Document:

Exhibit 4.1

   

  

  

    

  

  
  
     

  

  
   

  Deed of access, insurance and indemnity

   

  
  
     

  

  
  

   

  NOVONIX Limited ACN 157 690 830

   

  Trevor St Baker

   

  
     

    
      
 

  

   

   

  Table of contents

   

  
  
     

  

  
  

  

   

  

  	Parties	1
	 	 
	Background	1
	 	 
	Agreed terms	1
	 	 
	1	Definitions and interpretation	1
	 	1.1	Definitions	1
	 	1.2	Interpretation	4
	 	 	 	 
	2	Indemnity	4
	 	2.1	General indemnity	4
	 	2.2	Costs indemnity	4
	 	2.3	Indemnity irrevocable	5
	 	2.4	Extent of indemnity	5
	 	2.5	Future Liability	5
	 	2.6	Recovery under other insurance policies	5
	 	 	 	 
	3	Claim by Director	6
	 	3.1	Notified Claims	6
	 	3.2	Defence of legal action	6
	 	3.3	Obligations of the Company	6
	 	3.4	Obligations of the Director	6
	 	3.5	Reimbursement	7
	 	3.6	Settlement of Claims	7
	 	3.7	Failure to comply	8
	 	3.8	Legal representation	8
	 	3.9	Application of clauses 3.3 and 3.5	8
	 	 	 	 
	4	Advances and payments	8
	 	4.1	Payment when Director becomes liable	8
	 	4.2	Indemnity before expense incurred	8
	 	4.3	Advance defence costs	9
	 	4.4	Taxation	9
	 	4.5	Repayment	9
	 	 	 	 
	5	Insurance	9
	 	5.1	Obligation to insure	9
	 	5.2	Terms of the D&O Policy	10
	 	5.3	Notice to Director	10
	 	5.4	Extension of insurance	10
	 	5.5	Copies of insurance policies	10
	 	5.6	Ceasing to maintain the D&O Policy	11

   

  

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  	6	Access to Board Papers	11
	 	6.1	Obligation of company to keep records	11
	 	6.2	Right to inspect Board Papers	11
	 	6.3	Request for access to Board Papers	11
	 	6.4	Access for the Director	12
	 	6.5	Return of documents	12
	 	6.6	Privileged documents	12
	 	 	 	 
	7	Confidentiality	13
	 	7.1	Obligations of confidentiality	13
	 	7.2	Privilege	13
	 	 	 	 
	8	Company can act through its Subsidiaries	13
	 	 	 
	9	Held on trust	14
	 	 	 
	10	GST	14
	 	10.1	Definitions	14
	 	10.2	GST exclusive	14
	 	10.3	Taxable Supply	14
	 	10.4	Later GST change	14
	 	10.5	Reimbursement or indemnity	14
	 	10.6	Warranty that Tax Invoice is issued regarding a Taxable Supply	14
	 	10.7	Progressive or Periodic Supplies	14
	 	 	 	 
	11	General	15
	 	11.1	Amendments	15
	 	11.2	Assignment	15
	 	11.3	Counterparts	15
	 	11.4	No merger	15
	 	11.5	Entire agreement	15
	 	11.6	Further assurances	15
	 	11.7	No waiver	15
	 	11.8	Governing law and jurisdiction	15
	 	11.9	Severability	16
	 	11.10	Approval and consent	16
	 	11.11	Costs	16
	 	11.12	Relationship between the parties	16

   

  
     

    
      
 

  

   

  	12	Notice	16
	 	12.1	Method of giving notice	16
	 	12.2	When is notice given	17
	 	12.3	Address for notices	18
	 	 	 	 
	Execution	19

   

  
     

    
      
 

  

   

  

   

   

   

  Deed of access, insurance and indemnity

   

  Dated

   

  
  
     

  

  
   

  

  Parties

   

  	 	NOVONIX Limited CAN 157 690 830
	Company	 
	 	of Level 8, 46 Edward Street, Brisbane Queensland 4000
	 	 
	 	Trevor St Baker
	Director	 
	 	of 22 Sandford Street, St Lucia Queensland 4067

   

  Background

   

  		A	The Director is a director of the Company.

