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EXHIBIT 4(a)    
  

RETIREMENT AGREEMENT  

DATED                8th February 2002. 

BETWEEN  

Australia
and New Zealand Banking Group Limited A.C.N.005 357 522 (hereinafter called "ANZ") of Level 6, 100 Queen Street, Melbourne in the State of Victoria 

AND  

David
Michael Gonski of 32/100 Queen Street, Melbourne, Vic 3000 (hereinafter called "the Director") 

RECITALS  

	A.
	The
Director has been invited to be a director of ANZ.

	B.
	It
is currently the policy of the Board of ANZ, that any director appointed after 1993 will except in unusual circum stances retire after fifteen years of service as a director of ANZ.

	C.
	In
pursuance of the power conferred by Rule 10.5 of the Company's Constitution of ANZ and in consideration of the Director agreeing to act and continue to act as a director of
ANZ has agreed to pay the Director upon the termination of his office and in consequence thereof a retirement benefit on the terms and conditions hereinafter contained. 

NOW THIS AGREEMENT WITNESSES as follows: 

	1.
	The
Director acknowledges the policy of ANZ as set out in Recital B.

	2.
	Subject
always to the Director having served as a director of ANZ for a period of at least three years from the date hereof, upon the Director ceasing to be a director of ANZ he shall
be paid by ANZ a lump sum retirement benefit the amount of which shall be determined in accordance with Clause 4.

	3.
	If
the Director ceases to be a director of ANZ by reason of his death in office the said lump sum retirement benefit shall be paid to such one or more of them his widow, dependants and
legal personal representatives as the Directors of ANZ may in their absolute discretion decide.

	4.
	Subject
to Clause 5, the lump sum retirement benefit payable under Clause 2 shall where the Director has held office for eight years or more be equal to the total
emoluments paid or payable to him in respect of the three years immedately preceding his ceasing to be a director and shall where the director has held office for less than eight years be a
proportionate part of such emoluments. The proportionate part shall be the same proportion of such emoluments as the number of completed months for which the Director has held office bears to
ninety-six months. For the purposes of this clause the word "emoluments" means all fees and other amounts paid or payable directly or indirectly
to the Director as a director in connection with the management of the affairs of ANZ or of any holding company or subsidiary of ANZ but does not include amounts paid or payable in reimbursement of
out of pocket expenses.

	5.
	There
shall be deducted from the amount computed in accordance with Clause 4 the amount of any superannuation benefit paid or payable to the Director which is attributed to
contributions made by or on behalf of the Company to the ANZ Staff Superannuation Scheme,including any contributions made in accordance with the Superannuation Guarantee (Administration) Act 1992 or
any other relevant Commonwealth,Sate or Territory law. 

	6.
	For
the purposes of this Agreement the word 'month' does not mean calendar month and "completed month" means the period from the relevant day in one calendar month to the corresponding
day in the next calendar month or if there shall be no such corresponding day then to the first day after the next calendar month provided however that this provision shall not be applied to lengthen
intermediate months in a consecutive series of months and in that case shall only be applied to determine whether there is a "completed month" constituted by the days the Director held office in the
calendar months in which he (a) was appointed;and (b) ceased to hold office. 

IN
WITNESS WHEREOF this Agreement has been duly executed the day and year hereinbefore written. 

	SIGNED for and on behalf of Australia and

New Zealand Banking Group Limited

By Charles Barrington Goode	 	)

)

)	 	...........................................
	

SIGNED by the said David Michael Gonski

in the presence of:	
 	

)

)	
 	

............................................
	

Signature of Witness	
 	

 	
 	

 
	

Name of Witness (Print)	
 	

 	
 	

 

December 16 2002 

Mr
D M Gonski

7 Wolseley Crescent

Point Piper    2027 

Dear
David 

Your Retirement Agreement  

I
refer to the Retirement Agreement between ANZ and you dated 8 February 2002. 

In
accordance with the resolution of the Board at its meeting on 22 and 23 October 2002, ANZ hereby waives the three year qualifying period for accrual of benefits as provided for under
clause 2 of that Agreement. 

Accordingly,
the benefits provided for under clause 4 of the Agreement currently accrue and shall be payable to you upon your ceasing to be a director of ANZ, even if at the time of cessation
you have served for a period of less than three years. 

Yours
faithfully 

Charles
Goode

Chairman 

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EXHIBIT 4(b)    
  

25
November 2002 

Mr
Chris Cooper

32/100 Queen Street

Melbourne Vic 3000 

Dear
Chris 

        On
behalf of Australia and New Zealand Banking Group Limited ("ANZ"), I am pleased to formally advise you of your appointment to the position of Managing Director, Mortgages. 

