Document:

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of January 13, 2020, by and between PROPANC BIOPHARMA,
INC,, a Delaware corporation, with headquarters located at 302, 6 Butler Street, Camberwell, VIC 3124 Australia (the “Company”),
and BUYER, a [  ], with its address at [  ] (the “Buyer”).

 

WHEREAS:

 

A.  The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”);

 

B.  Buyer
desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement an 8%
convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $110,250.00 (together
with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the
terms thereof, the “Note”), convertible into shares of common stock, of the Company (the “Common Stock”),
upon the terms and subject to the limitations and conditions set forth in such Note. The Note shall contain an original issue
discount (“OID”) of $5,250 such that the purchase price of the Note shall be $105,000.

 

C.  The
Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth
immediately below its name on the signature page hereto; and

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.  Purchase
and Sale of the Note.

 

a.  Purchase
of the Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to
purchase from the Company such Note as is set forth immediately below the Buyer’s name on the signature pages hereto.

 

b.  Form
of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and
sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds
to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal
amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and
(ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase
Price.

 

c.  Closing
Date. The date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall
be on or about January 13, 2020, or such other mutually agreed upon time. The closing of the transactions contemplated by this
Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

 

Company Initials 

 

    	 

    	 

    

 

2.  Buyer’s
Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.  Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of
or otherwise pursuant to the Note, such shares of Common Stock being collectively referred to herein as the “Conversion
Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act;
provided, however, that by making the representations herein, the Buyer does not agree to hold any of the Securities
for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant
to an effective registration statement with respect to such Securities or an exemption under the 1933 Act.

 

b.  Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D
(an “Accredited Investor”). Any of Buyer’s transferees, assignees, or purchasers must be “accredited investors”
in order to qualify as prospective transferees, permitted assignees in the case of Buyers’ or Holder’s transfer, assignment
or sale of the Note.

 

c.  Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of
the Buyer to acquire the Securities.

 

d.  Information.
The Buyer and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of
the Company and materials relating to the offer and sale of the Securities which have been requested by the Buyer or its advisors.
The Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Notwithstanding the foregoing,
the Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such
information is disclosed to the public prior to or promptly following such disclosure to the Buyer. Neither such inquiries nor
any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or affect
Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer understands
that its investment in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that may constitute
a breach of any of the Company’s representations and warranties made herein.

 

    	2 

    	 

    

 

e.  Governmental
Review. The Buyer understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities.

 

f.  Transfer
or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being registered
under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities
are sold pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to the Company,
at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in
comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an
exemption from such registration, which opinion may be accepted by the Company in its reasonable discretion, (c) the Securities
are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule)
(“Rule 144”)) of the Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this Section
2(f) and who is an Accredited Investor, or (d) the Securities are sold pursuant to Rule 144 or Regulation S under the 1933 Act
(or a successor rule) (“Regulation S”), and the Buyer shall have delivered to the Company, at the cost of the Buyer,
an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions,
which opinion may be accepted by the Company in its reasonable discretion; (ii) any sale of such Securities made in reliance on
Rule 144 may be made only in accordance with the terms of said Rule 144 and further, if said Rule 144 is not applicable, any re-sale
of such Securities under circumstances in which the selling Buyer (or the person through whom the sale is made) may be deemed
to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933
Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation
to register such Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any
exemption thereunder (in each case).

 

g.  Legends.
The Buyer understands that the Note and, until such time, if any, as the Conversion Shares have been registered under the 1933
Act may be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular
date that have been sold, the Conversion Shares shall bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A FORM
ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A
UNDER SAID ACT.”

 

    	3 

    	 

    

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation
S without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act,
which opinion shall be accepted by the Company in its reasonable discretion so that the sale or transfer is effected. The Buyer
agrees to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance
with applicable prospectus delivery requirements, if any.

 

h.  Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

i.  Residency.
The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages hereto.

 

3.  Representations
and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a.  Organization
and Qualification. The Company and each of its subsidiaries, if any, is a corporation duly organized, validly existing and
in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and
other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted, except for those jurisdictions in which failure to have such authority would not have a Material Adverse Effect.

 

b.  Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement and the Note by the Company and the consummation by it of
the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and
reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the
Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders
is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such
authorized representative is the true and official representative with authority to sign this Agreement and the other documents
executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and
delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

    	4 

    	 

    

 

c.  Issuance
of Shares. The shares reserved for conversion of the Note shall be duly authorized and reserved for issuance as soon as practicable
after the Company has increased its shares of authorized Common Stock in an amount equal to or greater than that permitting it
to reserve such shares. Upon conversion of the Note in accordance with its respective terms, Conversion Shares will be validly
issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof
and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal
liability upon the holder thereof.

 

d.  Acknowledgment
of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance
of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement and the Note is absolute and unconditional regardless of
the dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

e.  No
Conflicts. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which
with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its subsidiaries
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state
securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are
subject) applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries
is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as would not, individually or in the aggregate, have a Material Adverse Effect). Except for applicable blue sky state notice filings,
all consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding
sentence have been obtained or effected on or prior to the date hereof. The Company is not in violation of the eligibility requirements
of the OTC Markets Exchange (the “OTC Markets”) and does not reasonably anticipate that the Common Stock will be ineligible
for quotation on the OTC MARKETS in the foreseeable future, nor are the Company’s securities “chilled” by DTC.
The Company and its subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing. For
purposes of this Agreement, “Material Adverse Effect” means an event or combination of events, which individually
or in the aggregate, would reasonably be expected to (a) adversely affect the legality, validity or enforceability of the Agreement
or the Note, or (b) have or result in a material adverse effect on the results of operations, assets, or financial condition of
the Company, taken as a whole.

 

    	5 

    	 

    

 

f.  Absence
of Litigation. Except as disclosed to the Buyer or in the Company’s filings with the SEC, there is no action, suit,
claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization
or body pending or, to the knowledge of the Company or any of its subsidiaries, threatened against or affecting the Company or
any of its subsidiaries, or their officers or directors in their capacity as such, that could have a Material Adverse Effect.

 

g.  Acknowledgment
Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely in the
capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby. The Company
further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective
representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation
and is merely incidental to the Buyer’ purchase of the Securities.

 

h.  No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Buyer.

 

i.  Title
to Property. The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and
marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries,
in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(i) or such as would
not have a Material Adverse Effect. Any real property and facilities held under lease by the Company and its subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as would not have a Material Adverse Effect.

 

j.  Bad
Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the
basis of being a “bad actor” as that term is established in the September 19, 2013 Small Entity Compliance Guide published
by the Securities and Exchange Commission.

 

k.  Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth
in this Section 3 in any material respect (subject to a 10-day cure period from the date that the Buyer notifies the Company in
writing of such breach with reasonable detail), and in addition to any other remedies available to the Buyer pursuant to this
Agreement, it will be considered an Event of Default under the Note.