   

  		B	The Company agrees to:

   

  		(i)	indemnify the Director to the extent permitted by law against Liabilities and legal costs incurred by the Director in, or because of acting in, any Capacity;

   

  		(ii)	maintain, and pay the premium on, a D&O Policy covering the Director;

   

  		(iii)	maintain a copy of all Board Papers; and

   

  		(iv)	give the Director access to the Board Papers and other documents of the Company,

   

  during the time that the Director holds office and for a seven year period after the Director ceases to
      be an officer of the Company, on the terms in this document.

   

  Agreed terms

   

  		1	Definitions and interpretation

  

  
  
     

  

  
   

  		1.1	Definitions

   

  In this document:

   

  	Term	Definition
	Authorised Person	means any person authorised in writing by the Director and approved by the Company.
	 	 
	Board	means:
	 	 	 
	 	(a)	the board of directors of the Company; or
	 	 	 
	 	(b)	any committee of the board of directors of the Company.

   

  

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  	Term	Definition
	Board Papers	means all documents recording or giving information for the Board, brought into existence or available to the Director while the Director held office.
	 	 
	Books	has the meaning given to that term in section 9 Corporations Act.
	 	 
	Business Day	means a day that is not a Saturday, Sunday or public holiday in Brisbane, Queensland.
	 	 
	Business Hours	means from 9.00am to 5.00pm (Brisbane time) on a Business Day.
	 	 
	Capacity	means the capacity of the Director in the Company, including as a director and officer of the Company.
	 	 
	Claim	means:
	 	 
	 	(a)	any:
	 	 	 
	 	 	(i)	legal proceeding (whether civil or criminal), administrative proceeding, arbitral proceeding, mediation or other form of alternative dispute resolution (whether or not
            held in conjunction with any legal, administrative or arbitral proceeding); or
	 	 	 	 
	 	 	(ii)	investigation or inquiry by any Government Agency or External Administrator,
	 	 	 	 
	 	 	about or arising out of any actual or alleged act or omission of the Director in any Capacity; or
	 	 	 
	 	(b)	any written or oral threat, complaint, demand or other circumstance that might reasonably cause the Director to believe that any proceedings, investigation or inquiry referred
            to in paragraph (a) above will be initiated.
	 	 	 
	Corporations Act	means Corporations Act 2001 (Cth).
	 	 
	D&O Policy	means a contract or contracts:
	 	 
	 	(a)	insuring against Liabilities incurred by a person in the person’s capacity as director or officer of the Company; or
	 	 	 
	 	(b)	allowing the Company to obtain reimbursement for claims paid by it to a director or officer of the Company under an indemnity.
	 	 	 
	External Administrator	means any liquidator, provisional liquidator, external controller or administrator.
	 	 
	GST	has the meaning given to that term in the GST Act.
	 	 
	GST Act	means A New Tax System (Goods and Services Tax) Act 1999 (Cth).
	 	 
	Government Agency	means:
	 	 
	 	(a)	a government or government department or other body;
	 	 	 
	 	(b)	a governmental, semi-governmental or judicial person; or
	 	 	 	 

  

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  	Term	Definition
	 	(c)	a person (whether autonomous or not) who is charged with the administration of a law.
	 	 	 
	Information	means information about a transaction of the Company, a Board Paper or a discussion at a meeting of the Company.
	 	 
	Liabilities	means all liabilities, losses, claims, action, suit, demand, proceedings, notice, litigation, investigation, judgment, damages, outgoings, costs or expenses of any description
            (including penalties, fines and interest) whether based in contract, tort (including negligence) or otherwise under statute, and whether present, anticipated, contingent or prospective, and including those the amount of which for the time being
            is not ascertained or ascertainable.
	 	 
	Notified Claim	means a Claim for which the Director has given notice to the Company under clause 3.1.
	 	 
	Objection Notice	has the meaning set out in clause 3.6(a).
	 	 
