Document:

Exhibit 10.1

 

ACQUISITION AGREEMENT

 

This Acquisition Agreement (“Agreement”)
is entered into this 30 day of September 2020 by and among Rayont INC (formerly Velt International Group Inc.), a Nevada corporation
(“Acquirer”), Rayont International (L) Limited (formerly Natural Health Farm INC.), an Labuan, Malaysia Company (“Target”)
and Taleo Holdings (L) Limited ,the shareholder of Rayont International (L) Limited, being the owners of record of 100% of the
issued and outstanding common stock of Target (referred to hereafter as the “Shareholders”).

 

Whereas, Acquirer desires to acquire and the
Shareholders desire to transfer the issued securities of Target identified in item 1.1 below in a transaction intended to qualify
as a reorganization within the meaning of section 368(a)(1)(B) of the United States Internal Revenue Code of 1986, as amended.

 

Now, therefore, Acquirer, Target, and the Shareholder
agree as follows:

 

1.            Purchase
Price and Exchange of Stock

 

 1.1          The purchase price is USD $ 1,800,000.00 to be paid in form of shares of Rayont INC (formerly Velt International Group Inc.) based on the closing price on September 29, 2020 that is USD 0.07 per share for 100% shares of Rayont International (L) Limited (formerly Natural Health Farm INC.).

 

1.2          Exchange
of Certificates. The Shareholders shall surrender such certificate(s) in the aggregate number of shares representing 100% of the
issued and outstanding common stock of Target to Acquirer and shall receive in exchange a certificate or certificates representing
the 25,714,286 shares of Acquirer’s common stock. The transfer of Target shares by the Shareholders shall be affected by
the delivery to Acquirer at the Closing of certificates representing the transferred shares endorsed in blank or accompanied by
stock powers executed in blank. Of the total of 25,714,286 shares to be issued by the Acquirer to all current shareholders shall
receive 25,714,286 shares.

 

1.3          Further
Assurances. At the Closing and from time to time thereafter, the Shareholders shall execute such additional instruments and take
such other action as Acquirer may request in order more effectively to sell, transfer, and assign the transferred stock to Acquirer
and to confirm Acquirer's title thereto.

 

2.            Exchange of Other Securities.

 

2.1          Securities
Exchanged. The outstanding warrants, options, stock rights and other securities of Target owned by the Shareholder identified in
item 1.1 above shall be exchanged and adjusted, subject to the terms contained in such warrants, options, stock rights or other
securities, for similar securities of Acquirer.

  

3.            Closing.
The Closing contemplated herein shall be held on or before September 30, 2020 at the principal offices of Acquirer, unless another
place or time is agreed upon by the parties without requiring the meeting of the parties hereof. All proceedings to be taken and
all documents to be executed at the Closing shall be deemed to have been taken, delivered and executed simultaneously, and no proceeding
shall be deemed taken nor documents deemed executed or delivered until all have been taken, delivered and executed. The date of
Closing may be accelerated, delayed or extended by agreement of the parties.

 

Any copy, facsimile telecommunication or other
reliable reproduction of the writing or transmission required by this Agreement or any signature required thereon may be used in
lieu of an original writing or transmission or signature for any and all purposes for which the original could be used, provided
that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing
or transmission or original signature.

 

4.            Representations
and Warranties of Target

 

Target represents and warrants as follows:

 

4.1           Corporate
Status. Target and its subsidiaries are private companies duly organized, validly existing, and in good standing under the laws
of respective jurisdictions.

 

4.2           Capitalization.
The capital stock of Target consists of 100,000 total shares, which are issued and outstanding, all fully paid and non-assessable.
No other shares are outstanding.

 

     

     

    

 

4.3           Subsidiaries.
Target has not subsidiaries.

 

4.4           Financial
Statements. The unaudited financial statements of Target for the year ended December 31, 2019, and the reviewed financial statements
for any interim period, (together, and collectively, “Target’s Financial Statements”) furnished to Acquirer are
correct and fairly present the financial condition of Target as of the dates and for the periods involved, and such statements
were prepared in accordance with generally accepted accounting principles consistently applied.

