Document:

Exhibit

UNITED STATES STEEL CORPORATION 
2016 OMNIBUS INCENTIVE COMPENSATION PLAN 
 As Amended and Restated Effective April 28, 2020
SECTION 1.  ADOPTION AND PURPOSE 
		
	1.01
	Adoption.  The United States Steel Corporation 2016 Omnibus Incentive Compensation Plan (the “Plan”) was initially adopted by the Board of Directors of United States Steel Corporation (the “Corporation”) on February 22, 2016, and approved by the stockholders on April 26, 2016.  The Plan was amended with the approval of the stockholders effective April 25, 2017, to increase the number of shares authorized for issuance under the Plan.  The Plan has been further amended and is restated as set forth herein by the Board of Directors on February 25, 2020, to be effective April 28, 2020, subject to approval by the stockholders on April 28, 2020.    

		
	1.02
	Purpose. The purpose of the Plan is to assist the Corporation in attracting, retaining and motivating employees and non-employee directors of outstanding ability and to align their interests with those of the stockholders of the Corporation. 

SECTION 2.  DEFINITIONS; CONSTRUCTION 
		
	2.01 
	Definitions. In addition to the terms defined elsewhere in the Plan, the following terms as used in the Plan shall have the following meanings when used with initial capital letters: 

		
	(a)
	“Affiliate” means any person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Corporation.  For purposes of this definition, the term “control” (including the terms “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract, or otherwise.   

		
	(b)
	“Appreciation Right” means an Award representing, for each Share subject to such Appreciation Right, a right granted to a Participant to receive payment in Shares or cash of an amount equal to the excess, if any, of the Fair Market Value of a Share on the date of exercise of the Appreciation Right over the exercise price which shall be at least the Fair Market Value of a Share as of the grant date.   

(c)     “Available Shares” shall have the meaning provided in Section 4.01 hereof. 
		
	(d)
	“Award” means any Option, Restricted Stock, Restricted Stock Unit, Performance Award or Other Stock-Based Award. 

		
	(e)
	“Award Agreement” means any agreement, contract or other instrument or document evidencing an Award. 

(f)    “Board” means the Corporation’s Board of Directors. 
(g)    “Business Combination” shall have the meaning provided in Section 2.01(j)(3) hereof. 
		
	(h)
	“Cause,” when used with respect to the termination of employment or service of a Participant, means: 

		
	(1) 
	the willful and continued failure by the Participant to substantially perform his duties with the Corporation or a Subsidiary or Affiliate (other than any such failure resulting from the Participant’s disability), after reasonable notice of such failure and an opportunity to correct it; or 

		
	(2)
	the willful and continued engaging by the Participant in conduct which is demonstrably and materially injurious to the Corporation or a Subsidiary or Affiliate, monetarily or otherwise, or

		
	(3)
	the breach by the Participant of the Corporation’s Code of Ethical Business Conduct as determined by the Corporation in its sole discretion. 

For purposes of this Plan, no act, or failure to act, on the Participant’s part shall be considered “willful” unless done, or omitted to be done, by the Participant in bad faith and without reasonable belief that such action or omission was in the best interest of the Corporation.  
		
	(i) 
	“Code” means the Internal Revenue Code of 1986, as amended from time to time, together with rules, regulations and interpretations promulgated thereunder. References to particular sections of the Code shall include any successor provisions. 

		
	(j)
	“Change in Control” shall mean a change in control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act, whether or not the Corporation is then subject to such reporting requirement; provided, that, without limitation, such a change in control shall be deemed to have occurred if: 

		
	(1)
	any person (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) (a “Person”) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation (not including in the amount of the securities beneficially owned by such person any such securities acquired directly from the Corporation or its Affiliates) representing thirty percent (30%) or more of the combined voting power of the Corporation’s then outstanding voting securities; provided, however, that for purposes of this Plan the term “Person” shall not include (A) the Corporation or any of its subsidiaries, (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any of its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, (D) a corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation, or (E) any individual, entity or group involved in the acquisition of the Corporation’s voting securities in connection with which, pursuant to Rule 13d-1 promulgated pursuant to the Exchange Act, such individual, entity or group is permitted to, and actually does, report its beneficial ownership on Schedule 13G (or any successor Schedule); provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on Schedule 13D (or any successor Schedule), then, for purposes of this paragraph, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial ownership of all of the Corporation’s then outstanding voting securities beneficially owned by it on such date; and provided, further, however, that for purposes of this paragraph (1), there shall be excluded any Person who becomes such a beneficial owner in connection with an Excluded Transaction (as defined in paragraph (3) below); or 

		
	 (2) 
	the following individuals (the “Incumbent Board”) cease for any reason to constitute a majority of the number of directors then serving: individuals who, as of the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest including, but not limited to, a consent solicitation, relating to the election of directors of the Corporation) whose appointment or election by the Board or nomination for election by the Corporation’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; or 

		
	(3) 
	there is consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary thereof with any other corporation (a “Business Combination”), other than a merger or consolidation (an “Excluded Transaction”) which would result in: 

		
	(A) 
	at least a majority of the members of the board of directors of the resulting or surviving entity (or any ultimate parent thereof) in such Business Combination (the “New Board”) consisting of individuals (“Continuing Directors”) who were members of the Incumbent Board (as defined in subparagraph (2) above) immediately prior to consummation of such Business Combination or were appointed, elected or recommended for appointment or election by members of the Incumbent Board prior to consummation of such Business Combination (excluding from Continuing Directors, any individual whose election or appointment, or recommendation for election or appointment, to the New Board was at the request, directly or indirectly, of the entity which entered into the definitive agreement providing for such Business Combination with the Corporation or any direct or indirect subsidiary thereof), unless the Board determines, prior to such consummation, that there does not exist a reasonable assurance that, for at least a two-year period following consummation of such Business Combination, at least a majority of the members of the New Board will continue to consist of Continuing Directors and individuals whose election, or nomination for election by stockholders of the resulting or surviving entity (or any ultimate parent thereof) in such Business Combination, would be approved by a vote of at least a majority of the Continuing Directors and individuals whose election or nomination for election has previously been so approved; or 

		
	(B) 
	a Business Combination that in substance constitutes a disposition or separation of a division, business unit, or subsidiary; or 

		
	(4) 
	the stockholders of the Corporation approve a plan of a complete liquidation or dissolution of the Corporation or there is consummation of a sale or other disposition of all or substantially all of the assets of the Corporation, other than to a corporation with respect to which, following such sale or other disposition, more than 50% of the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Corporation’s then outstanding voting securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Corporation’s then outstanding voting securities. 

		
	(k)
	“Committee” means (1) with respect to Participants who are employees and other service providers, the Compensation & Organization Committee or such other committee of the Board as may be designated by the Board to administer the Plan, consisting of at least three members of the Board; provided however, that any member of the Committee participating in the taking of any action under the Plan shall qualify as (A)  a “non-employee director” as then defined under Rule 16b-3 and (B) an “independent” director under the rules of the New York Stock Exchange, or (2) with respect to Participants who are non-employee directors, the Board. 

		
	(l)
	“Common Stock” means shares of the common stock, par value $1.00 per share, and such other securities of the Corporation or other corporation or entity as may be substituted for Shares pursuant to Section 8.01 hereof. 

		
	(m)
	“Continuing Directors” shall have the meaning provided in Section 2.01(j)(3) hereof. 

		
	(n)
	“Disabled” shall mean the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

		
	(o)
	“Effective Date” means April 26, 2016, the date the Plan was initially effective.

		
	(p)
	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

		
	(q)
	“Excluded Transaction” shall have the meaning provided in Section 2.01(j)(3) hereof. 

		
	(r)
	“Fair Market Value” of shares of any stock, including but not limited to Common Stock, or units of any other securities (herein “shares”), shall be the average of the highest and lowest sales prices per share for the date as of which Fair Market Value is to be determined in the principal market in which such shares are traded, as quoted in The Wall Street Journal (or in such other reliable publication as the Committee, in its discretion, may determine to rely upon). If the Fair Market Value of shares on any date cannot be determined on the basis set forth in the preceding sentence, or if a determination is required as to the Fair Market Value on any date of property other than shares, the Committee shall in good faith determine the Fair Market Value of such shares or other property on such date. Fair Market Value shall be determined without regard to any restriction other than a restriction which, by its terms, will never lapse. 

		
	(s)
	“Full-Value Shares” shall have the meaning provided in Section 4.01 hereof. 

		
	(t)
	“Good Reason” shall mean, without the Participant’s express written consent, the occurrence after a Change in Control, of any one or more of the following: 

		
	(1)
	the assignment to the Participant of duties inconsistent with the Participant’s position immediately prior to the Change in Control or a reduction or adverse alteration in the nature of the Participant’s position, duties, status or responsibilities from those in effect immediately prior to the Change in Control; 

		
	(2)
	a reduction by the Corporation in the Participant’s annualized and monthly or semi-monthly rate of base salary (as increased to incorporate the Participant’s foreign assignment premium, if any, while on foreign assignment) as in effect on the Change in Control or as the same shall be increased from time to time; 

		
	(3)
	the Corporation’s requiring the Participant to be based at a location in excess of fifty (50) miles from the location where the Participant is based immediately prior to the Change in Control; 

		
	(4)
	the failure by the Corporation to continue, substantially as in effect immediately prior to the Change in Control, all of the Corporation’s employee benefit, incentive compensation, bonus, stock option and stock award plans, programs, policies, practices or arrangements in which the Participant participates (or substantially equivalent successor plans, programs, policies, practices or arrangements) or the failure by the Corporation to continue the Participant’s participation therein on substantially the same basis, both in terms of the amount of benefits provided and the level of the Participant’s participation relative to other participants, as existed immediately prior to the Change in Control; and 

		
	(5)
	any purported termination by the Corporation of the Participant’s employment that is not effected pursuant to a written notice indicating, in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Participant’s employment for Cause, which in the absence of such notice shall be ineffective. 

		
	(u)
	“Incumbent Board” shall have the meaning provided in Section 2.01(j)(2) hereof. 

		
	(v)
	“New Board” shall have the meaning provided in Section 2.01(j)(3) hereof. 

		
	(w)
	“Option” means a right, granted under Section 6.02 hereof, to purchase Shares at a specified price during specified time periods. 

		
	(x)
	“Other Stock-Based Award” means an Award, granted under Section 6.06 hereof, that is denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares. 

		
	(y)
	“Participant” means an employee, other service provider or a non-employee director of the Corporation or any Subsidiary or Affiliate who is granted an Award under the Plan. 

		
	(z)
	“Performance Award” means an award granted under Section 6.05 hereof that is subject to certain restrictions.

		
	(aa)
	“Performance Share,” “Performance Cash Award,” “Performance Goal” and “Performance Period” shall have the meanings provided in Section 6.05. 

		
	(bb)
	“Person” shall have the meaning provided in Section 2.01(j)(1) hereof. 

		
	(cc)
	“Restricted Stock” means Shares, granted under Section 6.03 hereof, that are subject to certain restrictions. 

		
	(dd)
	“Restricted Stock Unit” means a unit, granted under Section 6.04 hereof, that is subject to certain restrictions. 

		
	(ee)
	“Rule 16b-3” means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor to such Rule promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act. 

		
	(ff)
	“Shares” means shares of Common Stock. 

		
	(gg)
	“Subsidiary” means any corporation in an unbroken chain of corporations beginning with the Corporation, if each of the corporations other than the last corporation in the chain owns stock possessing at least 50% of the total combined voting power of all classes of stock in one of the other corporations in the chain. 

		
	(hh)
	“Termination of Employment” shall have the meaning provided in Section 9.02 hereof. 

2.02     Construction. For purposes of the Plan, the following rules of construction shall apply: 
		
	(a)
	The word “or” is disjunctive but not necessarily exclusive. 

		
	(b)
	Words in the singular include the plural; words in the plural include the singular; words in the neuter gender include the masculine and feminine genders, and words in the masculine or feminine gender include the other and neuter genders. 

