Document:

exv10w2

 

Exhibit 10.2

SIMS GROUP LIMITED

ACN 114 838 630

EXECUTIVE LONG

TERM INCENTIVE

PLAN RULES

 

 

CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	PAGE
	 
	 	 	 	 	 	 	 	 
	1	 	INTRODUCTION	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 
	 	1.1	 	Purpose of plan	 	 	 	 
	 
	 	1.2	 	Risks	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	2	 	INVITATION TO PARTICIPATE	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 
	 	2.1	 	Board’s discretion to make Invitations	 	 	 	 
	 
	 	2.2	 	Form of Invitation	 	 	 	 
	 
	 	2.3	 	Minimum parcel	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	3	 	ACQUISITION OF PLAN SHARES	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	 
	 	3.1	 	Applications	 	 	 	 
	 
	 	3.2	 	Allotment	 	 	 	 
	 
	 	3.3	 	Holding and Stock Exchange quotation	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	4	 	FINANCIAL ASSISTANCE	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	 
	 	4.1	 	Request for Financial Assistance	 	 	 	 
	 
	 	4.2	 	When application made	 	 	 	 
	 
	 	4.3	 	Form of application	 	 	 	 
	 
	 	4.4	 	Acceptance and terms	 	 	 	 
	 
	 	4.5	 	When Financial Assistance repayable	 	 	 	 
	 
	 	4.6	 	Reduction of indebtedness	 	 	 	 
	 
	 	4.7	 	Amount repayable	 	 	 	 
	 
	 	4.8	 	Limited recourse	 	 	 	 
	 
	 	4.9	 	Surplus on sale	 	 	 	 
	 
	 	4.10	 	Dividends and Rights	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	5	 	SECURITY FOR FINANCIAL ASSISTANCE	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	 
	 	5.1	 	Security	 	 	 	 
	 
	 	5.2	 	Other security	 	 	 	 
	 
	 	5.3	 	Terms of security	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	6	 	ALTERATION OF TERMS AND PROVISIONS OF PLAN	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	 
	 	6.1	 	Discretion to vary Plan	 	 	 	 
	 
	 	6.2	 	Foreign Awards	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	7	 	PERIOD OF PLAN	 	 	7	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	PAGE
	 
	 	 	 	 	 	 	 	 
	8	 	EXPENSES	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	9	 	SHARES SUBJECT OF PLAN	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	10	 	TRANSFERS OF PLAN SHARES TO THE COMPANY	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	 
	 	10.1	 	Participating Employee to assist	 	 	 	 
	 
	 	10.2	 	Attorney	 	 	 	 
	 
	 	10.3	 	Compliance with laws	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	11	 	INTERPRETATION	 	 	8	 
	 
	 	 	 	 	 	 	 	 
	 
	 	11.1	 	Definitions	 	 	 	 
	 
	 	11.2	 	Construction	 	 	 	 
	 
	 	11.3	 	Headings	 	 	 	 

 

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	1	 	INTRODUCTION
	 
	1.1	 	Purpose of plan
	 
	 	 	The Company has established this Plan to encourage Employees to share in the ownership of
the Company, in order to promote the long-term success of the Company as a goal shared by
the Employees.
	 
	1.2	 	Risks
	 
	 	 	There are risks associated with participation in the Plan. These include the risk that the
Plan Shares will lose value and that Participating Employees may not benefit from their
investment in Plan Shares. Employees should ensure that they understand the risks before
accepting an invitation to participate in the Plan.
	 
	2	 	INVITATIONS TO PARTICIPATE
	 
	2.1	 	Board’s discretion to make Invitations
	 
	 	 	The Board may from time to time invite any Employee to apply to participate in the Plan
(including Employees who are already or have previously been a Participating Employee).
Subject to this Rule 2, the Board has an absolute discretion in determining whether to make
an Invitation, when to make an Invitation, and the number of Plan Shares (if any) that an
Employee is invited to subscribe for.
	 
	2.2	 	Form of Invitation
	 
	 	 	An Invitation shall be in writing signed by a director of the Company and shall specify:

	 	(a)	 	the total number of Plan Shares for which the Employee may subscribe;
	 
	 	(b)	 	the Subscription Price or method for calculating the Subscription Price for a
Plan Share;
	 
	 	(c)	 	the terms and conditions of the Financial Assistance offered;
	 
	 	(d)	 	the Performance Hurdles applicable to the Invitation;
	 
	 	(e)	 	the time within and the method by which the Invitation may be accepted; and
	 
	 	(f)	 	any other terms and conditions applicable to the Invitation determined by the
Board.

	2.3	 	Minimum parcel
	 
	 	 	An Invitation must be for a minimum parcel of one hundred (100) Plan Shares and an Employee
must accept at least a minimum parcel of one hundred (100) Plan Shares or a number of Plan
Shares being a multiple of one hundred (100).

 

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	3	 	ACQUISITION OF PLAN SHARES
	 
	3.1	 	Applications
	 
	 	 	An Invitation may be responded to in whole or in part by the invited Employee or a Nominee
signing and returning the form of application attached to the Invitation (“Application
Form”) to the Company by the time specified in the Invitation (or such later time as the
Company may allow), together with a duly completed Finance Application Form. Any
application by an Employee or Nominee to participate in the Plan shall be taken to be
accepted by the Company if, and on the date, the Company allots shares to the Employee or
Nominee (as the case may be) following receipt by the Company of the Application Form.
	 
	3.2	 	Allotment
	 
	 	 	The Company may, upon receipt from an Employee or Nominee of a duly completed Application
Form and a duly completed Finance Application Form, allot to the Employee or Nominee (as
the case may be) the number of Plan Shares applied for, credited as fully paid up.
	 
	 	 	Under no circumstances will shares be allotted under this clause if to do so would be in
breach of the Corporations Act or any Listing Rules.
	 
	3.3	 	Holding and Stock Exchange quotation
	 
	 	 	As soon as practicable after the allotment of Plan Shares by the Company to a Participating
Employee the Company shall arrange an uncertificated holding in the name of the allottee in
respect of the Plan Shares so allotted.
	 
