Document:

Exhibit 4.3

  

   

  

  
    
      
        
 

       

      

      Shareholders’ Agreement

      

      

      
        

      

      

      HB Energy Pty Ltd ACN 626 544 661

      

      

      Arthur  Phillip  Nominees  Pty Ltd ACN 111  862 358 as bare trustee for

      

      

      	

            	•	
              Fontelina Pty Ltd atf AAP trust ACN 145 837 845

            

      	

            	•	
              Proprietary and Fiduciary Services atf Arthur Phillip High Growth Trust

            

      	

            	•	
              Haxby Pty Ltd atf Poole Superannuation Fund

            

      

      

      Hunter Energy Pty Ltd ACN 624 824 791

      

      

      
        
          

        

      

      Table of contents

      

      

      
        

      

      

      
        
          

            	
                    Parties

                  	
                    1

                    

                  
	 	 	 	 
	
                    Background

                  	
                    1

                    

                  
	 	 	 	 
	
                    Agreed terms

                  	
                    2

                  
	 	 	 	 
	
                    1

                  	
                    Definitions and interpretation

                  	
                    2

                  
	 	
                    1.1

                  	
                    Definitions

                  	
                    2

                  
	 	
                    1.2

                  	
                    Interpretation

                  	
                    5

                  
	 	 	 	 
	
                    2

                  	
                    Objectives of the Company

                  	
                    5

                    

                  
	 	
                    2.1

                  	
                    Objectives of the Company

                  	
                    5

                    

                  
	 	
                    2.2

                  	
                    Shareholders' general commitments to the Company

                  	
                    6

                  
	 	 	 	 
	
                    3

                  	
                    Composition, proceedings and remuneration of the Board

                  	
                    6

                  
	 	
                    3.1

                  	
                    Board composition and meeting procedure

                  	
                    6

                    

                  
	 	
                    3.2

                  	
                    Decisions of the Board

                  	
                    7

                  
	 	
                    3.3

                  	
                    Directors to consider interests of Shareholders

                  	
                    7

                  
	 	
                    3.4

                  	
                    Directors' fees

                  	
                    7

                  
	 	 	 	 
	
                    4

                  	
                    Shareholders' meetings and resolutions

                  	
                    7

                  
	 	
                    4.1

                  	
                    Shareholders' meeting quorum

                  	
                    7

                  
	 	
                    4.2

                  	
                    If  no quorum is present

                  	
                    7

                  
	 	
                    4.3

                  	
                    Shareholder resolutions

                  	
                    8

                  
	 	 	 	 
	
                    5

                  	
                    Deadlocks

                  	
                    8

                  
	 	
                    5.1

                  	
                    Meaning of Deadlock

                  	
                    8

                  
	 	
                    5.2

                  	
                    Resolution of Deadlock

                  	
                    8

                  
	 	 	 	 
	
                    6

                  	
                    Dividends

                  	
                    8

                    

                  
	 	 	 	 
	
                    7

                  	
                    Issue  of Shares

                  	
                    9

                  
	 	
                    7.1

                  	
                    No obligation

                  	
                    9

                  
	 	
                    7.2

                  	
                    Offer to Shareholders

                  	
                    9

                  
	 	
                    7.3

                  	
                    Shareholder response to Offer

                  	
                    9

                  
	 	
                    7.4

                  	
                    Subscription by accepting Shareholder

                  	
                    9

                  
	 	
                    7.5

                  	
                    Allocation of Shares not taken up

                  	
                    9

                  
	 	
                    7.6

                  	
                    Excluded issues

                  	
                    10

                  
	 	
                    7.7

                  	
                    Deed of Accession

                  	
                    10

                  
	 	
                    7.8

                  	
                    Application to other Equity Securities

                  	
                    10

                  

            

            

            
              

            

            

            
              
                

                	
                        Shareholders' Agreement

                        

                      	
                        
                          i 

                          

                        

                      

              

              
                

              

            

            	8	Transfer of Shares	10
	 	
                    8.1

                  	
                    Restriction

                  	
                    10

                  
	 	
                    8.2

                  	
                    Permitted disposals

                  	
                    10

                  
	 	
                    8.3

                  	
                    Transfer Notice

                  	
                    11

                  
	 	
                    8.4

                  	
                    Entitlement of Recipient to the Sale Shares

                  	
                    11

                  
	 	
                    8.5

                  	
                    Response by Recipients

                  	
                    11

                  
	 	
                    8.6

                  	
                    Allocation of Sale Shares

                  	
                    11

                  
	 	
                    8.7

                  	
                    If Recipients agree to buy all Sale Shares

                  	
                    12

                  
	 	
                    8.8

                  	
                    Sale to a Third Party Buyer

                  	
                    12

                  
	 	
                    8.9

                  	
                    Deed of Accession

                  	
                    12

                  
	 	
                    8.10

                  	
                    No revocation

                  	
                    12

                  
	 	
                    8.11

                  	
                    Application to Equity Securities

                  	
                    12

                  
	 	 	 	 
	
                    9

                  	
                    Drag along right

                  	
                    12

                  
	 	
                    9.1

                  	
                    Drag along right

                  	
                    12

                  
	 	
                    9.2

                  	
                    Obligation to complete

                  	
                    13

                  
	 	 	 	 
	
                    10

                  	
                    Tag aIong right

                  	
                    13

                  
	 	
                    10.1

                  	
                    Tag along right

                  	
                    13

                  
	 	
                    10.2

                  	
                    Restriction on sale if tag along

                  	
                    13

                  
	 	
                    10.3

                  	
                    No sale if Buyer refuses to buy Recipient's Shares

                  	
                    13

                  
	 	 	 	 
	
                    11

                  	
                    Warranties

                  	
                    14

                  
	 	
                    11.1

                  	
                    Capacity and status

                  	
                    14

                  
	 	
                    11.2

                  	
                    Legal advice

                  	
                    14

                  
	 	 	 	 
	
                    12

                  	
                    Confidentiality and announcements

                  	
                    14

                  
	 	
                    12.1

                  	
                    Obligation to maintain confidentiality

                  	
                    14

                  
	 	
                    12.2

                  	
                    Disclosure to a prospective buyer

                  	
                    15

                  
	 	 	 	 
	
                    13

                  	
                    Termination

                  	
                    15

                  
	 	
                    13.1

                  	
                    Agreement terminates

                  	
                    15

                  
	 	
                    13.2

                  	
                    No prejudice to accrued rights and liabilities

                  	
                    15

                  
	 	
                    13.3

                  	
                    Certain clauses continue

                  	
                    15

                  
	 	 	 	 
	
                    14

                  	
                    Inconsistency with Constitution

                  	
                    15

                  
	 	 	 	 
	
                    15

                  	
                    Relationship between the parties

                  	
                    16

                  
	 	 	 	 
	16 

                  	General	16 

                  
	 	16.1	Amendments	16
	 	16.2	
                    Assignment

                  	16
	 	16.3	
                    Counterparts

                  	16
	 	16.4	
                    No merger

                  	16
	 	16.5	
                    Entire agreement

                  	16

             

            

            
              
                

                	
                        Shareholders' Agreement

                        

                      	
                        
                          ii 

                          

                        

                      

              

              
                

              

            

            
              	
                       

                    	
                      16.6

                    	
                      Further assurances

                    	
                      17

                    
	
                       

                    	
                      16.7

                    	
                      No waiver

                    	
                      17

                    
	
                       

                    	
                      16.8

                    	
                      Governing law and jurisdiction

                    	
                      17

                    
	
                       

                    	
                      16.9

                    	
                      Severability

                    	
                      17

                    
	
                       

                    	
                      16.10

                    	
                      Notice

                    	
                      17

                    
	
                       

                    	
                      16.11

                    	
                      Costs

                    	
                      18

                    
	
                      Schedule

                    	
                      19

                    
	
                       

                    	
                      Matters that require unanimous approval of HBE and Founders (clause 3.2(b))

                    	
                      19

                    
	
                      Execution

                    	
                      21

                    
	 	 
	
                      Annexure

                    	
                      23

                    
	
                       

                    	
                      Deed of Accession (clause 1.1)

                    	
                      23

                    

            

          

        

      

    

    

    

    
      
        

        	
                Shareholders' Agreement

                

              	
                
                  iii 

                  

                

              

      

      
        

      

    

    Shareholders'  Agreement
      

      

      Dated

      
        
 

      

      

      Parties

        

      

      
        
          	
                  HBE

                	
                  HB Energy Pty Ltd ACN 626  544  661

                
	
                   

                	
                  of Level 27, Suite 2, 1 O'Connell Street, Sydney NSW   2000

                
	
                   

                	
                   

                
	
                  APN

                	
                  Arthur Phillip Nominees Pty Ltd ACN 111  862   358

                
	
                   

                	
                  of Level 33, 52 Martin Place, Sydney NSW  2000

                
	
                   

                	
                   

                
	
                  Fontelina

                	
                  Fontelina Pty Ltd ACN 145 837 845  atf  AAP Trust

                
	
                   

                	
                  of Level 33, 52 Martin Place, Sydney NSW  2000

                
	
                   

                	
                   

                
	P&F	
                  Proprietary and Fiduciary Services Pty Ltd ACN 100908101 atf Arthur Phillip

                
	
                   

                	
                  High Growth Fund of Level 33, 52 Martin Place, Sydney NSW 2000

                
	 	 
	Haxby

                	
                  Haxby Pty Ltd c/- of Level 33, 52 Martin Place, Sydney NSW 2000

                
	 	 
	Company	Hunter Energy Pty Ltd ACN 624  824   791
	 	
                  of Level 33, 52 Martin Place, Sydney NSW  2000

                
	 	 

        

        

        

      

      
        Background

        

        

        	A	
                The Share Capital is held as follows:

              

        

        

        
          	
                  Name

                	
                  Shares

                	
                  Percentage

                
	
                  HBE

                	
                  20,666,666 fully paid ordinary shares

                	
                  25.00%

                
	 	 	 
	
                  APN

                	
                  60,000,0000 fully paid ordinary shares

                	
                  72.58%

                
	 	 	 
	
                  Others

                	
                  2,000,000

                	
                  2.42

                
	 	 	 
	
                  Total

                	
                  82,666,666 fully paid ordinary shares

                	
                  100.00%

                

        

        

        

        

        

        	B	
                In addition, the Company has 1,000,000 options on issue exercisable at $0.60 per option on or before 30 April 2023.

              

        

        

        	C	
                The parties agree the Company must carry on the Business, and the Company's affairs must be managed and controlled, on the terms of this document.

              

      

    

    

    

    
      
        

        	
                Shareholders' Agreement

                

              	
                
                  1 

                  

                

              

      

      
        

      

    

    
      
        Agreed terms

        

        

        	1	
                Definitions  and interpretation

              

        
          

        

        

        	1.1	
                Definitions

              

        

        

        In this document:

        

        

        
          	 	
                  Term

                	
                  Definition

                
	 	
                  Acceptance Notice

                	
                  has the meaning set out in clause 8.5.

                
	 	 	 
	 	
                  Acceptance Period

                	
                  has the meaning set out in clause 8.5.

