Document:

opt-ex44_599.htm

 

Exhibit 4.4

 

 

Executive Employment Contract

Opthea Limited

ACN 32 006 340 567

Ms Karen Adams

 

 

 

: #1328149-v3\AUSKMB

 

Contents

 

	
Clause
	
 
	
 

	
Number
	
Heading
	
Page

	
 
	
 
	
 

	
1
	
Dictionary
	
1

	
 
	
 
	
 

	
2
	
The Position
	
2

	
 
	
 
	
 

	
3
	
Commencement, Probation Period and Term
	
2

	
 
	
 
	
 

	
4
	
Location of Employment
	
2

	
 
	
 
	
 

	
5
	
Travel
	
2

	
 
	
 
	
 

	
6
	
Conduct and Performance
	
2

	
 
	
 
	
 

	
7
	
Warranties
	
3

	
 
	
 
	
 

	
8
	
Conflicts of Interest
	
3

	
 
	
 
	
 

	
9
	
Hours of Work
	
3

	
 
	
 
	
 

	
10
	
Remuneration Package
	
4

	
 
	
 
	
 

	
11
	
Refund of expenses
	
5

	
 
	
 
	
 

	
12
	
Leave entitlements
	
5

	
 
	
 
	
 

	
13
	
Policies and Procedures
	
5

	
 
	
 
	
 

	
14
	
Anti-discrimination and Harassment
	
6

	
 
	
 
	
 

	
15
	
Termination
	
6

	
 
	
 
	
 

	
16
	
Appointment to and Resignation from Offices
	
8

	
 
	
 
	
 

	
17
	
Suspension
	
8

	
 
	
 
	
 

	
18
	
Confidential Information
	
8

	
 
	
 
	
 

	
19
	
Inventions
	
9

	
 
	
 
	
 

	
20
	
Post-Employment Restrictions
	
9

	
 
	
 
	
 

	
21
	
Entire Agreement
	
9

	
 
	
 
	
 

	
22
	
No Representations and Warranties
	
9

	
 
	
 
	
 

	
23
	
Governing Law and Jurisdiction
	
10

	
 
	
 
	
 

	
24
	
Independent Legal Advice
	
10

	
 
	
 
	
 

	
 
	
Schedule A
	
12

	
 
	
Job Description
	
12

	
 
	
 
	
 

	
 
	
Appendix 1
	
15

	
 
	
Employee Secrecy and Confidentiality Agreement
	
15

 

 

 

 

			
	
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Executive Employment Contract

 

 

		
		
	
Date
	
28 April 2021

	
 
	
 

	
Parties
	
Opthea Limited, ACN 32 006 340 567of Level 4/650 Chapel Street South Yarra, Vic, Australia 3142 

(Employer)

	
 
	
 

	
 
	
Ms Karen Adams of 1-2 Monroe Court, Narre Warren North, Vic, 3804 (Executive)

	
 
	
 

 

Recitals

	
A.
	
This contract sets out the terms and conditions under which the Executive is employed by the Employer.

	
B.
	
This contract overrides any previous representations or understanding between the Employer and the Executive.

	
1
	
Dictionary

	
1.1
	
For the purpose of this contract, the following terms have the meanings set out below.

ASX means the Australian Securities Exchange. 

Confidential Information means information acquired or developed by the Executive in the course of the Employment which is not already in the public domain otherwise than by breach of this contract by the Executive, including all drug development related information, whether such information is in written, printed, electronic or other form, including all copies of such information, and including the following types of information.

Document means any record of information (including an electronic record).

Employee Entitlements means all entitlements and benefits generally arising out of or in connection with employment or the provision of services attracting such benefits, including, but not limited to, salary overtime, penalty rates, bonuses, incentives, commissions, annual leave, long service leave, redundancy payments, notice and/or other termination benefits, superannuation, tax withholding and/or any other similar entitlement or benefit or contingent obligation or liability.   

Employment means the employment of the Executive by the Employer in accordance with the terms of this contract.

Group means the Employer and its Related Bodies Corporate.

Group Member means any member of the Group.

Group Personnel means any director, officer, employee or contractor of any Group Member.

LTIP means long-term incentive plan, employee share option plan or equivalent equity incentive plan. 

Related Body Corporate has the same meaning as that set out in section 50 of the Corporations Act 2001 (Cth).

 

			
	
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1.2
	
Other terms may be specially defined elsewhere in this contract.

	
2
	
The Position

	
2.1
	
The Executive will be employed in the position of Vice President Finance (Australia) and interim Company Secretary (the Position).

	
2.2
	
In the Position the Executive will report directly to the Chief Executive Officer of the Employer and to such other persons or positions as may be reasonably nominated by the Chief Executive Officer, such as the Chief Financial Officer.  

	
2.3
	
A description of the duties and responsibilities of the Position is set out in Schedule A.  This description is not intended to be exhaustive and the Employer may require the Executive to perform other reasonable duties in addition to or instead of those set out in Schedule A.

	
2.4
	
If the Executive's position, duties and/or responsibilities significantly change for any reason, then the terms of this contract will continue to apply unless expressly varied by the parties in writing.

	
3
	
Commencement, Probation Period and Term

	
3.1
	
The employment of the Executive will commence as of May 3 2021 (the Commencement Date).

	
3.2
	
A Probation Period will apply for the first 4 months of Employment in which the Employer retains the right to terminate employment with a 4-week notice period.  

	
3.3
	
Following completion of the Probation Period, employment will continue indefinitely until terminated by either party in accordance with the terms of this contract.

	
4
	
Location of Employment

	
4.1
	
The Employment will initially be based at the Employer's offices in South Yarra.

	
4.2
	
The Employer may change the base location of the Employment by giving the Executive reasonable notice in writing.  In the event of such relocation, the Executive will not be entitled to any additional remuneration. 