 

4.5           Undisclosed
Liabilities. Target had no liabilities of any nature except to the extent reflected or reserved against in Target’s Financial
Statements, whether accrued, absolute, contingent, or otherwise, including, without limitation, tax liabilities and interest due
or to become due, and Target's accounts receivable, if any, are collectible in accordance with the terms of such accounts, except
to the extent of the reserve therefore in Target's Financial Statements.

 

4.6           Absence
of Material Changes. Between the date of Target’s Financial Statements and the Closing of this Agreement, there have not
been, except as set forth in a list certified by the president of Target and delivered to Acquirer, (1) any changes in Target's
financial condition, assets, liabilities, or business which, in the aggregate, have been materially adverse; (2) any damage, destruction,
or loss of or to Target's property, whether or not covered by insurance; (3) any declaration or payment of any dividend or other
distribution in respect of Target's capital stock, or any direct or indirect redemption, purchase, or other acquisition of any
such stock; or (4) any increase paid or agreed to in the compensation, retirement benefits, or other commitments to employees.

 

4.7           Litigation.
There is no litigation or proceeding pending, or to Target’s knowledge threatened, against or relating to Target, its properties
or business, except as set forth in a list certified by the president of Target and delivered to Acquirer.

 

4.8           Contracts.
Target is not a party to any material contract except as set forth in a list certified by the president of Target and delivered
to Acquirer.

 

4.9           No
Violation. Execution of this Agreement and performance by Target hereunder has been duly authorized by all requisite corporate
action on the part of Target, and this Agreement constitutes a valid and binding obligation of Target, performance hereunder will
not violate any provision of any charter, bylaw, indenture, mortgage, lease, or agreement, or any order, judgment, decree, law,
or regulation to which any property of Target is subject or by which Target is bound.

 

4.10         Title
to Property. Target has good and marketable title to all properties and assets, real and personal, reflected in Target's Financial
Statements, except as since sold or otherwise disposed of in the ordinary course of business, and Target's properties and assets
are subject to no mortgage, pledge, lien, or encumbrance, except for liens shown therein, with respect to which no default exists.

 

4.11         Corporate Authority.
Target has full corporate power and authority to enter into this Agreement and to carry out its obligations hereunder and will
deliver at the Closing a certified copy of resolutions of its board of directors authorizing execution of this Agreement by its
officers and performance thereunder.

 

4.12         Access
to Records. From the date of this Agreement to the Closing, Target will (1) give to Acquirer and its representatives full access
during normal business hours to all of its offices, books, records, contracts, and other corporate documents and properties so
that Acquirer may inspect and audit them and (2) furnish such information concerning Target's properties and affairs as Acquirer
may reasonably request.

 

4.13         Confidentiality.
Until the Closing (and permanently if there is no Closing), Target and the Shareholder will keep confidential any information which
they obtain from Acquirer concerning its properties, assets, and business. If the transactions contemplated by this Agreement are
not consummated, Target and the Shareholder will return to Acquirer all written matter with respect to Acquirer obtained by them
in connection with the negotiation or consummation of this Agreement.

   

5.            Representations
and Warranties of the Shareholder

 

The Shareholder hereby represents and warrants
as follows:

 

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5.1           Title
to Shares. The current shareholders are the owners, free and clear of any liens and encumbrances, of 100,000 shares of Target ordinary
stock which they have contracted to exchange and which represents all of the issued and outstanding common stock of Target.

 

5.2           Litigation.
There is no litigation or proceeding pending, or as to the Shareholder’s knowledge threatened, against or relating to the
shares of Target held by the Shareholder.

 

6.            Representations
and Warranties of Acquirer

 

The Acquirer represents and warrants as follows:

 

6.1           Corporate
Status. Acquirer is a corporation duly organized, validly existing, and in good standing under the laws of Australia and is licensed
or qualified the nature of its business or the character or ownership of its properties makes such licensing or qualification necessary.

 

6.2           Capitalization.
The authorized capital stock of Acquirer consists of 500,000,000 shares of common stock, 0.001 par value per share, of which approximately
13,157,532 shares are issued and outstanding, all fully paid and non-assessable.