 

    	6 

    	 

    

 

4.  COVENANTS.

 

a.  Expenses.
The Company agrees that Buyer can deduct $5,000.00 (Five Thousand Dollars) from the principal payment due under the Note, at the
time of cash funding, to be applied to the legal expenses of Buyer.

 

b.  Listing.
The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated quotation
system, if necessary, upon which shares of Common Stock are then listed or quoted (subject to official notice of issuance) and,
so long as the Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed
or quoted, such listing or quotation of all Conversion Shares from time to time issuable upon conversion of the Note. The Company
will obtain and, so long as the Buyer owns any of the Securities, maintain the listing and trading of its Common Stock on the
OTC MARKETS or any equivalent replacement market, the Nasdaq stock market (“Nasdaq”), or the New York Stock Exchange
(“NYSE”), as applicable, and will comply in all respects with the Company’s reporting, filing and other obligations
under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable.
The Company shall promptly provide to the Buyer copies of any notices it receives, if any, from the OTC MARKETS and any other
markets on which the Common Stock is then listed regarding the continued eligibility of the Common Stock for listing on such markets.

 

c.  Corporate
Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or
substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s
obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded
corporation whose Common Stock is listed for trading on the OTC MARKETS, Nasdaq or NYSE.

 

d.  No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of
the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

e.  Breach
of Covenants. If the Company breaches any of the covenants set forth in this Section 4 (subject to a 10-day cure period from
the date that the Buyer notifies the Company in writing of such breach with reasonable detail), and in addition to any other remedies
available to the Buyer pursuant to this Agreement, it will be considered an event of default under the Note.

 

    	7 

    	 

    

 

5.  Governing
Law; Miscellaneous.

 

a.  Governing
Law. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state
and county of New York, or the Federal courts within the southern or eastern districts of
New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.
The Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable
attorney’s fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection
herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such
provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other
provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served
in any suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law.

 

b.  Counterparts;
Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto
by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

c.  Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

d.  Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e.  Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

    	8 

    	 

    

 

f.  Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, (iv) via electronic
mail or (v) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business
hours where such notice is to be received) or delivery via electronic mail, or the first business day following such delivery
(if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If
to the Company, to:

Propanc
Biopharma, Inc.

302,
6 Butler Street

Camberwell,
VIC 3124

Australia

Attn:
James Nathanielsz

 

If
to the Buyer:

[  ]

 

Each
party shall provide notice to the other party of any change in address.

 

g.  Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any “qualified person”,
any “permitted assigns”, or “prospective transferee” that acquires or purchases Conversion Securities
in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1933 Act,
without the consent of the Company with Buyer’s opinion of counsel (from a reputable law firm) permitting the same. A qualified
person is an “accredited investor” transferee, assignee, or purchaser of the Note who succeeds to the Holder’s
right, title and interest to all or a portion of the Note accompanied with an opinion of counsel as provided for in Section 2(f).

 

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h.  Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i.  Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to
indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a
result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set
forth in this Agreement or any of its covenants and obligations under this Agreement.

 

j.  Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

k.  No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

l.  Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

[Signature
page follows]

 

    	10 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above
written.

 

PROPANC
BIOPHARMA, INC

 

	By:
    	 	 
	Name:	James
    Nathanielsz	 
	Title:	CEO	 

 

BUYER

 

	By:	 	 
	Name: 	[  ]	 
	Title: 	[  ]	 

 

	AGGREGATE
SUBSCRIPTION AMOUNT:	 	 	 	 
	 	 	 	 	 
	Aggregate Principal Amount of the Note:	 	$	110,250.00	 
	 	 	 	 	 
	Aggregate
    Purchase Price:	 	 	 	 

 

Note:
$110,250.00 less $5,250.00 in OID, less $5,000.00 in legal fees

 

    	11 

    	 

    

 

EXHIBIT
A

144
NOTE - $110,250

 

    	12EX-4.1

 Exhibit 4.1 
  

THE GOLDMAN SACHS 

ASSET MANAGEMENT PERFORMANCE PLAN (2019) 
  

 

 Contents 

ARTICLE I 
 GENERAL 

 

							
	1.1  	  	Purpose	  	 	1	 
	1.2	  	Definitions of Certain Terms	  	 	1	 
	1.3	  	Administration	  	 	7	 
	1.4	  	Persons Eligible for Awards	  	 	8	 
	1.5	  	Types of Awards Under Plan	  	 	8	 
	1.6	  	Fund Units Available for Awards	  	 	9	 

 ARTICLE II 

AWARDS UNDER THE PLAN 
  

							
	2.1  	  	Agreements Evidencing Awards	  	 	9	 
	2.2	  	No Rights with Respect to Fund	  	 	9	 
	2.3	  	No Investment Obligation.	  	 	9	 
	2.4	  	Phantom Unit Awards	  	 	9	 
	2.5	  	Other Fund-Unit Based or Fund Unit-Related Awards	  	 	10	 
	2.6	  	Dividend Equivalent Rights	  	 	10	 

 ARTICLE III 

MISCELLANEOUS 
  

							
	3.1	  	Amendment of the Plan or Award Agreement	  	 	11	 
	3.2	  	Tax Withholding	  	 	11	 
	3.3	  	Required Consents and Legends	  	 	11	 
	3.4	  	Right of Offset	  	 	12	 
	3.5	  	Nonassignability	  	 	12	 
	3.6	  	Change in Control	  	 	13	 
	3.7	  	Other Conditions to Awards	  	 	14	 
	3.8	  	Right of Discharge Reserved	  	 	14	 
	3.9	  	Nature and Form of Payments	  	 	14	 
	3.10	  	Non-Uniform Determinations	  	 	15	 
	3.11	  	Other Payments or Awards	  	 	15	 
	3.12	  	Plan Headings; References to Laws, Rules or Regulations	  	 	15	 
	3.13	  	Date of Adoption and Term of Plan	  	 	15	 
	3.14	  	Governing Law	  	 	15	 
	3.15	  	Arbitration	  	 	16	 

  
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	3.16	  	Severability; Entire Agreement	  	 	17	 
	3.17	  	Waiver of Claims	  	 	18	 
	3.18	  	No Third Party Beneficiaries	  	 	18	 
	3.19	  	Certain Fees and Expenses	  	 	18	 
	3.20	  	Payments	  	 	18	 
	3.21	  	Coordination with Other Plans	  	 	19	 
	3.22	  	Successors and Assigns of GS Inc.	  	 	19	 

  
 -ii- 

 THE GOLDMAN SACHS 

ASSET MANAGEMENT PERFORMANCE PLAN (2019) 

ARTICLE I 
 GENERAL

  

	1.1	 Purpose 

The purpose of The Goldman Sachs Asset Management Performance Plan (2019) is to: (i) attract, retain and motivate certain select
portfolio managers and other employees in Goldman Sachs Asset Management (“GSAM”) and align their year-end variable compensation with the interests of investors in relevant GSAM mutual funds,
(ii) assist the Firm in ensuring that its compensation program does not provide incentives to take imprudent risks and (iii) comply with regulatory requirements. The terms of the Plan were approved by the Compensation Committee of the
Board (defined below) on December 19, 2019. 
  

