Document:

EX-10.9

 Exhibit 10.9 
  

			
	

	  	 Benitec Biopharma Ltd

ABN 64 068 943 662
 Suite 1201, 99
Mount Street,
 North Sydney NSW 2060 Australia

Tel: + 61 (0)2 9555 6986
 Email:
info@benitec.com
 www.benitec.com

 Benitec Employee Share Option Certificate and Terms 

CERTIFICATE NUMBER [    ] 
  

			
	Options Grant date:	  	[        ]
		
	Options Granted to:	  	 [        ]

[        ]

[        ]

		
	Number:	  	Option to take up [        ] unissued shares
		
	Vesting:	  	[        ] vest at each anniversary for the first [        ] years subject to the terms and conditions set out below and subject to the plan
rules
		
	Expiry date:	  	[        ]
		
	Exercise price:	  	AUD $[        ]

 Terms and Conditions 

Each Option to take up unissued shares (‘Option’) shall entitle the holder of the Option (‘Option Holder’) to subscribe for and be allotted
one fully paid ordinary share (‘Share’) in Benitec Biopharma Limited A.C.N. 068 943 662 (‘Company’) on the terms and conditions set out below: 
  

	1.	 Each option is exercisable subject to paragraph 3 at any time during the period (‘Option Period’)
from the date of issue and expiring at the earliest to occur of the following dates: 

  

	 	(a)	 [            ]pm Australian Eastern Standard Time
[            ] years after the date of grant, 

  

	 	(b)	 the date of retirement, resignation or dismissal from the position of director or other engagement or
employment (if any) of the Option Holder with the consolidated entity (as defined in the Corporations Act) of Benitec Limited (‘Consolidated Entity’); and 

  
 Page 1 

			
	

	  	 Benitec Biopharma Ltd

ABN 64 068 943 662
 Suite 1201, 99
Mount Street,
 North Sydney NSW 2060 Australia

Tel: + 61 (0)2 9555 6986
 Email:
info@benitec.com
 www.benitec.com

  

 PROVIDED THAT the limitations on the time of exercise of the Options set out above (excluding
the limitations in paragraph 13) shall be subject to the overriding conditions that: 
  

	 	(c)	 if retirement occurs after reaching the age determined by the Board to be normal retirement age or in any other
circumstances with the approval of the Board, the Option Holder may exercise his or her options in full within [            ] days after the date of retirement, or such other period, being
not less than [            ] days, as determined by the Board of Directors (in its sole and absolute discretion) immediately following the date of retirement; and 

 

	 	(d)	 if resignation is due to ill health or accident or a dismissal is due to redundancy, or in any other
circumstances with the approval of the Board, the Option Holder may exercise his or her 

 options in full within
[            ] days after the date of the resignation or dismissal, or such other period, being not less than [            ]
days, as determined by the Board of Directors (in its sole and absolute discretion) immediately following the date of resignation or dismissal. 
  

	2.	 Subject to paragraphs 1 and 13, the Options may be exercised wholly or in part by giving notice in writing
(‘Notice of Exercise’) to the Board at any time during the Option Period. 

  

	3.	 The Options vest as follows: 

 

	 	(a)	 [            ] of the Options are exercisable on
the [            ] anniversary of the date of issue. If the resulting number of options contains a fraction, such number shall be rounded down to the next lowest whole number;

  

	 	(b)	 [            ] of the Options are exercisable on
the [            ] anniversary of the date of issue. If the resulting number of options contains a fraction, such number shall be rounded down to the next lowest whole number;

  

	 	(c)	 the balance of the Options are exercisable on the
[            ] anniversary of the date of issue; 

  

	 	(d)	 the vesting of the Options are subject to continued engagement or employment with the Company. Where such
engagement or employment ceases with the Company between the vesting period, the Options vest pro-rata over time; 

  

	 	(e)	 in the event of termination for cause, no new options would vest; and 

  
 Page 2 

			
	

	  	 Benitec Biopharma Ltd

ABN 64 068 943 662
 Suite 1201, 99
Mount Street,
 North Sydney NSW 2060 Australia

Tel: + 61 (0)2 9555 6986
 Email:
info@benitec.com
 www.benitec.com

  

	 	(f)	 in the event of the Company being the subject of a successful takeover bid or change of control, any Options
which have not yet vested to the Option Holders shall be exercisable immediately. 

