Document:

Exhibit 10.2

 

AMCOR PLC

2019 OMNIBUS MANAGEMENT SHARE PLAN

(Effective as of [·])

 

1.                                      Purpose of the Plan

 

This Plan is intended to promote the interests of Amcor and its shareholders by providing participants with incentives and rewards to encourage them to deliver outcomes and/or continue in the service of the Company.

 

2.                                      Definitions

 

As used in the Plan or in any instrument governing the terms of any Incentive Award, the following definitions apply to the terms indicated below:

 

(a)                                 “Affiliate” means, with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specified Person.

 

(b)                                 “Amcor” means Amcor plc, a public limited company incorporated under the Laws of the Bailiwick of Jersey (and any successor thereto).

 

(c)                                  “Award Agreement” means a written or electronic agreement, in a form determined by the Committee from time to time, entered into by each Participant and the Company, evidencing the grant of an Incentive Award under the Plan.

 

(d)                                 “Board of Directors” means the Board of Directors of Amcor.

 

(e)                                  “Cash-Based Award” means an Incentive Award granted pursuant to Section 7(b) hereof and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.

 

(f)                                   “Cause” means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination of Service, the following:  (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Incentive Award (or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to a Participant’s insubordination, dishonesty, fraud, incompetence, moral turpitude, willful misconduct, refusal to perform the Participant’s duties or responsibilities for any reason other than illness or incapacity, or materially unsatisfactory performance of the Participant’s duties for the Company or an Affiliate, as determined by the Committee in its good-faith discretion; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the

 

1

 

Participant at the time of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement.

 

(g)                                  “Change in Control” means, unless otherwise defined in the Award Agreement, (i) any one Person, or more than one Person acting as a group (as defined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)), other than Amcor or any employee benefit plan sponsored by Amcor, acquires ownership of stock of Amcor that, together with stock held by such Person or group, constitutes more than 50 percent of the total fair market value or total Voting Power of the stock of Amcor; (ii) a majority of members of the Board of Directors is comprised of directors whose appointment or election is (x) not endorsed by a majority of the members of the Board of Directors before the date of each appointment or election or (y) approved in connection with any actual or threatened contest for election to positions on the Board of Directors; (iiii) any one Person, or more than one Person acting as a group (as defined in Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, or (iv) a merger, consolidation, reorganization or similar transaction with or into Amcor or in which securities of Amcor are issued, as a result of which the holders of Voting Securities of Amcor immediately before such event own, directly or indirectly, immediately after such event less than 50% of the combined Voting Power of the outstanding Voting Securities of the surviving company or parent corporation resulting from, or issuing its Voting Securities as part of, such event. For purposes of subsection (iv), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Notwithstanding the foregoing, an event described herein shall be considered a “Change in Control” for distribution or payment purposes only if it constitutes a “change in control event” under Section 409A of the Code, to the extent necessary to avoid adverse tax consequences thereunder.

 

(h)                                 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations and administrative guidance issued thereunder.

 

(i)                                     “Committee” means the Compensation Committee of the Board of Directors or such other committee as the Board of Directors shall appoint from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee under the terms of the Plan.

 

(j)                                    “Company” means Amcor and all of its Subsidiaries, collectively.

 

(k)                                 “Consultant” means any natural person who is an advisor, contractor or consultant to the Company.

 

(l)                                     “Deferred Compensation Plan” means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

 

(m)                             “Effective Date” means the date the Plan is adopted.

 

2

 

(n)                                 “Eligible Person” has the meaning set forth in Section 5 of the Plan.

 

(o)                                 “Employee” means an employee of Amcor.

 

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

 

(q)                                 “Fair Market Value” means, with respect to a Share, as of the applicable date of determination, any of (i) the closing price as reported on the securities exchange/s on which Shares are then listed or admitted to trading (the “Securities Exchange”) on the trading day immediately prior to the date of grant of an Incentive Award, (ii) the closing price as reported on the Securities Exchange on the date of grant of an Incentive Award, or (iii) the highest trading price, the lowest trading price, or the average closing price for the period up to 30 days prior to the date of grant (as determined by the Compensation Committee) as reported on the Securities Exchange. In the event that the price of a Share shall not be so reported, the Fair Market Value of a Share shall be determined by the Committee in its sole discretion taking into account the requirements of Section 409A of the Code.

 

(r)                                    “Incentive Award” means one or more Share Incentive Awards, collectively.

 

(s)                                   “Option” means a stock option to purchase Shares granted to a Participant pursuant to Section 6.

 

(t)                                    “Other Share-Based Award” means an award granted to a Participant pursuant to Section 7.

 

(u)                                 “Participant” means an Eligible Person to whom one or more Incentive Awards have been granted pursuant to the Plan and have not been fully settled or cancelled and, following the death of any such Person, his successors, heirs, executors and administrators, as the case may be.

 

(v)                                 “Person” means a “person” as such term is used in Section 13(d) and 14(d) of the Exchange Act, including any “group” within the meaning of Section 13(d)(3) under the Exchange Act.

 

(w)                               “Plan” means the Amcor 2019 Omnibus Incentive Share Plan, as it may be amended from time to time.

 

(x)                                 “Registration Date” means the effective date of the first registration statement that is filed by Amcor and declared effective pursuant to 12(g) of the Exchange Act, with respect to any class of Amcor’s securities.

 

(y)                                 “Securities Act” means the Securities Act of 1933, as amended.

 

(z)                                  “Service” means (i) for an Eligible Person who is an Employee at the time of grant of an Incentive Award, the period during which such Eligible Person is employed by the Company, (ii) for an Eligible Person who is a Director at the time of grant of an Incentive Award, the period during which such Eligible Person is a member of the Board of Directors, and

 

3

 

(iii) for an Eligible Person who is a Consultant at the time of grant of an Incentive Award, the period during which such Eligible Person is providing services to the Company.

 

(aa)                          “Share” means an ordinary share, par value $0.01 per share, of Amcor, or any other security into which the common stock shall be changed pursuant to the adjustment provisions of Section 8 of the Plan.

 

(bb)                          “Share Incentive Award” means an Option or Other Share-Based Award granted pursuant to the terms of the Plan.

 

(cc)                            “Subsidiary” means any “subsidiary” within the meaning of Rule 405 under the Securities Act.

 

(dd)                          “Substitute Award” means Incentive Awards that result from the assumption of, or are in substitution for, outstanding awards previously granted by a company or other entity acquired, directly or indirectly, by Amcor or one of its Subsidiaries or with which Amcor or one of its Subsidiaries combines.

 

(ee)                            “Termination Date” means the date an Eligible Person’s Service terminates.

