5G NETWORKS LIMITED Webcentral has established a new Executive Equity Plan (EEP) to assist with the motivation, retention and reward of employees of the Company.
The EEP will facilitate the issue of Options to acquire shares in the Company to a broader range of executives and employees of the Company than can currently be issued under the Company's existing equity plans, being the Executive and Director Share Option Plan (ESOP) and the Employee Share Plan (ESP).
The EEP Rules are attached to this announcement.
Webcentral will seek shareholder approval of the EEP for the purposes of Chapter 7 of the ASX Listing Rules at its next General Meeting.
About Webcentral
Webcentral is an Australian owned digital services company who empower more than 330,000 customers to grow and thrive in the online world. Our portfolio of digital services is extensive, with market leading offers across domain management, website development and hosting, office and productivity applications and online marketing.
Webcentral currently owns and operates its own Nationwide highspeed Data Network with points of presence in all major Australian capital cities. In addition, the Company offers managed cloud solutions through its Cloud and Data Centre capabilities as well as managed services to optimise customers' IT and network environments. Supporting this is the Company's combined rack capacity of over 1,000 racks through its owned and operated Data Centres across Melbourne, Sydney, Brisbane and Adelaide.
Our customer focussed heritage has been built on expertise, innovation and personalised service; critical attributes delivered through our culture and embraced by our people. This is demonstrated through more than 25 years of online industry leadership across Australia's digital foundation brands such as Melbourne IT, Netregistry and WME.
The Webcentral mission is dedicated to leading online success for our customers. We achieve this by building trusted and valued client relationships which convert successful business outcomes at each milestone across the customers' digital journey.
RULES OF EXECUTIVE EQUITY
PLAN
WEBCENTRAL LIMITED ACN 073 716 793
MEW:1054108:M:D6652977
i 6652977_1
Table of Contents
1.2 Interpretation ................................................................................................. 4
2. INTRODUCTION ...................................................................................................... 5
2.1 Commencement of this Plan ......................................................................... 5
2.2 Objective of the Plan ..................................................................................... 5
3. OFFER AND ACCEPTANCE ................................................................................... 5
3.1 Offers of Securities ........................................................................................ 5
3.2 Acceptance .................................................................................................... 5
3.3 Limit on number of securities ....................................................................... 6
3.4 Grant of Securities ......................................................................................... 6
3.5 Conditions of Grant ....................................................................................... 6
3.6 Quotation on ASX .......................................................................................... 6
3.7 Restrictions on Transfer ............................................................................... 7
4. VESTING OF OPTIONS ........................................................................................... 7
4.1 Vesting Conditions ........................................................................................ 7
4.2 Waiver of Vesting Conditions ....................................................................... 7
4.3 Vesting on occurrence of Control Event ...................................................... 7
5. EXERCISE OF OPTIONS ......................................................................................... 8
5.1 Manner of exercise ........................................................................................ 8
5.2 Minimum number ........................................................................................... 8
5.3 Vesting and exercise procedures ................................................................. 8
6. LAPSE AND FORFEITURE OF OPTIONS ............................................................... 8
6.1 Expiry of exercise period .............................................................................. 8
6.2 Lapse of Unvested Options .......................................................................... 8
6.3 Good Leaver ................................................................................................... 9
6.4 Bad Leaver ..................................................................................................... 9
6.5 Death .............................................................................................................. 9
6.6 Expiry of exercise period determined by Board .......................................... 9
6.7 Cessation of Employment ............................................................................. 9
6.8 Relinquishment of Options ......................................................................... 10
7. LOANS ................................................................................................................... 10
7.1 Grant of financial assistance ...................................................................... 10
7.2 Application for Loan .................................................................................... 10
7.3 Grant of Loan ............................................................................................... 10
7.4
Security ........................................................................................................ 10
8. TERMS OF EMPLOYMENT ................................................................................... 10
8.1 Rules not part of the Employment Agreement .......................................... 10
8.2 Termination of Employment ....................................................................... 10
9. ADMINISTRATION OF THIS PLAN ....................................................................... 11
9.1 Administration and Rules ........................................................................... 11
9.2 Power and Discretions ................................................................................ 11
9.3 Delegation .................................................................................................... 11
9.4 Interpretation ............................................................................................... 11
10. AMENDMENT OF THESE RULES ......................................................................... 11
10.1 Amendment .................................................................................................. 11
10.2 Accrued Rights ............................................................................................ 11
10.3 Retrospectivity ............................................................................................. 12
11. TAXATION ............................................................................................................. 12
12. GENERAL .............................................................................................................. 12
12.1 Notices ......................................................................................................... 12
12.2 Constitution and Corporations Act ............................................................ 12
12.3 Plan costs and brokerage ........................................................................... 12
12.4 Governing Law ............................................................................................. 13
WEBCENTRAL LIMITED RULES OF EXECUTIVE EQUITY PLAN
The Executive Equity Plan (Plan) is designed to enable the Company to provide equity incentives to executives of Webcentral Group who do not qualify for prospectus relief on the basis of the "senior manager" exception in the Corporations Act. In order to qualify as a "senior manager", the executive must "… participate in decision-making affecting the whole or a substantial part of the business of the corporation, or who has the capacity to affect significantly the corporation's financial standing."
Because prospectus relief is not available, and to avoid the need for a prospectus, the Plan will be qualified under ASIC Class Order 14/1000. This requires compliance with the disclosure requirements in the Class Order and lodging a Reliance Notice with ASIC within 1 month of first issuing securities under the Plan.
1.
DEFINITIONS AND INTERPRETATION
1.1
Definitions
In this document, unless the contrary intention appears:
(a) Acceptance Period has the meaning given to it in clause 3.1(e).
(b) ASIC means Commission.
theAustralianSecuritiesandInvestments
(c) ASX means ASX Limited ACN 008 624 691.
(d) Applicable Law means any laws or regulatory obligations that apply to the Company or the Plan including the Corporations Act, tax laws including the Tax Act, the Constitution, if and for so long as the Company is listed on ASX, the ASX Listing Rules, any subordinate legislation, orders, rulings or other binding instruments passed or made by parliament, ASIC or the Australian Taxation Office to clarify or expand other laws or regulatory obligations.
(e) Bad Leaver means a Leaver if:
(i) the Leaver's Employment terminates as a result of the Leaver being dismissed for cause under the Leaver's Employment Agreement;
(ii) the Leaver resigns from his or her Employment (by agreement with the Company or the relevant member of the Group) and the Company or the relevant member of the Group reasonably believes it would have been entitled to dismiss the Leaver for cause under the Leaver's Employment Agreement;
(iii) the Leaver resigns from his or her Employment without giving the required notice set out in the Leaver's Employment Agreement or serving out the notice period to the reasonable satisfaction of the Company or the relevant member of the Group; or
(iv) the Leaver resigns and takes up employment with a Competing Business.
MEW:1054108:M:D6652977 6652977_1
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WebCentral Group Limited published this content on 10 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 April 2022 23:28:02 UTC.
