CRYOSITE LIMITED — Board/Management Information 2020

Oct 14, 2020

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ASX ANNOUNCEMENT

15[th] October 2020

Appointment of CEO

Cryosite Limited (ASX: CTE) ( Cryosite or Company ) is pleased to announce the appointment of Mr. John Hogg as Chief Executive Officer of the Company commencing 15[th] October 2020.

Mr. Hogg joined Cryosite in July 2018 and was promoted to General Manager of Operations on the 1st December 2019. Mr. Hogg is highly experienced in warehousing, logistics and supply chain management. He has worked as an independent consultant, contractor and as a functional manager for such companies as Allergan, Boots International Healthcare, Johnson & Johnson, Philips Electronics, and UTI Worldwide international freight forwarders. Mr. Hogg established and operated a warehousing business to provide tailored supply chain solutions to a variety of medical device, technology and pharma businesses for 10 years to mid-2016. He has deployed his skills and experience in Australia, Asia and the US. Mr. Hogg has qualifications in materials management, freight management, accounting and computing, including European Senior Logistician (ESLog) certification, and he is a Chartered Member of The Chartered Institute of Logistics and Transport (CMILT). Mr. Hogg is also a qualified Black Belt in Lean Six Sigma.

The significant terms of Mr. Hogg’s contract are set out below.

At the date of Mr. Hogg’s appointment, Mr. Bryan Dulhunty will step down from his executive Chairman’s role to that of a non-executive Chairman. Mr. Dulhunty was appointed Chairman on 2[nd] March 2018 and then took on the role of Executive Chairman on 27[th] June 2019. Mr. Dulhunty’ s role was to drive change in the Company and as outlined in the Directors Report forming part of the 30 June 2020 Annual Report, the first stage of that change is now complete.

The future operational development and growth of the Company will now be driven by Mr. Hogg.

On behalf of the Board Bryan Dulhunty Chairman

Cryosite Ltd | 13a Ferndell Street, South Granville NSW 2142| t: +61 (2) 8865 2000 | e: corporate@cryosite.com | www.cryosite.com

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Chief Executive Officer Employment Terms

Pursuant to ASX Listing Rules the Company confirms the material terms of Mr. Hogg Executive Services Agreement with the Company (“ Agreement ”) as follows:

Appointment and Commencement Date:

Mr. Hogg has been appointed to the position of Chief Executive Officer commencing on 15[th] October 2020.

Base Salary – Total Fixed Remuneration:

The Company will pay Mr. Hogg a base salary of $250,000 per annum inclusive of statutory superannuation (“ TFR ”).

Incentives:

In addition to the TFR, the Company will provide Discretionary Benefits including a Short-Term Incentive (" STI ") and a Long Term Incentive (" LTI ") under the Company’s established plans.

The STI will be an annual cash bonus of up to 20% of the TFR and will payable on meeting agreed objectives.

The LTI will be the issue of an equity-based incentive as and when deemed appropriate by the Board which (if payable) will be in addition to the 650,000 unlisted options currently held by Mr. Hogg. The 650,000 options were issued to Mr. Hogg on the 27 June 2019 and have the following terms:

Conditions: Grant date 27[nd] June 2019 Vesting date 1[st] September 2021 Expiry date 1[st] September 2024 Exercise price 6 cents

Conditions of Vesting: Percentage of Performance Rights that vest Positive Earnings per share (EPS)* 30 June 2021 33.3% Positive Cashflow from Operations* 30 June 2021 33.3% Continuous service 30 June 2021 33.3% based on the 2021 audited accounts

Other Key Terms:

Mr. Hogg’s contract has no fixed period. The Agreement may be terminated by either party on 3 months’ written notice to the other party. The Company may terminate the Agreement without notice for cause.

The contract also provides for standard 12month post-employment restrictions relating to involvement with Cryosite’s customers.

Cryosite Ltd | 13a Ferndell Street, South Granville NSW 2142| t: +61 (2) 8865 2000 | e: corporate@cryosite.com | www.cryosite.com