	 	 	While any Plan Shares are pledged as security for Financial Assistance pursuant to Rule 5,
or are subject to Performance Hurdles, dealings in Plan Shares will be restricted provided
that a Participating Employee may transfer such Plan Shares to a Nominee with the approval
of the Board, in which case such restrictions on dealing with the Plan Shares that apply in
respect of the Participating Employee shall likewise apply in respect of the Nominee. The
Board may, in its absolute discretion, determine the nature of the restrictions on dealings
(eg holding locks) to be applied to Plan Shares.
	 
	4	 	FINANCIAL ASSISTANCE
	 
	4.1	 	Request for Financial Assistance
	 
	 	 	An Employee or Nominee who responds to an Invitation by returning an Application Form to
the Company shall apply to the Company for Financial Assistance to finance the Employee’s
or Nominee’s (as the case may be) subscription for Plan Shares.
	 
	4.2	 	When application made
	 
	 	 	An application for Financial Assistance shall be made at the time of returning the
Application Form to the Company.

 

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	4.3	 	Form of application
	 
	 	 	Each application for Financial Assistance shall be made on a form approved by the Company
duly completed and signed by the Employee or Nominee (as the case may be) (‘Finance
Application Form’). The Company shall set out in the Finance Application Form the terms
and conditions of the Financial Assistance, which shall be supplemental to and not
inconsistent with the terms and conditions contained in this Rule 4.
	 
	4.4	 	Acceptance and terms

	 	(a)	 	Subject to Rule 4.4 (b), the Company will, on accepting an Application Form
and subject to clause 4.4 (b), be obliged to accept a duly completed and signed
Finance Application Form by making a loan to the Borrower on the terms and subject to
such conditions set out in the Finance Application Form and in these Rules.
	 
	 	(b)	 	In any event, the Company will not accept a Finance Application Form under
this Rule if to do so would be in breach of the Corporations Act.

	4.5	 	When Financial Assistance repayable

	 	(a)	 	Subject to Rules 4.5(b) and (c), Financial Assistance provided to a Borrower
shall be repayable by the Borrower in full within five years after the date on which
the Financial Assistance is provided (or within such longer period and in such manner
as the Company may determine) (the date the Financial Assistance becomes repayable
being a ‘Repayment Date’).
	 
	 	(b)	 	Subject to Rule 4.7 and notwithstanding Rule 4.5(a), Financial Assistance
shall become due and payable by the Borrower to the Company on the date (also a
“Repayment Date”) of:

	 	(i)	 	the cessation of the Employee’s employment
with the Company or an Associated Body Corporate (including in the
case of Special Circumstances); or
	 
	 	(ii)	 	the failure to satisfy the relevant
Performance Hurdles; or
	 
	 	(iii)	 	the occurrence of a Control Event; or
	 
	 	(iv)	 	the date 10 days after the Borrower gives
notice to the Company of the Borrower’s desire to discharge the
Financial Assistance provided to the Borrower, provided that the
relevant Performance Hurdles are satisfied.

	 	(c)	 	For the purposes of this Rule 4.5, an Employee shall be deemed not to have
ceased his or her employment with the Company or with any Associated Body Corporate if
immediately after leaving he or she is employed by another Associated Body Corporate
or by the Company.

 

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	4.6	 	Reduction of indebtedness
	 
	 	 	A Borrower who has been provided Financial Assistance under this Rule 4 shall give an
irrevocable direction to the Company, such that the Company may (in its absolute
discretion) pay, or have paid, to itself on behalf of the Borrower, for the purposes of
reducing the amount of the Borrower’s indebtedness to the Company, all or any moneys that
may from time to time become payable in respect of the Plan Shares or Rights, with the
exception of dividends.
	 
	4.7	 	Amount repayable
	 
	 	 	If a Repayment Date occurs, the Company shall accept in full and complete satisfaction of
the Borrower’s indebtedness and obligations to it under the Plan:

	 	(a)	 	if the Performance Hurdles have been satisfied (provided there has not been
Dismissal For Cause of the Employee) or in the case of the happening of a Repayment
Event referred to in Rule 4.5 (b)(iii) (ie a Control Event), either, at the election
of the Borrower:

	 	(i)	 	the total amount of all moneys then owing by the Borrower
to the Company under the Plan, which the Borrower (or his or her legal
personal representative (as the case may be) must pay to the Company within
28 days (or such longer period as the Board may agree) of the Repayment Date.
In this case, the Borrower shall be entitled to any benefits (including
dividends and Rights) accruing from, and including, the Repayment Date in
respect of the Plan Shares; or
	 
	 	(ii)	 	the transfer of the Plan Shares of the Borrower to the
Company, which the Borrower (or his or her legal personal representative (as
the case may be) must transfer to the Company within 28 days (or such longer
period as the Board may agree) of the Repayment Date.In this case, the
Borrower shall be entitled to any benefits (including dividends and Rights)
accruing in respect of the Plan Shares from, and including, the Repayment
Date to the date the Borrower and the Company enter a buy-back agreement for
the Borrower’s Plan Share; or

	 	(b)	 	subject to Rule 4.7(c), if the Performance Hurdles have not been satisfied or
in the case of the Dismissal For Cause of the Employee then, the Borrower must, within
28 days of the Repayment Date (or such longer period as the Board may agree) transfer
the Borrower’s Plan Shares to the Company. In this case, unless the Board determines
otherwise, the Borrower shall forfeit any entitlement to any benefits (including
dividends and Rights) accruing from, and including the Repayment Date in respect of
the Plan Shares.
	 
