Document:

Exhibit 10.4

BLEACH GROUP, INC.
 2012 STOCK INCENTIVE PLAN

 

1.             Establishment, Purpose and Types of Awards

 

Bleach Group, Inc., a Delaware corporation (the “Company”), hereby establishes the  Bleach Group, Inc. 2012 Stock Incentive Plan (the “Plan”).  The purpose of the Plan is to promote the long-term growth and profitability of the Company by (i) providing key people with incentives to improve stockholder value and to contribute to the growth and financial success of the Company, and (ii) enabling the Company to attract, retain and reward the best-available persons.

 

The Plan permits the granting of stock Options (including incentive stock options qualifying under Code Section 422 and nonqualified stock options), Stock Appreciation Rights, restricted or unrestricted Stock Awards, Restricted Stock Units, Performance Awards, other stock-based awards, or any combination of the foregoing.

 

2.             Definitions

 

Under this Plan, except where the context otherwise indicates, the following definitions apply:

 

2.1          “Administrator” shall mean the committee or committees as may be appointed by the Board from time to time to administer the Plan.  For purposes of establishing and certifying the achievement of Performance Goals pursuant to Code Section 162(m), any such committee shall consist of three or more persons, each of whom, unless otherwise determined by the Board, is (i) an “outside director” within the meaning of Code Section 162(m), (ii) a “nonemployee director” within the meaning of Rule 16b-3 and (iii) satisfies the requirements of the New York Stock Exchange for independent directors.

 

2.2          “Affiliate” shall mean any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, the Company (including, but not limited to, joint ventures, limited liability companies, and partnerships).  For this purpose, “control” shall mean ownership of 50% or more of the total combined voting power or value of all classes of stock or interests of the entity.

 

2.3          “Award” shall mean any stock Option, Stock Appreciation Right, Stock Award, Restricted Stock Unit, Performance Award, or other stock-based award.

 

2.4          “Board” shall mean the Board of Directors of the Company.

 

2.5          “Change in Control” shall mean shall mean the occurrence of one or more of the change in control events set forth in Treasury Regulation Section 1.409A-3(i)(5).

 

2.6          “Code” shall mean the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.

 

 

2.7          “Common Stock” shall  mean shares of common stock of the Company, par value  $.001 per share.

 

2.8          “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.9          “Fair Market Value”  So long as the Common Stock is registered under Section 12(b) or (g) of the Exchange Act, “Fair Market Value” shall mean, as applicable, (i) either the closing price or the average of the high and low sale price on the relevant date, as determined in the Administrator’s discretion, quoted on the New York Stock Exchange, the American Stock Exchange, or the Nasdaq National Market; (ii) the last sale price on the relevant date quoted on the Nasdaq National Market; (iii) the average of the high bid and low asked prices on the relevant date quoted on the FINRA OTC Bulletin Board or by the National Quotation Bureau, Inc. or a comparable service as determined in the Administrator’s discretion; or (iv) if the Common Stock is not quoted by any of the above, the average of the closing bid and asked prices on the relevant date furnished by a professional market maker for the Common Stock, or by such other source, selected by the Administrator.  If no public trading of the Common Stock occurs on the relevant date, then Fair Market Value shall be determined as of the next preceding date on which trading of the Common Stock does occur.  In the event that the Common Stock is no longer registered under Section 12(b) or (g) of the Exchange Act, Fair Market Value  shall mean, with respect to a share of the Company’s Common Stock for any purpose on a particular date, the value determined by the Administrator in good faith.

 

2.10        “Grant Agreement” shall mean a written document memorializing the terms and conditions of an Award granted pursuant to the Plan and shall incorporate the terms of the Plan.

 

2.11        “Incentive Stock Option” shall mean an Option that is an “incentive stock option” within the meaning of Code Section 422, or any successor provision, and that is designated by the Administrator as an Incentive Stock Option.

 

2.12        “Nonqualified Stock Option” means an Option other than an Incentive Stock Option.

 

2.13        “Option” means the right to purchase a stated number of shares of Common Stock at a stated price for a stated period of time, granted pursuant to Section 7.

 

2.14        “Parent” shall mean a corporation, whether now or hereafter existing, within the meaning of the definition of “parent corporation” provided in Code Section 424(e), or any successor thereto.

 

2.15        “Participant” shall mean an employee, officer, director or consultant of the Company, or of any Affiliate of the Company to whom an Award is granted pursuant to the Plan, or upon the death of the Participant, his or her successors, heirs, executors, and administrators, as the case may be.

 

2.16        “Performance Awards” shall mean an Award of a number of shares or units granted to a Participant pursuant to Section 11 that is paid out based on the achievement of stated performance criteria or Performance Goals during a stated period of time.

 

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2.17        “Performance Goals” shall mean the objectives established by the Administrator in its sole discretion with respect to any performance-based Awards that relate to one or more business criteria within the meaning of Code Section 162(m).  Performance Goals may include or be based upon, without limitation: sales; gross revenue; gross margins; internal rate of return; cost; ratio of debt to debt plus equity; profit before tax; earnings before interest and taxes; earnings before interest, taxes, depreciation, and amortization; earnings per share; operating earnings; economic value added; ratio of operating earnings to capital spending; cash flow; free cash flow; net operating profit; net income; net earnings; net sales or net sales growth; price of Common Stock; return on capital, net assets, equity, or shareholders’ equity; segment income; market share; productivity ratios; expense targets; working capital targets; or total return to shareholders.  Performance Goals may (a) be used to measure the performance of the Company as a whole or any Subsidiary, business unit or segment of the Company, (b) include or exclude (or be adjusted to include or exclude) extraordinary items, the impact of charges for restructurings, discontinued operations and other unusual and non-recurring items, and the cumulative effects of tax or accounting changes, each as defined by generally accepted accounting principles and as identified in the financial statements, notes to the financial statements, management’s discussion and analysis or other Securities and Exchange Commission filings, and/or (c) reflect absolute entity performance or a relative comparison of entity performance to the performance of a peer group, index, or other external measure, in each case as determined by the Administrator in its sole discretion.

 

2.18        “Restricted Stock Units” shall mean an Award granted to a Participant pursuant to Section 10, denominated in units, providing a Participant the right to receive payment at a future date after the lapse of restrictions or achievement of performance criteria or Performance Goals or other conditions determined by the Administrator.

 

2.19        “Stock Appreciation Right” or “SAR” shall mean the right to receive an amount calculated as provided in a grant pursuant to Section 8.

 

2.20        “Stock Award” shall mean an Award of restricted or unrestricted Common Stock granted to a Participant pursuant to Section 9 and the other provisions of the Plan.

 

2.21        “Subsidiary” and “subsidiaries” shall mean only a corporation or corporations, whether now or hereafter existing, within the meaning of the definition of “subsidiary corporation” provided in Code Section 424(f), or any successor thereto.