 

6.3           Subsidiaries.
Acquirer has acquired Rayont International (L) Limited as its subsidiary as of the date of agreement. The acquirer has two more
subsidiaries that are:

		1.	Rayont (Australia) Pty Ltd f.k.a THF Holdings Pty Ltd

		2.	Rayont Technologies Pty Ltd

 

6.4           Public
Company. Acquirer is Corporation a United States public company listed with Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934.

 

6.5           Public
Filings. The Acquirer, through its parent company is currently a public corporation and has not any reports required to be filed
by it under Section 13 or 15 of the Securities Exchange Act of 1934.

 

6.6           Undisclosed
Liabilities. Acquirer had no liabilities of any nature except to the extent reflected or reserved against in Acquirer's Financial
Statements, whether accrued, absolute, contingent, or otherwise, including, without limitation, tax liabilities and interest due
or to become due, and Acquirer's accounts receivable, if any, are collectible in accordance with the terms of such accounts, except
to the extent of the reserve therefore in Acquirer's Financial Statements.

 

6.7           Absence
of Material Changes. Between the date of Acquirer’s Financial Statements and the Closing of this Agreement, there have not
been, except as set forth in a list certified by the president of Acquirer and delivered to Target, (1) any changes in Acquirer's
financial condition, assets, liabilities, or business which, in the aggregate, have been materially adverse; (2) any damage, destruction,
or loss of or to Acquirer's property, whether or not covered by insurance; (3) any declaration or payment of any dividend or other
distribution in respect of Acquirer's capital stock, or any direct or indirect redemption, purchase, or other acquisition of any
such stock; or (4) any increase paid or agreed to in the compensation, retirement benefits, or other commitments to employees.

 

6.8           Litigation.
There is no litigation or proceeding pending, or to Acquirer’s knowledge threatened, against or relating to Acquirer, its
properties or business, except as set forth in a list certified by the president of Acquirer and delivered to Target.

 

6.9         Contracts.
Acquirer is not a party to any material contract other than those listed as an attachment hereto.

 

6.10         No
Violation. Execution of this Agreement and performance by Acquirer hereunder has been duly authorized by all requisite corporate
action on the part of Acquirer, and this Agreement constitutes a valid and binding obligation of Acquirer, performance hereunder
will not violate any provision of any charter, bylaw, indenture, mortgage, lease, or agreement, or any order, judgment, decree,
law, or regulation to which any property of Acquirer is subject or by which Acquirer is bound.

 

6.11         Title
to Property. Acquirer has good and marketable title to all properties and assets, real and personal, reflected in Acquirer's Financial
Statements, except as since sold or otherwise disposed of in the ordinary course of business, and Acquirer's properties and assets
are Subject to no mortgage, pledge, lien, or encumbrance, except for liens shown therein, with respect to which no default exists.

 

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6.12         
Corporate Authority. Acquirer has full corporate power and authority to enter into this Agreement and to carry out its obligations
hereunder and will deliver at the Closing a certified copy of resolutions of its board of directors authorizing execution of this
Agreement by its officers and performance thereunder.

 

6.13         Confidentiality.
Until the Closing (and permanently if there is no Closing), Acquirer and its representatives will keep confidential any information
which they obtain from Target concerning its properties, assets, and business. If the transactions contemplated by this Agreement
are not consummated, Acquirer will return to Target all written matter with respect to Target obtained by it in connection with
the negotiation or consummation of this Agreement.

 

6.14         Investment
Intent. Acquirer is acquiring the Target shares to be transferred to it under this Agreement for investment and not with a view
to the sale or distribution thereof, and Acquirer has no commitment or present intention to liquidate Target or to sell or otherwise
dispose of its stock.

 

7.             Conduct
Pending the Closing

 

Acquirer, Target and the Shareholder covenant
that between the date of this Agreement and the Closing as to each of them:

 

7.1           No
change will be made in the charter documents, by-laws, or other corporate documents of Acquirer or Target without the written consent
of the parties hereto.

 

7.2           Target
and Acquirer will use their best efforts to maintain and preserve its business organization, employee relationships, and goodwill
intact, and will not enter into any material commitment except in the ordinary course of business.