	 	(c)	 	if the Performance Hurdles have not been satisfied and the Repayment Event
results from a Special Circumstance and the Board, in its absolute discretion,
determines that the Borrower is not required to transfer all of the Borrower’s Plan
Shares to the Company but may retain some or all of

 

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	 	 	 	those Plan Shares (the Plan Shares, if any, which the Board determines the
Borrower may retain being the “Retainable Shares”), at the election of the
Borrower, either:

	 	(i)	 	the total amount of all moneys then owing by the Borrower
to the Company under the Plan in respect of the Retainable Shares (including
that proportion of the Financial Assistance which financed the Borrower’s
acquisition of the Retainable Shares) (“Repayment Amount”) and the transfer
of the Plan Shares of the Borrower other than the Retainable Shares
(“Non-Retainable Shares”) to the Company. The Borrower (or his or her legal
personal representative (as the case may be)) must pay the Repayment Amount
to the Company and transfer the Non-Retainable Shares to the Company within
28 days (or such longer period as the Board may agree) of the Repayment Date.
In this case, the Borrower shall be entitled to any benefits (including
dividends and Rights) accruing from, and including, the Repayment Date in
respect of the Retainable Shares and to any benefits (including dividends and
Rights) accruing in respect of the Non-Retainable Shares from, and including,
the Repayment Date to the date the Borrower and the Company enter a buy-back
agreement for the Borrower’s Non-Retainable Shares; or
	 
	 	(ii)	 	the transfer of all of the Plan Shares of the Borrower to
the Company, which the Borrower (or his or her legal personal representative
(as the case may be) must transfer to the Company within 28 days (or such
longer period as the Board may agree) of the Repayment Date.In this case,
the Borrower shall be entitled to any benefits (including dividends and
Rights) accruing in respect of the Plan Shares from, and including, the
Repayment Date to the date the Borrower and the Company enter a buy-back
agreement for the Borrower’s Plan Shares.

	4.8	 	Limited recourse
	 
	 	 	If the value of Plan Shares transferred to the Company pursuant to Rule 4.7 or Rule 5.2, is
less than the total amount of moneys owing by the Borrower to the Company then no further
amount of moneys shall be repayable by the Borrower to the Company and no further amount
shall at any time be recoverable by the Company from the Borrower.
	 
	4.9	 	Surplus on sale

	 	(a)	 	If, for the purposes of Rule 4.7(a) (i), the Company is authorised by the
Borrower, and agrees, to arrange the sale of any Plan Shares in order to pay any money
owing by the Borrower to the Company and the proceeds of sale exceed the total amount
owing to the Company by the Borrower, the surplus shall be paid by the Company to the
Borrower.
	 
	 	(b)	 	If, for the purposes of Rule 4.7 (c) (i), the Company is authorised by the
Borrower, and agrees, to arrange the sale of any Plan Shares in order to pay the
Repayment Amount and the proceeds of sale exceed the total

 

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	 	 	amount of the Repayment Amount, the surplus shall be paid by the Company to the
Borrower.
	 
	4.10	 	Dividends and Rights
	 
	 	 	Subject to Rule 5.1 (b), a Participating Employee has the
right to receive dividends and franking credits and Rights
associated with that Participating Employee’s Plan Shares.
	 
	5	 	SECURITY FOR FINANCIAL ASSISTANCE
	 
	5.1	 	Security
	 
	 	 	As security for Financial Assistance, a Borrower must grant to the Company:

	 	(a)	 	a pledge of the Plan Shares acquired by the Borrower at the time the
Financial Assistance is provided to the Borrower;
	 
	 	(b)	 	unless the Board determines otherwise, a charge over:

	 	(i)	 	all Rights in respect of those Plan Shares; and
	 
	 	(ii)	 	all other moneys paid or payable on those Plan Shares or
other shares the subject of the charge, with the exception of dividends.

	5.2	 	Other security
	 
	 	 	A Borrower must not create, other than in favour of the Company, any security interest over
any Plan Shares whilst they are subject to the restrictions of the Plan. Should a Borrower
create such a security interest over his or her Plan Shares the Borrower must transfer his
or her Plan Shares to the Company as full settlement of any outstanding loans related to
his or her Plan Shares and the Borrower will have no further entitlement under the Plan.
	 
	5.3	 	Terms of security
	 
	 	 	The terms of the security referred to in Rule 5.1 will be set out in the Finance
Application Form.

 

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	6	 	ALTERATION OF TERMS AND PROVISIONS OF PLAN
	 
	6.1	 	Discretion to vary Plan
	 
	 	 	Subject to the Listing Rules and applicable law the Company may make such alterations,
variations, additions, deletions or modifications to all or any of the provisions of the
Plan or to all or any of the rights or obligations under the Plan of the Participating
Employees or any of them as may be determined by the Board, provided however that no such
alteration, variation, addition, deletion or modification shall be made if it would have
the effect of depriving the holders of issued Plan Shares of any rights to which they are
then entitled unless approved by 75% of the holders of Plan Shares affected by such a
change or unless the amendments are required by law.
	 
	6.2	 	Foreign Awards
	 
	 	 	The Board may grant awards, in its sole discretion, to eligible
Employees who are residing in jurisdictions outside of Australia. For
purposes of the foregoing, the Board may, in its sole discretion, vary
the terms of the Plan in order to conform any awards to the legal/tax
requirements and the customary equity compensation practices of each
non-Australian jurisdiction where an eligible Employee resides. The
Board may, it its sole discretion, establish one or more sub-plans of
the Plan and/or may establish administrative rules and procedures to
grant awards and alternative awards to Employees in non-Australian
jurisdictions and/or to facilitate the operation of the Plan in such
non-Australian jurisdictions. For purposes of clarity, any terms
contained herein which are subject to variation in a non-Australian
jurisdiction and any administrative rules and procedures established
for a non-Australian jurisdiction shall be reflected in a written
addendum to the Plan. To the extent permitted under applicable law,
the Board may delegate its authority and responsibilities under this
Rule 6.2 to one or more Employees of the Company.
	 
	7	 	PERIOD OF PLAN
	 
	 	 	The Plan shall commence upon its approval by members of the Company in general meeting and
shall continue until terminated by resolution of the Board at any stage.
	 
	8	 	EXPENSES
	 
	 	 	The Company will meet the ongoing administration expenses of the Plan. The Participating
Employee will meet all outgoings and expenses in selling or otherwise dealing with his or
her Plan Shares.
	 
	9	 	SHARES SUBJECT OF PLAN
	 
	 	 	The maximum number of Plan Shares that may be issued under the Plan and all other employee
incentive plans of the Company shall be 10% of the issued capital in the Company.

 

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	10	 	TRANSFERS OF PLAN SHARES TO THE COMPANY
	 
	10.1	 	Participating Employee to assist
	 
	 	 	A Participating Employee shall do all things necessary or considered desirable by the
Company to effect a transfer of Plan Shares to the Company (ie buy-back of Plan Shares)
under Rule 4.7 or Rule 5.2, including, without limitation, pass or give any necessary
shareholder resolutions or authorisations for the buy-back, enter into a share buy-back
agreement, execute a share transfer form and deliver any share certificates to the Company.
	 
