Document:

Exhibit 4.10

 

 

BROOKFIELD PROPERTY PARTNERS

 

AMENDED AND RESTATED

 

BPY UNIT OPTION PLAN

 

(CANADA)

 

Amended November 5, 2019

 

 

TABLE OF CONTENTS

 

	
GENERAL PROVISION
    	
1
    
	
 
    	
 
    
	
PURPOSE
    	
1
    
	
ADMINISTRATION
    	
1
    
	
INTERPRETATION
    	
1
    
	
U.S.   PERSONS
    	
5
    
	
SHARES   AVAILABLE FOR ISSUANCE
    	
5
    
	
NON-EXCLUSIVITY
    	
6
    
	
AMENDMENT   AND TERMINATION
    	
7
    
	
RIGHT   OF SERVICE
    	
8
    
	
TAXES
    	
8
    
	
 
    	
 
    
	
OPTIONS
    	
9
    
	
 
    	
 
    
	
GRANTS
    	
9
    
	
OPTION   EXERCISE PRICE
    	
9
    
	
EXERCISE   OF OPTIONS
    	
10
    
	
 
    	
 
    
	
SHARE APPRECIATION RIGHTS
    	
10
    
	
 
    	
 
    
	
GRANTS   OF SHARE APPRECIATION RIGHTS
    	
10
    
	
EXERCISE   OF SHARE APPRECIATION RIGHTS
    	
11
    
	
NO   UNITHOLDER RIGHTS
    	
11
    
	
COMPLIANCE   WITH LEGISLATION
    	
11
    
	
 
    	
 
    
	
EMPLOYMENT STATUS
    	
12
    
	
 
    	
 
    
	
CHANGE   IN EMPLOYMENT STATUS
    	
12
    
	
 
    	
 
    
	
GENERAL
    	
13
    
	
 
    	
 
    
	
UNFUNDED   PLAN
    	
13
    
	
INALIENABILITY   OF BENEFITS
    	
13
    
	
 
    	
 
    
	
APPROVAL
    	
14
    
	
 
    	
 
    
	
APPROVAL
    	
14
    

 

 

BROOKFIELD PROPERTY PARTNERS
 AMENDED AND RESTATED
 BPY UNIT OPTION PLAN

(CANADA)

 

SECTION 1.                   GENERAL PROVISION

 

1.1                               Purpose

 

The purpose of the Brookfield Property Partners BPY Unit Option Plan (Canada) (the “Plan”) is to (i) promote the alignment of interests of Eligible Persons with the unitholders of BPY; (ii) encourage Eligible Persons to remain with Brookfield Property Partners; and (iii) attract new employees and officers.

 

1.2                               Administration

 

(a)                                 The Plan shall be administered by the Board.

 

(b)                                 Subject to the limitations of the Plan, the Board shall have the authority to:  (i) grant Awards to Eligible Persons; (ii) determine the terms, limitations, restrictions and conditions upon such grants, including vesting and exercise; (iii) interpret the Plan and adopt, amend and rescind such administrative guidelines and other rules and regulations relating to the Plan as it shall from time to time deem advisable; and (iv) make all other determinations and take all other actions in connection with the implementation and administration of the Plan as it may deem necessary or advisable. The Board’s guidelines, rules, regulations, interpretations and determinations shall be conclusive and binding upon the Corporation, BPY and all Participants.

 

(c)                                  To the extent permitted by applicable law, the Board may, from time to time, delegate to the Administrative Committee all or any of the powers conferred on the Board under the Plan.  In such event, references to the Board mean and include the Administrative Committee and the Administrative Committee will exercise all of the powers delegated to it by the Board in the manner and on the terms authorized by the Board.

 

1.3                               Interpretation

 

For the purposes of the Plan, the following terms shall have the following meanings:

 

(a)                                 “Administrative Committee” means a committee comprised of senior executives of (i) the Brookfield Property Group acting in their capacity as officers or directors of Brookfield Property Partners, and/or (ii) Brookfield Asset Management Inc. as determined by the Chief Executive Officer of the Brookfield Property Group;

 

 

(b)                                 “Affiliate” means with respect to any person, another person that directly, or indirectly through one or more persons, Controls or is Controlled by or is under common Control with, such person;

 

(c)                                  “Applicable Withholding Taxes” has the meaning set out in Section 1.9;

 

(d)                                 “Award” means an Option and, if applicable, the Share Appreciation Right granted in connection with the Option;

 

(e)                                  “Blackout Period” means any period imposed by BPY, during which specified individuals, including insiders of BPY, may not trade in BPY’s securities (including, for greater certainty, where specific individuals are restricted from trading because they have material non-public information), but does not include any period when a regulator has halted trading in BPY’s securities;

 

(f)                                   “Board” means the board of directors of Brookfield Property Partners Limited, the general partner of BPY;

 

(g)                                  “BPY” means Brookfield Property Partners L.P., a Bermuda exempted limited partnership;

 

(h)                                 “BPY Unit” means a publicly-traded non-voting limited partnership unit of BPY;

 

(i)                                     “Brookfield Group” means Brookfield Asset Management Inc. and any of its Affiliates;

 

(j)                                    “Brookfield Property Group” means the operating and asset management entities within the property platform of Brookfield Asset Management Inc. and includes the service providers to BPY pursuant to its Master Services Agreement;

 

(k)                                 “Brookfield Property Partners” means BPY and any Affiliate of BPY that employs Eligible Persons;

 

(l)                                     “Cause” means:

 

(i)            a Participant’s willful failure or refusal to perform his or her employment duties after being given notice and a reasonable opportunity to remedy such failure or refusal;

 

(ii)           a Participant’s gross misconduct in connection with the Participant’s employment;

 

(iii)          a Participant’s act of dishonesty or breach of trust in connection with the Participant’s employment;

 

2

 

(iv)          a Participant’s conviction of, or a plea of guilty or no contest to, any indictable criminal offence or any other criminal offence involving fraud, dishonesty or misappropriation;

 

(v)           a Participant’s conduct which is likely to injure the reputation or business of the Brookfield Group, including, without limitation, any breach of the Brookfield Group’s Code of Business Conduct and Ethics or the willful violation by the Participant of any of the Brookfield Group’s policies;

 

(vi)          a Participant’s breach of confidentiality, non-solicitation or non-competition obligations; or

 

(vii)         any other conduct of a Participant which would be treated as cause and/or serious misconduct under the laws of the jurisdiction in which the termination occurs;

 

(m)                             “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder;

 

(n)                                 “Control” and similar expressions mean a relationship between two persons wherein one of such persons has the power, through the ownership of equity securities, by contract or otherwise, to directly or indirectly direct the management and policies of the other of such persons;

 

(o)                                 “Corporation” means BPO ETS Inc.;

 