 

3.             Administration

 

3.1          Administration of the Plan.  The Plan shall be administered by the Board or the Administrator.

 

3.2          Powers of the Administrator.  The Administrator shall have all the powers vested in it by the terms of the Plan, such powers to include authority, in its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards and establish programs for granting Awards.

 

The Administrator shall have full power and authority to take all other actions necessary to carry out the purpose and intent of the Plan, including, but not limited to, the authority to:  (i) determine the eligible persons to whom, and the time or times at which Awards shall be 

 

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granted; (ii) determine the types of Awards to be granted; (iii) determine the number of shares to be covered by or used for reference purposes for each Award; (iv) impose such terms, limitations, restrictions and conditions upon any such Award as the Administrator shall deem appropriate; (v) modify, amend, extend or renew outstanding Awards, or accept the surrender of outstanding Awards and substitute new Awards (provided however, that, except as provided in Section 14.4 of the Plan, any modification that would materially adversely affect any outstanding Award shall not be made without the consent of the holder); (vi) accelerate or otherwise change the time in which an Award may be exercised or becomes payable and to waive or accelerate the lapse, in whole or in part, of any restriction or condition with respect to such Award, including, but not limited to, any restriction or condition with respect to the vesting or exercisability of an Award following termination of any grantee’s employment or other relationship with the Company (vii) establish objectives and conditions, including Performance Goals, if any, for earning Awards and determining whether Awards will be paid after the end of a performance period, (viii) make adjustments in the Performance Goals in recognition of unusual or nonrecurring events affecting the Company or the financial statements of the Company, or in response to changes in applicable laws, regulations, or accounting principles, and (ix)  provide for forfeiture of outstanding Awards and recapture of realized gains and other realized value in such events as determined by the Administrator, which include, but are not limited to, a breach of restrictive covenants or an intentional or negligent misstatement of financial records.

 

The Administrator shall have full power and authority, in its sole and absolute discretion, to administer and interpret the Plan and to adopt and interpret such rules, regulations, agreements, guidelines and instruments for the administration of the Plan and for the conduct of its business as the Administrator deems necessary or advisable.

 

3.3          Non-Uniform Determinations.  The Administrator’s determinations under the Plan (including without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Grant Agreements evidencing such Awards) need not be uniform and may be made by the Administrator selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated.

 

3.4          Limited Liability.  To the maximum extent permitted by law, no member of the  Administrator shall be liable for any action taken or decision made in good faith relating to the Plan or any Award thereunder.

 

3.5          Indemnification.  To the maximum extent permitted by law and by the Company’s charter and by-laws, the members of the Administrator shall be indemnified by the Company in respect of all their activities under the Plan.

 

3.6          Effect of Administrator’s Decision.  All actions taken and decisions and determinations made by the Administrator on all matters relating to the Plan pursuant to the powers vested in it hereunder shall be in the Administrator’s sole and absolute discretion and shall be conclusive and binding on all parties concerned, including the Company, its stockholders, any Participants in the Plan and any other employee, consultant, or director of the Company, and their respective successors in interest.

 

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4.             Shares Available for the Plan

 

4.1          Shares Available for Awards.  Subject to adjustments as provided in  Section 14.4 of the Plan, the shares of Common Stock that may be issued with respect to Awards granted under the Plan shall not exceed an aggregate of 10% of the issued shares of common stock shares of Common Stock.  The Company shall reserve such number of shares for Awards under the Plan, subject to adjustments as provided in  Section 14.4 of the Plan.  The maximum number of shares of Common Stock under the Plan that may be issued as Incentive Stock Options shall be 1,000,000 shares.  Shares may be authorized but unissued Common Stock or authorized and issued Common Stock held in the Company’s treasury.  If any Award, or portion of an Award, under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or canceled as to any shares, or if any shares of Common Stock are surrendered to the Company in connection with any Award (whether or not such surrendered shares were acquired pursuant to any Award), the shares subject to such Award and the surrendered shares shall thereafter be available for further Awards under the Plan; provided, however, that any such shares that are surrendered to the Company in connection with any Award or that are otherwise forfeited after issuance shall not be available for purchase pursuant to Incentive Stock Options.  Shares under substitute awards for grants made under a plan of an acquired business entity shall not reduce the maximum number of shares that may be issued under the Plan.

 

4.2          Performance-Based Award Limitation.  Awards that are designed to comply with the performance-based exception from the tax deductibility limitation of Code Section 162(m) shall be subject to the following rules:

 

(a) The number of shares of Common Stock that may be granted in the form of Options in a single fiscal year to a Participant may not exceed 500,000, as adjusted pursuant to Section 14.3.

 

(b) The number of shares of Common Stock that may be granted in the form of SARs in a single fiscal year to a Participant may not exceed 500,000, as adjusted pursuant to Section 14.3.

 

(c) The number of shares of Common Stock that may be granted in the form of restricted Stock Awards in a single fiscal year to a Participant may not exceed 500,000, as adjusted  pursuant to Section 14.3.

 

(d) The number of Restricted Stock Units that may be granted in a single fiscal year to a Participant may not exceed 500,000, as adjusted pursuant to Section 14.3.

 

(e) The number of shares of Common Stock that may be granted as Performance Award shares in a single fiscal year to a Participant may not exceed 500,000 as adjusted pursuant to Section 14.3.

 

(f) The maximum amount that may be paid to a Participant for Performance Award units granted in a single fiscal year to the Participant may not exceed $1,000,000.

 

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5.             Participation

 

Participation in the Plan shall be open to all employees, officers, directors, and consultants of the Company, or of any Affiliate of the Company, as may be selected by the Administrator from time to time.  The grant of an Award at any time to any person shall not entitle that person to a grant of an Award at any future time.

 

6.             Awards

 

Awards that may be granted under the Plan consist of Options, Stock Appreciation Rights, Stock Awards, Restricted Stock Units, Performance Awards and other stock based awards.  The Administrator, in its sole discretion, establishes the terms of all Awards granted under the Plan.  Awards may be granted individually or in tandem with other types of Awards.  All Awards are subject to the terms and conditions provided in the Grant Agreement.  If there is any inconsistency between the terms of the Plan and a Grant Agreement, the terms of the Plan shall control unless the Grant Agreement explicitly states that an exception to the Plan is being made.  By accepting an Award, a Participant agrees that the Award shall be subject to all of the terms and provisions of the Plan and the applicable Grant Agreement.