	10.2	 	Attorney
	 
	 	 	A Participating Employee whose Plan Shares are to be transferred to the Company (ie bought
back by the Company) under Rule 4.7 or Rule 5.2 is taken to have appointed any secretary or
director of the Company for the time being as its attorney in its name and on its behalf to
execute any documents and implement any procedures that may be required to effect a
transfer of Plan Shares to the Company (ie buy-back of Plan Shares) under Rule 4.7 or Rule
5.2, including, without limitation, pass or give any necessary shareholder resolutions or
authorisations for the buy-back, enter into a share buy-back agreement and execute a share
transfer form on the Participating Employee ‘s behalf.
	 
	10.3	 	Compliance with laws
	 
	 	 	Any transfer of Plan Shares to the Company (ie buy-back of Plan Shares) under Rule 4.7 or
Rule 5.2 is subject to compliance with:

	 	(a)	 	the Corporations Act (including Part 2J.1); and
	 
	 	(b)	 	the Listing Rules.

	11	 	INTERPRETATION
	 
	11.1	 	Definitions
	 
	 	 	In these Rules:
	 
	 	 	“Application Form” has the meaning in Rule 3.1.
	 
	 	 	“Associated Body Corporate” means a body that is a related body corporate of the Company in
terms of section 50 of the Corporations Act.
	 
	 	 	“Board” means the Board of directors of the Company.
	 
	 	 	“Borrower” means a Participating Employee who receives Financial Assistance.
	 
	 	 	“Company” means Sims Group Limited ACN 114 838 630.
	 
	 	 	“Control” has the meaning given in section 50AA of the Corporations Act.
	 
	 	 	“Control Event” means any of the following circumstances:

 

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	 	(a)	 	the Board determines that there are circumstances which have occurred or
are likely to occur which will result in significant changes to the structure or
Control of the Company which may adversely affect the rights of or value of benefits
to Participating Employees, and gives written notice of such determination to the
Participating Employee; or
	 
	 	(b)	 	(i)	 	offers are made to acquire the whole of the issued ordinary share
capital of the Company (or such part thereof as is not at the time owned by the
offeror or any company controlled by the offeror and/or associates of the offeror)
and after the announcement of the general offer the offeror (and any such companies
and/or persons) acquires Control of the Company; or

	 	(ii)	 	offers are made to acquire the whole of the issued ordinary
share capital of the Company (or such part thereof as aforesaid) by any
person who (together with any company controlled by such person and/or
associates of the offeror) has Control of the Company; or
	 
	 	(iii)	 	a resolution for a members’ voluntary winding up of the
Company is passed (other than for the purpose of a reconstruction or
amalgamation).

	 	 	“Dismissal” means the termination of employment of an Employee for lack of performance (in
the reasonable opinion of the Board), fraud, dishonesty or other serious misconduct or any
other reason (not being Special Circumstances).
	 
	 	 	“Dismissal For Cause” means the termination of employment of an Employee for fraud,
dishonesty or other serious misconduct.
	 
	 	 	“Employee” means any person who is a permanent full-time or part-time employee of the
Company or of any of its Associated Body Corporates and who in the Board’s opinion is an
executive officer and includes an executive director of the Company or of any of its
Associated Body Corporates.
	 
	 	 	“Finance Application Form” has the meaning given in Rule 4.3.
	 
	 	 	“Financial Assistance” means an interest free loan made to a Borrower on the terms and
conditions of these Rules to enable the Borrower to subscribe for Plan Shares.
	 
	 	 	“Invitation” means an invitation to apply to participate in the Plan made to an Employee in
accordance with Rule 2.
	 
	 	 	“Listing Rules” means the listing rules of the Stock Exchange, as amended from time to
time.
	 
	 	 	“Nominee” means a nominee of an Employee approved by the Board.
	 
	 	 	“Non-Retainable Shares” has the meaning given in Rule 4.7.
	 
	 	 	“Participating Employee” means an Employee or a Nominee who has responded to an an
Invitation and whose Application Form has been accepted by the Company.

 

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	 	 	“Performance Hurdles” means the performance, vesting and/or other criteria, which are
determined by the Board and specified in the Invitation, and which are required to be met
before Plan Shares to which such Invitation relates may be withdrawn from the Plan by the
Participating Employee, as reduced (if at all) or waived in whole or in part at any time by
the Board and notified to the Participating Employee.
	 
	 	 	“Plan” means this Executive Long Term Incentive Plan.
	 
	 	 	“Plan Shares” means ordinary shares in the Company each carrying the same dividend rights
and otherwise ranking pari passu in all respects with the issued ordinary shares of the
Company.
	 
	 	 	“Repayment Amount” has the meaning given in Rule 4.7.
	 
	 	 	“Repayment Date” has the meaning in Rule 4.5.
	 
	 	 	“Repayment Event” has the meaning in Rule 4.5.
	 
	 	 	“Resignation” means the termination of an Employee’s engagement as an Employee by the
volition of the Employee, but does not include Dismissal or retirement or resignation by
the Employee from employment with the Company or any Associated Body Corporate in order to
become an employee of the Company or any Associated Body Corporate or taking approved study
leave or approved leave of absence.
	 
	 	 	“Retainable Shares” has the meaning given in Rule 4.7.
	 
	 	 	“Rights” means bonus shares, rights and further shares issued in respect of the Plan
Shares.
	 
	 	 	“Rule” means a Rule of the Plan.
	 
	 	 	“Special Circumstances” means:

	 	(a)	 	death of the Employee; or
	 
	 	(b)	 	circumstances which, in the opinion of the Board, constitute total and
permanent disablement of the Employee; or
	 
	 	(c)	 	termination of an Employee’s employment with the Company or with an
Associated Body Corporate at the normal retirement age, or at any other time
including early retirement with the Company’s consent, but excluding Dismissal or
Resignation; or
	 
	 	(d)	 	termination of a Participating Employee’s employment with the Company or
with an Associated Body Corporate which, in the opinion of the Board, occurs by
reason of either:

	 	(i)	 	the position previously being occupied by the Employee
being made redundant in accordance with the Company’s General Redundancy
Policy; or

 

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	 	(ii)	 	the Associated Body Corporate that employs an Employee
ceasing to be an Associated Body Corporate.