(p)                                 “Eligible Persons” means (i) officers or employees of Brookfield Property Partners (other than of an entity who is not a “qualifying person” for purposes of section 7 of the ITA) whose location of employment is within Canada, without regard to that individual’s tax residence or citizenship, or (ii) any other officers, employees or consultants of Brookfield Property Partners (other than a non-employee director of Brookfield Property Partners) so designated by the Board, subject to applicable laws and regulations;

 

(q)                                 “Employer” means the entity that employs the Participant (or that employed the Participant immediately prior to his or her Termination Date);

 

(r)                                    “Exercise Price” has the meaning set out in Section 2.2(a);

 

(s)                                   “Expiry Period” has the meaning set out in Section 2.3(b);

 

(t)                                    “Fair Market Value” means, for any Tracking Share or BPY Unit, the closing price of a BPY Unit on the Nasdaq on the last trading day preceding the applicable day;

 

3

 

(u)                                 “insider” has the meaning given to such term in the TSX Company Manual in respect of the rules governing Security-Based Compensation Arrangements, as amended from time to time;

 

(v)                                 “ITA” means the Income Tax Act (Canada);

 

(w)                               “Nasdaq” means the Nasdaq Stock Market or successor thereto;

 

(x)                                 “Notice of Exercise” means a notice in accordance with corporate procedures at the time of the Exercise;

 

(y)                                 “Option” means the right granted to a Participant to purchase Tracking Shares of the Corporation pursuant to the terms of the Plan;

 

(z)                                  “Option Agreement” has the meaning set out in Section 2.1(c);

 

(aa)                          “Participants” means Eligible Persons to whom Options have been granted but have not been exercised or cancelled;

 

(bb)                          “Plan” has the meaning set out in Section 1.1;

 

(cc)                            “Related Entity” means a related corporation as determined in accordance with the ITA;

 

(dd)                          “Retirement” means the resignation of a Participant in circumstances determined by the Board, in its absolute discretion, to be retirement;

 

(ee)                            “Security-Based Compensation Arrangement” has the meaning given to such term in the TSX Company Manual, as amended from time to time;

 

(ff)                              “Share Appreciation Right” has the meaning set out in Section 3.1(a);

 

(gg)                            “Shareholders’ Agreement” means the unanimous shareholders’ agreement between shareholders of the Corporation approved by the board of directors of the Corporation from time to time;

 

(hh)                          “Specified Maximum” has the meaning set out in Section 1.5(c);

 

(ii)                                  “Termination Date” means, unless otherwise determined by the Board, a Participant’s last day of active employment, as further clarified below:

 

(i)            in the event a Participant’s employment is terminated by the Employer for any reason, the last day of active employment will be the date and time notice of termination is delivered to the Participant and will not include any period the Participant is under notice of termination or any period of deemed employment, pay in lieu of notice of termination or

 

4

 

salary continuance provided or required to be provided by the Employer to the Participant;

 

(ii)           in the event of a continuous leave of absence (including for disability), the Participant’s last day of active employment will be the earlier of the date of termination of employment and two years from the start of the Participant’s continuous leave of absence;

 

(iii)          in the event of a Participant’s resignation or Retirement, the last day of active employment will be the effective date of resignation or Retirement; and

 

(iv)          in the event of a Participant’s death, the last day of active employment means the date of the Participant’s death;

 

(jj)                                “Tracking Share” means a class A preferred share of the Corporation which is equivalent in value to a BPY Unit at any given time;

 

(kk)                          “TSX” means the Toronto Stock Exchange or successor thereto;

 

(ll)                                  “U.S. Person” means any person who is a United States citizen or United States resident alien as defined for purposes of Section 7701(b)(1)(A) of the Code; and

 

(mm)                  “Vested” means any period imposed before a granted Award becomes vested and exercisable.

 

Words importing the singular number only shall include the plural and vice versa and words importing the masculine shall include the feminine.

 

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

1.4                               U.S. Persons

 

U.S. Persons are not eligible to participate in the Plan.

 

1.5                               Securities Available for Issuance

 

(a)                                 All shares of the Corporation issued under the Plan shall be Tracking Shares in the capital stock of the Corporation. Options may be granted in respect of authorized and unissued Tracking Shares.

 

(b)                                 The only securities of BPY issuable under the Plan shall be BPY Units.

 

5

 

(c)                                  The maximum number of BPY Units (the “Specified Maximum”) that are issuable under the Plan shall be 7 million BPY Units. Where, upon exercise of an Award, BPY Units are issued to a Participant, the number of BPY Units issued to, or for the benefit of, a Participant will be deducted from the Specified Maximum. The Specified Maximum is subject to adjustment in accordance with the provisions of the Plan.

 

(d)                                 The maximum number of BPY Units that are issuable to any one person under the Plan shall not exceed 5% of the issued and outstanding BPY Units (on a non-diluted basis), less the aggregate number of BPY Units reserved for issuance to such person under any other Security-Based Compensation Arrangement of BPY.

 

(e)                                  The maximum number of BPY Units that are issuable to insiders of BPY at any time pursuant to the Plan and issuable under all other Security-Based Compensation Arrangements of BPY shall not exceed 10% of the issued and outstanding BPY Units.

 

(f)                                   The maximum number of BPY Units that are issued to insiders of BPY within a one-year period pursuant to the Plan and issued under all other Security-Based Compensation Arrangements of BPY shall not exceed 10% of the issued and outstanding BPY Units.

 

(g)                                  In the event of any change in the outstanding Tracking Shares by reason of any stock dividend (other than normal dividends) or split, recapitalization, merger, consolidation, combination or exchange of shares, or other corporate change, or any other event which, in the judgment of the Board, justifies action by way of adjustment to the number of Awards, the Board shall make appropriate substitution or adjustment in (i) the number and kind of securities available for issuance under the Plan, (ii) the number and kind of securities subject to unexercised Awards theretofore granted, and (iii) the Exercise Price of such Awards; provided, however, that no substitution or adjustment shall obligate the Corporation to issue or sell fractional shares.  In the event of the reorganization of the Corporation or the amalgamation, merger or consolidation of the Corporation with another corporation, or the payment of a special or extraordinary dividend, the Board shall make such provision for the protection of the rights of Participants as the Board in its discretion deems appropriate.

 

1.6                               Non-Exclusivity

 

Nothing contained herein shall prevent the Employer from adopting other or additional compensation arrangements, subject to any required approval.