                
	 	 	 
	 	
                  Affiliate

                	
                  means, in relation to a Shareholder:

                
	 	 	
                  (a)

                	
                  a person or company that Controls or is Controlled by the Shareholder; and

                
	 	 	
                  (b)

                	
                  a Related Body Corporate of the Shareholder

                
	 	 	
                  (c)

                	
                  a family member related to the controllers of the Shareholder; or

                
	 	 	
                  (d)

                	
                  for APN, P&F, Haxby and Fontelina, any of Warren Kember, James Myatt or Anthony Levi and related entities.

                
	 	 	 	 
	 	
                  Annual Business Plan and Budget

                	
                  means a program for carrying on the Business during a financial year consisting of:

                
	 	 	
                  (a)

                	
                  a business plan setting out proposed finance arrangements, capital expenditures, marketing plans and activities for carrying on the Business during that financial year; and

                
	 	 	
                  (b)

                	
                  a budget setting out an estimate of the income to be received and the expenses to be incurred in carrying out that business plan.

                
	 	 	 	 
	 	
                  Bankruptcy Act

                	
                  means Bankruptcy Act 1966 (Cth).

                
	 	 	 
	 	
                  Board

                	
                  means the Directors.

                
	 	 	 
	 	
                  Business

                	
                  means:

                
	 	 	
                  (a)

                	
                  the acquisition and recommissioning of the Redbank Power Station (151 MW) and the obtaining of all relevant rights to permit its operation with the  objective of producing an earnings before interest,
                    tax, depreciation and amortisation of approximately $20 million per annum followed by the addition of associated developments such as gas fired turbines, solar and other energy related opportunities in areas proximate to the Redbank
                    Power Station; and

                
	 	 	
                  (b)

                	
                  subject to clause 3.2(b), any other activity the Board decides will be carried on by the Company.

                
	 	 	 	 
	 	
                  Business Day

                	
                  means a day that is not a Saturday, Sunday or public holiday in Sydney.

                
	 	 	 
	 	
                  Buyer

                	
                  has the meaning set out in clause 8.3.

                
	 	 	 
	 	
                  Change of Control

                	
                  means, in relation to a Shareholder, an event where:

                

        

      

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    2 

                    

                  

                

        

        
          

        

      

      
        	 	Term	Definition  

              
	 	 	
                (a)

              	
                the person who Controls the Shareholder at the date when the Shareholder first became a Shareholder subsequently stops having Control; or

              
	 	 	
                (b)

              	
                a person who did not (directly or indirectly) effectively Control the Shareholder at the date when the Shareholder first became a Shareholder, either alone or together with others, acquires effective Control of the Shareholder.

              
	 	 	 	 
	 	
                Confidential Information

              	
                means the information, forms, specifications, processes, methodologies, statements, formulae, source codes, trade secrets, drawings and data (and copies, notes, reports and extracts made of or from that information and data) about any
                  of the following:

              
	 	 	
                (a)

              	
                the operations and dealings of the Business and a party;

              
	 	 	
                (b)

              	
                the organisation, finance, customers, markets, suppliers, plans, opportunities, intellectual property, technology and know-how of the Company, a Shareholder or any of their respective Related Bodies Corporate;

              
	 	 	
                (c)

              	
                the operations and transactions of a Shareholder about the Business and that Shareholder's Shareholding; and

              
	 	 	
                (d)

              	
                the existence, subject matter and contents of this document.

              
	 	 	 	 
	 	
                Constitution

              	
                means the constitution of the Company.

              
	 	 	 
	 	
                Control

              	
                has the same meaning given to it in section SOAA Corporations Act.

              
	 	 	 
	 	
                Corporations Act

              	
                means Corporations Act 2001 (Cth).

              
	 	 	 
	 	
                Deadlock

              	
                has the meaning set out in clause 5.1.

              
	 	 	 
	 	
                Deed of Accession

              	
                means a deed poll of accession in the form of the Annexure.

              
	 	 	 
	 	
                Directors

              	
                means the directors of the Company.

              
	 	 	 
	 	
                Drag Along Notice

              	
                has the meaning set out in clause 9.1.

              
	 	 	 
	 	
                Encumbrance

              	means:
	 	 	
                (a)

              	
                a security interest within the meaning of the Personal Property Securities Act 2009(Cth);

              
	 	 	
                (b)

              	
                any other mortgage, charge, pledge or lien or a preferential or adverse interest of any kind;

              
	 	 	
                (c)

              	
                a title retention arrangement;

              
	 	 	
                (d)

              	
                a right of any person to purchase, occupy or use assets (including under a hire purchase agreement, option, licence, lease, or agreement to purchase);

              
	 	 	
                (e)

              	
                a right to set-off or right to withhold payment of a deposit or other money;

              
	 	 	
                (f)

              	
                an easement, restrictive covenant, caveat or similar restriction over property (except, in the case of land, a covenant noted on the certificate of title to the land concerned);

              

      

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    3 

                    

                  

                

        

        
          

        

      

      
        	 	Term	Definition  
	 	 	
                (g)

              	
                an agreement to create any of the items referred to in paragraphs (a) to (f) above or to allow any of those items to exist;

              
	 	 	
                (h)

              	
                a notice under section 255 Income Tax Assessment Act 1936 (Cth), subdivision 260-A in schedule 1 Taxation Administration Act 1953 (Cth), or any similar legislation; or

              
	 	 	
                (i)

              	
                any other right (including under a trust or agency arrangement) of a creditor to have its claims satisfied before other creditors with, or from the proceeds of, or by recourse to any asset and includes any agreement, arrangement or
                  deed conferring that right.

              
	 	 	 	 
	 	
                Equity Securities

                 

              	
                means Shares and any preference shares, options, convertible notes, warrants or other securities convertible into Shares.

              
	 	 	 
	 	
                Excess Sale Shares

              	
                has the meaning set out in clause 8.6.

              
	 	 	 
	 	
                Founders

              	
                means each of APN, Fontelina, P&F and Haxby.

              
	 	 	 
	 	
                Key Agreements

              	
                means each of the following agreements:

              
	 	 	
                (a)

              	
                the Binding Option Agreement dated 18 December 2017 between Albertson Resources Pty Ltd ACN 135 851 213 and Biogreen Energy Pty Ltd ACN 608 060 984;

              
	 	 	
                (b)

              	
                the Option Nomination Deed dated on or about the date of this document between the Company, Albertson Resources Pty Ltd ACN 135 851 213 and Hunter Bay Partners Pty Ltd ACN 082 637 670; and

              
	 	 	
                (c)

              	
                the Asset Sale Agreement to be entered into between the Company and Biogreen Energy Pty Ltd ACN 608 060 984.

              
	 	 	 	 
	 	
                Offer

              	
                has the meaning set out in clause 7.2.

              
	 	 	 
	 	
                Over-acceptance

              	
                has the meaning set out in clause 7.3.

              
	 	 	 
	 	
                Over-accepting Shareholders

              	
                has the meaning set out in clause 7.5.

              
	 	 	 
	 	
                Recipient

              	
                has the meaning set out in clause 8.3.

              
	 	 	 
	 	
                Related Body Corporate

              	
                has the meaning given to that term by section 9 Corporations Act.

              
	 	 	 
	 	
                Respective Proportion

              	
                means:

              
	 	 	
                (a)

              	
                when  used about all Shareholders,  the  proportion which their respective Shareholding bears to the Share Capital; or

              
	 	 	
                (b)

              	
                when used about less than all of the Shareholders, the proportion which their respective Shareholding bears to those  Shareholders'  total Shareholdings.

              
	 	 	 	 
	 	
                Sale Shares

              	
                has the meaning set out in clause 8.3.

              
	 	 	 
	 	
                Seller

              	
                has the meaning set out in clause 8.3.

              
	 	 	 
	 	
                Share

              	
                means a share in the capital of the Company.

              

      

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    4 

                    

                  

                

        

        
          

        

      

      
        	 	Term	Definition
	 	
                Share Capital

              	
                means all of the Shares on issue.

              
	 	 	 
	 	
                Shareholder

              	
                means a shareholder of the Company.

              
	 	 	 
	 	
                Shareholding

              	
                means the Shares held by a Shareholder.

              
	 	 	 
	 	
                Tag Along Notice

              	
                has the meaning set out in clause 10.1.

              
	 	 	 
	 	
                Third Party Buyer

              	
                has the meaning set out in clause 8.8.

              
	 	 	 
	 	
                Transfer

              	
                means to sell, assign, transfer, convey or otherwise dispose of a legal or beneficial interest, including indirectly through a Change of Control.

              
	 	 	 
	 	
                Transfer Notice

              	
                has the meaning set out in clause 8.3.

              

      

      

      

      	1.2	
              Interpretation

            

      

      

      In this document:

      

      

      
        	

              	(a)	
                a reference to a clause, schedule, annexure or party is a reference to a clause of, and a schedule, annexure or party to, this document and references to this document include any schedules or annexures;

              

        

        

        	

              	(b)	
                a reference to a party to this document or any other document or agreement includes the party's successors, permitted substitutes and permitted assigns;

              

        

        

        	

              	(c)	
                if a word or phrase is defined, its other grammatical forms have a corresponding meaning;

              

        

        

        	

              	(d)	
                a reference to a document or agreement (including a reference to this document) is to that document or agreement as amended, supplemented, varied or replaced;

              

        

        

        	

              	(e)	
                a reference to this document includes the agreement recorded by this document;

              

        

        

        	

              	(f)	
                a reference to legislation or to a provision of legislation (including subordinate legislation) is to that legislation as amended, re-enacted or replaced, and includes any subordinate legislation issued under it;

              

        

        

        	

              	(g)	
                if any day on or by which a person must do something under this document is not a Business Day, then the person must do it on or by the next Business Day;

              

        

        

        	

              	(h)	
                a reference to a person includes a corporation, trust, partnership, unincorporated body, government and local authority or agency, or other entity whether or not it comprises a separate legal entity;

              

        

        

        	

              	(i)	
                a reference to 'month' means calendar month; and

              

        

        

        	

              	(j)	
                this document is not to be interpreted against the interests of a party merely because that party proposed this document or some provision in it or because that party relies on a provision of this document to protect itself.

              

      

       

      

      	2	
              Objectives of the Company

            

      
        

      
        

        

        	2.1	
                Objectives of the Company

              

        

        

        The objectives of the Company are to carry on the Business and develop the Business in accordance with the Annual Business Plan and Budget.

        

        

        
          
            

            	
                    Shareholders' Agreement

                    

                  	
                    
                      5 

                      

                    

                  

          

          
            

          

        

        	2.2	
                Shareholders' general commitments to the Company

              

        

        

        Each Shareholder must:

        

        

        	

              	(a)	
                (co-operate) co-operate and use the Shareholder's reasonable
                    endeavours to ensure that the Company successfully conducts the Business;

              

        

        

        	

              	(b)	
                (not delay actions) not unreasonably delay any action,
                    approval, direction or decision which  is required of  the Shareholder;

              

        

        

        	

              	(c)	
                (act in good faith) act in the best interests of the Company
                    and the conduct of the Business as a commercial venture; and

              

        

        

        	

              	(d)	
                (act faithfully) be just and faithful in the party's
                    activities and dealings with the other parties.