	 	 	“Stock Exchange” means Australian Stock Exchange Limited.
	 
	 	 	“Subscription Price” in respect of a Plan Share means the weighted average of the prices at
which fully paid ordinary shares in the capital of the Company were traded on the Stock
Exchange during the one week period up to and including the date of acceptance by the
Company of an Application Form lodged by an Employee or Nominee under Rule 3.1 (being the
date of allotment of Plan Shares to the Participating Employee).
	 
	11.2	 	Construction
	 
	 	 	In these Rules, unless expressed to the contrary:

	 	(a)	 	terms defined in the Corporations Act have the same meaning in these
Rules;
	 
	 	(b)	 	words importing:

	 	(i)	 	the singular include the plural and vice versa;
	 
	 	(ii)	 	any gender includes the other genders;

	 	(c)	 	if a word or phrase is defined cognate words and phrases have corresponding
definitions;
	 
	 	(d)	 	a reference to:

	 	(i)	 	a person includes a firm, unincorporated association,
corporation and a government or statutory body or authority;
	 
	 	(ii)	 	a person includes its legal personal representatives,
successors and assigns;
	 
	 	(iii)	 	a statute, ordinance, code or other law includes
regulations and other statutory instruments under it and consolidations,
amendments, re-enactments or replacements of any of them;
	 
	 	(iv)	 	a right includes a benefit, remedy, discretion, authority
or power;
	 
	 	(v)	 	an obligation includes a warranty or representation and a
reference to a failure to observe or perform an obligation includes a breach
of warranty or representation;
	 
	 	(vi)	 	“$” or “dollars” is a reference to the lawful currency of
Australia;
	 
	 	(vii)	 	this or any other document includes the document as varied
or replaced and notwithstanding any change in the identity of the parties;
and

 

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	 	(viii)	 	any thing (including, without limitation, any amount) is a reference to the
whole or any part of it and a reference to a group of things or persons is a
reference to any one or more of them.

	11.3	 	Headings
	 
	 	 	Headings do not affect the interpretation of these Rules.exv10w3

 

Exhibit 10.3

 

Long Term Incentive Plan Rules

Sims Group Limited

 

 

 

Contents

	 	 	 	 	 	 	 
	Clause	 	 	 	 	 
	Number	 	Heading	 	Page	 
	 	 	 
	 	 	 	 
	1 	 	Introduction
	 	 	1	 
	 	 	 
	 	 	 	 
	2 	 	Definitions and Interpretation
	 	 	1	 
	 	 	 
	 	 	 	 
	3 	 	Issue of Awards
	 	 	3	 
	 	 	 
	 	 	 	 
	4 	 	Offers
	 	 	4	 
	 	 	 
	 	 	 	 
	5 	 	Vesting and Exercise of Awards
	 	 	5	 
	 	 	 
	 	 	 	 
	6 	 	Allotment of Shares on exercise or vesting of Awards
	 	 	6	 
	 	 	 
	 	 	 	 
	7 	 	Restricted Awards and Restricted Shares
	 	 	7	 
	 	 	 
	 	 	 	 
	8 	 	Adjustments
	 	 	8	 
	 	 	 
	 	 	 	 
	9 	 	Power of attorney
	 	 	9	 
	 	 	 
	 	 	 	 
	10 	 	Powers of the Board
	 	 	9	 
	 	 	 
	 	 	 	 
	11 	 	Commencement, suspension, termination and amendment of Plan
	 	 	10	 
	 	 	 
	 	 	 	 
	12 	 	General provisions
	 	 	10	 

Long Term Incentive Plan Rules

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Long Term Incentive Plan Rules

	1	 	Introduction

Purpose of plan

	1.1	 	The Company has established this Plan to encourage Employees to share in the ownership of the
Company, in order to promote the long-term success of the Company as a goal shared by all
Employees.

Advice

	1.2	 	There are legal and tax consequences associated with participation in the Plan. Employees
should ensure that they understand these consequences before accepting an invitation to
participate in the Plan.

	2	 	Definitions and Interpretation

Definitions

	2.1	 	In these Rules unless the contrary intention appears, terms defined in the Corporations Act
or Listing Rules have the same meaning in these Rules, and:
	 
	 	 	Application means a written acceptance of an Offer for, or an application for, Awards in a
form approved by or acceptable to the Board.
	 
	 	 	ASX means ASX Limited or the securities market which it operates, as the context requires.
	 
	 	 	Award means:

	 	(a)	 	a Performance Right, or
	 
	 	(b)	 	a Cash Right,

	 	 	as applicable.
	 
	 	 	Board means the Board of Directors of the Company.
	 
	 	 	Cash Right means a conditional right to receive a cash payment, which is issued under
clause 3.3.
	 
	 	 	Company means Sims Group Limited (ACN 114 838 630 ).
	 
	 	 	Control has the same meaning as in the Corporations Act.
	 
	 	 	Corporations Act means the Corporations Act 2001 (Cth).
	 
	 	 	Employee means a person who is a full-time or permanent part-time employee or officer, or
director of the Company or any related body corporate of the Company.
	 
	 	 	exercise means exercise of an Award in accordance with its terms, and includes automatic
exercise in accordance with these Rules.

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	 	 	Expiry Date means the date on which an Award lapses, being the date specified in an Offer as
the Expiry Date, or fixed by a method of calculation set out in an Offer.
	 
	 	 	issue of a Share includes the transfer of an existing Share in accordance with clause 8.3.
	 
	 	 	Issue Price means the price (if any) to be paid for the issue of an Award as stated in the
Offer.
	 
	 	 	Listed means the Company being and remaining admitted to the official list of the ASX.
	 
	 	 	Listing Rules means the Listing Rules of ASX and any other rules of the ASX which are
applicable while the Company is Listed each as amended or replaced from time to time, except
to the extent of any waiver granted by the ASX.
	 
	 	 	Market Price means the weighted average sale price of Shares or other relevant securities on
the ASX over the five trading days immediately preceding the Vesting Date, or another
pricing method determined by the Company.
	 