 

6

 

1.7                               Amendment and Termination

 

(a)                                 The Board may amend, suspend or terminate the Plan, any portion thereof or any Award, at any time, subject to those provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX), if any, that require the approval of security holders or any governmental or regulatory body, regardless of whether any such amendment or suspension is material, fundamental or otherwise, and notwithstanding any rule of common law or equity to the contrary. However, except as expressly set forth herein, no action of the Board or security holders may adversely alter or impair the rights of a Participant without the consent of the affected Participant, under any Award previously granted to the Participant. Without limiting the generality of the foregoing, the Board may make the following types of amendments to the Plan or any Award without seeking security holder approval:

 

(i)            amendments of a “housekeeping” or administrative nature including, without limiting the generality of the foregoing, any amendment for the purpose of curing any ambiguity, error or omission in the Plan or any Award or to correct or supplement any provision of the Plan or any Award that is inconsistent with any other provision of the Plan or any Award;

 

(ii)           amendments necessary to comply with the provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX and the Nasdaq);

 

(iii)          amendments necessary for awards to qualify for favorable treatment under applicable tax laws;

 

(iv)          any amendment to the vesting provisions of the Plan or any Award;

 

(v)           any amendment to the termination or early termination provisions of the Plan or any Award, whether or not such Award is held by an insider, provided such amendment does not entail an extension beyond the Expiry Period; and

 

(vi)          amendments necessary to suspend or terminate the Plan.

 

(b)                                 Securityholder approval will be required for the following types of amendments:

 

(i)            amendments to the number of BPY Units issuable under the Plan, including an increase to a fixed maximum number of BPY Units or a change from a fixed maximum number of BPY Units to a fixed maximum percentage;

 

7

 

(ii)           any amendment to the Plan that increases the length of the period after a Blackout Period during which Awards may be exercised;

 

(iii)          any amendment which reduces the Exercise Price of an Award or any cancellation and reissuance of an Award which would be considered a repricing under the rules of the TSX, in each case, other than pursuant to Section 1.5(g) of the Plan;

 

(iv)          any amendment expanding the categories of Eligible Persons which may permit the introduction or reintroduction of non-employee directors on a discretionary basis or any amendment to remove or exceed the insider participation limits;

 

(v)           any amendment extending the term of an Award beyond its Expiry Period, except as provided in Section 2.3(b);

 

(vi)          any amendment which would permit Awards to be transferrable or assignable other than for normal estate planning purposes;

 

(vii)         any amendment to the amendment provisions granting additional powers to the Board to amend the Plan without security holder approval; and

 

(viii)        amendments required to be approved by security holders under applicable law (including, without limitation, the rules, regulations and policies of the TSX).

 

1.8                               Right of Service

 

Neither participation in the Plan nor any action under the Plan shall be construed to give any Participant a right to be retained in the services of the Employer.

 

1.9                               Taxes

 

It is the responsibility of the Participant to complete and file any tax returns which may be required under Canadian and other applicable jurisdiction’s tax laws within the periods specified in those laws as a result of the Participant’s participation in the Plan.  No Employer shall be held responsible for any tax consequences to the Participant as a result of the Participant’s participation in the Plan.  The Employer, the Corporation and its Related Entities shall be authorized to deduct or withhold from any amount payable or credited hereunder, or otherwise, or require that the Participant remit sufficient cash to fund such taxes and other amounts as it may be required by applicable law to deduct or withhold and to remit the amounts deducted or withheld to the applicable governmental authority as required by applicable law (the “Applicable Withholding Taxes”).

 

8

 

In connection with the issuance of BPY Units pursuant to the exercise of Share Appreciation Rights, the Participant may authorize a securities dealer designated by the Corporation, on behalf of the Participant to sell in the capital markets a portion of the BPY Units issued hereunder to realize cash proceeds to be used to satisfy the Applicable Withholding Taxes.

 

SECTION 2.                   OPTIONS

 

2.1                               Grants

 

(a)                                 Subject to the provisions of the Plan, the Board shall have the authority to determine the limitations, restrictions and conditions, if any, in addition to those set forth in Sections 2.2, 2.3 and 4.1 hereof, applicable to the exercise of an Award, including, without limitation, the nature and duration of the restrictions, if any, to be imposed upon the sale or other disposition of the Tracking Shares.

 

(b)                                 An Eligible Person may, subject to the Board’s discretion, be granted Options on more than one occasion under the Plan and may receive separate Options on any one occasion. Options may be granted with or without related Share Appreciation Rights.

 

(c)                                  Each Award shall be confirmed by, and subject to, an option agreement (an “Option Agreement”) executed by the Participant. The grant of an Award is conditional on the Participant signing the Option Agreement.

 

(d)                                 The effective grant date of Options shall be (i) in the case of a grant of Options approved by the Board during a Blackout Period, no earlier than the sixth trading day following the end of such Blackout Period and (ii) in the case of all other grants of Options, no earlier than the sixth trading day following the date such grant is approved by the Board, provided in all cases, that if a subsequent Blackout Period is imposed prior to the grant date, the grant date shall be deferred until no earlier than the sixth trading day following the end of such subsequent Blackout Period.

 

2.2                               Option Exercise Price

 

(a)                                 The exercise price (“Exercise Price”) of each Option will be established at the time such Option is granted, which shall be awarded in U.S. dollars and shall not be less than the volume-weighted average price of a BPY Unit on the Nasdaq for the five trading days preceding the effective grant date, and shall, in all cases, be not less than such amount required by applicable regulatory authorities from time to time.

 

(b)                                 The Exercise Price shall be subject to adjustment in accordance with the provisions of Section 1.5(g) hereof.

 

9

 

2.3                               Exercise of Options

 

(a)                                 The Board may determine when any Option shall become Vested and exercisable and may determine that the Option shall be Vested and exercisable in installments. Unless otherwise specified in the Option Agreement or other agreement with the Participant, Options become Vested as to 20% at the first anniversary date after the grant and as to 20% at the end of each subsequent anniversary date up to and including the fifth anniversary date of the grant.

 

(b)                                 The Board may determine the maximum period following the grant date during which a Vested Option may be exercised (the “Expiry Period”), subject to the provision that Options shall not be exercisable later than 10 years after the date of grant, provided that, if an Option would otherwise expire during a Blackout Period or within 10 calendar days after the end of the Blackout Period, to the extent permitted by applicable law, the term of such Option shall automatically be extended until 10 calendar days after the end of the Blackout Period.

 

(c)                                  Subject to (a) and (b) above and the applicable provisions of Section 4.1 below, a Vested Option may be exercised at the election of a Participant by delivering to the Corporation a completed Notice of Exercise. If Options are being exercised to acquire Tracking Shares, then the Participant will also deliver a certified cheque or bank draft payable to the Corporation in the amount of the Exercise Price and the Applicable Withholding Taxes and an executed Shareholders’ Agreement.  No financial assistance will be provided to a Participant to facilitate the exercise of an Option. On the exercise of an Option, any related Share Appreciation Right shall be automatically cancelled by the Corporation.