 

(ff)                              “Voting Power” means the number of votes available to be cast (determined by reference to the maximum number of votes entitled to be cast by the holders of Voting Securities upon any matter submitted to shareholders where the holders of all Voting Securities vote together as a single class) by the holders of Voting Securities.

 

(gg)                            “Voting Securities” means any securities or other ownership interests of an entity entitled, or which may be entitled, to vote on the election of directors, or securities or other ownership interests which are convertible into, or exercisable in exchange for, such Voting Securities, whether or not subject to the passage of time or any contingency.

 

3.                                      Shares Subject to the Plan and Limitations on Incentive Awards

 

The maximum number of Shares that may be covered by Incentive Awards granted under the Plan shall not exceed 120,000,000 Shares in the aggregate. The maximum number of Shares referred to in the preceding sentences of this Section 3 shall in each case be subject to adjustment as provided in Section 8 and the following provisions of this Section 3. Of the Shares described, 100% may be delivered in connection with “full-value Awards”, meaning Incentive Awards other than Options or stock appreciation rights. Any Shares granted under any Incentive Awards shall be counted against the Share limit on a one-for-one basis. Shares issued under the Plan may be either authorized and unissued shares, treasury shares, shares purchased by the Company in the open market, or any combination of the preceding categories as the Committee determines in its sole discretion.

 

For purposes of the preceding paragraph, Shares covered by Incentive Awards shall only be counted as used to the extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described in the Plan) pursuant to the Plan; provided, however, that if Shares are withheld to pay the exercise price of an Option or base price of a 

 

4

 

stock appreciation right or to satisfy any tax withholding requirement in connection with an Option or stock appreciation right, both the Shares issued (if any) and the Shares withheld will be deemed delivered for purposes of determining the number of Shares that are available for delivery under the Plan. In addition, if Shares are issued subject to conditions which may result in the forfeiture, cancellation or return of such Shares to the Company, any portion of the Shares forfeited, cancelled or returned shall be treated as not issued pursuant to the Plan. Shares covered by Incentive Awards granted pursuant to the Plan in connection with the assumption, replacement, conversion or adjustment of outstanding equity-based awards in the context of a corporate acquisition or merger (within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual) shall not count as used under the Plan for purposes of this Section 3.

 

4.                                      Administration of the Plan

 

The Plan shall be administered by a Committee of the Board of Directors consisting of two or more Persons, each of whom qualifies as a “non-employee director” (within the meaning of Rule 16b-3 promulgated under Section 16 of the Exchange Act), and as “independent” as required by the New York Stock Exchange or any security exchange on which the Shares are listed, in each case if and to the extent required by applicable law or necessary to meet the requirements of such Rule, Section or listing requirement at the time of determination. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall, consistent with the terms of the Plan, from time to time designate those Eligible Persons who shall be granted Incentive Awards under the Plan and the amount, type and other terms and conditions of such Incentive Awards. All of the powers and responsibilities of the Committee under the Plan may be delegated by the Committee, in writing, to any subcommittee thereof, in which case the acts of such subcommittee shall be deemed to be acts of the Committee hereunder. The Committee may also from time to time authorize a subcommittee consisting of one or more members of the Board of Directors (including members who are employees of the Company) or employees of the Company to grant Incentive Awards to Persons who are not “executive officers” of the Company (within the meaning of Rule 16a-1 under the Exchange Act), subject to such restrictions and limitations as the Committee may specify and to the requirements of applicable law.

 

The Committee shall have full discretionary authority to administer the Plan, including discretionary authority to interpret and construe any and all provisions of the Plan and any Award Agreement thereunder, and to adopt, amend and rescind from time to time such rules and regulations for the administration of the Plan, including rules and regulations related to sub-plans established for the purpose of satisfying applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws, as the Committee may deem necessary or appropriate. Decisions of the Committee shall be final, binding and conclusive on all parties. For the avoidance of doubt, the Committee may exercise all discretion granted to it under the Plan in a non-uniform manner among Participants.

 

The Committee may delegate the administration of the Plan to one or more officers or employees of the Company, and such administrator(s) may have the authority to execute and distribute Award Agreements, to maintain records relating to Incentive Awards, to process or 

 

5

 

oversee the issuance of Shares under Incentive Awards, to interpret and administer the terms of Incentive Awards, and to take such other actions as may be necessary or appropriate for the administration of the Plan and of Incentive Awards under the Plan, provided that in no case shall any such administrator be authorized (i) to take any action inconsistent with Section 409A of the Code with respect to any Incentive Award subject to such provision or (ii) to take any action inconsistent with applicable law. Any action by any such administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise specifically provided, references in this Plan to the Committee shall include any such administrator. The Committee and, to the extent it so provides, any subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any such administrator, and if the Committee, or subcommittee, shall decide to conduct such a review, any such actions and/or interpretations of any such administrator shall be subject to approval, disapproval, or modification by the Committee or subcommittee.

 

On or after the date of grant of an Incentive Award under the Plan, the Committee may (i) accelerate the date on which any such Incentive Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Incentive Award, including, without limitation, extending the period following a termination of a Participant’s Service during which any such Incentive Award may remain outstanding, (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Incentive Award,  (iv) provide for the payment of dividends or dividend equivalents with respect to any such Incentive Award, or (v) adopt procedures regarding the exercise of Options or share appreciation rights, including establishing “black out” or other periods during which Options or share appreciation rights may not be exercised,; provided, that the Committee shall not have any such authority to the extent that the grant of such authority would cause any tax to become due under Section 409A of the Code. Notwithstanding anything herein to the contrary, the Company shall not (x) reprice (within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual and any other formal or informal guidance issued by the New York Stock Exchange) any Option or share appreciation right or (y) or purchase underwater Options or share appreciation rights from a Participant for value in excess of zero, in each case without the approval of the shareholders of Amcor.

 

The Company shall pay any amount payable with respect to an Incentive Award in accordance with the terms of such Incentive Award, provided that the Committee may, in its discretion, defer, or give a Participant the election to defer, the payment of amounts payable with respect to an Incentive Award subject to and in accordance with the terms of a Deferred Compensation Plan.

 

No member of the Committee shall be liable for any action, omission, or determination relating to the Plan, and Amcor shall indemnify and hold harmless each member of the Committee and each other director or employee of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission or determination relating to the Plan, unless, in either case, such action, omission or determination was taken or made by 

 

6

 

such member, director or employee in bad faith and without reasonable belief that it was in the best interests of the Company.