 

7.             Stock Options

 

7.1          Terms and Grant Agreement.  Subject to the terms of the Plan, Options may be granted to Participants at any time as determined by the Administrator.  The Administrator shall determine, and the Grant Agreement shall reflect, the following for each Option granted:

 

(a)           the number of shares subject to each Option;

 

(b)           duration of the Option (provided that no Option shall have an expiration date later than the day after the 10th anniversary of the date of grant);

 

(c)           vesting requirements that specify a vesting period;

 

(d)           whether the Option is an Incentive Stock Option or a Nonqualified Stock Option; provided, however, no Option shall be an Incentive Stock Option unless so designated by the Administrator at the time of grant or in the Grant Agreement evidencing such Option;

 

(e)           the exercise price for each Option, which, except with respect to substitute awards complying with Code Section 424 and regulations thereunder, shall not be less than the Fair Market Value on the date of the grant (with respect to Incentive Stock Options, 110% of the Fair Market Value on the date of grant for any Participant who owns, within the meaning of Code Section 424(d), stock of the Company possessing more than 10% of the total combined voting power of all classes of stock of the Company, any Subsidiary, or any Affiliate);

 

(f)            the permissible method(s) of payment of the exercise price;

 

(g)           the rights of the Participant upon termination of employment or service as a director; and

 

(h)           any other terms or conditions established by the Administrator.

 

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7.2          Exercise of Options.  Options shall be exercisable at such times and subject to such restrictions and conditions as the Administrator, in its sole discretion, deems appropriate, which need not be the same for all Participants.

 

An Option shall be exercised by delivering written notice as specified in the Grant Agreement on the form of notice provided by the Company.  Options may be exercised in whole or in part.  For a Participant who is subject to Section 16 of the Exchange Act, the Company may require that the method of payment comply with Section 16 and the rules and regulations thereunder.  Any payment in shares of Common Stock, if permitted, shall be made by delivering the shares to the secretary of the Company, duly endorsed in blank or accompanied by stock powers duly executed in blank, together with any other documents and evidence as the secretary shall require.

 

Certificates for shares of Common Stock purchased upon the exercise of an Option shall be issued in the name of or for the account of the Participant or other person entitled to receive the shares and delivered to the Participant or other person as soon as practicable following the effective date on which the Option is exercised.

 

7.3          Incentive Stock Options.  Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended, or altered, nor shall any discretion or authority granted under the Plan be exercised so as to disqualify the Plan under Code Section 422, or, without the consent of any affected Participant, to cause any Incentive Stock Option previously granted to fail to qualify for the federal income tax treatment afforded under Code Section 421.  Incentive Stock Options shall not be granted to non-employee directors.

 

7.4          Reduction in Price or Reissuance.  In no event shall the Administrator cancel any outstanding Option for the purpose of (i) providing a replacement award under this or another Company plan, or (ii) cashing out an Option, unless such cash-out occurs in conjunction with a change in control.  Additionally, in no event shall the Administrator, without first receiving shareholder approval, (a) cancel any outstanding Option for the purpose of reissuing the Option to the Participant at a lower exercise price or (b) reduce the exercise price of a previously issued Option.

 

7.5          Notification of Disqualifying Disposition.  If any Participant shall make any disposition of shares issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions), such Participant shall notify the Company of such disposition within ten (10) calendar days thereof.

 

8.             Stock Appreciation Rights

 

8.1          Terms and Agreement.  Subject to the terms of the Plan, Stock Appreciation Rights may be granted to Participants at any time as determined by the Administrator.  The grant price of the SAR shall be at least equal to one hundred percent (100%) of the Fair Market Value of Stock as determined on the date of the grant, except with respect to substitute awards complying with Code Section 424 and regulations thereunder.  The Administrator shall determine, and the Grant Agreement shall reflect, the following for each SAR granted:

 

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(a)           the number of shares subject to each SAR;

 

(b)           whether the SAR is a Related SAR or a Freestanding SAR (as defined below);

 

(c)           the duration of the SAR (provided however, that no SAR shall have an expiration date later than the date after the 10th anniversary of the date of grant);

 

(d)           vesting requirements;

 

(e)           rights of the Participant upon termination of employment or service as a director; and

 

(f)            any other terms or conditions established by the Administrator.

 

8.2          Related and Freestanding SARs.  A Stock Appreciation Right may be granted in connection with an Option, either at the time of grant or at any time thereafter during the term of the Option (a “Related SAR”), or may be granted unrelated to an Option (a “Freestanding SAR”).

 

8.3          Surrender of Option.  A Related SAR shall require the holder, upon exercise, to surrender the Option with respect to the number of shares as to which the SAR is exercised, in order to receive payment.  The Option will, to the extent surrendered, cease to be exercisable.

 

8.4          Reduction in Number of Shares Subject to Related SARs.  For Related SARs, the number of shares subject to the SAR shall not exceed the number of shares subject to the Option.  For example, if the SAR covers the same number of shares as the Option, the exercise of a portion of the Option shall reduce the number of shares subject to the SAR to the number of shares remaining under the Option.  If the Related SAR covers fewer shares than the Option, the exercise of a portion of the Option shall reduce the number of shares subject to the SAR to the extent necessary so that the number of remaining shares subject to the SAR is not more than the remaining shares under the Option.

 

8.5          Exercisability.  Subject to Section  8.7 and to any rules and restrictions imposed by the Administrator, a Related SAR will be exercisable at the time or times, and only to the extent, that the Option is exercisable and will not be transferable except to the extent that the Option is transferable.  A Freestanding SAR will be exercisable as determined by the Administrator but in no event after 10 years from the date of grant.

 

8.6          Payment.  Upon the exercise of a Stock Appreciation Right, the holder will be entitled to receive payment of an amount determined by multiplying:

 

(a)           The excess of the Fair Market Value on the date of exercise over the Fair Market Value on the date of grant, by

 

(b)           The number of shares with respect to which the SAR is being exercised.

 

The Administrator may limit the amount payable upon exercise of a Stock Appreciation Right.  Any limitation must be determined as of the date of grant and noted on the Grant Agreement evidencing the grant.

 

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Payment may be made in cash, Common Stock, or a combination of cash and Common Stock, in the Administrator’s sole discretion.  No fractional shares shall be used for such payment and the Administrator shall determine whether cash shall be given in lieu of such fractional shares or whether such fractional shares shall be eliminated.

 

8.7          Reduction in Price or Reissuance.  In no event shall the Administrator cancel any outstanding Stock Appreciation Right for the purpose of (i) providing a replacement award under this or another Company plan, or (ii) cashing out a Stock Appreciation Right, unless such cash-out occurs in conjunction with a change in control.  Additionally, in no event shall the Administrator, without first receiving shareholder approval, (a) cancel any outstanding Stock Appreciation Right for the purpose of reissuing the Stock Appreciation Right to the Participant at a lower exercise price or (b) reduce the exercise price of a previously issued Stock Appreciation Right.

 

8.8          Additional Terms.  The Administrator may impose additional conditions or limitations on the exercise of a Stock Appreciation Right as it may deem necessary or desirable to secure for holders the benefits of Rule 16b-3, or any successor provision, or as it may otherwise deem advisable.

