Group Company; and

   

  		(d)	must be repaid if required under clause 2.5.

   

  		2.5	Repayment by Officer

   

  		(a)	The Officer agrees to repay amounts paid by a Group Company under this deed to or on behalf of the
            Officer in connection with a Liability, within 30 days after receiving a written request from that Group Company specifying the amount to be repaid, to the extent that:

   

  		(i)	the Liability is or becomes a Liability for which the Officer is not entitled to be indemnified under
            this deed; or

   

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  		(ii)	in respect of the Liability or Legal Costs or any Action relating to them, the Officer has failed to
            perform an obligation referred to in clause 4 or another provision of this deed and the relevant Group Company can reasonably demonstrate that the Officer’s failure to perform has been to the material prejudice of the relevant Group Company.

   

  		(b)	The Officer agrees to repay amounts paid by a Group Company under this deed to or on behalf of the
            Officer in connection with a Liability within 30 days if, and to the extent that:

   

  		(i)	a court of competent jurisdiction determines that the Officer is not entitled to be indemnified by the
            relevant Group Company for the Liability, and the Officer’s rights of appeal have been exhausted or have lapsed; or

   

  		(ii)	the Officer is reimbursed by a Third Party for the Liability, or a Third Party satisfies the Liability
            directly. 

   

  		3	Conduct of Action – Group Company

   

  		3.1	When a Group Company may conduct an Action

   

  Subject to clause 3.2, if a Group Company is obliged to indemnify the Officer
      under this deed for Legal Costs, or agrees to make payment under clause 2.4, the Group Company may do one or more of the following:

   

  		(a)	assume, on behalf of the Officer, either by itself or with an insurer, the conduct, negotiation or
            defence of the Action (including any appeal);

   

  		(b)	lodge or institute Actions against a Third Party in the name of the Officer;

   

  		(c)	settle any Action with the consent of the Officer (which must not be unreasonably withheld);

   

  		(d)	retain lawyers to act on behalf of the Officer in connection with the Action; or

   

  		(e)	as far as legally possible, elect to be subrogated to the rights of the Officer against a Third Party
            in connection with the Action and any Liability arising in connection with the Action, unless an insurer is entitled to be subrogated to those rights.

   

  This clause 3.1 applies to a Group Company to the extent the Action relates to the
      Group Company or a Subsidiary of the Group Company.

   

  		3.2	When a Group Company may not conduct an Action

   

  A Group Company will not be entitled to do, or to continue to do, the things
      listed in clause 3.1, to the extent that:

   

  		(a)	the Officer has provided the Group Company with a Material Conflict Claim in accordance with clause
            3.3, and either:

   

  		(i)	the Group Company does not notify the Officer that it disputes the Officer’s Material Conflict Claim
            within the time limit provided in clause 3.3; or

   

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  		(ii)	Senior Counsel makes a determination under clause 3.3 that there is a Material Conflict, or there is a
            reasonable likelihood of a Material Conflict; or

   

  		(b)	the Group Company is not a defendant to the Action, but the Officer is a defendant to the Action.

   

  Nothing in this clause affects any rights that a Group Company
      may have under clause 3.1(e) to be subrogated to the rights of the Officer.

   

  		3.3	Resolving a dispute about existence of a Material Conflict

   

  		(a)	A material conflict for the purposes of this Part 3 means a material conflict, or a reasonable
            likelihood of material conflict, between the interests of the Officer and the relevant Group Company (having regard to, amongst other things, the types and nature of any orders or penalties that may respectively be made or imposed on the
            Officer and that Group Company and the nature of the defences respectively available to that Group Company and the Officer) (“Material Conflict”).

   

  		(b)	If there is a Material Conflict, or there is a reasonable likelihood of Material Conflict, the Officer
            may notify the relevant Group Company in writing (“Material Conflict Claim”). The Material Conflict Claim must enclose a copy of a legal advice which supports the Material Conflict Claim, which may be funded by that Group Company in
            accordance with clause 2.1(b)(iii).

   

  		(c)	If the relevant Group Company disputes the Material Conflict Claim, that Group Company must send
            notice of its reasons to the Officer within 14 days of receipt of the Material Conflict Claim. If the parties are unable to agree, either party may refer the dispute for resolution by a Senior Counsel selected jointly by the parties, or, if no
            Senior Counsel can be agreed by the parties, by a Senior Counsel selected by the Chairperson of the Victorian Bar Council at either party’s request.