SECTION 3.  PLAN ADMINISTRATION 
		
	3.01 
	Board Committee Administration. The Plan shall be administered by the Committee. The Committee shall have full and final authority to take the following actions, in each case subject to and consistent with the provisions of the Plan: 

(a)     to designate Participants; 
(b)     to determine the type or types of Awards to be granted to each Participant; 
		
	(c)
	to determine the number of Awards to be granted, the number of Shares or amount of cash or other property to which an Award will relate, the terms and conditions of any Award (including, but not limited to, any exercise price, grant price or purchase price, any limitation or restriction, any schedule for lapse of limitations, forfeiture restrictions or restrictions on exercisability or transferability, and accelerations or waivers thereof, and any Performance Goal, based in each case on such considerations as the Committee shall determine subject to the terms of the Plan), and all other matters to be determined in connection with an Award; 

		
	(d)
	to determine whether, to what extent and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards or other property, or an Award may be accelerated, vested, canceled, forfeited, exchanged or surrendered; 

		
	(e)
	to interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; 

		
	(f)
	to prescribe the form of each Award Agreement, which need not be identical for each Participant; 

		
	(g)
	to adopt, amend, suspend, waive and rescind such rules and regulations as the Committee may deem necessary or advisable to administer the Plan; 

		
	(h)
	to correct any defect or supply any omission or reconcile any inconsistency, and to construe and interpret the Plan, the rules and regulations, any Award Agreement or other instrument entered into or Award made under the Plan; 

		
	(i)
	to make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan; and 

		
	(j)
	to make such filings and take such actions as may be required from time to time by appropriate state, regulatory and governmental agencies. 

Any action of the Committee with respect to the Plan shall be final, conclusive and binding on all persons, including the Corporation, Subsidiaries, Affiliates, Participants, any person claiming any rights under the Plan from or through any Participants, employees, directors and stockholders. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. Each member of the Committee shall be entitled to, in good faith, rely or act upon any report or other information furnished to him by an officer, manager or other employee of the Corporation or a Subsidiary, the Corporation’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Corporation and/or Committee to assist in the administration of the Plan. 
		
	3.02 
	Committee Delegation. The Committee may delegate to officers, managers and/or agents of the Corporation or any Subsidiary or Affiliate the authority, subject to such terms as the Committee shall determine and applicable law, to perform administrative and other functions under the Plan. Specifically, the Committee may delegate to one or more officers of the Corporation the authority to grant Awards to Participants who are not directors or officers (as defined under Section 16 of the Exchange Act) of the Corporation, provided the Committee shall have determined the number of Shares available for such grants and the grants are subject to the terms and conditions of the underlying Award Agreements and the Plan. Any such delegation shall be subject to the limitation under Section 157(c) of the Delaware General Corporation Law.  

 SECTION 4.  SHARES SUBJECT TO THE PLAN 
		
	4.01 
	The maximum number of Shares which may be issued and in respect of which Awards may be granted under the Plan shall be limited to 18,200,000 Shares, subject to adjustment as provided in Section 8.01, which may be used for all forms of Awards (such Shares may be referred to as “Available Shares”). Each Option or Appreciation Right shall reduce the number of Available Shares by one Share for each Share represented by such Option or Appreciation Right, except to the extent the Award is settled in cash. All other Shares to which an Award other than an Option or Appreciation Right relates shall be referred to as “Full-Value Shares” and, unless such Award is settled in cash, shall reduce the number of Available Shares by 1.78 Shares. 

For purposes of this Section 4.01, the number of Shares to which an Award relates shall be counted against the number of Available Shares under the Plan at the time of grant of the Award, unless such number of Shares cannot be determined at that time, in which case the number of Shares actually distributed pursuant to the Award shall be counted against the number of Available Shares under the Plan at the time of distribution; provided, however, that Awards related to or retroactively added to, or granted in tandem with, substituted for or converted into, other Awards shall be counted or not counted against the number of Shares reserved and available under the Plan in accordance with procedures adopted by the Committee so as to ensure appropriate counting but avoid double counting. 
If and to the extent any Award granted under this Plan or any award granted under the 2005 Stock Incentive Plan (“2005 Plan”) and outstanding on the Effective Date (a “2005 Plan Award”) is forfeited or  otherwise terminates without payment being made to the Participant in the form of Shares or if payment is made to the Participant in the form of cash, cash equivalents or other property other than Shares, any Shares that are not issued with respect to such Award or 2005 Plan Award shall, to the extent of any such forfeiture or termination or alternative payment, again be available for Awards under the Plan. Subject to the provisions of Section 8.01, such Shares shall be added to the number of Available Shares at the rate for which the award was originally subtracted from the number of Available Shares under this Plan or from the number of Shares that were available under the 2005 Plan, as applicable. If the exercise price of an Award is paid by delivering to the Corporation Shares previously owned by the Participant or by withholding Shares issuable upon exercise or if Shares are delivered or withheld for purposes of satisfying a tax withholding obligation or if Shares are repurchased by the Company with Option proceeds, the number of Shares covered by the Award equal to the number of Shares so delivered, withheld or repurchased shall be counted, however, against the number of Shares granted and shall not again be available for Awards under the Plan. In addition, all Shares covered by an Appreciation Right, to the extent that it is exercised and settled in Shares, shall be counted against the number of Shares granted and shall not again be available for Awards under the Plan. Any Shares distributed pursuant to an Award may consist, in whole or part, of authorized and unissued Shares or of treasury Shares, including Shares repurchased by the Corporation for purposes of the Plan. 
SECTION 5.  ELIGIBILITY, VESTING REQUIREMENTS AND PROHIBITION ON REPRICING AND RELOAD OPTIONS
		
	5.01
	Eligibility. Awards may be granted only to individuals who are employees, other service providers and/or non-employee directors of the Corporation or any Subsidiary or Affiliate. 

		
	5.02
	Vesting of Awards. All Awards shall provide for vesting based on employment or service which is at least twelve (12) months from the date on which such Award is granted, and there shall be no acceleration of vesting of an Award to be more rapid than vesting after twelve (12) months, except for the Committee’s discretion to provide for accelerated vesting or exercisability in the terms of an Award or otherwise in connection with death, disability, retirement, involuntary termination of employment or service without Cause or a Change in Control. Notwithstanding any contrary provision of the Plan, up to five percent (5%) of the aggregate number of Shares authorized for issuance under the Plan may be issued pursuant to Awards without regard to the limitations of this Section 5.02.  

		
	5.03
	Repricing and Reload Options Prohibited. Except as provided in Section 8 (Adjustment Provisions), the Corporation may not, without obtaining stockholder approval:  (a) amend or modify the terms of any outstanding Option or Appreciation Right to reduce the exercise price of such outstanding Option or Appreciation Right; (b) cancel, exchange or permit or accept the surrender of any outstanding Option or Appreciation Right in exchange for an Option or Appreciation Right with an exercise price that is less than the exercise price of the original Option or Appreciation Right; or (c) cancel, exchange or permit or accept the surrender of any outstanding Option or Appreciation Right in exchange for any other Award, cash or other securities for purposes of repricing such Option or Appreciation Right.  No Option may be granted to any individual on account of the use of Shares by such individual to exercise a prior Option.

SECTION 6.  SPECIFIC TERMS OF AWARDS 
		
	6.01 
	General. Subject to the terms of the Plan and any applicable Award Agreement, Awards may be granted as set forth in this Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to the terms of Section 10.01), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including separate escrow provisions and terms requiring forfeiture of Awards in the event of termination of employment or service by the Participant. Except as required by applicable law, Awards may be granted for no consideration other than prior and/or future services. Dividends and dividend equivalents shall not be paid on Options, Appreciation Rights and unvested Full-Value Shares. Dividends and dividend equivalents may not be paid with respect to Performance Awards before the Performance Goals are achieved and the Performance Awards are earned. 

		
	6.02
	Options. The Committee is authorized to grant Options to Participants, subject to the following terms and conditions: 

		
	(a)
	Exercise Price. The exercise price per Share of an Option shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option. 

		
	(b)
	Option Term. The term of each Option shall be determined by the Committee, except that, consistent with the provisions of Section 7.04, no Option shall be exercisable after the expiration of ten years from the date of grant. The Option shall be evidenced by a form of written Award Agreement, and subject to the terms thereof. 

		
	(c)
	Times and Methods of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, the methods by which the exercise price may be paid or deemed to be paid, and the form of such payment, including, without limitation, cash, Shares, or other property or any combination thereof, having a Fair Market Value on the date of exercise equal to the exercise price, provided, however, that in the case of a Participant who is at the time of exercise subject to Section 16 of the Exchange Act, any portion of the exercise price representing a fraction of a Share shall in any event be paid in cash or in property other than any equity security (as defined by the Exchange Act) of the Corporation. 

Delivery of Shares in payment of the exercise price of an Option, if authorized by the Committee, may be accomplished through the effective transfer to the Corporation of Shares held by a broker or other agent. Unless otherwise determined by the Committee, the Corporation will also cooperate with any person exercising an Option who participates in a cashless exercise program of a broker or other agent under which all or part of the Shares received upon exercise of the Option are sold through the broker or other agent, for the purpose of paying the exercise price of an Option. Additionally, if authorized by the Committee, a Participant may elect the withholding of shares to be acquired upon exercise, valued at the Fair Market Value on the date of exercise, for the purpose of paying the exercise price of an Option. Notwithstanding any of the preceding, unless the Committee, in its discretion, shall otherwise determine, the exercise of the Option shall not be deemed to occur, and no Shares will be issued by the Corporation upon exercise of an Option, until the Corporation has received payment in full of the exercise price. Notwithstanding language in any grant form to the contrary, if the optionee is subject to taxation on the benefit received from the Option in a jurisdiction outside the United States the optionee (i) shall not be permitted to pay the exercise price by surrendering shares of Common Stock that he or she already owns or attesting to the ownership of shares of Common Stock and (ii) shall not be permitted to elect the withholding of shares to be acquired upon exercise to satisfy either the exercise price or the tax withholding obligation if, in the opinion of the Committee, such election could cause the participant, or the Corporation, to receive unfavorable tax treatment. 
		
	(d)
	Termination of Employment. In the case of Participants who are employees or other service providers, unless otherwise determined by the Committee and reflected in the Award Agreement or award program: 

		
	(1)
	if a Participant shall die while employed or engaged by the Corporation or a Subsidiary or Affiliate or during a period following termination of employment or engagement during which an Option otherwise remains exercisable under this Section 6.02(d), Options granted to the Participant, to the extent exercisable at the time of the Participant’s death, may be exercised within three years after the date of the Participant’s death, but not later than the expiration date of the Option, by the executor or administrator of the Participant’s estate or by the Person or Persons to whom the Participant shall have transferred such right by will or by the laws of descent and distribution; 

		
	(2)
	if the employment or engagement of a Participant with the Corporation and its Subsidiaries and Affiliates shall be involuntarily terminated under circumstances which would qualify the Participant for benefits under a severance plan of the Corporation, or if a Participant shall retire under the terms of any retirement plan of the Corporation or a Subsidiary, or shall terminate his or her employment or engagement with the written consent of the Corporation or a Subsidiary specifically permitting such exercise, or shall become Disabled, Options granted to the Participant, to the extent exercisable at the date of the Participant’s termination of employment or engagement, may be exercised within three years after the date of termination of employment or engagement, but not later than the expiration date of the Option; and 

		
	(3)
	except to the extent an Option remains exercisable under paragraph (1) or (2) above or under Section 9.01, any Option granted to a Participant shall terminate immediately upon the termination of all employment or engagement of the Participant with the Corporation or a Subsidiary or Affiliate.  

		
	(e)
	Termination of Service. In the case of Participants who are non-employee directors, unless otherwise determined by the Board and reflected in the Award Agreement or award program: 

		
	(1)
	if a Participant shall die while in service with the Corporation or a Subsidiary or during a period following termination of service during which an Option otherwise remains exercisable under this Section 6.02(e), Options granted to the Participant, to the extent exercisable at the time of the Participant’s death, may be exercised within three years after the date of the Participant’s death, but not later than the expiration date of the Option, by the executor or administrator of the Participant’s estate or by the Person or Persons to whom the Participant shall have transferred such right by will or by the laws of descent and distribution; 

		
	(2)
	if the service of a Participant with the Corporation and its Subsidiaries shall be terminated for reasons other than removal for Cause, Options granted to the Participant, to the extent exercisable at the date of the Participant’s termination of service, may be exercised within three years after the date of termination of service, but not later than the expiration date of the Option; and 

		
	(3)
	except to the extent an Option remains exercisable under paragraph (1) or (2) above or under Section 9.01, any Option granted to a Participant shall terminate immediately upon the termination of all service of the Participant with the Corporation or a Subsidiary. 