	1.2	 Definitions of Certain Terms 

Unless otherwise specified in an applicable Award Agreement, the terms listed below shall have the following meanings for purposes of the Plan
and any Award Agreement. 
 1.2.1    “AAA” means the American Arbitration Association.

 1.2.2    “Award” means an award made pursuant to the Plan. 

1.2.3    “Award Agreement” means the written document or documents by which each Award is
evidenced, including any related Award Statement and signature card. 
 1.2.4    “Award
Statement” means a written statement that reflects certain Award terms. 

1.2.5    “Board” means the Board of Directors of GS Inc. 

1.2.6    “Business Day” means any day other than a Saturday, a Sunday or a day on which
banking institutions in New York City are authorized or obligated by Federal law or executive order to be closed. 

1.2.7    “Cause” means (a) the Grantee’s conviction, whether following trial or
by plea of guilty or nolo contendere (or similar plea), in a criminal proceeding (i) on a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful taking, embezzlement, bribery, forgery, counterfeiting or
extortion, or (ii) on a felony charge, or (iii) on an equivalent charge to those in clauses (i) and (ii) in jurisdictions which do not use those designations, (b) the Grantee’s engaging in any conduct which constitutes an
employment disqualification under applicable law 

 
(including statutory disqualification as defined under the Exchange Act), (c) the Grantee’s willful failure to perform the Grantee’s duties to the Firm, (d) the Grantee’s
violation of any securities or commodities laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange or association of which the Firm is a member, (e) the Grantee’s
violation of any Firm policy concerning hedging or pledging or confidential or proprietary information, or the Grantee’s material violation of any other Firm policy as in effect from time to time, (f) the Grantee’s engaging in any act
or making any statement which impairs, impugns, denigrates, disparages or negatively reflects upon the name, reputation or business interests of the Firm or (g) the Grantee’s engaging in any conduct detrimental to the Firm. The
determination as to whether Cause has occurred shall be made by the Committee in its sole discretion and, in such case, the Committee also may, but shall not be required to, specify the date such Cause occurred (including by determining that a prior
termination of Employment was for Cause). Any rights the Firm may have hereunder and in any Award Agreement in respect of the events giving rise to Cause shall be in addition to the rights the Firm may have under any other agreement with a Grantee
or at law or in equity. 
 1.2.8    “Change in Control” means the consummation of a
merger, consolidation, statutory share exchange or similar form of corporate transaction involving GS Inc. (a “Reorganization”) or sale or other disposition of all or substantially all of GS Inc.’s assets to an entity that is not an
affiliate of GS Inc. (a “Sale”), that in each case requires the approval of GS Inc.’s shareholders under the law of GS Inc.’s jurisdiction of organization, whether for such Reorganization or Sale (or the issuance of
securities of GS Inc. in such Reorganization or Sale), unless immediately following such Reorganization or Sale, either: (a) at least 50% of the total voting power (in respect of the election of directors, or similar officials in the case of an
entity other than a corporation) of (i) the entity resulting from such Reorganization, or the entity which has acquired all or substantially all of the assets of GS Inc. in a Sale (in either case, the “Surviving Entity”), or
(ii) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, as such Rule is in effect on the date of the
adoption of The Goldman Sachs 1999 Stock Incentive Plan) of 50% or more of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the Surviving Entity (the
“Parent Entity”) is represented by GS Inc.’s securities (the “GS Inc. Securities”) that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such GS Inc.
Securities were converted pursuant to such Reorganization or Sale) or (b) at least 50% of the members of the board of directors (or similar officials in the case of an entity other than a corporation) of the Parent Entity (or, if there is no
Parent Entity, the Surviving Entity) following the consummation of the Reorganization or Sale were, at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale, individuals (the
“Incumbent Directors”) who either (i) were members of the Board on the Effective Date or (ii) became directors subsequent to the Effective Date and whose election or nomination for election was approved by a vote of

  
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at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of GS Inc.’s proxy statement in which such
persons are named as nominees for director). 
 1.2.9    “Client” means any client or
prospective client of the Firm to whom the Grantee provided services, or for whom the Grantee transacted business, or whose identity became known to the Grantee in connection with the Grantee’s relationship with or employment by the Firm. 

1.2.10    “Code” means the Internal Revenue Code of 1986, as amended from time to time,
and the applicable rulings and regulations thereunder. 
 1.2.11    “Committee” means
the committee appointed by the Board to administer the Plan pursuant to Section 1.3. Unless otherwise determined by the Board, the Committee shall be the Compensation Committee of the Board subject to any allocation or delegation of powers,
responsibilities or duties permitted under Section 1.3.2. 
 1.2.12    “Common
Stock” means common stock of GS Inc., par value $0.01 per share. 

1.2.13    “Competitive Enterprise” means an existing or planned business enterprise that
(a) engages, or may reasonably be expected to engage, in any activity, (b) owns or controls, or may reasonably be expected to own or control, a significant interest in any entity that engages in any activity, or (c) is, or may
reasonably be expected to be, owned by, or a significant interest in which is, or may reasonably be expected to be, owned or controlled by, any entity that engages in any activity that, in any case, competes or will compete anywhere with any
activity in which the Firm is engaged. The activities covered by this definition include, without limitation, financial services such as investment banking; public or private finance; lending; financial advisory services; private investing for
anyone other than the Grantee and members of the Grantee’s family (including for the avoidance of doubt, any type of proprietary investing or trading); private wealth management; private banking; consumer or commercial cash management;
consumer, digital or commercial banking; merchant banking; asset, portfolio or hedge fund management; insurance or reinsurance underwriting or brokerage; property management; or securities, futures, commodities, energy, derivatives, currency or
digital asset brokerage, sales, lending, custody, clearance, settlement or trading. 

1.2.14    “Conflicted Employment” means the Grantee’s employment at any U.S. Federal,
state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization,
or any other employer determined by the Committee, if, as a result of such employment, the Grantee’s continued holding of any Outstanding Award would result in an actual or perceived conflict of interest. 

  
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 1.2.15    “Date of Grant” means the
date specified in the Grantee’s Award Agreement as the date of grant of the Award. 