 

5.                                      Eligibility

 

The Persons who shall be eligible to receive Incentive Awards pursuant to the Plan shall be those Employees, Consultants, and Directors whom the Committee shall select from time to time, including any person who has received an offer to become an Employee, Consultant or Director, so long as the Incentive Award is contingent on such Person commencing Service (any such Person, an “Eligible Person”). Each Incentive Award granted under the Plan shall be evidenced by an Award Agreement.

 

6.                                      Options

 

The Committee may from time to time grant Options on such terms as it shall determine, subject to the terms and conditions set forth in the Plan.

 

(a)                           Exercise Price

 

The exercise price per Share covered by any Option shall be not less than 100% of the Fair Market Value of a Share on the date on which such Option is granted, it being understood that the exercise price of an Option that is a Substitute Award may be less than the Fair Market Value per Share on the date such Substitute Award is assumed, provided that such substitution complies with applicable laws and regulations.

 

(b)                           Term and Exercise of Options

 

(i)                                  Each Option shall become vested and exercisable on such date or dates, during such period and for such number of Shares as set forth in the Award Agreement; provided that each Option shall be subject to earlier termination, expiration or cancellation as provided in the Plan or the Award Agreement. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of ten years from the date such Option is granted; provided, however that the expiration of the Option may be tolled while the Participant cannot exercise such Option because an exercise would violate an applicable law, or would jeopardize the ability of Amcor to continue as a going concern, provided, further that the period during which the Option may be exercised is not extended more than 30 days after the exercise of the Option first would no longer violate such applicable laws or jeopardize the ability of Amcor to continue as a going concern.

 

(ii)                                  Each Option shall be exercisable in whole or in part. The partial exercise of an Option shall not cause the expiration, termination or cancellation of the remaining portion thereof.

 

(iii)                               An Option shall be exercised by such methods and procedures as the Committee determines from time to time, including without limitation through net physical settlement or other method of cashless exercise.

 

7

 

7.                                      Other Share-Based Awards and Cash-Based Awards

 

(a)                           Other Share-Based Awards

 

The Committee may from time to time grant equity-based or equity-related Incentive Awards not otherwise described herein in such amounts and on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. Without limiting the generality of the preceding sentence, each such Other Share-Based Award may (i) involve the transfer of actual Shares to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of Shares, (ii) be subject to performance-based and/or service-based conditions, (iii) be in the form of share appreciation rights, phantom stock, restricted shares, restricted share units, performance shares, deferred share units or share-denominated performance units, and/or (iv) be designed to comply with applicable laws of jurisdictions other than the United States; provided, that each Other Share-Based Award shall be denominated in, or shall have a value determined by reference to, a number of Shares that is specified at the time of the grant of such Incentive Award.

 

(b)                           Cash-Based Awards

 

The Committee may from time to time grant Cash-Based Awards to Eligible Persons in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion.  Cash-Based Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Incentive Awards at any time in its sole discretion.  The grant of a Cash-Based Award shall not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder.

 

8.                                      Adjustment Upon Certain Changes

 

Subject to any action by the shareholders of the Company required by law, applicable tax rules or the rules of any exchange on which Shares are listed for trading:

 

(a)                           Shares Available for Grants

 

In the event of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of Shares, spin-off or similar corporate change or extraordinary cash dividend, the maximum aggregate number of Shares with respect to which the Committee may grant Incentive Awards, the number of Shares subject to Incentive Awards, the exercise price of any Option or base price of any share appreciation right and the applicable performance targets or criteria shall be equitably adjusted or substituted by the Committee to prevent enlargement or reduction in rights granted under the Incentive Award. In the event of any change in the number of Shares of Amcor outstanding by reason of any other event or transaction, the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments to the type or number of Shares with respect to which Incentive Awards may be granted and/or to the number of Shares subject to Incentive Awards.

 

8

 

(b)                           Increase or Decrease in Issued Shares Without Consideration

 

In the event of any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation of Shares or the payment of a Share dividend (but only on the Shares), or any other increase or decrease in the number of such Shares effected without receipt or payment of consideration by the Company, the Committee shall, to the extent deemed appropriate by the Committee, adjust the type or number of Shares subject to each outstanding Incentive Award and the exercise price of any Option or base price of any share appreciation right.

 

(c)                            Certain Mergers and Other Transactions

 

In the event of (i) a dissolution or liquidation of the Company, (ii) a sale of all or substantially all of the Company’s assets (on a consolidated basis), (iii) a merger, consolidation or similar transaction involving the Company in which the holders of Shares receive consideration in respect of Shares, including cash, securities and/or other property, other than, or in addition to, shares of the surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, have the power to:

 

(i)                                     cancel, effective immediately prior to the occurrence of such event, each Incentive Award (whether or not then exercisable or vested), and, in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash, for each Share subject to such Incentive Award, equal to the value, as determined by the Committee, of such Incentive Award, provided that with respect to any outstanding Option or share appreciation right such value shall be equal to the excess of (A) the value, as determined by the Committee, of the property (including cash) received by the holder of a Share as a result of such event over (B) the exercise price of such Option or base price of such share appreciation right (which, for the avoidance of doubt, may be zero in the case of underwater Options and share appreciation rights); or

 

(ii)                                  provide for the termination of an Incentive Award in (whether or not then exercisable or vested) in exchange for an award with respect to (1) some or all of the cash, securities and/or other property, if any, which a holder of the number of Shares subject to such Incentive Award would have received in such transaction upon the exercise of such Incentive Award or realization of the Participant’s rights as of the date of occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Committee determines in good faith that no amount would have been attained upon the exercise of such Incentive Award or realization of the Participant’s rights, then such Incentive Award may be terminated by the Company without payment) or (2) securities of the acquirer or surviving entity, or any combination of the foregoing and, incident thereto, in any case, make an equitable adjustment as determined by the Committee in the exercise price of the Incentive Award, or the number of securities or amount of property subject to the Incentive Award or provide for a payment (in cash or other property) to the Participant to whom such Incentive Award was granted in partial consideration for the exchange of the Incentive Award.

 

9

 

(d)                           Other Changes

 

In the event of any change in the capitalization of Amcor or corporate change other than those specifically referred to in Sections 8(a), (b) or (c), the Committee shall, to the extent  deemed appropriate by the Committee, make such adjustments in the number and class of Shares subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms of such Incentive Awards as the Committee may consider appropriate.

 

(e)                            No Other Rights

 

Except as expressly provided in the Plan or any Award Agreement, no Participant shall have any rights by reason of any subdivision or consolidation of Shares of any class, the payment of any dividends or dividend equivalents, any increase or decrease in the number of Shares of any class or any dissolution, liquidation, merger or consolidation of Amcor or any other corporation. Except as expressly provided in the Plan, no issuance by Amcor 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 or amount of other property subject to, or the terms related to, any Incentive Award. In taking any of the actions permitted under this Section 8, the Committee will not be required to treat all Incentive Awards similarly in the transaction.

