Document:

2011 Share Incentive Plan, adopted by EGM on October 6, 2011

 Exhibit 4.40 
 MELCO CROWN ENTERTAINMENT LIMITED 
 SHARE INCENTIVE PLAN 

ARTICLE 1 

PURPOSE 

The purpose of the Melco Crown Entertainment Limited Share Incentive Plan (the “Plan”) is to promote the success and enhance
the value of Melco Crown Entertainment Limited, an exempted company formed under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the members of the Board, Employees, and Consultants to those of
Company’s shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its
ability to motivate, attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 

ARTICLE 2 

DEFINITIONS AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the
context so indicates. 
 2.1    “2006 Share Incentive Plan” means the Company’s Share Incentive Plan,
as revised and adopted by its Board on November 28, 2006 and March 17, 2009 and as approved by its shareholders on December 1, 2006 and May 19, 2009. 
 2.2    “Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws,
rules, regulations and government orders, and the rules of any applicable Share exchange or national market system, of any jurisdiction applicable to Awards granted to residents therein. 
 2.3    “Award” means an Option, a Restricted Share award, a Share Appreciation Right award, a Dividend Equivalents award, a Share Payment award, a Deferred Share
award, or a Restricted Share Unit award granted to a Participant pursuant to the Plan. 
 2.4    “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 
 2.5    “Board” means the Board of Directors of the Company. 

2.6    “Change in Control” means a change in ownership or control of the Company effected through either of the
following transactions: 
  

	 	(a)	the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee
benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than
fifty per cent. (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s shareholders which a majority of the Incumbent Board (as defined
below) who are not affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept, or 

 

	 	(b)	the individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least fifty per cent.
(50%) of the Board; provided that if the election, or nomination for election by the Company’s shareholders, of any new member of the Board is approved by a vote of at least fifty per cent. (50%) of the Incumbent Board, such new
member of the Board shall be considered as a member of the Incumbent Board. 

  
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 Notwithstanding the foregoing, with respect to an Award that is subject to Section 409A
of the Code and the payment or settlement of the Award will accelerate upon a Change of Control, no event set forth herein will constitute a Change of Control for purposes of the Plan or any Award Agreement unless such event also constitutes a
“change in ownership”, “change in effective control”, or “change in the ownership of a substantial portion of the Company’s assets” as defined under Section 409A of the Code. 

2.7    “Code” means the Internal Revenue Code of 1986 of the United States, as amended and the regulations and
guidance promulgated thereunder. 
 2.8    “Committee” means the committee of the Board described in
Article 13. 
 2.9    “Consultant” means any consultant or adviser if: (a) the consultant or adviser
renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 
 2.10    “Corporate Transaction” means any of the following transactions, provided, however, that the Committee shall determine under (d) and (e) whether
multiple transactions are related, and its determination shall be final, binding and conclusive: 
  

	 	(a)	an amalgamation, arrangement or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the
jurisdiction in which the Company is incorporated; 

  

	 	(b)	the sale, transfer or other disposition of all or substantially all of the assets of the Company; 

 

	 	(c)	the complete liquidation or dissolution of the Company; 

  

	 	(d)	any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to, a tender offer followed by a reverse takeover)
in which the Company is the surviving entity but (A) the Ordinary Shares outstanding immediately prior to such takeover are converted or exchanged by virtue of the takeover into other property, whether in the form of securities, cash or
otherwise, or (B) in which securities possessing more than fifty per cent. (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such
securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or

  

	 	(e)	acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit
plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty per cent. (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such
transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction. 

Notwithstanding the foregoing, with respect to an Award that is subject to Section 409A of the Code and the payment or settlement of
the Award will accelerate upon a Corporate Transaction, no event set forth herein will constitute a Corporate Transaction for purposes of the Plan or any Award Agreement unless such event also constitutes a “change in ownership”,
“change in effective control”, or “change in the ownership of a substantial portion of the Company’s assets” as defined under Section 409A of the Code. 
 2.11    “Deferred Share” means a right to receive a specified number of Shares during specified time periods pursuant to Article 10. 

2.12    “Director” means a director of the Board. 

  
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 2.13    “Disability” means that the Participant qualifies to receive
long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such
policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of the position
held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she
furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 
 2.14    “Dividend
Equivalents” means a right granted to a Participant pursuant to Article 10 to receive the equivalent value (in cash or Share) of dividends paid on Share. 
 2.15    “Effective Date” shall have the meaning set forth in paragraph 14.1. 
 2.16    “Employee” means any person, including an officer or member of the Board of the Company, any Parent or Subsidiary of the Company, who is in the employ of a
Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to
constitute “employment” by the Service Recipient. 
 2.17    “Exchange Act” means the Securities
Exchange Act of 1934 of the United States, as amended and the rules and regulations promulgated thereunder. 

2.18    “Exercise Price” means the price per Share which a Participant may subscribe at on the exercise of an Award
as determined by the Board in accordance with paragraph 11.6; 
 2.19    “Fair Market Value” means, as of
any date, the value of Shares determined as follows: 
  

	 	(a)	If the Shares are listed on one or more established Share exchanges or national market systems, including without limitation, the Stock Exchange, The Nasdaq Stock
Market LLC, The Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Share Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal
exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price
or closing bid was reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

  

	 	(b)	If the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall
be the closing sales price for such shares as quoted on such system or by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of an Share shall be the mean between the high bid and low
asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or

  

	 	(c)	In the absence of an established market for the Shares of the type described in (i) and (ii), above, the Fair Market Value thereof shall be determined by the
Committee in good faith by reference to the placing price of the latest private placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest private placement.

 2.20    “Global Offering” means the offering of Shares (subject to adjustment) in the
share capital of the Company for subscription by the public in Hong Kong, and the offering of Shares in the capital of the Company (subject to adjustment and the Over-allotment Option (as defined in the Prospectus)) for subscription by institutional
and professional investors (other than retail investors) in Hong Kong and outside the United States in offshore transactions as defined in and in accordance with Regulation S (as defined in the Prospectus), and in the United States, pursuant to Rule
144A or another exemption under the United States Securities Act of 1933; 
 2.21    “Hong Kong” means the
Hong Kong Special Administrative Region of the PRC. 

  
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 2.22    “Incentive Share Option” means an Option that is intended to
meet the requirements of Section 422 of the Code or any successor provision thereto. 
 2.23    “Listing
Rules” means the Rules Governing the Listing of Securities on the Stock Exchange. 

2.24    “Macau” means the Macau Special Administrative Region of the PRC. 

2.25    “Non-Qualified Share Option” means an Option that is not intended to be an Incentive Share Option.

 2.26    “Offer Date” means in respect of an Award, the business day on which such Award is offered in
writing to an eligible Participant. 
 2.27    “Option” means a right granted to a Participant pursuant to
Article 7 to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option. 
 2.28    “Participant” means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan. 

2.29    “Parent” means: (a) a parent corporation under Section 424(e) of the Code; (b) Melco
International Development Limited or any Subsidiary thereof, or (c) Publishing and Broadcasting Limited or any Subsidiary thereof. 

2.30    “Plan” means this Melco Crown Entertainment Limited Share Incentive Plan, as it may be amended from time to
time. 
 2.31    “PRC” means the People’s Republic of China, other than Hong Kong, Macau and Taiwan.

 2.32    “Prospectus” means the prospectus of the Company in respect of the Global Offering. 

2.33    “Related Entity” means any business, corporation, partnership, limited liability company or other entity in
which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan. 

2.34    “Restricted Share” means a Share awarded to a Participant pursuant to Article 8 that is subject to certain
restrictions and may be subject to risk of forfeiture. 
 2.35    “Restricted Share Unit” means an Award
granted pursuant to paragraph 10.4. 
 2.36    “Securities Act” means the Securities Act of 1933 of the
United States, as amended and the rules and regulations promulgated thereunder. 
 2.37    “Separation From
Service” means a “separation from service” as defined in Section 409A(a)(2)(A)(i) of the Code and determined in accordance with the default provisions under Section 409A of the Code. 

2.38    “Service Recipient” means the Company, any Parent or Subsidiary of the Company and any Related Entity to
which a Participant provides services as an Employee, Consultant or as a Director. 
 2.39 “Share” means the ordinary share
capital of the Company, par value US$0.01 per share, and such other securities of the Company that may be substituted for Shares pursuant to Article 12. 
 2.40    “Share Appreciation Right” or “SAR” means a right granted pursuant to Article 9 to receive a payment equal to the excess of the Fair Market
Value of a specified number of Shares on the date the SAR is exercised over the Fair Market Value on the date the SAR was granted as set forth in the applicable Award Agreement. 
 2.41    “Share Payment” means (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of any bonus, deferred
compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Article 10. 

  
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 2.42    “Specified Employee” means a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code, determined under the uniform methodology and procedures adopted by the Company for purposes of identifying Specified Employees of the Company. 

2.43    “Stock Exchange” means The Stock Exchange of Hong Kong Limited. 

2.44    “Subsidiary” means any corporation or other entity of which a majority of the outstanding voting shares or
voting power is beneficially owned directly or indirectly by the Company. For the purposes of determining eligibility for the grant of Incentive Share Options under the Plan, the term “Subsidiary” shall be defined in the manner required by
Section 424(f) of the Code. 
 2.45    “Trading Date” means the first day on which Shares are publicly
traded on an exchange or national market system or other quotation system. 
 ARTICLE 3 

CONDITIONS 

3.1    Prerequisite conditions. This Plan shall take effect subject to and is conditional upon: 

 

	 	(a)	the passing of the necessary resolutions by the shareholders of the Company in general meeting to approve and adopt the rules of this Plan; 

 

	 	(b)	the listing committee of the Stock Exchange granting the listing of, and permission to deal in, the Shares falling to be issued pursuant to the exercise of Options
under this Plan; 

  

	 	(c)	the obligations of the Underwriters (as defined in the Prospectus) under the Underwriting Agreements (as defined in the Prospectus) becoming unconditional (including,
if relevant, following the waiver(s) of any conditions by the Joint Global Coordinator(s) (as defined in the Prospectus) (acting for and on behalf of the Underwriters (as defined in the Prospectus)) and not being terminated in accordance with its
terms or otherwise; and 

  

	 	(d)	the commencement of dealings in the Shares on the Stock Exchange. 

 3.2    Where conditions are not met. In the event that the conditions in paragraph 3.1 are not satisfied, this Plan shall have no effect whatsoever. 

ARTICLE 4 

AWARDS GRANTED UNDER THE PRECEDING SHARE INCENTIVE PLAN 
 4.1    Validity. As of the date this Plan becomes effective, Awards previously granted under the 2006 Share Incentive Plan shall remain subject to the terms and conditions of
the 2006 Share Incentive Plan. 
 4.2    Survive. The 2006 Share Incentive Plan shall survive and be valid until its
expiration date notwithstanding that this Plan has or has not become effective. All Awards granted under the 2006 Share Incentive Plan shall remain outstanding and be governed by the terms of such plan. 

4.3    Awards granted after the Listing Date. Upon the completion of the Global Offering, no further Awards may be granted
under the 2006 Share Incentive Plan. This Plan shall succeed the 2006 Share Incentive Plan, and Awards granted after such date shall be granted pursuant to and subject to the terms set out herein. 

ARTICLE 5 

SHARES SUBJECT TO THE PLAN 
 5.1    Number of Shares. 
  

	 	(a)	Subject to the provisions of Article 12 and paragraphs 5.1(c), 11.2 and 11.3, the maximum aggregate number of Shares which may be issued pursuant to all Awards under
the Plan is 100,000,000 Shares (the “Plan Limit”). 

  
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	 	(b)	If the Committee determines to offer Options to an eligible Participant which exceed the limit of one per cent. of Shares in issue within a 12-month period up to the
date of grant, then (i) that grant shall be subject to (x) the issue of a circular by the Company to its shareholders which shall comply with Rules 17.03(4) and 17.06 of the Listing Rules and or such other requirements as prescribed under
the Listing Rules, any Applicable Law or any exchange rule from time to time; and (y) the approval of the shareholders of the Company in general meeting at which that eligible Participant and his associates (as defined in the Listing Rules)
shall abstain from voting; and (ii) unless provided otherwise in the Listing Rules, any Applicable Law or any exchange rule, the date of the Committee meeting at which the Committee resolves to grant the proposed Options to that eligible
Participant shall be taken as the Offer Date for the purpose of calculating the Exercise Price. 

  

	 	(c)	To the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award shall again be available for the grant of an Award pursuant
to the Plan. To the extent permitted by Applicable Law or any exchange rule, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form or combination by the Company or any Parent or Subsidiary
of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or
tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of paragraph 5.1(a), If any Restricted Shares are forfeited by the Participant or repurchased by the Company, such Shares may again be optioned,
granted or awarded hereunder, subject to the limitations of paragraph 5.1(a). Notwithstanding the provisions of this paragraph 5.1(c), no Shares may again be optioned, granted or awarded if such action would cause an Incentive Share Option to fail
to qualify as an Incentive Share Option. 

 5.2    Shares Distributed. Any Shares distributed pursuant
to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury or Shares purchased on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares
which otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of
paragraph 5.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 
 ARTICLE 6

 ELIGIBILITY AND PARTICIPATION 
 6.1    Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and all members of the Board, as determined by the Committee. 

6.2    Participation. Subject to the provisions of the Plan, the Committee may, from time to time, select from among all
eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan. 

6.3    Connected persons. 
  

	 	(a)	If the Committee determines to offer to grant Options to a director, chief executive or substantial shareholder of the Company or any of their respective associates,
such grant shall be subject to the approval by the independent non-executive directors on the Committee at the time of determination (and in the event that the Committee offers to grant Options to an independent non-executive director on the
Committee at the time of determination, the vote of such independent non-executive director shall not be counted for the purposes of approving such grant and the alternate independent non-executive director not on the Committee at the time of
determination shall vote in place of the relevant Participant). 

  

	 	(b)	If the Committee determines to offer to grant Options to a substantial shareholder or an independent non-executive director of the Company (or any of their respective
associates) and that grant would result in the Shares issued and to be issued upon exercise of all Options already granted and to be granted (including Options exercised, cancelled and outstanding) to such person under this Plan and the other
schemes in the 12-month period up to and including the Offer Date: 

  

	 	(i)	representing in aggregate over 0.1 per cent., or such other percentage as may be from time to time provided under the Listing Rules, of the Shares in issue on the
Offer Date; and 

  
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	 	(ii)	having an aggregate value, based on the official closing price of the Shares as stated in the daily quotation sheets of the Stock Exchange on the Offer Date, in excess
of HK$5 million or such other sum as may be from time to time provided under the Listing Rules, 

 such grant shall be subject to,
in addition to the approval of the independent non-executive directors of the Company as referred to under paragraph 6.3(a), the issue of a circular by the Company to its shareholders and the approval of the shareholders of the Company in general
meeting by way of a poll convened and held in accordance with the Company’s Memorandum of Association and Articles of Association at which all connected persons (as defined in the Listing Rules) of the Company shall abstain from voting in favor
of the resolution concerning the grant of such Options at the general meeting, and/or such other requirements prescribed under the Listing Rules from time to time. Unless provided otherwise in the Listing Rules, the date of the Board meeting at
which the Board proposes to grant the proposed Options to that eligible Participant shall be taken as the Offer Date for the purpose of calculating the Exercise Price. 
  

	 	(c)	The circular to be issued by the Company to its shareholders pursuant to paragraph 6.3(b) shall contain the following information: 

 

	 	(i)	the details of the number and terms (including the Exercise Price) of the Options to be granted to each eligible Participant which must be fixed before the
shareholders’ meeting and the Offer Date (which shall be the date of the Board meeting at which the Committee proposes to grant the proposed Options to that eligible Participant); 

 

	 	(ii)	a recommendation from the independent non-executive directors of the Company (excluding any independent non-executive director who is the relevant Participant) to the
independent shareholders of the Company as to voting; 

  

	 	(iii)	the information required under Rules 17.02(2)(c) and (d) and the disclaimer required under Rule 17.02(4) of the Listing Rules; and 

 

	 	(iv)	the information required under Rule 2.17 of the Listing Rules. 

 6.4    Jurisdictions. In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee may provide for such special terms as
it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, or
amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such
supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in paragraph 3.1 of the Plan. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be
granted, that would violate any Applicable Laws. 
 ARTICLE 7 

OPTIONS 

7.1    General. Subject to the restrictions set out in paragraphs 5.1, 6.3 and 11, the Committee is authorized to grant
Options to Participants on the following terms and conditions: 
  

	 	(a)	Exercise Price. The exercise price per Share subject to an Option shall be determined by the Committee in accordance with paragraph 11.6 and set forth in the
Award Agreement. 

  
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	 	(b)	Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, including exercise
prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in paragraph 14.2. The Committee shall also determine the conditions, if any, that must be satisfied before all or
part of an Option may be exercised. 

  

	 	(c)	Payment. The Committee shall determine the methods by which the Exercise Price of an Option may be paid, the form of payment, including, without limitation
(i) cash or check denominated in U.S. Dollars, Hong Kong Dollars, or any other local currency as approved by the Committee, (ii) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial
accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate Exercise Price of the Option or exercised portion thereof, (iii) after the Trading Date the delivery of a notice that the Participant has
placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option
Exercise Price; provided that payment of such proceeds is then made to the Company upon settlement of such sale, and the methods by which Shares shall be delivered or deemed to be delivered to Participants, (iv) through net share
settlement or similar procedure involving the withholding of Shares subject to the Option with a Fair Market Value equal to the Exercise Price, (v) other property acceptable to the Committee with a Fair Market Value equal to the Exercise Price,
or (vi) by such other means as the Committee may authorize, or (vii) any combination of the foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive
officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the Exercise Price of an Option in any method which would violate Section 13(k) of the Exchange Act. 

 

	 	(d)	Evidence of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall include such
additional provisions as may be specified by the Committee. 

 7.2    Incentive Share Options.
Incentive Share Options shall be granted only to Employees of the Company, a Parent or Subsidiary of the Company. Incentive Share Options may not be granted to Employees of a Related Entity. The terms of any Incentive Share Options granted pursuant
to the Plan, in addition to the requirements of paragraph 7.1, must comply with the provisions of Section 422 of the Code, or any successor provision thereto, including the following additional provisions of this paragraph 7.2: 

 

	 	(a)	Expiration of Option. An Incentive Share Option may not be exercised to any extent by anyone after the first to occur of the following events:

  

	 	(i)	ten years from the date it is granted, unless an earlier time is set in the Award Agreement; 

 

	 	(ii)	three months after the Participant’s termination of employment as an Employee; and 

 

	 	(iii)	one year after the date of the Participant’s termination of employment or service on account of Disability or death. Upon the Participant’s Disability or
death, any Incentive Share Options exercisable at the Participant’s Disability or death may be exercised by the Participant’s legal representative or representatives, by the person or persons entitled to do so pursuant to the
Participant’s last will and testament, or, if the Participant fails to make testamentary disposition of such Incentive Share Option or dies intestate, by the person or persons entitled to receive the Incentive Share Option pursuant to the
applicable laws of descent and distribution. 

  

	 	(b)	Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive
Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are
first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 

  
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	 	(c)	Ten Per cent. Owners. An Incentive Share Option shall be granted to any individual who, at the date of grant, owns Shares possessing more than ten per cent. of
the total combined voting power of all classes of Shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the
date of grant. 

  

	 	(d)	Transfer Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Share Option within
(i) two years from the date of grant of such Incentive Share Option; or (ii) one year after the transfer of such Shares to the Participant. 

  

	 	(e)	Expiration of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date.

  

	 	(f)	Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant. 

7.3    Substitution of Share Appreciation Rights. The Committee may provide in the Award Agreement evidencing the grant of an
Option that the Committee, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option, provided that such Share Appreciation Right shall (i) be
exercisable for the same number of shares of Share that such substituted Option would have been exercisable for; and (ii) shall have the same Exercise Price as such substituted Option. 

ARTICLE 8 

RESTRICTED SHARES 

8.1    Grant of Restricted Shares. The Committee is authorized to make Awards of Restricted Shares to any Participant selected
by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Shares shall be evidenced by an Award Agreement. 
 8.2    Issuance and Restrictions. Subject to paragraph 11.12, Restricted Shares 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 Shares or the right to receive dividends on the Restricted Share). These restrictions may lapse separately or in combination at such times, pursuant to such
circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

8.3    Forfeiture. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon
termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited; provided, however, that, except as otherwise provided by paragraph 11.12, the
Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified causes, and
(b) in other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Shares. 

8.4    Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as
the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such
Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 
 ARTICLE 9 
 SHARE APPRECIATION RIGHTS 

9.1    Grant of Share Appreciation Rights.  
  

	 	(a)	A Share Appreciation Right may be granted to any Participant selected by the Committee. A Share Appreciation Right shall be subject to such terms and conditions not
inconsistent with the Plan as the Committee shall impose and shall be evidenced by an Award Agreement. The Exercise Price per share of Shares covered by a Share Appreciation Right shall be fixed by the Committee in accordance with paragraph 11.6 and
set forth in the Award Agreement. 

  
 9 

	 	(b)	A Share Appreciation Right shall entitle the Participant (or other person entitled to exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a
specified portion of the Share Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the Exercise Price per share of the
Share Appreciation Right from the Fair Market Value of a Share on the date of exercise of the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations
the Committee may impose. 

  

	 	(c)	The Committee shall determine the time or times at which a Share Appreciation Right may be exercised in whole or in part; provided that the term of any Share
Appreciation Right granted under the Plan shall not exceed ten years, except as provided in paragraph 14.2. The Committee shall also determine the conditions, if any, that must be satisfied before all or part of a Share Appreciation Right may be
exercised. 

  

	 	(d)	The Committee may provide in the Award Agreement evidencing the grant of a Share Appreciation Right that the Committee, in its sole discretion, shall have the right to
substitute an Option for such Share Appreciation Right at any time prior to or upon exercise of such Share Appreciation Right, provided that such Option shall (i) be exercisable for the same number of Shares that such substituted Share
Appreciation Right would have been exercisable for and (ii) shall have the same Exercise Price as such substituted Share Appreciation Right. 

 9.2    Payment and Limitations on Exercise.  
  

	 	(a)	Payment of the amounts determined under paragraph 9.1(b) above shall be in cash, in Shares (based on its Fair Market Value as of the date the Share Appreciation Right
is exercised) or a combination of both, as determined by the Committee in the Award Agreement. 

  

	 	(b)	To the extent any payment under paragraph 9.1(b) is effected in Shares it shall be made subject to satisfaction of all provisions of Article 7 above pertaining to
Options. 

 ARTICLE 10 
 OTHER TYPES OF AWARDS 
 10.1    Dividend Equivalents. Any
Participant selected by the Committee may be granted Dividend Equivalents based on the dividends declared on the Shares that are subject to any Award, to be credited as of dividend payment dates, during the period between the date the Award is
granted and the date the Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be
determined by the Committee; provided, however, that the terms of any reinvestment of dividends must comply with all applicable laws, rules and regulations, including, without limitation, Section 409A of the Code. 