   

  		(d)	The Senior Counsel must act as an expert and not as an arbitrator and the costs of Senior Counsel must
            be met by the Company (or the relevant Group Company, as applicable). The procedures for determination are to be decided by the Senior Counsel in his or her discretion.

   

  		(e)	The decision of the Senior Counsel is, in the absence of manifest error or fraud, conclusive and
            binding on the parties for the purposes of determining whether there is a Material Conflict, or there is a reasonable likelihood of Material Conflict, between the Officer and the relevant Group Company.

   

  		(f)	The parties must act in good faith and with due expedition to resolve any dispute under this clause
            3.3.

   

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  		3.4	Control of Action when conducted by a Group Company

   

  If a Group Company acts under clause 3.1, then, subject to clause 3.2, that Group
      Company may manage and control the conduct of any Action but must:

   

  		(a)	subject to clause 2.5, do so at the cost of that Group Company or its insurers;

   

  		(b)	consult with the Officer about material decisions regarding the Action;

   

  (c)           instruct its lawyers on behalf of that Group
      Company and the Officer in relation to the Action so that legal professional privilege, where applicable to a communication relating to the Action, is owned jointly by the Group Company and the Officer;

   

  		(d)	take into account the Officer’s interests (including the Officer’s reputation) in making material
            decisions about the Action (including any admissions of liability); and

   

  		(e)	keep the Officer reasonably informed of developments regarding the Action,

   

  provided that:

   

  		(f)	this clause 3.4 (including clause 3.4(g)) is subject to the relevant Group Company’s obligations to
            its insurers; and

   

  (g)           nothing in this clause 3.4 obliges a Group
      Company to give effect to the Officer’s interests or wishes where it would be materially prejudicial to the interests of the Company or any Subsidiary to do so.

   

  		4	Officer’s rights and obligations regarding Actions

   

  		4.1	Officer’s undertakings

   

  The Officer agrees at all times:

   

  		(a)	to notify the relevant Group Company as soon as possible after the Officer becomes aware of any
            circumstances which could reasonably be expected to give rise to a request by the Officer for indemnity under this deed;

   

  		(b)	to notify the relevant Group Company immediately of any offer of settlement or compromise received
            from a person bringing an Action or otherwise party to an Action;

   

  		(c)	not to admit liability for or settle any Action which may give rise to a request by the Officer for
            indemnity under this deed without the relevant Group Company’s consent (which must not be unreasonably withheld);

   

  		(d)	to take any action and provide any information the relevant Group Company reasonably requires to
            avoid, dispute, defend or appeal any Action which could reasonably be expected to give rise to a request by the Officer for indemnity under this deed;

   

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  		(e)	to assist the relevant Group Company to the best of the Officer’s abilities in any action that Group
            Company takes to avoid, dispute, defend or appeal any Action which may give rise to a request by the Officer for indemnity under this deed; and

   

  		(f)	if the relevant Group Company acts under clause 3.1, to do everything that Group Company reasonably
            requests, to enable that Group Company to enforce its rights under that clause.

   

  		4.2	Control of Action when conducted by the Officer

   

  If the Officer is responsible for the conduct, negotiation or defence of an
      Action, the Officer must (in addition to its obligations under clause 4.1):

   

  		(a)	consult with the relevant Group Company about material decisions regarding the Action;

   

  		(b)	take into account the relevant Group Company’s interests (including that Group Company’s reputation
            and any obligations of the Company or any of its Related Bodies Corporate under any Insurance Policy) in making material decisions about the Action (including any admissions of liability); and

   

  		(c)	keep the relevant Group Company reasonably informed of developments regarding the Action.

   

  		4.3	Separate legal advisers appointed by the Officer

   

  If the Officer is entitled to be indemnified under this deed, the Officer may
      appoint legal or other advisers to assist the Officer in connection with an Action not being the advisers assisting the relevant Group Company in connection with the Claim. The Company agrees to pay, and must procure that the relevant Group Company
      agrees to pay, all reasonable Legal Costs and other costs and expenses incurred by the Officer in those circumstances if:

   

  		(a)	they are incurred before the relevant Group Company assumes conduct of the Claim; or

   

  		(b)	they are incurred because the Officer is conducting the Action rather than the relevant Group Company
            (or its insurer); or

   

  		(c)	they are otherwise incurred with the consent of the Board of the relevant Group Company (which must
            not be unreasonably withheld).

   

  Nothing in this clause derogates from clause 2.1(b).