1.2.16    “Dividend Equivalent Right” means a dividend equivalent right granted under the
Plan, which represents an unfunded and unsecured promise to pay to the Grantee (including, to the extent permitted under applicable law, through credit of additional Phantom Units) amounts equal to all or any portion of the regular cash dividend or
other similar distribution that would be paid on Fund Units covered by an Award if such Fund Units had been delivered pursuant to an Award. 

1.2.17    “Effective Date” means the date set forth in Section 3.13 hereof. 

1.2.18    “Employment” means the Grantee’s performance of services for the Firm, as
determined by the Committee. The terms “employ” and “employed” shall have their correlative meanings. The Committee in its sole discretion may determine (a) whether and when a Grantee’s leave of absence results in a
termination of Employment (for this purpose, unless the Committee determines otherwise, a Grantee shall be treated as terminating Employment with the Firm upon the occurrence of an Extended Absence), (b) whether and when a change in a Grantee’s
association with the Firm results in a termination of Employment and (c) the impact, if any, of any such leave of absence or change in association on Awards theretofore made. Unless expressly provided otherwise, any references in the Plan or
any Award Agreement to a Grantee’s Employment being terminated shall include both voluntary and involuntary terminations. 

1.2.19    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, and the applicable rules and regulations thereunder. 
 1.2.20    “Extended
Absence” means the Grantee’s inability to perform for six (6) continuous months, due to illness, injury or pregnancy-related complications, substantially all the essential duties of the Grantee’s occupation, as determined by
the Committee. 
 1.2.21    “Fair Market Value” means, with respect to a Fund Unit on
any day, the fair market value as determined based on the publicly-reported per share or unit price of the Fund, or, if not applicable or appropriate, in accordance with a valuation methodology approved by the Global Head of Reward in consultation
with GSAM leadership. 
 1.2.22    “FINRA” means the Financial Industry Regulatory
Authority. 
 1.2.23    “Firm” means GS Inc. and its subsidiaries and affiliates. 

1.2.24    “Fund” means, with respect to an Award, the investment fund(s), other investment
vehicle(s) or other entity designated as such in the Award Statement from time to time. 

  
 -4- 

 1.2.25    “Fund Interest” means, with
respect to an Award, the interest in a Fund, of the class, series and/or other designation, designated as such in the Award Statement from time to time. 

1.2.26    “Fund Unit” means, with respect to an Award, and without limitation on
Section 1.3.1, (a) if the Fund Interests underlying the Award are denominated in units or shares, one such unit or share, respectively, or (b) such other measurement of a Fund Interest in a Fund as determined by the Committee and
described in the Award Statement from time to time. 
 1.2.27    “Good Reason” means, in
connection with a termination of employment by a Grantee following a Change in Control, (a) as determined by the Committee, a materially adverse alteration in the Grantee’s position or in the nature or status of the Grantee’s
responsibilities from those in effect immediately prior to the Change in Control or (b) the Firm’s requiring the Grantee’s principal place of Employment to be located more than seventy-five (75) miles from the location where the
Grantee is principally Employed at the time of the Change in Control (except for required travel on the Firm’s business to an extent substantially consistent with the Grantee’s customary business travel obligations in the ordinary course
of business prior to the Change in Control). 
 1.2.28    “Governing Documents”
means, with respect to a Fund, collectively, the organizational documents of the Fund and all other documents governing the rights and responsibilities of a holder of an interest in the Fund, on the one hand, and the Fund and/or other holders of
interests in the Fund, on the other hand, each as in effect from time to time. 

1.2.29    “Grantee” means a person who receives an Award. 

1.2.30    “GS Inc.” means The Goldman Sachs Group, Inc., and any successor thereto. 

1.2.31    “New York Stock Exchange” means the New York Stock Exchange, Inc. and any
successor exchange or trading market that is the principal trading market for the Common Stock. 

1.2.32    “Outstanding” means any Award to the extent it has not been forfeited, canceled,
terminated or with respect to which full payment has not been previously made. 

1.2.33    “Payment Date” means each date specified in the Grantee’s Award Agreement
as a payment date. 
 1.2.34    “Phantom Units” means an Award of phantom Fund Units
granted under the Plan, which represents an unfunded and unsecured promise of GS Inc. to pay, unless otherwise determined by the Committee, a cash amount equal in value to the Fair 

  
 -5- 

 
Market Value of a specified number of Fund Units in accordance with the terms of the Phantom Unit Award Agreement, and which may be subject to certain forfeiture provisions and/or other terms and
conditions specified herein and in the Phantom Unit Award Agreement. 
 1.2.35    “Plan”
means The Goldman Sachs Asset Management Performance Plan (2019), as described herein and as hereafter amended from time to time. 

1.2.36    “Retirement” means termination of the Grantee’s Employment (other than for
Cause) on or after the Date of Grant at a time when (i) (A) the sum of the Grantee’s age plus years of service with the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) the Grantee has
completed at least 10 years of service with the Firm (as determined by the Committee in its sole discretion) or, if earlier, (ii) (A) the Grantee has attained age 50 and (B) the Grantee has completed at least five years of service with the
Firm (as determined by the Committee in its sole discretion). 

1.2.37    “Section 409A” means Section 409A of the Code, including
any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. 

1.2.38    “SIP Administrator” means each person designated by the Committee as a “SIP
Administrator” with the authority to perform day-to-day administrative functions for the Plan. 

1.2.39    “SIP Committee” means the persons who have been delegated certain authority
under the Plan by the Committee. 
 1.2.40    “Solicit” means any direct or indirect
communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, suggesting, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action. 

1.2.41    “Vested” means, with respect to an Award, the portion of the Award that is not
subject to a condition that the Grantee remain actively employed by the Firm in order for the Award to remain Outstanding. The fact that an Award becomes Vested shall not mean or otherwise indicate that the Grantee has an unconditional or
nonforfeitable right to such Award, and such Award shall remain subject to such terms, conditions and forfeiture provisions as may be provided for in the Plan or in the Award Agreement. 

1.2.42    “Vesting Date” means each date specified in the Grantee’s Award Agreement
as a date on which part or all of an Award becomes Vested. 