10.2    Share Payments. Any Participant selected by the Committee may receive Share Payments in the manner determined from
time to time by the Committee; provided, that unless otherwise determined by the Committee such Share Payments shall be made in lieu of base salary, bonus, or other cash compensation otherwise payable to such Participant. The number of Shares
shall be determined by the Committee and may be based upon the such performance criteria or other specific criteria determined appropriate by the Committee, determined on the date such Share Payment is made or on any date thereafter. 

10.3    Deferred Shares. Any Participant selected by the Committee may be granted an award of Deferred Shares in the manner
determined from time to time by the Committee. The number of shares of Deferred Shares shall be determined by the Committee and may be linked to such specific criteria determined to be appropriate by the Committee, in each case on a specified date
or dates or over any period or periods determined by the Committee. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or criteria set by the Committee. Unless
otherwise provided by the Committee, a Participant awarded Deferred Shares shall have no rights as a Company’s shareholder with respect to such Deferred Shares until such time as the Deferred Share Award has vested and the Shares underlying the
Deferred Share Award has been issued. 

  
 10 

 10.4    Restricted Share Units. The Committee is authorized to make Awards of
Restricted Share Units to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Restricted
Share Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate. At the time of grant, the Committee shall specify the maturity date applicable to each grant of Restricted Share Units
which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the Participant. On the maturity date, the Company shall transfer to the Participant one unrestricted, fully transferable Share for each
Restricted Share Unit scheduled to be paid out on such date and not previously forfeited. The Committee shall specify the purchase price, if any, to be paid by the Participant to the Company for such Shares. 

10.5    Term. Except as otherwise provided herein, the term of any Award of Dividend Equivalents, Share Payments, Deferred
Share, or Restricted Share Units shall be set by the Committee in its discretion. 
 10.6    Exercise or Purchase
Price. The Committee may establish the exercise or purchase price, if any, of any Award of Deferred Share, Share Payments or Restricted Share Units; provided, however, that such price shall not be less than the par value of a Share,
unless otherwise permitted by Applicable Law. 
 10.7    Exercise Upon Termination of Employment or Service. An Award
of Dividend Equivalents, Deferred Share, Share Payments, and Restricted Share Units shall only be exercisable or payable while the Participant is an Employee, Consultant or a member of the Board, as applicable; provided, however, that the
Committee in its sole and absolute discretion may provide that an Award of Dividend Equivalents, Share Payments, Deferred Share, or Restricted Share Units may be exercised or paid subsequent to a termination of employment or service, as applicable,
or following a Change of Control of the Company, or because of the Participant’s retirement, death or Disability, or otherwise. 

10.8    Form of Payment. Payments with respect to any Awards granted under this Article 10 shall be made in cash, in Shares or
a combination of both, as determined by the Committee. 
 10.9    Award Agreement. All Awards under this Article 10
shall be subject to such additional terms and conditions as determined by the Committee and shall be evidenced by an Award Agreement. 
 ARTICLE 11 
 PROVISIONS APPLICABLE TO AWARDS 

11.1    Maximum number of Shares. Subject to the provisions of Article 12, paragraphs 5.1(c), 11.2 and 11.3, the maximum
aggregate number of Shares which may be issued pursuant to all Awards under the Plan is 100,000,000 Shares. 

11.2    Circular. Subject to paragraph 11.4, the issue of a circular by the Company which complies with Rules 17.03(3) and
17.06 of the Listing Rules and the approval of the shareholders of the Company in general meeting and/or such other requirements prescribed under the Listing Rules from time to time, where applicable, the Plan Limit may be increased from time to
time, but not more than 10 per cent. of the Shares in issue (the “New Plan Limit”) as at the date of such shareholders’ approval (the “New Approval Date”). Thereafter, as at the Offer Date of any proposed grant of
Awards, the maximum number of Shares in respect of which Awards may be granted is the New Plan Limit less the aggregate of the following Shares as at that Offer Date: 
  

	 	(a)	the number of Shares which would be issued on the exercise in full of the Awards and awards under the other schemes granted on or after the New Approval Date but not
cancelled, lapsed or exercised; 

  

	 	(b)	the number of Shares which have been issued and allotted pursuant to the exercise of any Awards or awards under the other schemes granted on or after the New Approval
Date; and 

  

	 	(c)	the number of cancelled Shares, the subject of Awards or awards under the other schemes granted on or after the New Approval Date. 

  
 11 

 11.3    Exceeding the Plan Limit. Subject to paragraph 11.4, the issue of a
circular by the Company to its shareholders and the approval of the shareholders of the Company in general meeting in compliance with Rules 17.03(3) and 17.06 of the Listing Rules and/or such other requirements prescribed under the Listing Rules
from time to time, where applicable, the Committee may grant Awards exceeding the Plan Limit to eligible Participants specifically identified by the Committee. 
 11.4    Maximum limit. Any increase in the Plan Limit pursuant to paragraphs 11.2 or 11.3 shall in no event result in the number of Shares which may be issued upon exercise of
all outstanding Awards granted and yet to be exercised under this Plan and the other schemes exceeding 30 per cent. of the Shares in issue from time to time. 
 11.5    Adjustment of the Plan Limit. The Plan Limit referred to in paragraph 11.2 (or as increased in accordance with paragraphs 11.2 and/or 11.3, as the case may be) shall be
adjusted, in such manner as the Auditors or the approved independent financial adviser shall certify to be appropriate, fair and reasonable in the event of any alteration in the capital structure of the Company in accordance with Article 12 whether
by way of capitalization issue, rights issue, sub-division or consolidation of Shares or reduction of share capital of the Company but in any event shall not exceed the limit prescribed in paragraph 11.4. 

11.6    Exercise Price. The exercise price in relation to each Option and Share Appreciation Right offered to an eligible
Participant shall, subject to the adjustments referred to in Article 12, be determined by the Committee in its absolute discretion but in any event shall not be less than the highest of: 

 

	 	(a)	the official closing price of the Shares as stated in the daily quotation sheets of the Stock Exchange on the Offer Date; 

 

	 	(b)	the average of the official closing price of the Shares as stated in the daily quotation sheets of the Stock Exchange for the 5 business days immediately preceding the
Offer Date; and 

  

	 	(c)	the nominal value of a Share, 

 provided that
for the purpose of determining the exercise price where the Shares have been listed on the Stock Exchange for less than 5 business days preceding the Offer Date, the issue price of the Shares in connection with such listing shall be deemed to be the
closing price of the Shares for each business day falling within the period before the listing of the Shares on the Stock Exchange. 

11.7    Exercise of Options. Subject as hereinafter provided and notwithstanding paragraph 7.2, an Option may be exercised by
a Participant at any time or times during its term provided that: 
  

	 	(a)	in the event of the Participant ceasing to be eligible for any reason other than on his death, ill-health, injury, disability or the termination of his relationship
with the Company and/or any of the Subsidiaries on one or more of the grounds specified in paragraph 14.3(e), the Participant may exercise the Option up to his entitlement at the date of cessation of being eligible (to the extent not already
exercised) within the period of one month (or such longer period as the Committee may determine) following the date of such cessation (which date shall be, in relation to a Participant who is eligible by reason of his employment with the Company or
any of the Subsidiaries, the last actual working day with the Company or the relevant Subsidiary whether salary is paid in lieu of notice or not), and where applicable, paragraph 10.7 may take effect. In no event shall the Options be exercisable
beyond the expiry date; 

  

	 	(b)	in the case of the Participant ceasing to be eligible by reason of death, ill-health, injury or disability (all evidenced to the satisfaction of the Committee) and none
of the events which would be a ground for termination of his relationship with the Company and/or any of the Subsidiaries under paragraph 14.3(e) has occurred, the Participant or the beneficiary(ies) of the Participant shall be entitled within a
period of 12 months (or such longer period as the Committee may determine) from the date of cessation of being eligible or death to exercise the Option in full (to the extent not already exercised). In no event shall the Options be exercisable
beyond the expiry date; 

  

	 	(c)	in the event of a Change in Control, paragraph 12.2 shall take effect; and 

 

	 	(d)	In the event of a Corporate Transaction, paragraph 12.3 shall take effect. 

  
 12 

 11.8    Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may,
in the discretion of the Committee, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or
at a different time from the grant of such other Awards. 
 11.9    Award Agreement. Awards under the Plan shall be
evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the
Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 

11.10    Limits on Transfer. No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated to
or in favor of any party other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or a Subsidiary. Except as otherwise provided by the Committee,
no Award shall be assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution. The Committee by express provision in the Award or an amendment thereto may permit an Award (other than an
Incentive Share Option) to be transferred to, exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions, or trusts or other
entities whose beneficiaries or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and
procedures as the Committee may establish. Any permitted transfer shall be subject to the condition that the Committee receive evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes (or to a “blind
trust” in connection with the Participant’s termination of employment or service with the Company or a Subsidiary to assume a position with a governmental, charitable, educational or similar non-profit institution) and on a basis
consistent with the Company’s lawful issue of securities. Any breach of the foregoing shall entitle the Company to cancel any outstanding Awards or any part thereof granted to such Participant. 

11.11    Restriction on time of grant. For so long as the Shares are listed on the Stock Exchange, the Committee shall not
grant any Awards after a price-sensitive event has occurred or a price-sensitive matter has been the subject of a decision until such price-sensitive information has been announced pursuant to the requirements of the Listing Rules. In particular, no
Awards shall be granted during the period commencing one month immediately preceding the earlier of: 
  

	 	(a)	the date of the Board or Board committee meeting (as such date is first notified to the Stock Exchange in accordance with the Listing Rules) for the approval of the
Company’s annual results, half-year, quarterly or any other interim period (whether or not required under the Listing Rules); and 

  

	 	(b)	the deadline for the Company to publish an announcement of results for (i) any year or half-year period in accordance with the Listing Rules, and (ii) the
deadline, if any, where the Company has elected to publish them, any quarterly or any other interim period, 

 and
ending on the actual date of publication of the results for such year, half year, quarterly or interim period (as the case may be). 

11.12    Restriction on time of grant for Directors. For so long as the Shares are listed on the Stock Exchange, no Awards
shall be granted to a Director: 
  

	 	(a)	during the period of 60 days immediately preceding the publication date of the annual results or, if shorter, the period from the end of the relevant financial year up
to the publication date of the results; and 

  

	 	(b)	during the period of 30 days immediately preceding the publication date of the quarterly results (if any) and half-year results or, if shorter, the period from the end
of the relevant quarterly or half-year period up to the publication date of the results.

11.13    Beneficiaries. Notwithstanding paragraph 11.10, a Participant may, in the manner determined by the Committee,
designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights
pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary
or appropriate by the Committee. If the Participant is married and resides in a community property jurisdiction, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the
Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled
thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the
Committee. 

  
 13 

 11.14    Share Certificates. Notwithstanding anything herein to the contrary, the
Company shall not be required to issue or deliver any certificates evidencing shares of Share pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such
certificates is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. The Committee may require each Participant purchasing or
acquiring Shares pursuant to an Award under the Plan to represent to and agree with the Company in writing that such person is acquiring the Shares for investment and proprietary purposes. All Share certificates delivered pursuant to the Plan are
subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities
exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Share. In addition to the terms and conditions provided
herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee
shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee.

 11.15    Paperless Administration. Subject to Applicable Laws, the Committee may make Awards, provide applicable
disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the paperless administration of Awards. 
 11.16    Foreign Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken out of the
jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. 
 ARTICLE 12 
 CHANGES IN CAPITAL STRUCTURE 

12.1    Adjustments. In the event of any extraordinary dividend, share split, combination or exchange of Shares, amalgamation,
arrangement or consolidation, spin-off, recapitalization , reorganization, partial or complete liquidation, reclassification, merger, consolidation, separation, split-up, spin-off, combination, exchange of Shares, warrants or rights offering to
purchase Shares at a price substantially below Fair Market Value or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the shares of Shares or the share price of a Share, the
Committee shall make proportionate and equitable adjustments to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in
paragraph 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant price or exercise price per Share for any
outstanding Awards under the Plan, in order to preserve, but not increase, the benefits or potential benefits intended to be made available under the Plan. Any such adjustments shall be made in such manner as the Committee may determine in its
discretion. 
 12.2    Acceleration upon a Change of Control. Except as may otherwise be provided in any Award
Agreement or any other written agreement entered into by and between the Company and a Participant, if a Change of Control occurs and a Participant’s Awards are not converted, assumed, or replaced by a successor, such Awards shall become fully
exercisable and all forfeiture restrictions on such Awards shall lapse. Upon, or in anticipation of, a Change of Control, the Committee may in its sole discretion provide for (i) any and all Awards outstanding hereunder to terminate at a
specific time in the future and shall give each Participant the right to exercise such Awards during a period of time as the Committee shall determine, (ii) either the purchase of any Award for an amount of cash equal to the amount that could
have been attained upon the exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Committee determines in
good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (iii) the replacement of such Award with
other rights or property selected by the Committee in its sole discretion the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and
kind of Shares and prices. 

  
 14 

 12.3    Outstanding Awards – Corporate Transactions. In the event of a
Corporate Transaction, each Award will terminate upon the consummation of the Corporate Transaction, unless the Award is assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise in
an individual Award Agreement, in the event of a Corporate Transaction and: 
  

	 	(a)	the Award either is (i) assumed by the successor entity or Parent thereof or replaced with a comparable Award (as determined by the Committee) with respect to
shares of the capital stock of the successor entity or Parent thereof or (ii) replaced with a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the time of the Corporate
Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, then such Award (if assumed), the replacement Award (if replaced), or the cash incentive program automatically shall become fully
vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Awards) and repurchase or forfeiture rights, immediately upon termination of the Participant’s employment or
service with all Service Recipient within twelve (12) months of the Corporate Transaction without cause; and 

  

	 	(b)	For each Award that is neither assumed nor replaced, such portion of the Award shall automatically become fully vested and exercisable and be released from any
repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value) for all of the Shares at the time represented by such portion of the Award, immediately prior to the specified effective date of such Corporate
Transaction, provided that the Participant remains an Employee, Consultant or Director on the effective date of the Corporate Transaction. 

 12.4    Outstanding Awards – Other Changes. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred
to in this Article 12, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant price or exercise price of
each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 
 12.5    No Other
Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any
class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any
class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares subject to an Award or the grant price or exercise price of any Award. 

ARTICLE 13 

ADMINISTRATION 

13.1    Committee. The Plan shall be administered by the Compensation Committee of the Board. Reference to the Committee shall
refer to the Board if the Compensation Committee does not yet exist or ceases to exist and the Board does not appoint a successor Committee. Notwithstanding the foregoing, the full Board, acting by majority of its members in office shall conduct the
general administration of the Plan if required by Applicable Law, and with respect to Awards granted to Independent Directors and for purposes of such Awards the term “Committee” as used in the Plan shall be deemed to refer to the Board.

 13.2    Action by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of
the members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith,
rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or
other professional retained by the Company to assist in the administration of the Plan. 

  
 15 

 13.3    Authority of Committee. Subject to any specific designation in the Plan,
the Committee has the exclusive power, authority and discretion to: 
  

	 	(a)	designate Participants to receive Awards; 

  

	 	(b)	determine the type or types of Awards to be granted to each Participant; 

  

	 	(c)	determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

 

	 	(d)	determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or purchase price, any
minimum period for which the Award must be held for before it can be exercised, any performance targets which must be achieved before an Award can be exercised, any restrictions or limitations on the Award, any schedule for lapse of forfeiture
restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole
discretion determines; 

  

	 	(e)	determine whether, to what extent, and pursuant to what circumstances and amount 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 canceled, forfeited, or surrendered; 

  

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

 

	 	(g)	decide all other matters that must be determined in connection with an Award; 

 

	 	(h)	establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 

 

	 	(i)	interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; 

 

	 	(j)	vary the terms of Awards to take account of tax and securities law and other regulatory requirements or to procure favorable tax treatment for Participants;

  

	 	(k)	correct any defects, supply any omission or reconcile any inconsistency in any Award Agreement or the Plan; and 

 

	 	(l)	make all factual and other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer the
Plan. 

 13.4    Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted
pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan (a) shall be made in the Committee’s sole discretion and (b) are final, binding, and conclusive for all purposes
and upon all parties. 
 ARTICLE 14 
 EFFECTIVE AND EXPIRATION DATE 
 14.1    Effective Date. The Plan
is effective as of the date the Plan is approved by the Company’s shareholders and the conditions in Article 3 becomes unconditional (the “Effective Date”). 
 14.2    Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are
outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

  
 16 

 14.3    Lapse of Option. An Option shall lapse automatically and not be
exercisable (to the extent not already exercised) on the earliest of: 
  

	 	(a)	the expiry date relevant to that Option; 

  

	 	(b)	the expiry of any of the periods referred to in paragraph 11.7 (a), (b), (c), or (d); 

 

	 	(c)	the date on which the Corporate Transaction of the Company referred to in paragraph 11.7(d) becomes effective; 

 

	 	(d)	the date of commencement of the winding-up of the Company (as determined in accordance with the Companies Law (as amended) of the Cayman Islands);

  

	 	(e)	the date on which the Participant ceases to be eligible by reason of the termination of his relationship with the Company and/or any of the Subsidiaries on any one or
more of the grounds that he has been guilty of serious misconduct or has been convicted of any criminal offense involving his integrity or honesty or in relation to an employee of the Company and/or any of the Subsidiaries (if so determined by the
Committee) on any other ground on which an employer would be entitled to terminate his employment at common law or pursuant to any applicable laws or under the Participant’s service contract with the Company or the relevant Subsidiary. A
resolution of the Board or the board of directors of the relevant Subsidiary to the effect that the relationship of a Participant has or has not been terminated on one or more of the grounds specified in this paragraph shall be conclusive; and

  

	 	(f)	the date on which the Committee shall exercise the Company’s right to cancel the Option at any time after the Participant commits a breach of paragraph 11.10
or the Awards are cancelled in accordance with Article 16. 

 ARTICLE 15 

AMENDMENT, MODIFICATION, AND TERMINATION 
 15.1    Amendment, Modification, and Termination. Subject to Applicable Laws, with the approval of the Board, at any time and from time to time, the Committee may terminate,
amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain shareholder approval of any Plan amendment in
such a manner and to such a degree as required, (b) shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 12),
(ii) permits the Committee to grant Options with an Exercise Price that is below Fair Market Value on the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements, and (c) the amended
terms of this Plan or the Options shall remain in compliance with Chapter 17 of the Listing Rules and no alteration shall operate to affect adversely the terms of issue of any Option granted or agreed to be granted prior to such alteration or to
reduce the proportion of the equity capital to which any person was entitled pursuant to such Option prior to such alteration. 

15.2    Awards Previously Granted. Except with respect to amendments made pursuant to paragraph 15.1, no termination,
amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan and other previous plans without the prior written consent of the Participant. 

ARTICLE 16 

CANCELLATION OF OPTIONS 

16.1    Options Granted but not Exercised. Any cancellation of Options granted but not exercised must be approved by the
Participants of the relevant Options in writing. For the avoidance of doubt, such approval is not required in the event any Option is cancelled pursuant to paragraph 11.10. Where the Company cancels Options, the grant of new Options to the same
Participant may only be made under this Plan within the limits set out in paragraphs 5.1, 11.1 and 11.2. 

  
 17 

 ARTICLE 17 
 DISCLOSURE IN ANNUAL AND INTERIM REPORTS 
 17.1    Disclosure.
The Board shall procure that details of this Plan and other share incentive schemes of the Company and its Subsidiaries are disclosed in the annual reports and interim reports of the Company in compliance with the Listing Rules and other Applicable
Laws in force from time to time. 
 ARTICLE 18 
 GENERAL PROVISIONS 
 18.1    No Rights to Awards. No
Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 

18.2    No Shareholders Rights. No Award gives the Participant any of the rights of a Shareholder of the Company unless and
until Shares are in fact issued to such person in connection with such Award. 
 18.3    Taxes. No Shares shall be
delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws, including without limitation
the Macau, Hong Kong or PRC tax laws, rules, regulations and government orders or the U.S. Federal, state or local tax laws, as applicable. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a
Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s payroll tax obligations) required by law to be withheld with respect to any taxable event concerning a
Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the
return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any
Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy the Participant’s federal, state, local and foreign income and payroll tax
liabilities with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase
equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income.

18.4    Section 409A of the Code. 
  

	 	(a)	Notwithstanding any contrary provision in the Plan or an Award Agreement, if any provision of the Plan or an Award Agreement contravenes any regulations or guidance
promulgated under Section 409A of the Code or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A of the Code, such provision of the Plan or Award Agreement may be
modified by the Committee without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent
practicable, the original intent of the applicable provision without contravening the provisions of Section 409A of the Code. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to an
Award that is subject to Section 409A of the Code to the extent such discretionary authority would contravene Section 409A of the Code or the guidance promulgated thereunder. 

 

	 	(b)	Notwithstanding any provision of the Plan or an Award Agreement to the contrary, if, upon the termination of a Participant’s employment with the Company for any
reason, the Company determines that the Participant is a Specified Employee, no payments shall be made with respect to an Award that is subject to Section 409A of the Code before the date that is the first business day following the six-month
anniversary of the Participant’s Separation From Service for any reason, or if earlier, upon the Participant’s death. The provisions of this Section 18.4(b) shall only apply if required pursuant to Section 409A of the Code.

  
 18 

 18.5    No Right to Employment or Services. Nothing in the Plan or any Award
Agreement shall interfere with or limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of any
Service Recipient. 
 18.6    Unfunded Status of Awards. The Plan is intended to be 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 the Participant any rights that are greater than those of a general creditor of
the Company or any Subsidiary. 
 18.7    Indemnification. To the extent allowable pursuant to applicable law, each
member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of
judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of
law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

18.8    Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any
benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement
thereunder. 
 18.9    Expenses. The expenses of administering the Plan shall be borne by the Company and its
Subsidiaries. 
 18.10    Titles and Headings. The titles and headings of the sections in the Plan are for
convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

18.11    Fractional Shares. No fractional shares of Share shall be issued and the Committee shall determine, in its
discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 
 18.12    Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such
unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 

18.13    Government and Other Regulations. The obligation of the Company to make payment of awards in Share or otherwise shall
be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or
any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Actor other Applicable Laws the Company may restrict the transfer of
such shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 18.14    Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of Hong Kong.