 

7.3           The
Shareholder will not sell, transfer, assign, hypothecate, lien, or otherwise dispose or encumber the Target shares of common stock
owned by him.

 

8.            Conditions
Precedent to Obligation of Target and the Shareholders

 

Target’s and the Shareholder’s
obligation to consummate this exchange shall be Subject to fulfillment on or before the Closing of each of the following conditions,
unless waived by Target or the Shareholders as appropriate:

 

8.1           Acquirer's
Representations and Warranties. The representations and warranties of Acquirer set forth herein shall be true and correct at the
Closing as though made at and as of that date, except as affected by transactions contemplated hereby.

 

8.2           Acquirer's
Covenants. Acquirer shall have performed all covenants required by this Agreement to be performed by it on or before the Closing.

 

8.3           Board
of Director Approval. This Agreement shall have been approved by the Board of Directors of Acquirer.

 

8.4           Supporting
Documents of Acquirer. Acquirer shall have delivered to Target and the Shareholder supporting documents in form and substance reasonably
satisfactory to Target and the Shareholder, to the effect that:

 

(a) Acquirer is a corporation duly organized,
validly existing, and in good standing;

 

(b) Acquirer's authorized capital stock is
as set forth herein;

 

(c) Copies of the resolutions of the board
of directors of Acquirer authorizing the execution of this Agreement and the consummation hereof; and

 

(d) Any document as may be specified herein
or required to satisfy the conditions, representations and warranties enumerated elsewhere herein.

  

9.            Conditions
Precedent to Obligation of Acquirer

 

Acquirer's obligation to consummate this acquisition
shall be Subject to fulfillment on or before the Closing of each of the following conditions, unless waived by Acquirer:

 

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9.1         Target’s
and the Shareholder’s Representations and Warranties. The representations and warranties of Target and the Shareholder set
forth herein shall be true and correct at the Closing as though made at and as of that date, except as affected by transactions
contemplated hereby.

 

9.2         Target’s
and the Shareholder’s Covenants. Target and the Shareholder shall have performed all covenants required by this Agreement
to be performed by them on or before the Closing.

 

9.3         Board
of Director Approval. This Agreement shall have been approved by the Board of Directors of Target.

 

9.4         Shareholder
Execution. This Agreement shall have been executed by the Shareholder of Target.

 

9.5         Supporting
Documents of Target. Target shall have delivered to Acquirer supporting documents in form and Substance reasonably satisfactory
to Acquirer to the effect that:

 

(a) Target is a corporation duly organized,
validly existing, and in good standing;

 

(b) Target's capital stock is as set forth
herein;

 

(c) Copies of the resolutions of the board
of directors of Target authorizing the execution of this Agreement and the consummation hereof; and 

 

(d) Any document as may be specified herein
or required to satisfy the conditions, representations and warranties enumerated elsewhere herein.

 

10.           Indemnification

 

10.1         Indemnification
of Acquirer. Target and the Shareholder severally (and not jointly) agree to indemnify Acquirer against any loss, damage, or expense
(including reasonable attorney fees) suffered by Acquirer from (1) any breach by Target or the Shareholder of this Agreement or
(2) any inaccuracy in or breach of any of the representations, warranties, or covenants by Target or the Shareholder herein; provided,
however, that (a) Acquirer shall be entitled to assert rights of indemnification hereunder only if and to the extent that it suffers
losses, damages, and expenses (including reasonable attorney fees) exceeding $50,000 in the aggregate and (b) Acquirer shall give
notice of any claims hereunder within twelve months beginning on the date of the Closing. No loss, damage, or expense shall be
deemed to have been sustained by Acquirer to the extent of insurance proceeds paid to, or tax benefits realizable by, Acquirer
as a result of the event giving rise to such right to indemnification.

 

10.2         Proportionate
Liability. The liability of the Shareholder under this Section shall in no event exceed 50 percent of the value of the Acquirer
shares received by such Shareholder.

 

10.3         Indemnification
of Target and the Shareholder. Acquirer agrees to indemnify Target and the Shareholder against any loss, damage, or expense (including
reasonable attorney fees) suffered by Target or the Shareholder from (1) any breach by Acquirer of this Agreement or (2) any inaccuracy
in or breach of any of Acquirer's representations, warranties, or covenants herein.