	
5
	
Travel

	
5.1
	
The Executive acknowledges that the nature of the Position may require unscheduled travel within and outside of Australia.  The Executive must engage in such travel as reasonably required by the Employer without additional remuneration.

	
6
	
Conduct and Performance

	
6.1
	
The Executive must:

	
 
	
(a)
	
serve the Employer and fulfil her duties and responsibilities honestly, faithfully and in a professional manner; 

 

			
	
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(b)
	
use the Executive's best efforts to promote and protect the business of the Employer and the Group;

	
 
	
(c)
	
comply with the Employer's lawful directions and fully and truthfully answer any questions asked by the Employer relating in any way to the Employment or the Employer's business; 

	
 
	
(d)
	
fully report to the Chief Executive Officer of the Employer all business opportunities which may advantage the Employer or Group Members and any significant threats to the business as soon as these come to the attention of the Executive; 

	
 
	
(e)
	
fully report to the Chief Executive Officer of the Employer any unlawful act or omission of any Group Member or any Group Personnel; and

	
 
	
(f)
	
provide the Chief Executive Officer of the Employer with information and regular reports as to the financial status of the Employer so as to keep the Chief Executive Officer fully informed of the financial status and financial affairs of the Employer.  

	
7
	
Warranties

	
7.1
	
The Executive warrants that in entering into this contract and performing her duties, the Executive will not be in breach of any agreement or obligation owed to any third party.

	
7.2
	
The Executive warrants that he has disclosed all material information to the Employer which may be relevant to the Employer's decision to offer the Executive employment under this contract.

	
8
	
Conflicts of Interest

	
8.1
	
The Executive must not undertake any activity (whether paid or unpaid) which may either compete with, compromise or give rise to a conflict with either:

	
 
	
(a)
	
the Executive's duties and responsibilities under this contract; or

	
 
	
(b)
	
the business interests of the Employer,

unless the Executive has obtained the prior consent of the Chief Executive Officer of the Employer in writing.

	
8.2
	
Without limiting the generality of the above, the Executive must not be engaged, employed, concerned or interested directly or indirectly in any business, company, proposal, project, assignment or development which is in or is related to the industry in which the Employer and/or any Group Member is concerned unless the Executive has obtained the prior consent of the Chief Executive Officer of the Employer in writing.

	
8.3
	
The Executive must immediately and fully disclose in writing to the Employer any potential or actual conflicts of interest.

	
9
	
Hours of Work

	
9.1
	
The Executive is engaged on a full-time basis and must reasonably devote her full-time and attention to the business of the Employer.

 

			
	
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9.2
	
The Executive will be required to work during ordinary business hours and also outside these hours as reasonably necessary to properly perform duties of the position.  The Executive agrees that she is available to work such reasonable additional hours.

	
9.3
	
The Executive is not entitled to any additional pay or benefits for working outside of normal business hours.  The Executive's remuneration includes compensation for all hours worked.

	
10
	
Remuneration Package

Base salary

	
10.1
	
The Executive will be paid a base salary of AUD$250,000 per annum, less tax.  This amount is exclusive of statutory superannuation contributions. 

	
10.2
	
The salary will be paid on a monthly basis or such other basis as the parties agree.  

	
10.3
	
The Executive authorises and requests the Employer to deduct any monies owed by the Executive to the Employer from her monthly salary.

	
10.4
	
The Remuneration Package includes director’s fees payable in respect of any directorship in the Group held by the Executive, and the Executive is not entitled to additional director’s fees or other fees for or in respect of any directorship or other office held by the Executive in the Group.

Superannuation 

	
10.5
	
The Employer will make the superannuation contributions component of the amount specified in clause 10.1 into a complying superannuation fund on behalf of the Executive so as to avoid liability for a charge under the Superannuation Guarantee (Administration) Act 1992 and the Superannuation Guarantee Charge Act 1992.

Incentive for Achievement of Key performance Indicators

	
10.6
	
From 1 July 2021, the Employee may be eligible to receive an annual bonus payment of up to 20% of the base salary if Key Performance Indicators, determined by the Chief Executive Officer and Board, in their absolute discretion, for the financial year are achieved during that year.  

	
10.7
	
Key Performance Indicators for the next 12 months will be determined for the Executive prior to or by September 30 of each year.

	
10.8
	
For the avoidance of doubt, even if all Key Performance Indicators are achieved, the Board will, in its absolute discretion, determine if an annual bonus payment will be made and the amount of such bonus payment.

	
10.9
	
 The Executive will not be entitled to any incentive benefit, including an annual bonus payment, if either party terminates, or gives the other notice to terminate, this contract.

 

LTIP

	
10.10
	
Following completion of the Probationary Period, the Executive will be eligible to participate in the Company’s Long-Term Incentive Plan (LTIP) which is approved by the shareholders of the Employer, on the basis determined by the Employer.

 

			
	
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10.11   The Employer hereby acknowledges the intention for the Executive to be invited to participate in the Company’s LTIP following completion of the Probationary Period.

	
11
	
Refund of expenses

	
11.1
	
Any business expenses which the Executive necessarily incurs for the purpose of carrying out the duties of the Position will be reimbursed by the Employer provided that:

	
 
	
(a)
	
the expenses are reasonable and related directly to the Employer's business;

	
 
	
(b)
	
the Executive has provided the Employer with itemised receipts of these expenses, and any other additional evidence of these expenses as it may reasonably require; and

	
 
	
(c)
	
the Executive complies with any other policy or procedure published by the Employer from time to time regarding the reimbursement of expenses.

	
12
	
Leave entitlements

Annual and Long Service Leave

	
12.1
	
The Executive is entitled to accrue annual holidays in accordance with applicable law.  This entitlement currently amounts to four ordinary working weeks' paid leave per year of service.  Untaken annual leave accumulates from year to year.