  
 19Equity Purchase Agreement

 Exhibit 10.1 
 EQUITY PURCHASE AGREEMENT 
 BY AND BETWEEN 

M2 TELECOMMUNICATIONS GROUP LTD 
 AND 
 PRIMUS TELECOMMUNICATIONS INTERNATIONAL INC 

AND 

PRIMUS TELECOMMUNICATIONS GROUP INC 
 DATED AS OF 
 15 April, 2012 

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I PURCHASE AND SALE OF SHARES
	  	 	1	  
			
	 1.1
	 	Purchase and Sale of Shares	  	 	1	  
	 1.2
	 	Purchase Price	  	 	1	  
		
	 ARTICLE II CLOSING; CLOSING DELIVERIES
	  	 	1	  
			
	 2.1
	 	Closing Date	  	 	1	  
	 2.2
	 	Closing Deliveries	  	 	2	  
		
	 ARTICLE III WARRANTIES OF THE SELLER
	  	 	2	  
			
	 3.1
	 	Corporate Status	  	 	2	  
	 3.2
	 	Authority	  	 	2	  
	 3.3
	 	No Conflict; Government Authorizations	  	 	3	  
	 3.4
	 	Capitalization; Subsidiaries	  	 	4	  
	 3.5
	 	Financial Statements; No Undisclosed Liabilities	  	 	4	  
	 3.6
	 	Absence of Certain Changes	  	 	5	  
	 3.7
	 	Taxes	  	 	6	  
	 3.8
	 	Intellectual Property	  	 	6	  
	 3.9
	 	Legal Proceedings	  	 	7	  
	 3.10
	 	Compliance with Laws; Permits	  	 	7	  
	 3.11
	 	Environmental Matters	  	 	8	  
	 3.12
	 	Employee Matters and Superannuation	  	 	9	  
	 3.13
	 	Material Contracts	  	 	9	  
	 3.14
	 	Real Properties	  	 	11	  
	 3.15
	 	Labor	  	 	11	  
	 3.16
	 	Insurance	  	 	12	  
	 3.17
	 	Finder’s Fee	  	 	12	  
	 3.18
	 	Assets	  	 	12	  
	 3.19
	 	No insolvency regime	  	 	13	  
	 3.20
	 	No rights etc.	  	 	13	  
	 3.21
	 	Accuracy of Information	  	 	13	  
	 3.22
	 	DISCLAIMER OF REPRESENTATIONS AND OTHER WARRANTIES	  	 	14	  
		
	 ARTICLE IV WARRANTIES OF THE PURCHASER
	  	 	14	  
			
	 4.1
	 	Corporate Status	  	 	14	  
	 4.2
	 	Authority	  	 	15	  
	 4.3
	 	No Conflict; Required Filings	  	 	15	  
	 4.4
	 	Legal Proceedings	  	 	16	  
	 4.5
	 	Financing; Guarantee	  	 	16	  
	 4.6
	 	Finder’s Fee	  	 	17	  
	 4.7
	 	No Additional Warranties; No Representations	  	 	17	  

  
 ii 

							
	 4.8
	 	DISCLAIMER OF REPRESENTATIONS AND OTHER WARRANTIES	  	 	18	  
		
	 ARTICLE V COVENANTS
	  	 	18	  
			
	 5.1
	 	Interim Operations	  	 	18	  
	 5.2
	 	No Alternate Transaction	  	 	20	  
	 5.3
	 	Reasonable Best Efforts	  	 	21	  
	 5.4
	 	Financing	  	 	23	  
	 5.5
	 	Confidentiality; Access to Information	  	 	25	  
	 5.6
	 	Public Announcements	  	 	25	  
	 5.7
	 	Books and Records	  	 	26	  
	 5.8
	 	Further Action	  	 	26	  
	 5.9
	 	Expenses	  	 	27	  
	 5.10
	 	Notice of Developments	  	 	27	  
	 5.11
	 	Indebtedness; Intercompany Accounts	  	 	27	  
	 5.12
	 	Waiver of Conflicts and Attorney-Client Privilege	  	 	27	  
	 5.13
	 	Insurances	  	 	28	  
		
	 ARTICLE VI CLOSING CONDITIONS
	  	 	28	  
			
	 6.1
	 	Conditions to Obligations of the Seller and the Purchaser	  	 	28	  
	 6.2
	 	Additional Conditions to Obligation of the Purchaser	  	 	28	  
	 6.3
	 	Additional Conditions to Obligation of the Seller	  	 	31	  
	 6.4
	 	General Obligations	  	 	31	  
		
	 ARTICLE VII PURCHASE PRICE ADJUSTMENT
	  	 	32	  
			
	 7.1
	 	Net Working Capital Statement	  	 	32	  
	 7.2
	 	Review by Seller	  	 	32	  
	 7.3
	 	Net Working Capital Statement Dispute Resolution Procedure	  	 	33	  
	 7.4
	 	Payment of Positive Adjustment Amount	  	 	34	  
	 7.5
	 	Payment of Negative Adjustment Amount	  	 	34	  
		
	 ARTICLE VIII CERTAIN TAX MATTERS
	  	 	35	  
			
	 8.1
	 	Tax Returns, Indemnity and Relevant Tax Matters	  	 	35	  
	 8.2
	 	Cooperation on Tax Matters; Contests	  	 	37	  
	 8.3
	 	Tax Sharing Agreements	  	 	38	  
	 8.4
	 	Tax Refunds	  	 	38	  
	 8.5
	 	Certain Taxes	  	 	38	  
	 8.6
	 	GST	  	 	38	  
		
	 ARTICLE IX TERMINATION
	  	 	39	  
			
	 9.1
	 	Termination	  	 	39	  
	 9.2
	 	Effect of Termination and Abandonment	  	 	40	  
		
	 ARTICLE X WARRANTY PROCESS
	  	 	40	  
			
	 10.1
	 	Indemnity – Warranties	  	 	40	  
	 10.2
	 	Limitation of Liability of Seller	  	 	40	  
	 10.3
	 	Maximum liability thresholds	  	 	41	  

  
 iii

							
	 10.4
	 	Reduction of Liability of Seller	  	 	42	  
	 10.5
	 	No reliance on information regarding future performance	  	 	42	  
	 10.6
	 	Third Party Claims	  	 	42	  
	 10.7
	 	Further Indemnity	  	 	43	  
		
	 ARTICLE XI GUARANTEE OF GUARANTOR
	  	 	44	  
			
	 11.1
	 	Guarantor Guarantee:	  	 	44	  
		
	 ARTICLE XII RETENTION AMOUNT
	  	 	44	  
			
	 12.1
	 	General Provisions	  	 	44	  
	 12.2
	 	Lander and Rogers Lawyers	  	 	44	  
	 12.3
	 	Warranty Retention	  	 	44	  
	 12.4
	 	Interest on Retention	  	 	45	  
		
	 ARTICLE XIII POST CLOSING COVENANTS
	  	 	45	  
			
	 13.1
	 	Intellectual Property Protection	  	 	45	  
	 13.2
	 	Goodwill Covenant	  	 	46	  
	 13.3
	 	Restraints Independent and Reasonable	  	 	46	  
	 13.4
	 	Primus and iPrimus name	  	 	47	  
	 13.5
	 	No Merger	  	 	47	  
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	47	  
			
	 14.1
	 	Notices	  	 	47	  
	 14.2
	 	Certain Definitions; Interpretation	  	 	48	  
	 14.3
	 	Severability	  	 	56	  
	 14.4
	 	Entire Agreement; No Third-Party Beneficiaries	  	 	56	  
	 14.5
	 	Amendment; Waiver	  	 	56	  
	 14.6
	 	Assignment; Binding Effect	  	 	56	  
	 14.7
	 	Disclosure Letter	  	 	56	  
	 14.8
	 	Governing Law	  	 	56	  
	 14.9
	 	Jurisdiction; WAIVER OF JURY TRIAL	  	 	57	  
	 14.10
	 	Construction	  	 	57	  
	 14.11
	 	Counterparts	  	 	58	  

 Index of Exhibits 
  

			
	Exhibit A	  	Transition Services Agreement
	Exhibit B	  	Sample Net Working Capital Statement
	Exhibit C	  	Trade Mark Assignment Deed
	Exhibit D	  	Escrow Deed

  
 iv 

 Index of Defined Terms 

 

			
	Term	  	Reference
		
	ACCC	  	Section 3.3(b)
	ACMA	  	Section 3.3(b)
	Affiliate	  	Section 14.2(a)(i)
	Agreement	  	Preamble
	Balance Sheet	  	Section 3.5(a)
	Business	  	Section 14.2(a)(vi)
	business day	  	Section 14.2(a)(vii)
	CC Act	  	Section 3.3(b)
	Closing	  	Section 2.1
	Closing Date	  	Section 2.1
	Company	  	Recitals
	Company Funds	  	Section 3.12(e)
	Company Plan	  	Section 3.12(a)
	Confidentiality Agreement	  	Section 5.5(a)
	Contract	  	Section 14.2(a)(x)
	control	  	Section 14.2(a)(xi)
	Current Representation	  	Section 5.12
	Data Site	  	ARTICLE III Preamble
	Disclosed Conditions	  	Section 4.5(a)
	Disclosure Letter	  	ARTICLE III Preamble
	Employees	  	Section 3.12(a)
	Encumbrances	  	Section 14.2(a)(xii)
	Environmental Laws	  	Section 3.11(b)
	Equity Commitment Letter	  	Section 4.5(a)
	FAT Act	  	Section 3.3(b)
	Financial Statements	  	Section 3.5(a)
	Financing	  	Section 4.5(a)
	Financing Commitments	  	Section 4.5(a)
	FIRB	  	Section 3.3(b)
	GAAP	  	Section 10.2(a)(vii)
	Governmental Authority	  	Section 14.2(a)(xiv)
	Governmental Order	  	Section 14.2(a)(xv)
	Guarantee	  	Section 4.5(b)
	Guarantor	  	Section 4.5(b)
	Hazardous Substance	  	Section 3.11(b)
	IFRS	  	Section 3.5(b)
	Indebtedness	  	Section 14.2(a)(xvi)
	Intellectual Property	  	Section 3.8(e)
	knowledge	  	Section 14.2(a)(xvii)
	Law	  	Section 14.2(a)(xxi)
	Leased Real Property	  	Section 3.14
	Lenders	  	Section 4.5(a)
	Made Available	  	Section 14.2(a)(xxii)

  
 v 

			
	Material Adverse Effect	  	Section 14.2(a)(xxiv)
	Material Contract	  	Section 3.13(a)
	Net Working Capital	  	Section 14.2(a)(xxv)
	Owned Real Property	  	Section 3.14
	Permit	  	Section 14.2(a)(xxvi)
	Permitted Encumbrances	  	Section 14.2(a)(xxix)
	Person	  	Section 14.2(a)(xxx)
	Post-Closing Representation	  	Section 5.12
	Purchase Price	  	Section 1.2
	Purchaser	  	Preamble
	Purchaser Material Adverse Effect	  	Section 14.2(a)(xxxi)
	Seller	  	Preamble
	Seller Plan	  	Section 3.12(b)
	SGA	  	Section 10.2(xxii)
	Shares	  	Recitals
	Specified Accounting Policies	  	Section 14.2(a)(xxxvi)
	Sponsor	  	Section 4.5(a)
	Subsidiary	  	Section 14.2(a)(xxxix)
	Superannuation Commitments	  	Section 10.2(xxii)
	Tax Return	  	Section 14.2(a)(xli)
	Taxes	  	Section 14.2(a)(xlii)
	Taxing Authority	  	Section 14.2(a)(xliv)
	Telecom Act	  	Section 3.3(b)
	Transition Services Agreement	  	Section 6.2(g)

  
 vi 

 EQUITY PURCHASE AGREEMENT 

THIS EQUITY PURCHASE AGREEMENT (this “Agreement”) is made this 15th day of April, 2012, by and between M2 Telecommunications Group Ltd,
an Australian company (the “Purchaser”), Primus Telecommunications International, Inc, a Delaware company (the “Seller”) and Primus Telecommunications Group, Inc a Delaware company (the
“Guarantor”). 
 WHEREAS, Primus Telecom Holdings Pty Ltd, an Australian company
(the “Company”), is a direct wholly owned Subsidiary of the Seller; 
 WHEREAS, the Company together with
its Subsidiaries owns or has licenses or leases to use the assets, rights, obligations and liabilities comprising the Business; and 
 WHEREAS, upon the terms and subject to the conditions contained in this Agreement, the Purchaser desires to acquire from the Seller all of the ordinary shares currently on issue in the Company, consisting
of 425,000,002 fully paid ordinary shares (the “Shares”), and the Seller desires to sell the Shares to the Purchaser. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows: 
 ARTICLE I 
 PURCHASE AND SALE OF SHARES 
 1.1 Purchase and Sale of Shares.
Subject to the terms and conditions of this Agreement, at the Closing, in exchange for a payment by the Purchaser to the Seller of an aggregate cash amount equal to the Purchase Price, the Seller shall sell, assign, transfer, convey and deliver to
the Purchaser the Shares, free and clear of all Encumbrances (other than restrictions on transfer of securities under applicable securities Laws). 
 1.2 Purchase Price. The purchase price to be paid for the Shares acquired by the Purchaser pursuant to this Agreement shall be $192,400,000 in cash (the “Purchase Price”). At
the Closing, the Purchaser shall deliver the Purchase Price to the Seller by wire transfer of immediately available funds pursuant to the wire transfer instructions provided by the Seller no later than three (3) days prior to the Closing Date.

 ARTICLE II 
 CLOSING; CLOSING DELIVERIES 
 2.1 Closing Date. The closing of the
transactions contemplated by this Agreement (the “Closing”) shall take place on the later to occur of 1 June 2012 or the first day of the month immediately following the month during which the satisfaction and/or waiver of all
conditions to Closing set forth in Article VI (other than those conditions that by their nature have to be satisfied at Closing (but subject to the 

 
satisfaction and/or waiver of those conditions)), at the offices of McCullough Robertson Lawyers, Level 16, 55 Hunter Street, Sydney, Australia 2000, or at such other place and time as the
parties may agree in writing. The date on which the Closing actually occurs is referred to herein as the “Closing Date,” and except as otherwise expressly provided herein, the Closing shall for all purposes be deemed effective as of
the close of business on the Closing Date. All documents delivered and actions taken at the Closing shall be deemed to have been delivered or taken simultaneously, and no such delivery or action shall be considered effective or complete unless or
until all other such deliveries and actions are completed or waived in writing by the party against whom such waiver is sought to be enforced. 
 2.2 Closing Deliveries. At the Closing, (a) the Purchaser shall deliver to the Seller (i) the Purchase Price pursuant to Section 1.2 and (ii) the certificate required to be
delivered pursuant to Section 6.3(d), and (b) the Seller shall deliver to the Purchaser (i) the certificate required to be delivered pursuant to Section 6.2(c), (ii) all other documents and requirements referred to in
Section 6.2. 
 ARTICLE III 
 WARRANTIES OF THE SELLER 
 The Seller hereby warrants to the Purchaser
that, as of the date hereof and (unless stated to be correct at a particular date) as at the Closing Date, subject to Article X and except as disclosed in the “data site” maintained by the Seller for purposes of the transactions
contemplated by this Agreement (the “Data Site”) or as set forth in the disclosure letter delivered by the Seller to the Purchaser concurrently herewith (the “Disclosure Letter”) (it being understood that any
matter disclosed in the Data Site or set forth in the Disclosure Letter shall be deemed disclosed with respect to all Sections of this Article III, whether or not a specific reference to a Section of this Article III appears): 

3.1 Corporate Status. The Company and each of its Subsidiaries is a legal entity duly organized, validly existing and in good
standing under the Laws of Australia and has all requisite corporate power and authority to own or lease its properties and assets and to carry on its business as presently conducted, except where the failure to be so organized, validly existing or
in good standing, or to have such power or authority, would not have, individually or in the aggregate, a Material Adverse Effect. The Seller has Made Available to the Purchaser prior to the date of this Agreement true and complete copies of the
constitution of the Company and each of its Subsidiaries, each as amended through the date hereof. Neither the Company nor any of its Subsidiaries is in violation of its constitution in any material respect. 

3.2 Authority. Each of the Seller and the Guarantor has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by the Seller and the Guarantor of this Agreement and the consummation of the transactions
contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action on the part of the Seller and 

  
 2 

 
the Guarantor, and no other corporate proceedings on the part of the Seller or the Guarantor are necessary to authorize the execution, delivery and performance by the Seller or the Guarantor of
this Agreement or to consummate the transactions contemplated hereby or thereby. This Agreement has been duly executed and delivered by the Seller and the Guarantor and assuming due authorization and delivery by the Purchaser, this Agreement
constitutes, a valid and binding obligation of the Seller and the Guarantor enforceable against the Seller and the Guarantor in accordance with its terms, except that (a) such enforcement may be subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar Laws, now or hereafter in effect, relating to creditors’ rights generally and (b) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject to
equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. 
 3.3 No
Conflict; Government Authorizations. 
 (a) The execution, delivery and performance by the Seller of this Agreement does not
and will not (i) contravene or conflict with the constitutions of the Seller, the Company or any of the Company’s Subsidiaries, (ii) assuming compliance with the matters referenced in Section 3.3(b), contravene or conflict with
or constitute a violation of any provision of any Law binding upon or applicable to the Seller, the Company or any of the Company’s Subsidiaries or any of their respective properties or assets or (iii) result in any violation of, or
default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any material obligation or to the loss of a material benefit under any loan, guarantee of indebtedness or
credit agreement, note, bond, mortgage, indenture, lease, agreement, contract, instrument, permit, concession, franchise, right or license binding upon the Seller, the Company or any of the Company’s Subsidiaries or result in the creation of
any Encumbrance (other than any Permitted Encumbrance), upon any of the properties or assets of the Seller, the Company or any of the Company’s Subsidiaries, other than, in the case of clauses (ii) and (iii), any such contravention,
conflict, violation, default, termination, cancellation, acceleration, loss or Encumbrance that would not have, individually or in the aggregate, a Material Adverse Effect. 
 (b) No material consent of, or registration, declaration, notice or filing with, any Governmental Authority is required to be obtained or made by the Seller or the Company in connection with the
execution, delivery and performance by the Seller of this Agreement, or the consummation of the transactions contemplated hereby or thereby, other than (i) if applicable, compliance with, filings under and formal clearance of the transactions
contemplated by this Agreement by the Australian Competition and Consumer Commission (the “ACCC”) for the purposes of Part IV of the Competition and Consumer Act of 2010 (Australia) (the “CC Act”), (ii) if
applicable, filings with and approval from the Foreign Investment Review Board (the “FIRB”) for the purposes of the Foreign Acquisitions and Takeovers Act of 1975 (Australia) (the “FAT Act”),
(iii) confirmations to the Australian Communications and Media Authority (the “ACMA”) that the Purchaser and all directors and officers of the Purchaser are not disqualified entities or disqualified persons for the purposes of
the Telecommunications Act 1997 of Australia (the “Telecom Act”) and (iv) those that, if not made or obtained, individually or 

  
 3 

 
in the aggregate, would not materially hinder or materially delay the Closing or reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

3.4 Capitalization; Subsidiaries. 
 (a) The Seller is the sole owner of, and has good and valid title to, all of the Shares, free and clear of any and all Encumbrances, and there are no limitations or restrictions on the Seller’s right
to transfer such Shares to the Purchaser pursuant to this Agreement, in each case, other than restrictions on transfer of securities under applicable securities Laws. The Shares constitute all of the issued capital stock or other equity interests of
the Company, and all of the Shares are duly authorized, validly issued, fully paid and non-assessable. None of the Shares have been issued in violation of any preemptive rights or rights of first refusal or first offer. 

(b) (i) All of the issued Shares are free and clear of all Encumbrances, other than restrictions on transfer of securities under
applicable securities Laws, (ii) there are no existing options, warrants, calls, pre-emptive rights, subscriptions or other rights, agreements, arrangements or commitments of any character, obligating the Company to issue, transfer or sell or
cause to be issued, transferred or sold any equity securities and (iii) there are no stockholder agreements, voting trusts, proxies or other agreements or understandings with respect to the voting or transfer of the Shares. 

(c) The Disclosure Letter includes a complete list, as of the date hereof, of each of the Company’s Subsidiaries, together with a
list of the issued capital stock or other equity securities of the Company and each such Subsidiary. 
 (d) (i) All of the
issued shares of capital stock or other equity securities of each of the Company’s Subsidiaries are free and clear of all Encumbrances (other than Permitted Encumbrances), (ii) there are no existing options, warrants, calls, pre-emptive
rights, subscriptions or other rights, agreements, arrangements or commitments of any character, obligating any such Subsidiary to issue, transfer or sell or cause to be issued, transferred or sold any shares of its capital stock or other equity
securities, and (iii) there are no stockholder agreements, voting trusts, proxies or other agreements or understandings with respect to the voting or transfer of the shares of capital stock or other equity securities of any of such Subsidiary.

 3.5 Financial Statements; No Undisclosed Liabilities. 

(a) Attached to the Disclosure Letter is a copy of the audited financial report of the Company and its Subsidiaries which comprises the
audited statement of financial position as of 31 December 2011 (the “Balance Sheet”), the audited statement of comprehensive income, the audited statement of cash flows and the audited statement of changes in equity for the
year ended on that date (together with the Balance Sheet, the “Financial Statements”). The Financial Statements give a true and fair view of the Seller’s and the consolidated entities’ financial position as of
31 December 2011 and of their performance for the year ended that date. 

  
 4 

 (b) The Company and its Subsidiaries do not have any liabilities or obligations of any
nature that would be required to be stated on a balance sheet prepared in accordance with Australian Financial Reporting Standards , whether absolute, accrued, contingent or otherwise, other than liabilities and obligations (i) that are
disclosed, reflected or reserved against on the Balance Sheet, (ii) incurred in the ordinary course of business since December 31, 2011, (iii) disclosed in or contemplated by this Agreement, the Data Site or the Disclosure Letter
and/or (iv) that would not have a Material Adverse Effect. 
 (c) The Financial Statements provided have been provided to
the Purchaser in a form which complies with the Australian Financial Reporting Standards. 
 3.6 Absence of Certain Changes.

 (a) Except as contemplated by this Agreement, since December 31, 2011, the Company and its Subsidiaries have
operated in the ordinary course of business in all material respects, and neither the Company nor any of its Subsidiaries has: 
 (i) adopted any change in its constitution; 
 (ii) adopted a plan
or agreement of complete or partial liquidation, dissolution, restructuring, merger, consolidation, recapitalization or other reorganization; 
 (iii) (A) issued, sold, transferred, pledged, disposed of or encumbered any equity or other similar interests, (B) split, combined, subdivided or reclassified any equity or other similar interests or
(C) granted any options, warrants or other rights to purchase or obtain any equity or other similar interests, in each case, of the Company or its Subsidiaries; 

(iv) entered into any Material Contract or materially amended or modified any Material Contract, other than in the
ordinary course of business, or materially increased the benefits under any Company Plan or modified any Company Plan where such modification has a material cost impact on the Company and its Subsidiaries, taken as a whole; 

(v) entered into or consummated any transaction involving the acquisition of the business, stock, assets or other
properties of any other Person for consideration in excess of $100,000 individually, or $1,000,000 in the aggregate; 
 (vi) other than pursuant to existing Material Contracts or in the ordinary course of business, sold, transferred or otherwise disposed of a material amount of assets or property; 

(vii) other than in the ordinary course of business, incurred or guaranteed any Indebtedness or issued any note, bond or
other debt security; or 

  
 5 

 (viii) entered into an agreement or binding commitment to do any of the
foregoing. 
 (b) Since December 31, 2011 there has not been a Material Adverse Effect. 