	Permitted Purpose	has the meaning set out in clause 6.2.
	 	 
	Privileged Document	means Books or Board Papers to which any form of legal privilege applies.
	 	 
	Progressive or Periodic Supply	means a Taxable Supply that satisfies the requirements of section 156-5 GST Act.
	 	 
	Related Body Corporate	has the meaning given to that term by section 9 Corporations Act.
	 	 
	Relevant Costs	has the meaning set out in clause 4.5(a).
	 	 
	Relevant Period	means the period:
	 	 
	 	(a)	beginning on the date of this document; and
	 	 	 
	 	(b)	ending on the seventh anniversary of the date on which the Director has ceased to be an officer of the Company.
	 	 	 
	Requested Documents	has the meaning set out in clause 6.3(b).
	 	 
	Settlement Notice	has the meaning set out in clause 3.6(a).
	 	 
	Subsidiary	has the meaning given to that term by section 9 Corporations Act.
	 	 
	Supplier	means the entity making the Supply.
	 	 
	Tax	includes any tax, levy, duty, charge, impost, fee, deduction and withholding however it is described, that is assessed, levied, collected or imposed by law or by a government
            agency, together with any related interest penalty, fine or other charge, or other amount imposed in respect of any of the above.
	 	 
	Third Party	has the meaning set out in clause 9.

   

  

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  		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)	the meaning of any general language is not restricted by any accompanying example, and the words ‘includes’, ‘including’, ‘such as’ or ‘for example’ (or similar phrases)
            do not limit what else might be included.

   

  		2	Indemnity

  

  
  
     

  

  
   

  		2.1	General indemnity

   

  Subject to:

   

  		(a)	clauses 2.4, 2.5, 2.6 and 8; and

   

  		(b)	the prohibitions in section 199A Corporations Act,

   

  the Company indemnifies the Director to the extent permitted by law against all Liabilities (other than
      legal costs referred to in clause 2.2) incurred by the Director acting in any Capacity, including as an authorised representative of the Company.

   

  		2.2	Costs indemnity

   

  Subject to:

   

  		(a)	clauses 2.4, 2.5, 2.6 and 8; and

   

  

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  		(b)	the prohibitions in section 199A Corporations Act,

   

  the Company indemnifies the Director to the extent permitted by law against all legal costs:

   

  		(c)	incurred by the Director in defending or resisting (or otherwise in or for) an action against the Director acting in any Capacity; or

   

  		(d)	for a Liability incurred or allegedly incurred by the Director acting in any Capacity; or

   

  		(e)	incurred by the Director in starting proceedings to protect the interests of the Company or the Director for acts undertaken by the Director acting in any Capacity.

   

  		2.3	Indemnity irrevocable

   

  Subject to clauses 2.5 and 2.6, the indemnity in clauses 2.1 and 2.2 is irrevocable and unconditional.

   

  		2.4	Extent of indemnity

   

  Subject to clauses 2.5 and 2.6, the indemnity in clauses 2.1 and 2.2 has effect for acts or omissions
      (and alleged acts and omissions) of the Director from the date that the Director became an officer of the Company (whether that date is before or after the date of this document), and despite:

   

  		(a)	the Director ceasing to be an officer of the Company before:

   

  		(i)	a claim is made by the Director under this document; or

   

  		(ii)	the Director incurs the Liability or costs for which the Director makes a claim under clause 2;

   

  		(b)	the settlement of any dispute between the Director and the Company or a third party (including any dispute about whether costs claimed by the Director are reasonable); or

   

  		(c)	the inability of the Company or any other director to recover under the D&O Policy for any reason.

   

  		2.5	Future Liability

   

  The Company may terminate the indemnity for future Liability at any time by giving written notice to the
      Director of that termination. Termination of the indemnity under clause 2 does not affect the Company’s obligations under this document to the date of the notice.

   

  		2.6	Recovery under other insurance policies

   

  The indemnity has effect for any Liability or legal costs incurred by the Director in any Capacity only
      if, and to the extent that, the Director is not indemnified against that Liability or those legal costs by any insurance policy other than the D&O Policy maintained under clause 5.1.