	
12.2
	
The Executive must take leave at a time that is mutually agreed between the Employer and the Executive.  

	
12.3
	
The Executive is entitled to accrue long service leave in accordance with the provisions of the Long Service Leave Act 1992 (Vic) or any other applicable law.  

	
12.4
	
Whilst on such leave, the Executive will not engage in any conduct which is inconsistent with the Executive's duties and responsibilities under this contract.

Personal Leave

	
12.5
	
The Executive will be entitled to personal leave in accordance with applicable law.  

	
12.6
	
The Executive will not be entitled to receive any payment for any accrued and unused personal leave upon termination or at any other time.

	
12.7
	
Without limiting the above, the Employer may require the Executive to be examined by a medical practitioner nominated by the Employer to determine whether or not the Executive is fit for work, and the Executive consents to the Employer receiving a report from such a medical practitioner for this purpose.  The Executive will confirm such consent in writing as and when required by the Employer.

	
13
	
Policies and Procedures

	
13.1
	
The Employer may issue policies from time to time in relation to the Employment.  These policies do not form part of the Executive's employment contract with the Employer or give rise to any contractual rights.  However, to the extent that these policies require the Executive to do any act or thing, or to refrain from doing any act or thing, these policies constitute directions from the Employer to the Executive with which the Executive must comply.

 

			
	
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13.2
	
The Employer has the right to vary or not apply these policies at its discretion.  

	
14
	
Anti-discrimination and Harassment

	
14.1
	
The Employer is an equal opportunity employer and will not tolerate unlawful discrimination or harassment at its workplace.

	
14.2
	
The Executive must at all times comply with and ensure that the employees of the Employer comply with the anti-discrimination and harassment policies of the Employer.

	
15
	
Termination 

Termination within the Probation Period

	
15.1
	
Within the first 4 months of Employment, the Employer may terminate the Employment with a 4-week notice period (the “Probation Period”).

Termination with prior notice

	
15.2
	
Either party may terminate the Employment by giving the other not less than three months' notice.

	
15.3
	
The Employer may also terminate the Employment by either: 

	
 
	
(a)
	
making a payment in lieu of the entire notice period; or

	
 
	
(b)
	
requiring the Executive to work part of the notice period and making a payment in lieu of the balance of the notice period. 

In either case the Employment will be terminated upon the making of the payment in lieu of notice.

	
15.4
	
Nothing in any policy, statement, or representation issued or made by the Employer will affect its ability to terminate the Employment by giving prior notice (or making a payment in lieu) or impose any requirement upon the Employer to follow any procedure before terminating the Employment other than the giving of prior notice (or making a payment in lieu). 

	
15.5
	
Where the Executive is required to work out a period of notice, including if terminated within the Probationary Period, the Employer may direct the Executive during some or all of the notice period:

	
 
	
(a)
	
not to attend any offices or premises of the Employer;

	
 
	
(b)
	
not to contact clients, customers, suppliers, employees or contractors of the Employer in relation to the Employer’s business;

	
 
	
(c)
	
not to perform the duties of the Position;

	
 
	
(d)
	
to perform the duties of the Position from home;

	
 
	
(e)
	
to assist the Employer arrange a proper handover of her duties and work (including a handover of clients, business contacts and business); or

	
 
	
(f)
	
any combination of the above. 

 

			
	
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Executive Employment Contract

 

 

	
15.6
	
If the Executive gives the Employer notice of termination for the purpose of commencing work with a competitor of the Employer, or otherwise competing with the Employer, the Executive must:

	
 
	
(a)
	
immediately upon giving notice disclose full details of this purpose so as to enable the Employer to take steps to protect their business, and arrange the hand over of duties (including clients, suppliers and business) to another employee; and

	
 
	
(b)
	
comply with any directions given by the Employer for the purpose of giving effect to paragraph (a) above.

The obligation set out in this sub-clause above is not intended to detract from the Executive's general obligation to immediately disclose any conflict of interest to the Employer.

	
15.7
	
The Executive will not be entitled to any benefits (including without limitation an increase in benefits) under this contract or otherwise in connection with the termination of the Employment at the expiration of the Term or otherwise, if the giving of such benefit will give rise to a breach of Part 2D.2 of the Corporations Act 2001 or any other provision of this Act, Chapter 10 of the ASX Listing Rules or any other ASX Listing Rules, or any other applicable statute, rule or regulation which limits or restricts the giving of such benefits. Further, the Employer is under no obligation to seek or obtain the approval of its shareholders in general meeting for the purpose of overcoming any such limitation or restriction. 

	
15.8
	
Upon termination clauses 3 and 12 will apply.

Summary termination

	
15.9
	
The Employer may terminate the Employment at any time during the Employment without prior notice if the Executive:

	
 
	
(a)
	
is guilty of serious misconduct (including, but not limited to theft, fraud, or assault);

	
 
	
(b)
	
is grossly negligent or otherwise incompetent in the performance of the duties of the Position;

	
 
	
(c)
	
commits a serious or persistent breach of the terms of this contract;

	
 
	
(d)
	
refuses to carry out a lawful and reasonable instruction that is consistent with this contract;

	
 
	
(e)
	
becomes bankrupt or suspends payment or compounds with or assigns her estate for the benefit of her creditors; or

	
 
	
(f)
	
commits a crime or other civil wrong, which in the reasonable opinion of the Employer, may seriously impact on the Executive's ability to perform the duties of the Position or is likely to significantly damage the reputation or business of the Employer.

	
16
	
Appointment to and Resignation from Offices

	
16.1
	
The Employer may during the Employment, request that the Executive hold offices with the Employer.  Unless otherwise agreed in writing, these offices will be held without any further remuneration to the Executive.