 

9.             Stock Awards

 

9.1          Terms and Agreement.  Subject to the terms of the Plan, shares of restricted or unrestricted Common Stock may be granted to Participants at any time as determined by the Administrator.  The Administrator shall determine, and the Grant Agreement shall reflect, the following for the Stock Awards granted:

 

(a)           the number of shares of granted;

 

(b)           the purchase price, if any, to be paid by the Participant for each share of Common Stock;

 

(c)           the restriction period established, if any;

 

(d)           any requirements with respect to elections under Code Section 83(b);

 

(e)           rights of the Participant upon termination of employment or service as a director; and

 

(f)            any other terms or conditions established by the Administrator.

 

9.2          Restriction Period.  At the time of the grant of the Stock Award, the Administrator may establish a restriction period for the shares granted, which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based, or based on any other criteria the Administrator deems appropriate.  The Administrator may divide the shares into classes and assign a different restriction period for each class.  The Administrator may impose additional conditions or restrictions upon the vesting of the Stock Award as it deems fit in its sole discretion.  If all applicable conditions are satisfied, then upon the termination of the restriction period with respect to a share of restricted Common Stock, the share shall vest and the restrictions shall lapse.  To the extent required to ensure that a 

 

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Performance Goal-based Award of the Stock Award to an executive officer is deductible by the Company pursuant to Code Section 162(m), any such Award shall vest only upon the Administrator’s determination that the Performance Goals applicable to the Award have been attained.

 

9.3          Restrictions on Transfer Prior to Vesting.  Prior to the vesting of a restricted Stock Award, the Participant may not sell, assign, pledge, hypothecate, transfer, or otherwise encumber the Stock Award.  Upon any attempt to transfer rights in a share of restricted Common Stock, the share and all related rights shall immediately be forfeited by the Participant.  Upon the vesting of a restricted Stock Award, the transfer restrictions of this section shall lapse with respect to that share.

 

9.4          Rights as a Shareholder.  Except for the restrictions set forth here and unless otherwise determined by the Administrator, the Participant shall have all the rights of a shareholder with respect to shares of a Stock Award, including but not limited to the right to vote and the right to receive dividends, provided that the Administrator, in its sole discretion, may require that any dividends paid on shares of a restricted Stock Award be held in escrow until all restrictions on the shares have lapsed.

 

9.5          Section 83(b) Election.  The Administrator may provide in the Grant Agreement that the Award is conditioned upon the Participant making or not making an election under Code Section 83(b).  If the Participant makes an election pursuant to Code Section 83(b), the Participant shall be required to file a copy of the election with the Company within ten (10) calendar days.

 

10.          Restricted Stock Units

 

10.1        Terms and Agreement.  Subject to the terms of the Plan, Restricted Stock Units may be granted to Participants at any time as determined by the Administrator.  The Administrator shall determine, and the Grant Agreement shall reflect, the following for the Restricted Stock Units granted:

 

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(a)           the number of Restricted Stock Units awarded;

 

(b)           the purchase price, if any, to be paid by the Participant for each Restricted Stock Unit;

 

(c)           the restriction period established, if any;

 

(d)           whether dividend equivalents will be credited with respect to Restricted Stock Units, and, if so, any accrual, forfeiture or payout restrictions on the dividend equivalents;

 

(e)           rights of the Participant upon termination of employment or service as a director; and

 

(f)            any other terms or conditions established by the Administrator.

 

To the extent a Restricted Stock Unit Award constitutes “deferred compensation”  within the meaning of Code Section 409A, the Administrator shall establish Grant Agreement terms and provisions that comply with Code Section 409A and regulations thereunder.

 

10.2        Restriction Period.  At the time of the grant of Restricted Stock Units, the Administrator may establish a restriction period, which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based, or based on any other criteria the Administrator deems appropriate.  The Administrator may divide the awarded Restricted Stock Units into classes and assign a different restriction period for each class.  The Administrator may impose any additional conditions or restrictions upon the vesting of the Restricted Stock Units as it deems fit in its sole discretion.  If all applicable conditions are satisfied, then upon the termination of the restriction period with respect to a Restricted Stock Unit, the Unit shall vest.  To the extent required to ensure that a Performance Goal-based Award of Restricted Stock Units to an executive officer is deductible by the Company pursuant to Code Section 162(m), any such Award shall become vested only upon the Administrator’s determination that the Performance Goals applicable to the Award, if any, have been attained.

 

10.3        Payment.  Upon vesting of a Restricted Stock Unit, the Participant shall be entitled to receive payment of an amount equal to the Fair Market Value of one share of Stock.  Payment may be made in cash, Stock, or a combination of cash and Stock, in the Administrator’s sole discretion.

 

11.          Performance Awards

 

11.1        Terms and Agreement.  Subject to the terms of the Plan, Performance Awards may be granted to Participants at any time as determined by the Administrator.  The Administrator shall determine, and the Grant Agreement shall reflect, the following for the Performance Awards granted:

 

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(a)           the number of shares or units awarded;

 

(b)           the performance period and performance criteria or Performance Goals applicable to the Award;

 

(c)           whether dividend equivalents will be credited with respect to Performance Awards, and if so, any accrual, forfeiture, or payout restrictions on the dividend equivalents;

 

(d)           the rights of the Participant upon termination of employment or service as a director (which may be different based on the reason for termination); and

 

(e)           any other terms or conditions established by the Administrator.

 

To the extent an Award constitutes “deferred compensation” within the meaning of Code Section 409A, the Administrator shall establish Grant Agreement terms and provisions that comply with Code Section 409A and regulations thereunder.

 

11.2        Payment.  After the applicable performance period has ended, the Administrator will review the performance criteria and/or Performance Goals and determine the amount payable with respect to the Award, based upon the extent to which the performance criteria and/or Performance Goals have been attained within the performance period and any other applicable terms and conditions.  Payment of an earned Performance Award may be made in cash, Common Stock, or a combination of cash and Common Stock, as determined by the Administrator in its sole discretion.

 

12.          Other Stock-Based Awards

 

The Administrator may from time to time grant other stock-based awards to eligible Participants in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine.  Other stock-based awards may be denominated in cash, in Common Stock or other securities, in stock-equivalent units, in stock appreciation units, in securities or debentures convertible into Common Stock, or in any combination of the foregoing and may be paid in Common Stock or other securities, in cash, or in a combination of Common Stock or other securities and cash, all as determined in the sole discretion of the Administrator.