              

        

        

        	3	
                Composition, proceedings and remuneration of the Board

              

        
          

        

        

        	3.1	
                Board composition and meeting procedure

              

        

        

        Each Shareholder must exercise its rights as a holder of Shares to ensure that the Board composition and meeting procedures comply with the following and are otherwise consistent with the Constitution:

        

        

        	

              	(a)	
                (Shareholder entitlement to appoint Directors) the Founders
                    may collectively appoint and remove, by notice to the Company, two Directors and HBE may appoint and remove, by notice to the Company, one Director;

              

        

        

        	

              	(b)	
                (additional Directors) the Company may with the unanimous
                    approval of the Founders and HBE appoint additional Directors to those appointed under clause 3.1(a);

              

        

        

        	

              	(c)	
                (removal of appointed Directors) a Director appointed by a
                    Shareholder or Shareholders under clause 3.l(a) may only be removed by the appointing Shareholder or Shareholders;

              

        

        

        	

              	(d)	
                (chairman) the Founders must appoint a Director as chairman of
                    the Directors and, if the appointed chairman is absent or unwilling or unable to act, the Directors present at the meeting may appoint a Director to act as chairman of the meeting;

              

        

        

        	

              	(e)	
                (Board meeting quorum) the quorum for meetings of the Board is
                    three Directors, comprising at least two Directors appointed by the Founders and one Director appointed by HBE or their respective alternates;

              

        

        

        	

              	(f)	
                (if no quorum is present) if a quorum is not present at a
                    meeting of the Board within 30 minutes after the time stated in the notice of meeting, the meeting must be adjourned for five Business Days to the same time and place (with each Director being notified of the adjourned meeting) or to
                    another day, time and place agreed by all the Directors and at the reconvened meeting, if a quorum is not present within 30 minutes after the time appointed for the adjourned meeting, the meeting is dissolved;

              

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    6 

                    

                  

                

        

        
          

        

      

      	

            	(g)	
              (votes at Board meetings) at a Board meeting:

            

      

      

      	

            	(i)	
              each Director has one vote; and

            

      

      

      	

            	(ii)	
              the chairman shall have a casting vote in the event of a deadlock in addition to any vote the chairman has as
                  a Director; and

            

      

      

      	

            	(h)	
              (resolutions only on agenda items) at a Board meeting, the Board
                  may only resolve matters specifically referred to in the agenda issued for the meeting, unless all Directors (whether or not present at the meeting) resolve otherwise.

            

      

      

      	3.2	
              Decisions of the Board

            

      

      

      	

            	(a)	
              Subject to clause 3.2(b), a decision by the Board is by a simple majority vote other than a decision under clause 3.1(h) or 3.4.

            

      

      

      	

            	(b)	
              Notwithstanding any other provision of this document, the Company must not do or commit to do, and the parties must use all voting rights and any other powers of control available to them (whether as a Shareholder, through a Director or
                otherwise) to procure that the Company does not do or commit to do, anything listed in the Schedule without the unanimous approval of HBE and the Founders.

            

      

      

      	3.3	
              Directors to consider interests of Shareholders

            

      

      

      Any Director may make a decision in the interests of the Shareholder appointing that Director alone, without considering the interests of the other Shareholders or the interests of the Shareholders as a whole, but this
        clause 3.3 does not operate to relieve a Director from any duty, liability or obligation owed by that Director to the Company.

      

      

      	3.4	
              Directors' fees

            

      

      

      Unless the Board resolves by the unanimous approval of all the Directors, a Director appointed by a Shareholder is not entitled to payment by the Company of any directors' fees or for any  services other than as set
        out in any service agreement or other arrangements under which the Director provides services to the Company.

      

      

      	4	
              Shareholders' meetings and resolutions

            

      
        

      

      

      	4.1	
              Shareholders' meeting quorum

            

      

      

      The quorum for a meeting of Shareholders is two Shareholders, comprising at least HBE and the Fontelina representative.

      

      

      	4.2	
              If  no quorum is present

            

      

      

      If a quorum is not present at a meeting of Shareholders within 30 minutes from the time stated in the notice of meeting, the meeting must be adjourned for five Business Days
        to the same time and place (with each Shareholder being notified of the adjourned  meeting) or to another day, time and  place agreed in writing by all the Shareholders. At the reconvened meeting, if a quorum is not present within 30 minutes after
        the time appointed for the adjourned meeting, the meeting  is dissolved.

      

    

    
      
        

        	
                Shareholders' Agreement

                

              	
                
                  7 

                  

                

              

      

      
        

      

    

    
      
        	4.3	
                Shareholder resolutions

              

        

        

        Subject to clause 3.2(b) and the Corporations Act, all Shareholder resolutions must be passed by  an ordinary resolution.

        

        

        	5	
                Deadlocks

              

        
          

        

        	5.1	
                Meaning of Deadlock

              

        

        

        A Deadlock occurs when:

        

        

        	

              	(a)	
                the same resolution is proposed at two consecutive Shareholders' meetings or Board meetings in relation to anything listed in the Schedule but does not receive the unanimous approval of the Founders and HBE or their Director
                  representatives on the Board (as applicable); or

              

        

        

        	

              	(b)	
                within a period of two months, two adjourned:

              

        

        

        	

              	(i)	
                Board meetings are dissolved under clause 3.1(f); or

              

        

        

        	

              	(ii)	
                Shareholders' meetings are dissolved under clause 4.2.

              

        

        

        	5.2	
                Resolution of Deadlock

              

        

        

        If  there is a Deadlock:

        

        

        	

              	(a)	
                HBE and the Founders (through their respective senior management) will meet and in good faith try to resolve the Deadlock within 10 Business Days;

              

        

        

        	

              	(b)	
                if HBE and the Founders are unable to resolve the Deadlock within 10 Business Days, HBE and the Founders must each must nominate a person with authority to settle the Deadlock for the purpose of resolving the Deadlock, and must ensure
                  that their authorised representatives meet to endeavour to resolve the Deadlock within a further 10 Business Days;

              

        

        

        	

              	(c)	
                the Business will continue at the same rate and otherwise in accordance with the then current Annual Business Plan and Budget while the Deadlock continues; and

              

        

        

        	

              	(d)	
                if HBE and the Founders are ultimately unable to resolve the Deadlock pursuant to this clause 5.2, the Deadlock must be submitted to an expert appointed under, and subject  to, the Resolution Institute Expert Determination Rules 2016
                  and the parties acknowledge and agree that:

              

        

        

        	

              	(i)	
                the expert will act as an expert and not an arbitrator;

              

        

        

        	

              	(ii)	
                the expert's decision will be binding on the parties in the absence of manifest error; and

              

        

        

        	

              	(iii)	
                the allocation of costs between the parties and the procedures of the process will be as determined by the expert.

              

      

       

      

      	6	
              Dividends

            

      
        

      
         

        

        The parties agree that the Company's dividend
          policy will be to distribute 50% of the Company's  net profits after tax to Shareholders as a fully franked cash dividend unless otherwise   unanimously agreed between HBE and the Founders. The parties acknowledge that it is unlikely  that any
          dividend will be paid in the first year of operation and will be subject to the requirements  of secured lenders.

        

        

        
          
            

            	
                    Shareholders' Agreement

                    

                  	
                    
                      8 

                      

                    

                  

          

          
            

          

        

        	7	
                Issue of Shares

              

        
          

         

        

        	7.1	
                No obligation

              

        

        

        A Shareholder is under no obligation to subscribe for Shares under clause 7.

        

        

        	7.2	
                Offer to Shareholders

              

        

        

        	

              	(a)	
                If the Company proposes to issue any Shares, it must make a written offer to each Shareholder to subscribe for their Respective Proportion of the Shares being issued (Offer).

              

        

        

        	

              	(b)	
                Each Offer must set out full details of the Offer (including the total number of Shares which the Board has resolved to issue).

              

        

        

        	7.3	
                Shareholder response to Offer

              

        

        

        	

              	(a)	
                Within 10 Business Days after receiving an Offer, each Shareholder may give written notice to  the  Board stating if it:

              

        

        

        	

              	(i)	
                accepts the Offer (in whole or in part) and,

              

        

        

        	

              	(ii)	
                wishes to apply for a greater number of Shares than that specified in the Offer, the number of additional Shares it wishes to acquire (Over-acceptance).

              

        

        

        	

              	(b)	
                If a Shareholder does not give a notice under clause 7.3(a) within the required
                    time period, the Shareholder is taken to have rejected the Offer.

              

        

        

        	7.4	
                Subscription by accepting Shareholder

              

        

        

        If a Shareholder accepts all or a specified number of Shares referred to in the Offer, the Shareholder must subscribe for the number of Shares stated in its notice of acceptance of the Offer (including those Shares
          that are allocated to it under clause 7.5) on the terms set out in the Offer.

        

        

        	7.5	
                Allocation of Shares not taken up

              

        

        

        	

              	(a)	
                If any Shares are not taken up under the Offers, the Company may issue those Shares:

              

        

        

        	

              	(i)	
                to Shareholders that have given a notice of Over-acceptance under clause 7.3(a) (Over-accepting Shareholders)  in accordance with those notices; or

              

        

        

        	

              	(ii)	
                if the Shares offered to be taken up under all Over-acceptances exceeds the number of Shares not taken up under the Offers, to the Over-accepting Shareholders in their Respective Proportions (provided that a Shareholder will not be
                  required to subscribe for a greater number of Shares than that specified in its notice of Over-acceptance).

              

         

        

        
          
            

            	
                    Shareholders' Agreement

                    

                  	
                    
                      9 

                      

                    

                  

          

          
            

          

        

      

      	

            	(b)	
              If any Shares are not taken up under the Offers and the allocation to
                  Over-accepting Shareholders under clause 7.5(a)(i), the Company may issue those Shares to any person at any time within 90 days after the end of the period referred to in clause 7.3 on terms no more favourable than those set out in the
                  Offers.

            

      

      

      	7.6	
              Excluded issues

            

      

      

      Clause 7.2 does not apply to the following issues of Shares:

      

      

      	

            	(a)	
              (consent)   an issue with the unanimous approval of  HBE and the
                  Founders;  or

            

      

      

      	

            	(b)	
              (reorganisation or reconstruction) an issue, which  does not
                  dilute the interests  of the Shareholders under a bonus issue, sub-division or consolidation  of  Shares or any  other reorganisation or reconstruction of share capital where the Company neither  pays  nor receives cash.

            

      

      

      	7.7	
              Deed of Accession

            

      

      

      The Board may only issue Shares to a person who is not a Shareholder if the person has signed and delivered to the Company a Deed of Accession.

      

      

      	7.8	
              Application to other Equity Securities

            

      

      

      Clause 7, with appropriate changes, applies equally to a proposed issue of any other Equity Securities (which are not Shares).

      

      

      	8	
              Transfer of Shares

            

      
        

       

      

      	8.1	
              Restriction

            

      

      

      A Shareholder must not Transfer any of its Shares, except in accordance with clauses 8 to 10, or grant any Encumbrance over any of its Shares, without the unanimous approval of HBE and the Founders.

      

      

      	8.2	
              Permitted disposals

            

      

      

      	

            	(a)	
              Subject to clauses 8.2(b) and 8.9, but despite any other provision of this document:

            

      

      

      	

            	(i)	
              a Shareholder may Transfer any or all of its Shares from time to time to any of its Affiliates without restriction; and

            

      

      

      	

            	(ii)	
              an Affiliate of a Shareholder may Transfer any or all of its Shares from time to time to that Shareholder or another Affiliate of that Shareholder without restriction.