3.7 Taxes. 
 (a) The Company and each of its Subsidiaries has (i) duly filed, lodged or submitted (or there has been filed, lodged or submitted on its behalf) all Tax Returns required to be filed, lodged or
submitted by it (taking into account all applicable extensions) in connection with the activities of the Company or its Subsidiaries (as the case requires) with the appropriate Taxing Authority and (ii) paid all Taxes due in accordance with
such Tax Returns when payable. To the knowledge of the Seller, all such Tax Returns are true and correct in all material respects. 
 (b) To the knowledge of the Seller, there are no material Encumbrances for Taxes upon any property or assets of the Company or any of its Subsidiaries, except for Encumbrances for Taxes not yet due and
payable or for which adequate reserves have been provided in the Financial Statements. 
 (c) To the knowledge of the Seller,
there is no audit, examination, deficiency, refund litigation or proposed adjustment pending or in progress or threatened with respect to any material amount of Taxes of the Company, its Subsidiaries or the Seller (but in the case of the Seller,
only with respect to the Business) in any material respect. 
 (d) To the knowledge of the Seller, neither the Company nor any
of its Subsidiaries is a party to, is bound by or has any obligation under any Tax sharing, Tax allocation or Tax indemnity agreement or similar contract or arrangement in any material respect at Closing. 

3.8 Intellectual Property. 
 (a) The Disclosure Letter includes a true and complete list (in all material respects) of all material applications and material registrations for Intellectual Property owned by the Company and its
Subsidiaries. 
 (b) The Company and its Subsidiaries own or have valid rights to use all material Intellectual Property that is
currently used in the conduct of the Business. 
 (c) To the knowledge of the Seller, the conduct of the Business as currently
conducted does not infringe the Intellectual Property of any third Person. 
 (d) To the knowledge of the Seller, no third
Person is infringing any Intellectual Property owned by the Company or any of its Subsidiaries. 

  
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 (e) For purposes of this Agreement, “Intellectual Property” means all
(i) Australian and foreign patents and applications therefor and all divisionals, reissues, re-examinations, extensions, continuations and continuations-in-part thereof, (ii) Australian and foreign trademarks, trade dress, service marks,
trade names, domain names, whether registered or unregistered, and pending applications to register the same, including all renewals thereof and all goodwill associated therewith, (iii) Australian and foreign copyrights, whether registered or
unregistered, and pending applications to register the same, and (iv) know-how and trade secrets. 
 (f) Notwithstanding
anything to the contrary in this Agreement, this Section 3.8 contains the sole and exclusive warranties of the Seller with respect to Intellectual Property, including with respect to any infringement, misappropriation or other unauthorized use
of Intellectual Property. 
 3.9 Legal Proceedings. There are no material claims, actions, suits or proceedings (or to
the knowledge of the Seller, investigations) pending against or, to the knowledge of the Seller, threatened against, the Company, its Subsidiaries or any of their respective properties or assets by or before any Governmental Authority. Neither the
Company, its Subsidiaries nor any of their respective properties or assets is or are subject to any material Governmental Order, and, to the knowledge of the Seller, there are no such Governmental Orders threatened to be imposed. To the knowledge of
the Seller, there are no formal or informal material governmental inquiries or investigations or internal investigations pending or threatened relating to, affecting or involving the Company, its Subsidiaries or the Business. Notwithstanding the
foregoing, this warranty does not apply to Intellectual Property matters or environmental matters, which subject matters are covered in their entirety and exclusively under Section 3.8 (Intellectual Property) and Section 3.11
(Environmental Matters), respectively. 
 3.10 Compliance with Laws; Permits. 

(a) Since January 1, 2010, the Company and its Subsidiaries have been in material compliance with all Laws applicable in a material
sense to the Business. 
 (b) The Company and its Subsidiaries possess all Permits necessary for the Company and its
Subsidiaries to own, lease and operate their respective properties and assets and to carry on the Business as now being conducted, except where the failure to have any Permit would not have, individually or in the aggregate, a Material Adverse
Effect. Except as would not have, individually or in the aggregate, a Material Adverse Effect, (i) each such Permit is valid and in full force and effect either pursuant to its terms or by operation of law, (ii) to the knowledge of the
Seller, there exist no facts or circumstances that make it likely that any such Permit will not be renewed or extended on commercially reasonable terms, and (iii) as of the date hereof, no Governmental Authority has commenced, or given written
notice to the Company or its Subsidiaries that it intends to commence, a proceeding to revoke or suspend any such Permit. 

  
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 (c) Notwithstanding the foregoing, the warranties contained in this Section 3.10 do not
apply to Taxes, Intellectual Property, environmental matters, employee matters, Company Plans or Seller Plans, which subject matters are covered in their entirety and exclusively under Sections 3.7 (Taxes), 3.8 (Intellectual Property), 3.11
(Environmental Matters), 3.12 (Employee Matters and Benefit Plans) and 3.15 (Labor), respectively. 
 3.11 Environmental
Matters. 
 (a) To the knowledge of the Seller, except for such matters as would not have, individually or in the aggregate,
a Material Adverse Effect, (i) the Company and its Subsidiaries are in compliance with all applicable Environmental Laws, (ii) none of the properties owned by the Company or its Subsidiaries contain any Hazardous Substance as a result of
any activity of the Company or its Subsidiaries in amounts exceeding the levels permitted by applicable Environmental Laws, (iii) neither the Company nor any of its Subsidiaries is subject to any outstanding notices, demand letters or requests
for information from any federal, state, local or foreign Governmental Authority indicating that the Company or any of its Subsidiaries may be in violation of, or liable under, any applicable Environmental Law in connection with the ownership or
operation of the Business, (iv) no Hazardous Substance has been disposed of, released or transported in violation of any applicable Environmental Law, or in a manner giving rise to any liability under any applicable Environmental Law, from any
properties owned by the Company or its Subsidiaries as a result of any activity of the Company or its Subsidiaries during the time such properties were owned, leased or operated by the Company or its Subsidiaries and (v) neither the Company,
its Subsidiaries nor any of their respective properties are subject to any suit, settlement, court order, administrative order, regulatory requirement, judgment or written claim asserted or arising under any applicable Environmental Law. 

(b) For purposes of this Agreement, (i) “Environmental Law” means any Law relating to (A) the protection,
preservation or restoration of the environment (including air, water vapor, surface water, groundwater, drinking water supply, surface land, subsurface land, plant and animal life or any other natural resource) or (B) the exposure to, or the
use, storage, recycling, treatment, generation, transportation, processing, handling, labeling, production, release or disposal of, Hazardous Substances, in each case as in effect as of the date hereof, and (ii) “Hazardous
Substance” means any substance presently listed, defined, designated or classified as hazardous, toxic, radioactive or dangerous, or otherwise regulated, under any Environmental Law. Hazardous Substance includes any substance as to which
exposure is regulated by any Governmental Authority or any Environmental Law, including any toxic waste, pollutant, contaminant, hazardous substance, toxic substance, hazardous waste, special waste, industrial substance or petroleum or any
derivative or byproduct thereof, radon, radioactive material, asbestos, or asbestos containing material, urea formaldehyde, foam insulation or polychlorinated biphenyls. 

  
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 3.12 Employee Matters and Superannuation. 

(a) Each stock option, stock purchase or equity-based compensation plan, arrangement or agreement, in each case, that is sponsored or
maintained by the Company or its Subsidiaries and that affects or covers any employee(s) of the Company or its Subsidiaries (an “Employee”) has been identified in the Data Site or the Disclosure Letter (each a “Company
Plan” and, collectively, the “Company Plans”). 
 (b) Each stock option, stock purchase or
equity-based compensation, plan, arrangement or agreement, in each case, that is sponsored or maintained by the Seller or any of its Affiliates (other than the Company or its Subsidiaries) and that affects or covers any Employee(s), has been
identified in the Data Site or the Disclosure Letter (each a “Seller Plan” and, collectively, the “Seller Plans”). 
 (c) True and complete copies of the most recent copy of each Company Plan and each Seller Plan (if any) have been Made Available to the Purchaser. 

(d) The consummation of the transactions contemplated by this Agreement will not, either alone or in combination with another event:
(i) accelerate the time of payment or vesting, or trigger any payment or funding, or increase the amount of, compensation or benefits due any Employee or trigger any other material obligation pursuant to, any Company Plan or (ii) result in
any breach or violation of, or a default under, any Company Plan. 
 (e) Except for their commitments to contribute to
superannuation funds to which the Company or its Subsidiaries contribute on behalf of Employees immediately prior to the date of this Agreement (“Company Funds”), the Company and its Subsidiaries have no Superannuation Commitments.
With respect to the Company Funds, there are no outstanding or unpaid contributions by the Company or its Subsidiaries. 
 (f)
The Company and its Subsidiaries have complied with the Superannuation Commitments in relation to the Employees and any other person who the Company and its Subsidiaries are obliged to make Superannuation Commitments in relation to. 

(g) This Section 3.12 contains the sole and exclusive warranties of the Seller with respect to the Company Plans, the Seller Plans
and Superannuation Commitments. 
 3.13 Material Contracts. 

(a) The Data Site contains full and complete copies of each of the following types of Contracts to which the Company or any of its
Subsidiaries is a party or is otherwise bound as of the date hereof (all Contracts of the type described below in this Section 3.13(a) being referred to herein as “Material Contracts”): 

(i) any Contract pursuant to which the Company or any of its Subsidiaries paid amounts in excess of $1,000,000 or received
amounts in excess of $250,000 individually within the 12-month period prior to the date of this Agreement; 

  
 9 

 (ii) any loan, guarantee of Indebtedness or credit agreement, note, bond,
mortgage, indenture or other binding commitment relating to Indebtedness in an amount in excess of $250,000 individually, other than (A) accounts receivables and payables and (B) loans to or from direct or indirect wholly-owned
Subsidiaries of the Company; 
 (iii) any Contract entered into after December 31, 2009 that involves the
acquisition or disposition of (A) an asset or item of capital stock or other voting securities or equity interests of the Company or any of its Subsidiaries or (B) an asset or an item of capital stock or other voting securities or equity
interests of another Person, in each case, for consideration in excess of $500,000 excluding sales and purchases of inventory. 
 (iv) any non-competition or other similar agreement that prohibits or otherwise restricts, in any material respect, the Company or any of its Subsidiaries from freely engaging in a material part of its
business anywhere in the world (including any agreement that restricts, in any material respect, the Company or any of its Subsidiaries from competing in any line of business which is material to the Company); 

(v) any Contract that creates a partnership or joint venture with respect to any material portion of the Business; or

 (vi) any material settlement or similar material agreement with any Governmental Authority or order or consent
of a Governmental Authority involving future performance by the Company or any of its Subsidiaries (excluding, for the avoidance of doubt, customary Permits). 
 (b) Neither the Company nor any of its Subsidiaries has received written notice that it is in breach of or default under the terms of any Material Contract where such breach or default would have,
individually or in the aggregate, a Material Adverse Effect. To the knowledge of the Seller, no other party to any Material Contract is in breach of or default under the terms of any Material Contract where such breach or default would have,
individually or in the aggregate, a Material Adverse Effect. Except as would not have, individually or in the aggregate, a Material Adverse Effect, each Material Contract is a valid and binding obligation of the Company or the applicable Company
Subsidiary which is party thereto and, to the knowledge of the Seller, of each other party thereto, and is in full force and effect, except that (i) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar Laws, now or hereafter in effect, relating to creditors’ rights generally and (ii) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any proceeding therefor may be brought. 

  
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 3.14 Real Properties. 

(a) Except as would not have, individually or in the aggregate, a Material Adverse Effect, the Company and its Subsidiaries own and have
valid title to all of their respective owned real properties (“Owned Real Property”) and have valid leasehold interests in all of their respective leased real properties (“Leased Real Property”), free and clear of
all Encumbrances (other than Permitted Encumbrances and all other title exceptions, defects, encumbrances and other matters, whether or not of record, which do not materially affect the continued use of the property for the purposes for which the
property is currently being used by the Company or its Subsidiaries as of the date hereof). The Disclosure Letter includes a complete list, as of the date hereof, of the address of each parcel of Owned Real Property and Leased Real Property.

 (b) The Owned Real Property and the Leased Real Property (together the “Real Property”) comprises all the freehold
and leasehold premises owned, used or occupied by the Company and its Subsidiaries. 
 (c) The Company and its Subsidiaries have
exclusive occupation and quiet enjoyment of the Real Property. 
 (d) The Company and its Subsidiaries do not have any freehold
interest in land other than the Owned Real Property or any leasehold interest in land except for the Leased Real Property. 

(e) The Company or its Subsidiaries have not received any notices, orders, declarations, reports, determinations, or recommendations
relating to the Real Property from any Government Authority in respect of which any issue remains outstanding. 
 (f) The
Company and its Subsidiaries have not received any notice and are not aware of any subsisting breaches of the leases over the Leased Real Property. 
 3.15 Labor. Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or any other labor-related agreement with any labor union or labor organization
applicable to Employees, nor is any such agreement currently being negotiated. No material work stoppage involving the Company or its Subsidiaries is pending or, to the knowledge of the Seller, threatened by any labor dispute. To the knowledge of
the Seller, the Company and its Subsidiaries have complied in all material respects with all obligations arising under law, equity or statute, award, enterprise agreement or other instrument made or approved under any applicable law with respect to
the employment of Employees. Neither the Seller, the Company nor any of the Company’s Subsidiaries has received any written notice of any material breach by the Company or its Subsidiaries of any of its legal or contractual obligations
concerning the employment of any of the Employees. None of the Employees has made a material workers’ compensation claim that remains unresolved. 

  
 11 

 3.16 Insurance. The Seller has Made Available to the Purchaser complete copies of all
material policies of insurance maintained by or on behalf of the Company and its Subsidiaries with respect to their properties and assets, or true and complete summaries of the material terms of such insurance policies. The Disclosure Letter
includes a list of all material insurance policies relating to the Business that are not held by the Company or its Subsidiaries. All insurance policies relating to the Business are in full force and effect as at the date of this Agreement. Neither
the Seller, the Company nor any of the Company’s Subsidiaries has received: (a) any written notice regarding the cancellation or invalidation of any of the existing insurance policies relating to the Business or regarding any actual or
possible adjustment in the amount of the premiums payable with respect to any such policy or (b) any written notice regarding any refusal of coverage under, or any rejection of any claim under, any such policy. 

3.17 Finder’s Fee. Except for fees for which the Seller or its Affiliates (other than the Company and its Subsidiaries) will
be exclusively responsible, none of the Seller, the Company nor any of the Company’s Subsidiaries has incurred any liability to any party for any brokerage or finder’s fee or agent’s commission, or the like, in connection with the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Seller, the Company or their Subsidiaries. 
 3.18 Assets 
 (a) All of the material assets used by the Company and its
Subsidiaries in the Business as at 31 December 2011 are disclosed in the Balance Sheet (as to value) and in the plant and equipment registers, and at Closing all of the material assets used by the Company and its Subsidiaries in the Business as
at the Closing Date will be: 
 (i) owned legally and beneficially by the Company or its Subsidiaries, except for
any asset disclosed as being subject to hire purchase, lease or rental agreements which the Company and its Subsidiaries have, and will have at Closing, a legally enforceable right to use; and 

(ii) are, and will be at Closing be all of the material assets necessary to conduct the Business. 

(b) The Key Assets used by the Company or its Subsidiaries (when taken as a whole) as at the Closing Date and having regard to their age
and condition (having been maintained in the ordinary course of business): 
 (i) are not subject to any known
material defect which may impact the operation of the Key Assets or adversely impact the operation of the Business; 
 (ii) are in satisfactory working order; and 

  
 12 

 (iii) are capable of doing the work for which they were designed, licensed
or purchased; and 
 (iv) are recorded in the plant and equipment registers of the Company or its Subsidiaries.

 (c) No notice has been served on the Company, its Subsidiaries or the Seller by any Governmental Authority which might
materially impair, prevent or otherwise materially interfere with the Company or its Subsidiaries use of or proprietary rights in any of its assets. 
 3.19 No insolvency regime. 
 None of the following has occurred and is
subsisting, or is threatened, in relation to the Seller, the Company or its Subsidiaries: 
 (a) an application to a court for
an order, or the making of any order, that it be wound up or that a liquidator or provisional liquidator be appointed; 
 (b) a
resolution by the directors or members that it be wound up; 
 (c) the convening of a meeting or passing of a resolution to
appoint an official manager; 
 (d) a scheme of arrangement or composition with, or assignment for the benefit of, or other
arrangement with all or a class of creditors; 
 (e) the taking of any action to seize, take possession of or appoint a receiver
or receiver and manager or agent in possession over any part of its assets; 
 (f) the appointment of an administrator; or

 (g) any act or matter having a similar legal or economic effect under the laws of any jurisdiction. 

3.20 No rights etc. 
 There are no facts, matters or circumstances which give any person the right to apply to liquidate or to wind up the Company, its Subsidiaries or the Seller or place the Company, its Subsidiaries or the
Seller under official management. 
 3.21 Accuracy of Information 

(a) All information in the Data Site and the Disclosure Letter, is to the best of the Seller’s knowledge accurate in all material
respects. None of that information is misleading in any material particular, whether by inclusion of misleading information or omission of material information or both. 

  
 13 

 (b) Prior to the execution of this Agreement the Seller has disclosed in writing to the
Purchaser all material facts, material information and material circumstances relating to the Business or assets or liabilities of the Company and its Subsidiaries or otherwise relating to the subject matter of this Agreement of which it has
knowledge which might, if disclosed, reasonably be expected to materially affect the decision of a reasonable purchaser to purchase the Shares or materially affect the price at which or the terms on which a reasonable purchaser might be willing to
purchase the Shares. 
 3.22 DISCLAIMER OF REPRESENTATIONS AND OTHER WARRANTIES. THE SELLER MAKES NO REPRESENTATION
REGARDING THE WARRANTIES SET FORTH IN THIS ARTICLE III AND THE PURCHASER ACKNOWLEDGES THAT THE WARRANTIES SET FORTH IN THIS ARTICLE III ARE NOT REPRESENTATIONS. EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE III, THE SELLER MAKES NO REPRESENTATION OR
WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, IN CONNECTION WITH OR WITH RESPECT TO THE COMPANY, ITS SUBSIDIARIES, THE SHARES, THE BUSINESS OR OTHERWISE, OR WITH RESPECT TO ANY INFORMATION PROVIDED TO THE PURCHASER,
INCLUDING WITH RESPECT TO ANY REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE OR USE, TITLE, NON-INFRINGEMENT OR ENVIRONMENTAL MATTERS. ALL REPRESENTATIONS AND ALL OTHER WARRANTIES ARE HEREBY DISCLAIMED BY THE
SELLER. THE PURCHASER ACKNOWLEDGES THAT IT DOES NOT RELY ON ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS OR IMPLIED, MADE BY OR ON BEHALF OF THE SELLER, OTHER THAN THE WARRANTIES SET FORTH IN THIS ARTICLE III AND MUST NOT MAKE ANY CLAIM ASSERTING
RELIANCE ON ANY REPRESENTATION OR WARRANTY, OTHER THAN THE WARRANTIES SET FORTH IN THIS ARTICLE III. 
 ARTICLE IV

 WARRANTIES OF THE PURCHASER 
 The Purchaser hereby warrants to the Seller, as of the date hereof: 
 4.1
Corporate Status. The Purchaser is a legal entity duly organized, validly existing and in good standing under the Laws of Australia and has all requisite corporate power and authority to own, lease and operate its properties and assets and to
carry on its business as presently conducted, except where the failure to be so organized, validly existing or in good standing, or to have such power or authority, would not have a Purchaser Material Adverse Effect. The Purchaser has made available
to the Seller prior to the date of this Agreement true and complete copies of the constitution of the Purchaser, each as amended through the date hereof. The Purchaser is not in violation of its constitution in any material respect. 

  
 14 

 4.2 Authority. The Purchaser has all requisite corporate power and authority to
execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance by the Purchaser of this Agreement and the consummation of the transactions contemplated hereby have been
duly and validly authorized by all necessary corporate action on the part of the Purchaser, and no other proceedings on the part of the Purchaser are necessary to authorize the execution, delivery and performance by the Purchaser of this Agreement
or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Purchaser, and, assuming due authorization and delivery by the Seller, this Agreement constitutes a valid and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms, except that (i) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereafter in effect,
relating to creditors’ rights generally and (ii) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought. 
 4.3 No Conflict; Required Filings. 

(a) The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions
contemplated by this Agreement do not and will not (i) contravene or conflict with the constitution of the Purchaser, (ii) assuming compliance with the matters referenced in Section 4.3(b), contravene or conflict with or constitute a
violation of any provision of any Law binding upon or applicable to the Purchaser or any of its Affiliates or any of their respective properties or assets or (iii) result in any violation of, or default (with or without notice or lapse of time,
or both) under, or give rise to a right of termination, cancellation or acceleration of any material obligation or to the loss of a material benefit under any loan, guarantee of indebtedness or credit agreement, note, bond, mortgage, indenture,
lease, agreement, contract, instrument, permit, concession, franchise, right or license binding upon the Purchaser or any of its Affiliates or result in the creation of any Encumbrance (other than Permitted Encumbrances) upon any of the properties
or assets of the Purchaser or any of its Affiliates, other than, in the case of clauses (ii) and (iii), any such contravention, conflict, violation, default, termination, cancellation, acceleration, loss or Encumbrance that would not have,
individually or in the aggregate, a Purchaser Material Adverse Effect. 
 (b) No material consent of, or registration,
declaration, notice or filing with, any Governmental Authority is required to be obtained or made by the Purchaser or any of its Affiliates in connection with the execution, delivery and performance of this Agreement or the consummation of the
transactions contemplated hereby, other than (i) if applicable, compliance with, filings under and formal clearance of the transactions contemplated by this Agreement by the ACCC for the purposes of Part IV of the CC Act, (ii) if
applicable, filings with and approval from the FIRB for the purposes of the FAT Act, (iii) confirmations to the ACMA that the Purchaser and all directors and officers of the Purchaser are not disqualified entities or disqualified persons for
the purposes of the Telecom Act and (iv) those that, if not made or obtained, individually or in the aggregate, would not materially hinder or materially delay the Closing or reasonably be expected to result in a Purchaser Material Adverse
Effect. 

  
 15 

 4.4 Legal Proceedings. There are no claims, actions, suits, investigations or
proceedings pending or, to the knowledge of the Purchaser, threatened, against the Purchaser or any of its Affiliates or any of their respective properties or assets before any Governmental Authority, except as would not reasonably be expected to
have a Purchaser Material Adverse Effect. 
 4.5 Financing; Guarantee. 