        This
letter sets out the terms of your employment, and constitutes your employment agreement with ANZ ("employment agreement"). This employment agreement replaces all existing
agreements, arrangements, or understandings between you and ANZ. (References to ANZ include any corporation related to ANZ under the Corporations Act 2001.) 

1      Position, Reporting Arrangements and Location  

        Your position is Managing Director Mortgages reporting to John McFarlane, Chief Executive Officer, and located at 100 Queen Street, Melbourne. 

        Your
position is at Management Board level. ANZ may, at its discretion, change your position, reporting arrangements, duties and location on giving you reasonable notice, following
consultation with you, and taking into account career considerations and personal circumstances. 

2      Operative Date  

        This employment agreement, and your obligations under it, will commence on 2 December 2002. It does not affect your continuity of service for the purposes
of leave entitlements and other employment benefits. 

3      Remuneration  

        The details of your remuneration are set out in the Schedule. The Schedule forms part of this employment agreement. 

4      Leave  

4.1  Annual Leave  

        You will receive 4 weeks' contracted hours paid annual leave for each completed year of paid service with ANZ. You are required to take your full annual
leave entitlement of 4 weeks over the course of each ANZ financial year (1 October to 30 September), 2 weeks of which must be taken consecutively. (ANZ policy requires that
you are absent for at least 10 consecutive business days per annum.) 

        At
the end of each ANZ financial year, ANZ will deem you to have taken your full 4 weeks' annual leave. Accordingly, there will be no accrual of this leave and your annual leave
balance at 1 October each year will never be more than your balance at 1 October of the previous year. 

4.2  Sick Leave  

        You may take sick leave in accordance with standard arrangements applicable to all ANZ employees. Any untaken part of this entitlement is cumulative from year to
year. In the event of prolonged illness, ANZ may decide at its discretion to provide you with sick leave in excess of your sick leave entitlements. You are not entitled to any payment for unused sick
leave when your employment with ANZ ends. 

4.3  Parental Leave  

        You may take parental leave in accordance with standard arrangements applicable to all ANZ employees. 

4.4  Long Service Leave  

        You are eligible for 13 weeks' long service leave after completing 15 years of continuous service, and a further 8.66 weeks' leave for each
subsequent 10 completed years of continuous service. You may access long service leave on a pro-rata basis after 10 completed years of continuous service. 

5      Ownership of Intellectual Property and Trade Secrets  

        All inventions, discoveries, computer software processes and improvements made by you during your employment with ANZ remain the property of ANZ. 

        By
signing this employment agreement, you: 

	•
	assign
to ANZ all proprietary rights including all ownership rights and copyright and the exclusive right to develop, make, use, sell, license or otherwise
benefit from any inventions, discoveries, processes and improvements, made by you within the scope of your employment with ANZ; and

	•
	agree
to execute any further document that is necessary or desirable to give full effect to your obligations under this clause 5. 

6      Values and Ethical Standards  

        ANZ has developed guiding values and expects you to actively ensure they are an integral part of the way that you, and those who report to you, carry out duties
within ANZ. 

        ANZ
expects you to further ANZ's objectives and reputation and faithfully and diligently to perform your duties, exercise your powers, and manage with integrity and respect all matters
concerning ANZ employees and customers. 

        ANZ
also has certain ethical standards that you are required to maintain. In particular, you must not in any way, either directly or indirectly, be or become engaged, concerned or
interested in any business whether as principal, partner, director, agent, promoter or beneficiary except that of ANZ. This requirement may be waived at ANZ's discretion by a written consent signed by
the Chief Executive Officer. 

7      Conduct  

        You must at all times act honestly and in a manner that is consistent with the status of your position with ANZ. You indemnify ANZ against any loss or damage it
suffers as a result of any dishonest act by you, or any wilful misconduct in carrying out your duties. 

8      Policies and Procedures, Performance Management Plans  

8.1  Policies and Procedures  

        ANZ has policies and procedures that apply to your employment. These policies and procedures may be amended by ANZ from time to time. They are not incorporated
into or otherwise included in your contract of employment with ANZ, including this employment agreement. 

8.2  Performance Management Plans  

        Performance management plans will be developed in consultation with you and may be reviewed and varied during the performance period. 

9      Confidential Information  

        You must not disclose or use in any manner (except in the proper course of your employment, by compulsion of law, or on the written direction of an authorised
officer of ANZ or its auditors) any information about ANZ, its customers or its affairs which you acquire during your employment with ANZ, unless the information is already legitimately in the public
domain. This obligation extends after your employment with ANZ ends. 

        You
must also return to ANZ on request or immediately your employment with ANZ ends: 

	•
	all
books, papers, documents and other property which belong or relate to ANZ, its customers or its affairs, and any copies of such documents; and

	•
	any
vehicle, computer hardware or software, key, security pass or other property that belongs to ANZ. 