		
	(f)
	Individual Limit. The aggregate number of Shares for which Options may be granted under the Plan to any single Participant in any calendar year shall not exceed 1,000,000 Shares. 

		
	6.03
	Restricted Stock. The Committee is authorized to grant Restricted Stock to Participants, subject to the following terms and conditions: 

		
	(a)
	Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends thereon), which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments or otherwise, as the Committee shall determine at the time of grant or thereafter. 

		
	(b)
	Forfeiture. Except as otherwise determined by the Committee at the time of grant or thereafter subject to the limitations of the Plan, upon termination of employment, engagement or other service (as determined under criteria established by the Committee) during the applicable restriction period, Restricted Stock that is at such time subject to restrictions shall be forfeited and reacquired by the Corporation. 

		
	(c)
	Certificates for Shares. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine, including, without limitation, issuance of certificates representing Shares, which may be held in escrow. Certificates representing Shares of Restricted Stock shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock. 

		
	(d)
	Maximum Individual Performance-Based Restricted Stock Limit.  Restricted Stock may be subject to Performance Goals.  No Participant shall be granted within any calendar year one or more Restricted Stock Awards under the Plan subject to Performance Goals for more than 1,000,000 Shares. 

		
	6.04 
	Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Participants, subject to the following terms and conditions: 

		
	(a) 
	Issuance and Restrictions. Restricted Stock Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock Units or the right to receive dividends thereon), which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments or otherwise, as the Committee shall determine at the time of grant or thereafter. 

		
	(b)
	Forfeiture. Except as otherwise determined by the Committee at the time of grant or thereafter subject to the limitations of the Plan, upon termination of employment, engagement or other service (as determined under criteria established by the Committee) during the applicable restriction period, Restricted Stock Units that are at such time subject to restrictions shall be forfeited. 

		
	(c)
	Maximum Individual Performance-Based Restricted Stock Unit Limit.  Restricted Stock may be subject to Performance Goals.  No Participant shall be granted within any calendar year one or more Restricted Stock Unit Awards under the Plan subject to Performance Goals for more than 1,000,000 Shares.  

		
	6.05 
	Performance Awards. The Committee is authorized to grant Performance Awards to Participants, subject to the following terms and conditions: 

		
	(a)
	Types of Performance Awards. Performance Awards may be granted in the form of Performance Shares or Performance Cash Awards.  Performance Shares shall be denominated in Shares and may be payable in Shares or in cash.  Performance Cash Awards shall be denominated in dollars, have an initial value that is established by the Committee at the time of grant, and may be payable in cash or in Shares.

		
	(b)
	Right to Payment. A Performance Award shall represent the right to receive Shares or a dollar amount based on the achievement, or the level of achievement, during a specified Performance Period of one or more Performance Goals established by the Committee at the time of the Award.  Performance Goals may include threshold Corporation performance goals and Participant performance goals.    

		
	(c)
	Terms of Performance Awards. At or prior to the time a Performance Award is granted, the Committee shall cause to be set forth in the Award Agreement or otherwise in writing (i) the Performance Goals applicable to the Award and the Performance Period during which the achievement of the Performance Goals shall be measured, (ii) the amount which may be earned by the Participant based on the achievement, or the level of achievement, of the Performance Goals or the formula by which such amount shall be determined and (iii) such other terms and conditions applicable to the Award as the Committee may, in its discretion, determine to include therein; provided, however, dividends and dividend equivalents may accrue, but shall not be paid with respect to Performance Awards before the Performance Goals are achieved and the Performance Awards are earned. The terms so established by the Committee shall be objective such that a third party having knowledge of the relevant facts could determine whether or not any Performance Goal has been achieved, or the extent of such achievement, and the amount, if any, which has been earned by the Participant based on such performance. The Committee may retain the discretion to reduce (but not to increase) the amount of a Performance Award which will be earned based on the achievement of Performance Goals; provided, however, that the exercise of such negative discretion shall not be permitted to result in any increase in the amount of any Performance Award payable to any other Participant. When the Performance Goals are established, the Committee shall also specify the manner in which the level of achievement of such Performance Goals shall be calculated and the weighting assigned to such Performance Goals. The Committee may determine that certain specified events or occurrences, including changes in accounting standards or tax laws and the effects of non-operational items or unusual or infrequently occurring items as defined by generally accepted accounting principles, shall be excluded from the calculation.   

		
	 (d) 
	Performance Goals. Prior to the earlier of (i) ninety (90) days after the commencement of the period of service to which the Performance Goal relates (the “Performance Period”) or (ii) the date on which 25% of the Performance Period has elapsed, the Committee shall establish the Performance Goals for the relevant Performance Period. The outcome of the Performance Goals must be substantially uncertain at the time the goals are established. “Performance Goals” shall mean one or more preestablished, objective measures of performance during a specified Performance Period, selected by the Committee in its discretion. Performance Goals may be based upon one or more of the following objective performance measures and expressed in either, or a combination of, absolute or relative values or rates of change and on a gross or net basis: safety performance, stock price, capital expenditures, earnings per share, earnings per share growth, return on capital employed, return on invested capital, return on capital, costs, net income, net income growth, operating margin, revenues, revenue growth, revenue from operations, net sales, expenses, income from operations as a percent of capital employed, income from operations, income from operations per ton shipped, tons shipped, cash flow, market share, return on equity, return on assets, earnings (including EBITDA and EBIT), operating cash flow, operating cash flow as a percent of capital employed, economic value added, gross margin, total shareholder return, shareholder equity, debt, debt to shareholder equity, debt to earnings (including EBITDA and EBIT), interest expense and/or other fixed charges, earnings (including EBITDA and EBIT) to interest expense and/or other fixed charges, environmental emissions improvement, workforce diversity, number of accounts, workers’ compensation claims, budgeted amounts, cost per hire, turnover rate, and/or training costs and expenses. Performance Goals based on such performance measures may be based either on the performance of the Participant, Corporation, a Subsidiary or Subsidiaries, an Affiliate or Affiliates, any branch, department, business unit or other portion thereof under such measure for the Performance Period and/or upon a comparison of such performance with the performance of a peer group of corporations, prior Performance Periods or other measure selected or defined by the Committee at the time of making a Performance Award. The Committee may in its discretion also determine to use other objective performance measures as Performance Goals. 

		
	(e) 
	Committee Certification. Following completion of the applicable Performance Period, and prior to any payment of a Performance Award to the Participant, the Committee shall determine in accordance with the terms of the Performance Award and shall certify in writing whether the applicable Performance Goal or Goals were achieved, or the level of such achievement, and the amount, if any, earned by the Participant based upon such performance. For this purpose, approved minutes of the meeting of the Committee at which certification is made shall be sufficient to satisfy the requirement of a written certification. Performance Awards are not intended to provide for the deferral of compensation, such that Performance Awards shall be paid upon vesting and in no event later than the day which is two and one-half months following the end of the calendar year in which the Performance Period ends, or such other time period as may be required under Section 409A of the Code to avoid characterization of such Awards as deferred compensation. 

		
	(f) 
	Maximum Individual Performance Award Limit. No Participant shall be granted within any calendar year (i) Performance Shares which could result in such Participant receiving pursuant to such Performance Shares more than 1,000,000 Shares or the Fair Market Value thereof if paid in cash, or (ii) Performance Cash Awards which could result in such Participant receiving more than $20,000,000 in value.  

		
	 (g)
	Performance Award Pool. The Committee may establish a Performance Award pool, which shall be an unfunded pool, based upon the achievement of one or more Performance Goals during the Performance Period, as specified by the Committee. The amount of the Award Pool at the threshold, target and maximum performance levels may be a stated percentage of the Award Pool at the applicable level for the specified Performance Goals. The maximum amount payable to any Participant shall be stated in terms of a percentage of the award pool and the sum of such percentages shall not exceed 100%.    

		
	6.06 
	Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, including, without limitation, purchase rights, Appreciation Rights, Shares awarded which are not subject to any restrictions or conditions, subject to the limitations of the Plan, convertible securities, exchangeable securities or other rights convertible or exchangeable into Shares, as the Committee in its discretion may determine. In the discretion of the Committee, such Other Stock-Based Awards, including Shares, or other types of Awards authorized under the Plan, may be used in connection with, or to satisfy obligations of the Corporation or a Subsidiary or an Affiliate under, other compensation or incentive plans, programs or arrangements of the Corporation or any Subsidiary or Affiliate for eligible Participants, including without limitation  the Deferred Compensation Program for Non-Employee Directors, the Non-Employee Director Stock Program, other or successor programs and executive contracts. 

The Committee shall determine the terms and conditions of Other Stock-Based Awards. Shares or securities delivered pursuant to a purchase right or Appreciation Right granted under this Section 6.06 shall be purchased for such consideration, paid for by such methods and in such forms, including, without limitation, cash, Shares, or other property or any combination thereof, as the Committee shall determine.
The aggregate number of Shares for which Appreciation Rights may be granted under the Plan to any single Participant in any calendar year shall not exceed 1,000,000 Shares. 
		
	6.07 
	Limitation on Awards to Non-Employee Directors.  Notwithstanding any other provision of the Plan to the contrary, the aggregate grant date fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted to any non-employee director for any single calendar year shall not exceed $500,000; provided, however, that such limit shall not apply to any Awards made at the election of a non-employee director to receive Awards in lieu of all or a portion of any annual committee cash retainers or other similar cash based payments.

SECTION 7.  GENERAL TERMS OF AWARDS 
		
	7.01 
	Stand-Alone, Tandem and Substitute Awards. Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, or in tandem with, any other Award granted under the Plan or any award granted under any other plan, program or arrangement of the Corporation or any Subsidiary or any business entity acquired or to be acquired by the Corporation or a Subsidiary. Awards granted in addition to or in tandem with other Awards or awards may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

		
	7.02 
	Term of Awards. The term of each Award shall be for such period as may be determined by the Committee; provided, however, that in no event shall the term of any Option, other purchase right or Appreciation Right exceed a period of ten (10) years from the date of its grant. 

		
	7.03 
	Form of Payment of Awards. Subject to the terms of the Plan and any applicable Award Agreement, payments or substitutions to be made by the Corporation upon the grant, exercise or other payment or distribution of an Award may be made in such forms as the Committee shall determine at the time of grant or thereafter, including, without limitation, cash, Shares, or other property or any combination thereof, in each case in accordance with rules and procedures established, or as otherwise determined, by the Committee. 

		
	7.04 
	Limits on Transfer of Awards; Beneficiaries. No right or interest of a Participant in any Award shall be pledged, encumbered or hypothecated to or in favor of any person other than the Corporation, or shall be subject to any lien, obligation or liability of such Participant to any person other than the Corporation or a Subsidiary. No Award and no rights or interests therein shall be assignable or transferable by a Participant otherwise than by will or the laws of descent and distribution, and any Option or other right to purchase or acquire Shares granted to a Participant under the Plan shall be exercisable during the Participant’s lifetime only by such Participant. A beneficiary, guardian, legal representative or other person claiming any rights under the Plan from or through any Participant shall be subject to all the terms and conditions of the Plan and any Award Agreement applicable to such Participant as well as any additional restrictions or limitations deemed necessary or appropriate by the Committee. 

		
	7.05 
	Registration and Listing Compliance. No Award shall be paid and no Shares or other securities shall be distributed with respect to any Award in a transaction subject to the registration requirements of the Securities Act of 1933, as amended, or any state securities law or subject to a listing requirement under any listing agreement between the Corporation and any national securities exchange, and no Award shall confer upon any Participant rights to such payment or distribution until such laws and contractual obligations of the Corporation have been complied with in all material respects. Except to the extent required by the terms of an Award Agreement or another contract between the Corporation and the Participant, neither the grant of any Award nor anything else contained herein shall obligate the Corporation to take any action to comply with any requirements of any such securities laws or contractual obligations relating to the registration (or exemption therefrom) or listing of any Shares or other securities, whether or not necessary in order to permit any such payment or distribution. 