(a) The Purchaser has provided the Seller with true, accurate and complete copies of an executed debt commitment letter and related term
sheets excluding any details on any fees or interest rate terms payable by the Purchaser (“Financing Commitment”) from Goldman Sachs Lending Partners LLC (the “Lender”) pursuant to which, and subject to the terms
and conditions of which, the Lender has committed to provide the Purchaser with loans in the amounts described therein, the proceeds of which may be used to consummate the transactions contemplated by this Agreement (the
“Financing”). The Financing Commitment is a legal, valid and binding obligation of the Purchaser and the other parties thereto. The Financing Commitment is in full force and effect, and the Financing Commitment has not been
withdrawn, rescinded or terminated or otherwise amended or modified in any respect, and no such amendment or modification is contemplated. The Purchaser is not in breach of any of the terms or conditions set forth in the Financing Commitment, and no
event has occurred which, with or without notice, lapse of time or both, could reasonably be expected to constitute a breach, default or failure to satisfy any condition precedent set forth therein. As of the date hereof, the Purchaser is not aware
of any fact or occurrence existing on the date hereof that, with or without notice, lapse of time or both, could reasonably be expected to (A) make any of the assumptions or any of the statements set forth in the Financing Commitment
inaccurate, (B) result in any of the conditions in the Financing Commitment not being satisfied, (C) cause the Financing Commitment to be ineffective or (D) otherwise result in the Financing not being available on a timely basis in
order to consummate the transactions contemplated by this Agreement. As of the date hereof, the Lender has not notified the Purchaser of its intention to terminate the Financing Commitment or not to provide the Financing. The net proceeds from the
Financing will be sufficient to consummate the transactions contemplated by this Agreement and to pay any fees and expenses of or payable by the Purchaser in connection therewith. The Purchaser has paid in full any and all commitment or other fees
required by the Financing Commitment that are due as of the date hereof, and will pay, after the date hereof, all such commitments and fees as they become due. There are no side letters, understandings or other agreements or arrangements relating to
the Financing to which the Purchaser or any of its Affiliates are a party. There are no conditions precedent or other contingencies related to the funding of the full amount of the Financing or the conditions precedent thereto, other than as set
forth in the Financing Commitment (the “Disclosed Conditions”). No Person has any right to impose, and none of the Lender or the Purchaser has any obligation to accept, any condition precedent to such funding other than the
Disclosed Conditions nor any reduction to the aggregate amount available under 

  
 16 

 
the Financing Commitment on the Closing Date (nor any term or condition which would have the effect of reducing the aggregate amount available under the Financing Commitment on the Closing Date).
The Purchaser has no reason to believe that it will be unable to satisfy on a timely basis any conditions to the funding of the full amount of the Financing, or that the Financing will not be available to the Purchaser on the Closing Date. For the
avoidance of doubt, it is not a condition to Closing under this Agreement for the Purchaser to obtain the Financing or any alternative financing. 
 (b) If the Purchaser secures alternative funding arrangements with another party or parties (the “New Lender”) prior to Closing (the “New Financing”), it may provide the
Seller with true, accurate and complete copies of the executed debt commitment letter and related term sheets (the “New Financing Commitment”) in respect of such New Financing, and if the Seller is satisfied (acting reasonably) with
the New Financing, the New Financing Commitment and the New Lender and communicates such satisfaction to the Purchaser (in writing), then from the time of that written communication a reference in this Agreement to: 

(i) the “Lender” will be deemed to be a reference to the “New Lender”; 

(ii) the “Financing” will be deemed to be a reference to the “New Financing”; and 

(iii) the “Financing Commitment” will be deemed to be a reference to the “New Financing Commitment”.

 (c) For the avoidance of doubt, and without limitation, the parties agree that the Seller would be acting reasonably for the
purposes of clause 4.5(b) if the Seller was not satisfied with New Financing on the basis that the New Financing would cause a delay to Closing. 
 4.6 Finder’s Fee. Neither the Seller nor the Company nor any of their respective stockholders, members, option holders, directors, managers, officers or Affiliates will incur any liability to
any party for any brokerage or finder’s fee or agent’s commission, or the like, in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Purchaser or its Affiliates. 

4.7 No Additional Warranties; No Representations. 
 (a) The Purchaser acknowledges that it and its representatives (i) have received access to such books and records, facilities, equipment, contracts and other assets of the Seller, the Company and the
Company’s Subsidiaries which it and its representatives have desired or requested to review, (ii) have had access to the Data Site, (iii) have conducted an independent investigation of the Company and its Subsidiaries and the
transactions contemplated by this Agreement and (iv) have had full opportunity to meet with the management of the Seller, the Company and the Company’s Subsidiaries and to discuss and ask questions regarding the Business. 

  
 17 

 (b) The Purchaser acknowledges that none of the Seller, the Company, the Company’s
Subsidiaries nor any Person has made any representation or any warranty, express or implied, as to the accuracy or completeness of any information regarding the Company, its Subsidiaries or the Business furnished or made available to the Purchaser
and its representatives, except for those warranties expressly set forth in Article III (which is subject to the contents of the Data Site and the Disclosure Letter), and none of the Seller, the Company, the Company’s Subsidiaries nor any other
Person shall be subject to any liability to the Purchaser or any other Person resulting from the Seller’s or the Company’s making available to the Purchaser or the Purchaser’s use of such information, or any information, documents or
material made available to the Purchaser in the due diligence materials provided to the Purchaser, including in the Data Site, in management presentations (formal or informal) or in any other form in connection with the transactions contemplated by
this Agreement. Without limiting the foregoing, the Seller make no representation or warranty to the Purchaser with respect to any financial projections or forecasts relating to the Company, its Subsidiaries or the Business, whether or not included
in any management presentation. 
 4.8 DISCLAIMER OF REPRESENTATIONS AND OTHER WARRANTIES. 

THE PURCHASER MAKES NO REPRESENTATION REGARDING THE WARRANTIES SET FORTH IN THIS ARTICLE IV AND THE SELLER ACKNOWLEDGES THAT THE
WARRANTIES SET FORTH IN THIS ARTICLE IV ARE NOT REPRESENTATIONS. EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE IV, THE PURCHASER MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, IN CONNECTION WITH
OR WITH RESPECT TO ANY INFORMATION PROVIDED TO THE SELLER, INCLUDING WITH RESPECT TO ANY REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE OR USE, TITLE OR NON-INFRINGEMENT. ALL REPRESENTATIONS AND ALL OTHER
WARRANTIES ARE HEREBY DISCLAIMED BY THE PURCHASER. THE SELLER ACKNOWLEDGES THAT IT DOES NOT RELY ON ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS OR IMPLIED, MADE BY OR ON BEHALF OF THE PURCHASER, OTHER THAN THE WARRANTIES SET FORTH IN THIS
ARTICLE IV AND MUST NOT MAKE ANY CLAIM ASSERTING RELIANCE ON ANY REPRESENTATION OR WARRANTY, OTHER THAN THE WARRANTIES SET FORTH IN THIS ARTICLE IV. 
 ARTICLE V 
 COVENANTS 

5.1 Interim Operations 
 From and after the date hereof, the Seller shall cause the Company and its Subsidiaries to conduct their respective businesses in the ordinary course consistent with past practice (including but not
limited to in relation to sale practices and accounting 

  
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practices) and use their commercially reasonable efforts to preserve intact the assets, properties and relationships with Employees and third parties having material business dealings with the
Company and its Subsidiaries. Without limiting the generality of the foregoing, except (a) as otherwise required by this Agreement, (b) for actions approved in writing by the Purchaser (which approval shall not be unreasonably withheld,
conditioned or delayed), (c) as required to comply with applicable Law or (d) as described in the Disclosure Letter, from and after the date hereof, the Seller shall cause the Company and its Subsidiaries not to take any of the following
actions: 
 (i) adopt any change in its constitution; 

(ii) adopt a plan or agreement of complete or partial liquidation, dissolution, restructuring, merger, consolidation,
restructuring, recapitalization or other reorganization; 
 (iii) (A) issue, sell, transfer, pledge, dispose of
or encumber the Shares or any other equity or similar interests of the Company or any of its Subsidiaries or (B) grant any option, warrant or other right to purchase or obtain, or otherwise dispose of or encumber, the Shares or any other equity
or similar interests of the Company or any of its Subsidiaries; 
 (iv) enter into or consummate any transaction
involving the acquisition of the business, stock, assets or other properties of any other Person for consideration in excess of $100,000 individually, or $1,000,000 in the aggregate; 

(v) sell, lease, license, transfer, exchange or swap, mortgage or otherwise encumber, or subject to any Encumbrance (other
than Permitted Encumbrance) or otherwise dispose of any material portion of its material properties or assets with a value or purchase price in the aggregate in excess of $500,000 other than (A) in the ordinary course of business,
(B) pursuant to existing agreements in effect prior to the date hereof, (C) as may be required by applicable Law or any Governmental Authority in order to permit or facilitate the consummation of the transactions contemplated by this
Agreement, (D) dispositions of obsolete or worthless assets or (E) transactions among the Company and/or any of its Subsidiaries; 
 (vi) incur, assume, guarantee, prepay or otherwise become liable for any Indebtedness, other than (A) in the ordinary course of business, (B) any Indebtedness among the Company and/or any of its
Subsidiaries, (C) guarantees by the Company of Indebtedness of its Subsidiaries, and (D) Indebtedness incurred pursuant to agreements in effect prior to the execution of this Agreement; 

(vii) enter any Contract pursuant to which the Company or any of its Subsidiaries will be liable to pay amounts in excess
of $100,000 or receive amounts in excess of $250,000 individually within a 12-month period; 

  
 19 

 (viii) enter into, renew, amend or modify in any material respect, or
terminate any Material Contract, other than in the ordinary course of business; provided, however, that nothing in this Agreement shall prevent the Company or its Subsidiaries from entering into employment agreements or severance agreements, in each
case, with employees in the ordinary course of business; 
 (ix) incur or commit to any capital expenditures
other than capital expenditures incurred or committed in the ordinary course of business, or enter into any new line of business; 
 (x) (A) make, change or revoke any material Tax election, (B) file any material amended Tax Return or (C) settle or compromise any material liability for Taxes or surrender any material claim
for a refund of Taxes; 
 (xi) materially change its financial accounting policies or procedures or any of its
methods of reporting income, deductions or other material items for financial accounting purposes, except as required by the Australian Financial Reporting Standards or applicable Law; or 

(xii) authorize, or agree or commit to do, whether in writing or otherwise, any of the foregoing. 

5.2 No Alternate Transaction. 
 During the period from the date of this Agreement to the Closing Date (inclusive), the Seller must not, and the Seller and the Guarantor must procure that none of its Affiliates, officers, employees,
agents or representatives nor any of the Company or its Subsidiaries or their Affiliates nor any of their officers, employees, agents or representatives, take, directly or indirectly, any of the following actions: 

(a) solicit, encourage, initiate or participate in any inquiry, negotiations or discussions, or enter into any agreement, with respect to
any offer or proposal to acquire any material part of the Company or its Subsidiaries business, properties or technologies, or any amount of the share capital of the Company or its Subsidiaries, whether by purchase of shares, assets, reconstruction
or otherwise, or effect any such transaction; 
 (b) disclose any information not customarily disclosed to any third party
concerning the Company or its Subsidiaries business, technologies and properties, nor afford to any person (other than the Purchaser or their respective representatives) access to the Company or its Subsidiaries properties, technologies, books or
records, not customarily afforded such access; 
 (c) assist or cooperate with any third party to make any proposal to purchase
all or any part of the Company or its Subsidiaries share capital or all or any material part of the Company or its Subsidiaries assets; or 

  
 20 

 (d) enter into any agreement with any third party providing for the acquisition of either of
the Company or its Subsidiaries, whether by purchase of shares, assets, reconstruction or otherwise, or effect any such transaction. 
 5.3 Reasonable Best Efforts. 
 (a) Subject to the terms and conditions set
forth in this Agreement, each of the Seller and the Purchaser shall use its reasonable best efforts (subject to, and in accordance with, applicable Law) to take promptly, or cause to be taken, all actions, and to do promptly, or cause to be done,
and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable under applicable Laws to consummate and make effective the transactions contemplated by this Agreement, including (i) the obtaining of all
necessary actions or non-actions, waivers, consents and approvals from Governmental Authorities and the making of all necessary registrations and filings and the taking of all steps as may be necessary to obtain an approval or waiver from, or to
avoid an action by, any Governmental Authority, (ii) the obtaining of all necessary consents, approvals or waivers from third parties, (iii) the defending of any lawsuits or other legal proceedings, whether judicial or administrative,
challenging this Agreement or the consummation of the transactions contemplated hereby and (iv) the execution and delivery of any additional instruments necessary to consummate the transactions contemplated hereby; provided, however, that in no
event shall the Seller, the Company or any of their Subsidiaries be required to pay any fee, penalty or other consideration to any third party for any consent or approval required for the consummation of the transactions contemplated by this
Agreement under any Contract, nor shall the Seller, the Company nor any of their Subsidiaries be required to materially modify any Contract, except as expressly contemplated by this Agreement. 

(b) Without limiting the foregoing, each of the Seller and the Purchaser shall (i) promptly, but in no event later than ten
(10) business days after the date hereof, make their respective filings and thereafter make any other required submissions under the CC Act, the FAT Act and the Telcom Act, as applicable, (ii) use their respective reasonable best efforts
to cooperate with each other in (A) determining whether any filings are required to be made with, or consents, permits, authorizations, waivers or approvals are required to be obtained from, any third parties or other Governmental Authorities
in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement, (B) promptly providing each other with all information necessary for the preparation of such filings on a
timely basis, and (C) timely making all such filings and timely seeking all such consents, permits, authorizations or approvals, (iii) use their respective reasonable best efforts to take, or cause to be taken, all other actions and do, or
cause to be done, all other things necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement, including taking all such further actions as may be necessary to resolve such objections and/or
inquiries, if any, as the ACCC, the ACMA, the FIRB, state antitrust enforcement authorities or any competition authorities, regulatory authorities or national security authorities of any other nation or other jurisdiction or any other Person may
assert under any applicable Law with respect to the transactions contemplated by this Agreement, and to avoid or eliminate 

  
 21 

 
each and every impediment under any Law that may be asserted by any Governmental Authority with respect to the transactions contemplated by this Agreement so as to enable the Closing to occur as
soon as reasonably possible, including, without limitation (X) proposing, negotiating, committing to and effecting, by consent decree, hold separate order, trust or otherwise, the sale, divestiture or disposition of such assets or businesses of
the Purchaser or its Subsidiaries or Affiliates or of the Company or its Subsidiaries and (Y) otherwise taking or committing to take actions that after the Closing Date would limit the freedom of the Purchaser or its Subsidiaries’
(including the Company’s and its Subsidiaries’) or Affiliates’ freedom of action with respect to, or its ability to retain, one or more of its or its Subsidiaries’ (including the Company’s or its Subsidiaries’)
businesses, product lines or assets, in each case as may be required in order to avoid the entry of, or to effect the dissolution of, any injunction, temporary restraining order or other order in any suit or proceeding which would otherwise have the
effect of preventing or materially delaying the Closing, and (iv) subject to applicable legal limitations and the instructions of any Governmental Authority, keep each other apprised of the status of and cooperate with each other with respect
to matters relating to the completion of the transactions contemplated thereby, including promptly furnishing the other with copies of notices or other communications received by the Seller, the Company or the Purchaser, as the case may be, or any
of their respective Affiliates, from any third party and/or any Governmental Authority with respect to such transactions. 
 (c)
Each of the Seller and the Purchaser shall permit counsel for the other party reasonable opportunity to review in advance, and consider in good faith the views of the other party in connection with, any proposed written communication to any
Governmental Authority. Each of the Seller and the Purchaser agrees not to participate in any substantive meeting or discussion, either in person or by telephone, with any Governmental Authority in connection with the transactions contemplated by
this Agreement unless it consults with the other party in advance and, to the extent not prohibited by such Governmental Authority, gives the other party the opportunity to attend and participate. Upon receipt of prior notice thereof, each of the
Seller and the Purchaser shall ensure that its appropriate officers and employees shall be available to attend, as the other party or the applicable Governmental Authority may request, any scheduled hearings or meetings in connection with the
matters addressed by this Section 5.2. Notwithstanding anything to the contrary in this Section 5.2, materials provided to the other party or its outside counsel may be redacted to remove any estimate of the valuation of the Company, its
Subsidiaries or the Business, or the identities of other potential acquirers. Each of the Seller and the Purchaser shall take reasonable efforts to share information protected from disclosure under the attorney-client privilege, work product
doctrine, joint defense privilege or any other privilege pursuant to this Section 5.2 so as to preserve any applicable privilege. 
 (d) Except as expressly contemplated by this Agreement, the Purchaser shall not, and the Purchaser shall cause its Affiliates not to, take any action (including any acquisition of businesses or assets)
which would reasonably be expected to prevent or delay the consummation of the transactions contemplated by this Agreement due to the actions of any Governmental Authority. 

  
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 (e) The Purchaser will, and the Seller will procure that Primus Telecommunications Inc does,
use best endeavours to negotiate in good faith a “Transition Service Agreement” between the Purchaser and Primus Telecommunications Inc, a working but un-negotiated draft of which is attached hereto as Exhibit A. The Purchaser and the
Seller agree that the terms of the final “Transition Services Agreement” shall include a term of 180 days and that the services will be provided (where commercial arrangements are currently in place) on terms that are no less favourable
than the terms currently in place between Primus Telecommunications Inc and the Company or its Subsidiaries at the date of this Agreement. For the avoidance of doubt the parties expressly acknowledge that finalization and execution of the
“Transition Services Agreement” is not a condition to Closing. 
 5.4 Financing 

(a) The Purchaser shall, and shall cause each of its Affiliates to, use its best efforts to obtain the Financing on the terms and
conditions described in the Financing Commitment, including using its best efforts to (i) comply with its obligations under the Financing Commitment, (ii) maintain in effect the Financing Commitment, (iii) negotiate and enter into
definitive agreements with respect to the Financing Commitment on terms and conditions no less favorable to the Purchaser than those contained in the Financing Commitment, (iv) satisfy on a timely basis all conditions applicable to the
Purchaser contained in the Financing Commitment (or any definitive agreements related thereto), including the payment of any commitment, engagement or placement fees required as a condition to the Financing, (v) enforce all of its rights under
the Financing Commitment (or any definitive agreements related thereto) and (vi) consummate the Financing at or prior to the Closing Date (it being understood that it is not a condition to the Closing under this Agreement, nor to the
consummation of the transactions contemplated hereby, for the Purchaser to obtain the Financing or any alternative financing). The Purchaser shall keep the Seller informed on a reasonable basis and in reasonable detail of the status of its efforts
to arrange the Financing (including providing the Seller with copies of all definitive agreements and other documents related to the Financing). The Purchaser shall give the Seller prompt notice upon becoming aware of any breach by any party of
either of the Financing Commitment or any termination of the Financing Commitment. The Purchaser shall not, without the prior written consent of the Seller, amend, modify, supplement or waive any of the conditions or contingencies to funding
contained in the Financing Commitment (or any definitive agreements related thereto) or any other provision of, or remedies under, the Financing Commitment (or any definitive agreements related thereto), in each case to the extent such amendment,
modification, supplement or waiver could reasonably be expected to have the effect of (A) adversely affecting the ability of the Purchaser to timely consummate the transactions contemplated by this Agreement or (B) amending, modifying,
supplementing or waiving the conditions or contingencies to the Financing in a manner materially adverse to the Seller. In the event all conditions applicable to the Financing Commitment have been satisfied, the Purchaser shall use its best efforts
to cause the Lender to fund the Financing required to consummate the transactions contemplated by this Agreement (including by taking enforcement action to cause the persons providing the Financing to fund such Financing). In the event that any
portion of the Financing becomes unavailable, the 

  
 23 

 
Purchaser shall notify the Seller and use its best efforts to arrange alternative financing from the same or other sources on terms and conditions not materially less favorable in the aggregate
to the Purchaser than those contained in the Financing Commitment as of the date hereof, and in an amount sufficient to timely consummate the transactions contemplated by this Agreement on the terms and conditions set forth herein. 

(b) The Seller will, and will cause the Company to, at the Purchaser’s sole expense, cooperate reasonably with the Purchaser and its
authorized representatives in connection with the arrangement of the Financing, including (i) participating in a reasonable number of meetings on reasonable advance notice, (ii) furnishing information (including financial statements)
reasonably required to be included in the preparation of offering memoranda, private placement memoranda, prospectuses and similar documents, and (iii) cooperation in respect of the preparation of any underwriting or placement agreements,
pledge and security documents and other definitive financing documents; provided that the Company shall not be required to become subject to any obligations with respect to such agreements or documents prior to the Closing. Any information provided
to the Purchaser pursuant to this Section 5.3(b) shall be subject to the Confidentiality Agreement. The Purchaser acknowledges and agrees that the Seller, the Company and their respective Affiliates and representatives shall not have any
responsibility for, or incur any liability to any Person under or in connection with, the arrangement of the Financing or any alternative financing that the Purchaser may raise in connection with the transactions contemplated by this Agreement, and
that the Purchaser shall, on a joint and several basis, indemnify and hold harmless the Seller, the Company and their respective Affiliates and representatives from and against any and all losses suffered or incurred by them in connection with the
arrangement of the Financing or any alternative financing and any information utilized in connection therewith. 