            

      

      

      	

            	(b)	
              If the transferee under clause 8.2(a) ceases to be an Affiliate of the Shareholder:

            

      

      

      	

            	(i)	
              that Shareholder must procure that the transferee immediately Transfers the relevant Shares back to the transferring Shareholder (who must purchase the Shares); and

            

      

    

    
      
        

        	
                Shareholders' Agreement

                

              	
                
                  10 

                  

                

              

      

      
        

      

    

    
      	

            	(ii)	
              all rights attaching to the Shares held by the transferee will be suspended until the Transfer back to the transferring Shareholder is completed.

            

      

      

      	8.3	
              Transfer Notice

            

      

      

      	

            	(a)	
              A Shareholder wanting to Transfer any of its Shares (Seller) must give to each other Shareholder (Recipient) written notice (Transfer Notice) (with a copy to the Board) setting out:

            

      

      

      	

            	(i)	
              the number of Shares that the Seller proposes to sell (Sale Shares) and the sale price per Sale Share; and

            

      

      

      	

            	(ii)	
              the other terms on which the Seller proposes to sell the Sale Shares, including the name of the proposed buyer of the Sale Shares (Buyer).

            

      

      

      	

            	(b)	
              A Transfer Notice may be given by one or more Shareholders together, in which case each Shareholder giving the notice will be a Seller for the purposes of this clause 8.

            

      

      

      	8.4	
              Entitlement of Recipient to the Sale Shares

            

      

      

      A Transfer Notice constitutes an irrevocable offer by the Seller to each Recipient to sell, on the terms set out in the Transfer Notice, the Sale Shares to the Recipients, in
        their Respective Proportions, conditional on the Seller receiving acceptances from one or more of the Recipients in relation to all of the Sale Shares.

      

      

      	8.5	
              Response  by Recipients

            

      

      

      	

            	(a)	
              Each Recipient may accept an offer in a Transfer Notice by giving written notice (Acceptance Notice) to the Seller (with a copy to the Board) within 20
                Business Days after receiving a Transfer Notice (Acceptance Period) stating:

            

      

      

      	

            	(i)	
              that it accepts the offer to purchase its Respective Proportion or a lesser number of the Sale Shares; and

            

      

      

      	

            	(ii)	
              if it  wants to  acquire more than its Respective  Proportion of  the Sale Shares, that   it offers to  buy an additional specified number of Sale Shares if the other    Recipients do not accept
                the  offers to  purchase all of their Respective Proportions  of the Sale Shares.

            

      

      

      	

            	(b)	
              If a Recipient does not give the Seller an Acceptance Notice within the Acceptance
                  Period, it is taken to have rejected the offer in the Transfer Notice.

            

      

      

      	8.6	
              Allocation of Sale Shares

            

      

      

      The Sale Shares must be allocated as follows:

      

      

      	

            	(a)	
              to the Recipients who have given an Acceptance Notice, in their Respective Proportions; and

            

      

      

      	

            	(b)	
              thereafter, any remaining Sale Shares (Excess Sale Shares) to all Recipients who have given notice under clause 8.5(a)(ii) in their Respective Proportions (provided that no Recipient is allocated
                a greater number of Excess Sale Shares than that specified in the notice given under clause 8.5(a)(ii)), until all of the Excess Sale Shares are allocated, or until all offers under clause
                8.5(a)(ii) have been satisfied.

            

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    11 

                    

                  

                

        

        
          

        

      

      	8.7	
              If Recipients agree to buy all Sale Shares

            

      

      If the Recipients agree to buy all Sale Shares, on the third Business Day after the Acceptance Period, each Recipient must buy from the Seller and the Seller must sell to the accepting Recipients the Sale Shares in the
        allocations determined under clause 8.6:

      

      

      	

            	(a)	
              at the price and otherwise on the terms in the Transfer Notice; and

            

      

      

      	

            	(b)	
              unless otherwise agreed between the Recipients, in the proportions calculated under clause 8.6.

            

      

      

      	8.8	
              Sale to a Third Party Buyer

            

      

      

      If the Recipients do not agree to buy all Sale Shares and no Tag Along Notices are given under clause 10, unless the Shareholders agree otherwise, the Transfer
          Notice is deemed to have been withdrawn by the Seller and the Seller may, within a period of 90 Business Days after the Acceptance Period sell all (but not part) of the Sale Shares to a bona fide third party buyer (Third Party Buyer):

      

      

      	

            	(a)	
              at a price per Sale Share not less than the price specified in the Transfer Notice for those Sale Shares; and

            

      

      

      	

            	(b)	
              on terms no more favourable to the Third Party Buyer than those offered to the Recipients under the Transfer Notice for those Sale Shares.

            

      

      

      	8.9	
              Deed of Accession

            

      

      

      A Transfer of Shares to a person who is not a Shareholder is void and of no effect unless and  until the proposed transferee has signed, and delivered to the Company, a Deed of Accession.

      

      

      	8.10	
              No revocation

            

      

      

      Subject to clause 8.8, a Shareholder may only revoke or withdraw a Transfer Notice or an Acceptance Notice once given or taken to have been given if all other Shareholders consent in writing.

      

      

      	8.11	
              Application to Equity Securities

            

      

      

      Clause 8, with appropriate changes, applies equally to a proposed sale of any other Equity Securities (which are not Shares).

      

      

      	9	
              Drag along right

            

      
        

       

      

      	9.1	
              Drag along right

            

      

      

      	

            	(a)	
              If,  at any time, a Seller or Sellers holding at least 70% of the Share Capital want to sell all of their Shares to a Third Party Buyer, those Sellers may at the same time (but not otherwise) as giving a Transfer Notice under clause 8.3,
                attach a notice (Drag Along Notice) requiring the Recipients to sell all of their Shares to the Third Party Buyer on the terms specified in the Transfer Notice and otherwise in accordance with this
                clause 9.

            

      

      

      	

            	(b)	
              A Drag Along Notice must set out the identity of the proposed Third Party Buyer and include a copy of any offer received from the proposed Third Party  Buyer.

            

      

      

      	

            	(c)	
              A Drag Along Notice, once given or taken to be given, may only be revoked or withdrawn  with the consent in writing of all other Shareholders.

            

    

    

    

    
      
        

        	
                Shareholders' Agreement

                

              	
                
                  12 

                  

                

              

      

      
        

      

    

    
      	9.2	
              Obligation to complete

            

      

      

      If the Recipients do not agree to buy all of the Sale Shares the subject of a Transfer Notice in accordance with clause 8 and the Sellers have given a Drag Along Notice in accordance with clause 9.1, then:

      

      

      	

            	(a)	
              the Sellers may sell the Sale Shares to the Third Party Buyer in accordance with clause 8.8; and

            

      

      

      	

            	(b)	
              each Recipient must, at the same time, sell all of their Shares to the Third Party Buyer on the terms set out in the Drag Along Notice (which must not be any less favourable to the Recipients than those on which the Sellers have sold the
                Sale Shares to the Third Party Buyer) except that the Recipients will not be required to give any warranties or representations (other than as to their ownership, capacity and power to sell their  Shares) or indemnities in favour of the
                Third Party Buyer.

            

      

      

      	10	
              Tag along right

            

      
        

       

      

      	10.1	
              Tag along right

            

      

      

      	

            	(a)	
              If the Sale Shares the subject of a Transfer Notice constitute at least 50% of the
                  Share Capital and a Recipient does not give an Acceptance Notice in accordance with clause  8.5, the Recipient may, before the end of  the Acceptance  Period, give written notice to  the Seller (Tag Along
                    Notice) requiring the Seller to use reasonable endeavours to procure the purchase by the Buyer of all of the Recipient's Shares on the same terms specified  in the Transfer Notice.

            

      

      

      	

            	(b)	
              If a Recipient gives a Tag Along Notice it may not subsequently give an Acceptance
                  Notice in response to a Transfer Notice.

            

      

      

      	

            	(c)	
              A Tag Along Notice, once given or taken to be given, may only be revoked or withdrawn  with the consent in writing of all other Shareholders.

            

      

      

      	10.2	
              Restriction on sale if tag along

            

      

      

      If a Tag Along Notice is served on the Seller, the Seller:

      

      

      	

            	(a)	
              must use its reasonable endeavours to cause the Buyer to buy the Shares specified in all Tag Along Notices at the sale price and otherwise  on the  same terms (taken overall)  as  the Sale Shares are sold to the Buyer; and

            

      

      

      	

            	(b)	
              may only sell the Sale Shares to the Buyer if, at the same time as the sale of the Sale Shares, all Shares specified in all Tag Along Notices are sold at the sale price and otherwise on the same terms (taken overall) as the Sale Shares
                are sold to the Buyer.

            

      

      

      	10.3	
              No sale if Buyer refuses to buy Recipient's Shares

            

      

      

      If, despite the Seller's reasonable endeavours, the Buyer refuses to purchase the Shares of a Recipient who has given a Tag Along Notice on the terms specified  in the Transfer Notice, then the Seller must not sell any
        of the Sale Shares to the Buyer and both the Transfer Notice and any Tag Along  Notice lapses.

      

    

    
      
        

        	
                Shareholders' Agreement

                

              	
                
                  13 

                  

                

              

      

      
        

      

    

    
      	11	
              Warranties

            

      
        

      

      

      	11.1	
              Capacity and status

            

      

      

      
        Each party warrants to each other party, and it is a condition of this document, that each of the following statements is true and accurate both as at the date of this document (or, if the party holds any Shares and
          joins this document under a Deed of Accession, as at the date of the relevant Deed of Accession) and each day during the term of this document:

        

        

        	

              	(a)	
                if it is a corporate entity, it is validly existing under the laws of its place of incorporation;

              

        

        

        	

              	(b)	
                it has full power to enter into and perform its obligations under this document and to carry out the transactions contemplated by this document;

              

        

        

        	

              	(c)	
                it has taken all necessary action to authorise its entry into and performance of this document and to carry out the transactions contemplated by this document; and

              

        

        

        	

              	(d)	
                its obligations under this document are valid and binding and enforceable against it in accordance with their terms.

              

        

        

        	11.2	
                Legal advice

              

        

        

        Each party warrants to each other party, and it is a condition of this document, that it has read and understood this document and has had the opportunity to obtain independent legal advice about
          its terms and effect.

        

        

        	12	
                Confidentiality and announcements

              

        
          

        

        	12.1	
                Obligation to maintain confidentiality

              

        

        

        	

              	(a)	
                Each party must keep confidential, and must not use or disclose, any Confidential Information other than to the extent that:

              

        

        

        	

              	(i)	
                the party to whom the Confidential Information relates has consented in writing before the use or disclosure;

              

        

        

        	

              	(ii)	
                the Confidential Information is required to be disclosedby any applicable law, by an order of any court, tribunal, authority or regulatory body, by the rules of a recognised stock exchange or in the enforcement of this document
                  provided that the disclosing party:

              

        

        

        	

              	(A)	
                discloses the minimum amount of information required to satisfy the law or rules; and

              

        

        

        	

              	(B)	
                before disclosing any information, gives reasonable notice to each other party and takes all reasonable steps (whether required by each other party or not) to maintain that information in confidence;

              

        

        

        	

              	(iii)	
                the Confidential Information is disclosed to the officers, employees, consultants, advisers, agents or representatives of the party who have a need to know and are aware, and acknowledge, that the Confidential Information must be kept
                  confidential;

              

      

      

      
        
          
            

            	
                    Shareholders' Agreement

                    

                  	
                    
                      14 

                      

                    

                  

          

          
            

          

        

        	

              	(iv)	
                subject to clause 12.2, the Confidential Information is disclosed to a bona fide buyer or prospective buyer of the party's Shares; or

              

        

        

        	

              	(v)	
                the Confidential Information is public knowledge (except because of a breach of this document or any other obligation of confidence).