 

(f)                             Savings Clause

 

No provision of this Section 8 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code with regard to Incentive Awards subject to Section 409A of the Code.

 

No provision of this Section 8 shall be given effect to the extent such provision would result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act.

 

9.                                      Change in Control; Termination of Service

 

(a)                           Change in Control

 

Subject to the terms of an Award Agreement, in the event of a Change in Control, (A) Incentive Awards that vest based on time-based criteria will not vest on a Change in Control but will vest if the applicable Participant is terminated without Cause within two years after the consummation of a Change in Control and (B) all performance-based Incentive Awards will convert to time-based Incentive Awards that will be subject to clause (A), with the number of Shares to be determined based on assuming either (1) actual performance to date of a Change in Control (extrapolated as appropriate to the end of the performance period), (2) target performance or (3) the higher of (1) or (2), in the discretion of the Committee.

 

Notwithstanding the foregoing and subject to the terms of an Award Agreement, in the event of a Change in Control, each outstanding Incentive Award shall be treated as the Committee determines, including, without limitation that (x) Incentive Awards may be continued, assumed, or substantially equivalent Incentive Awards may be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to

 

10

 

the number and kind of shares and prices, (y) Incentive Awards may be terminated in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Incentive Award or realization of the Participant’s rights as of the date of occurrence of the Change in Control (and, for the avoidance of doubt, if as of the date of the occurrence of the Change in Control the Committee determines in good faith that no amount would have been attained upon the exercise of such Incentive Award or realization of the Participant’s rights, then such Incentive Award may be terminated by the Company without payment) or (z) outstanding Incentive Awards will terminate upon or immediately prior to the consummation of such Change in Control (provided that the Committee provides at least twenty days’ notice to the Participants holding such Incentive Awards and each Participant has had the right to exercise such Incentive Awards in full).

 

(b)         Termination of Service

 

(i)           Except as to any Incentive Awards subject to Section 409A of the Code, termination of Service shall mean a separation from service within the meaning of Section 409A of the Code, unless the Participant is retained pursuant to a written agreement and such agreement provides otherwise. The Service of a Participant with the Company shall be deemed to have terminated for all purposes of the Plan if such Person is employed by or provides services to a Person that is a Subsidiary of the Company and such Person ceases to be a Subsidiary of the Company, unless the Committee determines otherwise. Unless otherwise agreed by the Committee upon the advice of counsel that so agreeing does not result in the imposition of penalties under Section 409A of the Code, a Participant who ceases to be an employee of the Company but continues, or simultaneously commences, Service to the Company shall be deemed to have had a termination of Service for purposes of the Plan. Without limiting the generality of the foregoing, the Committee shall determine whether an authorized leave of absence shall constitute termination of Service, provided that a Participant who is an employee will not be deemed to cease Service in the case of any leave of absence approved by the Company. Furthermore, no payment shall be made with respect to any Incentive Awards under the Plan that are subject to Section 409A of the Code as a result of any such authorized leave of absence or absence in military or government service unless such authorized leave of absence constitutes a separation from service for purposes of Section 409A of the Code.

 

(ii)           The Award Agreement shall specify the consequences with respect to such Incentive Award of the termination of Service of the Participant holding the Incentive Award.

 

10.                               Rights Under the Plan

 

No Person shall have any rights as a shareholder with respect to any Shares covered by or relating to any Incentive Award until the date of the issuance of such Shares on the books and records of Amcor. Except as otherwise expressly provided in Section 8 hereof or in Participant’s Award Agreement, no adjustment of any Incentive Award shall be made for dividends or other rights for which the record date occurs prior to the date of such issuance. Nothing in this Section 10 is intended, or should be construed, to limit authority of the Committee to cause the Company to make payments based on the dividends that would be payable with respect to any Share if it were issued or outstanding, or from granting rights related to such dividends; provided that dividends that would be payable with respect to any Share subject to a performance-based 

 

11

 

Incentive Award shall not be paid until, and only to the extent that, the performance-based conditions are met.

 

The Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. To the extent any Person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured creditor.

 

11.                               No Special Service Rights; No Right to Incentive Award

 

Nothing contained in the Plan or any Award Agreement shall confer upon any Participant any right with respect to the continuation of his or her Service by the Company or interfere in any way with the right of the Company at any time to terminate such Service or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive Award.

 

No Person shall have any claim or right to receive an Incentive Award hereunder. The Committee’s granting of an Incentive Award to a Participant at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other Participant or other Person at any time nor preclude the Committee from making subsequent grants to such Participant or any other Participant or other Person.

 

12.                               Securities Matters

 

Amcor shall be under no obligation to effect the registration pursuant to the Securities Act of any Shares to be issued hereunder or to effect similar compliance under any applicable laws. Notwithstanding anything herein to the contrary, Amcor shall not be obligated to cause to be issued Shares pursuant to the Plan unless and until Amcor is advised by its counsel that the issuance is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Shares are traded. The Committee may require, as a condition to the issuance of Shares pursuant to the terms hereof, that the recipient of such Shares make such covenants, agreements and representations, and that any related certificates representing such Shares bear such legends, as the Committee, in its sole discretion, deems necessary or desirable.

 

The exercise or settlement of any Incentive Award (including, without limitation, any Option) granted hereunder shall only be effective unless at such time counsel to Amcor shall have determined that the issuance and delivery of Shares pursuant to such exercise would not be in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Shares are traded. Amcor may, in its sole discretion, defer the effectiveness of any exercise or settlement of an Incentive Award granted hereunder in order to allow the issuance of Shares pursuant thereto to be made pursuant to registration or an exemption from registration or other methods for compliance available under federal or state or local securities laws. Amcor shall inform the Participant in writing of its decision to defer the effectiveness of the exercise or settlement of an Incentive Award granted hereunder. During the period that the effectiveness of the exercise of an Incentive Award has 

 

12

 

been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto.

 

13.                               Withholding Taxes

 

Whenever withholding tax obligations are incurred in connection with any Incentive Award, Amcor shall have the right to require the Participant to either: (a) remit to Amcor in cash or (b) allow Amcor to withhold Share Incentive Awards with value equal to the amount of such withholding or (c) deduct an appropriate amount from other employment income payable by Amcor either immediately or over time.