 

13.          Change in Control Provisions

 

Except as otherwise provided in any written agreement between the Participant and the Company or its Affiliate in effect when a Change in Control occurs, in the event an acquiring company does not assume Plan Awards:

 

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(a)           all outstanding Options and Stock Appreciation Rights shall become fully vested and exercisable;

 

(b)           for performance-based Awards, all Performance Goals or performance criteria shall be deemed achieved at target levels and all other terms and conditions met, with Award payout prorated for the portion of the performance period completed as of the Change in Control and payment to occur within 45  days of the Change in Control;

 

(c)           all restrictions and conditional applicable to any restricted Stock Award shall lapse;

 

(d)           all restrictions and conditions applicable to any Restricted Stock Units shall lapse and payment shall be made within 45 days of the Change in Control;

 

(e)           all other Awards shall be delivered or paid within 45 days of the Change in Control.

 

14.          Miscellaneous

 

14.1        Withholding of Taxes.  Grantees and holders of Awards shall pay to the Company or its Affiliate, or make provision satisfactory to the Administrator for payment of, any taxes required to be withheld in respect of Awards under the Plan no later than the date of the event creating the tax liability.  The Company or its Affiliate may, to the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to the grantee or holder of an Award.  In the event that payment to the Company or its Affiliate of such tax obligations is made in shares of Common Stock, such shares shall be valued at Fair Market Value on the applicable date for such purposes.

 

14.2        Transferability.  Except as otherwise determined by the Administrator, and in any event in the case of an Incentive Stock Option or a Stock Appreciation Right granted with respect to an Incentive Stock Option, no Award granted under the Plan shall be transferable by a grantee otherwise than by will or the laws of descent and distribution.  No transfer of an Award by will or the laws of descent and distribution shall be effective to bind the Company unless the Administrator has been furnished with (a) written notice and a copy of the will and/or such evidence as the Administrator may deem necessary to establish the validity of the transfer, and (b) an agreement by the transferee to comply with all the terms and conditions of the Award that would have applied to the Participant and to be bound by the acknowledgments made by the Participant in connection with the grant of the Award.  Unless otherwise determined by the Administrator in accord with the provisions of the first sentence of this subsection, an Award may be exercised during the lifetime of the grantee, only by the grantee or, during the period the grantee is under a legal disability, by the grantee’s guardian or legal representative.

 

14.3        Adjustments; Business Combinations.  In the event of changes in the Common Stock of the Company by reason of any stock dividend, spin-off, split-up, recapitalization, merger, consolidation, business combination or exchange of shares and the like, the Administrator shall, in its discretion and without the consent of holders of Awards, make appropriate adjustments to (i) the maximum number and kind of shares reserved for issuance or with respect to which Awards may be granted under the Plan as provided in Section 4 of the Plan, and (ii) the number, kind and price of shares covered by outstanding Awards.  In the event 

 

13

 

of any such changes in the Common Stock, the Administrator shall, in its discretion and without the consent of holders of Awards, make any other adjustments in outstanding Awards, including but not limited to reducing the number of shares subject to Awards or providing or mandating alternative settlement methods such as settlement of the Awards in cash or in shares of Common Stock or other securities of the Company or of any other entity.

 

Notwithstanding anything in the Plan to the contrary and without the consent of holders of Awards, the Administrator, in its sole discretion, may make any modifications to any Awards, including but not limited to cancellation, forfeiture, surrender or other termination of the Awards in whole or in part regardless of the vested status of the Award, in order to facilitate any business combination that is authorized by the Board to comply with requirements for treatment as a pooling of interests transaction for accounting purposes under generally accepted accounting principles.

 

The Administrator is authorized to make, in its discretion and without the consent of holders of Awards, adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

 

14.4        Substitution of Awards in Mergers and Acquisitions.  Awards may be granted under the Plan from time to time in substitution for Awards held by employees, officers, consultants or directors of entities who become or are about to become employees, officers, consultants or directors of the Company or an Affiliate as the result of a merger or consolidation of the employing entity with the Company or an Affiliate, or the acquisition by the Company or an Affiliate of the assets or stock of the employing entity.  The terms and conditions of any substitute Awards so granted may vary from the terms and conditions set forth herein to the extent that the Administrator deems appropriate at the time of grant to conform the substitute Awards to the provisions of the awards for which they are substituted.

 

14.5        Stock Restriction Agreement and Voting Trust.  As a condition precedent to the grant of any Award under the Plan, the exercise pursuant to such an Award, or to the delivery of certificates for shares issued pursuant to any Award, the Administrator may require the grantee or the grantee’s successor or permitted transferee, as the case may be, to become a party to a stock  restriction agreement of the Company and/or a voting trust agreement in such form(s) as the Administrator may determine from time to time.

 

14.6        Termination, Amendment and Modification of the Plan.  The Board may terminate, amend or modify the Plan or any portion thereof at any time.  Notwithstanding the foregoing, no amendment shall be made without shareholder approval if approval is required under applicable law or the rules of any stock exchange on which the Company is listed.

 

14.7        Non-Guarantee of Employment or Service.  Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an individual to continue in the service of the Company or shall interfere in any way with the right of the Company to terminate such service at any time with or without cause or notice.

 

14

 

14.8        Compliance with Securities Laws; Listing and Registration.  If at any time the Administrator determines that the delivery of Common Stock under the Plan is or may be unlawful under the laws of any applicable jurisdiction, or federal or state securities laws, the right to exercise an Award or receive shares of Common Stock pursuant to an Award shall be suspended until the Administrator determines that such delivery is lawful.  The Company shall have no obligation to effect any registration or qualification of the Common Stock under federal or state laws.

 

The Company may require that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any share certificate, make such written representations (including representations to the effect that such person will not dispose of the Common Stock so acquired in violation of federal or state securities laws) and furnish such information as may, in the opinion of counsel for the Company, be appropriate to permit the Company to issue the Common Stock in compliance with applicable federal and state securities laws.  The stock certificates for any shares of Common Stock issued pursuant to this Plan may bear a legend restricting transferability of the shares of Common Stock unless such shares are registered or an exemption from registration is available under the Securities Act and applicable state securities laws.

 

14.9        No Trust or Fund Created.  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a grantee or any other person.  To the extent that any grantee or other person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

 

14.10      Short-Term Deferral; Deferred Compensation.

 

(a)           Short-Term Deferral.  To the extent an Award constitutes nonqualified deferred compensation subject to Code Section 409A and it has not been designed to comply with Code Section 409A, in order to be exempt from Code Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4), payment of the Award shall be made no later than the later of (i) the date that is 2 1⁄2 months from the end of the Participant’s first taxable year in which the amount is no longer subject to a substantial risk of forfeiture, or (ii) the date that is 2 1⁄2 months from the end of the Company’s first taxable year in which the amount is no longer subject to a substantial risk of forfeiture.

 

(b)           Deferred Compensation.  Notwithstanding any provision in the Plan or any Grant Agreement to the contrary, to the extent an Award (i) constitutes “deferred compensation” within the meaning of Code Section 409A, (ii) is not exempt from the application of Code Section 409A and (iii) is payable to a specified employee (as determined in accordance with Code Section 409A(a)(2)(B) and applicable regulations) due to separation from service (as such term is defined under Code Section 409A), payment shall be delayed for a minimum of six (6) months from the date of such separation from service.