  
 -6- 

	1.3	 Administration 

1.3.1    The Committee shall have complete control over the administration of the Plan and shall have the
authority in its sole discretion to (a) exercise all of the powers granted to it under the Plan, (b) construe, interpret and implement the Plan and all Award Agreements, (c) prescribe, amend and rescind rules and regulations relating
to the Plan, including rules governing its own operations, (d) make all determinations necessary or advisable in administering the Plan, (e) correct any defect, supply any omission and reconcile any inconsistency in the Plan,
(f) amend the Plan to reflect changes in applicable law (whether or not the rights of the Grantee of any Award are adversely affected, unless otherwise provided in such Grantee’s Award Agreement), (g) grant Awards and determine who shall
receive Awards, when such Awards shall be granted and the terms of such Awards, including setting forth provisions with regard to termination of Employment, such as termination of Employment for Cause or due to death, Conflicted Employment, Extended
Absence, or Retirement, (h) unless otherwise provided in an Award Agreement, amend any outstanding Award Agreement in any respect, whether or not the rights of the Grantee of such Award are adversely affected, including, without limitation, to
(1) accelerate the time or times at which the Award becomes Vested, (2) accelerate the time or times at which payment in respect of an Award is made, (3) waive or amend any goals, restrictions or conditions set forth in such Award
Agreement, or impose new goals, restrictions and conditions, (4) freeze the amount payable under the Award, or (5) reflect a change in applicable law or the Grantee’s circumstances (e.g., a change to part-time employment status or a
change in position, duties or responsibilities) and (i) determine at any time whether, to what extent and under what circumstances and method or methods (1) Awards may be (A) settled in cash, securities (including shares of Common
Stock), other Awards or other property (in which event, the Committee may specify what other effects such settlement will have on the Grantee’s Award, including the effect on any repayment provisions under the Plan or Award Agreement) or
(B) canceled, forfeited or suspended, (2) cash, securities (including shares of Common Stock), other Awards or other property and other amounts payable with respect to an Award may be deferred either automatically or at the election of the
Grantee thereof or of the Committee and (3) Awards may be settled by GS Inc., any of its subsidiaries or affiliates or any of its or their designees. 

1.3.2    Actions of the Committee may be taken by the vote of a majority of its members present at a
meeting (which may be held telephonically). Any action may be taken by a written instrument signed by a majority of the Committee members, and action so taken shall be fully as effective as if it had been taken by a vote at a meeting. The
determination of the Committee on all matters relating to the Plan or any Award Agreement shall be final, binding and conclusive. The Committee may allocate among its members and delegate to any person who is not a member of the Committee or to any
administrative group within the Firm, including the SIP Committee, the SIP Administrators or any of them, any of its powers, responsibilities or duties. 

  
 -7- 

 1.3.3    Notwithstanding anything to the contrary
contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein. 

1.3.4    No Liability 

No member of the Board or the Committee or any employee of the Firm (each such person, a “Covered Person”) shall have any liability
to any person (including any Grantee) for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award. Each Covered Person shall be indemnified and held harmless by GS Inc. against and from
(a) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a
party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (b) any and all amounts paid by such Covered Person, with GS Inc.’s approval, in
settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that GS Inc. shall have the right, at its own expense, to assume and defend any such
action, suit or proceeding and, once GS Inc. gives notice of its intent to assume the defense, GS Inc. shall have sole control over such defense with counsel of GS Inc.’s choice. The foregoing right of indemnification shall not be available to
a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the
indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be
entitled under GS Inc.’s Restated Certificate of Incorporation, as may be amended from time to time, or Amended and Restated Bylaws, as may be amended from time to time, as a matter of law, or otherwise, or any other power that GS Inc. may have
to indemnify such persons or hold them harmless. 
  

	1.4	 Persons Eligible for Awards 

Awards under the Plan may be made to such current, former (solely with respect to their final year of service) and prospective officers,
directors, employees, consultants and other individuals who may perform services to one or more GSAM mutual funds, as designated and approved by the Global Head of Reward in consultation with GSAM leadership. 

 

	1.5	 Types of Awards Under Plan 

Awards may be made under the Plan in the form of (a) Phantom Unit Awards and (b) other Fund Unit-based or Fund Unit-related Awards
that the Committee determines are consistent with the purpose of the Plan and the interests of GSAM and/or the Firm. 

  
 -8- 

	1.6	 Fund Units Available for Awards 

Except as may be provided in the Governing Documents or under the terms of any applicable Award Agreement, there will be no limit on the number
or the value of Fund Units that may be subject to Awards (whether at grant or otherwise) to any individual or in the aggregate under the Plan or on the amount of Fund Units that may be delivered pursuant to any Outstanding Award. 

ARTICLE II 
 AWARDS
UNDER THE PLAN 
  

	2.1	 Agreements Evidencing Awards 

Each Award granted under the Plan shall be evidenced by an Award Agreement, which shall contain such provisions and conditions as the Committee
deems appropriate (and which may incorporate by reference some or all of the provisions of the Plan). The Committee may grant Awards in tandem with or in substitution for any other Award or Awards granted under this Plan or any award granted under
any other plan of the Firm. By accepting an Award pursuant to the Plan, a Grantee thereby agrees that the Award shall be subject to all of the terms and provisions of the Plan, the applicable Award Agreement and any Governing Documents. 

 

	2.2	 No Rights with Respect to Fund 

No Grantee (or other person having rights pursuant to an Award) shall have any of the rights of a holder of the Fund Units underlying the
Award. 
  

	2.3	 No Investment Obligation. 

The Firm has no obligation to invest amounts corresponding to a Grantee’s Award (including, without limitation, in the Fund corresponding
to a Phantom Unit). If the Firm invests amounts corresponding to Awards in any Fund, such investment shall not confer on the Grantee any right or interest in such Fund. The Grantee will have no ownership or other interest in any financial or other
instrument or arrangement that GS Inc. may acquire or enter into to hedge its obligations under the Plan. 
  

	2.4	 Phantom Unit Awards 

2.4.1    Grant. The Committee may grant Awards of Phantom Units in such amounts and subject to such
terms and conditions as the Committee may determine. A Grantee of a Phantom Unit has only the rights of a general unsecured creditor of GS Inc. until payment in respect of the Fund Unit is made as specified in the applicable Award Agreement, and
shall not have any rights as a shareholder of GS Inc., or otherwise as a limited partner, shareholder, member or other investor in the applicable Fund corresponding to such Phantom Units. 

  
 -9- 

 2.4.2    Payment. Unless otherwise determined by
the Committee, or as otherwise provided in the applicable Award Agreement, and except as provided in Sections 3.3, 3.4, 3.9 and 3.15.3, and subject to Section 3.2, an amount in cash equal to the Fair Market Value of the underlying Fund
Unit (determined on a date identified by the Firm, which may be the Payment Date or such other date that may be necessary as determined by the Committee) multiplied by the corresponding number or percentage of Phantom Units specified in the
Grantee’s Award Agreement with respect to the Grantee’s then Outstanding Vested Phantom Units shall be calculated and shall be paid to the Grantee on a date that is not more than 30 Business Days following the Payment Date. No payment in
respect of Fund Units underlying a Grantee’s Phantom Units shall be made unless the Grantee has timely returned all required documentation specified in the Grantee’s Award Agreement or as otherwise determined by the Committee or the SIP
Administrator. 
 2.4.3    Repayment if Conditions Not Met. If the Committee determines that all
terms and conditions of the Plan and a Grantee’s Phantom Unit Award Agreement in respect of a payment under such Phantom Units were not satisfied, then the Grantee shall be obligated, immediately upon demand therefor, to pay the Firm an amount
equal to the cash paid with respect to the Phantom Units, without reduction for any amounts applied to satisfy withholding tax or other obligations in respect of such Phantom Units. 