	 	 	Offer means an offer or issue of Awards made to an Employee under clause 4. Where Awards
are granted or issued without the need for acceptance, an Offer includes the document
setting out the terms of the Award.
	 
	 	 	Participant means an Employee to whom Awards are issued.
	 
	 	 	Performance Right means a conditional right to acquire a Share, which is issued under clause
3.2.
	 
	 	 	Plan means this Long Term Incentive Plan.
	 
	 	 	Restricted Award means an Award in respect of which a restriction on sale or disposal
applies under this Plan.
	 
	 	 	Restricted Share means a Share issued on exercise of an Award in respect of which a
restriction on sale or disposal applies under this Plan.
	 
	 	 	Restriction Period means the period during which Awards, or Shares issued on exercise of
Awards, must not be sold or disposed of, being the period specified in the Offer if
applicable.
	 
	 	 	Rules means these rules as amended from time to time.
	 
	 	 	Security Interest means an interest in an asset which provides security for, or protects
against default by, a person for the payment or satisfaction of a debt, obligation or
liability including a mortgage, charge, bill of sale, pledge, deposit, lien, encumbrance,
hypothecation, first right of refusal, voting right or arrangement for the retention of
title or any agreement, option or other arrangement to grant such an interest or right.
	 
	 	 	Share means a fully paid ordinary share of the Company.
	 
	 	 	Vesting Conditions means any conditions described in the Offer that must be satisfied before
an Award can be exercised or before an Award (or Share issued under an Award) is no longer
subject to forfeiture.

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	 	 	Vesting Date means the date on which an Award is exercisable or is no longer subject to
forfeiture following satisfaction of any Vesting Conditions, or the Award otherwise vesting
in accordance with these Rules.

Interpretation

	2.2	 	In these Rules, unless expressed to the contrary:

	 	(a)	 	terms defined in the Corporations Act have the same meaning in these Rules;
	 
	 	(b)	 	words importing:

	 	(i)	 	the singular include the plural and vice versa;
	 
	 	(ii)	 	any gender includes the other genders;

	 	(c)	 	if a word or phrase is defined cognate words and phrases have corresponding
definitions;
	 
	 	(d)	 	a reference to:

	 	(i)	 	a person includes a firm, unincorporated association,
corporation and a government or statutory body or authority;
	 
	 	(ii)	 	a person includes its legal personal representatives,
successors and assigns;
	 
	 	(iii)	 	a statute, ordinance, code or other law includes regulations
and other statutory instruments under it and consolidations, amendments,
re-enactments or replacements of any of them;
	 
	 	(iv)	 	a right includes a benefit, remedy, discretion, authority or
power;
	 
	 	(v)	 	“$” or “dollars” is a reference to the lawful currency of
Australia;
	 
	 	(vi)	 	this or any other document includes the document as varied or
replaced and notwithstanding any change in the identity of the parties; and
	 
	 	(vii)	 	any thing (including, without limitation, any amount) is a
reference to the whole or any part of it and a reference to a group of things
or persons is a reference to any one or more of them.

Headings

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

	3	 	Issue of Awards

	3.1	 	The Company may offer and issue Awards under the Plan to Employees at the discretion of
the Board.

Performance Rights

	3.2	 	The Company may offer or issue Performance Rights, which are rights (subject to these Rules)
to be issued a Share upon the satisfaction of specified Vesting Conditions. The following
terms apply, unless the Offer specifies otherwise:

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	 	(a)	 	Performance Rights are Restricted Awards until they are exercised or expire.
	 
	 	(b)	 	Unless the terms of an Offer specify otherwise, Shares issued on the exercise
of Performance Rights which are held by Participants who are ordinarily resident in
Australia are subject to a Restriction Period which ends on the earliest of:

	 	(i)	 	the Participant making an application to the Board seeking to
have the restrictions applying to the Shares removed and that request being
approved by the Board;
	 
	 	(ii)	 	the Board in its discretion unilaterally releasing the restriction;
	 
	 	(iii)	 	the Participant ceasing to be an Employee; and
	 
	 	(iv)	 	the tenth anniversary of the original issue date of the Performance Right.

	 	(c)	 	Performance Rights are subject to adjustment under clause 8.

Cash Rights

	3.3	 	The Company may offer or issue Cash Rights, which are rights (subject to these Rules) to be
paid the Market Price of a Share upon the satisfaction of specified Vesting Conditions. The
following terms apply, unless the Offer specifies otherwise:

	 	(a)	 	Cash Rights are Restricted Awards until they are exercised or expire.
	 
	 	(b)	 	Cash Rights are subject to adjustment under clause 8.

	4	 	Offers

	4.1	 	The Company may make an Offer to any Employee.

Form of Offer

	4.2	 	Each Offer must be in writing (which includes email), include an Application if acceptance is
required, and specify the following to the extent applicable:

	 	(a)	 	the name and address of the Employee to whom the Offer is made;
	 
	 	(b)	 	the type of Awards being offered;
	 
	 	(c)	 	the number of Awards being offered;
	 
	 	(d)	 	any Vesting Conditions for the Awards;
	 
	 	(e)	 	the Issue Price for the Awards (if any). If no Issue Price is specified then
the Issue Price is nil;
	 
	 	(f)	 	the Expiry Date (if any);
	 
	 	(g)	 	any Restriction Period;
	 
	 	(h)	 	any other terms or conditions that the Board decides to include; and
	 
	 	(i)	 	any other matters required to be specified in the Offer by either the
Corporations Act or the Listing Rules.

Long Term Incentive Plan Rules

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	4.3	 	If required by applicable laws, the Offer must include an undertaking by the Company to
provide to a Participant, if a request is made before the Award is Exercised and within a
reasonable period of being so requested, the current market price of the Shares.

Compliance with laws

	4.4	 	No Offer will be made to the extent that any such Offer would contravene the Company’s
Constitution, the Listing Rules, the Corporations Act or any other applicable law.

Acceptance

	4.5	 	If acceptance of an Offer is required, it may be accepted:

	 	(a)	 	by an Employee completing and returning the Application, as required by the
Offer, by not later than the date specified in the Offer; and
	 
	 	(b)	 	if required, by the Employee making or directing payment of the Issue Price
payable for the Awards (if any) accepted under the Offer, in the manner specified in
the Offer.