   

  

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  		3	Claim by Director

  

  
  
     

  

  
   

  		3.1	Notified Claims

   

  As soon as reasonably practicable after the Director becomes aware of any circumstances that could
      reasonably be expected to give rise to a claim by the Director under this document, the Director must give to the Company notice in writing of that Claim.

   

  		3.2	Defence of legal action

   

  Subject to clauses 3.7 and 3.9, if the Company acknowledges it must indemnify the Director for a Notified
      Claim, the Company may, or may allow its insurers to:

   

  		(a)	conduct the defence of the Notified Claim under its sole management, control and cost;

   

  		(b)	start legal proceedings, including any cross claim or counter claim, in the name of the Director as part of that defence; and

   

  		(c)	subject to clause 3.6, settle or compromise the Notified Claim.

   

  		3.3	Obligations of the Company

   

  If the Company takes any action under clause 3.2, it must, or must get its insurers to:

   

  		(a)	notify the Director as soon as reasonably practicable of the intention to take action under clause 3.2, setting out the action that the Company or its insurers proposes to
            take;

   

  		(b)	retain a lawyer to act for both the Company and the Director;

   

  		(c)	instruct the lawyer to ensure that legal professional privilege attaches to any documents produced about the Notified Claim for the benefit of the Company and the
            Director;

   

  		(d)	keep the Director fully and progressively informed;

   

  		(e)	regularly consult with the Director;

   

  		(f)	not unnecessarily injure the reputation of the Director; and

   

  		(g)	pay the costs of the action the subject of the Notified Claim as they arise, including giving security for costs where ordered.

   

  		3.4	Obligations of the Director

   

  Subject to clauses 3.7 and 3.9, if there is a Notified Claim, the Director must:

   

  		(a)	take reasonable steps to mitigate the Director’s losses for that Notified Claim;

   

  		(b)	give reasonable assistance and cooperation (including giving the Company documents, records, authorities or directions) when reasonably requested by the Company (or its
            insurers);

   

  		(c)	do anything reasonably necessary or desirable to enable the Company to be subrogated to and enjoy the benefits of the Director’s rights to any cross-claims or any claims
            against any third party;

   

  

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  		(d)	if subrogation of the Director’s rights does not happen under clause 3.4(c):

   

  		(i)	the Director must take all action, upon reasonable request by the Company, to pursue any Claim;

   

  		(ii)	the Company must pay the legal costs of that Claim and otherwise indemnify the Director against any Liability because of that Claim; and

   

  		(iii)	the Director must account to the Company for any damages recovered (to a maximum amount equivalent to the indemnity payment made to the Director under clause 2);

   

  		(e)	not admit any Liability for, settle or compromise the Notified Claim without the prior written consent of the Company (or
            its insurers); and

   

  		(f)	keep the Company (or its insurers) fully informed of the status and conduct of that Notified Claim if the Company or its
            insurers have not assumed conduct of the Notified Claim under clause 3.2.

   

  		3.5	Reimbursement

   

  Except as prohibited by law and subject to
      clause 8, the Company must reimburse the Director for actual costs and expenses reasonably incurred by the Director in taking action or giving assistance or information at the request, or under the direction, of the Company under clause 3.4.

   

  		3.6	Settlement of Claims

   

  		(a)	Before the Company or its insurers settle or compromise a Notified Claim, the Company must, or must get its insurers to,
            give written notice to the Director (Settlement Notice) setting out:

   

  		(i)	the intention to settle or compromise the Claim;

   

  		(ii)	the terms of the proposed settlement or compromise; and

   

  		(iii)	a reasonable period during which the Director may give notice to the Company setting out the Director’s intention to assume conduct of the Claim (Objection Notice).

   

  		(b)	If the Director gives an Objection Notice to the Company within the period set out under clause 3.6(a) the Company must, or
            must get its insurers to, relinquish to the Director control of the conduct of the Notified Claim to the extent that it is about the Director.