 

			
	
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16.2
	
On termination of the Employment the Executive must, at the request of the Employer, resign without any claim for compensation from any office (including the office of director) held by the Executive in the Employer and do any thing required to give effect to this resignation, and if the Executive does not formally so resign then the Executive shall be deemed to have so resigned.

	
17
	
Suspension

	
17.1
	
If the Employer suspects that the Executive has been involved in any improper conduct or involved in any other conduct which in the reasonable opinion of the Employer requires proper investigation, the Employer may suspend the Executive for the purposes of conducting an investigation.

	
17.2
	
During the period of suspension the Executive will continue to receive the remuneration set out under this contract.

18Confidential Information

Obligations of confidentiality

	
18.1
	
In order to give effect to the Executive’s obligations of confidence to the Group, The Executive will execute an Employee Secrecy and Confidentiality Agreement in the form of Appendix 1. 

	
18.2
	
Without limiting the Executive's duties at common law, the Executive must at all times during employment with the Employer (except where required by law or in the proper course of her duties) and after its termination (howsoever caused), keep confidential and not disclose or allow to be disclosed to any unauthorised person, any Confidential Information.

	
18.3
	
The Executive must take all reasonable steps to prevent the unauthorised disclosure or use of the Confidential Information.

	
18.4
	
The Executive must execute all confidentiality agreements with the Employer or any Group Member which are designed to protect Confidential Information which comes to the attention of the Executive as a result of the Employment, as reasonably required by the Employer from time to time.

	
18.5
	
The Executive must not copy or remove from the Employer's premises any Document which contains Confidential Information except for the purpose of properly performing the duties of the Position and for the benefit of the Employer. 

	
18.6
	
The Executive must promptly notify the Employer of any actual or threatened unauthorised disclosure of Confidential Information and must assist in any action taken by the Employer either to prevent the occurrence of, or recover loss in respect of, such unauthorised disclosure of Confidential Information.

	
18.7
	
The Executive must provide assistance reasonably requested by the Employer in relation to proceedings any Group Member may take against any person for unauthorised use, copying or disclosure of Confidential Information.

Company Property

	
18.8
	
The Executive understands that all documents (including computer records, facsimile and e-mail), materials created, received or transmitted in connection with her work or using the 

 

			
	
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facilities of the Employer, and property discovered during the drug development process is the property of the Employer and subject to inspection by the Employer, at any time. 

Return of property and Documents upon termination

	
18.9
	
Upon the termination of the Employment (howsoever caused), the Executive must immediately deliver to the Employer without any further demand:

	
 
	
(a)
	
all Documents and other property of the Employer and any Group Member; and

	
 
	
(b)
	
without limiting the generality of paragraph (a) above, all Documents which contain any Confidential Information, and Documents in the Executive's possession or control relating in any way to any Confidential Information.

	
19
	
Inventions

	
19.1
	
The Executive hereby acknowledges that the Employer shall be the sole owner of all rights, title and interest in all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works, concepts and trade secrets, whether or not patentable or registrable under patent, copyright, circuit layout design or similar laws in Australia or anywhere else in the world, which the Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of the Executive’s Employment at the Employer (whether or not during business hours) that are either related to the scope of her Employment at the Employer or make use, in any manner, of the resources of the Employer.

	
20
	
Post-Employment Restrictions 

	
20.1
	
The Executive acknowledges that during the Employment, the Executive has or will become possessed of Confidential Information regarding the business of the Employer and the Group,  and the disclosure or use of such information may materially harm the Employer and the Group. 

	
20.2
	
Post-Employment, the terms of the Employee Secrecy and Confidentiality Agreement will continue to apply.

	
21
	
Entire Agreement

	
21.1
	
This contract constitutes the entire agreement relating to the Employment and supersedes all prior offers and representations whether in writing or verbal in relation to the Employment.  This contract may only be amended by agreement in writing signed by both parties.

	
22
	
No Representations and Warranties

	
22.1
	
The Executive acknowledges that in entering into this contract, the Executive has not relied on any representations or warranties about its subject matter, except as provided in this contract.

 

			
	
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23
	
Governing Law and Jurisdiction

	
23.1
	
The Employment is governed by the laws in force in Victoria and both the Employer and the Executive irrevocably submit to the non-exclusive jurisdiction of the courts of this jurisdiction.

	
24
	
Independent Legal Advice

	
24.1
	
The Executive acknowledges that the Executive has had a reasonable opportunity to obtain independent legal advice regarding the contents of this contract.

	
24.2
	
The Executive acknowledges that the Executive has had sufficient time to review the contents of this contract and further, understands the contents of this contract.

	
24.3
	
The Executive acknowledges that the Executive has not been placed under any under pressure to enter into this contract.

 

 

			
	
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Execution

Executed as an agreement.

 

			
	
Signed for and on behalf of
	
 
	
 

	
Opthea Limited
	
 
	
 

	
by its duly authorised representative
	
 
	
 

	
in the presence of:
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Signature of witness
	
 
	
Signature of authorised representative

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Name of witness (please print)
	
 
	
Name of authorised representative 

	
 
	
 
	
(please print)

 

 

 

			
	
Signed by
	
 
	
 

	
Ms Karen Adams
	
 
	
 

	
in the presence of:
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Signature of witness
	
 
	
Signature of Ms Karen Adams

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Name of witness (please print)
	
 
	
 

 

 

 

			
	
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Schedule A

Job Description

Key Responsibilities

Strategy

	
 
	
•
	
Partner with the CEO and CFO (CEO/CFO) on operational and strategic issues as they arise; provide strategic recommendations to the CEO/CFO based on financial analysis and projections, cost identification and allocation, and revenue/expense analysis.

	
 
	
•
	
Develop tools and systems to provide critical financial and operational information to the CEO/CFO and make actionable recommendations on both financial strategy and financial reporting.