 

(d)                                 A Participant entitled to receive Tracking Shares as a result of the exercise of an Option shall not be deemed for any purpose to be, or to have rights as, a shareholder of the Corporation by such exercise, except to the extent such shares are issued therefor and then only from the date such shares are issued. No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the date such shares are issued to a Participant pursuant to the exercise of Options.

 

(e)                                  If, as and when any Tracking Shares have been duly issued upon the exercise of an Option and in accordance with the terms of such Option and the Plan and any regulations made hereunder, such Tracking Shares shall be conclusively deemed to be allotted as fully paid and non-assessable shares of the Corporation.

 

10

 

SECTION 3.                   SHARE APPRECIATION RIGHTS

 

3.1                               Grants of Share Appreciation Rights

 

(a)                                 The Board may, from time to time, grant a right (“Share Appreciation Right”) to any Eligible Person in connection with the grant of any Option.  Any such grant of Share Appreciation Rights shall be included in the Option Agreement.

 

(b)                                 A Share Appreciation Right is the right to surrender to the Corporation all or a portion of an Option in exchange for the consideration as set forth in Section 3.2.

 

3.2                               Exercise of Share Appreciation Rights

 

A Share Appreciation Right shall Vest at the same time and to the same extent, and have the same Expiry Period as, the Option related thereto.  A Participant to whom a Share Appreciation Right has been granted may elect to exercise the Vested Share Appreciation Right, rather than the related Vested Option by filing with the Corporation a completed Notice of Exercise.  Upon the Corporation’s receipt of such Notice of Exercise and subject to the terms of this Plan, including Section 1.9, the Participant shall receive a number of BPY Units with an aggregate Fair Market Value at the date of exercise equal to the product of (A) the excess of the Fair Market Value per Tracking Share on the date of exercise over the Exercise Price, and (B) the number of Vested Share Appreciation Rights being exercised.  Cash will be paid in lieu of fractional BPY Units based on the Fair Market Value of a BPY Unit on the date of exercise.  At the discretion of the Corporation, the Corporation may, in lieu of settling Share Appreciation Rights with BPY Units, pay to the Participant a lump sum cash amount (net of any Applicable Withholding Taxes) equal to the product of (A) the excess of the Fair Market Value per Tracking Share on the date of exercise over the Exercise Price, and (B) the number of Vested Share Appreciation Rights being exercised. Any such cash payment shall be converted into Canadian dollars based on the Bank of Canada exchange rate on the applicable date. On the exercise of any Share Appreciation Right, the related Option shall automatically be cancelled by the Corporation.

 

3.3                               No Unitholder Rights

 

A Participant shall not be deemed for any purpose to be, or to have rights as, a unitholder of BPY by such exercise of a Share Appreciation Right, except to the extent such units are issued therefor and then only from the date such units are issued. No adjustment shall be made for distributions or other rights for which the record date is prior to the date such units are issue to the Participant.

 

3.4                               Compliance with Legislation

 

The Board may postpone any exercise of any Share Appreciation Right or the issue of any BPY Units pursuant to the Plan for such time as the Board in its discretion may deem necessary in order to permit BPY to effect or maintain registration of the Plan or the BPY Units issuable pursuant thereto under the securities laws of any applicable jurisdiction, or to determine that such units and the Plan are exempt from such registration. BPY shall not be obligated by any provision of the Plan or grant thereunder to issue BPY Units in violation of the law of any government having jurisdiction therein. In addition, BPY shall have no obligation to issue any

 

11

 

BPY Units pursuant to the Plan unless such BPY Units shall have been duly listed, upon official notice of issuance, with a stock exchange on which such BPY Units are listed for trading.

 

If, as and when any BPY Units have been duly issued upon the exercise of a Share Appreciation Right and in accordance with the terms of such Share Appreciation Right and the Plan and any regulations made hereunder, such BPY Units shall be conclusively deemed to be allotted as fully paid and non-assessable units of BPY.

 

SECTION 4.                   EMPLOYMENT STATUS

 

4.1                               Change in Employment Status

 

Except as otherwise determined by the Board in accordance with applicable laws and regulations, the following provisions apply to the exercise and cancellation of Awards on or following a change in the employment status of a Participant. For greater certainty, no Awards shall be exercisable after its Expiry Period, except as set out in Section 2.3(b).

 

(a)                                 In the event of termination of the employment of a Participant by the Employer other than for Cause, each of the Vested Awards held by the Participant shall cease to be exercisable 60 calendar days after the Participant’s Termination Date.  Each Award held by a Participant that is Vested but not exercised by such time shall be cancelled.  Each Award held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(b)                                 In the event of termination of the employment of a Participant by the Employer for Cause, all Awards whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(c)                                  In the event of resignation by a Participant, all Awards whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(d)                                 In the event of Retirement by a Participant, each of the Vested Awards held by the Participant shall continue to be exercisable in accordance with the terms of the Plan until its original Expiry Period.  Each Award held by a Participant that is Vested but not exercised by such time shall be cancelled.  Each Award held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(e)                                  In the event of a Participant being on a continuous leave of absence other than as a result of disability or leave authorized by statute, all Awards whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(f)                                   In the event of a Participant being on an authorized continuous leave of absence as a result of disability or leave authorized by statute, each of the Vested Awards held by the Participant shall cease to be exercisable 60 calendar days after the

 

12

 

Participant’s Termination Date. Each Award held by a Participant that is Vested but not exercised by such time shall be cancelled. Each Award held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(g)                                  In the event of the death of a Participant, the legal representatives of the Participant may exercise each of the Vested Awards held by the Participant for six months after the Participant’s Termination Date to the extent such Awards are by their terms Vested and exercisable by the Termination Date or become so within a period of six months following the Participant’s death.  Each Award held by a Participant that is Vested but not exercised by the legal representatives of the Participant by such time shall be cancelled.  Each Award held by a Participant that is not Vested by the Termination Date that would not otherwise become Vested within a period of six months following the Participant’s death shall be cancelled on the Termination Date.

 

(h)                                 If an Award would otherwise cease to be exercisable during a Blackout Period pursuant to Section 4.1(a), (c), (d), (e), (f) or (g), the term of such Option shall automatically be extended until 10 calendar days after the end of the Blackout Period.

 

SECTION 5.                   GENERAL

 

5.1                               Unfunded Plan

 

Neither the establishment of the Plan nor the granting of Awards to a Participant (if, in the Board’s sole discretion it chooses to do so) shall be deemed to create a trust. Amounts payable to any Participant under the Plan shall be a general unsecured obligation of the Corporation.  The right of the Participant or a legal representative of the Participant to receive payment pursuant to the Plan shall be no greater than the rights of a general unsecured creditor of the Corporation.