 

	2.5	 Other Fund-Unit Based or Fund Unit-Related Awards 

The Committee may grant additional or other types of Fund Unit-based or Fund Unit-related Awards (including the grant or offer for sale of
unrestricted Fund Units) in such amounts and subject to such terms and conditions as the Committee shall determine. Such Awards may entail the transfer of actual Fund Units to Plan participants, or payment in cash or otherwise of amounts based on
the value of Fund Units, and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

 

	2.6	 Dividend Equivalent Rights 

2.6.1    Grant. The Committee may grant, either alone or in connection with any other Award, a
Dividend Equivalent Right. 
 2.6.2    Payment. The Committee shall determine whether payments in
connection with a Dividend Equivalent Right shall be made in cash, other securities, through credit of additional Phantom Units (to the extent permitted under applicable law), or in another form, the time or times at which they shall be made and
such other terms and conditions as the Committee shall deem appropriate. No payments will be made in respect of any Dividend Equivalent Right at a time when any performance-based goals that apply to the Dividend Equivalent Right or Award that is
granted in connection with a Dividend Equivalent Right have not been satisfied (as determined by the Firm in its sole discretion). 

  
 -10- 

 2.6.3    Repayment if Conditions Not Met. If the
Committee determines that all terms and conditions of the Plan and a Grantee’s Award Agreement in respect of which a Dividend Equivalent Right was granted were not satisfied (including the terms and conditions of any other Award that was
granted in connection with the Dividend Equivalent Right), then the Grantee shall be obligated to pay the Firm immediately upon demand therefor, any payments in connection with such Dividend Equivalent Right (and, if such payments in respect of the
Dividend Equivalent Right were made in a form other than cash, as determined by the Firm in its sole discretion, either return to the Firm the property paid in respect of such Dividend Equivalent Right or an amount equal to the Fair Market Value of
such payment determined at the time of payment), without reduction for any amount applied to satisfy withholding tax or other obligations in respect of such payments. 

ARTICLE III 

MISCELLANEOUS 
  

	3.1	 Amendment of the Plan or Award Agreement 

Unless otherwise provided in the Plan or in an Award Agreement, the Board may from time to time suspend, discontinue, revise or amend the Plan
in any respect whatsoever, including in any manner that adversely affects the rights, duties or obligations of any Grantee of an Award. 
  

	3.2	 Tax Withholding 

As a condition to payment in respect of any Award, or in connection with any other event that gives rise to a Federal or other governmental tax
withholding obligation on the part of the Firm relating to an Award (including, without limitation, FICA tax), (a) the Firm may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to the Grantee, whether or not
pursuant to the Plan, (b) the Committee shall be entitled to require that the Grantee remit cash to the Firm (through payroll deduction or otherwise) or (c) the Firm may enter into any other suitable arrangements to withhold, in each case
in an amount sufficient in the opinion of the Firm to satisfy such withholding obligation. 
  

	3.3	 Required Consents and Legends 

3.3.1    If the Committee shall at any time determine that any consent (as hereinafter defined) is
necessary or desirable as a condition of, or in connection with, the granting of any Award or the payment of any cash under the Plan, or the taking of any other action thereunder (each such action being hereinafter referred to as a “plan
action”), then such plan action shall not be taken, in whole or in part, unless and until such consent shall have been effected or obtained to the full satisfaction of the Committee. 

  
 -11- 

 3.3.2    By accepting an Award, each Grantee shall have
expressly provided consent to the items described in Section 3.3.3(d) hereof. 
 3.3.3    The term
“consent” as used herein with respect to any plan action includes (a) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any Federal, state or local law, or law, rule or
regulation of a jurisdiction outside the United States, (b) any and all written agreements and representations by the Grantee with respect to any matter, which the Committee may deem necessary or desirable to comply with the terms of any such
listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made, (c) any and all other consents, clearances and approvals in respect of a plan action by any
governmental or other regulatory body or any stock exchange or self-regulatory agency, (d) any and all consents by the Grantee to (i) the Firm’s supplying to any third party recordkeeper of the Plan such personal information as the
Committee deems advisable to administer the Plan and (ii) the Firm’s deducting amounts from the Grantee’s wages, or another arrangement satisfactory to the Committee, to reimburse the Firm for advances made on the Grantee’s
behalf to satisfy certain withholding and other tax obligations in connection with an Award and (e) any and all consents or authorizations required to comply with, or required to be obtained under, applicable local law or otherwise required by
the Committee. 
  

	3.4	 Right of Offset 

The Firm shall have the right to offset against its obligation to (i) pay cash or (ii) pay dividends or make payments under Dividend
Equivalent Rights (granted alone or in connection with any Award), in each case, under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment
obligations under any Awards, or amounts repayable to the Firm pursuant to tax equalization, housing, automobile or other employee programs) the Grantee then owes to the Firm and any amounts the Committee otherwise deems appropriate pursuant to any
tax equalization policy or agreement. 
  

	3.5	 Nonassignability 

3.5.1    Except to the extent otherwise expressly provided in the applicable Award Agreement and Sections
3.5.2 and 3.5.3 below, no Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through
the use of any cash-settled instrument), whether voluntarily or involuntarily, other than by will or by the laws of descent and distribution, and all such Awards (and any rights thereunder) shall be exercisable during the life of the Grantee only by
the Grantee or the Grantee’s legal representative. Notwithstanding the preceding sentence, the Committee may permit, under such terms and conditions that it 

  
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deems appropriate in its sole discretion, a Grantee to transfer any Award to any person or entity that the Committee so determines. Any sale, exchange, transfer, assignment, pledge,
hypothecation, fractionalization, hedge or other disposition in violation of the provisions of this Section 3.5 shall be void. All of the terms and conditions of this Plan and the Award Agreements shall be binding upon any permitted successors
and assigns. 
 3.5.2    The Committee may adopt procedures pursuant to which some or all Grantees of
Phantom Units may transfer some or all of their Phantom Units, in each case, which shall continue to be subject to the same terms and conditions on such Award, through a gift for no consideration to any immediate family member (as determined
pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% (or such lesser amount as determined by the Committee from time to time) of the beneficial interest (as
determined pursuant to the procedures). 
 3.5.3    The Committee may adopt procedures pursuant to which
a Grantee may be permitted to specifically bequeath some or all of the Grantee’s Outstanding Phantom Units under the Grantee’s will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar
charitable organization as may be approved by the Committee). 
  