		
	7.06 
	Stock Certificates. Awards representing Shares under the Plan may be recorded in book entry form until the lapse of restrictions or limitations thereon, or issued in the form of certificates. All certificates for Shares delivered under the terms of the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under federal or state securities laws, rules and regulations thereunder, and the rules of any national securities exchange or automated quotation system on which Shares are listed or quoted. The Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions or any other restrictions or limitations that may be applicable to Shares. In addition, during any period in which Awards or Shares are subject to restrictions or limitations under the terms of the Plan or any Award Agreement, the Committee may require any Participant to enter into an agreement providing that certificates representing Shares issuable or issued pursuant to an Award shall remain in the physical custody of the Corporation or such other person as the Committee may designate. 

		
	7.07. 
	Forfeiture and Repayment. Notwithstanding any other provisions of the Plan, any Award which is subject to recovery under any law, government regulation, stock exchange listing requirement or recoupment policy adopted by the Corporation, will be subject to such deduction, clawback or cancellation as may be made pursuant to such law, government regulation, stock exchange listing requirement or recoupment policy, as may be in effect from time to time.  

SECTION 8.  ADJUSTMENT PROVISIONS 
		
	8.01 
	If a dividend or other distribution shall be declared upon the Common Stock payable in shares of the Common Stock, then equitable adjustment shall be made to outstanding Awards, the maximum number of Shares specified in Section 4.01 that may be issued under the Plan but are not then subject to outstanding Awards and the maximum number of Shares specified  under Sections 6.02(f), 6.03(d), 6.04(d), 6.05(f).  Any shares of Common Stock distributed with respect to any Restricted Stock held in escrow shall also be held by the Corporation in escrow and shall be subject to the same restrictions as are applicable to the Restricted Stock on which they were distributed. 

If the outstanding shares of Common Stock shall be changed into or exchangeable for a different number or kind of shares of stock or other securities of the Corporation or another corporation, or cash or other property, whether through reorganization, reclassification, recapitalization, stock split-up, combination of shares, merger or consolidation, then equitable adjustments shall be made to the Awards, the Shares specified in Section 4.01 that may be issued under the Plan but which is not then subject to any outstanding Award, and the maximum number of Shares under Sections 6.02(f), 6.03(d), 6.04(d), 6.05(f).  Unless otherwise determined by the Committee in its discretion, any such stock or securities, as well as any cash or other property, into or for which any Restricted Stock held in escrow shall be changed or exchangeable in any such transaction shall also be held by the Corporation in escrow and shall be subject to the same restrictions as are applicable to the Restricted Stock in respect of which such stock, securities, cash or other property was issued or distributed. 
In case of any adjustment or substitution as provided for in this Section 8.01, the aggregate option price for all Shares subject to each then outstanding Option, Restricted Stock Unit, Performance Award or Other Stock Based Award, prior to such adjustment or substitution shall be the aggregate option price for all shares of stock or other securities (including any fraction), cash or other property to which such Shares shall have been adjusted or which shall have been substituted for such Shares. Any new option price per share or other unit shall be carried to at least three decimal places with the last decimal place rounded upwards to the nearest whole number. 
If the outstanding shares of the Common Stock shall be changed in value by reason of any spin-off, split-off or split-up, or dividend in partial liquidation, dividend in property other than cash, or extraordinary distribution to stockholders of the Common Stock, (i) the Committee shall make any adjustments to any then outstanding Option, Restricted Stock Unit, Performance Award or Other Stock Based Award, which it determines are equitably required to prevent dilution or enlargement of the rights of optionees and awardees which would otherwise result from any such transaction, and (ii) unless otherwise determined by the Committee in its discretion, any stock, securities, cash or other property distributed with respect to any Restricted Stock held in escrow or for which any Restricted Stock held in escrow shall be exchanged in any such transaction shall also be held by the Corporation in escrow and shall be subject to the same restrictions as are applicable to the Restricted Stock in respect of which such stock, securities, cash or other property was distributed or exchanged. 
No adjustment or substitution provided for in this Section 8.01 shall require the Corporation to issue or sell a fraction of a Share or other security. Accordingly, all fractional Shares or other securities which result from any such adjustment or substitution shall be eliminated and not carried forward to any subsequent adjustment or substitution. Owners of Restricted Stock held in escrow shall be treated in the same manner as owners of Common Stock not held in escrow with respect to fractional Shares created by an adjustment or substitution of Shares, except that, unless otherwise determined by the Committee in its discretion, any cash or other property paid in lieu of a fractional Share shall be subject to restrictions similar to those applicable to the Restricted Stock exchanged therefore. In the event of any other change in or conversion of the Common Stock, the Committee may in its discretion adjust the outstanding Awards and other amounts provided in the Plan in order to prevent the dilution or enlargement of rights of Participants. 
SECTION 9.  CHANGE IN CONTROL PROVISIONS 
		
	9.01 
	Acceleration of Exercisability and Lapse of Restrictions. Unless otherwise determined by the Committee at the time of grant of an Award or unless otherwise provided in the applicable Award Agreement, if (i) a Change in Control shall occur, and (ii) a Termination of Employment occurs, then, in addition to any other rights of post-termination exercise which the Participant (or other holder of the Award) may have under the Plan or the applicable Award Agreement: (i) all outstanding Awards pursuant to which the Participant may have exercise rights, which are restricted or limited, shall become fully exercisable and shall remain exercisable until the expiration date of the award; and (ii) all restrictions or limitations, including risks of forfeiture, on outstanding Awards subject to restrictions or limitations under the Plan shall lapse. 

In addition, upon the occurrence of a Change in Control, all performance criteria and other conditions to payment of Awards under which payments of Shares or other property are subject to conditions shall be determined using the abbreviated performance period ending upon the date of the Change in Control. Notwithstanding the foregoing, unless otherwise determined by the Committee at the time of grant of an Award or unless otherwise provided in the applicable Award Agreement, if a Change in Control shall occur, (i) scheduled vesting dates for performance-based Awards will not be affected by a Change in Control and (ii) all Awards shall remain payable on the dates provided in the underlying Award Agreements and the Plan.  
		
	9.02 
	Termination of Employment or Service in connection with a Change in Control. If within the two-year period beginning on the date of a Change in Control the employment or service of a Participant shall be terminated (i) involuntarily for any reason other than for Cause or (ii) in the case of Participants who have been determined by the Committee to be executive management prior to the time of the Change in Control, voluntarily for Good Reason, such termination shall be a “Termination of Employment” for purposes of this Plan. 

The Participant’s right to terminate his or her employment pursuant to this Section shall not be affected by the Participant’s incapacity due to physical or mental illness or eligibility for retirement. The Participant’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder. 
SECTION  10. AMENDMENTS TO AND TERMINATION OF THE PLAN 
		
	10.01 
	The Board may amend, alter, suspend, discontinue or terminate the Plan without the consent of stockholders or Participants, except that, without the approval of the stockholders of the Corporation, no amendment, alteration, suspension, discontinuation or termination shall be made if stockholder approval is required by any federal or state law or regulation or by the rules of any stock exchange on which the Shares may then be listed, or if the Board in its discretion determines that obtaining such stockholder approval is for any reason advisable; provided, however, that without the written consent of the Participant, no amendment, alteration, suspension, discontinuation or termination of the Plan may materially and adversely affect the rights of such Participant under any Award theretofore granted to him. The Committee may, consistent with the terms of the Plan, waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retrospectively; provided, however, that without the consent of a Participant, no amendment, alteration, suspension, discontinuation or termination of any Award may materially and adversely affect the rights of such Participant under any Award theretofore granted to him. 

SECTION  11. GENERAL PROVISIONS 
		
	11.01 
	No Right to Awards; No Stockholder Rights. No Participant, employee or director shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants, employees and directors, except as provided in any other compensation, fee or other arrangement. No Award shall confer on any Participant any of the rights of a stockholder of the Corporation unless and until Shares are in fact issued to such Participant in connection with such Award. 

		
	11.02 
	Withholding. To the extent required by applicable Federal, state, local or foreign law, the Participant or his successor shall make arrangements satisfactory to the Corporation, in its discretion, for the satisfaction of any withholding tax obligations that arise in connection with an Award. The Corporation shall not be required to issue any Shares or make any other payment under the Plan until such obligations are satisfied. 

The Corporation is authorized to withhold from any Award granted or any payment due under the Plan, including from a distribution of Shares, amounts of withholding taxes due with respect to an Award, its exercise or any payment thereunder, or to any other payment of compensation by the Corporation to a Participant outside of the Plan,  and to take such other action as the Committee may deem necessary or advisable to enable the Corporation and Participants to satisfy obligations for the payment of such taxes. This authority shall include authority to withhold or receive Shares, Awards or other property and to make cash payments in respect thereof in satisfaction of such tax obligations. The Fair Market Value of any Shares withheld or tendered to satisfy any such tax withholding obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates or such other limitations as will not cause adverse accounting consequences or cost, except as otherwise specifically provided in any Award Agreement with respect to a Participant subject to tax withholding in any foreign jurisdiction in which there is no minimum statutory withholding rates.
		
	11.03 
	No Right to Employment or Continuation of Service. Nothing contained in the Plan or any Award Agreement shall confer, and no grant of an Award shall be construed as conferring, upon any Participant any right to continue in the employ or service of the Corporation, any Subsidiary or any Affiliate or to interfere in any way with the right of the Corporation, any Subsidiary or any Affiliate or stockholders to terminate his employment or service at any time or increase or decrease his compensation, fees, or other payments from the rate in existence at the time of granting of an Award, except as provided in any Award Agreement or other compensation, fee or other arrangement. 

		
	11.04 
	Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Corporation; provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Corporation’s obligations under the Plan to deliver Shares or other property pursuant to any Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines. 

		
	11.05 
	No Limit on Other Compensatory Arrangements. Nothing contained in the Plan shall prevent the Corporation from adopting other or additional compensation, fee or other arrangements (which may include, without limitation, employment agreements with executives and arrangements which relate to Awards under the Plan), and such arrangements may be either generally applicable or applicable only in specific cases. Notwithstanding anything in the Plan to the contrary, the terms of each Award shall be construed so as to be consistent with such other arrangements in effect at the time of the Award. 

		
	11.06 
	No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated. 

		
	11.07 
	Governing Law. The validity, interpretation, construction and effect of the Plan and any rules and regulations relating to the Plan shall be governed by the laws of the Commonwealth of Pennsylvania (without regard to the conflicts of laws thereof), and applicable Federal law. 

		
	11.08 
	Severability. If any provision of the Plan or any Award is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or Award, it shall be deleted and the remainder of the Plan or Award shall remain in full force and effect; provided, however, that, unless otherwise determined by the Committee, the provision shall not be construed or deemed amended or deleted with respect to any Participant whose rights and obligations under the Plan are not subject to the law of such jurisdiction or the law deemed applicable by the Committee. 

SECTION 12.  TERM OF THE PLAN 
		
	12.01
	The Plan shall continue in effect until the earlier of its termination by the Board or the date on which all of the Shares available for issuance under the Plan have been issued and all restrictions on such Shares under the terms of the Plan and the agreements evidencing Awards granted under the Plan have lapsed.  However, Awards shall not be granted later than the tenth anniversary of the Effective Date.   