   

  		5	Insurance

   

  		5.1	Company to maintain insurance

   

  To the extent permitted by law, the Company must use reasonable endeavours
      throughout the Access Period to:

   

  		(a)	maintain or ensure that an Insurance Policy with an Insurer is maintained so far as is reasonably
            available at a reasonable cost which contains the kinds of terms, conditions, exclusions and additional cover commonly included in a directors and officers’ insurance policy in Australia for a company in the position of the Company and each
            other Group Company having regard to the Company’s and each other Group Company’s circumstances at the relevant time; and

   

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  		(b)	ensure that cover under the Insurance Policy from the Retirement Date until the end of the Access
            Period is not materially less favourable to the Officer than to the directors, company secretaries, other officers and executives of the relevant Group Company in office at that time.

   

  		5.2	Company’s obligations in relation to the Insurance Policy

   

  The Company agrees, and agrees to procure that each other Group Company agrees,
      to:

   

  		(a)	use reasonable endeavours not to do or permit to be done anything which prejudices, and promptly
            rectify anything which might prejudice, cover under the Insurance Policy;

   

  		(b)	provide the Officer with a copy of the Insurance Policy and any certificates of insurance connected
            with it;

   

  		(c)	notify the Officer promptly if, for any reason, the Insurance Policy is cancelled; and

   

  (d)           

    subject to applicable law, give the Officer reasonable assistance to allow the Officer to obtain a separate insurance policy to cover the Excluded Liability if insurance
      for the Excluded Liability is otherwise available and it is lawful for the Officer to pay the premium. For the avoidance of doubt, reasonable assistance may include the relevant Group Company introducing an insurance broker and/or providing
      information to an insurance broker, but does not include payment of insurance brokerage fees or providing financial assistance to the Officer to take out this insurance.

   

  		5.3	Officer’s undertaking in connection with insurance

   

  The Officer agrees:

   

  		(a)	to do anything a Group Company reasonably requires to enable a Group Company to take out and maintain
            the Insurance Policy at the relevant Group Company’s expense; and

   

  		(b)	to comply at all times with all their obligations under the Insurance Policy, including reporting
            claims, and circumstances which could give rise to a claim.

   

  		5.4	Officer’s acknowledgment in connection with insurance

   

  The Officer acknowledges that the negotiation of the terms of the Insurance Policy
      in any given year may:

   

  		(a)	involve the Insurer varying the terms of the insurance policy offered which, if accepted by the
            relevant Group Company, may provide less coverage or less favourable coverage for the Officer;

   

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  		(b)	involve a decision by the relevant Group the Company, acting reasonably, to balance the proposed level
            of premiums against the terms offered; or

   

  		(c)	result in a decision by the relevant Group Company to accept varied terms or to change Insurers,

   

  but only in a manner consistent with each Group Company’s overriding obligations
      under clause 5.1.

   

  		6	Access to documents

   

  		6.1	Access Rights

   

  The Company acknowledges the Officer may have rights under the Corporations Act to
      access and take copies of the Company Books of the Company and each other Group Company.

   

  The Company agrees, and must procure that each other Group Company agrees, that
      the Officer also may have access to and take copies of the Company Books of the Company and each other Group Company:

   

  		(a)	directly in connection with an Action relating to the Company or a Subsidiary of the Company; and

   

  		(b)	for any other purpose, if and to the extent approved by the Board of the relevant Group Company or its
            delegate.

   

  The Access Rights continue throughout the relevant Access Period.

   

  		6.2	Request for Access Rights

   

  To exercise Access Rights, the Officer must notify the relevant Group Company
      specifying:

   

  		(a)	the reason they want Access Rights; and

   

  		(b)	to which Company Books they want Access Rights.

   

  		6.3	Company’s obligations regarding access

   

  If the request is one for which approval for access is required under clause
      6.1(b), the Company agrees to procure that the relevant Group Company agrees to promptly to consider the request and notify the Officer of its decision.

   

  If access is permitted under this deed, the Company agrees to, and to procure that
      relevant Subsidiaries:

   

  		(a)	allow the Officer access to the relevant Company Books during normal business hours at the principal
            office of the relevant Group Company or another place agreed between the relevant Group Company and the Officer; and

   

  		(b)	if required by the Officer, provide free of charge to the Officer a copy of any of the Company Books
            requested.