  

	4.	 Notwithstanding paragraph 1, but subject to paragraph 13, if an Option Holder dies during the Option Period
applicable to the Option Holder, the legal personal representative of the Option Holder may exercise all or any of the Options held at the date of death on behalf of the estate of the Option Holder PROVIDED THAT such exercise must be made any time
after the death of the Option Holder but not later than [            ] days, or such other period, being not less than
[            ] days, as determined by the Board of Directors (in its sole and absolute discretion) immediately following the death of the Option Holder, after the date of granting of
probate or grant or letters of administration (as appropriate) or the Options will lapse and the amount paid to acquire the Options, if any, will be forfeited. Further, in the event the Option Holder dies during the Option Period, the Company has an
obligation to inform the Option Holder’s legal personal representative in writing, within [            ] days after the date of granting of probate or grant or letters of
administration (as appropriate), of his/her right to exercise the Options in accordance with terms of this clause. 

  

	5.	 In respect of the Options, the exercise price per Option (which is payable immediately upon exercise) is
AUD$[            ] ([            ]cents). 

 

	6.	 The Options are not capable of being transferred or encumbered by the Option Holder, and will immediately lapse
if it is transferred or encumbered, unless it is transferred or encumbered: 

  

	 	(a)	 by force of law upon death to the Option Holder ‘s legal personal representative; 

 

	 	(b)	 upon bankruptcy to the Option Holder ‘s trustee in bankruptcy; or 

 

	 	(c)	 with the prior written approval of the Board. 

 

	7.	 On receipt by the Company of the Notice of Exercise and payment of the relevant Exercise Price, the Company
must, within 14 business days (as defined in the Listing Rules of Australian Stock Exchange Limited) allot to the Option Holder one ordinary share in respect of each Option exercised by the Option Holder and despatch the relevant acknowledgment of
issue as soon as is reasonably practicable. 

  

	8.	 Shares allotted on the exercise of any Options will rank equally in all respects with the then existing issued
ordinary fully paid shares in the Company and will be subject to the provisions of the Constitution of the Company. 

  
 Page 3 

			
	

	  	 Benitec Biopharma Ltd

ABN 64 068 943 662
 Suite 1201, 99
Mount Street,
 North Sydney NSW 2060 Australia

Tel: + 61 (0)2 9555 6986
 Email:
info@benitec.com
 www.benitec.com

  

	9.	 Adjustments to the number of Shares over which Options exist and/or the Exercise Price may be made as described
in paragraph 11 to take account of changes to the capital structure of the Company by way of pro rata bonus issues. The Company agrees to notify all Option Holders and ASX Limited within
[            ] month after the record date of a pro rata bonus issue, of any adjustment to the number of Shares over which the Options exist and/or any adjustment to the Exercise Price.

  

	10.	 Subject to paragraphs 9, 11 and 12, Options do not confer rights to participate in new issues of securities of
the Company without exercising the option. 

  

	11.	 The method of adjustment for the purpose of paragraph 9 shall be in accordance with Listing Rules 6.22.2 and
6.22.3 of the Official Listing Rules of the Australian Stock Exchange Limited as it currently exists and which provides: 

  

	 	(a)	 Pro-Rata Cash Issues 

Where a pro-rata issue (except a bonus issue) is made to the holders of fully paid ordinary shares in
the Company, the Exercise price of an Option may be reduced according to the following formula: 
 O’ = O - E[P-(S+D)] 

                    N+1 

where: 
  

					
	O’	  	=	  	the new exercise price of the option.
			
	O	  	=	  	the Old exercise price of the option.
			
	E	  	=	  	the number of underlying securities into which one Option is Exercisable.
			
	P	  	=	  	the average market price per share (weighted by reference to volume) of the underlying securities during the 5 trading days ending on the day before the ex rights date or ex entitlements date.
			
	S	  	=	  	the Subscription price for a security under the pro rata issue.
			
	D	  	=	  	the Dividend (in the case of a trust, Distribution) due but not yet paid on the existing underlying securities (except those to be issued under the pro rata issue).
			
	N	  	=	  	the Number of securities with rights or entitlements that must be held to receive a right to one new security.