 

14.                               Amendment or Termination of the Plan

 

The Board of Directors may at any time suspend or discontinue the Plan or revise or amend it in any respect whatsoever; provided, however, that to the extent that any applicable law, tax requirement, or rule of a stock exchange requires shareholder approval in order for any such revision or amendment to be effective, such revision or amendment shall not be effective without such approval. The preceding sentence shall not restrict the Committee’s ability to exercise its discretionary authority hereunder pursuant to Section 4 hereof, which discretion may be exercised without amendment to the Plan. No provision of this Section 14 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code with regard to Incentive Awards subject to Section 409A of the Code. Except as expressly provided in the Plan, no action hereunder may, without the consent of a Participant, adversely affect in any material respect the Participant’s rights under any previously granted and outstanding Incentive Award. Nothing in the Plan shall limit the right of the Company to pay compensation of any kind outside the terms of the Plan.

 

15.                               CHESS Depository Interests

 

Where a Participant is entitled to be delivered Shares under this Plan, Amcor may, following the request of the Participant, facilitate the exchange of such Shares for the relevant number of CHESS Depository Interests.

 

16.                               Recoupment

 

Notwithstanding anything in the Plan or in any Award Agreement to the contrary, the Company will be entitled to the extent required by (i) applicable law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act), (ii) the requirements of an exchange on which the Company’s Shares are listed for trading or (iii) any policy adopted by the Company, in each case, as in effect from time to time to recoup compensation of whatever kind paid by the Company at any time to a Participant under this Plan.

 

17.                               No Obligation to Exercise

 

The grant to a Participant of an Incentive Award shall impose no obligation upon such Participant to exercise such Incentive Award.

 

13

 

18.                               Transfers

 

Incentive Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant; provided, however that the Committee may permit Options to be sold, pledged, assigned, hypothecated, transferred, or disposed of, on a general or specific basis, subject to such conditions and limitations as the Committee may determine. Upon the death of a Participant, outstanding Incentive Awards granted to such Participant may be exercised only by the executors or administrators of the Participant’s estate or by any Person or Persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution of any Incentive Award, or the right to exercise any Incentive Award, shall be effective to bind Amcor unless the Committee shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b) an agreement by the transferee to comply with all the terms and conditions of the Incentive Award that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with the grant of the Incentive Award.

 

19.                               Expenses and Receipts

 

The expenses of the Plan shall be paid by Amcor. Any proceeds received by Amcor in connection with any Incentive Award will be used for general corporate purposes.

 

20.                               Relationship to Other Benefits

 

No payment with respect to any Incentive Awards under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.

 

21.                               Governing Law

 

The Plan and the rights of all Persons under the Plan shall be construed and administered in accordance with the laws of the Bailiwick of Jersey without regard to its conflict of law principles.

 

22.                               Severability

 

If all or any part of this Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any portion of this Plan not declared to be unlawful or invalid. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

14

 

23.                               Effective Date and Term of Plan

 

The Effective Date of the Plan is [·]. No grants of Incentive Awards may be made under the Plan after the tenth anniversary of the date upon which the Plan was approved by the Board of Directors.

 

15Exhibit 10.8

 

Amcor plc

 

[Name of Director]

 

Deed of Appointment

 

including your rights of indemnity and access

 

 

	
 
    	
 
    	
Contents
    
	
 
    	
 
    	
 
    
	
 
    	
Table of contents
    	
 
    
	
 
    	
 
    	
 
    
	
1
    	
Construction
    	
3
    
	
 
    	
 
    	
 
    
	
 
    	
1.1                 Definitions
    	
3
    
	
 
    	
1.2                 Interpretation
    	
4
    
	
 
    	
 
    	
 
    
	
2
    	
Conditions precedent
    	
5
    
	
 
    	
 
    	
 
    
	
3
    	
Indemnity
    	
5
    
	
 
    	
 
    	
 
    
	
 
    	
3.1                 Indemnity as a   member of the Board
    	
5
    
	
 
    	
3.2                 Limitations of   the indemnity
    	
5
    
	
 
    	
 
    	
 
    
	
4
    	
Board Documents
    	
6
    
	
 
    	
 
    	
 
    
	
 
    	
4.1                 Keeping of   Board Documents
    	
6
    
	
 
    	
4.2                 Access to the   Board Documents
    	
6
    
	
 
    	
4.3                 Ownership
    	
6
    
	
 
    	
4.4                 Return of Board   Documents
    	
6
    
	
 
    	
4.5                 Security of   Board Documents
    	
6
    
	
 
    	
 
    	
 
    
	
5
    	
Right to independent advice
    	
7
    
	
 
    	
 
    	
 
    
	
6
    	
Subrogation
    	
7
    
	
 
    	
 
    	
 
    
	
 
    	
6.1                 Rights of   subrogation
    	
7
    
	
 
    	
6.2                 Control of   Claims
    	
7
    
	
 
    	
6.3                 Exercise of   rights by Amcor
    	
8
    
	
 
    	
6.4                 Benefits   received by Amcor
    	
8
    
	
 
    	
6.5                 Your   obligations
    	
8
    
	
 
    	
6.6                 Circumstances   requiring you to expend your own money
    	
8
    
	
 
    	
6.7                 Notification of   Claims
    	
8
    
	
 
    	
 
    	
 
    
	
7
    	
Advances to Board Members
    	
9
    
	
 
    	
 
    	
 
    
	
 
    	
7.1                 Loan to cover   costs and expenses
    	
9
    
	
 
    	
7.2                 Effect of   limitation on ability to advance
    	
9
    
	
 
    	
7.3                 Repayment
    	
9
    
	
 
    	
 
    	
 
    
	
8
    	
Insurance
    	
9
    
	
 
    	
 
    	
 
    
	
 
    	
8.1                 Death and   Injury Policy
    	
9
    
	
 
    	
8.2                 D&O Policy
    	
9
    
	
 
    	
8.3                 Equality of   terms
    	
9
    
	
 
    	
8.4                 Contravention   of law
    	
9
    
	
 
    	
8.5                 Premiums
    	
10
    
	
 
    	
8.6                 Details of   policies
    	
10
    
	
 
    	
8.7                 Cancellation of   policies
    	
10
    
	
 
    	
 
    	
 
    
	
9
    	
Amcor Group
    	
10
    
	
 
    	
 
    	
 
    
	
 
    	
9.1                 Acceding Member
    	
10
    
	
 
    	
9.2                 Amcor guarantee
    	
10
    
	
 
    	
9.3                 Compliance by   you
    	
10
    
	
 
    	
 
    	
 
    
	
10
    	
Disclosure
    	
10
    
	
 
    	
 
    	
 
    
	
11
    	
Security trading
    	
10
    
	
 
    	
 
    	
 
    
	
 
    	
11.1          Restriction on dealing
    	
10
    

 