              

        

        

        	

              	(b)	
                Each party must ensure that its directors, officers, employees, consultants, advisers, agents and representatives comply in all respects with the party's obligations in this clause 12.

              

        

        

        	12.2	
                Disclosure to a prospective buyer

              

        

        

        Any party that makes or permits a disclosure of Confidential Information under clause 12.1(a)(iv) must ensure that the buyer or prospective buyer first enters into a deed with or for the benefit of the parties under
          which it agrees to comply with the obligations in clause 12 with appropriate changes necessary to apply it to these circumstances.

        

        

        	13	
                Termination

              

        
          

         

        

        	13.1	
                Agreement terminates

              

        

        

        This agreement terminates:

        

        

        	

              	(a)	
                on the date when all of the parties agree to terminate it by written agreement;

              

        

        

        	

              	(b)	
                on the date or immediately prior to the listing of the securities on a recognised stock exchange:

              

        

        

        	

              	(c)	
                on the date when the Company is wound up by an order from a court;

              

        

        

        	

              	(d)	
                for a Shareholder, when it ceases to hold any Shares, except by Transfer of Shares in breach of this agreement or to an Affiliate under clause 8.2; or

              

        

        

        	

              	(e)	
                if a Shareholder holds all of the Shares.

              

        

        

        	13.2	
                No prejudice to accrued rights and liabilities

              

        

        

        Termination of this agreement does not affect any rights or liabilities of a party which accrued before termination.

        

        

        	13.3	
                Certain clauses continue

              

        

        

        Clauses 1, 11 and 12:

        

        

        	

              	(a)	
                survive for seven years after the termination of this document;

              

        

        

        	

              	(b)	
                are enforceable at any time at law and in equity;

              

        

        

        	

              	(c)	
                continue to the benefit of and are enforceable by the parties and their successors and assigns; and

              

        

        

        	

              	(d)	
                are binding on each party and their successors and assigns.

              

      

      

      

      	14	
              Inconsistency with Constitution

            

      
        

      
         

          

        If there is any inconsistency between this document and the
            Constitution, this document prevails as between the parties to the extent of the inconsistency and the parties agree to exercise their rights as holders of Shares and take any steps which are necessary to ensure that the Constitution is
            consistent with this document. For the purposes of this clause, a matter is taken to be inconsistent if it is dealt with in both this document and the Constitution.

        

        

        
          
            

            	
                    Shareholders' Agreement

                    

                  	
                    
                      15 

                      

                    

                  

          

          
            

          

        

        	15	
                Relationship between the parties

              

        
          

         

        

        The parties agree that:

        

        

        	

              	(a)	
                unless expressly stated otherwise, this document does not create a relationship of employment, trust, agency, or partnership between the parties nor constitutes or may be construed to constitute a party as the representative of another
                  party;

              

        

        

        	

              	(b)	
                a party has no power to incur obligations on behalf of, or pledge the credit of, another party in any manner; and

              

        

        

        	

              	(c)	
                unless expressly stated otherwise, a party has no authority to act for, or to create or assume any responsibility or obligation for, another party.

              

        

        

        	16	
                General

              

        
          

         

        

        	16.1	
                Amendments

              

        

        

        This document may only be amended by written agreement between all parties.

        

        

        	16.2	
                Assignment

              

        

        

        A party may only assign this document or a right under this document with the written consent of each other party.

        

        

        	16.3	
                Counterparts

              

        

        

        This document may be signed in any number of counterparts. All counterparts together make one instrument.

        

        

        	16.4	
                No merger

              

        

        

        The rights and obligations of the parties under this document do not merge on completion of any transaction contemplated by this document.

        

        

        	16.5	
                Entire agreement

              

        

        

        	

              	(a)	
                This document supersedes all previous agreements about its subject matter and any agreements collateral to those agreements. This document embodies the entire agreement between the parties.

              

        

        

        	

              	(b)	
                To the extent permitted by law, any statement, representation or promise made in any negotiation or discussion, has no effect except to the extent expressly set out or incorporated by reference in this document.

              

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    16 

                    

                  

                

        

        
          

        

      

      	

            	(c)	
              Each party acknowledges and agrees that it does not rely on any prior conduct or representation by the other party in entering into this document.

            

      

      

      	16.6	
              Further assurances

            

      

      

      Each party must do all things reasonably necessary to give effect to this document and the transactions contemplated by it.

      

      

      	16.7	
              No waiver

            

      

      

      	

            	(a)	
              The failure of a party to require full or partial performance of a provision of this document does not affect the right of that party to require performance subsequently.

            

      

      

      	

            	(b)	
              A single or partial exercise of or waiver of the exercise of any right, power or remedy does not preclude any other or further exercise of that or any other right, power or remedy.

            

      

      

      	

            	(c)	
              A right under this document may only be waived in writing signed by the party granting the waiver, and is effective only to the extent specifically set out in that waiver.

            

      

      

      	16.8	
              Governing law and jurisdiction

            

      

      

      	

            	(a)	
              New South Wales law governs this document.

            

      

      

      	

            	(b)	
              Each party irrevocably submits to the non-exclusive jurisdiction of the New South Wales courts and courts competent to hear appeals from those courts.

            

      

      

      	16.9	
              Severability

            

      

      

      	

            	(a)	
              A clause or part of a clause of this document that is illegal or unenforceable may be severed from this document and the remaining clauses or parts of the clause of this document continue in force.

            

      

      

      	

            	(b)	
              If any provision is or becomes illegal, unenforceable or invalid in any
                  jurisdiction, it is to be treated as being severed from this document in the relevant jurisdiction, but the rest of this document will not be affected.

            

      

      

      	16.10	
              Notice

            

      

      

      	

            	(a)	
              A notice, consent or communication under this document is only effective if it is:

            

      

      

      	

            	(i)	
              in writing in English, signed by or on behalf of the person giving it;

            

      

      

      	

            	(ii)	
              addressed to the person to whom it is to be given; and

            

      

      

      	

            	(iii)	
              given as follows:

            

      

      

      	

            	(A)	
              delivered by hand to that person's address;

            

      

      

      	

            	(B)	
              sent to that person's address by prepaid mail or by prepaid airmail, if the address is overseas; or

            

      

      

      	

            	(C)	
              sent by email to that person's email address where the sender receives an email receipt or other written confirmation from the recipient to the sender which indicates that the email was received at the email address of the recipient.

            

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    17 

                    

                  

                

        

        
          

        

      

      	

            	(b)	
              A notice, consent or communication given under clause 16.l0(a)(i) is given and received on the corresponding day set out in the table below. The time expressed in the table is the local time in the place of receipt.

            

      

      

      
        	
                If  a notice is

              	
                It is given and received on          .

              
	
                Delivered by hand or sent by email

              	
                (a)

              	
                that day, if delivered or sent by 5.00pm on a Business Day; or

              
	 	
                (b)

              	
                the next Business Day, in any other case.

              
	
                Sent by post

              	
                (a)

              	
                three Business Days after posting, if sent within Australia; or

              
	 	
                (b)

              	
                seven Business Days after posting, if sent to  or from  a place outside Australia.

              

      

      

      

      	

            	(c)	
              A person's address and email address are those set out below, or as the person notifies the sender:

            

      

      

      
        	
                Name

              	
                HBE

              
	
                Attention

              	
                John McGuigan

              
	
                Address

              	
                Level 27, Suite 2, 1 O'Connell Street, Sydney NSW   2000

              
	
                Email

              	
                JMcGuigan@hunterbay.com.au

              

      

      

      

      
        	
                Name

              	
                APN, Fontelina, P&F, Haxby

              
	
                Attention

              	
                Richard Poole

              
	
                Address

              	
                Level 33, 52 Martin Place, Sydney NSW  2000

              
	
                Email

              	
                rjpoole@aphillip.com.au

              

      

      

      

      

      

      

      

      

      

      

      

       

      

      	16.11	
              Costs

            

      

      

      Each party bears its own costs in relation to the preparation and signing of this document.

      

    

    
      
        

        	
                Shareholders' Agreement

                

              	
                
                  18 

                  

                

              

      

      
        

      

    

    Schedule
      

        

      

      Matters that require unanimous approval of HBE and Founders (clause 3.2(b))

       

      

      The matters that must be decided by the unanimous approval of HBE and the Founders under clause 3.2(b) are:

      
        

        

        	(a)	
                (change in nature of Business) stopping carrying on, or
                    changing the scale or nature of, the Business or commencing any business or operational activities other than the Business;

              

        

        

        	(b)	
                (change in intellectual property) changing any material intellectual property or branding of the Company or the Business;

              

        

        

        	(c)	
                (allotment, liabilities and indemnities) other than the issue
                    of Equity Securities or raising debt necessary to secure the agreed secondary funding required to restart the Redbank Power Station plant totalling an estimated $30 million to $35 million or funding required to meet a forecast shortfall
                    in cash within the following eight months of the forecast:

              

        

        

        	

              	(i)	
                (allotment of Equity Securities) the allotment of Equity
                    Securities; or

              

        

        

        	

              	(ii)	
                (liabilities and indemnities) the Company entering into or
                    agreeing to any commitment, indemnity or liability (whether actual or contingent) of more than $200,000 which is not specifically provided for in the Annual Business Plan and Budget or otherwise in the ordinary and usual course of the
                    Business;

              

        

        

        	(d)	
                (dividend policy) changing the dividend policy set out in
                    clause 6;

              

        

        

        	(e)	
                (material agreements) other than agreements to issue
                    securities or debt as set out in (c) above, or as included in the Annual Business Plan and Budget, the entry into, termination, variation, assignment, novation or enforcement of, or waiver of a right under, or decision not to comply
                    with, any material agreement to which the Company is a party or in respect of which the Company has rights (which, for the avoidance of doubt, includes each Key Agreement), and for the purposes of this paragraph a material agreement is
                    otherwise any agreement not specifically provided for in the Annual Business Plan and Budget to a value of in excess of $200,000;

              

        

        

        	(f)	
                (employee schemes) other than the issue of 5% of employee
                    options exercisable at $0.15 per option on or before 30 June 2023 to the Company's Chief Executive Officer (proposed to be Mr James Myatt or his nominee), the approval of any employee Share or option scheme for the issue of Shares to
                    employees, directors or consultants of the Company;

              

        

        

        	(g)	
                (transfer of assets) the transfer by the Company of an asset
                    or assets of the Company having an aggregate book or market value (whichever is the greater) of more than 5% of the aggregate book value of the Company's assets;

              

        

        

        	(h)	
                (Encumbrances) other than agreements to issue Equity
                    Securities or raise debt as set out in (c) above, the grant of any Encumbrance over any assets of the Company;

              

        

        

        	(i)	
                (capital expenditure) any capital expenditure above that specifically provided for in the Annual Business Plan and Budget which:

              

        

        

        	

              	(i)	
                is in excess of $100,000; or

              

        

        

        	

              	(ii)	
                would otherwise cause total capital expenditure of the Company to exceed that specifically provided for in the Annual Business Plan and Budget by $100,000 or more;

              

      

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    19 

                    

                  

                

        

        
          

        

      

      	(j)	
              (Annual Business Plan and Budget) the approval of the Annual
                  Business Plan and Budget;

            

      

      

      	(k)	
              (senior employees and additional Directors) the employment of
                  any employee with a remuneration in excess of $200,000 and the appointment of any Director other than a Director appointed pursuant to clause 3.1(a);

            

       

      

      
        	
                (I)

              	
                (liquidation or reconstruction) voluntary liquidation or reconstruction of the Company;

              

      

      

      

      	(m)	
              (other matters) any other matter set out in this document which
                  expressly requires the unanimous approval of HBE and the Founders; or

            

      

      

      	(n)	
              (agreement to do things)  the agreement to do any of things
                  listed in this Schedule.