-1-EX-10.1

 Exhibit 10.1 

Dated 3 March 2020 
 Chief Executive Officer - Executive
Service 
 Parties 
 Universal Biosensors Pty Ltd

 (ACN 098 234 309) 
 John Sharman 

 Contents 
  

							
	 1.
	 	Definitions and interpretation	  	 	1	 
	 2.
	 	Warranties	  	 	5	 
	 3.
	 	Commencement	  	 	5	 
	 4.
	 	Inherent Requirement	  	 	5	 
	 5.
	 	Position and Duties	  	 	5	 
	 6.
	 	Employer’s directions	  	 	6	 
	 7.
	 	Place of work	  	 	6	 
	 8.
	 	Hours of work	  	 	7	 
	 9.
	 	Remuneration	  	 	7	 
	 10.
	 	Equity Incentive Plan	  	 	7	 
	 11.
	 	Method and frequency of payment	  	 	7	 
	 12.
	 	Superannuation	  	 	7	 
	 13.
	 	Salary sacrifice	  	 	8	 
	 14.
	 	Expenses	  	 	8	 
	 15.
	 	Relocation expenses	  	 	8	 
	 16.
	 	Performance and Remuneration review	  	 	8	 
	 17.
	 	Employer’s Property	  	 	8	 
	 18.
	 	Leave	  	 	9	 
	 19.
	 	Public holidays	  	 	9	 
	 20.
	 	Termination	  	 	9	 
	 21.
	 	Restraint during Employment	  	 	12	 
	 22.
	 	Restraint after Employment ceases	  	 	12	 
	 23.
	 	Confidential Information	  	 	14	 
	 24.
	 	Intellectual Property	  	 	15	 
	 25.
	 	Remedies for breach	  	 	16	 
	 26.
	 	Moral Rights	  	 	16	 
	 27.
	 	Policies	  	 	16	 
	 28.
	 	Directors’ and officers’ insurance policy	  	 	17	 
	 29.
	 	Privacy	  	 	17	 
	 30.
	 	Application of legislation and industrial instruments	  	 	17	 
	 31.
	 	Severability	  	 	17	 
	 32.
	 	Governing law	  	 	18	 
	 33.
	 	Continuing obligations	  	 	18	 
	 34.
	 	Waiver	  	 	18	 
	 35.
	 	Costs and outlays	  	 	18	 
	 36.
	 	Entire understanding	  	 	18	 
	 37.
	 	Acknowledgment	  	 	18	 
	 38.
	 	Counterparts	  	 	18	 
	 39.
	 	Variation	  	 	18	 
	 Schedule 1
	  	 	19	 

  

 Executive Service Agreement dated 3 March 2020 

 

			
	Parties	  	Universal Biosensors Pty Ltd (ACN 098 234 309) of 1 Corporate Avenue, Rowville, Victoria, Australia 3178 (Employer)
		
		  	John Sharman of 3 The Avenue Blackburn, Victoria, 3130 (Executive)

 Introduction 
  

	A	 The Employer is an Australian-based medical diagnostics company focused on the research, development and
manufacture of diagnostic test systems for point-of-care professional and home use. 

 

	B	 The Employer has offered to employ the Executive in the Position on the terms and conditions set out in this
Agreement. 

  

	C	 The Executive has accepted employment in the Position on the terms and conditions set out in this Agreement.

 It is agreed 
  

	1.	 Definitions and interpretation 

 

	1.1	 In this Agreement: 

  

	 	(1)	 Act means the Fair Work Act 2009 (Cth) and their regulations, and includes any amendment to, or
replacement of, them; 

  

	 	(2)	 Agreement means this document, including any schedule or annexure to it; 

 

	 	(3)	 Board means the board of directors of the Employer, as constituted from time to time;

  

	 	(4)	 Business Day means a day that is not a Saturday, Sunday or any other day which is a public holiday or a
bank holiday in the place where an act is to be performed or a payment is to be made; 

  

	 	(5)	 Client means any person, firm or organisation to whom or on behalf of whom, the Employer or a Group
Company provides products or services; 

  

	 	(6)	 Commencement Date means the date specified in Item 3 of Schedule 1; 

 

	 	(7)	 Competing Business means a business (whether operated as a company, partnership or sole trader) which
carries on an activity the same as, similar to, or competitive with, any activity engaged in by the Employer or the Group as a significant part of its business, in which the Executive has been involved at any time during the last 12 months of
Employment; 

  

	 	(8)	 Confidential Information means information (whether oral, written, stored electronically or magnetically
or otherwise in machine readable form) of the Employer and the Group which is of a confidential character. Confidential Information includes: 

  

	 	(a)	 information which is specifically designated as confidential by the Employer, the Group, or Clients;

  

	 	(b)	 information which by its nature or the circumstances of its disclosure may be reasonably understood to be
confidential; 

  
 1 

	 	(c)	 files, databases and software reports; 

 

	 	(d)	 data, records and customer lists; 

 

	 	(e)	 business and financial plans, costings, rates and charges; 

 

	 	(f)	 trade secrets of the Employer and the Group; 

 

	 	(g)	 Intellectual Property of the Employer and the Group; 

 

	 	(h)	 information regarding the financial or business affairs of the Employer and the Group, including:

  

	 	(i)	 board papers and reports; 

 

	 	(ii)	 financial and management accounts, reports and information; 

 

	 	(iii)	 business and marketing plans, practices, information, strategies and opportunities; 

 

	 	(iv)	 strategic information of the Employer and the Group and information about current and future projects and
arrangements; and 

  

	 	(v)	 market research information or surveys; 

 

	 	(i)	 any agreements, arrangements or terms of trade with a Client, Identified Prospective Client, supplier or
prospective supplier; 

  

	 	(j)	 information about the identity, contact details or requirements of Clients, Identified Prospective Clients,
suppliers or prospective suppliers; 

  

	 	(k)	 contractual, technical and production information; 

 

	 	(l)	 notes and developments regarding Confidential Information; 

 

	 	(m)	 all other matters relating to the internal or external operations or plans of the Employer or the Group;

  

	 	(n)	 the terms and conditions of employment of employees of the Employer and of the Group; 

 

	 	(o)	 the terms and conditions of this Agreement; 

 

	 	(p)	 any discussion, negotiation or agreement between the Employer and the Executive regarding the performance of
the Executive, or the termination or cessation of the Employment; and 

  

	 	(q)	 business systems, and operating procedures, manuals or handbooks. 

 

	 	Confidential	 Information does not include information that: 

 

	 	(r)	 is publicly available at the Commencement Date; 

 

	 	(s)	 becomes publicly available during or after the Employment without breach of any obligation of confidence by the
Executive; 

  

	 	(t)	 was already in the Executive’s possession at the Commencement Date; 

 

	 	(9)	 Corporations Act means the Corporations Act 2001 (Cth); 

 

	 	(10)	 Disclosed Interest has the meaning given at Item 8 of Schedule 1. 

  
 2 

	 	(11)	 Duties means the duties and responsibilities set out in clause 5 of this Agreement;

  

	 	(12)	 Employment means employment of the Executive by the Employer, on the terms and conditions set out in
this Agreement; 

  

	 	(13)	 Equity Incentive Plan means the equity incentive plan of the Employer from time to time and is
consistent with clause 10 and Item 9 of Schedule 1; 

  

	 	(14)	 Group means the Employer and its Related Bodies Corporate from time to time; 

 

	 	(15)	 Group Company means any member of the Group; 

 

	 	(16)	 Identified Prospective Clients means organisations, businesses or individuals that have been identified
in writing by the Employer as an opportunity for obtaining future business (whether directly or through referral of other business); 

  

	 	(17)	 Indemnification Agreement means the agreement titled ‘Indemnification Agreement’ provided by
the Board to the Executive at about the same time as this Agreement is provided to the Executive to execute; 

  

	 	(18)	 Intellectual Property includes any: 

 

	 	(a)	 copyright (as defined in the Copyright Act 1968 (Cth)); 

 

	 	(b)	 design, patent, trademark, semiconductor, circuit layout or plant breeder rights (whether registered,
unregistered or applied for); 

  

	 	(c)	 trade, business, company or domain name; 

 

	 	(d)	 know-how, inventions, processes (whether in writing or recorded in any
form); and 

  

	 	(e)	 any other proprietary, licence or personal rights arising from intellectual activity in the business,
industrial, scientific or artistic fields; 

  

	 	(19)	 Maximum Contribution Base has the same meaning as that term has in section 15 of the Superannuation
Guarantee (Administration) Act 1992 (Cth); 

  

	 	(20)	 Month means calendar month; 

 

	 	(21)	 Moral Right has the same meaning as that term has in Part IX of the Copyright Act 1968 (Cth);

  

	 	(22)	 Notice Period means the notice period specified in Item 6 of Schedule 1; 

 

	 	(23)	 Party means either the Executive or the Employer as the context requires; 

 

	 	(24)	 Personal Information has the same meaning as that term has in the Privacy Act; 

 

	 	(25)	 Position means the position identified in Item 1 of Schedule 1; 

 

	 	(26)	 Privacy Act means the Privacy Act 1988 (Cth); 

 

	 	(27)	 Property means property of the Employer, and any other Group Company, and includes Confidential
Information, Intellectual Property, documents, equipment, software, computer information (wherever it is stored), keys and access cards; 

  

	 	(28)	 Related Body Corporate has the meaning given in section 9 of the Corporations Act;

  

	 	(29)	 Remuneration has the meaning given at Item 7 in Schedule 1; 

  
 3 

	 	(30)	 Restraint Areas has the meaning given at Item 4 of Schedule 1; 

 

	 	(31)	 Restraint Periods has the meaning given at Item 5 of Schedule 1; 

 

	 	(32)	 Salary means the cash component of the Remuneration, excluding superannuation contributions made by the
Employer on the Executive’s behalf, calculated in accordance with clause 12 (Superannuation); 

  

	 	(33)	 Termination Date means the date on which the Employment terminates for any reason;

  

	 	(34)	 Works has the meaning given in section 10(1) of the Copyright Act 1968 (Cth); and

  

	 	(35)	 Year means calendar year. 

 

	1.2	 Interpretation 

 

	 	(1)	 Reference to: 

  

	 	(a)	 one gender includes the others; 

 

	 	(b)	 the singular includes the plural and the plural includes the singular; 

 

	 	(c)	 a person includes a body corporate; 

 

	 	(d)	 a Party includes the Party’s executors, administrators, successors and permitted assigns;

  

	 	(e)	 a thing includes the whole and each part of it separately; 

 

	 	(f)	 a statute, regulation, code or other law or a provision of any of them includes: 

 

	 	(i)	 any amendment or replacement of it; and 

 

	 	(ii)	 another regulation or other statutory instrument made under it, or made under it as amended or replaced; and

  

	 	(g)	 “$”, “A$”, or dollars means Australian dollars unless otherwise stated.

  

	 	(2)	 “Including” and similar expressions are not words of limitation. 

 

	 	(3)	 Where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that
word or expression have a corresponding meaning. 

  

	 	(4)	 Headings and any table of contents or index are for convenience only and do not form part of this Agreement or
affect its interpretation. 

  

	 	(5)	 A provision of this Agreement must not be construed to the disadvantage of a Party merely because that Party
was responsible for the preparation of this Agreement or the inclusion of the provision in this Agreement. 

  

	 	(6)	 If an act must be done on a specified day which is not a Business Day, it must be done instead on the next
Business Day. 

  

	1.3	 Parties 

  

	 	(1)	 If a Party consists of more than 1 person, this Agreement binds each of them separately and any 2 or more of
them jointly. 

  

	 	(2)	 An obligation, representation or warranty in favour of more than 1 person is for the benefit of them separately
and jointly. 

  
 4 

	2.	 Warranties 

  

	2.1	 The Executive warrants that he: 

 

	 	(1)	 has included full and accurate information in any application and/or discussions concerning appointment and has
not provided information that is false or misleading; 

  

	 	(2)	 has disclosed to the Employer all directorships held by the Executive, and has disclosed any interests or
obligations that might have the potential to conflict with the Employer’s interests; 

  

	 	(3)	 has no interests or obligations that are inconsistent with, or that would prevent, limit or adversely affect
the Executive complying with any of the Executive’s obligations under this Agreement; and 

  

	 	(4)	 will notify the Employer immediately if any of these circumstances change. 

 

	3.	 Commencement 

  

	3.1	 The Employment commences on the Commencement Date. 

 

	3.2	 The Employment will continue until terminated in accordance with this Agreement. 

 

	4.	 Inherent Requirement 

 

	4.1	 It is an inherent requirement of the Position that the Executive has the right to reside and work in Australia.

  

	4.2	 On or before the Commencement Date, the Executive must provide the Employer with evidence of his right to
reside and work in Australia. If this condition is not met, this Agreement shall be void. 