1

 

	
 
    	
 
    	
Contents
    
	
 
    	
 
    	
 
    
	
 
    	
11.2          Trading windows and   securities trading policy
    	
11
    
	
 
    	
11.3          Notification and   disclosure
    	
11
    
	
 
    	
 
    	
 
    
	
12
    	
Amcor’s general law rights
    	
11
    
	
 
    	
 
    	
 
    
	
13
    	
Document not to be interpreted against Amcor
    	
11
    
	
 
    	
 
    	
 
    
	
14
    	
Variation of document
    	
11
    
	
 
    	
 
    	
 
    
	
15
    	
Give effect to this document
    	
11
    
	
 
    	
 
    	
 
    
	
16
    	
Waiver of rights
    	
11
    
	
 
    	
 
    	
 
    
	
17
    	
Operation of this document
    	
12
    
	
 
    	
 
    	
 
    
	
18
    	
Notices
    	
12
    
	
 
    	
 
    	
 
    
	
19
    	
Applicable law and jurisdiction
    	
12
    

 

2

 

Parties

 

Amcor plc of 3rd Floor, 44 Esplanade, St Helier, Jersey JE4 9WG (Amcor)

[Name of Director] of [address] (you)

 

Background

 

In accordance with the power granted by its constitution, Amcor has agreed to indemnify you in accordance with the terms of this document and to provide you with access to material relevant to your role as a director of Amcor and/or its Subsidiary.

 

Agreed terms

 

1                                                  Construction

 

1.1                                        Definitions

 

Access Period means the period commencing on the date of your appointment until the later of:

 

(a)                                          7 years after you cease to be a member of the Board; and

 

(b)                                          the date on which all Claims, if any, commenced against you during that 7 year period are concluded.

 

Amcor Group means Amcor and each of its Subsidiaries, wherever incorporated in the world.

 

Board means the board of directors of Amcor.

 

Board Documents means:

 

(a)                                          all material prepared for or available to you or the Board during the course of your duties as a member of the Board, including board papers, submissions, minutes, memoranda, legal opinions, financial statements, subcommittee papers and documents tabled at a meeting of the Board or any subcommittee of the Board; and

 

(b)                                          any other documents which are referred to in that material.

 

Chair means the chair of the Board.

 

Claim means any claim, demand, suit, action, proceeding or cause of action commenced or threatened and arising out of the conduct of the business of Amcor or you being a member of the Board, including:

 

3

 

(a)                                          threatened proceedings where there is a reasonable prospect of you being involved in such claim, demand, suit, action, proceeding or cause of action:

 

(b)                                          in contract (under any expressed or implied contract or for breach of representation or warranty);

 

(c)                                           in tort (including negligence, negligent statement or misrepresentations);

 

(d)                                          otherwise under common law or at equity;

 

(e)                                           under any form of restitutionary right;

 

(f)                                            under, or in respect of, statute or statutory obligations or duties;

 

(g)                                           in any case, whether in damages, or for declaratory, injunctive or other relief;

 

(h)                                          any criminal proceedings in which judgment is given in favour of you, or in which you are acquitted, or which are withdrawn before judgment;

 

(i)                                              all appeals or counterclaims in respect of any of the above or any judgment or award made in connection with any of the above; and

 

(j)                                             any governmental or statutory inquiry where the inquiry directly or indirectly relates to your acts or omissions as a Board member.

 

Constitution means Amcor’s articles of association in effect from time to time.

 

Death and Injury Policy means an insurance policy with a reputable insurance company for your benefit that is designed to insure you against the risk of accidental death or injury up to a maximum of USD$2,000,000.

 

D&O Policy means an insurance policy with a reputable insurance company for your benefit that is designed to insure you against liability for acts or omissions in your role as a director or officer of Amcor consistent with generally accepted insurance practices to the extent permitted by law.

 

Liability means any liability, costs, damages, fees, expenses, demands, suits, actions, proceedings or claims incurred by you in or arising out of the conduct of the business of Amcor or arising out of you being a member of the Board whether or not involving the payment or incurring of an expense.

 

Subsidiary has the meaning given in Article 2 of the Companies (Jersey) Law 1991.

 

1.2                                        Interpretation

 

In this document, unless the context or subject matter requires otherwise:

 

(a)                                          a reference to a party includes a reference to the party’s executors, administrators, successors and assigns as the case may be;

 

(b)                                          a reference to a gender includes reference to any other gender;

 

(c)                                           a reference to documents includes documents whether in hard copy form or stored or transmitted in electronic or other form;

 

(d)                                          the headings are for ease of reference only and do not in any way affect the construction of this document;

 

(e)                                           the singular includes the plural and vice versa; and

 

(f)                                            a reference to “include” or “including” means “including without limitation”.

 

4

 

2                                                  Conditions precedent

 

Substantial compliance with your material obligations under this document is a condition precedent to Amcor’s obligation to indemnify you in accordance with this document.

 

3                                                  Indemnity

 

3.1                                        Indemnity as a member of the Board

 

(a)                                          From the date of your commencement as a member of the Board (and despite you ceasing to be a member of the Board), Amcor indemnifies you against any Liability to the maximum extent permitted under any relevant law.

 

(b)                                          The indemnity in clause 3.1(a) includes, to the extent permitted by any relevant law, an indemnity against all legal costs incurred by you in connection with proceedings commenced, or which you reasonably believe may be commenced, against you in respect of a Claim.

 

3.2                                        Limitations of the indemnity

 

Notwithstanding clause 3.1, Amcor will not indemnify you against:

 

(a)                                          a Liability arising out of conduct attributable to a lack of good faith on your behalf;

 

(b)                                          a Liability you owe to an entity in the Amcor Group;

 

(c)                                           a Liability to the extent which to do so would contravene the Constitution;

 

(d)                                          defamation of you in your role as an officer of Amcor;

 

(e)                                           any Claim or circumstance where to do so would involve an entity in the Amcor Group being in a breach of law;

 

(f)                                            legal costs incurred in defending an action for a Liability incurred as a member of the Board if the costs are incurred:

 

(i)                                              in defending or resisting proceedings in which you are found to have a Liability for which you could not be indemnified under this clause 3.2;

 

(ii)                                           in defending or resisting criminal proceedings in which you are found guilty;

 

(iii)                                        in defending or resisting proceedings brought by the securities regulator or any jurisdiction or a liquidator or a court order if the grounds for making the order are found by the court to have been established;

 

(iv)                                       in defending or resisting proceedings brought by an entity in the Amcor Group; or

 

(v)                                          in connection with proceedings for relief under the securities laws or regulations of any jurisdiction in which the court denies the relief; and

 

(g)                                           a Liability for which and to the extent you have otherwise received or are entitled to receive payment for such amounts under any insurance policy, contract, agreement or otherwise.