   

  		(c)	If the Director assumes conduct of a Notified Claim under clause 3.6(b), the Liability of the Company for the Notified Claim is limited to the total of:

   

  		(i)	the amount for which the Notified Claim could have been compromised or settled at the time the Settlement Notice was given to the Director; and

   

  		(ii)	the costs and expenses reasonably incurred by the Director up until that time.

   

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  		3.7	Failure to comply

   

  Despite the indemnity in this document, if the
      Company is materially prejudiced in a Notified Claim because the Director fails to comply with its obligations under clause 3.4 , the Company is not required to indemnify the Director for that Notified Claim.

   

  		3.8	Legal representation

   

  The Director may engage separate legal or other
      representation for a Notified Claim. The Company must pay expenses incurred by the Director if they are:

   

  		(a)	incurred before the Company or its insurers assume conduct of the Notified Claim;

   

  		(b)	incurred with the prior written consent of the Company; or

   

  		(c)	reasonable and are incurred where there is a reasonable likelihood that the interests of the Director and the Company would
            conflict if the same lawyer acted for both the Company and the Director.

   

  		3.9	Application of clauses 3.2 and 3.4

   

  		(a)	Nothing in clauses 3.2 or 3.4 allows the Company, or requires the Director, to take any action (including giving any
            consent) for a Notified Claim that would be likely to cause significant harm to the reputation of the Director except where the Company considers in good faith and on reasonable grounds that the interests of the Company or the conduct of that
            Claim would be materially prejudiced unless the Company or the Director takes that action.

   

  		(b)	Clauses 3.2 and 3.4 do not apply if:

   

  		(i)	the Notified Claim arises from a claim by the Company or a Related Body Corporate of the Company against the Director; or

   

  		(ii)	both the Director and any one or more of the Company and its Related Bodies Corporate are defendants or respondents to a Claim and, in the reasonable opinion of the
            Director, there is an actual or potential conflict of interest between the Director and any one or more of the Company and the relevant Related Bodies Corporate of the Company in the conduct of the Claim.

   

  		4	Advances and payments

   

  		4.1	Payment when Director becomes liable

   

  Subject to clause 8, any money payable by the
      Company to the Director under this document must be paid within ten Business Days after the Director gives satisfactory evidence to the Company that the Director is entitled to be indemnified under this document for that amount.

   

  		4.2	Indemnity before expense incurred

   

  Despite any other provision of this document, it
      is not necessary for the Director to make any payment before enforcing the Director’s rights under this document.

   

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  		4.3	Advance defence costs

   

  		(a)	Subject to clauses 4.5 and 8, the Company must advance to the Director any legal costs reasonably incurred or expected to
            be incurred by the Director in defending an action for a Liability incurred or allegedly incurred by the Director in any Capacity, within five Business Days after the Director gives the Company invoices or other relevant evidence of the costs
            incurred.

   

  		(b)	Funds may be advanced under clause 4.3(a):

   

  		(i)	on terms which the Company considers to be reasonable; and

   

  		(ii)	unsecured and free of interest unless the Director ceases to be entitled to be indemnified under this document in which case simple interest may be charged on the funds
            advanced, from the time the Director ceases to be entitled to be indemnified until the funds advanced are paid in full.

   

  		4.4	Taxation

   

  Subject to clause 8, if a Government Agency
      imposes any Tax on a sum paid to the Director under this document, the Company must pay to the Director an additional amount to ensure that the total amount paid, less any Tax imposed on the total amount, is equal to the amount that would otherwise
      be payable under this document.

   

  		4.5	Repayment

   

  		(a)	If the Company or any of its Related Bodies Corporate advances money to the Director under clause 4.3 or otherwise pays or
            reimburses the Director (or any other person) for costs under this document (Relevant Costs) and upon the final adjudication of the Claim the Relevant Costs become costs for which the Director is not entitled to be indemnified under
            this document, the Director must repay the amount and any interest accrued under clause 4.3(b) to the Company or its relevant Related Body Corporate within 60 Business Days after a written request by the Company.