	
 
	
•
	
Participate in the ongoing strategic planning process as an integral member of the senior management team.

	
 
	
•
	
Oversee long-term budgetary planning and cost management in alignment with the Group’s strategic plan, especially as the organization considers joint ventures, potential acquisitions, and collaborations with external organizations.

	
 
	
•
	
Engage the senior management team to align financial management with short- and long-term financial planning and projections.

	
 
	
•
	
Partner with the CEO/CFO to engage the board and audit committee around issues, trends, and changes in the biotech/pharmaceutical industry landscape.

	
 
	
•
	
Assist in establishing yearly objectives and meeting agendas, and selecting and engaging outside consultants (auditors, brokers/analysts, IR &PR consultants).

	
 
	
•
	
Support the management and implementation of any acquisitions/mergers including reviews & due diligence processes. 

	
 
	
•
	
Assist the CEO/CFO in identifying new funding opportunities and participate in capital raising activities as requested by the CEO/CFO. 

	
 
	
•
	
Assist in performing all tasks necessary to achieve the organization's mission and help execute staff succession and growth plans. 

 

 

Finance and Accounting 

	
 
	
•
	
Liaise with external auditors and tax agents.

 

	
 
	
•
	
Work with the CEO/CFO to oversee the coordination and activities of independent auditors ensuring all PCAOB audit issues are resolved, and all compliance issues are met, and the preparation of the annual financial statements is in accordance with the Corporations Act 2001, Australian Accounting Standards and IFR Standards, and US 

 

			
	
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Generally Accepted Accounting Principles (US-GAAP), and other required standards, supplementary schedules and information.

 

	
 
	
•
	
Work with the CFO and Finance Manager in the preparation of Audit and Tax Schedules.

	
 
	
•
	
Assist with preparation of Annual Report and overseeing the production of the Annual Report in conjunction with the CEO/CFO and Finance Manager.

 

	
 
	
•
	
Work with the Finance Manager in the preparation & lodgement of the Group’s ITR Schedules, R&D Tax Schedules and Annual Application for R&D Tax Concession in collaboration with tax agents.

 

	
 
	
•
	
Work with the CEO/CFO to oversee compliance management including statutory compliance, taxation, annual accounts and audit, payroll, BAS, PAYG instalments, reporting superannuation, Workers Compensation, GST reporting

 

	
 
	
•
	
Work with the Finance Manager and CFO in the production of financial statements and cash flow projections for use by Executive management, as well as the Audit Committee and Board of Directors.

	
 
	
•
	
Work with the CEO/CFO to oversee all accounts, ledgers, and reporting systems ensuring compliance with appropriate Australian and applicable US standards and regulatory requirements and monitor the use of all funds.

 

	
 
	
•
	
Ensure that due diligence process in place in selecting key suppliers and checklist in place re criteria to be met for selection of suppliers and appropriately documented (including a financial health check on the supplier).

	
 
	
•
	
Manage and track the performance of invested assets in keeping with policies and investment guidelines.

	
 
	
•
	
Contribute to structure of and implementation of any securities issues (shares, options rights etc.) by the Group. 

	
 
	
•
	
Assist in remuneration packaging including short term and long term incentives.

	
 
	
•
	
Develop and provide guidance to the Finance Manager and other key management staff on raising awareness and knowledge of financial management matters. 

 

 

Risk Management

	
 
	
•
	
Ensure/facilitate the identification of significant operational, financial and economic risks to the company.

	
 
	
•
	
Facilitate the adequate management of these risks: including that appropriate controls and processes are in place.

	
 
	
•
	
Regularly review adequacy of risk management and business insurance plans.

 

			
	
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•
	
Report corporate governance policies re company’s risk management process, to the CEO and Board.

 

Team Management

	
 
	
•
	
Mentor the Finance Manager, managing work allocation, training, problem resolution, performance evaluation, and the building of an effective team dynamic.

	
 
	
•
	
Engage other members of senior management team to facilitate collaboration that ensures that all financial, IT and HR solutions positively support the Group’s evolving strategy, operational delivery and data collection needs.

 

Company Secretarial & Corporate Governance

	
 
	
•
	
Ensure compliance with the company’s corporate governance policies.

	
 
	
•
	
Prepare and lodge ASX announcements and work with the CFO to ensure compliance with US SEC requirements.

	
 
	
•
	
Ensure ASIC lodging as required by Corporations Law.

	
 
	
•
	
Prepare and lodge various forms/disclosures as required by the ASX Listing Rules.

	
 
	
•
	
Manage the relationship and activities (including those related to the annual general meeting in Australia) with the company’s share registry company.

	
 
	
•
	
Prepare Board papers and minutes of meetings.

	
 
	
•
	
Attend Board and Subcommittee meetings as directed by the Board and CEO. 

	
 
	
•
	
Contribute to IR/PR strategy and investor relations activities as directed by the CEO.

 

			
	
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Appendix 1

Employee Secrecy and Confidentiality Agreement

 

In consideration of employment as an employee with Opthea Limited of Suite 0403, Level 4, 650 Chapel Street, South Yarra, Victoria 3141 (the “Company”), the undersigned (the “Participant”) agrees and covenants as follows:

 

	
1.
	
Employment with the Company as an employee (the “Engagement”) will give the Participant access to proprietary and confidential information belonging to the Company (the proprietary and confidential information is collectively referred to in this Agreement as “Confidential Information”).  Confidential Information includes but is not limited to customer lists, marketing plans, proposals, contracts, commercial, technical and/or financial information, databases, software and know-how.  All Confidential Information remains the confidential and proprietary information of the Company.

 

	
2.
	
For the purposes of this Agreement, “Company” shall include the Company and its affiliates, subsidiaries and associated companies.