  
 Page 4 

			
	

	  	 Benitec Biopharma Ltd

ABN 64 068 943 662
 Suite 1201, 99
Mount Street,
 North Sydney NSW 2060 Australia

Tel: + 61 (0)2 9555 6986
 Email:
info@benitec.com
 www.benitec.com

  

	 	(b)	 Pro-Rata Bonus Issues 

If there is a bonus issue to the holders of the underlying securities of the Company, the number of securities over which the Option is
exercisable may be increased by the number of securities, which the holder of the Option would have received if the Option had been exercised before the record date for the bonus issue. 

 

	12.	 In the event of any reconstruction (including consolidation, subdivision, reduction or return) of the issued
capital of the Company, the number of Options or the exercise price of the Options or both will be reconstructed in accordance with the Listing Rules of ASX Limited applying at the time of the reconstruction. 

 

	13.	 All unexercised Options will lapse in the event of the liquidation of the Company. 

 

	14.	 The Company will apply to the ASX (and any other stock exchange on which the Shares in the Company are quoted
and listed) for, and will use its best endeavours to obtain, quotation and listing of all Shares allotted on the exercise of any Options. The Company will not apply for quotation or listing of the Options on any stock exchange.

  

	15.	 Subject to paragraph 13, each Option is personal to the Option Holder named on the front of the Option
Certificate and is not transferable, transmissible or assignable PROVIDED THAT the personal representative of an Option Holder may on the death of that Option Holder exercise Options in accordance with paragraph 4. 

 

	16.	 The Options are issued subject to shareholder approval in accordance with ASX Listing Rule 10.14.

  

			
	 Signed in accordance with the constitution
	 	
		
	 /s/
	 	
		
	 /s/
	 	

 [DATE] 
  

  
 Page 5Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT, entered into
August 13, 2020 by and between Rego Payment Architectures, Inc., a Delaware corporation (the “Company”) and Peter S.
Pelullo (the “Employee”).

 

WITNESSETH:

 

WHEREAS, the Company wishes to employ the
Employee as President, Chief Executive Officer, and Board Director of the Company and the Employee is willing to serve the Company
in such capacity.

 

NOW, THEREFORE, in consideration of the
mutual covenants contained herein, and other good and valuable consideration, the parties hereto agree as follows:

 

Section 1.     Employment

 

The Company will employ the Employee, and
the Employee will perform services for the Company and its subsidiaries, on the terms and conditions set forth in this Agreement.

 

Section 2.     Duties

 

The Employee will serve the Company as its
President, Chief Executive Officer and Board Director. The Employee will have such duties and responsibilities as are assigned
to him by the Board of Directors of the Company commensurate with the Employee’s position, including responsibility for all
strategic and operational matters relating to the Company and its subsidiaries, subject to the direction of the Board of Directors.
The Employee will perform his duties hereunder faithfully and to the best of his abilities and in furtherance of the business of
the Company and its subsidiaries, and will devote his full business time, energy, attention and skill to the business of the Company
and its subsidiaries and to the promotion of its interests, except as otherwise agreed by the Company.

 

Section 3.     Term 

 

This Agreement shall have an initial term
of two years, beginning as of the Employee’s first day of work, August 13, 2020 (the “Effective Date”). It shall
renew for successive one-year periods unless either party gives notice of intent to not renew this Agreement at least 60 days prior
to the renewal date. Notwithstanding the foregoing Section 3, this Agreement and the Employee’s employment hereunder shall
be “at will” and is terminable at any time by either party, without further economic obligation beyond the termination
date except as required by law.

 

    	 	 	 

    	 

    

 

Section 4.     Salary

 

The Employee will receive as compensation
for his duties and obligations to the Company pursuant to this Agreement during its effectiveness a base salary at the annual rate
of (i) Two Hundred Thousand Dollars ($200,000) during the first year after the Effective Date,

 

(ii) It is agreed between the parties that
the Company will review the base annual salary annually and, in light of such review, may (but will not be obligated to), in the
discretion of the Board of Directors of the Company or any Compensation Committee thereof, increase such applicable annual base
salary taking into account any change in the Employee’s responsibilities, increases in the cost of living, performance by
the Employee, and other pertinent factors.