	4.6	 	An Offer which requires acceptance lapses if it is not accepted by the Employee to whom the
Offer is made as required under clause 4.5.

	5	 	Vesting and Exercise of Awards

Vesting

	5.1	 	The Awards held by a Participant will vest in and become exercisable by that Participant upon
the satisfaction of any Vesting Conditions specified in the Offer and in accordance with these
Rules.
	 
	5.2	 	Vesting Conditions may be waived, or varied so as to be less onerous, at the absolute
discretion of the Board (unless excluded by the terms of the Award).
	 
	5.3	 	If Vesting Conditions are not satisfied in accordance with the terms of an Offer, as amended
or waived under clause 5.2, or in accordance with clause 5.4 then the unvested Award will
lapse.

Automatic vesting on change of control

	5.4	 	Unless the terms of an Offer provide otherwise, an Award will vest immediately regardless of
whether its Vesting Conditions have been satisfied if a person who did not Control the Company
at the date of issue of the Award gains Control of the Company (but only if the person is not
itself Controlled by another person who Controlled the Company at the date of issue of the
Award).

Automatic Exercise

	5.5	 	Unless clause 5.6 applies, the vesting of an Award on the satisfaction of its Vesting
Conditions will automatically trigger the exercise of the Award without the need for any
action on the part of the Participant.
	 
	5.6	 	The terms of an Award may provide that the Award will not be exercised automatically upon
vesting, in which case the following clauses apply.

Long Term Incentive Plan Rules

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Exercise of Awards

	5.7	 	A Participant is, subject to this clause 5, entitled to exercise an Award on or after the
Vesting Date. Any exercise must be for a minimum number or multiple of Shares (if any)
specified in the terms of the Offer.
	 
	5.8	 	Awards may be exercised by the Participant delivering to the Company a notice stating the
number of Awards to be exercised.

	6	 	Allotment of Shares on exercise or vesting of Awards

Rights attaching to Shares

	6.1	 	The Shares issued under this Plan will upon allotment be:

	 	(a)	 	credited as fully paid;
	 
	 	(b)	 	rank equally for dividends and other entitlements where the record date is on
or after the date of allotment, but will carry no right to receive any dividend or
entitlement where the record date is before the date of allotment; and
	 
	 	(c)	 	subject to any restrictions imposed under these Rules, will otherwise rank
equally with the existing issued Shares at the time of allotment.

Quotation

	6.2	 	If the Company is Listed, then as soon as practicable after the date of the allotment of
Shares, the Company will, unless the Board otherwise resolves, apply for official quotation of
such Shares on the ASX.

New or existing Shares

	6.3	 	The Company may, in its discretion, either issue new Shares or cause existing Shares to be
acquired for transfer to the Participant, or a combination of both alternatives, to satisfy
the Company’s obligations under these Rules.
	 
	6.4	 	If the Company decides to cause the transfer of Shares to a Participant, the Shares may be
acquired in such manner as the Company considers appropriate, including from a trustee
appointed under clause 6.5.

Trustee

	6.5	 	The Company may appoint a trustee on terms and conditions which it considers appropriate to
acquire and hold Shares or other securities of the Company either on behalf of Participants or
for the purposes of this Plan.
	 
	6.6	 	Participants have no rights in respect of Shares or other securities held by a trustee unless
and until their Performance Rights vest.

Cash settlement of Performance Rights

	6.7	 	Performance Rights may, in the discretion of the Board, be satisfied by way of cash payments
to Participants instead of by the issue of Shares. The amount of cash payable will be the

Long Term Incentive Plan Rules

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	 	 	Market Price of the Shares that would have been issued to the Participant had the Board not
exercised this discretion. Cash payments will be paid subject to withholding under clause
6.8.

Liability for payments

	6.8	 	Where the Company, or any of its related bodies corporate, or a trustee appointed under this
clause 6 must account for any tax or social security contributions (in any jurisdiction) for
which a Participant may be liable because of the issue or transfer of Shares, payment of cash,
or the vesting or exercise of an Award (the Amount), the Company, related body corporate, or
trustee may in its discretion:

	 	(a)	 	withhold up to the Amount from any cash payment; and/or
	 
	 	(b)	 	withhold a number of Shares which would otherwise be provided to the
Participant and sell them in order to realise the Amount (with any excess received over
the Amount net of costs of sale being paid to the Participant).

	 	 	The Company, related body corporate, or trustee may also, either instead of or in addition
to exercising the above discretion:

	 	(c)	 	accept payment from the Participant of the relevant Amount; or
	 
	 	(d)	 	make acceptable arrangements with the Participant for the Amount to be made
available.

	7	 	Restricted Awards and Restricted Shares

Restrictions

	7.1	 	A Participant must not sell, transfer, grant a Security Interest over or otherwise dispose of
any Restricted Awards or Restricted Shares, or agree to do any of those things, during the
applicable Restriction Period.
	 
	7.2	 	The Company may implement any procedures it considers appropriate to ensure that Restricted
Awards or Restricted Shares are not disposed of during the Restriction Period, including
applying a holding lock in respect of Restricted Shares.
	 
	7.3	 	Without limiting its discretions under these Rules, the Board may at any time in its
discretion waive or shorten the Restriction Period applicable to an Award or a Share.

Bonus issues

	7.4	 	If the Company makes a pro rata bonus issue to holders of Restricted Shares, the Shares
issued to Participants under the pro rata bonus issue will be subject to the balance of the
Restriction Period which applied to the Restricted Shares.

Takeovers

	7.5	 	If a takeover bid is made to acquire all of the issued Shares of the Company, or a scheme of
arrangement, selective capital reduction or other transaction is initiated which has an effect
similar to a full takeover bid for Shares in the Company, then the Board may permit
Participants to accept the takeover bid or participate in the other transaction in respect of
all or part of their Restricted Shares notwithstanding that the Restriction Period in respect
of such Shares has not expired. Further, it is not a breach of these Rules if Restricted
Shares are

Long Term Incentive Plan Rules

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	 	 	disposed of by a Participant under laws relating to compulsory acquisition following a
takeover or otherwise in accordance with law or the order of a court.