 

10.4         Defense
of Claims. Upon obtaining knowledge thereof, the indemnified party shall promptly notify the indemnifying party of any claim which
has given or could give rise to a right of indemnification under this Agreement. If the right of indemnification relates to a claim
asserted by a third party against the indemnified party, the indemnifying party shall have the right to employ counsel acceptable
to the indemnified party to cooperate in the defense of any such claim. As long as the indemnifying party is defending any such
claim in good faith, the indemnified party will not settle such claim. If the indemnifying party does not elect to defend any such
claim, the indemnified party shall have no obligation to do so.

 

11.         Termination.
This Agreement may be terminated (1) by mutual consent in writing; (2) by either Target, the Shareholder or Acquirer if there has
been a material misrepresentation or material breach of any warranty or covenant by any other party; or (3) by either Target, the
Shareholder or Acquirer if the Closing shall not have taken place, unless adjourned to a later date by mutual consent in writing.

 

12.         Survival
of Representations and Warranties. The representations and warranties of Target, the Shareholders and Acquirer set out herein
shall survive the Closing for a period of twelve (12) months.

  

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13.           Arbitration

 

Scope. The parties hereby agree that any and
all claims (except only for requests for injunctive or other equitable relief) whether existing now, in the past or in the future
as to which the parties or any affiliates may be adverse parties, and whether arising out of this agreement or from any other cause,
will be resolved by arbitration before the American Arbitration Association.

 

Situs. The situs of arbitration shall be chosen
by the party against whom arbitration is sought, provided only that arbitration shall be held at a place in the reasonable vicinity
of such party's place of business or primary residence and shall be within the United States. The situs of counterclaims will be
the same as the situs of the original arbitration. Any disputes concerning situs will be decided by the American Arbitration Association.

 

Applicable Law. The law applicable to the arbitration
and this agreement shall be that of the State of Nevada, determined without regard to its provisions which would otherwise apply
to a question of conflict of laws. Any dispute as to the applicable law shall be decided by the arbitrator.

 

Disclosure and Discovery. The arbitrator may,
in its discretion, allow the parties to make reasonable disclosure and discovery in regard to any matters which are the Subject
of the arbitration and to compel compliance with such disclosure and discovery order. The arbitrator may order the parties to comply
with all or any of the disclosure and discovery provisions of the Federal Rules of Civil Procedure, as they then exist, as may
be modified by the arbitrator consistent with the desire to simplify the conduct and minimize the expense of the arbitration.

 

Finality and Fees. Any award or decision by
the American Arbitration Association shall be final, binding and non-appealable except as to errors of law. Each party to the arbitration
shall pay its own costs and counsel fees.

 

Measure of Damages. In any adverse action,
the parties shall restrict themselves to claims for compensatory damages and no claims shall be made by any party or affiliate
for lost profits, punitive or multiple damages.

 

Covenant Not to Sue. The parties covenant that
under no conditions will any party or any affiliate file any action against the other (except only requests for injunctive or other
equitable relief) in any forum other than before the American Arbitration Association, and the parties agree that any such action,
if filed, shall be dismissed upon application and shall be referred for arbitration hereunder with costs and attorney's fees to
the prevailing party.

 

Intention. It is the intention of the parties
and their affiliates that all disputes of any nature between them, whenever arising, from whatever cause, based on whatever law,
rule or regulation, whether statutory or common law, and however characterized, be decided by arbitration as provided herein and
that no party or affiliate be required to litigate in any other forum any disputes or other matters except for requests for injunctive
or equitable relief. This agreement shall be interpreted in conformance with this stated intent of the parties and their affiliates.

 

14.           General
Provisions

 

14.1         Further
Assurances. From time to time, each party will execute such additional instruments and take such actions as may be reasonably required
to carry out the intent and purposes of this Agreement.

 

14.2         Waiver.
Any failure on the part of either party hereto to comply with any of its obligations, agreements, or conditions hereunder may be
waived by the party to whom such compliance is owed.