 

If any Award granted under the Plan is considered deferred compensation as defined under Code Section 409A, and if the Plan or the terms of an Award fail to meet the requirements of Code Section 409A with respect to such Award, then such Award shall remain in effect and be subject to taxation in accordance with Code Section 409A.  In this circumstance, the Administrator may accelerate distribution or settlement of an Award in accordance with Code 

 

15

 

Section 409A.  The Company shall have no liability for any tax imposed on a Participant under Code Section 409A, and if any tax is imposed on a Participant, the Participant shall have no recourse against the Company for payment of any such tax.  Notwithstanding the foregoing, if any modification of an Award causes the Award to be deferred compensation under Code Section 409A, the Administrator may rescind such modification in accordance with Code Section 409A.

 

14.11      No Fractional Shares.  No fractional shares of Stock shall be issued or delivered pursuant to the Plan.  The Administrator shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of any fractional shares or whether fractional shares or any rights to fractional shares shall be forfeited or otherwise eliminated.

 

14.12      Beneficiary.  A Participant may file with the Administrator a written designation of a beneficiary on the form prescribed by the Administrator and may, from time to time, amend or revoke the designation.  If no designated beneficiary survives the Participant, the Participant’s spouse, if any, shall be deemed to be the Participant’s beneficiary.  If the Participant does not have a spouse, the the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.

 

14.13      Section 162(m).  The Plan is designed and intended, and all provisions shall be construed in a manner, to comply, to the extent applicable, with Code Section 162(m) and the regulations thereunder.  To the extent permitted by Code Section 162(m), the Administrator shall have sole discretion to reduce, eliminate or defer payment of the amount of any Award which might otherwise become payable upon attainment of a Performance Goal.

 

14.14      Form of Communication.  Any election, application, claim, notice, or other communication required or permitted to be made by a Participant to the Administrator or the Company shall be made in writing and in such form as the Company may prescribe.  Any communication shall be effective upon receipt by Mark Byers, President at 347 Fifth Avenue, Suite 1402, New York, NY 10016.

 

14.15      Severability.  If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected.

 

14.16      Governing Law.  The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules, regulations, determinations or decisions made by the Administrator relating to the Plan or such Grant Agreements, and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with applicable federal laws and the laws of the State of Delaware without regard to its conflict of laws principles.

 

14.17      Effective Date; Termination Date.  The Plan is effective as of the date on which the Plan is adopted by the Board, subject to approval of the stockholders within twelve months before or after such date.  No Award shall be granted under the Plan after the close of business on the day immediately preceding the tenth anniversary of the effective date of the Plan.  Subject to other applicable provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such Awards have been satisfied or terminated in accordance with the Plan and the terms of such Awards.

 

16

 

Date Approved by the Board: December 10, 2012

Date Approved by the Stockholders: December 10, 2012

 

17Exhibit 10.5

 

Bleach Pty Ltd Employment Agreement

 

THIS EMPLOYMENT AGREEMENT is made on the 1st July 2011

 

BETWEEN:

 

Bleach Pty Ltd (ABN 81 095 987 214) (ACN 095 987 214) of 14 Mentmore Avenue Roseberry in the State of New South Wales (‘the Employer’)

 

AND

 

Mark Byers in the State of New South Wales (‘the Employee’)

 

THE PARTIES AGREE in consideration of, among other things, the mutual promises contained in this agreement:

 

1.              DEFINITIONS AND INTERPRETATION

 

1.1.    Definitions

 

1.1.1.                  ‘Award’ means Clerks Private Sector Award 2010 or any applicable Modern Award.

 

1.1.2.                  ‘Confidential information’ is defined as any confidential or proprietary information provided by the Employer (in any form) to an employee in connection with their employment, including:

 

1.1.2.1.             the names, lists or details and any information relating to the  business affairs of the clients, customers, potential customers, suppliers or members of the Employer;

 

1.1.2.2.             matters of a technical nature, trade secrets, technical data, marketing procedures and information, pricing and/or discount structures, accounting programs and procedures, financial information, strategic and business plans and like information relating to the business of the Employer;

 

1.1.2.3.             information relating to the general business, past or present clients, past and present business, financial reports, financing strategies, models, documentation, software, pricing, sources, ideas, procedures, undertakings, concepts, inventions, trade secrets, services, client information and matter details.

 

1.1.2.4.             Information which has been made known to the Employer or its officers, employees or agents in circumstances in which an obligation of confidentiality arose;

 

1.1.2.5.             other information which the Employer informs the employee is confidential or which, if disclosed, the employee knows or ought reasonably to know, would be detrimental to the Employer and

 

1.1.2.6.             all other information which is imparted to the employee in circumstances which the employee knows or ought reasonably to know that the information is confidential to the Employer or any persons with whom the Employer is concerned,

 

1.1.2.7.             but excludes any information that is public knowledge or is in the public domain.

 

1

 

1.1.3.                  ‘Employment Agreement’ means this agreement;

 

1.1.4.                  ‘Month’ means calendar month;

 

1.1.5.                  ‘Office of the Employer’ means 14 Mentmore Avenue Roseberry or as may be agreed from time to time;

 

1.1.6.                  ‘Place of residence’ means the Employee’s place of residence as detailed in item 1 of the Employment Schedule and includes where they may choose to stay from time to time prior to attending the Office of the Employer;

 

1.1.7.                  ‘Termination date’ means the date when the Employee ceases to be employed by the Employer;

 

1.1.8.                  ‘$’ and ‘dollars’ means Australian dollars.

 

2.              APPOINTMENT

 

2.1.                            The Employer appoints the Employee in the position specified in item 2  of the Employment Schedule (‘the Position’)  reporting to the person named in item 3 of the Employment Schedule (‘the Appointed Manager’)  and the Employee accepts that employment.

 

3.              TERM

 

The appointment of the Employee begins on the date specified in item 4 of the Employment Schedule (‘the Employment Start Date’)  and will continue until termination in accordance with clause 12.

 

3.1.                            The Employee will be subject to a probationary period of three months (‘the Probationary Period’)  at the commencement of employment. During the Probationary Period, either party may terminate the agreement on one week’s notice. At the conclusion of the Probationary Period, the Employer will either confirm the continuing employment or terminate the agreement with the above notice.

 

4.              DUTIES AND OBLIGATIONS OF THE EMPLOYEE

 

4.1.                            The Employee must:

 

4.1.1.             devote the whole of the Employee’s time, attention and skill during the hours worked and at other times as reasonably necessary to the duties of the Employee to the Employer; and

 

4.1.2.             faithfully and diligently perform the duties and exercise the powers consistent with the Position specified at item 2 of the Employment Schedule and to promote the interests of the employer;

 

4.2.                            The Employee will perform the duties as outlined in the position description in the Schedule or such other duties as may be required by the Employer from time to time.