  

	4.3	 The Employer must provide necessary assistance and must pay all reasonable expenses incurred by the Executive
in obtaining the right to reside and work in Australia. 

  

	5.	 Position and Duties 

 

	5.1	 The Executive is employed by the Employer in the Position, or such other position of equivalent seniority and
which utilises the Executive’s skills and experience as the Employer may require from time to time. 

  

	5.2	 The Executive will perform duties and have responsibilities consistent with the Position and as designated or
assigned by the Board from time to time. 

  

	5.3	 The Executive must report to the Board, or other position as may be nominated by the Employer from time to
time. 

  

	5.4	 In the performance of the Duties, and at all times during the Employment, the Executive must:

  

	 	(1)	 serve the Employer faithfully, honestly and diligently; 

 

	 	(2)	 act at all times in the Employer’s and the Group’s best interests; 

 

	 	(3)	 use the Executive’s best endeavours to protect and promote the reputation and business interests of the
Employer and the Group; 

  

	 	(4)	 not act in conflict with the interests of the Employer or any Group Company; 

 

	 	(5)	 perform the Duties with all due care and skill, and to the best of the Executive’s knowledge and
abilities; 

  
 5 

	 	(6)	 work the hours reasonably necessary to perform the Duties, which may include work outside the Employer’s
normal business hours, on weekends and public holidays; 

  

	 	(7)	 act in a professional and ethical manner; 

 

	 	(8)	 comply with all reasonable and lawful directions of the Employer; 

 

	 	(9)	 comply with the policies and procedures of the Employer and the Group; 

 

	 	(10)	 maintain any and all registrations, qualifications, certifications and professional standards which are
necessary for him to fulfil the Duties in accordance with the Corporations Act; 

  

	 	(11)	 ensure that all facets of your work are completed with due regard to occupational health and safety
requirements; 

  

	 	(12)	 act at all times within the levels of authority delegated by the Board; and 

 

	 	(13)	 provide the Board with information and reports: 

 

	 	(a)	 about the affairs of the Employer, as the Board may request from time to time; and 

 

	 	(b)	 generally, so as to keep the Board fully informed of all material developments in or relevant to the
Employer’s affairs, within the scope of the Duties. 

  

	5.5	 The Executive will not accept any payment or other benefit as an inducement or reward for any act or omission
in connection with any matter or business transacted by or on behalf of the Employer or any Group Company. 

  

	5.6	 Nothing in clause 5 limits the Executive’s duties of good faith or fidelity to the Employer.

  

	6.	 Employer’s directions 

 

	6.1	 Without limiting the directions the Employer may lawfully give the Executive, the Employer may at any time
(including during the Notice Period) direct the Executive to: 

  

	 	(1)	 not attend the Employer’s premises or premises at which any part of the Employer’s business is
conducted; 

  

	 	(2)	 not perform all or part of the Duties; 

 

	 	(3)	 cease all contact and communication with Clients, Identified Prospective Clients, suppliers, Executives or
contractors of the Employer or the Group, or some of them; and/or 

  

	 	(4)	 not use some or all of the Property. 

 

	7.	 Place of work 

 

	7.1	 The Executive’s usual place of work is specified at Item 2 of Schedule 1. 

 

	7.2	 From time to time, in the performance of the Duties, the Executive may be required to: 

 

	 	(1)	 work from other locations; and 

 

	 	(2)	 travel within Australia and overseas. 

  
 6 

	8.	 Hours of work 

 

	8.1	 The Executive is employed by the Employer on a full-time basis. 

 

	8.2	 The Employer’s standard business hours are 8:30am to 5:30pm Monday to Friday. The Executive is required to
perform the Duties during the Employer’s standard business hours, and at such other times as may be reasonably required for the operational requirements of the Employer’s business. 

 

	8.3	 From time to time, it will be necessary for the Executive to perform the Duties outside standard business
hours, including evenings, weekends, during leave and on public holidays. The Executive agrees that this is a reasonable requirement, in light of the Employer’s operational requirements, the nature of the Executive’s Position, Duties, and
Remuneration, and the Executive’s personal circumstances. 

  

	8.4	 The Executive is not entitled to any additional payment for work performed outside the Employer’s standard
business hours. The Executive acknowledges that the Remuneration has been set at a level that takes into account the Executive’s normal Duties and any and all reasonable additional hours the Executive may be required to work.

  

	9.	 Remuneration 

  

	9.1	 In consideration for the Executive carrying out the Duties and fulfilling his Employment obligations, the
Employer must pay or provide the Executive the Remuneration set out in Item 7 of Schedule 1. 

  

	9.2	 Unless expressly provided otherwise, all payments made under this Agreement are subject to deduction or
withholding by the Employer of any amounts required by law. 

  

	9.3	 The Remuneration includes all amounts due to the Executive under any industrial award, agreement, contract, the
Act or other law. The Remuneration for any pay period can be set off against and expressly applied in compensation of any and all award entitlements (including allowances, overtime, penalty rates and annual leave loading) and any other legal
entitlements for work performed by the Executive during that period. 

  

	10.	 Equity Incentive Plan 

 

	10.1	 The Executive is eligible to participate in the Employer’s Equity Incentive Plan, subject to the
provisions of the Equity Incentive Plan and on such other reasonable terms and conditions as the Employer notifies the Executive in writing in its absolute discretion. 

 

	10.2	 The Equity Incentive Plan may be varied, amended, removed or replaced by the Employer from time to time so long
as the Employee is granted revised terms which are materially similar in value and structure to those outlined in this Agreement. Any change to the Employee’s entitlement pursuant to the Equity Incentive Plan can only be made by mutual written
agreement in advance. 

  

	10.3	 The Equity Incentive Plan does not form part of this Agreement. 

 

	10.4	 The Parties agree that an additional entitlement pursuant to the Equity Incentive Plan will be negotiated after
3 years of service, reflecting substantially similar value. 

  

	11.	 Method and frequency of payment 

 

	11.1	 The Employer must pay the Salary monthly by electronic transfer into an account nominated by the Executive.

  

	12.	 Superannuation 

 

	12.1	 The Employer must withhold and make superannuation contributions on the Executive’s behalf:

  
 7 

	 	(1)	 at the minimum level required to avoid the imposition of a superannuation guarantee charge under Federal
superannuation legislation, up to the Maximum Contribution Base; and 

  

	 	(2)	 to an eligible choice fund as nominated by the Executive, in accordance with Federal superannuation
legislation. 

  

	13.	 Salary sacrifice 

 

	13.1	 The Executive may salary sacrifice a part of his Remuneration to the extent permitted by law in accordance with
any applicable Employer’s policy from time to time. 

  

	14.	 Expenses 

  

	14.1	 The Employer must pay all reasonable expenses incurred by the Executive in performing the Duties, provided the
Executive: 

  

	 	(1)	 provides the Employer with acceptable documentation for the expenses incurred; and 

 

	 	(2)	 complies with any applicable expenses policy in force from time to time. 

 

	14.2	 If the Executive is required to take out and maintain a policy of private health insurance in order to reside
and work in Australia, the Employer will pay the Executive an allowance of A$6,000.00 per annum for the costs of maintaining that policy. 

  

	14.3	 The Employer must provide all the usual Property reasonably required by the Executive to perform the Duties
including but not limited to computers, phones, business and professional subscriptions. 

  

	15.	 Relocation expenses 

 

	15.1	 Not applicable. 

  

	16.	 Performance and Remuneration review 

 

	16.1	 The Employer may review the Executive’s performance every 12 months, or at such other times at the
Board’s discretion. 

  

	16.2	 The Employer may review the Remuneration every 12 months, however this does not necessarily mean it will be
increased. 

  

	16.3	 In reviewing the Executive’s performance and Remuneration, the Employer may take into account all
circumstances it considers relevant, including any change to the Duties, the performance of the Employer, the Employer’s business requirements, and the prevailing economic conditions. 

 

	16.4	 The Executive is required to complete all relevant documents and questionnaires, attend performance interviews
and provide truthful answers to all questions in respect of the Executive’s performance throughout the Employment. 

  

	17.	 Employer’s Property 

 

	17.1	 The Executive must return any Property which is in the Executive’s possession, power or control,
immediately on request by the Employer or immediately on termination of the Employment, whichever occurs first. 

  

	17.2	 If any of the Property is in the form of videotape, computer information, software or similar media, the
Employer may require the Executive to delete or erase this information so that it cannot be retrieved, and verify this to the Employer’s satisfaction. 

  

	17.3	 The Executive must: 

  
 8 

	 	(1)	 take all reasonable care when using the Property and immediately report to the Employer any damage, defect or
fault in the Property; and 

  

	 	(2)	 take all reasonable steps to ensure the security of, and protect all Property, including Confidential
Information and Intellectual Property, which is in the Executive’s possession, power or control. 

  

	18.	 Leave 

  

	18.1	 The Executive is entitled to annual leave, personal / carer’s leave, compassionate leave and parental
leave, in accordance with the Act and the Employer’s policies. The following subclauses contain a summary of some of those entitlements, and are to be read subject to those statutory provisions. 

 

	18.2	 The Executive is entitled to accrue 4 weeks paid annual leave for each year of service. Leave loading is not
separately payable as it has been incorporated in the Executive’s Remuneration. 

  

	18.3	 Annual leave is to be taken at times agreed with Board. If the Parties cannot agree, the Employer may direct
the Executive to take leave, in accordance with the Act. In the absence of agreement, annual leave must be taken at a time or times required by the Employer if: 

 

	 	(1)	 the Executive has accrued in excess of 8 weeks’ annual leave; or 

 

	 	(2)	 the Executive is required to do so by the Employer during a period over which the Employer, or that part of the
Employer that the Executive works for, does not trade or trades at a substantially reduced level. If the Executive does not have sufficient annual leave accrued, the Executive agrees to take leave without pay during this period.

  

	18.4	 On termination of the Employment, the Executive will be paid any accrued but untaken annual leave.

  

	18.5	 The Executive is entitled to accrue 10 days paid personal / carer’s leave for each year of service, to be
used either for personal illness or injury, or to care for members of the Executive’s immediate family or household who require care or support due to illness, injury or unexpected emergency. 

 

	18.6	 The Executive must notify appointed member of the Board as soon as practicable of any absence for personal /
carer’s leave, and the expected duration of the absence. 

  

	18.7	 The Employer may require the Executive to provide satisfactory evidence of the illness or injury, if the
Executive is absent from work for personal / carer’s leave. 

  

	18.8	 The Executive is entitled to long service leave in accordance with the long service leave legislation
applicable in Victoria. 

  

	18.9	 While on leave, the Executive must not engage in any conduct that is inconsistent with this Agreement, or the
Executive’s obligations to the Employer. 

  

	19.	 Public holidays 

 

	19.1	 Subject to clause 19.2, the Executive is entitled to state and national public holidays applicable in Victoria,
and any applicable regional public holidays in Victoria, without loss of pay. 

  

	19.2	 The Executive may be required to work on certain public holidays to fulfil the requirements of the Position,
unless the Executive has reasonable grounds for not doing so. 

  

	20.	 Termination 

  

	20.1	 Termination by notice 

  
 9 

	 	(1)	 Subject to clause 4.3(1), the Employer or the Executive may terminate the Employment by providing the other
Party with prior written notice of termination, equal to the Notice Period. 

  

	 	(2)	 The notice of termination must state the day on which the Employment will terminate. 

 

	 	(3)	 During the Notice Period, the Employer may: 

 

	 	(a)	 require the Executive to work for part or all of the Notice Period; or 

 

	 	(b)	 in its absolute discretion elect to pay the Executive an amount in lieu of any unworked portion of the Notice
Period, based on the Executive’s Remuneration for that period. 

  

	 	(4)	 For all or part of the Notice Period, the Employer may require the Executive to: 

 

	 	(a)	 remain in, and perform all Duties of, the Position until directed otherwise by the Employer;

  

	 	(b)	 step down from the Position when directed by the Employer; 

 

	 	(c)	 not attend work but remain available to attend work and perform any Duties required by the Employer;

  

	 	(d)	 perform reasonable duties other than the Duties, including less senior or significant duties, including duties
relating to the handover of the Executive’s responsibilities; or 

  

	 	(e)	 do any combination of clauses 20.1(4)(a) to 20.1(4)(d). 