 

14.3         Brokers.
Each party agrees to indemnify and hold harmless the other party against any fee, loss, or expense arising out of claims by brokers
or finders employed or alleged to have been employed by the indemnifying party.

 

14.4         The shareholders, Taleo Holdings (L) Limited
has the right to request to the acquirer to issue more common stock if the price per share drop under USD 0.07.

 

14.5         Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been given if delivered in person
or sent by prepaid first-class certified mail, return receipt requested, or recognized commercial courier service, as follows:

 

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If to Acquirer, to:

 

Rayont INC. (formerly Velt International Group
Inc)

Level 3, 26 Marine Parade, Southport,

Queensland 4215, Australia

 

If to Target or Shareholder, to:

 

Taleo Holdings (L) Limited

6 Lot 19, Level 1, Suite A, Lazenda Commercial
Centre Phase 3,

Jalan OKK Abdullah, 87000

Labuan F.T. Malaysia

 

14.6         Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of State of Nevada.

 

14.7         Assignment.
This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their successors and assigns; provided,
however, that any assignment by either party of its rights under this Agreement without the written consent of the other party
shall be void.

 

14.8         Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Signatures sent by facsimile or electronic transmission shall be deemed
to be evidence of the original execution thereof.

 

14.9         Effective
Date. The effective date of this Agreement shall be September 30, 2020. 

 

	 	Rayont INC. (formerly Velt International Group Inc)
	 	 
	 	
         

        By: /s/ Marshini Thulkanam

	 	Name:   Marshini  Thulkanam 
	 	Title: President & Chief Executive Officer
	 	 
	 	
         

        Taleo Holdings (L) Limited

	 	 
	 	
         

        By: /s/ Abdul Kudus B. Sharif

	 	Name:   Abdul Kudus B. Sharif
	 	Title: Chief Executive Officer 

 

    7EX-4.6

 Exhibit 4.6 

Summary of terms of employment for Mike Henry – Chief Executive Officer, BHP 

1. Term 
 Mr Henry is employed under a single employment
agreement with the BHP Group with no fixed term. The contract is applicable with effect from the date of Mr Henry’s appointment as Chief Executive Officer (CEO) on 1 January 2020. Mr Henry’s performance and remuneration will be reviewed at
the end of each financial year. 
 The Group retains the right to terminate the contract by giving 12 months’ notice or by making payment in lieu of
notice of 12 months’ base salary plus the relevant contribution to a superannuation or pension scheme. Mr Henry is also entitled to any accrued entitlements such as earned but untaken leave. Mr Henry has a right to terminate the contract by
giving 12 months’ notice. 
 2. Fixed Salary and Retirement Benefits 

Mr Henry is paid a base salary of US$1,700,000 per annum. He is entitled to an additional sum equal to 10 per cent of base salary (which at the commencement of
the contract will be US$170,000 per annum) which he may pay into a superannuation or pension scheme, defer receipt of until retirement under the retirement savings plan, or take as a cash payment in lieu of retirement benefits. 

Where Mr Henry elects to allocate the retirement contribution to a superannuation or pension scheme, or the retirement savings plan, the rules of the relevant
plans will apply. 
 3. Benefits 
 Mr Henry receives
additional benefits including the cost of health, life and disability insurance, business-related spouse/partner travel, and the preparation of multi-jurisdictional taxation returns. 

4. Incentive arrangements 
 Mr Henry is eligible to
participate in incentive arrangements offered by BHP from time to time. Initially, Mr Henry will participate in the Cash and Deferred Plan (CDP) and the Long Term Incentive Plan (LTIP). The CDP and LTIP are part of BHP’s remuneration policy
which was approved by shareholders at the 2019 Annual General Meetings. 
 CDP 

Under the rules of the CDP, Mr Henry is entitled to incentive awards calculated by reference to his base salary. For performance at the target level, which
requires Mr Henry to meet the rigorous performance hurdles set by the Board, including delivery of the budget, Mr Henry would receive a cash bonus worth 80 per cent of base salary. For performance at the maximum level, Mr Henry would receive a cash
bonus of 120 per cent of base salary. Two tranches of deferred shares will be awarded to Mr Henry, each to the equivalent value of the actual cash bonus received. These two tranches of deferred shares will vest in two years and five years,
respectively. 
 The grant of deferred shares will be subject to the approval of shareholders where required by applicable listing rules. 