 

2

 

4.3.                            The Employee must report directly to their Appointed Manager or as directed by the Employer and comply with reasonable directions given to the Employee by the Employee’s Appointed Manager or by the Employer generally.

 

4.4.                            The Employee’s normal hours of work will be 38 hours per week worked as directed by the employer. The Employee may also be required to work such additional hours as determined by the Employer depending upon the nature of the Employer’s business.

 

4.5.                            The Employee acknowledges that he/she has a fiduciary duty to the Employer. The Employee agrees not to use the Employer’s equipment including, but not limited to, hardware, software, templates, ideas or processes other than in the performance of the Duties. The Employee agrees that if he/she breaches this Agreement, the Employer is entitled to seek relief which may include, but not limited to, injunctive relief and a claim for damages.

 

5.              REMUNERATION

 

5.1.                            During the period of this Agreement, the Employer will pay the Employee as specified in item 5 of the Employment Schedule (‘the Remuneration’).

 

5.2.                            The applicable rate of pay is the Award rate. The applicable rate for hours worked in excess of 38 is time and one half of the Award rate for the first two hours and double the Award rate thereafter. However, the Employer will pay a rate specified in item 5 of the Employment Schedule for all hours worked to cover all applicable penalty rates and the Employee accepts this rate as payment for all hours worked including any applicable penalty rates, shift allowances and other allowances that may be cited in the Award.

 

5.3.                            The  Employee’s remuneration is above the Award and is inclusive of all allowances, loadings and overtime rates that may be payable under the Award.

 

5.4.                            In the event of a dispute regarding remuneration or other entitlements under this Agreement of the Award, the Employee agrees that the Employer is entitled to offset the value of any remuneration or entitlement which are provided in excess of any relevant Award against the alleged underpayments and/or loadings and/or allowances.

 

5.5.                            The Employee may be invited by the Employer to participate in the Bonus Incentive Scheme. Participation in the bonus scheme is at the sole discretion of the Employer. Any payment or bonus offered as part of the scheme is at the sole discretion of the Employer. The Employer may at any time alter or discontinue the scheme. The details of the bonus scheme are specified in item 7a of the Employment Schedule.

 

6.              SUPERANNUATION

 

6.1.                            The Employee’s Remuneration will include contributions made by the Employer for the Employee into a superannuation fund nominated by the Employee. The Employer will not be liable to make any additional payment or contribution by reason of the superannuation contribution surcharge.

 

3

 

7.              ANNUAL LEAVE

 

7.1.                            The Employee is entitled to 4 weeks (twenty (20) days) leave for each completed year of service. The annual leave entitlement will be accrued progressively throughout the year.

 

7.2.                            The Employee agrees that the Remuneration includes a payment in respect of any accrued annual leave and leave loading.

 

7.3.                            The Employee may only take annual leave after the Employee’s request in writing has been approved by the Employer although such consent cannot be unreasonably withheld.

 

7.4.                            The Employer may require an employee to take a period of annual leave, such as for an annual shutdown.

 

8.              PERSONAL/CARER’S LEAVE

 

8.1.                            The Employee shall be entitled to ten (10) days paid personal/carer’s leave per year of service which accrues progressively throughout the year. Personal leave includes sick and carer’s leave.

 

8.2.                            The Employee is also entitled to a further two (2) days unpaid carer’s leave per permissible occasion (as defined in the Fair Work Act).

 

8.3.                            The Employee is only entitled to carer’s leave (whether paid or unpaid) when a member of Employee’s immediate family or household is suffering from personal illness or injury or an unexpected emergency which affects the member.

 

8.4.                            In accordance with statutory requirements, the Employee is to provide the Employer with notice as soon as reasonably practicable, but no later than one hour after the Employee was due to commence work, that the Employee is taking sick or carer’s leave.

 

8.5.                            The Employee shall not be entitled to receive payment for any accumulated personal leave on termination of this Agreement.

 

8.6.                            The Employee must, if required by the Employer, provide evidence that any absence from work was due to illness or injury of the Employee or the Employee’s immediate family member or member of the Employee’s household. This could include evidence such as a medical certificate from a registered health practitioner or a statutory declaration.

 

9.              PARENTAL LEAVE

 

9.1.                            The Employee is entitled to unpaid parental leave in accordance with Chapter 2, Part 2-2, Division 5 of the Fair Work Act, 2009 (Cth ). This can include 12 months unpaid leave which may be extended for a period of up to a further 12 months.

 

10.       PUBLIC HOLIDAYS

 

10.1.                     All official public holidays for the state of New South Wales will apply to this agreement.

 

4

 

11.       CONFIDENTIALITY

 

11.1.                     The Employee must:

 

11.1.1.                    not publish or otherwise disclose to any person any Confidential Information relating to the Employer’s affairs, finances or business or the affairs, finances or business of any of its clients or suppliers; and

 

11.1.2.                    keep any Confidential Information secret and confidential, except to the extent that the Employer is required by law to disclose it; and

 

11.1.3.                    take all reasonable and necessary precautions to maintain the secrecy and prevent the disclosure of any Confidential Information; and

 

11.1.4.                    not disclose Confidential Information to any third party without first obtaining the written consent of the Employer except in the ordinary and proper course of employment with the Employer; and

 

11.1.5.                    not divulge or use either for their own personal benefit or for the benefit of any other person, any Confidential Information; and

 

11.1.6.                    return all property of the Employer to it upon the termination of the Employment Agreement including all Confidential Information and other property in the Employee’s possession.

 

11.2.                     The Employee’s obligations under this clause survive the termination of the Employee’s appointment.

 

12.       TERMINATION OF EMPLOYMENT

 

12.1.                     TERMINATION BY NOTICE

 

12.1.1.                    Other than during the probationary period, either party may terminate this agreement on the provision of the following written notice:

 

12.1.1.1. not more than 1 year — 1 week;

12.1 1.2. more than 1 year but less than 3 years — 2 weeks;

12.1.1.3. more than 3 years but less than 5 years — 3 weeks;

12.1.1.4. more than 5 years — 4 weeks.

 

12.1.2.                    If the Employee is over 45 years of age and has completed a least 2 years continuous service, they are entitled to 1 week’s additional notice.

 

12.1.3.                    The Employer, at its discretion, may pay the Employee in lieu of the notice period.

 

12.1.4.                    Should the Employer require the Employee to work the notice period then the Employer will be entitled to allocate the Employee such duties as it may require from time to time which may not be the Employee’s normal duties.

 

12.1.5.                    Nothing in this clause shall affect the right of the Employer to terminate the agreement pursuant to clause 12.2.