 

	
3.
	
As referred to herein, the “Business of the Company” shall relate to the business of the Company or as determined by the Board of Directors of the Company from time to time.

 

	
4.
	
The Participant may in the course of the Engagement conceive, develop or contribute to material or information related to the Business of the Company, including, without limitation, software, technical documentation, ideas, inventions (whether or not patentable), hardware, know-how, marketing plans, designs, techniques, documentation and records, regardless of the form or media, if any, on which such is stored (referred to in this Agreement as “Proprietary Property”). The Company shall exclusively own all Proprietary Property which the Participant conceives, develops or contributes to in the course of the Engagement and all intellectual and industrial property and other rights of any kind in or relating to the Proprietary Property, including but not limited to all copyright, patent, trade secret and trade-mark rights in or relating to the Proprietary Property.  For greater certainty, the Participant hereby assigns to the Company any and all rights that the Participant may have or obtain in or to the Proprietary Property. Material or information conceived, developed or contributed to by the Participant outside work hours on the Company’s premises or through the use of the Company’s property and/or assets shall also be Proprietary Property and be governed by this Agreement if such material or information relates to the Business of the Company. The Participant shall keep full and accurate records accessible at all times to the Company relating to all Proprietary Property and shall promptly disclose and deliver to the Company all Proprietary Property.  

 

	
5.
	
The Participant shall, both during and after the Engagement, keep all Confidential Information and Proprietary Property confidential and shall not use any of it except for the purpose of carrying out authorized activities on behalf of the Company. The Participant may, however, use or disclose Confidential Information which:

 

(i)is or becomes public other than through a breach of this Agreement;

 

(ii)is known to the Participant prior to the date of this Agreement and with respect to which the Participant does not have any obligation of confidentiality; or

 

 

			
	
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Executive Employment Contract

 

 

(iii)is required to be disclosed by law, whether under an order of a court or government tribunal or other legal process, provided that Participant informs the Company of such requirement in sufficient time to allow the Company to avoid such disclosure by the Participant.

 

The Participant shall return or destroy, as directed by the Company, Confidential Information and Proprietary Property to the Company upon request by the Company at any time. The Participant shall certify, by way of affidavit or statutory declaration, that all such Confidential Information and Proprietary Property has been returned or destroyed, as applicable.

 

	
6.
	
The Participant covenants and agrees not to make any unauthorized use whatsoever of or to bring onto the Company’s premises (including any premises rented by the Company as part of the Business of the Company) for the purpose of making any unauthorized use whatsoever of any trade secrets, confidential information or proprietary property of any third party, including without limitation any trade-marks or copyrighted materials, during the course of the Engagement.  The Participant agrees and represents that the Engagement and the execution of this Agreement do not and will not breach any agreement to which the Participant is currently a party or which currently applies to the Participant.

 

	
7.
	
At the reasonable request and at the sole expense of the Company, the Participant shall do all reasonable acts necessary and sign all reasonable documentation necessary in order to ensure the Company’s ownership of the Proprietary Property and all intellectual and industrial property rights and other rights in the same, including but not limited to providing to the Company written assignments of all rights to the Company and any other documents required to enable the Company to document rights to and/or register patents, copyrights, trade-marks, industrial designs and such other protections as the Company considers advisable anywhere in the world.

 

	
8.
	
The Participant hereby irrevocably and unconditionally waives all moral rights the Participant may now or in the future have in any Proprietary Property.

 

	
9.
	
The Participant agrees that the Participant will, if requested from time to time by the Company, execute such further reasonable agreements as to confidentiality and proprietary rights as the Company’s customers or suppliers reasonably required to protect Confidential Information or Proprietary Property.  

 

	
10.
	
Regardless of any changes in position, salary or otherwise, including, without limitation, termination of the Engagement, unless otherwise stipulated pursuant to the terms hereof, the Participant will continue to be subject to each of the terms and conditions of this Agreement and any other(s) executed pursuant to the preceding paragraph.  

 

	
11.
	
The Participant agrees that the Participant’s sole and exclusive remedy for any breach of this Agreement or any other agreement by the Company will be limited to monetary damages and that the Participant will not make any claim in respect of any rights to or interest in any Confidential Information or Proprietary Property. 

 

	
12.
	
The Participant acknowledges that the services provided by the Participant to the Company are unique. The Participant further agrees that irreparable harm will be suffered by the Company in the event of the Participant’s breach or threatened breach of any of his or her obligations under this Agreement, and that the Company will be entitled to seek, in addition to any other rights and remedies that it may have at law or equity, a temporary or permanent injunction restraining the Participant from engaging in or continuing any such breach hereof.  Any claims asserted by the Participant against the Company shall not constitute a defense in any injunction action, application or motion brought against the Participant by the Company.

 

 

			
	
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Executive Employment Contract

 

 

	
13.
	
This Agreement is governed by the laws of the State of Victoria, Australia.  The Participant submits unconditionally to the non-exclusive jurisdiction of the Courts of Victoria, the Federal Court of Australia, and courts with jurisdiction to hear appeals from the lower courts.

 

	
14.
	
If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deleted and the other provisions shall remain in effect.

 

	
15.
	
This Agreement shall be effective once it is executed by the Participant, irrespective of whether it is executed by the Company.

 

 

 

IN WITNESS WHEREOF the Company has caused this Agreement to be executed as of 

 

the ________  day of  ____________________, 2021.