	3.6	 Change in Control 

3.6.1    The Committee may provide in any Award Agreement for provisions relating to a Change in Control,
including, without limitation, the acceleration of the vesting or payment of, or the lapse of restrictions or deemed satisfaction of goals with respect to, any Outstanding Awards; provided, however, that, in addition to any conditions provided for
in the Award Agreement, any acceleration of the vesting or payment of, or the lapse of restrictions or deemed satisfaction of goals with respect to, any Outstanding Awards in connection with a Change in Control may occur only if (i) the Change
in Control occurs and (ii) the Grantee’s Employment is terminated by the Firm without Cause or by the Grantee for Good Reason within 18 months following such Change in Control. 

3.6.2    Unless otherwise provided in the applicable Award Agreement and except as otherwise determined by
the Committee, in the event of a merger, consolidation, mandatory share exchange or other similar business combination of GS Inc. with or into any other entity (“successor entity”) or any transaction in which another person or entity
acquires all of the issued and outstanding Common Stock of GS Inc., or all or substantially all of the assets of GS Inc., Outstanding Awards may be assumed or a substantially equivalent Award may be substituted by such successor entity or a parent
or subsidiary of such successor entity, and such an assumption or substitution shall not be deemed to violate this Plan or any provision of any Award Agreement. 

  
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	3.7	 Other Conditions to Awards 

Unless the Committee determines otherwise, the Grantee’s rights in respect of all of his or her Outstanding Awards (whether or not Vested)
shall immediately terminate and such Awards shall cease to be Outstanding if: (a) the Grantee attempts to have any dispute under the Plan or his or her Award Agreement resolved in any manner that is not provided for by Section 3.15, (b)
the Grantee in any manner, directly or indirectly, (1) Solicits any Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm or (2) interferes with or damages (or attempts to
interfere with or damage) any relationship between the Firm and any Client or (3) Solicits any person who is an employee of the Firm to resign from the Firm or to apply for or accept employment with any Competitive Enterprise, (c) the
Grantee fails to certify to GS Inc., in accordance with procedures established by the Committee, that the Grantee has complied, or the Committee determines that the Grantee in fact has failed to comply, with all the terms and conditions of the Plan
or Award Agreement, (d) any event constituting Cause occurs with respect to the Grantee, (e) the Committee determines that the Grantee failed to meet, in any respect, any obligation the Grantee may have under any agreement between the
Grantee and the Firm, or any agreement entered into in connection with the Grantee’s Employment with the Firm or the Grantee’s Award, (f) as a result of any action brought by the Grantee, it is determined that any of the terms or
conditions for payment of cash in respect of an Award are invalid or (g) the Grantee’s Employment terminates for any reason or the Grantee is otherwise no longer actively Employed with the Firm and an entity to which the Grantee provides
services grants the Grantee cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Award. By accepting payment of cash in respect of an Award, payment in respect of Dividend Equivalent
Rights or any other payment under this Plan, the Grantee shall be deemed to have represented and certified at such time that the Grantee has complied with all the terms and conditions of the Plan and the Award Agreement. 

 

	3.8	 Right of Discharge Reserved 

Neither the grant of an Award nor any provision in the Plan or in any Award Agreement shall confer upon any Grantee the right to continued
Employment by the Firm or affect any right that the Firm may have to terminate or alter the terms and conditions of the Grantee’s Employment. 
  

	3.9	 Nature and Form of Payments 

3.9.1    Any and all grants of Awards and payments of cash (or deliveries of other securities or property)
under the Plan shall be in consideration of services performed or to be performed for the Firm by the Grantee. Awards under the Plan may, in the sole discretion of the Committee, be made in substitution in whole or in part for cash or other
compensation otherwise payable to an Employee. Without limitation on Section 1.3 hereof, unless otherwise specifically provided in an Award Agreement or by applicable law, the Committee shall be permitted with respect to any or all Awards to
exercise all of the rights described in Sections 1.3.1(h) and 1.3.1(i). 

  
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 3.9.2    All grants of Awards and payments of cash under
the Plan shall constitute a special discretionary incentive payment to the Grantee and shall not be required to be taken into account in computing the amount of salary or compensation of the Grantee for the purpose of determining any contributions
to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Firm or under any agreement with the Grantee, unless the Firm specifically provides otherwise. 

 

	3.10	 Non-Uniform Determinations 

None of the Committee’s determinations under the Plan and Award Agreements need to be uniform and any such determinations may be made by
it selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among other things,
to make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to
receive Awards, (b) the terms and provisions of Awards and (c) whether a Grantee’s Employment has been terminated for purposes of the Plan. 
  

	3.11	 Other Payments or Awards 

Nothing contained in the Plan shall be deemed in any way to limit or restrict the Firm from making any award or payment to any person under any
other plan, arrangement or understanding, whether now existing or hereafter in effect. 
  

	3.12	 Plan Headings; References to Laws, Rules or Regulations 

The headings in this Plan are for the purpose of convenience only, and are not intended to define or limit the construction of the provisions
hereof. 
 Any reference in this Plan to any law, rule or regulation shall be deemed to include any amendments, revisions or successor
provisions to such law, rule or regulation. 
  

	3.13	 Date of Adoption and Term of Plan 

The Plan was adopted by the SIP Committee, effective as of the fiscal year commencing on January 1, 2019. The Board reserves the right to
terminate the Plan at any time. All Awards made under the Plan prior to the termination of the Plan shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable
Award Agreements. 
  

	3.14	 Governing Law 

ALL RIGHTS AND OBLIGATIONS UNDER THE
PLAN AND EACH AWARD AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO PRINCIPLES OF CONFLICT OF LAWS. 

  
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	3.15	 Arbitration 

3.15.1    Unless otherwise specified in an applicable Award Agreement, it shall be a condition of each
Award that any dispute, controversy or claim between the Firm and a Grantee, arising out of or relating to or concerning the Plan or applicable Award Agreement, shall be finally settled by arbitration in New York City before, and in accordance with
the rules then obtaining of, FINRA, or, if FINRA declines to arbitrate the matter in New York City (or if the matter otherwise is not arbitrable by it), the AAA in accordance with the commercial arbitration rules of the AAA. Prior to arbitration,
all claims maintained by the Grantee must first be submitted to the Committee in accordance with any claims procedures as may be determined by the Committee. Any arbitration decision and/or award will be final and binding upon the parties and may be
entered as a judgment in any appropriate court. Notwithstanding any applicable forum rules to the contrary, to the extent there is a question of enforceability of this Agreement arising from a challenge to the arbitrator’s jurisdiction or to
the arbitrability of a claim, such question shall be decided by a court and not an arbitrator. 