   

  		(b)	If the Director receives payment for some or all of the Relevant Costs under:

   

  		(i)	the D&O Policy or any other insurance policy; or

   

  		(ii)	an indemnity given by a Related Body Corporate of the Company,

   

  the Director must, within ten Business Days after
      receiving payment under the relevant insurance policy or indemnity, pay to the Company an amount equal to the amount recovered by the Director under the insurance policy or indemnity for the Relevant Costs.

   

  		5	Insurance

   

  		5.1	Obligation to insure

   

  To the extent permitted by law, and if available
      in the market at a cost that is not unfairly prejudicial to the Company, the Company must:

   

  		(a)	at all times during the Relevant Period, maintain and pay the premium on a D&O Policy that complies with clause 5.2; or

   

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  		(b)	ensure that, at all times during the Relevant Period, a Related Body Corporate of the Company maintains and pays the premium on a D&O Policy that complies with clause
            5.2.

   

  		5.2	Terms of the D&O Policy

   

  The D&O Policy must:

   

  		(a)	cover (at least to the extent required by clause 5.2(b)) Liabilities incurred by the Director and the Company under this document for, or arising out of, actual or alleged
            acts or omissions of the Director that happened while the Director was an officer of the Company;

   

  		(b)	be for an amount and on terms (including premium, insuring clauses, exclusions and excess amounts) that are appropriate and available in the market for companies with a
            similar market capitalization, financial status and size and nature of operations to that of the Company;

   

  		(c)	without limiting clause 5.2(b), at all times be on terms and conditions that, taken as a whole, are not materially less favourable to the Director than the terms of any
            directors’ and officers’ insurance policy taken out or made available at the same time by the Company for any other director or former director of the Company; and

   

  		(d)	not insure the Director against a Liability (other than for legal costs) arising out of:

   

  		(i)	conduct involving a wilful breach of duty to the Company; or

   

  		(ii)	a contravention of sections 182 or 183 Corporations Act.

   

  		5.3	Notice to Director

   

  The Company must notify the Director immediately
      if the Company becomes aware that:

   

  		(a)	the D&O Policy required under clause 5.1 has been cancelled or not renewed;

   

  		(b)	there is a material diminution in the terms of the D&O Policy maintained under clause 5.1 for the Director; or

   

  		(c)	the Company ceases to maintain a D&O Policy under clause 5.6.

   

  		5.4	Extension of insurance

   

  Before the end of the Relevant Period, the
      Director may, by written notice to the Company, request that the Company continues to maintain and pay the premium on the D&O Policy required under clause 5.1 for a longer period than the Relevant Period if the Director:

   

  		(a)	reimburses the Company for premiums payable for the period after the end of the Relevant Period; and

   

  		(b)	indemnifies the Company against any reasonable costs associated with maintaining the D&O Policy for the Director after the end of the Relevant Period.

   

  		5.5	Copies of insurance policies

   

  At the request of the Director, the Company must
      give the Director a copy of:

   

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  		(a)	the policy of insurance; and

   

  		(b)	the certificate of insurance, 

   

  for the D&O Policy maintained under clause
      5.1 at the time of the request, except if that disclosure would involve a breach of the terms and conditions of the policy.

   

  		5.6	Ceasing to maintain the D&O Policy

   

  The Company may cease to maintain the D&O
      Policy maintained under clause 5.1 if the Company reasonably considers that:

   

  		(a)	the relevant coverage is no longer available; or

   

  		(b)	the costs of maintaining the policy, whether generally or for a particular officer of the Company, are so prohibitive that
            it is no longer in the interests of the Company to maintain the policy.

   

  		6	Access to Board Papers

   

  		6.1	Obligation of company to keep records

   

  The Company must keep at least one set of Board
      Papers in a systematic manner, safe and secure from damage, for the Relevant Period and for a longer period if any of the Board Papers are relevant to any Claim notified to the Company by the Director that has not been concluded during the Relevant
      Period.