 

 

Signed in the presence of:

 

 

 

 

 

 

	
(a)    PARTICIPANT

Name:
	
 
	
(b)    WITNESS to PARTICIPANT

name:

 

 

			
	
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Executive Employment ContractDocument

Exhibit 10.4

BAXTER INTERNATIONAL INC.
Non-Employee Director Compensation Plan
(As amended and restated effective July 1, 2021)
Terms and Conditions

1.Purpose

This Non-Employee Director Compensation Plan (the “Plan”) is adopted by the Board of Directors (the “Board”) of Baxter International Inc. (“Baxter”). This Plan is adopted pursuant to the Baxter International Inc. 2021 Incentive Plan (the “2021 Incentive Plan”), for the purposes stated in the 2021 Incentive Plan. Capitalized terms defined in the 2021 Incentive Plan that are used without being defined in the Plan will have the same meaning as in the 2021 Incentive Plan.

2.    Participants

Each member of the Board who is not an employee of Baxter or any of its subsidiaries shall participate in the Plan (a “Participant”). 

3.    Unrestricted Shares of Stock

3.1    Subject to Section 3.4, on the date of Baxter’s annual meeting of stockholders in each year beginning with the Annual Meeting held on May 5, 2020 (the “Annual Meeting”), and subject to availability of Shares under the 2021 Incentive Plan and except as set forth in Section 4, each Participant upon completion of the Annual Meeting shall, automatically and without necessity of any action by the Board or any committee thereof, receive the number of Full Value Awards in the form of Shares of Baxter Common Stock, par value $0.01 per Share, (“Unrestricted Shares”) equal to the quotient of (A) $195,000 divided by (B) the Fair Market Value of a Share on the date of grant rounded up or down to the nearest whole number (the “Annual Unrestricted Share Grant Amount”). 

3.2    Each Participant elected or appointed on a date other than the date of an Annual Meeting shall, on the date of such election or appointment and automatically and without necessity of any action by the Board or any committee thereof, receive the number of Unrestricted Shares equal to the product of (A) the Annual Unrestricted Share Grant Amount (as defined in Section 3.1, subject to adjustment in accordance with the 2021 Incentive Plan) for the Unrestricted Shares awarded on the date of the immediately preceding Annual Meeting, multiplied by (B) the quotient of (i) the number of full calendar months before the next Annual Meeting divided by (ii) 12, rounded up or down to the nearest whole number. The number of Unrestricted Shares granted under this Section 3.2 shall not exceed the number available under the 2021 Incentive Plan on the date of grant. 

3.3    All Unrestricted Shares shall be granted with no vesting restrictions. 

3.4    If a Participant ceases service as a member of the Board for any reason, other than death or disability and except in connection with any qualifying retirement (as set forth in Section 4.9), prior to the date that is six months after the grant date of Unrestricted Shares, Participant hereby agrees (i) to return any Unrestricted Shares which the Participant has not otherwise sold or transferred prior to the date of Participant’s departure from the Board (the “Termination Date”) to Baxter and (ii) with respect to any Unrestricted Shares that the Participant has sold or otherwise transferred prior to the Termination Date, to make a cash payment to Baxter equal to the amount of the net proceeds received from the sale, disposition or transfer of the Unrestricted Shares, less any taxes withheld at time of grant within ten Business Days of the Termination Date.  Additionally, Participant hereby agrees to promptly notify Baxter of any sale, transfer or other disposition of any Unrestricted Shares that occurs prior to six months after to the applicable grant date. 

4.    Options

4.1    Prior to the date of the Annual Meeting and subject to availability of Shares under the 2021 Incentive Plan, each Participant shall be permitted to elect to receive 50% of the Unrestricted Share value such Participant would otherwise receive in accordance with Section 3 (or $97,500) in the form of Stock Options (“Stock Options”) at such Annual Meeting; provided, that Participant must comply with any related election procedures established by Baxter (including any applicable election deadline provided by Baxter).  The number of Stock Options to be granted to a Participant under this Section 4.1 will be determined based on a Black-Scholes or other option valuation model in the discretion of the Board or the Compensation Committee of the Board (the “Committee”). If a Participant duly elects to receive Stock Options at the applicable Annual Meeting in accordance with the terms and conditions established by Baxter and this Section 4.1, such Participant shall receive the remaining 50% of such Unrestricted Share value (or $97,500) in the form of Unrestricted Shares in accordance with the terms of Section 3.

4.2    The purchase price for each Share subject to a Stock Option shall be the Fair Market Value of a Share on the date of grant. The terms of each Stock Option will be as set forth in this Plan and the 2021 Incentive Plan. To the extent that any provision of the Plan is inconsistent with the 2021 Incentive Plan, the 2021 Incentive Plan shall control. The Stock Options are not intended to qualify as Incentive Stock Options within the meaning of Section 422 of the United States Internal Revenue Code. 

4.3     Stock Options shall be immediately exercisable on the date of grant. 

4.4    After a Stock Option becomes exercisable and until it expires, it may be exercised in whole or in part, in the manner specified by Baxter.  Under no circumstances may a Stock Option be exercised after it has expired. Shares may be used to pay the purchase 

price for Shares to be acquired upon exercise of a Stock Option or fulfill any tax withholding obligation, subject to any requirements or restrictions specified by Baxter.

4.5    Except as provided in Sections 4.7, 4.8, and 4.9, if a Participant ceases service as a member of the Board for any reason, other than death or disability and except in connection with any qualifying retirement (as set forth in Section 4.9), prior to the date that is six months after the grant date of Stock Options, Participant hereby acknowledges and agrees that (i) any unexercised Stock Options shall be automatically cancelled without any further action of the Participant as of the applicable Termination Date and (ii) with respect to any Stock Options that the Participant has exercised on or prior to the Termination Date, Baxter shall be entitled to a cash repayment equal to the amount of net gain recognized from the exercise of the Stock Options, less any taxes withheld at time of exercise and Participant shall make any such payment within ten Business Days of the Termination Date.