 

5

 

4                                                  Board Documents

 

4.1                                        Keeping of Board Documents

 

Amcor must ensure that during the Access Period a complete set of the Board Documents is maintained in chronological order, in accordance with the terms of this document in a secure and convenient place.

 

4.2                                        Access to the Board Documents

 

If reasonably requested to do so, Amcor must ensure that you are provided with access to those Board Documents you require:

 

(a)                                          to enable you to carry out your duties as a member of the Board;

 

(b)                                          to obtain legal advice concerning a Claim;

 

(c)                                           for the purpose of defending a Claim; or

 

(d)                                          in connection with your appearance concerning Claims.

 

Amcor must provide you with copies of the Board Documents if you request that Amcor do so.

 

The rights granted to you by this clause 4.2 can be satisfied by Amcor providing you with copies of such Board Documents except where you have demonstrated a reasonable need for you to be provided with original documents.

 

4.3                                        Ownership

 

Ownership of the Board Documents remains with Amcor. Amcor may recall any Board Documents or copies given to you at any time.

 

4.4                                        Return of Board Documents

 

When requested by Amcor to do so, you will as soon as practicable return any Board Documents in your possession or control to Amcor.

 

4.5                                        Security of Board Documents

 

You must keep all Board Documents and copies in your possession in a secure place and ensure that they remain confidential and not disclosed to any third party other than:

 

(a)                                          if Amcor has given its prior written consent:

 

(b)                                          as required by law;

 

(c)                                           if the disclosure is made for the purpose of obtaining professional advice; or

 

(d)                                          the disclosure is made for the purpose of defending, appealing, commencing or settling a Claim, and you have otherwise used your best endeavours to maintain the confidentiality of the Board Documents.

 

If you become entitled to disclose Board Documents you must notify Amcor of the intended disclosure and take all steps reasonably requested by Amcor to avoid waiving any legal professional privilege attaching to Board Documents.

 

6

 

5                                                  Right to independent advice

 

During your tenure as director you are entitled to seek independent professional advice (including legal, accounting and financial advice) at Amcor’s cost (subject to the Chair prescribing a reasonable limit on such costs) on any matter connected with the discharge of your responsibilities as a director, including reasonable costs incurred by you in obtaining independent legal advice relating to this document, in accordance with the procedures and subject to the conditions set out below:

 

(a)                                          you must seek the prior approval of the Chair (which may not be unreasonably withheld) or, if you are the Chair, then no approval is required;

 

(b)                                          in seeking the prior approval of the Chair, you must provide details of the:

 

(i)                                              nature of the independent professional advice;

 

(ii)                                           likely cost of seeking the independent professional advice; and

 

(iii)                                        independent adviser you propose to instruct;

 

(c)                                           all documents containing or seeking independent professional advice must clearly state that the advice is sought both in relation to Amcor and to you in your personal capacity. However, the right to advice does not extend to advice concerning matters of a personal or private nature, including any dispute between you and Amcor; and

 

(d)                                          the Chair may circulate any independent professional advice received by you to the remainder of the Board provided that such circulation will not constitute a waiver of privilege.

 

6                                                  Subrogation

 

6.1                                        Rights of subrogation

 

(a)                                          If you are entitled to be indemnified under this document in respect of a Liability, Amcor or any person claiming through Amcor is entitled to be subrogated to all your rights and remedies relating to the circumstances in which the Liability arose.

 

(b)                                          Amcor indemnifies you against any costs awarded against you in any Claim brought by Amcor in the exercise of its right of subrogation.

 

6.2                                        Control of Claims

 

(a)                                          Amcor may:

 

(i)                                              give you directions in relation to; or

 

(ii)                                           take over the conduct of;

 

a Claim in respect of which you are entitled to be indemnified under this document.

 

(b)                                          Amcor may exercise its rights in this clause 6.2:

 

(i)                                              in your name; or

 

(ii)                                           in its own name.

 

7

 

6.3                                        Exercise of rights by Amcor

 

(a)                                          Amcor must exercise its rights:

 

(i)                                              reasonably; and

 

(ii)                                           solely for the purpose of protecting its interests in relation to the indemnity.

 

(b)                                          Before Amcor may settle a Claim made against you or make any admission of liability on your behalf, it must obtain your consent (which must not be unreasonably withheld).

 

6.4                                        Benefits received by Amcor

 

(a)                                          Amcor must account to you for any benefit it obtains as a result of the exercise of any of its rights under this document to the extent the benefit exceeds the cost of providing the indemnity and exercising those rights.

 

(b)                                          If Amcor is not subrogated under clause 6, you must account to Amcor for any damages recovered by you (to a maximum amount equal to the indemnity payment made to you under clause 3).

 

6.5                                        Your obligations

 

You must:

 

(a)                                          act in accordance with the Constitution;

 

(b)                                          notify Amcor as soon as reasonably practicable after you become aware of the circumstances of any Claim or circumstance which could reasonably be expected to give rise to a Claim;

 

(c)                                           not make any admissions in respect of, or settle, any Claim against you in respect of which you are seeking indemnity or may in the future seek indemnity under this document without Amcor’s prior written consent;

 

(d)                                          provide such information as Amcor reasonably requests and give to Amcor all necessary and reasonable assistance as Amcor needs to give you directions or to take over the conduct of Claims; and

 

(e)                                           do everything reasonable and necessary to enable Amcor to exercise its rights of subrogation and to control Claims in your name as Amcor thinks fit.

 

6.6                                        Circumstances requiring you to expend your own money

 

(a)                                          You are not required to expend your own money to comply with a direction from Amcor under this document (including under clauses 6.2 and 6.5) unless Amcor agrees to reimburse you for those expenses.

 

(b)                                          You are not required to make any payment before enforcing your rights under this document.

 

6.7                                        Notification of Claims

 

Amcor must notify you of any Claims relating to your performance as a director of Amcor or another member of the Amcor Group of which it receives notification or of which it becomes aware.

 

8

 

7                                                  Advances to Board Members

 

7.1                                        Loan to cover costs and expenses

 

Subject to clause 7.2, Amcor may lend funds to you to meet your reasonable expenses (including legal costs) incurred in connection with defending or resisting Claims before the outcome of those Claims is known. The loan will be on such reasonable terms as Amcor thinks fit, including terms relating to interest, repayment, security for the advance and conduct of the Claims.