            

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    20 

                    

                  

                

        

        
          

        

      

      
        Execution

         

        

        EXECUTED as an agreement

        

        

        Executed by

        HB Energy Pty Ltd ACN 626 544 661 by:

        

        

        
          	
                   

                	
                  /s/ John McGuigan

                	
                   

                	
                  
                    /s/ James McGuigan

                  

                	
                   

                
	
                   

                	
                  Director 

                  

                	
                   

                	
                  Director/Secretary

                	
                   

                

        

        

        

        
          
            	
                     

                  	
                    John McGuigan

                  	
                     

                  	
                    James McGuigan

                  	
                     

                  
	
                     

                  	
                    Full name of Director  

                  	
                     

                  	
                    Full name of Director

                  	
                     

                  

          

        

        

        Executed by

        Arthur Phillip Nominees Pty Ltd ACN 111 862 358

        by:

        

        

        
          
            
              	
                       

                    	
                      /s/ Richard Poole

                    	
                       

                    	
                      

                      

                    	
                       

                    
	
                       

                    	
                      Director 

                      

                    	
                       

                    	
                      Director/Secretary

                    	
                       

                    

            

          

        

        

        

        
          
            
              
                	
                         

                      	
                        Richard Poole

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Full name of Director 

                        

                      	
                         

                      	
                        Full name of Director/Secretary

                      	
                         

                      

              

            

          

        

        

        

        Executed by

        Fontelina Pty Ltd ACN 145 837 845 by:

        

        

        
          
            
              
                	
                         

                      	
                        /s/ Richard Poole

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Director 

                        

                      	
                         

                      	
                        Director/Secretary

                      	
                         

                      

              

            

          

        

        

        

        
          
            
              
                	
                         

                      	
                        Richard Poole

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Full name of Director 

                        

                      	
                         

                      	
                        Full name of Director/Secretary

                      	
                         

                      

              

            

          

        

                                                     

        

        Executed by

        Hunter Energy Pty Ltd ACN 624 824 791 by:

        

        

        
          
            
              
                	
                         

                      	
                        /s/ Warren Kember

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Director

                      	
                         

                      	
                         Director/Secretary

                      	
                         

                      

              

            

          

        

        

        

        
          
            
              
                	
                         

                      	
                        Warren Kember

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Full name of Director

                      	
                         

                      	
                        Full name of Director/Secretary

                      	

                      

              

            

          

        

        

        

        
          
            

            	
                    Shareholders' Agreement

                    

                  	
                    
                      21 

                      

                    

                  

          

          
            

          

        

        Executed by

        Proprietary & Fiduciary Services Pty Ltd ACN 100 908 101 by:

        

        

        
          
            
              
                	
                         

                      	
                        /s/ Richard Poole

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Director  

                        

                      	
                         

                      	
                        Director/Secretary

                      	
                         

                      

              

            

          

        

        

        

        
          
            
              
                	
                         

                      	
                        Richard Poole

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Full name of Director    

                      	
                         

                      	
                        Full name of Director/Secretary

                      	

                      

              

            

          

        

        

        

        Executed by

        Haxby Pty Ltd ACN 078 498 129 by:

         

        

        
          
            
              
                	
                         

                      	
                        /s/ Richard Poole

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Director 

                        

                      	
                         

                      	
                        Director/Secretary

                      	
                         

                      

              

            

          

        

        

        
          
            
              
                	
                         

                      	
                        Richard Poole

                      	
                         

                      	
                        

                        

                      	
                         

                      
	
                         

                      	
                        Full name of Director 

                        

                      	
                         

                      	
                        Full name of Director/Secretary

                      	
                         

                      

              

            

          

        

      

      

      
        
          

          	
                  Shareholders' Agreement

                  

                	
                  
                    22 

                    

                  

                

        

        
          

        

      

      
        Annexure

         

        

        Deed of Accession (clause 1.1)

        

        

        
          

      

       

      

      
        
          By

           

          

          	Acceding Party	
                  [#insert name of Acceding Party]

                

          

          

          of [#insert address of Acceding Party]

          

          

          In favour of

            

          

          The parties from time to time to the Shareholders' Agreement.

          

          

          Agreed terms

           

          

          
            	
                    1

                  	
                    Definitions and interpretation

                  

          

           

          

          
            	
                    1.1

                  	
                    Definitions

                  

          

          

          

          Terms defined in the Shareholders' Agreement have the same meanings when used in this document,  and  Shareholders'  Agreement means   the   shareholders'   agreement  
            dated [# date] in respect of Hunter Energy pty Ltd ACN 624 824 791.

           

            

          
            	
                    1.2

                  	
                    Interpretations

                  

          

           

          

          Clause 1.2 of the Shareholders' Agreement applies to this deed poll as if that clause was set out  in  full in this document.

           

            

          
            	
                    2

                  	Acceding Party's confirmations

          

          

            The Acceding Party:

             

            

            	

                  	(a)	
                    confirms it has been given a copy of the Shareholders' Agreement;

                  

             

            

            	

                  	(b)	
                    confirms that it will hold Shares [#beneficially][#non-beneficially] in the capacity of a Shareholder; and

                  

             

            

            	

                  	(c)	
                    agrees with the parties to the Shareholders' Agreement to observe, perform and be bound by the Shareholders' Agreement as a party to the Shareholders' Agreement, from the date  on  which  the  Acceding  Party is registered as a
                      shareholder of the Company.

                  

          

        

      

      
        
          	3	
                  Acceding Party's address

                

           

          

          The Acceding Party's address and email for the purposes of the Shareholders' Agreement are those set out below, or  as subsequently notified by the Acceding Party under the Shareholders'
            Agreement:

          

          

          [#address, email and fax number and contact person at that address]

          

          

          	4	
                  Governing law

                

           

          

          	

                	(a)	
                  New South Wales law governs this document.

                

          

          

          
            	

                  	(b)	The Acceding Party irrevocably submits to the non-exclusive jurisdiction of the New South Wales courts and courts competent to hear appeals from those courts.

          

          

          

          Execution

           

          

          Executed as a deed poll

          

          

          [#insert execution clauses here]

          

          

        

      

      
        	
                 

              	
                 

              

      

      
        

      

      

      

      
        	
                Shareholders' Agreement

              	
                
                  23Exhibit 4.4

    

     

      

    PURSUANT TO THE TERMS OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED, AND THEREFORE THE ACTUAL NUMBER OF WARRANT SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE
        AMOUNT SET FORTH ON THE FACE HEREOF.
      

      

      THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [•], 2021. VOID AFTER 5:00 P.M., EASTERN TIME, [•], 2026.

      

      

      VERDANT EARTH TECHNOLOGIES LIMITED

      

      

      Warrant To Purchase Ordinary Shares

      

      

      Warrant No.:

      Number of Ordinary Shares: [•]

      Date of Issuance: [•], 2021 (“Issuance Date”)

      

      

      Verdant Earth Technologies Limited, a company limited by shares incorporated and domiciled in Australia (the “Company”), hereby certifies that, for good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged, [UNDERWRITER NAME], the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set
        forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Ordinary Shares (including any Warrants to Purchase Ordinary Shares issued in exchange, transfer or
        replacement hereof, the “Warrant”), at any time or times on or after the Issuance Date (the “Exercisability Date”), but not after 11:59 p.m., New York time, on the
        Expiration Date (as defined below), [ ____________ (_____________)] fully paid nonassessable Ordinary Shares (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant
        shall have the meanings set forth in Section 16. This Warrant is one of the Underwriter Warrants to Purchase Ordinary Shares (this “Warrant”) issued pursuant to (i) Section 4(f) of the Underwriting Agreement,
        dated as of [•], 2021 (the “Underwriting Agreement”), by and between the Company and Roth Capital Partners, LLC, as representative of the several underwriters listed therein (the “Underwriters”) and (ii) the Company’s Registration Statement on Form F-1 (File No.: 333-[●]) (the “Registration Statement”). This Warrant is one of a series of warrants containing
        substantially identical terms and conditions issued pursuant to Section 4(f) of the Underwriting Agreement (collectively, the “Warrants”).

      
        
          

      

      
      1.          EXERCISE OF WARRANT.

      

      

      (a)          Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day on or after the Exercisability Date and prior to the Expiration Date (as
        defined below), in whole or in part (but not as to fractional shares), by delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”) of the Holder’s election to
        exercise this Warrant. No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Exercise Notice form be required. Within two (2) Trading Days of the delivery of such
        Exercise Notice, if the Holder is not electing a Cashless Exercise (as defined below) pursuant to Section 1(d) of this Warrant, the Holder shall pay to the Company an amount equal to the applicable Exercise Price multiplied by the number of Warrant
        Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire transfer of immediately available funds (a “Cash Exercise”). The
        Holder shall not be required to surrender this Warrant in order to effect an exercise hereunder; provided, however, that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the Holder shall deliver
        this Warrant to the Company for cancellation within a reasonable time after such exercise, but in any event within five (5) Trading Days of the delivery of the Exercise Notice. On or before the first (1st) Trading Day following the date on which
        the Company has received the Exercise Notice and the Aggregate Exercise Price, if any (the date upon which the Company has received the Exercise Notice and such Aggregate Exercise Price, the “Exercise Date”),
        the Company shall transmit by facsimile or e-mail transmission an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s transfer agent for the Ordinary Shares (the “Transfer

          Agent”). The Company shall deliver in writing any objection to the Exercise Notice on or before the second (2nd) Trading Day following the date on which the Company has received the Exercise Notice. On or before the second (2nd) Trading
        Day following the date on which the Company has received the Exercise Notice and any Aggregate Exercise Price (the “Share Delivery Date”), the Company shall, (X) provided that the Transfer Agent is
        participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program (the “FAST Program”) and so long as the certificates therefor are not
        required by this Warrant to bear a legend regarding restriction on transferability, upon the request of the Holder, credit such aggregate number of Ordinary Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its
        designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y), if the Transfer Agent is not participating in the FAST Program or if the certificates are required by this Warrant to bear a legend regarding
        restriction on transferability, issue and dispatch by overnight courier to the address specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Ordinary
        Shares to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Notice and payment of any Aggregate Exercise Price, the Holder shall be deemed for all corporate purposes to have become the holder of record of the
        Warrant Shares with respect to which this Warrant has been exercised (including for purposes of Section 6 hereof), irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
        evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the
        number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three (3) Trading Days after any such submission and at its own expense, issue a new Warrant (in accordance with
        Section 7(d) of this Warrant) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant has been and/or is
        exercised. The Company shall pay any and all taxes and other expenses of the Company (including overnight delivery charges) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided,
        however, that the Company shall not be required to pay any tax which may be payable in respect of any Transfer (as defined below) involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of
        the Holder or an affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or Transferring this Warrant or receiving Warrant Shares upon exercise hereof.