   

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  		6.4	Company’s obligation to maintain documents

   

  The Company agrees to use reasonable endeavours throughout the relevant Access
      Period to maintain, and to procure that each Subsidiary uses its reasonable endeavours to maintain:

   

  		(a)	a complete set of Board Papers of the Boards, in electronic or in paper form, in an orderly fashion,
            at a secure place or secure places; and

   

  		(b)	the other Company Books in accordance with their usual practices and policies.

   

  		6.5	Officer’s obligations

   

  The Officer agrees:

   

  		(a)	to use Company Books to which Access Rights have been given only for the permitted purpose under
            clause 6.1 for which access was granted;

   

  		(b)	to keep Company Books confidential except that, subject to paragraphs (c) and (d), the Officer may
            disclose them:

   

  (i)            to the Officer’s lawyers and expert
      advisors retained by those lawyers; 

   

  (ii)           to the other parties to Actions in which
      the Officer is a party but for the purposes of those Actions (and only the parts relevant to the Actions may be disclosed),

   

  but only for the purpose for which access is given to the Officer and only to the
      extent required, provided the recipient agrees to maintain confidentiality; and

   

  		(c)	in respect of any Company Books in respect of which legal professional privilege exists, neither the
            Company nor any relevant Subsidiary waives any privilege by permitting the Officer to inspect, copy or use such Company Books and the Officer agrees not to waive that privilege or do any act or omit to do any act which would cause that
            privilege to be waived, extinguished or lost without the consent of the Board of the Company or the Board of the relevant Subsidiary (which must not be unreasonably withheld); and

   

  		(d)	before disclosing any Company Book to a Third Party, the Officer must:

   

  		(i)	give the relevant Group Company notice detailing the information intended to be disclosed; and 

   

  		(ii)	subject to any requirement of law or an Authority, obtain the prior consent of the Board of the
            relevant Group Company to such disclosure (which consent must not be unreasonably delayed or withheld).

   

  Nothing in this agreement or done pursuant to this agreement prevents the Company
      or relevant Subsidiary (as the case may be) from relying on privilege in proceedings between the Officer and the Company or relevant Subsidiary (including in respect of a document which the Company or relevant Subsidiary has disclosed to the Officer
      outside those proceedings).

   

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  		6.6	Return of documents

   

  On request from a Group Company, the Officer agrees to return to the relevant
      Group Company or destroy (at the relevant Group Company’s option) all copies of Company Books for which Access Rights were granted when the permitted purpose under clause 6.1 for which access was granted has finished. This applies even after the
      Access Period has ended.

   

  		6.7	Corporations Act and common law rights of access preserved

   

  Nothing in this deed limits or restricts any other right of access to the Company
      Books the Officer has, whether under the Corporations Act or otherwise.

   

  		7	Notices

   

  		7.1	Requirements for notices

   

  		(a)	All notices, consents, approvals, waivers and other communications in connection with this deed must
            be in writing, signed by the sender (if the Officer) or an authorised representative of the sender (if the Company), and sent to the postal or email address or facsimile number, and marked for attention of the person identified in the Details
            or, if the recipient has notified otherwise, then marked for attention in the way last notified.

   

  		(b)	Notwithstanding clause 7.1(a), before any notice or other communication in connection with this deed
            is sent to the Company, the Officer must confirm with person holding the position of company secretary at that time as to the appropriate means of sending that notice or other communication to the Company.

   

  		7.2	When effective

   

  Communications take effect from the time they are received or taken to be
      received. Communications are taken to be received:

   

  		(a)	if sent by post, on the day after the date of posting; or

   

  		(b)	if sent by fax, at the time shown in the transmission report as the time that the whole fax was sent;
            or

   

  		(c)	if sent by email, on the earlier of receipt by the sender of a message confirming delivery or on the
            day after the email is sent, unless the sender receives an automated message that the email has not been delivered.

   

  		8	Disclosure of Officer’s benefits and notifiable interests

   

  		(a)	Subject to the relevant Group Company giving the Officer reasonable information as to the requirements
            of the relevant disclosure, the Officer agrees to give the relevant Group Company promptly any information the Officer has or is able to obtain which that Group Company needs:

   

  		(i)	to comply with reporting requirements, such as under the Corporations Act or accounting standards;

   

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  		(ii)	to comply with its obligations to give or disclose information, such as in respect of an offer of
            securities or a buyback; or

   

  		(iii)	to inform shareholders properly about a proposal referred by the directors of the Group Company to a
            meeting of some or all shareholders, 

   

  		(b)	The Officer also agrees to notify each Group Company of:

   

  		(i)	any matter in which the Officer has a material personal interest or other conflict of interest; and

   

  		(ii)	where the Officer is a director or company secretary, any change to the Officer’s personal information
            as set out in their consent to act or otherwise as notified to ASIC as soon as practicable after that change occurs.