 

5.2                               Inalienability of Benefits

 

Subject to the provisions herein set forth, none of the benefits, payments, proceeds, allocations, claims or rights of any Participant hereunder shall be subject to any claim of any creditor of any Participant, nor shall the same be subject to attachment or garnishment or other legal process by any creditor of the Participant, nor shall any Participant have the right to alienate, anticipate, commute, pledge, transfer, sell, encumber or assign any Awards or any of the benefits, payments, proceeds, allocations, claims or rights to which he or she is entitled, contingently or otherwise, under the Plan, except the payments under the Plan may be directed to a legal representative of the Participant as contemplated by this Plan.

 

13

 

SECTION 6.                   APPROVAL

 

6.1                               Approval

 

The Plan was effective on June 9, 2014. Amendments to the Plan were approved by the Board on August 1, 2019 and approved by the unitholders of BPY at its special meeting of unitholders held October 24, 2019 to provide the ability for Share Appreciation Rights to be settled with BPY Units. Amendments to the Plan were approved by the Board on November 5, 2019 to provide that the Exercise Price for a grant of Options shall be calculated for the period of five trading days immediately preceding the effective grant date, regardless of whether the grant is approved by the Board during a Blackout Period.

 

14embi_ex103.htm

EXHIBIT 10.3
 
 

Master Services Agreement 
Date: September 20, 2019
 
 
 
Parties
 
1.         Novotech (Australia) Pty Limited ACN 071 874 881 of Level 3, 235 Pyrmont Street, Pyrmont, NSW 2009, Australia (Novotech)
 
2.         EMBI Australia Pty Ltd ACN 635 424 047, a company incorporated in Victoria, Australia, having its principal place of business at 58 Gipps Street, Collingwood, 3066 Vic, Australia, (Sponsor)
 
 
 
Background
 
A          Novotech is a clinical research organization engaged in the business of providing clinical management, data management, biostatistical, medical monitoring, quality assurance, regulatory, site management organisation, central laboratory and other related services to support clinical trials.
 
B          Sponsor is an organization engaged in the business of developing pharmaceutical, biotechnology, and/or device products for human therapeutic use.
 
C          Sponsor would like to retain the services of Novotech from time to time to perform clinical research and related services in connection with certain clinical research projects Sponsor is conducting as set out in a project agreement pursuant to the terms of this Agreement.
 
D          Novotech is willing to provide services to Sponsor in accordance with the terms and conditions of this Agreement.
 
The Parties hereby agree as follows:
 
 
 
1           Defined terms and interpretation
 
Defined terms
 
1.1       In this Agreement, any capitalised terms that are not defined have the meaning given to them below:
 
Affiliate means any entity under common control, controlled by or which controls a Party. Control of an entity includes the power to directly:
 
(a) determine the financial or operating policies of the entity;
 
(b) control the membership of the board or other governing body of the entity; or
 
(c) control the casting of more than one half of the maximum number of votes that may be cast at a general meeting of the entity,
 
Claim means an allegation, debt, cause of action, liability, claim, proceeding, suit or demand of any nature however arising, whether present or future, fixed or not, actual or contingent.
 
Confidential Information means all confidential or proprietary information whether in visual, documentary, oral or electronic form which includes systems, process and procedures, in respect of the Discloser, made available to the Recipient (whether disclosed orally or disclosed or accessed in written, electronic or other form or media, and whether or not marked, designated or otherwise identified as "confidential"), unless expressly agreed in writing not to be confidential. 
 	 
	Page 1 of 12
	
 
	 

 
Discloser means the party disclosing Confidential Information.
 
Dispute means any dispute, controversy, difference or claim between the Parties about this Agreement or any matter arising out of this Agreement but does not include any matter entitling a party to seek interlocutory relief.
 
FDA means the U.S. Food and Drug Administration.
 
ICH GCP Guidelines means the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use Guideline for Good Clinical Practice E6.
 
Intellectual Property means data, software, designs, utilities, tools, models, systems and other methodologies and know-how.
 
Intellectual Property Rights includes current or future rights to Intellectual Property, inventions, process improvements and knowledge developed as a result of performing the Services.
 
Loss means costs, claims, liabilities, damage, demands, actions and expenses (including reasonable legal expenses).
 
Personal Information means information which identifies an individual or from which an individual can be identified.
 
Project Agreement means the written agreement between the Parties which sets out with specificity the Services to be performed, the timeline for the performance of the Services, the fees for the Services, the schedule of payments for the performance of the Services and any other matters relevant to the Services and which is specifically incorporated by reference into this Agreement. 
 
Protocol means the protocol associated with the Study as described in a Project Agreement.
 
Recipient means the party receiving Confidential Information.
 
Records means hard copy and electronic data provided to, received or created by Novotech during the course of providing the Services.
 
Representatives means the directors, officers, executives, employees and contractors of a Party or its Affiliated entities, and any other person acting on behalf of a Party. 
 
Services means the clinical research or other related services provided by Novotech as described in a Project Agreement.
 
Study means a clinical trial or clinical research conducted by the Sponsor.
 
Study Drug means the medicine or device provided by the Sponsor pursuant to the Protocol and which is being tested or trialled during the Study.
 
Interpretation
 
1.2 In this Agreement, unless the context requires otherwise:
 
(a)        the singular includes the plural and vice versa;
 
(b)        the “Background” section set forth in the preamble of this Agreement forms part of this Agreement;
 
	 
	Page 2 of 12
	
 
	 

 
 
(c)        a reference to a Party includes its executors, administrators, successors, substitutes (including persons taking by novation) and permitted assigns; and 
 
(d)        no rule of construction applies to the disadvantage of a Party because that Party was responsible for the preparation of this Agreement or any part of it.
 
 
 
2           Services
 
2.1       Sponsor hereby engages Novotech and Novotech agrees to perform the Services as set out in a Project Agreement agreed and executed by both Parties from time to time. 
 
2.2       Novotech will perform the Services with professional care and skill and in accordance with:
 
(a)        the terms of this Agreement;
 
(b)        the terms of a Project Agreement;
 
(c)        (in relation to a Project Agreement), the Protocol, agreed Standard Operating Procedures and any responsibilities allocated to Novotech for the Transfer of Sponsor Obligations (as required by FDA regulations 21 CFR 312.52); and
 
(d)        relevant professional standards and all applicable laws, rules and regulations, including, but not limited to, ICH GCP Guidelines, FDA regulations and guidance.
 
 
 
3           Project Agreements
 
3.1       Separate Project Agreements will be prepared and agreed between the Parties for each Study and will be subject to the terms of this Agreement. Novotech will not commence providing the Services without a Project Agreement executed by authorized representatives of both Parties. 
 
3.2       The performance of obligations under any one Project Agreement will not affect, and will at all times be unrelated to, the performance of any other Project Agreement entered under this Agreement except that breach of an obligation under any one Project Agreement will be treated as a breach of this Agreement. 
 