Personal representatives

	7.6	 	If a Participant dies before the end of the Restriction Period, then the legal personal
representative of that deceased Participant will have the same rights and benefits and be
subject to the same obligations in respect of those Awards or Shares as the deceased
Participant would have had or been subject to had they survived until the end of the
Restriction Period.

	8	 	Adjustments

General

	8.1	 	The following provisions of this clause 8 apply to Performance Rights and Cash Rights in
respect of events occurring while they remain unvested.
	 
	8.2	 	Unless otherwise permitted by the Listing Rules, the number of Shares which the Participant
is entitled to receive on exercise of an Award will only be adjusted in accordance with this
clause 8. The Company must give notice to Participants of any adjustment to the number of
Shares which the Participant is entitled to receive on exercise of an Award in accordance with
the Listing Rules.

New issues

	8.3	 	A Participant is not entitled to participate in a new issue of Shares or other securities
made by the Company to holders of its Shares unless Performance Rights are vested and
exercised before the record date for the relevant issue.

Bonus issues

	8.4	 	If, prior to the exercise of an Award, the Company makes a pro-rata bonus issue to the
holders of its Shares, and the Award is not vested and exercised prior to the record date in
respect of that bonus issue, the Award will, if and when exercised, entitle the Participant
to:

	 	(a)	 	in the case of a Performance Right — an additional number of bonus securities
which would have been issued to the Participant if the Award had been exercised prior
to the record date; or
	 
	 	(b)	 	in the case of a Cash Right — an additional cash payment representing the
Market Value of the number of bonus securities which would have been issued to the
Participant if the Award had been a Performance Right and had been exercised prior to
the record date.

Capital returns

	8.5	 	If, prior to the exercise of an Award, the Company makes an equal return of capital to the
holders of its Shares, and the Award is not vested and exercised prior to the record date in
respect of that event, the Award will, if and when exercised, entitle the Participant to:

Long Term Incentive Plan Rules

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	 	(a)	 	in the case of a Performance Right — an additional cash payment or other
distribution which would have been made to the Participant if the Award had been
exercised prior to the record date; or
	 
	 	(b)	 	in the case of a Cash Right — an additional cash payment or the Market Value
of any other distribution which would have been made to the Participant if the Award
had been a Performance Right and had been exercised prior to the record date.

Compliance with Listing Rules

	8.6	 	If, prior to the exercise of an Award, the Company undergoes a reorganisation of capital
(other than by way of a bonus issue or issue for cash) the terms of the Awards of the
Participant will be changed to the extent necessary to comply with the Listing Rules as they
apply at the relevant time.

	9	 	Forfeiture

	9.1	 	If the terms of an Award provide that the Award, or a Share issued on exercise or vesting
of the Award, may be forfeited in certain circumstances, then upon forfeiture the Participant
must comply with any request of the Company or the Board to:

	 	(a)	 	transfer the Award or Share to a third party nominated by the Company
(including a trustee appointed for the purposes of this Plan) at no consideration; or
	 
	 	(b)	 	enter into a buy back agreement in relation to the Award or Share under which
it will be acquired by the Company for no consideration.

	9.2	 	The power of attorney provisions of clause 10 apply to any document to be executed under this
clause.

	10	 	Power of attorney

	10.1	 	In consideration of the issue of the Awards, each Participant irrevocably appoints each
director and the secretary for the time being of the Company severally as his or her attorney,
to do all acts and things and to complete and execute any documents, including share
transfers, in his or her name and on his or her behalf that may be convenient or necessary for
the purpose of giving effect to the provisions of these Rules or the terms of an Award. The
Participant (or after his or her death, his or her legal personal representative) will be
deemed to ratify and confirm any act or thing done under this power and to indemnify the
attorney in respect of doing so.

	11	 	Powers of the Board

	11.1	 	The Plan will be administered by the Board, or a committee of the Board (in which case
references in these Rules to the Board are taken to include references to such a committee),
which will have an absolute discretion to:

	 	(a)	 	determine appropriate procedures for administration of the Plan consistent with
these Rules;

Long Term Incentive Plan Rules

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	 	(b)	 	resolve conclusively all questions of fact or interpretation arising in
connection with the Plan or these Rules;
	 
	 	(c)	 	delegate to any one or more persons, for such period and on such conditions as
they may determine, the exercise of any of their powers or discretions under the Plan
or these Rules;
	 
	 	(d)	 	formulate special terms and conditions (subject to the Listing Rules), in
addition to those set out in these Rules to apply to Participants employed and/or
resident in and/or who are citizens of countries other than Australia. Each of these
special terms and conditions will be restricted in their application to those
Participants employed and/or resident in and/or who are citizens of other
jurisdictions; and
	 
	 	(e)	 	amend these Rules, provided that such amendments do not materially prejudice
the rights of existing Participants.

	11.2	 	While the Company is Listed, the Board may only exercise its powers in accordance with the
Listing Rules.

	12	 	Commencement, suspension, termination and amendment of Plan

	12.1	 	Subject to the passing of any necessary resolution approving the establishment of the
Plan and the issue of Awards, the Plan will take effect when the Board decides.
	 
	12.2	 	The Plan may be suspended, terminated or amended at any time by the Board, subject to any
resolution of the Company required by the Listing Rules.

	13	 	General provisions

Participants bound

	13.1	 	Participants issued Awards under this Plan are bound by these Rules and by the Constitution
of the Company.

Notices

	13.2	 	Any notice required to be given by the Company to a Participant or any correspondence to be
made between the Company and a Participant may be given or made by the Board or its delegate
on behalf of the Company.

Effect on employee entitlements

	13.3	 	Participation in the Plan does not affect an Employee’s terms of employment or appointment
with the Company. In particular, participation in the Plan does not detract from any right
the Company may have to terminate the employment or appointment of an Employee.
	 
	13.4	 	Participation in the Plan, or the issuing of any Awards, does not form part of the Employee’s
remuneration for the purposes of determining payments in lieu of notice of termination of
employment, severance payments, leave entitlements, or any other compensation payable to an
Employee upon the termination of employment.

Governing law

Long Term Incentive Plan Rules

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	13.5	 	These Rules are governed by and are to be construed in accordance with the laws of New South
Wales.

Long Term Incentive Plan Rules

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