      
        2

        
          

      

      (b)          Exercise Price. For purposes of this Warrant, “Exercise Price” means $[•], subject to adjustment as provided herein.

      

      

      (c)          Company’s Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue to the Holder within five (5) Business Days of the Exercise Date a certificate
        for the number of Ordinary Shares to which the Holder is entitled and register such Ordinary Shares on the Company’s share register or to credit the Holder’s balance account with DTC for such number of Ordinary Shares to which the Holder is
        entitled upon the Holder’s exercise of this Warrant, and if on or after such Trading Day the Holder purchases, or another Person purchases on the Holder’s behalf or for the Holder’s account (in an open market transaction or otherwise), Ordinary
        Shares to deliver in satisfaction of a sale by the Holder of Ordinary Shares issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within
        three (3) Business Days after the Holder’s written request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary Shares
        so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) deliver to the Holder a certificate or
        certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Ordinary Shares, times (B) the Weighted Average Price (as reported by
        Bloomberg) on the date of the event giving rise to the Company’s obligation to deliver such Ordinary Shares. For the avoidance of doubt, the obligations of the Company pursuant to this Section 1(c) shall be in addition to any liability the Company
        may have to the Holder by law, in equity or otherwise, for failure to comply with the terms of this Warrant.

      

      

      (d)          Cashless Exercise. The Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon
        such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of Ordinary Shares determined according to the following formula (a “Cashless Exercise”):

      

      

      X          = (Y) (A - B)

                           (A)

      

      

      For purposes of the foregoing formula:

      

      

      X = The number of Shares to be issued to Holder.

      

      

      A = the Weighted Average Price for the three (3) consecutive Trading Days ending on the date immediately preceding the date of the Exercise Notice.

      

      

      B = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

      
        3

        
          

      

      Y = The number of Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

      

      

      (e)          Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act of 1933, as amended, as in effect on the date hereof, assuming the Holder is not an affiliate of the Company, it is
        intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the Issuance Date.

      

      

      (f)          Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of
        Warrant Shares that are not disputed.

      

      

      (g)          Beneficial Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such
        exercise, the Holder (together with the Holder’s affiliates) would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such
        exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by the Holder and its affiliates shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which
        the determination of such sentence is being made, but shall exclude Ordinary Shares which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder and its affiliates and (ii)
        exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or
        warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with
        Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of this Warrant, in determining the number of outstanding Ordinary Shares, the Holder may rely on the number
        of outstanding Ordinary Shares as reflected in the most recent of (1) the Company’s most recent Form 20-F, Current Report on Form 6-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public
        announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon the reasonable request of the Holder, where such request indicates that it is being made pursuant
        to this Warrant, the Company shall within two (2) Business Days confirm to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion
        or exercise of securities of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding Ordinary Shares was reported. By written notice to the Company, the Holder may from time to
        time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to
        the Company, and (ii) any such increase or decrease will apply only to the Holder. The provisions of this paragraph shall not be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(g) to
        correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
        limitation. The Holder shall be responsible, at the Holder’s cost, for any filings with the Securities and Exchange Commission required to be made by the Holder on account of its ownership of this Warrant or the underlying Warrant Shares.

      
        4

        
          

      

      (h)          Warrant Redemption. The Company may not call or redeem any portion of this Warrant without the prior written consent of the affected Holder.

      

      

      2.          ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

      

      

      (a)          Voluntary Adjustment by Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by
        the Board of Directors of the Company.

      

      

      (b)          Adjustment upon Subdivision or Combination of Ordinary Shares. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization,
        reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding Ordinary Shares into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the
        number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more
        classes of its outstanding Ordinary Shares into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any
        adjustment under this Section 2(b) shall become effective at the close of business on the date the subdivision or combination becomes effective.

      

      

      (c)          Other Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation, the granting of
        stock appreciation rights or phantom stock rights), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided that no such
        adjustment pursuant to this Section 2(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2.

      

      

      (d)          Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Ordinary
          Shares upon the exercise of the Warrant. As to any fraction of an Ordinary Share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such
          final fraction in an amount equal to such fraction multiplied by the Weighted Average Price of an Ordinary Share as of the date of exercise pursuant to Section 1(a) or 1(d), as applicable, or round up to the next whole Ordinary Share.

      
        5

        
          

      

      3.          RIGHTS UPON DISTRIBUTION OF ASSETS.

      

      

      (a)          If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Ordinary Shares (and not to the Holders) evidences of its indebtedness or assets (including cash and
        cash dividends) or rights or warrants to subscribe for or purchase any security (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
        rearrangement, scheme of arrangement or other similar transaction), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders
        entitled to receive such distribution by a fraction of which the denominator shall be the Weighted Average Price determined as of the record date mentioned above, and of which the numerator shall be such Weighted Average Price on such record date
        less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding Ordinary Shares as determined by the Board of Directors in good faith. In either
        case, the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one Ordinary Share. Such adjustment shall be made whenever
        any such distribution is made to the holders of Ordinary Shares and shall become effective immediately after the record date mentioned above.

      

      

      4.          PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

      

      

      (a)          Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time prior to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or
        rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the
        terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations
        on the exercise of this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be
        determined for the grant, issue or sale of such Purchase Rights.

      

      

      (b)          Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing (unless the Company is the Successor Entity) all
        of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and substance reasonably satisfactory to the Required Holders and approved by the Required Holders
        prior to such Fundamental Transaction, including agreements to deliver to each Holder of the Warrants in exchange for such Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to
        this Warrant, including, without limitation, an adjusted exercise price equal to the value for the Ordinary Shares reflected by the terms of such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock
        equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and reasonably satisfactory to the Required
        Holders. Upon the occurrence of any Fundamental Transaction, unless the Company is the Successor Entity, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
        of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
        Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of the Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise
        of this Warrant at any time after the consummation of the Fundamental Transaction, in lieu of the Ordinary Shares (or other securities, cash, assets or other property) issuable upon the exercise of the Warrant prior to such Fundamental Transaction,
        such Ordinary Shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant been converted immediately prior
        to such Fundamental Transaction, as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which
        holders of Ordinary Shares are entitled to receive securities or other assets with respect to or in exchange for Ordinary Shares (a “Corporate Event”), the Company shall make appropriate provision to ensure
        that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the Corporate Event but prior to the Expiration Date, in lieu of Ordinary Shares (or other securities, cash, assets or
        other property) purchasable upon the exercise of this Warrant prior to such Corporate Event, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the
        Holder would have been entitled to receive upon the happening of such Corporate Event had this Warrant been exercised immediately prior to such Corporate Event. Any provision made pursuant to the preceding sentence shall be in a form and substance
        reasonably satisfactory to the Required Holders.

      
        6

        
          

      

      (c)          Applicability to Successive Transactions. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall be applied
        without regard to any limitations on the exercise of this Warrant.

      

      

      5.          NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Constitution or like organizational document or through any reorganization, transfer of
        assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, take any action designed or intended to avoid the observance or performance of any of the terms of this Warrant, and will
        at all times in good faith comply with all the provisions of this Warrant and take all actions consistent with effectuating the purposes of this Warrant. Without limiting the generality of the foregoing, the Company covenants and agrees that it
        shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Ordinary Shares, not subject to preemptive rights of any shareholder, upon the exercise of this
        Warrant, including reserving from its Ordinary Shares such number of Ordinary Shares as are from time to time issuable pursuant to this Warrant. As long as this Warrant shall be outstanding, the Company shall use its
          best efforts to cause all Ordinary Shares issuable upon exercise of this Warrant to be listed (subject to official notice of issuance) on the Principal Market on which the Ordinary Shares issued to the public in the offering may then be listed.

      

      

      6.          WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or
        receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of
        the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive
        notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing
        contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
        or by creditors of the Company.

      
        7

        
          

      

      7.          REISSUANCE OF WARRANTS.

      

      

      (a)          Transfer of Warrant. For a period of one hundred and eighty (180) days following the date of commencement of sales of the offering (the “Commencement Date”),

        this Warrant and the Warrant Shares shall not be (i) sold, transferred, assigned, pledged, hypothecated or otherwise transferred (“Transferred”) or (ii) be the subject of any hedging, short sale, derivative,
        put, or call transaction that would result in the effective economic disposition of the securities, except (1) in compliance with the Securities Act and applicable state securities laws and (2) in compliance with Section 15 hereof. If this Warrant
        is to be Transferred, the Holder shall surrender this Warrant to the Company and deliver the completed and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company will forthwith issue and deliver upon the
        order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being Transferred by the Holder and, if less than the total number of Warrant
        Shares then underlying this Warrant is being Transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being Transferred.

      

      

      (b)          Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case
        of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in reasonable and customary form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver
        to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

      

      

      (c)          Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with
        Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the
        Holder at the time of such surrender; provided, however, that no Warrants for fractional Ordinary Shares shall be given.

      
        8

        
          

      

      (d)          Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall
        represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by
        the Holder which, when added to the number of Ordinary Shares underlying the other new Warrants issued in connection with such issuance, do not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as
        indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

      

      

      8.          NOTICES.

      

      

      (a)          Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent
          or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the Expiration Date and the exercise of this Warrant in
          full, any of the events described in Section 8(b) shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) Business Days prior to the date fixed as a record date or the date of
          closing the transfer books (the “Notice Date”) for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange
          of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be.
          Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

      

      

      (b)          Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
          following events: (i) if the Company shall take a record of the holders of its shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise
          than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its shares any additional shares of capital stock of the
          Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection
          with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

      

      

      (c)          Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
          to Sections 2, 3 or 4 hereof, send notice to the Holder of such event and change (“Price Notice”). The Price Notice shall describe the event causing the
          change and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief Financial Officer.

      
        9

        
          

      

      (d)          Transmittal of Notices. The Company shall provide Holder with prompt written notice of all actions taken pursuant to this Warrant. Whenever notice is required to be given under this Warrant,
        unless otherwise provided herein, such notice shall be given in writing, will be delivered by International Federal Express, or any other nationally recognized overnight express courier, by facsimile or e-mail, and will be deemed delivered by
        International Federal Express or any other nationally recognized overnight carrier, two (2) Business Days after so mailed and, if delivered by facsimile or e-mail, upon electronic confirmation of receipt, and will be delivered and addressed as
        follows:

       

      

      	 	
              (i)

            	
              if to the Company, to:

            
	 	 	 
	 	 	
              Verdant Earth Technologies Limited

            
	 	 	
              Level 33, Colonial Centre

            
	 	 	
              52 Martin Place

              Sydney NSW 2000

              Australia

            
	 	 	
              Attn: Warren Kember

            
	 	 	
              

              

            
	 	 	with a copy to:
	 	 	 
	 	 	
              Gibson, Dunn & Crutcher LLP

            
	 	 	
              200 Park Avenue

            
	 	 	
              New York, New York 10166

            
	 	 	
              Attn: John T. Gaffney, Esq.