  
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 5.5 Confidentiality; Access to Information 

(a) The Purchaser acknowledges that the information Made Available to it by the Seller and its Affiliates (or their respective agents or
representatives) is subject to the terms of that certain Confidentiality and Standstill Agreement, dated as of 31 October 2011, by and between the Purchaser and the Primus Telecommunications Group, Incorporated
(the “Confidentiality Agreement”). Effective upon, and only upon, the Closing, the confidentiality and non-disclosure provisions of the Confidentiality Agreement will terminate with respect to “Evaluation Material”
(as defined in the Confidentiality Agreement) relating to the Company, its Subsidiaries and/or the Business; provided, however, that the Purchaser hereby further acknowledges and agrees that its confidentiality and non-disclosure obligations in the
Confidentiality Agreement will terminate only with respect to such “Evaluation Material” relating to the Company, its Subsidiaries and/or the Business and that any and all other “Evaluation Material” provided or Made Available to
it by the Seller or its Affiliates (or their respective agents or representatives) concerning the Seller or its Affiliates (other than the Company, its Subsidiaries and/or the Business) shall remain subject to the terms and conditions of the
Confidentiality Agreement, which shall remain in effect in accordance with its terms to the extent not modified by this Section 5.4(a). 
 (b) Between the date hereof and the Closing, the Seller shall, subject to compliance with applicable Laws and any Contracts to which the Seller or any of its Affiliates (including the Company and its
Subsidiaries) is a party, provide the Purchaser access and the opportunity to make such investigation of the management, employees, properties, businesses and operations of the Company and its Subsidiaries, and such examination and provision of
information relating to the books, records and financial condition of the Company and its Subsidiaries, as it reasonably requests including regular meetings (as agreed by the Seller acting reasonably) with senior Employees of the Company or its
Subsidiaries; provided, however, that neither the Seller nor any of its Affiliates shall be required to disclose to the Purchaser or any agent or representative of the Purchaser any information if it believes in good faith that doing so could result
in a loss of the ability to successfully assert a claim of privilege (including the attorney-client and work product privileges) or such disclosure would violate any applicable Law or contractual requirement. Any such investigation and examination
will be conducted under reasonable circumstances after appropriate advance notice and in a manner so as not to unreasonably interfere with the conduct of the Business. No investigation pursuant to this Section 5.4(b) shall affect any warranty
by the Seller in this Agreement or any condition to the obligations of the Purchaser hereunder. Neither the Purchaser nor any of its representatives shall be permitted to perform any onsite procedure (including any onsite environmental study)
with respect to any property of the Company or its Subsidiaries. 
 5.6 Public Announcements. The Seller and the
Purchaser agree to issue a joint press release announcing this Agreement. The Seller and the Purchaser will consult with and provide each other the opportunity to review and comment upon any press release or other public statement or comment prior
to the issuance of such press release or other public statement or comment relating to this Agreement or the transactions contemplated hereby and shall not issue any such press release or other

  
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public statement or comment prior to such consultation except, in each case, as may be required by applicable Law or by obligations pursuant to any listing agreement with, or requirement of, the
New York Stock Exchange, in the case of the Seller or its Affiliates or requirements of, the Australian Securities Exchange in the case of the Purchaser. Notwithstanding the foregoing, without the prior consent of the Purchaser, the Seller may, and
may cause the Company and/or its Subsidiaries to disseminate the information included in a press release or other document previously approved for external distribution by the Purchaser. 

5.7 Books and Records. 
 (a) The Seller will use commercially reasonable efforts to deliver, or cause to be delivered, to the Purchaser at Closing all properties, books, records, Contracts, information and documents relating
primarily to the Business that are not then in the possession or control of the Company and/or its Subsidiaries. As soon as reasonably practicable after the Closing, the Seller will deliver, or cause to be delivered, to the Purchaser any remaining
properties, books, records, Contracts, information and documents relating primarily to the Business that are not already in the possession or control of the Company and/or its Subsidiaries. 

(b) Subject to Section 7.2(a) (relating to the preservation of Tax records), the Seller and the Purchaser agree that each of them
will preserve and keep the books of accounts, financial and other records held by it relating to the Business (including accountants’ work papers) for a period of six (6) years from the Closing Date in accordance with their respective
corporate records retention policies; provided, however, that prior to disposing of any such records in accordance with such policies (if such records would be disposed of prior to the tenth anniversary of the Closing Date), the applicable party
shall provide written notice to the other party of its intent to dispose of such records and shall provide such other party the opportunity to take ownership and possession of such records (at such other party’s sole expense) to the extent they
relate to such other party’s business or obligations within thirty (30) days after such notice is delivered. If such other party does not confirm its intention in writing to take ownership and possession of such records within such thirty
(30) day period, the party who possesses the records may proceed with the disposition of such records. The Seller and the Purchaser shall make such records, other information relating to the Business, employees and auditors available to the
other as may be reasonably required by such party (i) in connection with, among other things, any audit or investigation of, insurance claims by, legal proceedings against, disputes involving or governmental investigations of the Seller or the
Purchaser or any of their respective Affiliates, (ii) in order to enable the Seller or the Purchaser to comply with their respective obligations under this Agreement and each other agreement, document or instrument contemplated hereby or
thereby or (iii) for any other reasonable business purpose relating to the Seller, the Purchaser or any of their respective Affiliates. 
 5.8 Further Action. From time to time after the Closing Date, and for no further consideration, each of the Seller and the Purchaser shall, and shall cause its respective Affiliates to, execute,
acknowledge and deliver such assignments, transfers, 

  
 26 

 
consents, assumptions and other documents and instruments and take such other actions as may reasonably be necessary to appropriately consummate the transactions contemplated hereby, including
(a) transferring back to the Seller or its designated Affiliates any asset or liability which was inadvertently transferred to, or held by, the Company or its Subsidiaries at the Closing, (b) transferring to the Purchaser any asset or
liability contemplated by this Agreement to be transferred to the Purchaser and which was not so transferred at the Closing and (c) remitting promptly to the Seller or the Purchaser, as the case may be, any cash amounts actually received for
accounts receivable of the Business generated prior to the Closing Date, in the case of the Seller, or on or after the Closing Date, in the case of the Purchaser. 
 5.9 Expenses. Whether or not the transactions contemplated by this Agreement are consummated, all costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring or required to incur such expenses; provided, however, that all fees paid in respect of the CC Act, the FAT Act, the Telecom Act or other regulatory filings shall be borne by the Purchaser. 

5.10 Notice of Developments. Each party shall give prompt written notice to the other party of any statement or information
contained in such party’s warranties that is incomplete or inaccurate in any material respect. Nothing in this Agreement, including this Section 5.9, shall be interpreted or construed to imply that the Seller is making any warranty as of
any date other than as otherwise set forth herein. During the period between the date of this Agreement and the Closing, the Seller shall be entitled to update the Disclosure Letter to the extent information contained therein or any warranty of the
Seller becomes untrue or incomplete or inaccurate after the date hereof due to events or circumstances occurring after the date hereof. If the Closing occurs, any such update shall be deemed to have amended the Disclosure Letter, to have qualified
the relevant warranties contained in Article III and to have cured any breach of warranty that otherwise might have existed hereunder by reason of such event or circumstance. 
 5.11 Indebtedness; Intercompany Accounts. No later than one day prior to the Closing Date, (a) the Seller shall discharge (or otherwise cause to be extinguished), to the extent practicable,
any and all Indebtedness for borrowed money of the Company or its Subsidiaries owed to any Person and (b) the Seller shall, at no cost to the Company or any of its Subsidiaries, terminate or cancel any and all intercompany accounts and
Contracts (excluding ordinary course arms’ length trade payables and receivables) between the Seller or any of its Affiliates (other than the Company and its Subsidiaries), on the one hand, and the Company and its Subsidiaries, on the other
hand. 
 5.12 Waiver of Conflicts and Attorney-Client Privilege. 

The Purchaser hereby waives, on its own behalf, and agrees to cause the Company and its Subsidiaries to waive, (a) any conflicts
that may arise in connection with any legal counsel that represents the Seller or the Company or its Subsidiaries in connection with this Agreement (the “Current Representation”) so that such counsel may undertake after the Closing
the representation of the Seller , or any current officer, 

  
 27 

 
director, employee, manager, member, stockholder or Affiliate of the Company or its Subsidiaries (a “Post-Closing Representation”) and (b) their rights of
attorney-client privilege with respect to any communication between such counsel and the Seller or any such officer, director, employee, manager, member, stockholder or Affiliate occurring during the Current Representation in connection with any
Post-Closing Representation, including for both (a) and (b) in connection with a dispute with the Purchaser on or following the Closing. 
 5.13 Insurances. 
 Until the Closing Date the Seller will maintain, or
cause there to be maintained, insurance on the assets of the Company and its Subsidiaries comprising insurance no less than that taken out by the Company and its Subsidiaries on the date of this Agreement and will not cause or permit, nor cause nor
permit the Company or its Subsidiaries to cause or permit such insurance to lapse or be cancelled prior to the Closing Date. 

ARTICLE VI 

CLOSING CONDITIONS 
 6.1 Conditions to Obligations of the Seller and the Purchaser. The respective obligations of each of the Seller and the Purchaser to consummate the transactions contemplated by this Agreement are
subject to the fulfillment, on the Closing Date, of each of the following conditions: 
 (a) there shall not be in effect any
Governmental Order or action restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby, including but not limited to any such order or action by the ACCC; 

(b) the Seller delivering to the Purchaser the Trade Mark Assignment Deed duly executed by all of the relevant Affiliates of the Sellers;

 (c) the Seller delivering to the Purchaser evidence that the Seller has provided the written notification to Optus Networks
Pty Ltd and Optus Mobile Pty Limited required under the contracts between the Primus Telecommunications Pty Ltd and those entities. 
 (d) the Seller delivering to the Purchaser evidence that the Seller has provided the written notification to Telstra Corporations Limited required under the contract between the Primus Telecommunications
Pty Ltd and Telstra Corporations Limited dated 1 August 2003 (as amended). 
 6.2 Additional Conditions to Obligation of
the Purchaser. The obligation of the Purchaser to consummate the transactions contemplated by this 

  
 28 

 
Agreement is subject to the fulfillment, on the Closing Date, of each of the following conditions (any or all of which may be waived by the Purchaser in whole or in part in its sole discretion):

 (a) The warranties of the Seller contained in Article III of this Agreement shall be true and correct on and as of the
Closing Date (except to the extent such warranties shall have been expressly made at a particular date, in which case such warranties shall have been true and correct as of the particular date) with the same force and effect as if made on and as of
the Closing Date, except in each case to the extent that the failure of such warranties to be so true and correct would not reasonably be expected to result in a Material Adverse Effect; 

(b) the Seller shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to
be performed or complied with by it on or prior to the Closing Date; 
 (c) the Seller shall have delivered to the Purchaser a
certificate executed by an officer of the Seller that the conditions set forth in paragraphs (a) and (b) above have been satisfied; 
 (d) the Seller shall have delivered to the Purchaser written resignations of all directors, secretaries and public officers of the Company or its Subsidiaries conditional upon, and with effect from,
Closing, with such resignations including acknowledgments by each of those persons that he or she has no claim of any nature against the Company or its Subsidiaries for salary, fees, compensation for loss of office, loans or otherwise; 

(e) the Seller shall have delivered to the Purchaser a written waiver by the Seller and the Company in respect of any process in the
Constitution of the Company relating to the transfer of the Shares including but not limited to the process set out in article 14.6 of the Constitution of the Company; 
 (f) the share certificates for the Shares and the Seller shall have executed and delivered to the Purchaser evidence of the transfer of the Shares to the Purchaser by the Seller effective as of the
Closing; 
 (g) the register of members, register of options, register of charges, minute books, ledgers, journals and books of
account, the certificate of incorporation and the common seal of the Company and its Subsidiaries; 
 (h) the Seller shall
provide to the Purchaser a CD Rom with all documents and information included on the Data Site; 
 (i) the Seller providing
evidence to the Purchaser that it has procured a release from Primus Telecommunications Group Inc of Thomas Mazerski from his employment with that entity subject to and effective from Closing; 

  
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 (j) subject to the Purchaser providing (within a reasonable time) to the Seller and or the
relevant landlord (as appropriate) all information, documentation and assurances required by under the relevant lease (including, without limitation, in respect of the Alfred Street Leases the Purchaser complying with the ‘Dealing
Conditions’ under those leases) and all information required by the relevant landlord in order for the landlord to provide the relevant consent, in respect of the Key Leases the Seller obtaining in accordance with the terms of each Key Lease
the consent (or otherwise) from each landlord of the Key Leases to the change of control of the tenant to the Key Lease (being the Company or a Subsidiary of the Company), provided that the Purchaser acknowledges that in respect of the Alfred Street
Leases the landlord may require the inclusion of a demolition or refurbishment clause which the Purchaser agrees, provided at least 12 months notice is provided, to accept if required to obtain the landlord’s consent; 

(k) the Seller shall have delivered to the Purchaser confirmation of the amount of the Restricted Cash as at Closing; 

(l) executed directions to the relevant bank or banks effective as at the Closing Date revoking all existing authorities to operate any
bank accounts of the Company and its Subsidiaries and authorising the person or persons nominated in writing for that purpose by the Purchaser at least three business days prior to the Closing Date to operate the bank accounts of the Company and its
Subsidiaries; 
 (m) a direction in writing signed by the Seller that the directors of the Company register the transfers of
shares referred to in Section 6.2(e) despite any contrary provision of the Constitution; 
 (n) such other notices,
documents, instruments and assignments as are reasonably requested by the Purchaser in writing prior to Closing which are required to be executed or registered under any statute or otherwise to enable the Purchaser to take possession of the assets
of the Company and its Subsidiaries or for the future conduct of the Business free from Encumbrances including a full release of the lien held by the collateral trustee in respect of the Primus group indenture; and 

(o) cause a meeting of the directors of the Company to be held, at which: 

(i) persons nominated in writing for that purpose by the Purchaser at least three business days prior to the Closing Date
and having consented in writing to such appointment will be appointed directors of the Company and its Subsidiaries effective from Closing; 
 (ii) a person nominated in writing for that purpose by the Purchaser at least three business days prior to the Closing Date and having consented in writing to such appointment will be appointed secretary
of the Company and its Subsidiaries effective from Closing; 

  
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 (iii) the directors of the Company resolve to accept the resignations
referred to in Section 6.2(d) subject to Closing; 
 (iv) the directors of the Company resolve to register
the transfer of the Shares referred to in Section 6.2(e) and cancel the existing share certificates and enter the Purchaser in the register of members in respect of the Shares transferred to the Purchaser, subject to those transfers being
stamped and subject to Closing. 
 6.3 Additional Conditions to Obligation of the Seller The obligation of the Seller to
consummate the transactions contemplated by this Agreement is subject to the fulfillment, on the Closing Date, of each of the following conditions (any or all of which may be waived by the Seller in whole or in part in its sole discretion):

 (a) The warranties of the Purchaser contained in Article IV of this Agreement shall be true and correct on the date hereof
and on and as of the Closing Date (except to the extent such warranties shall have been expressly made at a particular date, in which case such warranties shall have been true and correct as of the particular date) with the same force and effect as
if made on and as of the Closing Date, except in each case to the extent that the failure of such warranties to be so true and correct would not reasonably be expected to result in a Purchaser Material Adverse Effect; 

(b) the Purchaser shall have performed or complied in all material respects with all agreements and covenants required by this Agreement
to be performed or complied with by it on or prior to the Closing Date; 
 (c) The Purchaser shall use its best endeavours to
procure releases of the Affiliate Guarantees prior to Closing and until the relevant parties are released from each Affiliate Guarantee, but following and subject to Closing, the Purchaser indemnifies the providers of the Affiliate Guarantees from
and against any Loss arising out of the Affiliate Guarantees which relates to events or circumstances occurring after Closing; 

(d) the Purchaser shall have delivered to the Seller a certificate executed by an officer of the Purchaser that the conditions set forth
in paragraphs (a) and (b) above have been satisfied; and 
 (e) the Purchaser shall have delivered to the Seller the
Purchase Price pursuant to Section 1.2. 
 6.4 General Obligations 

(a) Each party must cooperate with the others and use all reasonable endeavours to obtain satisfaction of the conditions in this
Section 6. 

  
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 (b) Without limiting the generality of Section 6.4(a): 

(i) each of the Seller and the Purchaser must make any applications deemed by it to be necessary and appropriate to effect
the purpose of this Agreement and each will supply all necessary and appropriate information for the purpose of enabling the conditions in this Section 6 to be satisfied; 

(ii) neither the Seller nor the Purchaser may withdraw or procure the withdrawal of any application made or information
supplied under Section 6.4(b)(i) without the written consent of the other party; 
 (iii) neither the Seller
nor the Purchaser may take any action that would or would be likely to prevent or hinder completion of the satisfaction of the conditions in this Section 6; and 

(iv) each of the Seller and the Purchaser must supply to the other copies of all applications made and all information
supplied for the purpose of enabling the conditions in this Section 6 to be satisfied (save to the extent such applications or information may reasonably be considered to be confidential to that party). 

(c) A party may in writing waive the requirement to comply with a condition in this Section 6 if that condition is solely to that
party’s benefit. 
 ARTICLE VII PURCHASE PRICE ADJUSTMENT 

7.1 Net Working Capital Statement. 
 (a) The Purchaser must as soon as reasonably possible, but in any event no later than forty five days after the Closing Date, prepare a Net Working Capital Statement setting out the Net Working Capital
for the Company and its Subsidiaries as at the close of business on the Closing Date. (“Closing Net Working Capital”). 
 (b) The Purchaser must include in the Net Working Capital Statement the amount of the Adjustment Amount and whether it is a Positive Adjustment Amount or a Negative Adjustment Amount. 

7.2 Review by Seller. 
 (a) The Purchaser must promptly provide the Seller and their advisers with reasonable access to the working papers prepared in connection with the preparation of the Net Working Capital Statement.

 (b) If the Net Working Capital Statement and the Adjustment Amount is not disputed by the Seller prior to the date that is
sixty days after the delivery of the report of the Seller (in accordance with Section 7.1) (“Adjustment Deadline”), it will be taken to be final. 

  
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 (c) If the Net Working Capital Statement or the Adjustment Amount is disputed by the Seller,
the dispute will be determined under Section 7.3. 
 7.3 Net Working Capital Statement Dispute Resolution Procedure

 (a) In the event of any difference of opinion or dispute between the Seller and the Purchaser regarding the Net Working
Capital Statement or the Adjustment Amount: 
 (i) the Seller must give a notice to the Purchaser prior to the
expiry of sixty day period referred to in Section 7.2 setting out: 
 (1) details of each of the matters in
dispute; 
 (2) a separate dollar value for each of those matters; and 

(3) full details of the reasons why each of those matters are disputed (“Dispute Notice”); 

(b) following delivery of a Dispute Notice to the Purchaser no further items or dollar amounts in the Net Working Capital Statement or
the Adjustment Amount may be disputed by the Seller in relation to that Dispute Notice unless arising out of or in connection with or as a consequence of the matters in the Dispute Notice; 

(c) within ten business days of the Seller having delivered a Dispute Notice to the Purchaser, the Purchaser must deliver to the Seller a
response in writing on the disputed matters (“Response”); 
 (d) if the Seller and the Purchaser have not resolved the
dispute within 10 business days of the delivery of the Response to the Seller, then the dispute must promptly be referred to the chairman of the Seller and the chairman of the Purchaser for them to attempt to resolve the dispute; 

(e) if the chairman of the Seller and the chairman of the Purchaser have not resolved the dispute within ten business days of it being
referred to them, then the dispute must promptly be submitted for determination to an expert who will determine the matter or matters in dispute; 
 (f) the expert will be selected by agreement between the parties or, failing agreement between them within ten business days after they commence to discuss the selection of the expert, selected by the
President for the time being of the Institute of Chartered Accountants of Australia (Victorian Branch); 
 (g) the disputed
matters must be referred to the expert by written submission which must include the Net Working Capital Statement, the Purchaser’s working papers, the Dispute Notice, the Response and an extract of the relevant

  
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provisions of this Agreement and the expert must also be instructed to finish his or her determination no later than thirty days after his or her appointment (or such other period agreed by the
Seller and the Purchaser having regard to the matters in dispute); 
 (h) the Seller and the Purchaser must promptly supply the
expert with any information, assistance and co operation requested in writing by the expert in connection with his or her determination and all correspondence between the expert and a party must be copied to the other parties; 

(i) the expert must act as an expert and not as an arbitrator, and his or her written determination will be final and binding on the
parties in the absence of manifest error and the Net Working Capital Statement and the Adjustment Amount will be deemed to be amended accordingly and will be taken to be final (in the absence of manifest error) and the dispute resolved; and

 (j) the cost of such determination by the expert will be borne by the Seller and the Purchaser in such manner as the expert
determines (having regard to the merits of the dispute). 
 7.4 Payment of Positive Adjustment Amount. 

If the Adjustment Amount is a Positive Adjustment Amount then: 
 (a) the Purchase Price will be increased by the Positive Adjustment Amount; and 

(b) if the Net Working Capital Statement and the Adjustment Amount are not disputed by the Seller prior to the expiration of the sixty
day period referred to in Section 7.2, the Positive Adjustment Amount must be paid to the Seller by the Purchaser within five business days after expiration of that 60 day period; or 

(c) if the Net Working Capital Statement or the Adjustment Amount is disputed by the Seller prior to the expiration of the 60 day period
referred to in Section 7.2, the portion of the Positive Adjustment Amount not in dispute must be paid to the Seller by the Purchaser within five business days after expiration of that 60 day period and the balance of the Positive Adjustment
Amount must be paid to the Seller by the Purchaser within five business days after the resolution of the dispute pursuant to Section 7.3. 
 7.5 Payment of Negative Adjustment Amount. 
 If the Adjustment Amount is a
Negative Adjustment Amount then: 
 (a) the Purchase Price will be reduced by the Negative Adjustment Amount; and 

(b) if the Net Working Capital Statement and the Adjustment Amount are not disputed by the Seller prior to the expiration of the sixty
day period referred to in Section 7.2, the Negative Adjustment Amount must be paid to the Purchaser by the Seller within five business days after expiration of that 60 day period; or 

  
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 (c) if the Net Working Capital Statement or the Adjustment Amount is disputed by the Seller
prior to the expiration of the 60 day period referred to in Section 7.2, the portion of the Negative Adjustment Amount not in dispute must be paid to the Purchaser by the Seller within five business days after expiration of that 60 day period
and the balance of the Negative Adjustment Amount must be paid to the Purchaser by the Seller within five business days after the resolution of the dispute pursuant to Section 7.3. 

ARTICLE VIII 
 CERTAIN TAX MATTERS 
 8.1 Tax Returns, Indemnity and Relevant Tax
Matters. Except as otherwise provided in Section 8.5: 
 (a) Subject to Section 8.1(c), the Seller shall be
responsible and shall indemnify the Purchaser, the Company and its Subsidiaries for all Taxes arising from activities carried out by the Company, its Subsidiaries and/or the Business for any period ending on or prior to Closing. To this end the
Seller shall prepare and file, or cause to be prepared and filed, when due all Tax Returns that are required to be filed by or with respect to the Company, its Subsidiaries and/or the Business for periods ending on or prior to Closing , and the
Seller shall prepare such Tax Returns, or cause such Tax Returns to be prepared, in a manner consistent with past practices and shall remit, or cause to be remitted, all Taxes due in accordance with such Tax Returns. 

(b) Subject to Sections 8.1(c), (d) and (e), the Purchaser shall prepare and file, or cause to be prepared and filed, when due all
Tax Returns that are required to be filed by or with respect to the Company, its Subsidiaries and/or the Business for periods ending after Closing (other than Tax Returns of the Seller or its Affiliates for periods ending after Closing that include
the Business for periods ending on or prior to Closing), and the Purchaser shall prepare such Tax Returns, or cause such Tax Returns to be prepared, in a manner consistent with past practices and shall remit, or cause to be remitted, any Taxes due
in respect of such Tax Returns. 
 (c) Stub Period Income Tax. 