3.3       In the event of a conflict between the terms of this Agreement and a Project Agreement, the terms of this Agreement will govern except to the extent that the applicable Project Agreement expressly and specifically states an intent to supersede this Agreement on a specific matter as it relates to such Project Agreement. 
 
3.4       Novotech will only perform any additional services not specified in a Project Agreement upon execution by both Parties of a change order. If Sponsor submits a change request to Novotech, Novotech shall review such change request, and within seven (7) business days of receipt of such request, provide Sponsor with information regarding the impact of the applicable change on the implementation of the Services, and any applicable fee adjustments. Sponsor shall have the right to review such information and determine in its discretion whether to proceed with the applicable change, which shall not be implemented by Novotech unless the parties enter into a change order as required pursuant to this Section 3.4.
  
 
  
4           Term
 
Agreement
 
4.1       This Agreement commences on the date the last Party signs the Agreement and will end five (5) years from that date unless terminated earlier in accordance with this Agreement. The Parties may mutually agree in writing to extend the term of this Agreement.
 	 
	Page 3 of 12
	
 
	 

 
Project Agreement
 
4.2       The term of any Project Agreement commences on the date the last Party signs the Project Agreement and ends when the Services have been completed and all invoices have been paid by the Sponsor (unless terminated earlier in accordance with this Agreement).
 
 
  
5           Sponsor Obligations 
 
5.1       Sponsor will do all things reasonably necessary to ensure that Novotech may provide the Services, as specifically set forth in each applicable Project Agreement.
 
5.2       In relation to a Project Agreement, solely to the extent applicable to the Services provided pursuant to the applicable Project Agreement, the Sponsor agrees to:
 
(a)        comply with ICH GCP Guidelines, FDA regulations and guidance, the Protocol, all Standard Operating Procedures as agreed between the Parties and any other applicable documents agreed by the Parties which are applicable to Sponsor in connection with the Services (such as Study Plans etc).
 
(b)        provide the Study Drug necessary for the performance of the Services;
 
(c)        provide all clinical, pharmacology and toxicology information and advice required for the proper planning and performance of the Services including, but not limited to, any information on serious adverse drug experience; 
 
(d)        any other reasonable assistance or information as requested from time to time.
 
5.3       The Sponsor acknowledges and agrees that, in relation to a Project Agreement, Novotech relies on the following representations by the Sponsor, and the Sponsor represents and warrants that on and as of the date of a Project Agreement, to the best knowledge of the Sponsor: 
 
(a)        the Study Drug is of satisfactory quality and fit for the purposes of the Study; and
 
(b)        any clinical, pharmacology and toxicology information and advice provided is accurate, complete and fit for the purposes of Novotech providing the Services. 
  
 
  
6           Personnel and Subcontracting
 
Personnel
 
6.1       Novotech will allocate sufficient professionally trained clinical research personnel to provide the Services in accordance with the Project Agreement(s).
 
6.2       The Services will be performed under the direction of a Novotech project manager and/or project director (if applicable).
 
Subcontracting
 
6.3       Novotech may at its discretion use its Affiliates or a third party to assist it provide the Services; provided, that, Novotech shall obtain Sponsor’s prior written consent prior to engaging any such Affiliate or third party to provide such assistance. Novotech will procure its Affiliates or any third party to be subject to the key terms agreed by the Parties. Novotech will be responsible to the Sponsor, and remain liable, for the acts or omissions of its Affiliates or a third party in the performance of the Services.
 	 
	Page 4 of 12
	
 
	 

 
Third Party Involvement
 
6.4       If the Services include or require Novotech to act on behalf of the Sponsor including but not limited to submitting regulatory applications or entering into agreements with third parties such as laboratory services, labelling services, sites or investigators (Third Party Agreement), if Sponsor requests that Novotech acts on its behalf in such capacity, Sponsor expressly authorises Novotech to act on its behalf, enter into and execute Third Party Agreements and take any and all other actions reasonably required and related to performance of the Third Party Agreement. If required by the Sponsor, the form of the Third Party Agreement (including all associated costs) will be agreed between Novotech and the Sponsor prior to Novotech entering into the Third Party Agreement. 
 
Debarment
 
6.5       Novotech will not knowingly use in the performance of the Services any person or entity that has been debarred by the FDA pursuant to 21 U.S.C. §335a, et seq. or under an equivalent provision of any country where the Services are provided. If, during the term of a Project Agreement, Novotech becomes aware of the debarment or threatened debarment of Novotech or of any person or entity retained by it then Novotech will notify the Sponsor as soon as practicable.
 
Non-solicitation
 
6.6       During the term of this Agreement and for a period of one (1) year thereafter, each Party agrees not to solicit for hiring any of the other Party’s employees that is directly involved in the performance of Services. The Parties expressly agree that a hiring that results from an employee response to a job posting or similar classified advertisement shall not constitute a “solicitation”. 
 
 
 
7           Information
 
Confidential Information
 
7.1       Sponsor and Novotech executed a confidentiality agreement dated July 8, 2019 (Confidentiality Agreement).
 
7.2       The Parties agree that all Confidential Information disclosed during the term of this Agreement will be subject to the confidentiality obligations in, and governed by the terms of the Confidentiality Agreement.
 
Personal Information
 
7.3       The Parties acknowledge and agree that information collected in respect of a Study may include Personal Information and sensitive Personal Information which is subject to specific legislation relating to the processing, storage, transfer and use of such data. 
 
7.4       For the purposes of this clause:
 
(a)        Novotech will comply with all applicable laws and regulations relating to the protection and use of Personal Information and data privacy in its conduct and reporting of the Study;
 
(b)        Novotech will take all reasonable technical and organisational measures to prevent unauthorised or unlawful processing, accidental loss, destruction of, damage to, or disclosure of such information; and
 
(c)        the Sponsor shall take appropriate measures to protect the confidentiality and security of all Personal Information that it receives from Novotech in respect of the Study and comply with all applicable laws and regulations relating to the protection and use of Personal Information and data privacy. 
 	 
	Page 5 of 12
	
 
	 

 
Publicity
 
7.5       The Parties agree not to release any statement, information, advertisement, or publicity referring to the other without their express written approval in each instance.
 
 
  
8           Intellectual Property
 
8.1       Novotech agrees that Intellectual Property created by Novotech directly related to or arising from the performance of Services (excluding any proprietary information owned by Novotech) will be solely and exclusively owned by Sponsor and constitute Sponsor’s Intellectual Property Rights. To the extent any rights in such Intellectual Property are deemed to vest in Novotech, by operation of law or otherwise, Novotech shall irrevocably assign, and hereby irrevocably assigns to Sponsor in perpetuity, all right, title and interest in and to such Intellectual Property.
 
8.2       Sponsor agrees that any Intellectual Property created by Novotech which further develops Novotech’s clinical trial methodologies, technologies and processes that were in existence as of the Effective Date will be Novotech’s Intellectual Property Rights. 
 