 

7.2                                        Effect of limitation on ability to advance

 

If Amcor:

 

(a)                                          is not permitted to indemnify you in respect of the expenses referred to in clause 7.1, then within 28 days after receipt of a written request from Amcor you must repay all funds lent to you under clause 7.1; or

 

(b)                                          is permitted to indemnify you in respect of the expenses referred to in clause 7.1, the amount lent must be set-off from the amount that Amcor is required to pay to you under the indemnity given by this document.

 

7.3                                        Repayment

 

You must immediately repay in part or in full as appropriate any amount paid to you in accordance with this clause 7 if you receive money under the D&O Policy in respect of the matters the subject of the loan under clause 7.1.

 

8                                                  Insurance

 

8.1                                        Death and Injury Policy

 

Whilst you are a member of the Board, Amcor must maintain a Death and Injury Policy.

 

8.2                                        D&O Policy

 

During the Access Period Amcor must, to the extent that such a policy is reasonably available on reasonable commercial terms, maintain a D&O Policy in respect of each Amcor Group company of which you are a director.

 

8.3                                        Equality of terms

 

If you have ceased to be a member of the Board, Amcor must use its best endeavours to ensure that the D&O Policy is not materially less favourable to you than the terms of cover operating in relation to current directors, provided that such insurance is obtainable on reasonable commercial terms.

 

8.4                                        Contravention of law

 

Amcor is not obliged to maintain the contract of insurance referred to in this clause 8 where to do so would contravene any law, provided that Amcor gives you notice of its intention to terminate that policy.

 

9

 

8.5                                        Premiums

 

To the extent that any portion of the premium for any contract of insurance referred to in this clause 8 must not be paid by an entity in the Amcor Group under law, Amcor must give you notice of, and a reasonable opportunity to contribute to, that part of the additional premium which it is unable to pay (if required for the policy to be effective).

 

8.6                                        Details of policies

 

Amcor must provide you with a copy of each certificate of currency in respect of any contract of insurance referred to in this clause 8. Amcor will also provide you with copies of the policies relevant to those certificates of currency.

 

8.7                                        Cancellation of policies

 

Amcor must notify you in writing if the D&O Policy in respect of an Amcor Group company of which you are a director is cancelled or not renewed.

 

9                                                  Amcor Group

 

9.1                                        Acceding Member

 

(a)                                          Amcor must use its best endeavours to ensure that any entity in the Amcor Group of which you are an officer accedes to the terms of this document by notice in writing delivered to the Amcor Board (Acceding Member).

 

(b)                                          Upon an Acceding Member acceding to this document, references in this document to Amcor are to be taken to be a reference to that Acceding Member.

 

9.2                                        Amcor guarantee

 

Amcor will guarantee all of the obligations of an Acceding Member under this document.

 

9.3                                        Compliance by you

 

If you substantially comply with your obligations under this document by obeying instructions from, giving notice to or otherwise dealing with Amcor in the manner set out in this document, you are taken to have complied with your obligations under this document.

 

10                                           Disclosure

 

Full particulars of the indemnities and insurances that are required under this document may be included in Amcor’s directors’ and officers’ interests register and may be included in Amcor’s annual report and in regulatory filings filed by Amcor.

 

11                                           Security trading

 

11.1                                 Restriction on dealing

 

While you are an officer of Amcor neither you nor any entity or person affiliated with you may buy, sell or deal in any securities of Amcor (or the Amcor Group), including

 

10

 

derivatives, options and rights in respect of securities other than in accordance with Amcor’s share trading policy from time to time (which Amcor will make available to you on request).

 

11.2                                 Trading windows and securities trading policy

 

During the period you are an officer of Amcor you must remain aware of Amcor’s share trading policy and ensure you and any entity or person affiliated with you complies with the letter and spirit of that policy.

 

11.3                                 Notification and disclosure

 

You must keep Amcor’s Company Secretary informed of all holdings and dealings by you and any entity or person affiliated with you in securities of Amcor (or the Amcor Group) from time to time, including derivatives, options and rights in respect of securities. Amcor may make any information provided to it under this clause 11.3 public.

 

12                                           Amcor’s general law rights

 

Amcor’s rights in this document are in addition to its rights under the general law (including rights under the general law that relate to matters dealt with by this document).

 

13                                           Document not to be interpreted against Amcor

 

The principle of interpretation known as contra proferentem does not apply to the interpretation of this document.

 

14                                           Variation of document

 

Amcor may, with reasonable written notice to you and by deed, vary the indemnity under this document provided that such variation does not:

 

(a)                                          impose any new obligations or liabilities on you; or

 

(b)                                          adversely affect your right to be indemnified in accordance with this document in respect of a liability arising from an act or omission or event occurring before such variation.

 

15                                           Give effect to this document

 

Each party must do anything (including execute any document) and must ensure that its employees and agents do anything (including execute any document) that the other party may reasonably require to give full effect to this document.

 

16                                           Waiver of rights

 

A right may only be waived in writing, signed by the party giving the waiver, and:

 

(a)                                          no other conduct of a party (including a failure to exercise, or delay in exercising the right) operates as a waiver of right or otherwise prevents the exercise of the right;

 

11

 

(b)                                          a waiver of a right on one or more occasions does not operate as a waiver of that right if it arises again; and

 

(c)                                           the exercise of a right does not prevent any further exercise of that right or of any other right.

 

17                                           Operation of this document

 

(a)                                          Any right that a person may have under this document is in addition to, and does not replace or limit, any other right that the person has.

 

(b)                                          Any provision of this document which is unenforceable or partly unenforceable is, where possible, to be severed to the extent necessary to make this document enforceable, unless this would materially change the intended effect of the document.

 

18                                           Notices

 

A notice, consent or other communication under this document is only effective if it is in writing, signed and either left at the addressee’s address or sent to the addressee by e-mail, mail or fax. If it is sent by mail, it is taken to have been received on the 10th working day after it is posted. If it is sent by e-mail or fax, it is taken to have been received when the sender’s fax machine or computer indicates that the message was sent in full.

 

19                                           Applicable law and jurisdiction

 

(a)                                          The laws in force in the Bailiwick of Jersey, govern this document and all matters relating to it.

 

(b)                                          Both parties submit to the non-exclusive jurisdiction of the courts exercising jurisdiction there.

 

12

 

	
 
    	
Executed as a deed.
    
	
 
    	
 
    
	
 
    	
This .......................... day   of ................................. 20..
    
	
 
    	
 
    	
 
    
	
 
    	
Executed   by Amcor plc
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Director
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name of Director   (print)
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Signed,   Sealed and Delivered as a deed by
    [Name of Director] in the presence   of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Witness signature
    	
 
    	
[Name]
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name of Witness   (print)
    	
 
    	
 
    

 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]