(i) The Purchaser shall prepare and file, or cause to be prepared and filed, when due all Tax Returns for income tax that
are required to be filed and shall remit or cause to be remitted, on or before the due date for payment, any income tax assessed by any Taxing Authority to the Company, its Subsidiaries and/or the Business in respect of the activities carried out by
the Company, its Subsidiaries and/or the Business for the period from 1 January 2012 and ending on Closing (“Stub Period”) up to a maximum amount of $4,000,000 (such amount to be adjusted by any amount which has been included
in the Net 

  
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Working Capital Statement under Section 8.1(c)(ii) or 8.1(c)(iii), that is, less any amount included as a income tax asset pursuant to clause 8.1(c)(iii) and plus any amount included as an
income tax liability pursuant to clause 8.1(c)(ii)). 
 (ii) In the event it is determined under Article VII
(Purchase Price Adjustment) that the income tax in respect of the activities carried out by the Company, its Subsidiaries and/or the Business for the Stub Period exceeds $4,000,000, the amount by which the amount determined exceeds $4,000,000
(the “Excess Amount”) will be included as an income tax liability in the Net Working Capital Statement. 
 (iii) In the event it is determined under Article VII (Purchase Price Adjustment) that the income tax in respect of the activities carried out by the Company, its Subsidiaries and/or the Business for the
Stub Period is less than $4,000,000, the amount by which the amount determined is less than $4,000,000 (the “Shortfall Amount”) will be included as an income tax asset in the Net Working Capital Statement. 

(iv) To the extent the actual income tax (including any administrative penalties by way of interest or otherwise) in
respect of the activities carried out by the Company, its Subsidiaries and/or the Business for the Stub Period exceeds the aggregate of $4,000,000 and the Excess Amount (the “Aggregate Amount”), that amount which is in excess of the
Aggregate Amount will be subject to the indemnity provided by the Seller in accordance with Section 8.1(a). 

(v) Notwithstanding any other provision of this Agreement, the Purchaser agrees that in respect of the Tax Return which
includes the Stub Period the Purchaser must (and must procure that the Company does): 
 (1) include the amount
of the Agreed Deduction; and 
 (2) obtain the Seller’s agreement in respect of the contents of the Tax
Return prior to its lodgment (such agreement not to be unreasonably withheld). 
 (d) The Purchaser must not (and must procure
that the Company does not), file any Tax Return with any Taxing Authority, amend, or request or permit the amendment of, or make or lodge any objection or appeal in relation to any Tax Return or furnish to any Taxing Authority any information (in
writing or otherwise) in relation to the Relevant Tax Matters, unless the Purchaser has: 
 (i) provided the
Seller with those details that are to be provided to the Taxing Authority to the extent that they relate to the Relevant Tax Matters, in sufficient time to reasonably allow the Seller to consider those details (taking into account the time frame
available to the Purchaser to respond to the Taxing Authority); 

  
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 (ii) if requested by the Seller, consulted with the Seller to explain the
basis of any details to be provided to the Taxing Authority to the extent those details relate to the activities carried out by the Company, its Subsidiaries and/or the Business for the period ending on Closing; and taken into account any comment
provided or request made by the Seller and, if the Purchaser has not accepted or agreed to or with the Seller’s comment or request, the Purchaser has provided the Seller with written notice explaining the reasons why this is the case.

 (e) If any Taxing Authority undertakes, or gives notice of an intention to undertake a Tax Enquiry, the Purchaser must
promptly (and in any case no later than within 15 Business Days) notify the Seller, in writing, of that fact and provide copies of all documents received from the Taxing Authority. Any Tax Enquiry shall be conducted by the Purchaser at the
reasonable cost of the Seller. The Purchaser must consult with the Seller before taking, or procuring the taking of, any action to object to, appeal against or settle the Tax Enquiry provided that the Seller must bear all reasonable costs and
expenses of taking such action. Without limiting the above, the Purchaser must: 
 (i) keep the Seller fully
informed of all matters known to the Purchaser concerning the Tax Enquiry; 
 (ii) provide the Seller with copies
of all documents and correspondence relating to the Tax Enquiry; 
 (iii) submit to the Seller for written
approval to be given prior to the due date for providing the communication to the Taxing Authority (and in any event not to be unreasonably withheld or delayed) any written communication relating to the Tax Enquiry which is to be transmitted to the
relevant Taxing Authority; and 
 (iv) not settle or compromise the Tax Enquiry without the Seller’s prior
written approval (not to be unreasonably withheld or delayed). 
 (f) The Purchaser must not, without the prior written consent
of the Seller (such consent not to be unreasonably withheld or delayed), apply to any Taxing Authority for any binding or non-binding opinion, ruling or other determination to the extent it relates to a Relevant Tax Matter. 

8.2 Cooperation on Tax Matters; Contests. 
 (a) Subject in all respects to Section 8.1(d), (e) and (f), the Purchaser and the Seller shall cooperate in good faith, as and to the extent reasonably requested by the other party, in
connection with the filing of Tax Returns pursuant to this Article VIII and any audit, litigation or other proceeding with respect to Taxes. Such cooperation shall include the retention and (upon the other party’s request) the provision of
records and information which are reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient basis to 

  
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provide additional information and explanation of any material provided hereunder. The Purchaser and the Seller agree (i) to retain all books and records in their possession with respect to
Tax matters pertinent to the Company, its Subsidiaries and the Business relating to any taxable period beginning on or prior to Closing until the expiration of the statute of limitations (and, to the extent notified by the other party, any
extensions thereof) of the respective taxable periods, and to abide by all record retention agreements entered into with any Taxing Authority, and (ii) to give the other party reasonable written notice prior to transferring, destroying or
discarding any such books and records and, if the other party so requests, to allow the other party to take possession of such books and records. 
 (b) Subject in all respects to Section 8.1(d), (e) and (f), the Purchaser and the Seller further agree, upon request, to use their commercially reasonable efforts to obtain any certificate or
other document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including with respect to the transactions contemplated hereby). 

8.3 Tax Sharing Agreements. All Tax sharing agreements or similar agreements with respect to or involving the Company and/or its
Subsidiaries shall be terminated as of the Closing Date and, after the Closing Date, neither the Company nor any of its Subsidiaries shall be bound thereby or have any liability thereunder. 

8.4 Tax Refunds. The Seller shall be entitled to any credit or refund of Taxes of the Company and/or its Subsidiaries or Taxes
imposed with respect to the Business for any payments made by the Seller prior to Closing, relating to a taxable period (or portion thereof) ending on or prior to Closing. 
 8.5 Certain Taxes. All transfer, documentary, sales, use, stamp, registration and other similar Taxes and fees (including any penalties and interest) incurred in connection with this Agreement,
shall be borne solely by the Purchaser, and the Purchaser shall file all necessary Tax Returns and other documentation with respect to all such transfer, documentary, sales, use, stamp, registration and other similar Taxes and fees. 

8.6 GST. 

(a) Except under this Section 8.6, the consideration for a Supply made under or in connection with this Agreement does not include
GST. 
 (b) If a Supply made under or in connection with this Agreement is a Taxable Supply, then at or before the time the
consideration for the Supply is payable (i) the Recipient must pay the Supplier an amount equal to the GST for the Supply (in addition to the consideration otherwise payable under this Agreement for that Supply); and (ii) the Supplier
must give the Recipient a Tax Invoice for the Supply. For clarity, the GST payable under this Section 8.6(b) is correspondingly increased or decreased by any subsequent adjustment to the amount of GST for the Supply for which the Supplier is
liable, however caused. 

  
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 (c) If either party has the right under this Agreement to be reimbursed by another party for
a cost incurred in connection with this Agreement, that reimbursement excludes any GST component of that cost for which an Input Tax Credit may be claimed by the party being reimbursed. 

(d) Where a Tax Invoice is given by the Supplier, the Supplier warrants that the Supply to which the Tax Invoice relates is a Taxable
Supply and that it will remit the GST (as stated on the Tax Invoice) to the Australian Taxation Office. 
 (e) Where a Supply
made under or in connection with this Agreement is a progressive or Periodic Supply, Section 8.6(b) applies to each component of the Progressive or Periodic Supply as if it were a separate Supply. 

(f) Capitalised terms used in Section 8.6 that are not defined in this Agreement have the meanings given in the New Tax System
(Goods and Services Tax) Act of 1999 (Australia). 
 (g) If there is a dispute as to whether GST is payable in respect of any
taxable supply made under or in connection with this Agreement or the amount of such GST, the Seller hereby appoints the Purchaser as its agent to conduct such dispute (including without limitation the filing of a notice of objection or other
process disputing liability, and the conduct of any litigation or of any review or appeal of an adverse decision). 
 ARTICLE
IX 
 TERMINATION 
 9.1 Termination. This Agreement may be terminated at any time prior to the Closing as follows: 
 (a) by mutual written consent of the Seller and the Purchaser; 
 (b) by the Seller
or the Purchaser on or after 16 July 2012, 
 if the Closing shall not have occurred by the close of business on such date; provided that
the right to terminate this Agreement under this Section 9.1(b) shall not be available to the Seller or the Purchaser, as the case may be, if such party has breached in any material respect any of its covenants or other obligations hereunder in
a manner that has been the principal cause of the failure to consummate the Closing on or prior to such time; 
 (c) by the
Purchaser, if there is a Material Adverse Effect arising in relation to the Company or its Subsidiaries; and 
 (d) by the
Seller or the Purchaser if there shall be in effect a final nonappealable Governmental Order restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby. 

  
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 9.2 Effect of Termination and Abandonment. In the event of termination of this
Agreement pursuant to this Article IX, this Agreement (other than the provisions set forth in the first sentence of Section 5.5(a), Section 5.9, Section 9.2 and Article XIV) shall become void and of no effect with no liability on the
part of any party hereto (or any of their respective Affiliates or representatives); provided, however, that (a) nothing herein shall relieve any party hereto from liability for any breach of any warranty, covenant or agreement in this
Agreement prior to the date of termination and (b) nothing herein shall relieve any party hereto from any liability for damages resulting from any willful or intentional breach of this Agreement. 

ARTICLE X 

WARRANTY PROCESS 
 10.1 Indemnity – Warranties. 
 Subject to the provisions in this
Article X and Article III, the Seller will indemnify and keep indemnified, and hold harmless the Purchaser from and against any and all Loss incurred or suffered by or brought or made against the Purchaser or the Company or its Subsidiaries (each a
“Relevant Party”) to the extent that such Loss is caused by, a breach by the Seller of any of the Warranties. The rights of the Purchaser under this Section 10.1 to be indemnified from and against any Loss are limited to the
extent: 
 (a) any Relevant Party has failed to take reasonable steps to avoid or mitigate such Loss; or 

(b) the Loss is adjudicated by a Governmental Authority to have been contributed to by any act or omission of a Relevant Party (but only
to the extent of the contributed Loss); or 
 (c) as set out in this Article X; or 

(d) the Claim giving rise to the Loss arises out of any matter which has been disclosed in the Data Site or the Disclosure Letter.

 10.2 Limitation of Liability of Seller. 
 The Seller will not be liable for any Loss of a Relevant Party (including in respect of a breach of the Warranties or under the indemnity in Section 10.1): 

(a) to the extent that the Loss is caused by, arises out of or results from any act, matter, omission, transaction or circumstance which
would not have occurred but for any legislation not in force at the date of this Agreement or any change of any law or administrative practice of any Governmental Authority, including any such legislation or change which takes effect retrospectively
or to the extent the Loss is caused by, arises out of or results from any act, matter, omission, transaction or circumstance which the Purchaser was aware of prior to Closing; or 

  
 40 

 (b) except in relation to a Claim or Action for a breach of a Warranty set forth in
Section 3.7 (Taxes) or Article VIII (Certain Tax Matters) or a Claim or Action relating to the matters set out in Section 10.3(c)(ii), unless notice of the Claim or Action is given in writing by the Purchaser to the Seller within twelve
months of the Closing Date (setting out reasonable details of the fact, circumstance or matter giving rise to the Claim or Action, the nature of the Claim or Action and, if reasonably practicable, the calculation of the Loss suffered) but in any
event as soon as reasonably practicable after the Purchaser becomes aware of the fact, circumstance or matter on which the Claim or Action is based; or 
 (c) in relation to a Claim or Action for a breach of a Warranty set forth in Section 3.7 (Taxes) or Article VIII (Certain Tax Matters) or a Claim or Action relating to the matters set out in
Section 10.3(c)(ii), unless notice of the Claim or Action is given in writing by the Purchaser to the Seller by 1 July 2017 (setting out reasonable details of the fact, circumstance or matter giving rise to the Claim or Action, the nature
of the Claim or Action and, if reasonably practicable, the calculation of the Loss suffered) but in any event as soon as reasonably practicable after the Purchaser becomes aware of the fact, circumstance or matter on which the Claim or Action is
based; or 
 (d) where the aggregate amount of Losses of the Purchaser is less than $250,000 (regardless of the value of each
individual Loss), provided that once such aggregate threshold is reached the Purchaser will be entitled to recover the entire amount of all Loss and not just that part that exceeds $250,000. 

10.3 Maximum liability thresholds 
 (a) Subject to Section 10.3(c), any damages or other compensation payable by the Seller in respect of the Warranties or the indemnity in Section 10.1 relating to breach of the Warranties will be
paid to the Purchaser solely from the Retention Amount. 
 (b) Subject to Section 10.3(c), the maximum aggregate liability
of the Seller in respect of Claims or Actions for breach of the Warranties or under the indemnity in section 10.1 is the Retention Amount, and neither the Purchaser nor any other Relevant Party may make a Claim for any payment from the Seller other
than against the Retention Amount. 
 (c) The maximum aggregate liability of the Seller as a result of Claims or Actions for:

 (i) breach of any of the Warranties set forth in Section 3.7 (Taxes) or Article VIII (Certain Tax
Matters); or 
 (ii) Loss suffered by a Relevant Party in respect of a breach of a Warranty caused by:

 (1) the fraud of an employee or officer of the Seller or its Affiliates; or 

  
 41 

 (2) the willful concealment by an employee or officer of the Seller or its
Affiliates of information actually known to that person which information the person knew at the time of Closing caused the relevant Warranty to be untrue or inaccurate and which information the person deliberately withheld from the Purchaser,

 is limited to the Purchase Price and any amounts payable to the Purchaser in respect of such Claims will be paid first from the Retention
Amount and then in respect of amounts in excess of the Retention Amount up to the Purchase Price, by the Seller. 
 10.4
Reduction of Liability of Seller. 
 The liability of the Seller for any Loss will be reduced: 

(a) to the extent that the Claim or Action arises in circumstances against which the Relevant Party is insured for the loss or damage
suffered by them or to the extent a Relevant Party receives any benefit or credit in relation to the subject matter of the Claim or Action; 
 (b) to the extent that a Relevant Party realises a saving in Tax as a result of the Loss; 
 less
in each such case Loss incurred or suffered by the Relevant Party relating to obtaining such insurance and proceeds or such Tax savings. 
 10.5 No reliance on information regarding future performance 
 The Seller
is not liable for any Loss suffered by a Relevant Party arising from a breach of a Warranty or under the indemnity in clause 10.1 in respect of or relating to any opinion, estimates, projections, business plans, budgets or forecasts made in
connection with the Company. 
 10.6 Third Party Claims 

If any claim, demand, action or proceeding (including any request for information, notice to produce documents, audit, review or request
for a meeting) is made or instituted against the Company, its Subsidiaries or the Purchaser after Closing, in respect of which the Purchaser may seek to make any Claim or Action against the Seller (any such claim, demand, action or proceeding being
hereinafter called a “Third Party Claim”), the following procedure applies (but does not (for the avoidance of doubt) operate in any way to increase the liability of the Seller for a breach of the Warranties or under the indemnity in
section 10.1): 
 (a) the Purchaser will give prompt written notice of the Third Party Claim to the Seller and will consult with
the Seller concerning such claim provided, however, that the failure to give such notice does not relieve the Seller of its obligations under this Agreement unless the ability of the Seller to defend the Third Party Claim is materially impaired as a
result of such failure to give notice; 

  
 42 

 (b) the Purchaser will not themselves, nor allow the Company or its Subsidiaries, to admit,
compromise, settle or pay any Third Party Claim or take any other steps which may in any way prejudice the defence of the Third Party Claim without the prior written consent of the Seller, except as may be reasonably required in order to prevent any
judgment against the Company or its Subsidiaries or where the Seller has not agreed within 30 business days after receiving notice under paragraph (a) to defend the Third Party Claim or is not proceeding with such defence in good faith;

 (c) if and so long as the Seller has agreed to defend the Third Party Claim and is proceeding with such defence in good
faith, the Purchaser will or will procure that the Company or its Subsidiaries will, permit the Seller at the expense of the Seller to take such reasonable action in the name of the Company or its Subsidiaries to defend or otherwise settle the Third
Party Claim as the Seller may reasonably require provided that the legal counsel engaged by the Seller to conduct the defence is acceptable to the Purchaser (acting reasonably) and the Purchaser may participate in the defence at their expense; and

 (d) the Purchaser will ensure that the Seller and its representatives are given reasonable access at the Seller’s
expense to such of the documents and records of the Company or its Subsidiaries and of the Purchaser as are in the possession or under the control of the Purchaser, the Company or its Subsidiaries as may be reasonably required by the Seller in
relation to any action taken or proposed to be taken by the Seller under Section 10.8(c). 
 10.7 Further Indemnity.

 Without limiting any other clause of this Agreement, the Seller will indemnify and keep indemnified and hold harmless the
Purchaser from and against any and all Loss incurred or suffered by or brought or made against the Purchaser, the Company or its Subsidiaries which arises from any action or claim brought by any third party in relation to or as a consequence of any
agreement or understanding entered into by the Seller, the Company, its Subsidiaries or any of the Affiliates with that third party in respect of: 
 (a) the sale or proposed sale of the Shares (or any part of them), the shares of any of the Subsidiaries or the assets and undertaking of the Company or its Subsidiaries; or 

(b) any negotiation or discussions or solicitation in respect of the matters referred to in paragraph (a) of this Section.

 The provisions of Sections 10.3(a) and 10.3(b) do not apply to any Loss referred to in this Section. 

  
 43 

 ARTICLE XI GUARANTEE OF GUARANTOR 

11.1 Guarantor Guarantee: 
 (a) In consideration of the Purchaser entering into this Agreement, the Guarantor guarantees (unconditionally and irrevocably) to the Purchaser the performance of the Seller’s obligations under this
Agreement. 
 (b) If the Seller fails to perform its obligations under this Agreement when they are due, the Guarantor must
immediately on demand from the Purchaser cause the Seller to duly and punctually perform its obligations under this Agreement or perform those obligations itself. 
 (c) The Guarantor indemnifies the Purchaser against any Loss suffered, paid or incurred by the Purchaser in relation to: 

(i) any failure or delay by the Seller in the performance of any of its obligations under this Agreement; or 

(ii) any failure by the Guarantor to cause the Seller to perform its obligations under this Agreement. 

This clause: 

(a) extends to cover this Agreement as amended, varied or replaced; and 

(b) is a continuing guarantee and indemnity and remains in full force and effect for so long as the Seller has any liability or
obligation to the Purchaser under this Agreement and until all of those liabilities or obligations have been fully discharged or otherwise terminated. 
 ARTICLE XII RETENTION AMOUNT 
 12.1 General Provisions. 

The sum of $10,000,000 will be retained from the Purchase Price at Closing and paid in US dollars into a US dollar account and held in
accordance with the provisions of this Section 12 (“Retention Amount”). 
 12.2 Lander and Rogers Lawyers.

 The Retention Amount will be held by Lander and Rogers Lawyers in accordance with the terms of the Escrow Deed.

 12.3 Warranty Retention 
 (a) The Retention Amount will be retained for the purposes of being applied in payment of any Warranty Claim or Action made in accordance with Article X. 

  
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 (b) Upon the expiry of twelve months from the Closing Date (or prior if
Section 12.3(b)(ii) applies) the Retention Amount will be paid out as follows: 
 (i) if there has been no
notice of a Claim or Action given in writing by the Purchaser to the Seller pursuant to Article X, the Retention Amount will be paid to the Seller; or 
 (ii) if there has been a notice of a Claim or Action given in writing by the Purchaser to the Seller pursuant to Article X, then the Retention Amount will be retained by Lander and Rogers Lawyers in
accordance with the terms of the Escrow Deed until: 
 (1) the parties agree on the release of the Retention
Amount; or 
 (2) a Third Party Claim is finalized in accordance with Section 10.6, in which case the
Retention Amount will be paid to the Purchaser to the extent of the Loss arising from the Third Party Claim and the balance (if any) will be paid to the Seller; or 

(3) the Purchaser has obtained a final determination against the Seller in respect of the Loss arising out of the Claim
or Action (provided the parties will not be entitled to institute any proceedings before first having attempted to resolve the issue through mediation for a period of not less than 30 days), in which case the Retention Amount will be paid to the
Purchaser to the extent of the Loss determined in accordance with the mediated agreement or final determination (as the case may be) and the balance (if any) will be paid to the Seller. 

12.4 Interest on Retention. 
 Lander & Rogers Lawyers shall deposit the Retention Amount in an interest-bearing deposit account with an authorised deposit-taking institution (as defined in the Australian Banking Act 1959).
All interest earned on the Retention Amount will be paid by Lander & Rogers Lawyers to the Seller on a monthly basis. 

ARTICLE XIII POST CLOSING COVENANTS 
 13.1 Intellectual Property Protection. 
 After Closing, the Seller will
not, and will procure that none of its Affiliates, use or employ any of the Intellectual Property in any manner whatsoever without the prior written consent of the Purchaser. 

  
 45 

 13.2 Goodwill Covenant. 

For the sole purpose of protecting the Purchaser in respect of the goodwill of the Business, the Seller undertakes to the Purchaser that
it will not, and that they will procure that each of its Affiliates will not, for a period of: 
 (a) three years after the
Closing Date; 
 (b) two years after the Closing Date; 
 (c) one year after the Closing Date; 
 and in each case within Australia and New Zealand , do any
one or more of the following: 
 (d) on its own account or for any person, enterprise, firm, trust, joint venture, or syndicate
cause any person who has been a customer of, or supplier to, the Company or its Subsidiaries within a period of twelve months prior to the Closing Date to cease transacting business with the Company or its Subsidiaries; 

(e) on its own account or for any person, enterprise, firm, trust, joint venture, or syndicate entice away or attempt to entice away from
the Company or its Subsidiaries any employee of the Company or its Subsidiaries; and 
 (f) personally or by its employees or
agents or by circulars, letters or advertisements whether on its own account or for any person, enterprise, firm, trust, joint venture, or syndicate take any actions directly intended to materially, negatively impact upon the business of the Company
or its Subsidiaries. 
 13.3 Restraints Independent and Reasonable. 

The Seller acknowledges that each of the prohibitions and restrictions contained in the provisions of Section 13.2: 

(a) must be read and construed and will have effect as a separate, severable and independent prohibition or restriction and will be
enforceable accordingly; 
 (b) is reasonable as to period, territorial limitation and subject matter; and 

(c) confers a benefit on the Purchaser which is no more than that which is reasonably and necessarily required by the Purchaser for the
maintenance and protection of the goodwill of the Business. 
 It is the intention of the parties that all combinations of such
prohibitions and restrictions will apply and be enforceable and that only those which a court, in exercising its discretion, may hold to be an unreasonable restraint of trade will be severed. 