3.15.2    Unless otherwise specified in an applicable Award Agreement, it shall be a condition of each
Award that the Firm and the Grantee irrevocably submit to the exclusive jurisdiction of any state or Federal court located in the City of New York over any suit, action or proceeding arising out of or relating to or concerning the Plan or the
Award that is not otherwise arbitrated or resolved according to Section 3.15.1. This includes any suit, action or proceeding to compel arbitration or to enforce an arbitration award. By accepting an Award, the Grantee acknowledges that the
forum designated by this Section 3.15.2 has a reasonable relation to the Plan, any applicable Award and to the Grantee’s relationship with the Firm. Notwithstanding the foregoing, nothing herein shall preclude the Firm from bringing any
suit, action or proceeding in any other court for the purpose of enforcing the provisions of this Section 3.15 or otherwise. 

3.15.3    Unless otherwise specified in an applicable Award Agreement, the agreement by the Grantee and the
Firm as to forum is independent of the law that may be applied in the suit, action or proceeding and the Grantee and the Firm agree to such forum even if the forum may under applicable law choose to apply
non-forum law. By accepting an Award, (a) the Grantee waives, to the fullest extent permitted by applicable law, any objection which the Grantee may have to personal jurisdiction or to the laying of venue
of any such suit, action or proceeding in any court referred to in Section 3.15.2, (b) the Grantee undertakes not to commence any action arising out of or relating to or concerning any Award in any forum other than a forum described in
this Section 3.15 and (c) the Grantee agrees that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court
shall be conclusive and binding upon the Grantee and the Firm. 
 3.15.4    Unless otherwise specified in
an applicable Award Agreement, by accepting an Award, the Grantee irrevocably appoints each General Counsel of GS Inc., or any person whom an General Counsel of GS Inc. designates, as his or her agent for

  
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service of process in connection with any suit, action or proceeding arising out of or relating to or concerning this Plan or any Award which is not arbitrated pursuant to the provisions of
Section 3.15.1, who shall promptly advise the Grantee of any such service of process. 

3.15.5    Unless otherwise specified in an applicable Award Agreement, by accepting an Award, the Grantee
agrees to keep confidential the existence of, and any information concerning, a dispute, controversy or claim described in this Section 3.15, except that the Grantee may disclose information concerning such dispute, controversy or claim to the
arbitrator or court that is considering such dispute, controversy or claim or to his or her legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute,
controversy or claim). 
 3.15.6    By accepting an Award, Grantee agrees to arbitrate all claims as
described in this Section 3.15, in accordance with the arbitration procedure set forth in this Section 3.15, provided that nothing herein shall limit any right or obligation under applicable law or Firm policy to provide truthful
information to the appropriate judicial, regulatory, administrative, or governmental authority, or preclude a Grantee from filing a charge with or participating in any investigation or proceeding conducted by a governmental authority. Nothing herein
shall be construed as an agreement by either the Firm or Grantee to arbitrate claims on a collective or class basis. In addition, by accepting an Award, Grantee agrees that, to the fullest extent permitted by applicable law, no arbitrator shall have
the authority to consider class or collective claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved. 

3.15.7    The Federal Arbitration Act governs interpretation and enforcement of all arbitration provisions
under the Plan and the applicable Award Agreement, and all arbitration proceedings thereunder. 

3.15.8    Notwithstanding any applicable forum rules to the contrary, to the extent there is a question of
enforceability of the provisions of the Plan or the applicable Award Agreement arising from a challenge to the arbitrator’s jurisdiction or to the arbitrability of a claim, it shall be decided by a court and not an arbitrator. 

3.15.9    Nothing in this Section 3.15 creates a substantive right to bring a claim under U.S.,
Federal, state or local employment laws. 
  

	3.16	 Severability; Entire Agreement 

If any of the provisions of this Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in
part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby; provided that, if any of such provisions is finally
held to be invalid, illegal or unenforceable because it exceeds the maximum scope 

  
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determined to be acceptable to permit such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such
provision enforceable hereunder. By accepting an Award, the Grantee acknowledges that the Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements,
promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. 
  

	3.17	 Waiver of Claims 

By accepting an Award, the Grantee recognizes and agrees that prior to being selected by the Committee to receive an Award he or she has no
right to any benefits under such Award. Accordingly, in consideration of the Grantee’s receipt of any Award, he or she expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any determination, action or
omission hereunder or under any Award Agreement by the Committee, the SIP Administrator, GS Inc. or the Board or any amendment to the Plan or any Award Agreement (other than an amendment to this Plan or an Award Agreement to which his or her consent
is expressly required by the express terms of an Award Agreement), and the Grantee expressly waives any claim related in any way to any Award including any claim based upon any promissory estoppel or other theory in connection with any Award and the
Grantee’s employment with the Firm. 
  

	3.18	 No Third Party Beneficiaries 

Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement shall confer on any person other than the Firm and
the Grantee of the Award any rights or remedies thereunder; provided that the exculpation and indemnification provisions of Section 1.3.4 shall inure to the benefit of a Covered Person’s estate, beneficiaries and legatees. 

 

	3.19	 Certain Fees and Expenses 

The Firm reserves the right to allocate to Grantees, in such manner as it deems appropriate, and Grantees may be required to pay to the Firm
any fees, expenses or other amounts that may be incurred by the Firm in connection with the Plan, including by reason of establishing and maintaining an escrow account on Grantee’s behalf. 

 

	3.20	 Payments 

3.20.1    Payment in respect of Awards under the Plan shall be made to the Grantee reasonably promptly
after the Payment Date or any other date such payment is called for, but in no case more than thirty (30) Business Days after such date. 

3.20.2    In the discretion of the Committee, the payment of cash or other property may be made initially
into an escrow account meeting such terms and conditions as are determined by the Firm and may be held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the

  
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Committee has determined that any other conditions or restrictions on payment required by this Award Agreement have been satisfied. The Firm may establish and maintain an escrow account on such
terms and conditions (which may include, without limitation, the Grantee’s (or the Grantee’s estate or beneficiary) executing any documents related to, and the Grantee (or the Grantee’s estate or beneficiary) paying for any costs
associated with, such account) as the Firm may deem necessary or appropriate. 
  

	3.21	 Coordination with Other Plans 

To the extent determined by the Committee, if a Grantee also is a participant in The Goldman Sachs Partner Compensation Plan (as it may be
amended from time to time, the “PCP”) for a fiscal year, the Grantee shall receive an Award under this Plan only to the extent that the amount payable to the Grantee under the PCP equals or exceeds the value of all Awards to the Grantee
under this Plan for such calendar year, unless otherwise determined by the Committee. To the extent determined by the Committee, any Awards granted in accordance with this Plan for any calendar year shall be in satisfaction of any amount payable to
the Grantee under the PCP. 
  

	3.22	 Successors and Assigns of GS Inc. 

The terms of this Plan shall be binding upon and inure to the benefit of GS Inc. and its successors and assigns. 

  
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