            
	 	 	
              Tel: (212) 351- 2626

            
	 	 	
              Fax: (212) 351-4035

            
	 	 	
              E-Mail: JGaffney@gibsondunn.com

            
	 	 	 
	 	(ii)

            	if to the Holder, at the address of the Holder appearing on the books of the Company.
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Pillsbury Winthrop Shaw Pittman LLP
	 	 	31 West 52nd Street
	 	 	New York, New York 10019
	 	 	Attn: Jonathan J. Russo, Esq.
	 	 	Tel: (212) 858-1000
	 	 	Fax: (212) 858-1500

      

      9.          AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein
        required to be performed by it, only if the Company has obtained the prior written consent of the Required Holders. Any such amendment shall apply to all Warrants and be binding upon all registered holders of such Warrants.

      
        10

        
          

      

      10.          GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of New York, without reference to
        the choice of law provisions thereof. The Company and, by accepting this Warrant, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District
        Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby (each, a “Proceeding”).

        Service of process in connection with any such Proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Warrant. The Company and, by accepting this Warrant, the
        Holder, each irrevocably consents to the jurisdiction of any such court in any such Proceeding and to the laying of venue in such court. The Company and, by accepting this Warrant, the Holder, each irrevocably waives any objection to the laying of
        venue of any such Proceeding brought in such courts and irrevocably waives any claim that any such Proceeding brought in any such court has been brought in an inconvenient forum. The Company hereby irrevocably appoints CT Corporation System, with
        offices at 35 Liberty Street, New York, New York 10005, as agent for service of process in any Proceeding and agrees that service of process in any manner permitted by applicable laws in any such Proceeding may be made upon the Company at the
        office of such agent. The Company represents and warrants that such agent has agreed to act as agent for service of process, and agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary
        to continue such appointment in full force and effect. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER, HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY PROCEEDING WITH RESPECT TO THIS
          WARRANTS AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

      

      

      11.          JUDGMENT CURRENCY. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto
        agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Holder could purchase United States dollars with such other currency in The City of New York
        on the Business Day preceding that on which final judgment is given. The obligation of the Company with respect to any sum due to the Holder or any person affiliated with or controlling the Holder shall, notwithstanding any judgment in a currency
        other than United States dollars, not be discharged until the first Business Day following receipt by the Holder or such affiliated or controlling person of any sum in such other currency, and only to the extent that the Holder or such affiliated
        or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to the Holder or such affiliated or
        controlling person hereunder, the Company agrees as a separate obligation and notwithstanding any such judgment, to indemnify such Holder or such affiliated or controlling person against such loss. If the United States dollars so purchased are
        greater than the sum originally due to such Holder or such affiliated or controlling person hereunder, such Holder or such affiliated or controlling person agrees to pay to the Company an amount equal to the excess of the dollars so purchased over
        the sum originally due to the Holder or such affiliated or controlling person hereunder.

      

      

      12.          CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof. The headings of this
        Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

      
        11

        
          

      

      13.          DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed
        determinations or arithmetic calculations via facsimile or e-mail within two (2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon
        such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business
        Days submit via facsimile or e-mail (a) the disputed determination of the Exercise Price to an independent, nationally recognized investment bank selected by the Company in good faith by its Board of Directors and approved by the Holder, which
        approval shall not be unreasonably withheld, or (b) the disputed arithmetic calculation of the Warrant Shares to an independent, nationally recognized outside accountant selected by the Company good faith by its Board of Directors and approved by
        the Holder, which approval shall not be unreasonably withheld. The Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no
        later than ten (10) Business Days from the time it receives the disputed determinations or calculations. The prevailing party (which, for purposes of this Warrant, is the party whose determinations or calculations is closest to those of the
        investment bank or the accountant, as the case may be) in any dispute resolved pursuant to this Section 13 shall be entitled to the full amount of all reasonable expenses, including all costs and fees paid or incurred in good faith, in relation to
        the resolution of such dispute. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

      

      

      14.          REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law
        or in equity (including a decree of specific performance and/or other injunctive relief). The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action
        or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or
        termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might
        otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares.  Nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of
        this Warrant.

      

      

      15.          TRANSFER. Subject to applicable laws and the restrictions set forth in this Section 15, this Warrant may be Transferred without the consent of the Company.

      

      

      (a)          The Holder of this Warrant agrees that such Holder will not for a period of one hundred and eighty (180) days following the Commencement Date: (i) Transfer this Warrant or the securities issuable
        hereunder to anyone other than: (x) an Underwriter or a selected dealer participating in the offering contemplated by the Underwriting Agreement, or (y) bona fide officers or partners of any such Underwriter or selected dealer, each of whom shall
        have agreed to the restrictions contained herein, in accordance with FINRA Rule 5110(e)(1), and (ii) cause this Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that
        would result in the effective economic disposition of this Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after the Commencement Date, and subject to the preceding sentence, transfers to others may be
        made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the Assignment Form attached hereto as Exhibit B duly executed and completed,
        together with this Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within three (3) Business Days transfer this Warrant on the books of the Company and shall execute and deliver a new Warrant or
        Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment in accordance with
        Section 7 hereunder. In addition, notwithstanding the other terms of this Warrant or any agreement between the Company and the Holder, the Holder agrees that, consistent with FINRA Rule 5110(g)(8): (i) this Warrant may not be exercised more than
        five (5) years from the Commencement Date; (ii) this Warrant may not have anti-dilution terms that allow the Holder and related persons to receive more shares or to exercise at a lower price than originally agreed upon at the time of the public
        offering, when the public shareholders have not been proportionally affected by a stock split, stock dividend, or other similar event; and (iii) this Warrant may not have anti-dilution terms that allow the Holder and related persons to receive or
        accrue cash dividends prior to the exercise or conversion of this Warrant.

      
        12

        
          

      

      (b)          The Holder agrees that in connection with any Transfer of the Warrant or the Warrant Shares it will deliver customary representation letters and legal opinions reasonably satisfactory to the Company, as
        reasonably requested by the Company.

      

      

      16.          CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

      

      

      (a)          “Bloomberg” means Bloomberg Financial Markets.

      

      

      (b)          “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to
        remain closed.

      

      

      (c)          “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and last
        closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade
        price, as the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or
        trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the
        foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last
        trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National
        Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such
        security on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction
        during the applicable calculation period.

      
        13

        
          

      

      (d)          “Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Ordinary
        Shares.

      

      

      (e)          “Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., The NYSE MKT, The NASDAQ Global Market or The NASDAQ Global Select Market.

      

      

      (f)          “Expiration Date” means the fifth (5th) anniversary of the Exercisability Date or, if such date falls on a day other than a Trading Day or on which trading does
        not take place on the Principal Market, or, if the Principal Market is not the principal trading market for the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares are then traded (a “Holiday”), the next date that is not a Holiday.

      

      

      (g)          “Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related transactions, (i) consolidate or merge with or into
        (whether or not the Company is the surviving corporation) another Person (but excluding a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company), or (ii) sell, assign, transfer, convey or
        otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the
        outstanding Ordinary Shares (not including any Ordinary Shares held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock
        purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding Ordinary
        Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business combination), (v)
        reorganize, recapitalize or reclassify its Ordinary Shares, or (vi) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3
        under the Exchange Act), directly or indirectly, of 50% or more of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares.

      
        14

        
          

      

      (h)          “Options” means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible Securities.

      

      

      (i)          “Ordinary Shares” means (i) the Company’s Ordinary Shares, no par value, and (ii) any share capital into which such Ordinary Shares shall have been changed or any
        share capital resulting from a reclassification of such Ordinary Shares.

      

      

      (j)          “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security is
        quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

      

      

      (k)          “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other
        entity and a government or any department or agency thereof.

      

      

      (l)          “Principal Market” means The NASDAQ Capital Market.

      

      

      (m)          “Required Holders” means, as of any date, the holders of at least a majority of the Warrants outstanding as of such date.

      

      

      (n)          “Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the
        Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into.

      

      

      (o)          “Trading Day” means any day on which the Ordinary Shares are traded on the Principal Market, or, if the Principal Market is not the principal trading market for
        the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares are then traded; provided that “Trading Day” shall not include any day on which the Ordinary
        Shares are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Ordinary Shares are suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not
        designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

      

      

      (p)          “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market during the
        period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly
        announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the
        electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or
        such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the
        highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets Group, Inc. If the Weighted Average Price cannot be calculated for a security on a particular
        date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
        value of such security, then such dispute shall be resolved pursuant to Section 13 with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock
        dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

      

      

      [Signature Page Follows]

      
        15

        
          

      

      IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Ordinary Shares to be duly executed as of the Issuance Date set out above.

       

      

      	 	
              VERDANT EARTH TECHNOLOGIES LIMITED

            
	 	 
	 	
              By: 

            	

            
	 	
              Name:

            	 
	 	
              Title:

            	 

      

      

      
        
          

      

      
      EXHIBIT A

      

      

      EXERCISE NOTICE

      

      

      TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

      WARRANT TO PURCHASE ORDINARY SHARES

      

      

      VERDANT EARTH TECHNOLOGIES LIMITED

      

      

      The undersigned holder hereby exercises the right to purchase _________________ of the Ordinary Shares (“Warrant Shares”) of Verdant Earth Technologies Limited, a company
        limited by shares incorporated and domiciled in Australia (the “Company”), evidenced by the attached Warrant to Purchase Ordinary Shares (the “Warrant”). Capitalized
        terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

      

      

      1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

      

      

      ____________a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

      

      

      ____________a “Cashless Exercise” with respect to _______________ Warrant Shares.

      

      

      2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder shall pay the Aggregate
        Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

      

      

      3. Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant and, after delivery of such Warrant Shares, _____________ Warrant
        Shares remain subject to the Warrant.

      

      

      4. Representations and Warranties. By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not
        beneficially own in excess of the number of Ordinary Shares (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 1(g) of this Warrant to which this notice relates.

      

      

      Date: _______________ __, ______

      

      

       

      

      _____________________________

      

      Name of Registered Holder

      

      

      	
              By:

            	 	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

      

      

      
        A-1

        
          

      

      EXHIBIT B

      

      

      ASSIGNMENT FORM

      

      

      VERDANT EARTH TECHNOLOGIES LIMITED

      

      

      (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

      

      

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

      

      

       

      

      	 	 	 
	
              Name:

            	 	 
	 	 	
              (Please Print)

            
	 	 
	
              Address:

            	 	 
	 	 	
              (Please Print)

            
	 	 
	
              Dated: _______________ __, ______

            	 	 
	 	 
	
              Holder’s Signature:___________________________

            	 	 
	 	 
	
              Holder’s Address: ____________________________

            	 	 
	 	 	 

      NOTE: If the Holder is an individual, the signature to this Assignment Form must correspond with such Holder’s name as it appears on the face of the Warrant. Those acting in a fiduciary or other representative capacity should file proper
        evidence of authority to assign the foregoing Warrant.

      

      

      B-1

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