 

5

 

12.2.                     TERMINATION WITHOUT NOTICE

 

12.2.1.                    This Agreement can be terminated without notice and without the payment of any Remuneration or Additional Remuneration or other benefits (other than statutory entitlements) if the Employee has committed an act of serious misconduct. Serious and wilful misconduct can include but, is not limited to:

 

12.2.1.1. theft;

 

12.2.1.2. fraud;

 

12.2.1.3. assault;

 

12.2.1.4. being intoxicated at work;

 

12.2.1.5. refusing to carry out lawful and reasonable instruction;

 

12.2.1.6. failure to follow the Employer’s policies and procedures.

 

12.3.                     REDUNDANCY

 

12.3.1.                     If the Employer is not a small business employer within the meaning of the Act and no longer requires someone to do the job performed by the Employee, except where this is due to the ordinary and customary turnover of labour or insolvency or bankruptcy of the Employer, the Employee is entitled to be paid redundancy pay in accordance with the provisions of the Fair Work Act, 2009 (Cth) as follow:

 

12.3.1.1.                    at least 1 year but less than 2 years continuous service — 4 weeks pay;

 

12.3.1.2.                    at least 2 years but less than 3 years continuous service — 6 weeks pay;

 

12.3.1.3.                    at least 3 years but less than 4 years continuous service — 7 weeks pay;

 

12.3.1.4.                    at least 4 years but less than 5 years continuous service — 8 weeks pay;

 

12.3.1.5.                    at least 5 years but less than 6 years continuous service — 10 weeks pay;

 

12.3.1.6.                    at least 6 years but less than 7 years continuous service — 11 weeks pay;

 

12.3.1.7.                    at least 7 years but less than 8 years continuous service — 13 weeks pay;

 

12.3.1.8.                    at least 8 years but less than 9 years continuous service — 14 weeks pay;

 

6

 

12.3.1.9.                    at least 9 years but less than 10 years continuous service — 16 weeks pay;

 

12.3.1.10.             at least 10 years continuous service — 12 weeks pay.

 

13.       DEDUCTIONS

 

13.1.                     The Employee agrees that during your employment or on termination of employment for any reason, the Employer may deduct from your remuneration any overpayments, outstanding debts or monies owed by you to the Employer or the value of any unreturned property.

 

14.       SUSPENSION

 

14.1.                     The Employee agrees and the Employer is entitled to suspend the Employee while investigating the Employee’s suspected misconduct and/or where, because of illness or injury, the Employer believes that the Employee’s attendance at work poses a threat to his/her health and safety or the health and safety of others.

 

15.       MEDICAL ASSESSMENT

 

15.1.                     In addition to the obligations under the relevant workers compensation legislation, the Employee agrees to attend a medical examination or assessment at the request of the Employer as may be required by the Employer from time to time.

 

15.2.                     Intellectual Property

 

15.2.1.                     The Employee agrees that the Employer shall own all  intellectual property (including, but not limited to, copyright and future copyright), patents, designs and trademarks in or relating to:

 

15.2.1.1.          any material (whether or not in  documentary form) created in the course of the Employee’s employment with the Employer; or

 

15.2.1.2.          any discovery, invention, secret process or improvement in procedure credited, made or discovered by the Employee which in any way affects or relates to the business of the Employer;

 

15.2.2.                The Employee agrees to disclose such materials, discovery, invention, secret process or improvements to the Employer.

 

15.2.3.                The Employee shall, if and whenever required to do so by the Employer at the Employer’s expense, assist the Employer in applying for patent and other equivalent protection for such discovery, invention, process or improvement referred to above in clause 16.2.1 and execute all such instruments and do all things necessary for vesting in the Employer as sole beneficial owner (or to such other person as the Employer may specify) of all intellectual property rights as referred to in clause 16.2.

 

16.       COMPANY POLICY

 

16.1.                     The Employee agrees to be bound by the policies of the Employer as may exist from time to time. The Employee acknowledges and accepts that it is the

 

7

 

prerogative of the Employer to vary, change or terminate existing company policies as well as to devise and introduce new policies.

 

16.2.                     Failure to comply with such company policy will amount to a breach of the terms of the Employment Agreement.

 

16.3.                     This Agreement sets out the terms and conditions of the employment. The terms and conditions of employment at Bleach Pty Ltd are also covered by the:

 

·                  Fair Work Act 2009;

·                  National Employment Standards; and

·                  Relevant Modern Awards

 

17.       ENTIRE AGREEMENT

 

17.1.                     This document embodies the entire understanding and agreement between the parties as to the subject matter of this document.

 

17.2.                     All previous negotiations, understandings, representations, warranties, memoranda or commitments in relation to, or in any way affecting, the subject matter of this document are merged in and superseded by this document and shall be of no force or effect whatever and no party shall be liable to any other party in respect of those matters.

 

8

 

	
EXECUTED by the parties as an   agreement.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED by THE   EMPLOYEE in the presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Sue Lim
    	
 
    	
/s/ Mark Byers
    
	
Signature of Witness
    	
 
    	
Signature of the Employee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Sue Lim
    	
 
    	
1/7/11
    
	
Name of Witness
    	
 
    	
Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address of Witness
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED for and on behalf of THE EMPLOYER by its authorised representative in the   presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Sue Lim
    	
 
    	
/s/ Mark Byers
    
	
Signature of Witness
    	
 
    	
Signature of authorised representative of the Employer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Sue Lim
    	
 
    	
1/7/11
    
	
Name of Witness
    	
 
    	
Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address of Witness
    	
 
    	
 
    

 

9

 

Employment Schedule

 

	
Employee details
    	
 
    	
 
    	
 
    	
 
    
	
Item 1
    	
 
    	
Full Name
    	
 
    	
Mark Byers
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
Home Phone
    	
 
    	
 
    
	
 
    	
 
    	
Mobile Phone
    	
 
    	
 
    
	
Employment Details
    	
 
    	
 
    	
 
    	
 
    
	
Item 2
    	
 
    	
Position
    	
 
    	
CEO
    
	
Item   3
    	
 
    	
Appointed   Manager
    	
 
    	
Executive   Committee
    
	
Item 4
    	
 
    	
Employment Start Date
    	
 
    	
 
    
	
Remuneration Package
    	
 
    	
 
    	
 
    	
 
    
	
Item 5
    	
 
    	
Rate of Pay
    	
 
    	
$ 150,  000 per annum
    
	
Item 5 (a)
    	
 
    	
Applicable Award
    	
 
    	
Clerk Private Sector Award 2010
    
	
Item 6
    	
 
    	
Additional items
    	
 
    	
 
    
	
Item 7
    	
 
    	
Bonus scheme
    	
 
    	
> $00 000 annual bonus earn opportunity based on achievement KPI’s
    
	
Position description
    	
 
    	
 
    	
 
    	
 
    
	
Item 8
    	
 
    	
Title
    	
 
    	
 
    
	
Item 9
    	
 
    	
Duties
    	
 
    	
See  provided   position description

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