   

  		9	General

   

  		9.1	Partial exercise of rights

   

  The failure or delay by a party to exercise its rights under this deed will not be
      a waiver of its rights.

   

  		9.2	Discretion in exercising rights

   

  The Company may exercise a right or remedy or give or refuse its consent in any
      way it considers appropriate (including by imposing conditions), unless this deed expressly states otherwise.

   

  		9.3	Reinstatement of rights

   

  Under law relating to insolvency, a person may claim that a transaction (including
      a payment) in connection with this deed is void or voidable. If a claim is made and upheld, conceded or compromised, then:

   

  		(a)	the Officer is immediately entitled as against the relevant Group Company to all the rights under this
            deed to which they were entitled immediately before the transaction; and

   

  		(b)	on request from the Officer, the Company agrees, and must procure that each other Group Company
            agrees, to do anything (including signing any document) to restore all those rights to the Officer.

   

  		9.4	GST

   

  		(a)	Unless expressly stated otherwise in this agreement, all amounts payable or consideration to be
            provided under this agreement are exclusive of GST.

   

  		(b)	If GST is payable on any supply made under this agreement, for which the consideration is not
            expressly stated to include GST, the recipient agrees to pay to the supplier an additional amount equal to the GST at the same time that the consideration for the supply, or the first part of the consideration for the supply (as the case may
            be), is to be provided. However:

   

  		(i)	the recipient need not pay the additional amount until the supplier gives the recipient a tax invoice
            or an adjustment note; and

   

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  		(ii)	if an adjustment event arises in respect of the supply, the additional amount must be adjusted to
            reflect the adjustment event and the recipient or the supplier (as the case may be) must make any payments necessary to reflect the adjustment.

   

  		(c)	If a party is required under this agreement to indemnify another party, or pay or reimburse costs of
            another party, that party agrees to pay the relevant amount less any input tax credits to which the other party (or to which the representative member for a GST group of which the other party is a member) is entitled.

   

  		(d)	A term which has a defined meaning in the GST Law has the same meaning when used in this clause 9.4.

   

  		9.5	Variation and waiver

   

  A provision of this deed, or right created under it, may not be waived or varied
      except in writing signed by the party or parties to be bound. A purported variation has no effect if it infringes applicable law.

   

  		9.6	Severability

   

  If the whole or any part of a provision of this deed is void, unenforceable or
      illegal in a jurisdiction it is severed for that jurisdiction. The remainder of this deed has full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. This clause has no effect if the
      severance alters the basic nature of this deed or is contrary to public policy.

   

  		9.7	Further action

   

  Subject to the terms of this deed, each party must do all things and execute all
      further documents necessary to give full effect to this deed.

   

  		9.8	Governing law and jurisdiction

   

  This deed is governed by the law in force in the place specified in the Details.
      Each party submits to the non-exclusive jurisdiction of the courts of that place.

   

  		9.9	Counterparts

   

  This deed may be executed in counterparts. All counterparts when taken together
      constitute one instrument and the date on which the last counterpart is executed is the date of the deed.

   

  EXECUTED as a deed

   

  	Deed of indemnity, insurance and access	17

   

  
     

    
      
 

  

   

  Deed of indemnity, insurance and access

   

  Signing page

   

  DATED:______________________

   

  	
          EXECUTED by Iris Energy Limited in accordance with section 127(1) of the Corporations Act 2001
              (Cth) by authority of its directors:

           

           

           

           

        	
          )

          )

          )

          )

          )

          )

          )

          

        	
           

           

           

           

           

        
	 	)	 
	Signature of director	)	 
	 	)	Signature of director/company secretary*
	 	)	*delete whichever is not applicable
	 	)	 
	Name of director (block letters)	)	Name of director/company secretary* (block letters)

            *delete whichever is not applicable
	 	 	 

   

  

  	
          SIGNED, SEALED AND DELIVERED by [•]

          in the presence of:

           

           

          

        	
          )

          )

          )

          )

          )

          )

        	
           

           

        
	 	)	 
	Signature of witness	)	 
	 	)	 
	Name of witness (block letters)	 	Signature of Officer

   

  	Deed of indemnity, insurance and access	18

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