10    Restraint  

        You must not at any time, either during your employment with ANZ or for 12 months after your employment with ANZ ends (or for such lesser time as a court
may deem reasonable), either on your own account or for or jointly with any other person solicit, interfere with or attempt to entice away from ANZ any person who, at any time within the period of
12 months before the date your employment with ANZ ends, was a customer or employee of, or in the habit of dealing with, ANZ and whom you had direct or indirect contact with, or dealings with
or knowledge of, for the purpose of your employment. 

11    Disciplinary Action  

        If you fail to comply with the provisions of your employment agreement or any other ANZ performance requirements, ANZ may take disciplinary action which may
include suspension with or without pay and, in certain circumstances, termination of your employment with ANZ (see clause 12). 

12    Termination of Employment  

12.1 Termination Entitlements  

        Your termination entitlements will depend upon the circumstances of the termination and are set out in this clause 12 and in the Schedule. These will be
the only entitlements paid to you upon the termination of your employment with ANZ. 

12.2 Resignation  

        You may terminate your employment for any reason by giving ANZ 12 months' written notice. You and ANZ may agree on a lesser period of notice, or ANZ may in
its discretion waive the notice period or any part of it. If ANZ waives the notice period or any part of it, entitlements on termination will not include any payment in respect of the waived period. 

        If,
however, ANZ elects not to waive the notice period, ANZ may, during the notice period or any part of it, direct you not to perform all or part of the duties of your position, to
cease communication with customers, suppliers, employees and contractors of ANZ and/or not to attend your principal place of work. 

12.3 Termination by ANZ  

	(a)
	Termination on Notice  

        ANZ
may terminate your employment for any reason (other than (b) or (c) below) by giving you 12 months' written notice. ANZ may elect to pay you in lieu of giving
you all or part of the notice period based on your TEC. Alternatively, ANZ may, during the notice period or any part of 

it, direct you not to perform all or part of the duties of your position, to cease communication with customers, suppliers, employees and contractors of ANZ and/or not to attend your principal place
of work. 

	(b)
	Retrenchment  

        If
ANZ terminates your employment because no suitable position exists for you, you will be entitled to a severance payment equal to 12 months' TEC. If a severance payment is made
to you under this clause 12.3(b), you will not be entitled to notice or payment in lieu of notice under clause 12.3(a) above. 

	(c)
	Serious Misconduct  

        ANZ
may terminate your employment at any time, without notice, because of your serious misconduct, serious neglect of duty, or serious breach of any of the terms of this employment
agreement. In such circumstances, you will only be entitled to payment of TEC up to the date of termination. 

13    Variations to Conditions of Employment  

        Variations to your employment agreement may be necessary for the fair, efficient and effective administration of ANZ's business. Accordingly, this employment
agreement may be varied by agreement from time to time. Your consent to such variation must not be unreasonably withheld. If your consent is unreasonably withheld, ANZ may give you one month's written
notice that such variation will take effect. 

14    Relevant law  

        This employment agreement takes effect under, is governed by and is to be interpreted according to, the law of Victoria. 

        ANZ
provides a challenging and ever-changing job environment and I trust that it will be possible for you to develop and enhance your capabilities within ANZ. I look forward
to your contribution to the opportunities and challenges facing ANZ. 

        A
copy of this employment agreement is enclosed for your records. Please sign and return the original to me to confirm your acceptance of its terms. 

Yours
sincerely

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 

Shane
Freeman

Group General Manager

People Capital 

SCHEDULE  

REMUNERATION ENTITLEMENTS, INCLUDING PAYMENTS ON TERMINATION  

	
Name:	
 	
Chris James Cooper	
 	

 
	Title:	 	Managing Director Mortgages	 	 
	Location:	 	100 Queen Street, Melbourne	 	 
	Reporting To:	 	John McFarlane, Chief Executive Officer	 	 
	Schedule Issued:	 	25 November 2002	 	Effective Date: 2 December 2002

        This Schedule forms part of your employment agreement. 

        Your
remuneration will be a combination of salary, superannuation and benefits as agreed between you and ANZ from time to time using ANZ's total employment cost (TEC) methodology.
Essentially, TEC is the fixed component of remuneration. It comprises notional salary (65% of TEC) and mandatory superannuation contributions, with the balance being a flexible component. 

        Mandatory
superannuation contributions are paid in accordance with ANZ's obligations under legislation as varied from time to time. If legislative requirements for the payment of
mandatory superannuation contributions change, the flexible component of your TEC will be varied accordingly (so that your TEC package remains the same). 