 

Section 5.     Bonus

 

The Employee will be eligible for an annual
bonus in the form of cash or Company common stock as determined at the sole discretion of the Board of Directors of the Company
or any Compensation Committee thereof.

 

Annual bonuses payable hereunder shall be
calculated after the close of the end of the calendar year, and thereafter paid in a single lump sum by no later than the 15th
day of the third month following the end of the calendar year in which the right to the bonus is no longer subject to a substantial
risk of forfeiture (as defined for purposes of Internal Revenue Code Section 409A, including Treasury Regulations Section 1.409A-1(d)).

 

Section 6.     Equity Compensation

 

(a)       Options.
As of the Effective Date or promptly thereafter following approval of the Board of Directors of the Company, the Employee will
be granted a non-statutory stock option to acquire 500,000 shares of the common stock of the Company at an exercise price of $0.25
per share (or if greater, the fair market value of such stock on the grant date). The option will vest immediately. The grant of
options will be memorialized in, and the options subject to, a separate option agreement to be entered into between the Employee
and Company in accordance with the existing equity incentive plans of the Company. Upon the sale or change in control of more than
50% of the Company, the Employee will be granted a non-statutory stock option to acquire 500,000 shares of the common stock of
the Company at the exercise price of the closing price per share on the date of sale or change of control (or if greater, the fair
market value of such stock on the grant date). The option will vest immediately upon issuance. The grant of options will be memorialized
in, and the options subject to, a separate option agreement to be entered into between the Employee and Company in accordance with
the existing equity incentive plans of the Company.

 

(b)       Common
Stock. As of the Effective Date or promptly thereafter following approval of the Board of Directors of the Company, the Employee
will be granted 250,000 shares of the common stock of the Company. The shares will vest immediately. Upon the sale of the Company
or change in control of more than 50% of the Company, the Employee will be granted 250,000 shares of the common stock of the Company.
The shares will vest immediately.

 

    	 	 2	 

    	 

    

 

Section 7.     Employee
Benefits

 

Subject to any applicable probationary or
similar periods, during the period of his employment with the Company, the Employee will be entitled to participate in all employee
benefit programs of the Company applicable to senior officers of the Company, as such programs may be in effect from time to time.
Subject to any applicable probationary or similar periods, during his period of employment with the Company, the Employee will
also be entitled to participate in all retirement programs of the Company for which current employees are eligible, as such programs
may be in effect from time to time (including the Company’s 401(k) plan).

 

Section 8.     Business Expenses

 

All reasonable travel and other out-of-pocket
expenses incidental to the rendering of services by the Employee hereunder will be paid by the Company, and, if expenses are paid
in the first instance by the Employee, the Company will reimburse his therefor upon presentation of proper invoices, subject in
each case to compliance with the Company’s reimbursement policies and procedures. All reimbursements will be paid in the
same taxable year in which the expense is incurred, provided that expenses incurred toward the end of the calendar year that cannot
administratively be reimbursed before the year end shall be reimbursed by no later than March 15th of the calendar year
following the calendar year in which the expense was incurred.

 

Section 9.     Vacations and
Sick Leave

 

The Employee will be entitled to holidays,
reasonable vacation and reasonable sick leave each year, in accordance with policies of the Company, as determined by the Board
of Directors, provided, however, that the Employee will be entitled to a minimum of four (4) weeks’ vacation per year.

 

Section 10.     Confidential
Information

 

The Employee agrees to keep secret and retain
in the strictest confidence all confidential matters which relate to the Company or any affiliate of the Company, including, without
limitation, customer lists, client lists, trade secrets, pricing policies and other business affairs of the Company and any affiliate
of the Company learned by his from the Company or any such affiliate or otherwise before or after the date of this Agreement, and
not to disclose any such confidential matter to anyone outside the Company, or any of its affiliates, whether during or after her
period of service with the Company, except as may be required in the course of a legal or governmental proceeding. Upon request
by the Company, the Employee agrees to deliver promptly to the Company upon termination of his services for the Company, or at
any time thereafter as the Company may request, all Company or affiliate memoranda, notes, records, reports, manuals, drawings,
designs, computer files in any media and other documents (and all copies thereof) relating to the Company’s or any affiliate’s
business and all property of the Company or any affiliate associated therewith, which she may then possess or have under his control.