8.3       Each Party grants the other a licence to use their Intellectual Property Rights solely during the term of this Agreement to the extent necessary to obtain the benefit of the Services.
 
 
  
9           Records
 
9.1       During the term of this Agreement, Novotech will securely maintain all Records in its possession.
 
9.2       Upon termination of this Agreement, the Sponsor may provide reasonable written directions to Novotech to deliver up or destroy all Records in its possession and Novotech will comply with such directions.
 
9.3       Notwithstanding any other clause in this Agreement, Novotech may retain one copy of the Records for archival purposes which will be held subject to its obligations of confidentiality under the terms of this Agreement.
  
 
  
10        Services Audits and Inspections
 
10.1    Novotech agrees that during the term of this Agreement, upon 30 days’ notice, the Sponsor may request and Novotech will provide:
 
(a)        access to sites and facilities where Services are being performed (during usual business hours); 
 
(b)        access to information about the Services in the possession of Novotech,
 
for a maximum period of three (3) business days (unless extended by written agreement of the Parties) so that the Sponsor may conduct an audit of the services that Novotech provides, its systems, processes and methodologies and/or the Services (Services Audit).
 
10.2    Novotech agrees that it will:
 
(a)        promptly notify Sponsor of any proposed regulatory inspection (Inspection) relating to the Services;
 
(b)        where possible, allow Sponsor’s Representatives to be present during any Inspection and provide Sponsor with a copy of any Inspection report; and
 
(c)        take any reasonable steps requested by Sponsor to cure any deficiencies of Novotech’s processes identified in an Inspection.
 
	 
	Page 6 of 12
	
 
	 

 
 
  
11        Insurance
 
11.1    During the term of this Agreement, the Parties will maintain appropriate professional indemnity and any other insurance policies sufficient to apply to any liability that may arise out of or in connection with this Agreement and any Project Agreement. 
 
11.2    Each Party will provide certificates of currency upon request.
 
11.3    In the event that Novotech is required to be a named insured on the Sponsor’s clinical trial insurance policy for the purposes of a Study, the Sponsor agrees that Novotech may be a named insured for that purpose and agrees to add Novotech as a named insured.
 
 
  
12        Liability and Indemnities
 
12.1    Each Party agrees to indemnify (Indemnifying Party) the other Party, its Affiliates and Representatives (Indemnified Party) in respect of any Claim or Loss suffered or incurred by any of them arising out of or in connection with the Services except to the extent that the circumstances giving rise to a Claim or Loss are directly caused by the acts or omissions or breach of this Agreement or any Project Agreement by the Indemnified Party.
 
Study Indemnities
 
12.2 Sponsor agrees to indemnify and hold harmless Novotech from and against all Claims and Losses arising out of or in any way related or incidental to Novotech providing an indemnity to any site, investigator or ethics committee against claims arising from the Study on the terms and conditions of the applicable local indemnity and agrees to adhere to any local compensation guidelines for injury resulting from participating in a clinical trial. 
 
12.3 Novotech agrees that it will not provide any indemnity referred to in clause 12.2 without the Sponsor’s written approval
 
Consequential Loss
 
12.4        Despite any other provision of this Agreement, a Party will not be liable to any other Party for and in respect of all claims by a Party for consequential, indirect or special damages including but not limited to loss of profits, loss of data, or goodwill, whether or not the likelihood of such claim was contemplated.
 
Conditions
 
12.5    The Indemnified Party must:
 
(a)        promptly notify the other party of a Claim;
 
(b)        co-operate with the Indemnifying Party in relation to a Claim;
 
(c)        not admit liability, take any action or enter into any settlement without the written approval of the Indemnifying Party. The Indemnified Party will not have any authority to settle any claim on behalf of the Indemnifying Party. 
 
Limitation of liability
 
12.6    Despite any other provision of this Agreement, each Party’s maximum liability to the other Party pursuant to or related to the Services for any breach, negligence or any breach of statutory duty (to the extent possible) will be the amount of the fees actually paid for the Services. The limitation of liability provisions in this clause do not apply to any Losses which cannot be limited by law, or to tangible property damage, personal injury, illness or death.
 	 
	Page 7 of 12
	
 
	 

 
 
 
 
13        Payment
 
For each Project Agreement:
 
Professional Fees and Expenses
 
13.1    The Sponsor will pay Novotech’s reasonable professional fees and expenses in connection with the Services as set out in the applicable Project Agreement (Professional Fees).
 
13.2    The Sponsor will pay any and all applicable taxes required to be imposed by local law in relation to the provision of the Services.
 
Pass Through Costs
 
13.3    The Sponsor will pay Novotech for all reasonable and required pass through costs as set out in a Project Agreement (Pass Through Costs) and any other reasonable costs that Novotech incurs as a result of providing the Services that are approved in advance by Sponsor. Novotech will advise Sponsor promptly in writing of any additional costs not set out in a Project Agreement prior to those costs being incurred.
 
13.4 The Sponsor agrees to pay the agreed Professional Fees and Pass Through Costs as set out in the Project Agreement. At the conclusion of the Services, Novotech will reconcile payments made by the Sponsor and will set off any amounts owing by the Sponsor for the Services rendered. Any excess part of the payments held by Novotech will be refunded to the Sponsor within 30 days of close out of the Services.
 
Investigator Fees
 
13.5    If Novotech will be paying sites and investigators on behalf of Sponsor (as set out in any clinical trial agreement pursuant to the Services), Novotech will on a quarterly basis (unless otherwise specified in the Project Agreement):
 
(a)        provide Sponsor with an invoice reflecting an estimate of the funding required not later than 60 days prior to the start of a quarter to be paid by Sponsor within 30 days;
 
(b)        submit a request to Sponsor with appropriate documentation as soon as practicable if additional funds are required;
 
(c)        adjust the forecast for the following quarter if not all funds are projected to be disbursed by the end of a given quarter; and
 
(d)        provide Sponsor with an accounting of funds disbursed to sites and investigators and return excess funds promptly upon request of Sponsor or, 30 days after completion of the Services.
 
13.6    Sponsor acknowledges that Novotech will not make payments to sites and/or investigators without having first received sufficient cleared funds from Sponsor.
 
Invoices
 
13.7    Upfront Payment are payable immediately on invoice Sponsor will pay all other invoices within 30 days of the date of invoice unless otherwise specified in the Project Agreement. The parties will promptly and in good faith resolve and disputed amount.
 
13.8    If the Professional Fees are unitised, Novotech will issue the Sponsor monthly invoices for the Professional Fees rendered during that month. 
 	 
	Page 8 of 12
	
 
	 

 
13.9    If the Professional Fees are via monthly management fees and milestones, Novotech will issue the Sponsor invoices for each monthly management fee each month and Novotech will issue milestone invoices as and when it reaches a milestone.
 