The Executive agrees that this will not constitute a repudiation of this Agreement. The Executive will continue to receive the Remuneration
during this period. 
  

	20.2	 Summary termination 

 

	 	(1)	 The Employer may immediately terminate the Employment without prior notice if the Executive:

  

	 	(a)	 engages in any act or omission which, in the Employers’ opinion acting in good faith, constitutes serious
or persistent misconduct (including dishonesty, theft, fraud or assault); 

  

	 	(b)	 commits a serious or persistent breach of this Agreement, including in particular, of any of clauses 2
(Warranties), 5.4 (Duties), 22 (Restraint during Employment), 24 (Confidential Information), 25 (Intellectual Property), 28 (Policies), or 30 (Privacy); 

  

	 	(c)	 materially or knowingly misuses the Intellectual Property of the Employer or any Group Company;

  

	 	(d)	 is, in the Employer’s reasonable opinion acting in good faith, guilty of material breach of faith,
material neglect or default, wilful disregard of directions or gross incompetence or negligence in the performance of the Duties; 

  

	 	(e)	 is either repeatedly absent from work, or absent from work for a period of 5 consecutive days, without proper
explanation by the Executive or the consent of the Employer (which consent will not be unreasonably withheld); 

  
 10 

	 	(f)	 is guilty of material breach of faith, material neglect or default, wilful disregard of directions or gross
incompetence or negligence in the performance of the Duties; 

  

	 	(g)	 refuses to obey or comply with a lawful direction of the Employer; 

 

	 	(h)	 acts in a manner which in the Employer’s reasonable opinion acting in good faith may tend to injure the
reputation or interests of the Employer, the Group or any Group Company; 

  

	 	(i)	 commits any act of bankruptcy or compounds with his creditors; 

 

	 	(j)	 is precluded from taking part in the management of a corporation under the provisions of Part 2D of the
Corporations Act; 

  

	 	(k)	 is found to have materially breached the Employer’s discrimination and sexual harassment policy;

  

	 	(l)	 is intoxicated or under the influence of illegal drugs or drugs which have not been lawfully prescribed for the
Executive, while at work; 

  

	 	(m)	 is charged with any criminal or indictable offence which in the Employer’s reasonable opinion may bring
the Executive or the Employer, the Group or any Group Company into disrepute; or 

  

	 	(n)	 commits any other act or omission justifying summary dismissal at common law. 

 

	 	(2)	 If the Employment is terminated under clause 20.2, the Executive is not entitled to receive any payment in lieu
of notice or compensation. 

  

	20.3	 Resignation from office 

 

	 	(1)	 On termination of the Employment, or at the request of the Employer, the Executive must resign from any office
held by the Executive in the Employer or a Group Company. 

  

	 	(2)	 The Executive is not entitled to compensation for resigning from office. 

If the Executive fails to resign from office, the Employer is authorised to appoint another person in the name of the Executive and on his
behalf, to execute all documents and to do all things required to give this effect. 
  

	20.4	 Representations after termination 

After termination of the Employment, the Executive must not represent himself as being in any way connected with or interested in the
Employer’s business. 
  

	20.5	 Redundancy 

The Executive may be entitled to redundancy payments in accordance with the Act, if the Employment is terminated for reasons of Redundancy.

  

	20.6	 Severance payments 

The Executive agrees that any severance payment paid to the Executive, whether a payment in lieu of notice of termination or a redundancy
payment or otherwise, is in satisfaction of (either wholly or in part), and may be off-set against, any legislative severance entitlement the Executive might have, to pay in lieu of notice of termination
and/or redundancy pay. 

  
 11 

	20.7	 Money owed to the Employer 

If, on termination, the Executive owes any amount to the Employer (including any overpayments that the Employer may have made), the Employer
can offset that amount against any payments the Employer is legally obliged to make to the Executive. 
  

	20.8	 Compliance with Corporations Act and ASX Listing Rules 

 

	 	(1)	 The Employer is not required to pay or provide (or procure the payment or provision of) any money or benefits
to the Executive which would require shareholder approval under the Corporations Actor which would cause the Employer to infringe the ASX Listing Rules. 

  

	 	(2)	 Where clause 20.8(1) applies: 

 

	 	(a)	 any payments or benefits to be provided to the Executive under this Agreement must be reduced to a level which
does not require shareholder approval and which does not infringe the ASX Listing Rules; 

  

	 	(b)	 if the Employer overpays the Executive, the Executive must on receiving written notice from the Employer,
immediately repay any money or benefits specified in such notice. 

  

	 	(3)	 In the event the Executive becomes a member of the Board, the Executive’s participation in any equity
incentive scheme will be subject to shareholder approval. 

  

	21.	 Restraint during Employment 

 

	21.1	 During the Employment, the Executive must not, without the Employer’s prior written consent:

  

	 	(1)	 act as an officer or CEO of, or as a consultant, adviser, representative or trustee to any other corporation,
firm, organisation or person (whether paid or unpaid); 

  

	 	(2)	 take up any other appointment or position such as director, partner, officer or employee with any other
corporation, firm, or organisation (whether paid or unpaid), except the Executive is permitted to continue with the Disclosed Interest; or 

  

	 	(3)	 hold any shares or securities which create or may create a conflict between the Employer’s and the
Executive’s interests. 

  

	21.2	 The Executive agrees that this is a reasonable requirement to protect the legitimate interests of the Employer
and the Group. 

  

	22.	 Restraint after Employment ceases 

 

	22.1	 The Executive acknowledges that: 

 

	 	(1)	 in the course of the Employment, the Executive will have: 

 

	 	(a)	 a high level of access to Confidential Information; 

 

	 	(b)	 knowledge of, and influence over, Clients because of the personal relationships formed with Clients and their
representatives; 

  

	 	(c)	 a position of leadership enabling the Executive to have a degree of influence over the Employer’s
Executives; and 

  

	 	(2)	 as a consequence, it is necessary and reasonable for the Employer to protect the Employer’s Confidential
Information, employee and Client connections, goodwill, and business. 

  
 12 

	22.2	 After termination of the Employment, the Executive must not, without the Employer’s prior written consent:

  

	 	(1)	 for the Restraint Periods immediately following the termination of the Employment; and 

 

	 	(2)	 in the case of clause 22.2(3), within the Restraint Areas; 

either directly or indirectly do or engage in any of the following: 
  

	 	(3)	 alone or jointly with or on behalf of anybody else in any capacity (including, without limitation, as
principal, agent, partner, employee, shareholder, unit holder, joint venture, director, trustee, beneficiary, manager, consultant or adviser) carry on, operate or be engaged, interested or employed in a Competing Business; 

 

	 	(4)	 interfere with, disrupt or attempt to disrupt, the relationship, contractual or otherwise, between the Employer
and any of: 

  

	 	(a)	 the Clients in respect of whom the Executive has carried out work or had a business relationship at any time
during the 12 month period immediately preceding the Termination Date; 

  

	 	(b)	 the Identified Prospective Clients with whom the Executive has been involved in developing a business
relationship, at any time during the 12 month period immediately preceding the Termination Date; 

  

	 	(c)	 the suppliers with whom the Executive has had dealings or had a business relationship at any time during the 12
month period immediately preceding the Termination Date; 

  

	 	(5)	 induce, encourage or solicit any of the Employer’s employees, contractors or agents, with whom the
Executive has worked or has had a business relationship at any time during the 12 month period immediately preceding the Termination Date, to leave the Employer’s employment or agency or to cease providing services to the Employer;

  

	 	(6)	 employ or engage, or offer to employ or engage, any officer, employee, contractor or agent of the Employer;

  

	 	(7)	 directly or indirectly assist any person to, or procure any person to, do any of the acts or anything else
contemplated by clauses 22.2(3) to 22.2(6). 

  

	22.3	 This clause does not prevent the Executive from: 

 

	 	(1)	 owning marketable securities of a corporation or trust which is listed on a recognised stock exchange in
Australia or elsewhere;; or 

  

	 	(2)	 continuing any Disclosed Interest which the Executive had at the time of this Agreement. 

 

	22.4	 The Executive agrees that: 

 

	 	(1)	 the restraints set out above will apply as if they consisted of several separate, independent and cumulative
covenants and restraints consisting of: 

  

	 	(a)	 each of clauses 22.2(4), 22.2(5), 22.2(6) and 22.2(7) combined with each separate Restraint Period; and

  

	 	(b)	 clause 22.2(3) combined with each separate Restraint Period and of each such separate combination combined with
each separate Restraint Area; 

  

	 	(2)	 if any separate covenant and restraint referred to in clause 22 is unenforceable, illegal or void, that
covenant and restraint is severed and the other covenants and restraints remain in force; 

  
 13 

	 	(3)	 each of these separate provisions is a fair and reasonable restraint of trade, that goes no further than
reasonably necessary to protect the Employer’s Confidential Information, employee and Client connections, goodwill, and business; 

  

	 	(4)	 substantial and valuable consideration has been received for each separate covenant and restraint in this
clause directly and indirectly by the Executive, including the Employment and the Remuneration; and 

  

	 	(5)	 any combination of the acts referred to above for each separate Restraint Period and, if applicable, Restraint
Area would be unfair and calculated to damage the Employer’s Confidential Information, connections with its employees and Clients, goodwill, and business, and may lead to substantial loss to the Employer. 

 

	22.5	 This clause continues to apply after this Agreement comes to an end. 

 

	22.6	 In clause 22, a reference to “the Employer” includes the Employer, and any other Group Companies in
respect of whose business the Executive has been actively engaged in the course of the Employment. 

  

	22.7	 Any promise, warranty or covenant made by the Executive under clause 23 in favour of persons not a party to
this Agreement is intended to be, and is, directly enforceable by each of those persons, and this Agreement operates as a deed poll in favour of those persons. 

 

	23.	 Confidential Information 

 

	23.1	 The Executive acknowledges and agrees that: 

 

	 	(1)	 the Executive will become possessed of Confidential Information; 

 

	 	(2)	 the Confidential Information remains at all times the Property of the Employer, the Group or both;

  

	 	(3)	 disclosure of such Confidential Information may diminish the value of the information and could materially harm
the Employer and/or the Group; 

  

	 	(4)	 the restrictions in this clause 23 are reasonable in all the circumstances and necessary to protect the
goodwill of the Employer and/or the Group; and 

  

	 	(5)	 the remedy of damages will be inadequate to protect the interests of the Employer and/or the Group generally
and they are respectively entitled to seek and obtain injunctive relief or any other relief to protect their interests. 

  

	23.2	 The Executive must: 

  

	 	(1)	 take reasonable steps necessary to maintain the strict confidentiality of Confidential Information;

  

	 	(2)	 ensure that proper and secure storage is provided for Confidential Information while in the possession or under
the control of the Executive; 

  

	 	(3)	 take reasonable precautions necessary to prevent disclosure of Confidential Information; 

 

	 	(4)	 not use or attempt to use Confidential Information in any manner which may injure or cause loss, either
directly or indirectly, to the Employer or any other Group Company, or which may be likely to do so; 

  

	 	(5)	 not disclose Confidential Information to any person other than: 

 

	 	(a)	 as directed by the Employer; 

 

	 	(b)	 where required for the performance of the Duties; 

  
 14 

	 	(c)	 in the case of the terms and conditions of this Agreement, to the Executive’s legal and financial
advisers; or 

  

	 	(d)	 if compelled by law to disclose the Confidential Information; 

 

	 	(6)	 use Confidential Information solely in accordance with this Agreement; and 

 

	 	(7)	 keep confidential the fact that Confidential Information has been provided to the Executive and other
Executives, servants and/or agents of the Employer. 

  

	23.3	 When the Executive discloses Confidential Information as permitted by clause 23.2(5)(c) and 24.2(5)(d), the
Executive must ensure that whoever it is disclosed to is made aware of its confidential nature, and of the Executive’s obligations under clause 23. The Executive will use his reasonable endeavours to ensure that those persons comply with the
obligations of clause 23 as if the obligations were expressed to apply to them. 