 

    	 	 3	 

    	 

    

 

Section 11.     Successors and
Assigns

 

This Agreement will be binding upon and
inure to the benefit of the Employee, his heirs, executors, administrators and beneficiaries, and the Company and its successors
and assigns.

 

Section 12.     Governing Law

 

This Agreement will be governed by and construed
and enforced in accordance with the laws of the State of Pennsylvania, without reference to rules relating to conflicts of law.

 

Section 13.     Entire Agreement

 

This Agreement constitutes the full and
complete understanding and agreement of the parties and supersedes all prior understandings and agreements as to employment of
the Employee. This Agreement cannot be amended, changed, modified or terminated without the written consent of the parties hereto.

 

Section 14.     Waiver of Breach

 

The waiver of either party of a breach of
any term of this Agreement will not operate nor be construed as a waiver of any subsequent breach thereof.

 

Section 15.     Notices

 

Any notice, report, request or other communication
given under this Agreement will be written and will be effective upon delivery when delivered personally, by overnight courier
or by fax. Unless otherwise notified by any of the parties, notices will be sent to the parties as follows: (i) if to the Employee,
at the address set forth in the Company’s records; and (ii) if to the Company, to Rego Payment Architectures, Inc. 21171
South Western, Suite 2705 Torrance, CA 90501. Attention: Board of Directors.

 

Section 16.     Severability

 

If any one or more of the provisions contained
in this Agreement will be invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality and
enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

Section 17.     Counterparts

 

This Agreement may be executed in counterparts,
each of which will be deemed to be an original but all of which together will constitute one and the same instrument. Delivery
of signatures by facsimile or electronic image shall be valid for all purposes hereunder.

 

Section 18.     Internal Revenue
Code Section 409A Compliance.

 

(a)       The
parties hereto recognize that certain provisions of this Agreement may be affected by Section 409A of the Internal Revenue Code
and guidance issued thereunder, and agree to amend this Agreement, or take such other action as may be necessary or advisable,
to comply with Section 409A.

 

    	 	 4	 

    	 

    

 

(b)       Notwithstanding
anything herein to the contrary, it is expressly understood that at any time the Company (or any successor or related employer
treated as the service recipient for purposes of Internal Revenue Code Section 409A) is publicly traded on an established securities
market (as defined for purposes of Internal Revenue Code Section 409A), if a payment or provision of an amount or benefit constituting
a deferral of compensation is to be made pursuant to the terms of this Agreement to the Employee on account of a Separation from
Service at a time when the Employee is a Specified Employee (as defined for purposes of Internal Revenue Code Section 409A(a)(2)(B)(i)),
such deferred compensation shall not be paid to the Employee prior to the date that is six (6) months after the Separation from
Service or as otherwise permitted under Treasury Regulations Section 1.409A-3(i)(2).

 

(c)       For
purposes of this Agreement, the following definitions shall apply:

 

		(i)	“Separation from Service” means, generally, a termination of employment with the Company (or any successor or related
employer treated as the service recipient for purposes of Internal Revenue Code Section 409A), and shall have the same meaning
as such term has for purposes of Internal Revenue Code Section 409A (including Treasury Regulation Section 1.409A-1(h)).

 

		(ii)	“Involuntary Separation from Service” means a Separation from Service due to the independent exercise of the unilateral
authority of the Company (or any successor or related employer treated as the service recipient for purposes of Internal Revenue
Code Section 409A) to terminate the Employee’s employment, other than due to the Employee’s implicit or explicit request,
where the Employee was willing and able to continue employment with the Company. Notwithstanding the foregoing, a termination for
Good Reason may constitute an Involuntary Separation from Service. Involuntary Separation from Service shall have the same meaning
as such term has for purposes of Internal Revenue Code Section 409A (including Treasury Regulation Section 1.409A-1(n)).

 

[signature page follows]

 

    	 	 5	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written.

 

The Company:

 

REGO PAYMENT ARCHITECTURES, INC.

 

 

 

	By:	/s/ Scott A. McPherson	 
	Name:	Scott A. McPherson	 
	Title: 	Chief Financial Officer	 
	 

         

         
	 	 
	Employee:	 
	 	 	 
	 	 	 
	 	 	 
	/s/ Peter S. Pelullo	 
	Peter S. Pelullo	 	 

 

 

 

6

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