4.6    If a participant ceases service as a member of the Board more than six months after the applicable grant date of the Stock Options (a “Qualifying Departure”), the Stock Options will not expire but will remain exercisable. Subject to Sections 4.7, 4.8, 4.9 and 4.10, the Stock Options previously granted under the Plan to any Participant who has made a Qualifying Departure will expire three months after the applicable Termination Date, unless the Participant dies or becomes disabled during such three month period in which case the Stock Option will expire on the first anniversary of the date the Participant ceased serving as a member of the Board.

4.7    If a Participant dies while serving as a member of the Board, his or her Stock Options will not expire and will remain fully exercisable. Subject to Sections 4.9 and 4.10, the Stock Option will expire on the fifth anniversary of the Participant’s death. 

4.8    If a Participant becomes disabled and unable to continue service as a member of the Board, his or her Stock Options will not expire and will remain fully exercisable. Subject to Sections 4.9 and 4.10, the Stock Option will expire on the fifth anniversary of the date the Participant ceases service as a member of the Board.

4.9    If a Participant who has served as a member of the Board for a continuous period of at least ten years or who is at least 72 years of age ceases to serve as a member of the Board (including without limitation by reason of death or disability), his or her Stock Options will not expire and will remain fully exercisable. Subject to Section 4.10, the Stock Options will expire on the fifth anniversary of the date the Participant ceases service as a member of the Board. 

4.10    Notwithstanding any other provision in these terms and conditions to the contrary, Stock Options that have not previously expired or been cancelled in accordance with Section 4.5 will expire at the close of business on the tenth anniversary of the date of grant. If a Stock Option would expire on a date that is not a Business Day, it will expire at the close of business on the last Business Day preceding that date. A 

“Business Day” is any day on which the Shares are traded on the New York Stock Exchange. 

4.11    An exercisable Stock Option may only be exercised by the Participant, his or her legal representative, or a person to whom the Participant’s rights in the Stock Option are transferred by will or the laws of descent and distribution or in accordance with rules and procedures established by the Committee.

4.12    The Board or the Committee may, in its sole discretion and without receiving permission from any Participant, substitute SARs for any or all outstanding Stock Options granted under this Plan. Upon the grant of substitute SARs, the related Stock Options replaced by the substitute SARs shall be cancelled. The grant price of the substitute SAR shall be equal to the Exercise Price of the related Stock Option, the term of the substitute SAR shall not exceed the term of the related Stock Option, and the terms and conditions applicable to the substitute SAR shall otherwise be substantially the same as those applicable to the related Stock Option replaced by the substitute SAR.

4.13    To the extent that a Stock Option has not been exercised on the date the Stock Option would otherwise expire pursuant to Section 4.5, 4.6, 4.7, 4.8, 4.9 or 4.10, and the Fair Market Value of the Common Stock on such date exceeds the exercise price, Baxter may (but shall not be obligated to), on behalf of the Participant, direct that the Stock Option be exercised and the Shares of Common Stock sold, with the proceeds used to pay the exercise price and any applicable tax withholding, and the remaining proceeds credited to the Participant’s account, or take such other action as the Committee may determine; provided that in no event shall Baxter, any member of the Committee, or any person acting on their behalf have any liability to a Participant for failing to take any such action.

5.    Cash Compensation

5.1    Except as provided in the following sentence, Baxter shall pay each Participant a meeting fee of $2,000 for each meeting of any committee of the Board attended. Except as provided in the following section, participants acting as the chairperson of any committee of the Board shall receive an annual cash retainer of $15,000 for each committee chaired by him or her. A participant acting as the chairperson of the Audit Committee shall receive an annual cash retainer of $25,000 and a participant acting as the chairperson of the Compensation Committee shall receive an annual cash retainer of $20,000. Amounts payable within this Section 5.1 shall be paid quarterly in arrears and are payable if the Participant attends in person, by conference telephone, or by any other means permitted by the Delaware General Corporation Law and Baxter’s Bylaws, as amended and restated. For the purposes of determining the amount of such quarterly payment(s), a Participant must be a chairperson of a committee of the Board on or prior to the 15th day of a month in order to be entitled to receive such payment(s) with respect to that month. 

5.2    Baxter shall pay each Participant a total annual cash retainer of $100,000 per calendar year (“Annual Cash Retainer”). Baxter shall pay an additional annual cash retainer of $50,000 per calendar year to the Lead Director (“Lead Director Retainer”). Both the Annual Cash Retainer and Lead Director Retainer shall be paid quarterly in arrears. For purposes of determining the amount of such quarterly payment(s), a 
Participant and/or the Lead Director must be a member of the Board on or prior to the 15th day of a month in order to be entitled to receive such payment(s) with respect to that month. 

5.3    Participants shall be eligible to defer payment of cash compensation otherwise payable under this Section 5 pursuant to the terms and conditions of the Baxter Non-Employee Director Deferred Compensation Plan.

6.    Availability of Shares

If on any grant date, the number of Shares which would otherwise be granted in the form of Unrestricted Shares or subject to Stock Options (as duly elected in accordance with Section 4.1) granted under the Plan shall exceed the number of Shares then remaining available under the 2021 Incentive Plan, the available Shares shall be allocated among the Participants in proportion to the number of Shares subject to Stock Options (as duly elected in accordance with Section 4.1) and Unrestricted Shares that Participants would otherwise be entitled to receive.

7.    Change in Control

Notwithstanding any other provision of the 2021 Incentive Plan or this Plan, if a Change in Control occurs then all Awards previously unvested shall become immediately vested and exercisable. 

8.    General Provisions

8.1    Subject to the limitations contained in Section 13 of the 2021 Incentive Plan, the Board or the Committee may, at any time and in any manner, amend, suspend, or terminate the Plan or any Award outstanding under the Plan.

8.2     Participation in the Plan does not give any Participant any right to continue as a member of the Board for any period of time or any right or claim to any benefit unless such right or claim has specifically accrued hereunder.

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