  

	23.4	 If the Executive is obliged by law to disclose any Confidential Information (or anticipates that he may be so
obliged), the Executive must immediately notify the Employer of the actual or anticipated requirement and use all reasonable, lawful means (at Employer’s cost) to delay and withhold disclosure until the Employer has had a reasonable opportunity
to oppose disclosure by lawful means. 

  

	23.5	 The Executive’s obligations under this clause apply during the Employment and after its termination.

  

	24.	 Intellectual Property 

 

	24.1	 The Executive warrants that the Executive does not have any right or interest in respect of any Intellectual
Property owned, used or capable of being used by the Employer. 

  

	24.2	 The Employer owns all Intellectual Property that the Executive develops or conceives in the course of or
arising out of the Employment, whether alone or in conjunction with someone else, and whether during or outside working hours: 

  

	 	(1)	 using the Employer’s or any of the Clients’ or Prospective Clients’ premises, resources or
facilities; 

  

	 	(2)	 in the course of, as a consequence of or in relation to the performance of the Duties; 

 

	 	(3)	 directly or indirectly as a result of the Executive’s or anybody else’s access to the Confidential
Information or other Intellectual Property of the Employer, or Clients’ confidential information or Intellectual Property; 

  

	 	(4)	 in respect of or associated with any of the Employer’s products or services and any alterations or
additions or methods of making, using, marketing, selling or providing these products or services; or 

  

	 	(5)	 relating to other Intellectual Property. 

 

	24.3	 To the extent that the Executive has any right or interest in Intellectual Property which is owned, used or
capable of being used by the Employer, the Executive assigns that Intellectual Property to the Employer. 

  

	24.4	 The Executive will immediately disclose in writing to the Board: 

 

	 	(1)	 any matter or opportunity which may come to the Executive’s attention, either alone or in conjunction with
any other person, during the course of performing the Duties which may be of material interest, importance or use to the Employer; and 

  

	 	(2)	 Intellectual Property made or conceived of during the course of performing the Duties. 

  
 15 

	24.5	 The Executive will do anything necessary, including executing any documents such as an assignment, for the
purpose of effecting, perfecting and protecting the Employer’s title or that of the Employer’s nominee to the Intellectual Property, in Australia or such other countries as the Employer requires. 

 

	24.6	 The Executive may not make use of or reproduce any Intellectual Property owned by the Employer without prior
written approval, other than in the ordinary course of the Employment. 

  

	24.7	 In clause 24, a reference to “the Employer” includes the Employer, and any other Group Companies in
respect of whose business the Executive has been actively engaged in the course of the Employment. 

  

	24.8	 Any promise, warranty or covenant made by the Executive under clause 24 in favour of persons not a party to
this Agreement is intended to be, and is, directly enforceable by each of those persons, and this Agreement operates as a deed poll in favour of those persons. 

 

	24.9	 The Executive’s obligations under this clause apply during the Employment and after its termination.

  

	25.	 Remedies for breach 

 

	25.1	 The Executive acknowledges that: 

 

	 	(1)	 a breach of any of clauses 21 (Restraint during Employment), 22 (Restraint after Employment ceases), 23
(Confidential Information) or 24 (Intellectual Property) would be harmful to the Employer’s business interests; 

  

	 	(2)	 monetary damages alone may not be a sufficient remedy for a breach of any of these clauses; and

  

	 	(3)	 in addition to any other remedy which may be available in law or equity, the Employer or any other aggrieved
party is entitled to interim, interlocutory and permanent injunctions or any of them to prevent breach of these clauses and to compel specific performance of them. 

 

	26.	 Moral Rights 

  

	26.1	 The Executive consents to the doing of any acts or making of any omissions by the Employer or any Group Member
or their respective employees, servants, agents, licensees and assigns that infringe the Executive’s Moral Rights in any Works made by the Executive in the course of the Employment, including: 

 

	 	(1)	 not naming the Executive as the author of a Work; 

 

	 	(2)	 naming another person as the author of a Work; or 

 

	 	(3)	 amending or modifying (whether by changing, adding to or deleting/removing) any part of a Work;

 whether those acts or omissions occur before, on or after the date of this Agreement. 

 

	26.2	 The Executive acknowledges that this consent is genuinely given without duress of any kind and that the
Executive has been given the opportunity to seek legal advice on the effect of giving this consent. 

  

	26.3	 Clause 26 continues to apply after this Agreement comes to an end and for the duration of the Moral Rights.

  

	27.	 Policies 

  

	27.1	 While they do not form part of this Agreement and are not otherwise contractual, the Executive agrees to comply
with the Employer’s policies, as amended or introduced from time to time. 

  
 16 

	27.2	 The Executive agrees to model appropriate behaviours to promote and ensure compliance with the Employer’s
policies. 

  

	27.3	 A material breach by the Executive to comply with the policies of the Employer as in place, or as varied or
introduced, from time to time may result in disciplinary action being taken against the Executive, up to and including the termination of the Employment. 

  

	27.4	 If the Employer’s policies are inconsistent with the terms of this Agreement, the terms of this Agreement
will prevail. 

  

	28.	 Directors’ and officers’ insurance policy 

 

	28.1	 The Employer will take out and maintain a policy of insurance with a reputable insurance company, for the term
of this Agreement and for a period of 7 years after its termination, in respect of liability incurred by the Employee in his capacity as a director and officer of the Employer, to the extent permitted by law, and provided insurance is available on
reasonable commercial terms. 

  

	28.2	 The policy described in clause 28.1 will be in the same terms and conditions taken out and maintained for the
other directors and officers of the Employer. 

  

	28.3	 The Executive will upon signing the Indemnification Agreement (which is on the same terms and conditions that
have been offered to other directors and officers of the Employer), be indemnified in relation to his role and appointment with the Employer only and to the extent permitted by law. 

 

	29.	 Privacy 

  

	29.1	 If the Executive deals with Personal Information, the Executive must comply with the requirements of:

  

	 	(1)	 the Privacy Act; 

  

	 	(2)	 any applicable State legislation regarding privacy; and 

 

	 	(3)	 any applicable policies of the Employer. 

 

	29.2	 The Executive acknowledges that as a result of and during the course of the Employment, the Employer will
obtain Personal Information (including health, medical and other sensitive information) about the Executive. 

  

	29.3	 The Executive consents to the Employer: 

 

	 	(1)	 obtaining this Personal Information; and 

 

	 	(2)	 disclosing this Personal Information to other parties for the purposes of conducting the Employer’s
business, and as otherwise outlined in the Employer’s privacy policies. 

  

	30.	 Application of legislation and industrial instruments 

 

	30.1	 Any legislation or relevant industrial instrument applies to the Employment as a matter of law, and does not
form part of this Agreement. 

  

	30.2	 This Agreement does not in any way expressly or impliedly limit the obligations of the Executive under
applicable legislation, including the Corporations Act as in force from time to time or the ASX Listing Rules as in force from time to time. 

  

	31.	 Severability 

  

	31.1	 If any provision of this Agreement is unenforceable, illegal or void, that provision is severed and the other
provisions of this Agreement remain in force. 

  
 17 

	32.	 Governing law 

 

	32.1	 This Agreement is governed by the law in force in Victoria. 

 

	32.2	 The parties submit to the non-exclusive jurisdiction of the courts of
Victoria and of the Commonwealth of Australia. 

  

	33.	 Continuing obligations 

 

	33.1	 Any provision of this Agreement remaining to be performed or observed by the Executive or having effect after
the termination of this Agreement for whatever reason remains in full force and effect and is binding on the Executive. 

  

	34.	 Waiver 

  

	34.1	 A Party’s failure or delay to exercise a power or right does not operate as a waiver of that power or
right. 

  

	34.2	 The exercise of a power or right does not preclude either its exercise in the future or the exercise of any
other power or right. 

  

	34.3	 A waiver is not effective unless it is in writing. 

 

	34.4	 Waiver of a power or right is effective only in respect of the specific instance to which it relates and for
the specific purpose for which it is given. 

  

	35.	 Costs and outlays 

 

	35.1	 Each Party must pay its own costs and outlays connected with the negotiation, preparation and execution of this
Agreement. 

  

	36.	 Entire understanding 

 

	36.1	 This Agreement: 

  

	 	(1)	 contains the entire agreement and understanding between the Parties on everything connected with the subject
matter of this Agreement; and 

  

	 	(2)	 supersedes any prior agreement or understanding on anything connected with that subject matter.

  

	36.2	 Each Party has entered into this Agreement without relying on any representation by any other Party or person
purporting to represent that Party. 

  

	37.	 Acknowledgment 

 

	37.1	 The Executive acknowledges that the Executive has entered into this Agreement without duress, and after having
had the opportunity to take independent expert advice on its terms and their effect. 

  

	38.	 Counterparts 

  

	38.1	 This Agreement may be executed in counterparts. 

 

	39.	 Variation 

  

	39.1	 An amendment or variation to this Agreement is not effective unless it is in writing and signed by both
Parties. 

  
 18 

 Schedule 1 
  

	Item 1	 Position 

Chief Executive Officer 
  

	Item 2	 Place of work 

1 Corporate Avenue, Rowville, Victoria, 3178, and such other places as the Employer may reasonably require from time to time 

 

	Item 3	 Commencement Date 

Such date as agreed in writing by the Executive and the Employer, but no later than 4 months after execution of this Agreement by both parties.

  

	Item 4	 Restraint Areas 

 

	 	(a)	 any and all areas in which the Employer sells is services or products at the Termination Date;

  

	 	(b)	 any and all areas in which the Employer had, during the 12 months prior to the Termination Date, documented
plans to sell any services or products; 

  

	 	(c)	 the states and territories of Australia; 

 

	 	(d)	 the states of Victoria, Western Australia, New South Wales and Queensland; 

 

	 	(e)	 the states of Victoria and Western Australia; 

 

	 	(f)	 the state of Victoria. 

 

	Item 5	 Restraint Periods 

means the following periods commencing upon the Termination Date: 
  

	 	(a)	 12 months; 

  

	 	(b)	 6 months; 

  

	 	(c)	 3 months. 

  

	Item 6	 Notice Period 

6 months 
  

	Item 7	 Remuneration 

The Annual Remuneration is A$480,000per annum in total plus superannuation contributions made by the Employer on the Executive’s behalf,
calculated in accordance with clause 12 (Superannuation). 
  

	Item 8	 Disclosed Interest 

In accordance with Clause 21 the following Directorships are disclosed: 

 

	 	•	 	 Director of private family company JAAJ Investments Pty Ltd 

 

	 	•	 	 Director of private family company VA Consulting Pty Ltd 

 

	 	•	 	 Director and Chairman of private company Anthrocell Pty Ltd 

  
 19 

 The Company accepts these Disclosed Interests provided that these obligations are and remain
at all times a non-executive position and that performing the position does not: (1) give rise to a conflict or inconsistency between the Executive’s obligations to the Employer and the
Executive’s obligations to the Disclosed Interests or any other person; or (2) create a conflict between the Employer’s and the Executive’s interests. 
  

	Item 9	 Equity Incentive 

Refer to the Employee Option Plan. 

  
 20 

 Executed as an agreement. 
  

					
	 Signed for and on behalf of Universal

Biosensors Pty Ltd ACN 098 234 309 by its
 authorised
representative in the presence of:
	 	 

        
 
	  	
		 	
	  
	 	 	  	 /s/ Craig Coleman

	Signature of witness	 		  	Signature of authorised representative
			
	      
	 		  	 CRAIG COLEMAN

	Name of witness 
(BLOCK LETTERS)	 		  	Name of authorised representative 
(BLOCK LETTERS)
		 		  	
	  
 Address of witness
	 		  	
		 		  	
		 	
	Signed by John Sharman in the presence of:	 	 	  	
		 	
	          
	 	 	  	 /s/ John Sharman

	Signature of witness	 		  	Signature of John Sharman
			
	          
	 		  	
	Name of witness (BLOCK LETTERS)	 		  	
			
	  
	 		  	
	Address of witness	 		  	

  
 21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}]]