  
 46 

 13.4 Primus and iPrimus name. 

Following Closing: 
 (a) the Seller and the Guarantor must not and must procure that its Affiliates do not use the word “Primus” and “iPrimus” or any substantially identical or deceptively similar words as
part of its name or in any other way in Australia and New Zealand; and 
 (b) the Purchaser and the Company must not and must
procure that their Affiliates do not use the word “Primus” and “iPrimus” or any substantially identical or deceptively similar words as part of its name or in any other way in a Relevant Territory. 

13.5 No Merger. 
 The rights and obligations of the parties contained in this Agreement are continuing agreements and, accordingly, are not merged or extinguished by or upon Closing or prejudiced or affected by the
Purchaser acceptance of the Shares under this Agreement or by the payment of all or part of the Purchase Price or any other money payable under this Agreement but will remain in full force and effect. 

ARTICLE XIV 

MISCELLANEOUS 
 14.1 Notices. Any notice, request, instruction or other communication required or permitted hereunder shall be in writing and delivered personally, sent by reputable overnight courier service
(charges paid by sender), sent by registered or certified mail (postage prepaid), or sent by facsimile, according to the instructions set forth below. Such notices shall be deemed given: at the time delivered by hand, if personally delivered; one
business day after being sent, if sent by reputable overnight courier service; at the time receipted for (or refused) on the return receipt, if sent by registered or certified mail; and at the time when confirmation of successful transmission is
received by the sending facsimile machine, if sent by facsimile: 
  

	 	(a)	if to the Seller and the Guarantor: 

 Primus Telecommunications Group Inc 
 7901 Jones Branch Drive | Suite 900

 McLean | VA | USA | 22102 
 Attention: John Filipowicz 
 Facsimile No: 

  
 47 

 with a copy to: 
 Andrews Kurth LLP 
 600 Travis, Suite 4200 

Houston, Texas 77002 
 Attention: Roy Bertolatus 
 Facsimile No: + 1 713 238 7356 

 

	 	(b)	if to the Purchaser: 

 M2
Telecommunications Group Ltd 
 Level 10, 60 City Road 
 SOUTHBANK VIC 3006 
 Attention: Company Secretary 

Facsimile No.: +613 9674 6599 
 with a copy to: 
 Lander & Rogers Lawyers 

Level 12, 600 Bourke Street 
 MELBOURNE VIC 3000 
 Attention: Jackie Solakovski 

Facsimile No.: +613 9269 9001 

or to such other address or to the attention of such other party that the recipient has specified by prior notice to the other party in accordance with
the preceding. 
 14.2 Certain Definitions; Interpretation 

(a) For purposes of this Agreement, the following terms shall have the following meanings: 

(i) “Adjustment Amount” means the amount by which the Net Working Capital upon it being taken to be final
under Section 7.2 or Section 7.3 is more or less than $0 and “Positive Adjustment Amount” means the amount by which the Net Working Capital is more than $0 and “Negative Adjustment Amount” means the amount by which the
Net Working Capital is less than $0. 
 (ii) “Affiliate” of a Person means a Person that
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the first mentioned Person. 
 (iii) “Affiliate Guarantees” means the guarantees given by the Seller or its Affiliates (other than the Company and its Subsidiaries) in respect of the Business which have been notified
to the Purchaser by the Seller in writing at least 30 days prior to Closing. 
 (iv) “Agreed
Deduction” means the income tax deduction in the amount equal to the amount of debt extinguished under the Deed of Forgiveness and Debt Settlement and Release between Primus Telecommunications Pty Ltd and Primus Telecommunication Limited.

  
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 (v) “Alfred Street Leases” means the leases entered into in
respect of the Business at 1 Alfred Street, Sydney. 
 (vi) “Business” means the business
conducted by the Company and its Subsidiaries of owning network infrastructure and providing fiber-based services, local and long distance voice, Internet, wireless resale, voice over Internet protocol, data and data center (including managed
hosting and cloud products) services to residential and business customers located in Australia. 
 (vii)
“business day” means any day other than a Saturday, Sunday or a day on which the banks in Melbourne, Australia are authorized by law or executive order to be closed. 

(viii) “Claims or Actions” means any claims, demands or causes of action (whether based in contract,
tort, common law, statute or otherwise) arising in connection with this Agreement or any part of this Agreement (including, but not limited to, the Warranties) or relating to the Shares or their sale to the Purchaser. 

(ix) “Closing New Working Capital” means the Net Working Capital for the Company and its Subsidiaries as
at the close of business on the Closing Date.  
 (x) “Contract” means any written
contract, agreement, lease, license, sales order, purchase order, indenture, note, bond, loan, instrument, lease, commitment or other arrangement or agreement that is binding on any Person or any part of its property under applicable Law.

 (xi) “control” (including the terms “controlled,” “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 a Person, whether through the ownership of stock, as trustee or executor, by Contract or
credit arrangement or otherwise. 
 (xii) “Encumbrances” means any mortgages, liens, pledges,
security interests, defects, exceptions, rights of way, restrictions, covenants, claims, statutory rights or other encumbrances of any nature whatsoever, whether registered or unregistered. 

(xiii) ‘Escrow Deed’ means the escrow deed between Lander and Rogers Lawyers, the Purchaser and the
Seller in the form attached hereto as Exhibit D. 
 (xiv) “Governmental Authority” means the
Commonwealth of Australia, any state or other political subdivision thereof, and 

  
 49 

 
any other foreign or domestic entity exercising executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government, including any government
authority, agency, department, corporation, board, commission, court, tribunal or instrumentality of the Commonwealth of Australia or any foreign entity, or any political subdivision of any of the foregoing. 

(xv) “Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination
or award entered by or with any Governmental Authority. 
 (xvi) “Indebtedness” of any Person at
any date means (A) the principal of and interest accrued on (1) indebtedness for money borrowed and (2) indebtedness evidenced by notes, debentures, bonds or other similar instruments; (B) all obligations issued or assumed as the
deferred purchase price of property (but excluding accounts payable arising in the ordinary course of business); (C) all obligations for the reimbursement of any obligor on any letter of credit or similar credit transaction securing obligations
of a Person other than the Company or its Subsidiaries or of a type described in clauses (A) and (B) above and (D) below, but only to the extent of the obligation secured; (D) all prepayment premiums and penalties, and any other
fees, breakage charges, expenses, indemnities and other amounts payable as a result of the prepayment or discharge of any Indebtedness of the type referred to in clauses (A) through (C) above; and/or (E) all reimbursement obligations
under guarantees of obligations of other Persons of the type referred to in clauses (A) through (D) above; provided that, for the avoidance of doubt, Indebtedness shall not include any commitments, obligations or liabilities under
indefeasible right of use agreements, capital leases or similar arrangements. 
 (xvii) “Intellectual
Property” means all trade marks, copyright, know how, business names, trading names, domain names, patents and any other intellectual property owned or used by the Company or its Subsidiaries, whether registered or unregistered, in
connection with the Business. 
 (xviii) “Key Assets” means: 

(1) the customer management, billing and provisioning software system; and 

(2) the network assets and equipment. 

(xix) “Key Leases” means the leases of the following premises in connection with the Business: Level 3,
9, and 10 at 452 Flinders Street, Melbourne; level 3, 55 King Street, Melbourne; 539 Flinders Lane, Melbourne; the Alfred Street Leases; Suite 1, Level 2, 19-31 Pitt Street, Sydney; Level 6/4, 127 Creek Street, Brisbane; Level 3, 197 St
George’s Terrace, Perth; Level 1, 132 Franklin Street, Adelaide. 

  
 50 

 (xx) “knowledge” (A) with respect to the Seller shall
mean the actual knowledge (having made all reasonable and proper enquiries) of the individuals identified in the Seller’s Knowledge Group and (B) with respect to the Purchaser shall mean the actual knowledge (having made all reasonable and
proper enquiries) of the individuals identified in the Purchaser’s Knowledge Group. 
 (xxi)
“Law” means any law, statute, ordinance, rule or regulation of any Governmental Authority, or any binding agreement with any Government Authority binding upon a Person or its assets. 

(xxii) “Loss” means any loss (including any indirect or consequential loss) claim, action, suit,
proceeding, award, judgment, demand, liability, obligation, damage, fine, penalty, cost, charge, expense, Tax, outgoing, payment, diminution in value or deficiency of any kind or character paid, suffered, incurred or for which there is a liability
including without limitation: (a) all interest and other amounts payable to third parties; (b) all proper and reasonable legal and other expenses (on a full indemnity or a solicitor and own client basis, whichever is the greater) incurred
in connection with investigating or defending any Claims or Actions, whether or not resulting in any liability and all amounts paid in settlement of any Claim or Action but excludes any opportunity costs, punitive or exemplary loss and any loss of
reputation or goodwill. 
 (xxiii) “Made Available” means that the information referred to
(A) has been actually delivered (whether by email transmission, hand delivery or orally) to the Purchaser or to its outside legal counsel or (B) was posted in the Data Site, in each case, on or prior to the execution of this Agreement.

 (xxiv) “Material Adverse Effect” means any change, effect or circumstance that, individually
or in the aggregate, has had, or would reasonably be expected to have, a material adverse effect on the business, assets, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole; provided, however, that the
term “Material Adverse Effect” does not, and shall not be deemed to, include any of the following, either alone or in combination, and none of the following shall be taken into account in determining whether there has been or would
be a Material Adverse Effect: (A)(1) changes in general economic or political conditions or the securities, banking, credit, currency, commodities, capital or financial markets in general (including general changes to monetary policy, inflation,
interest rates, exchange rates or stock, bond or debt prices) in Australia, the United States or in any other geographic market, (2) changes that are generally applicable to the industries in which the Company and its Subsidiaries operate
(including any competitive and/or technological changes relevant to such industries), (3) changes in general legal, regulatory or political conditions, including the adoption, implementation, promulgation, repeal, modification, reinterpretation
or proposal of any Law after the date hereof, or changes in the Australian Financial Reporting Standards or in 

  
 51 

 
other applicable accounting standards (or in the interpretation thereof), (4) the negotiation, execution, announcement or performance of this Agreement or the consummation of the
transactions contemplated by this Agreement, including the threatened or actual impact thereof on relationships, contractual or otherwise, with current or prospective customers, suppliers, vendors, distributors, partners, employees or landlords,
(5) the identity of the Purchaser or any of its Affiliates as the acquiror of the Company and its Subsidiaries or any facts or circumstances concerning the Purchaser or any of its Affiliates, (6) compliance with the terms of, or the taking
of any action required or contemplated by, this Agreement or action or inaction consented to or requested by the Purchaser, (7) natural disasters, weather events, geopolitical conditions, acts or threats of war, sabotage or terrorism, military
actions or the escalation or worsening thereof, (8) the outcome of any litigation, claim or other proceeding disclosed in the Data Site or described in the Disclosure Letter or (9) any increase in the cost or availability of the financing
necessary for the Purchaser to consummate the transactions contemplated by this Agreement, except, in the case of the foregoing clauses (1), (2) and (3), to the extent such changes or developments referred to therein have a materially
disproportionate impact on the Company and its Subsidiaries, taken as a whole, relative to other companies in the industries and in the geographic markets in which the Company and its Subsidiaries operate after taking into account the size of the
Company and its Subsidiaries, taken as a whole, relative to such other companies (but only to the extent of such materially disproportionate impact) or (b) any failure to meet internal or published projections, forecasts, estimates, performance
measures, operating statistics or revenue or earnings predictions for any period or the issuance of revised projections that are not as optimistic as those in existence as of the date hereof. 

(xxv) “Net Working Capital” means the positive or negative sum of (A) the total current assets of
the Company and its Subsidiaries on a combined basis less (B) the total current liabilities of the Company and its Subsidiaries (excluding Indebtedness) on a combined basis, in each case, calculated in accordance with the Specified Accounting
Policies and in accordance with the calculation of the sample statement of Net Working Capital set forth on Exhibit B which includes cash and cash equivalents (less the amount, if any, by which the Restricted Cash at Closing is less than
$10,600,000), trade and client debtors (net of bad debt provisions), Other Receivables, prepaid expenses (which are properly referable to forward ordinary Business operations), inventories at lower of cost or realisable value (capable of resale in
the ordinary course) and reduced by trade payables, other payables and accruals with external parties (including any potential or agreed unpaid amounts relating to orders for litigation cost), employee entitlements (both current and non-current),
net GST liability, other taxation obligations and other provisions; provided that no current or deferred income Tax assets or liabilities will be included in the Net Working Capital except in accordance with Section 8.1(c) (such amount to be
determined pursuant to the Article VII process and included in the Net Working Capital Statement). 

  
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 (xxvi) “Net Working Capital Statement” means the statement
to be prepared by the Purchaser in accordance with Section 7.1. 
 (xxvii) “Other
Receivables” means sundry debtors, Telstra rebate receivable, Optus commissions receivable and interest receivable. 
 (xxviii) “Permit” means any permit, franchise, authorization, license or other approval issued or granted by any Governmental Authority. 

(xxix) “Permitted Encumbrances” means (A) mechanics’, carriers’, workmen’s,
repairmen’s or other like Encumbrances arising or incurred in the ordinary course of business for amounts not yet delinquent or which are being contested in good faith by appropriate legal proceedings, (B) Encumbrances arising under
original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business, (C) Encumbrances for Taxes and other governmental charges that are not due and delinquent, are being
contested in good faith by appropriate proceedings or may thereafter be paid without penalty, (D) imperfections of title, restrictions or encumbrances, if any, which imperfections of title, restrictions or other encumbrances do not,
individually or in the aggregate, materially impair the continued use and operation of the specific assets to which they relate or (E) any state of facts that a survey would disclose. 

(xxx) “Person” means an individual, corporation, partnership, limited liability company, association,
joint stock company, trust, joint venture, unincorporated organization, Governmental Authority or other entity or group. 
 (xxxi) “Purchaser Material Adverse Effect” means any material adverse change in or material adverse effect on the ability of the Purchaser to perform its obligations under this
Agreement or to consummate the transactions contemplated hereby. 
 (xxxii) “Purchaser’s Knowledge
Group” means Vaughan Bowen, Geoff Horth, Darryl Inns and Kellie Dean. 
 (xxxiii) “Relevant
Party” has the meaning given to it in Section 10.1. 
 (xxxiv) “Relevant Tax
Matter” means Tax relating to the activities carried out by the Company, its Subsidiaries and/or the Business for any period ending on or prior to Closing. 

(xxxv) “Relevant Territory” means any jurisdiction throughout the world that the Seller or one of its
Affiliates (other than the Company or its Subsidiaries) or a licensee of one of those parties has existing rights (whether statutory or at common law) to a trade mark including the word ‘Primus’ but excludes Australia and New Zealand.

  
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 (xxxvi) “Restricted Cash” means any cash or cash
equivalents held by the Company or its Subsidiaries as of the Closing including cash and cash equivalents held by third parties as security deposits or otherwise. 

(xxxvii) “Seller’s Knowledge Group” means John Filipowicz; Ken Schwarz, Peter D. Aquino, Thomas
Mazerski, Aaron Nivert, Mathew Proctor, Lucas Smyth, Mark Matheson, Richard Coombe, Roger Nicol, Arne Bergquist and John Horan. 
 (xxxviii) “Specified Accounting Policies” means the Australian Financial Reporting Standards adjusted as follows: 

(1) pre-paid expenses includes items recorded in the Company’s accounts as capitalized expenses and includes the
items recorded as both short term and long term pre-paid expenses and capitalized expenses; 
 (2) trade and
other payables/accruals does not include lease make good provisions; 
 (3) employee entitlements includes all
employee entitlements of the Company’s employees at Closing even if these are unlikely to be paid out within 12 months and includes employee tax liabilities but does not include any entitlements for the 3 persons engaged in the Business but
employed by a US entity. 
 (xxxix) “Subsidiary” of any party shall mean any corporation,
limited liability company, partnership, association, trust or other form of legal entity of which (i) more than 50% of the outstanding voting securities are on the date hereof directly or indirectly owned by such party or (ii) such party
or any Subsidiary of such party is a general partner (excluding partnerships in which such party or any Subsidiary of such party does not have a majority of the voting interests in such partnership). 

(xl) “Superannuation Commitments” means every amount needed to (A) satisfy any actual or contingent
liability for any superannuation contribution (including under the governing rules of a superannuation fund, employment contract, contract for services, industrial instrument or any law), (B) to satisfy any moral obligation to pay
superannuation contributions or benefits under the practices, standards and procedures that applied before the date concerned, or (C) so that on the date concerned, the employer is free of actual and contingent liability for superannuation
guarantee charge under the Superannuation Guarantee (Administration) Act 1992 (“SGA”), for any contribution period under the SGA up to that date (making the assumption that the superannuation guarantee charge accrues from day to day
during each contribution period). 

  
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 (xli) “Tax Return” means any report, return, business
activity statement or similar filing (including the attached schedules) required to be filed with respect to Taxes, including any information return, claim for refund, amended return or declaration of estimated Taxes. 

(xlii) “Taxes” means any and all domestic or foreign, federal, state, local or other taxes, levies or
charges of any kind (together with any and all interest, penalties and additional amounts imposed with respect thereto) imposed by any Governmental Authority, including taxes with respect to income, franchises, windfall or other profits, gross
receipts, property, sales, use, capital stock, employment, unemployment, social security, unclaimed property, payroll, customs duties, transfer, license, workers’ compensation or net worth, and taxes in the nature of excise, withholding, ad
valorem or value added. 
 (xliii) “Tax Enquiry” means an audit, investigation, litigation of
any dispute, review, information request, or other enquiry of any kind undertaken by a Taxing Authority to the extent it relates to a Relevant Tax Matter. 
 (xliv) “Taxing Authority” means the Commissioner of Taxation, the Australian Taxation Office and any other domestic or foreign Governmental Authority responsible for the administration or
collection of any Taxes. 
 (xlv) “Trade Mark Assignment Deed” means the document in the form
attached hereto as Exhibit C. 
 (xlvi) “Warranties” means the warranties, of the Seller set out
in Article III. 
 (b) When a reference is made in this Agreement to Articles or Sections, such reference is to an Article or a
Section of this Agreement, unless otherwise indicated. When a reference is made in this Agreement to a party or parties, such reference is to parties to this Agreement, unless otherwise indicated. The table of contents and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall
be understood to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement. All terms defined in this Agreement shall have such defined meanings when used in the Disclosure Letter or any certificate or other document made or delivered pursuant thereto unless otherwise
defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Unless otherwise indicated,
references to “dollars” or “$” shall mean Australian dollars. 

  
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 14.3 Severability. Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement in any other
jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. 
 14.4 Entire Agreement; No Third-Party Beneficiaries. This Agreement, including all exhibits hereto, the Disclosure Letter and the Confidentiality Agreement constitute the entire agreement and
supersede any and all other prior agreements and undertakings, both written and oral, between or among the parties hereto with respect to the subject matter hereof and thereof and do not, and are not intended to, confer upon any Person (other than
the Purchaser and the Seller) any rights or remedies hereunder. 
 14.5 Amendment; Waiver. Any provision of this
Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the Seller and the Purchaser, or in the case of a waiver, by the party against whom the waiver is to be effective.
Any party may, subject to applicable Law, (a) waive any inaccuracies in the warranties of any other party hereto, (b) extend the time for the performance of any of the obligations or acts of any other party hereto or (c) waive
compliance by any other party hereto with any of the agreements contained herein or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding the foregoing, no failure or delay by the Seller or the Purchaser in
exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder. 

14.6 Assignment; Binding Effect. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and assigns. 
 14.7 Disclosure Letter. The Disclosure Letter shall be
construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. 

14.8 Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of Victoria, Australia, without
giving effect to any choice or conflict of law provision or rule (whether of Victoria, Australia or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than Victoria, Australia. 

  
 56 

 14.9 Jurisdiction; WAIVER OF JURY TRIAL. 

(a) Each of the parties hereto irrevocably agrees that any action or proceeding arising out of or relating to this Agreement and the
rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall be
brought or otherwise commenced in any court in Victoria, Australia. Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the
non-exclusive jurisdiction of the aforesaid courts and courts competent to hear appeals from such courts and agrees that it will not bring any action or proceeding arising out of or relating to this Agreement or any of the transactions contemplated
by this Agreement in any court other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives (to the fullest extent permitted by applicable Law), and agrees not to assert, by way of motion, as a defense, counterclaim or
otherwise, in any action or proceeding arising out of or relating to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with
this Section 14.9, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) any claim that (A) the action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such action or proceeding is
improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such court. Each of the parties hereto agrees that notice or the service of process in any action or proceeding arising out of or relating to this
Agreement shall be properly served or delivered if delivered in the manner contemplated by Section 14.1. Each of the parties agrees that any Government Order or court judgment obtained may be enforced in any court in the United States.

 (b) EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW) ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION OR PROCEEDING ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. FURTHER, EACH OF THE PARTIES HERETO HEREBY
CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF ANY OTHER PARTY OR ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY OR PERSON WOULD NOT, IN THE EVENT OF SUCH ACTION OR PROCEEDING, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO
JURY TRIAL PROVISION. EACH OF THE PARTIES HERETO HEREBY ACKNOWLEDGES THAT THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY THIS SECTION 14.9(b). 
 14.10 Construction. The headings of Articles and Sections in this Agreement are provided for convenience only and will not affect its construction or

  
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interpretation. The language used in this Agreement is the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against either party.

 14.11 Counterparts. This Agreement may be executed in counterparts (including by facsimile or electronic
transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by each of the parties and
delivered (by facsimile, electronic transmission or otherwise) to the other parties. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Equity Purchase Agreement to be executed as of the
date first written above by their respective officers thereunto duly authorized. 
 Signature Page to Equity Purchase Agreement

					
	 EXECUTED by M2

TELECOMMUNICATIONS GROUP
 LTD by
being signed by:
	 	 )

)
	 	
		 		 	
		 		 	
	 /s/ Craig Farrow
	 		 	 /s/ Vaughan Bowen

	Signature of director	 		 	Signature of director/secretary
			
	 Craig Farrow
	 		 	 Vaughan Bowen

	Name of director (please print)	 		 	Name of director/secretary (please print)

  

							
	 EXECUTED by PRIMUS
 TELECOMMUNICATIONS GROUP INC
 by its duly authorised officer in the presence
of:
	 		 	
				
		  	 /s/ John D. Filipowicz
	 		 	 /s/ Peter D. Aquino

		  	John D. Filipowicz, Company Secretary	 		 	Peter D. Aquino, Chairman, President and Chief Executive Officer
			
	 Signed by PRIMUS
 TELECOMMUNICATIONS
 INTERNATIONAL INC
	 		 	
	by its duly authorised officer in the presence of:	 		 	
				
		  	 /s/ John D. Filipowicz
	 		 	 /s/ Peter D. Aquino

		  	John D. Filipowicz, Company Secretary	 		 	Peter D. Aquino, Chairman, President and Chief Executive Officer

  
 2

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