        The
flexible component of TEC can be directed to benefits that are available at ANZ's discretion in accordance with ANZ's policy as amended from time to time. It can be taken as a cash
benefit (also referred to as Cashtec) or non-cash benefits (such as motor vehicles, petrol, parking and, if applicable, concessional lending) or a combination of both cash benefit/Cashtec
and non-cash benefits. Any fringe benefits tax that is payable on non-cash benefits will form part of the flexible component of TEC. 

        Your
notional salary, superannuation and cash benefit/Cashtec (if applicable) will be paid fortnightly and non-cash benefits will be provided as applicable. ANZ will review
your TEC annually. 

        Bonus
payments are at the discretion of the Board. 

1      Total Target Reward  

        Your Total Target Reward (TTR) is a combination of Fixed Reward—TEC (55% of TTR) plus Variable Reward—Executive Remuneration Scheme (45%
of TTR). Your annualised TTR is $909,000. 

1.1  Fixed Reward—TEC  

        Your TEC package on commencement of work in your new position is $500,000 per annum. 

        You
must take a minimum of 65% of TEC as notional salary. The balance, less mandatory superannuation contributions, is a flexible component and can be taken as cash benefit/Cashtec or
non-cash benefits or a combination of both. 

1.2  Variable Reward—Executive Remuneration Scheme  

        Bonus payments under the Executive Remuneration Scheme are subject to business unit and individual performance and are at the discretion of the Board. 

        Bonuses
will be paid one-half in cash and one-half in deferred shares. The shares will vest 3 years from the date of issue. The Board may, at its
discretion, change the ratio of cash to shares. You must at all times comply with the provisions of ANZ's Share Trading Policy. 

2      Superannuation  

        Your notional salary is used to calculate your superannuation contributions (if any) and the level of mandatory superannuation contributions. It is also used to
calculate the insured component of your 

death and total and permanent disablement benefits. For full details of the ANZ Australian Staff Superannuation Scheme, refer to the member's booklet. 

3      Entitlements upon Termination of Employment  

        Upon termination of employment, you will be entitled to payment for accrued and unused long service leave and annual leave in accordance with the standard
arrangements applicable to all ANZ employees. Payments will be on the basis of your notional salary plus cash benefit/Cashtec. 

        In
addition to any notice or payment under clause 12 of your employment agreement, you will have the following entitlements on the termination of your employment: 

        On
resignation (see clause 12.2), you will not be entitled to: 

	•
	any
unvested deferred shares issued to you under the ANZ incentive arrangements;

	•
	exercise
any options. 

        On
termination for serious misconduct (see clause 12.3(c)), you will not be entitled to: 

	•
	any
unvested deferred shares issued to you;

	•
	exercise
any options. 

        On
termination on notice (see clause 12.3(a)), you will be entitled to: 

	•
	any
deferred shares that have already vested, and any that vest during the notice period;

	•
	exercise
any options that have already vested, and any that vest during the notice period, in accordance with the ANZ Share Option Plan Rules (that is, with
the Board's approval or otherwise in accordance with the Rules). 

        On
retrenchment (see clause 12.3(b)), you will be entitled to: 

	•
	any
deferred shares issued to you;

	•
	exercise
any options in accordance with the ANZ Share Option Plan Rules (that is, with the Board's approval or otherwise in accordance with the Rules). 

        On
death or total and permanent disablement, you will be entitled to: 

	•
	a
Performance Bonus pro-rata to the date of termination;

	•
	any
deferred shares issued to you;

	•
	exercise
any options in accordance with the ANZ Share Option Plan Rules (that is, with the Board's approval or otherwise in accordance with the Rules). 

4      Definitions  

        For the purposes of this employment agreement: 

        total
and permanent disablement means: 

	(a)
	in
circumstances where you are a member of the ANZ Australian Staff Superannuation Scheme (the "Scheme") or an ANZ-sponsored staff superannuation fund, total and permanent
disablement as determined by the trustee of the Scheme or fund;

	(b)
	in
circumstances where you are not a member of the ANZ Australian Staff Superannuation Scheme or an ANZ-sponsored staff superannuation fund, such state of physical or
mental incapacity as renders you unlikely ever to be able to work again in a job for which you are reasonably qualified by education, training or experience. Every question of total and permanent
disablement will be decided by ANZ after receipt of reports by two qualified medical practitioners approved by ANZ. 

        salary
means notional salary, which is 65% of TEC. 

ACCEPTANCE  

        I, Chris James Cooper, have read and understood and agree to the terms of employment set out in this employment agreement (including the Schedule). 

	
Name:	

  
	
 	

 	

 
	
Signature:	

  
	
 	
Date:	

  

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EXHIBIT 4(b)

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