13.10  Novotech will issue the Sponsor monthly invoices for reasonable and customary Pass Through Costs incurred during that month in accordance with the Project Agreement and using the applicable exchange rate as at the date of invoice. Upon request, Novotech agrees promptly to provide documentation, which reasonably substantiates any amount invoiced hereunder. 
 
13.11  If Novotech has been providing Services pursuant to an interim agreement, Novotech agrees to reconcile all payments received from the Sponsor for the Services which have not yet been provided and credit the Sponsor that amount.
 
Inflation
 
13.12  Every 12 months during the Term, all remaining Professional Fees will increase by the percentage specified in the Health Consumer Price Index reported by the Australian Bureau of Statistics. If the Professional Fees are being paid via milestones, inflation will be estimated and included in the overall Professional Fees.
 
Contact Details
 
13.13  Novotech’s finance team can be contacted in relation to Payments at AccountsReceivable@novotech-cro.com.
 
Financial Audit
 
13.14  Novotech will keep and maintain complete and accurate records of the Fees and Pass Through Costs incurred in its performance of the Services. 
 
13.15  Novotech agrees that the Sponsor may, at the Sponsor’s own expense and upon reasonable notice, audit the books and financial records of Novotech relating to the Services for the sole purpose of verifying the accuracy of the amounts invoiced.
 
 
 
14        Termination
 
Right to terminate
 
14.1    Sponsor may terminate this Agreement or a Project Agreement, without cause, by providing no less than 30 days’ notice in writing to the other Party. Novotech may terminate this Agreement or Project Agreement, without cause, by providing no less than 90 days’ notice
 
14.2    A Party may terminate this Agreement or a Project Agreement with immediate effect on giving written notice if the other Party:
 
(a)        breaches a material term of this Agreement that, if such breach is capable of remedy, is not remedied within 30 days of receipt of written notice from the non-breaching Party; or
 
(b)        is dissolved, liquidated, an administrator or receiver is appointed, becomes insolvent or is otherwise the subject of winding up proceedings.
 
Co-operation and payment
 
14.3    Upon termination of a Project Agreement, Novotech agrees to reasonably assist and cooperate with Sponsor to provide for an orderly wind down or transfer of the Services (including novate or terminate any agreements with third parties). Upon termination of a Project Agreement for any reason, Novotech shall not be entitled to receive any termination or cancellation fee unless specifically agreed to by Sponsor and Novotech in such Project Agreement. Sponsor agrees to pay Novotech for all such Services completed prior to the date of termination, and any non-cancellable costs; provided that Novotech used commercially reasonable efforts to mitigate and reduce such non-cancellable costs).
 	 
	Page 9 of 12
	
 
	 

 
Survival
 
14.4    The obligations of the Parties contained in the Information, Intellectual Property, Records, Insurance and Liability and Indemnities sections will survive termination of this Agreement.
 
 
  
15        Dispute Resolution
 
15.1    In the event that a dispute relating to the Services, this Agreement or any Project Agreement arises between the Parties, the Parties will use all reasonable efforts to resolve the dispute through discussions with nominated senior or executive officers for a period of 30 days following receipt of written notice of the dispute. 
 
15.2    In the event that the dispute is not resolved, the Parties must submit the dispute to mediation before having recourse to any other dispute resolution process.
 
15.3    If the dispute is not resolved by mediation 60 days after the dispute is submitted to mediation subject to Clause 16.5, the Parties may seek any other lawful remedy available to it.
 
 
  
16        General
 
Notices
 
16.1    All notices given by a Party under or in connection with this Agreement must be in writing and sent by mail (deemed delivered 3 business days after deposit at the respective postal service) or email (deemed to be received at the beginning of the next business day) to the address of the relevant party as set out below (or otherwise updated by notice):
 
Novotech (Australia) Pty Limited 
Attention: General Counsel 
Address: Level 3, 235 Pyrmont Street, Pyrmont 2009 NSW Australia
Email: legal@novotech-cro.com
 
EMBI Australia Pty Ltd
Attention: Leanne Groves, Company Secretary
Address: 58 Gipps Street, Collingwood, 3066 Vic, Australia
Email: leanne.groves@cosec.com.au 
Relationship of Parties
 
16.2    Novotech provides the Services to the Sponsor as an independent contractor and not as the Sponsor’s employee, agent, partner or a joint venture party. Neither party has the right, power or authority to bind the other.
 
Severability
 
16.3    If a provision of this Agreement (in whole or in part) is deemed to be illegal, invalid or otherwise unenforceable, the other provisions will remain in full force and effect and the void provision will be replaced by a valid provision, mutually agreed between the Parties.
 	 
	Page 10 of 12
	
 
	 

 
Assignment
 
16.4    Neither Party may assign, transfer or otherwise deal with this Agreement or any Project Agreement or any right or obligation under this Agreement without the prior written consent of the other party, consent not to be unreasonably withheld except that:
 
(a)        either Party may assign, mortgage, transfer or otherwise deal with any of its rights or obligations under this Agreement without the prior written consent of the other party in the event of a merger, sale or similar transaction involving all or substantially all of its assets; and 
 
(b)        either Party may assign this Agreement to an Affiliate.
 
Governing law and jurisdiction
 
16.5    This Agreement is governed by and construed in accordance with the laws of New South Wales, Australia without giving effect to the doctrine of conflict of laws. The Parties agree and irrevocably submit to the exclusive jurisdiction of the competent courts of New South Wales, Australia.
 
Entire agreement
 
16.6    This Agreement constitutes the entire agreement between the Parties in relation to its subject matter. All prior discussions, undertakings, agreements, representations, warranties and indemnities in relation to that subject matter are replaced by this Agreement and have no further effect.
 
Valid execution
 
16.7    Each of the Parties represents and warrants that it has full power and authority to execute this Agreement and that this Agreement has been duly executed by it. 
 
16.8    Each Party agrees this Agreement is a legal and binding agreement enforceable against either Party in accordance with the terms of the Agreement.
 
Counterparts 
 
16.9    This Agreement may be executed in any number of counterparts. All counterparts taken together constitute one instrument. Signatures transmitted by facsimile transmission or in read-only digital files have the same force and effect as original signatures. 
 	 
	Page 11 of 12
	
 
	 

 
 
Executed as an Agreement
 
	Signed for and on behalf of Novotech (Australia) Pty Limited by its authorised representative: 
	 
	Signed for and behalf of EMBI Australia Pty Ltd by its authorised representative:

	Signature 
	 
	Signature

	Name (print)
	 
	Name (print)

	Title
	 
	Title

	Date:
	 
	Date:

 
		 
	Signature

		 
	Name (print)

		 
	Title

		 
	Date:

 
 
 
	 
	Page 12 of 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}]]