LTIP 
 Long-term incentives are issued under the
terms of the LTIP. The number of LTIP awards allocated will be, on a face value basis, a maximum of 200 per cent of Mr Henry’s base salary, and based on the 12-month average share price and exchange rate up to and including the 30 June
preceding the date of grant. LTIP awards are subject to performance hurdles, which are measured five years after the effective date of the grant. Performance hurdles are not subject to re-testing. 

The performance hurdle requires BHP’s total shareholder return (TSR) over a five-year performance period to be measured against the TSR of a sector peer
group (67 per cent of awards) and the TSR of a global company index (33 per cent of awards). No LTIP awards vest if BHP’s TSR is below the relevant comparator group TSR and the LTIP awards will be forfeited. 25 per cent of LTIP awards vest if
BHP’s TSR is at the relevant comparator group TSR. For all LTIP awards to vest, BHP’s TSR must be at or above the 80th percentile TSR of the relevant comparator group. For performance between the relevant comparator group TSR and the 80th
percentile TSR of the relevant comparator group, vesting occurs on a sliding scale. 
 The grant of LTIP awards will be subject to the approval of
shareholders where required by applicable listing rules. 

 Dividends 

A dividend equivalent payment (DEP) is provided on vested CDP deferred shares and vested LTIP awards. No payment is made in respect of unvested or lapsed CDP
deferred shares and LTIP awards. DEPs are paid in the form of shares. 
 Entitlements on termination 

The rules of the CDP and LTIP and BHP’s remuneration policy provide that where employment is terminated by the resignation of the executive, or by the
Group for cause, Mr Henry is not entitled to any cash incentive for the year in question and all CDP deferred shares or LTIP awards will lapse. 
 If Mr
Henry retires or his employment terminates by mutual agreement: 
  

	•	 	 he may, at the Remuneration Committee’s discretion, be considered for a prorata incentive under the CDP for
the period of service during that year based on performance; 

  

	•	 	 CDP two-year deferred shares would vest in full on the original vesting date; 

 

	•	 	 CDP five-year deferred shares would vest on the original vesting date, with the number of deferred shares to vest
reduced prorata to reflect the period of service; and 

  

	•	 	 he would have a right to retain entitlements to LTIP awards, which would vest on the original vesting date, only
if, and to the extent, the performance hurdles are ultimately met. The number of entitlements Mr Henry would be permitted to retain would be reduced prorata to reflect the period of service. 

Special provisions relate to events described as “uncontrollable” such as death and serious injury. In those circumstances, all of the CDP deferred
shares and LTIP awards that have been awarded but which have not vested or are not exercisable vest immediately to and/or become immediately exercisable by Mr Henry or his estate. 

5. Minimum shareholding requirement (MSR) 
 The Board and
Remuneration Committee has determined that during his term as CEO, Mr Henry will be required to hold BHP securities with a value at least equal to five times one year’s pre-tax (gross) base salary. The value of the securities for the purposes
of this requirement is the market value of the underlying shares. Unvested awards do not qualify. 
 The CEO is expected to grow his holdings to the MSR
from the scheduled vesting of his employee awards over time. The MSR is tested at the time that shares are to be sold. Shares may be sold to satisfy tax obligations arising from the granting, holding, vesting, exercise or sale of the employee awards
or the underlying shares whether the MSR is satisfied at that time or not. 
 Effective 1 July 2020, a two-year post-retirement shareholding requirement for
the CEO will apply from the date of retirement, which will be the lower of the CEO’s MSR or the CEO’s actual shareholding at the date of retirement. 

6. Leave entitlements 
 Mr Henry will be entitled to the
following leave entitlements: 
  

	•	 	 Annual leave – in accordance with applicable Australian law, currently four weeks per annum.

  

	•	 	 Other leave – in accordance with applicable law. 

7. Post-employment restraints 
 Mr Henry will be subject
to non-competition and non-solicitation restraints that operate for 12 months after the cessation of his employment.

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