   

  		6.2	Right to inspect Board Papers

   

  The Company must allow the Director to inspect
      and copy the Board Papers of the Company during the Relevant Period and during Business Hours for any of the following purposes (Permitted Purposes):

   

  		(a)	for a Claim begun or arising during the Relevant Period:

   

  		(i)	to which the Director is subject or is a party;

   

  		(ii)	that the Director is directly involved in;

   

  		(iii)	that the Director proposes to bring in good faith; or

   

  		(iv)	that the Director reasonably believes will be brought against the Director;

   

  		(b)	to discharge the Director’s duties as an officer of the Company; or

   

  		(c)	any other purpose for which the Company gives its written consent, which may be given conditionally or unconditionally or
            withheld by the Company in its absolute discretion.

   

  		6.3	Request for access to Board Papers

   

  Subject to clause 6.1, the Director (or any
      Authorised Person) may ask the Company for access to Board Papers and Books of the Company:

   

  		(a)	in writing;

   

  	T St Baker	|      Deed of access, insurance and indemnity	11

   

  
     

    
      
 

  

   

   

   

  		(b)	including particulars of the Board Papers or Books required by the Director (Requested Documents);
            and

   

  		(c)	setting out a Permitted Purpose for which the Requested Documents are required.

   

  		6.4	Access for the Director

   

  On receiving a valid request for access to Board
      Papers or Books under clause 6.3, the Company must give the Director or any Authorised Person access to the Requested Documents and must make them available for inspection and copying free of charge within seven Business Days after receiving the
      request.

   

  		6.5	Return of documents

   

  The Director must return any Board Papers, Books
      and any copies of those documents obtained under clause 6.2, and all copies made of those documents, to the company secretary of the Company as soon as possible after they are no longer required for a Permitted Purpose.

   

  		6.6	Privileged documents

   

  		(a)	If the Director requests access to a Board Paper or Book which is or refers to a Privileged Document,
            the Company must notify the Director that privilege exists, and of the general nature of acts and omissions that could cause that privilege to be waived or lost.

   

  		(b)	The Director must not waive any privilege of the Company nor do or omit to do anything that will cause that legal privilege
            to be waived or lost, without the prior consent of the Company.

   

  		(c)	If giving the Director access to a Privileged Document would, in the reasonable opinion of the
            Company, jeopardise the ability of the Company to claim legal privilege in a Privileged Document and materially prejudice the Company, then the Company may:

   

  		(i)	impose conditions on the Director’s access to the Privileged Document it reasonably considers appropriate to ensure that the ability of the Company to claim legal
            privilege in that Privileged Document is not jeopardised by the access; or

   

  		(ii)	if the Company considers in good faith and acting reasonably that it is not possible to ensure, by imposing conditions, that the ability of the Company to claim legal
            privilege in that Privileged Document would not be jeopardised by the access, refuse to allow the Director access to that Privileged Document.

   

  		(d)	The Company and the Director acknowledge that the Company allowing the Director access to a Privileged Document does not
            amount to any express or implied waiver by the Company of its claim to legal professional privilege against persons other than the Director.

   

  		(e)	In exercising their rights under clause 6.6, both the Company and Director must have regard to the legitimate interests of
            the other and must act reasonably.

   

  	T St Baker	|      Deed of access, insurance and indemnity	12

   

  
     

    
      
 

  

   

   

  

  		7	Confidentiality

  
  
     

  

  
  

   

  		7.1	Obligations of confidentiality

   

  Without limiting the Director’s duties as a director of the Company, the Director (both during the period in which the Director is a
    director of the Company and after the Director ceases to be a director of the Company) must only use Information for a Permitted Purpose, and must keep all Information confidential unless:

   

  		(a)	the Information is or comes into the public domain (other than as a result of a breach by the Director of this document);

   

  		(b)	disclosure of

          the Information is required by law;

   

  		(c)	subject to
          clause 7.2, disclosure of the Information is:

   

  		(i)	reasonably necessary

          for a Permitted Purpose; or

   

  		(ii)	made in confidence to the legal, financial or taxation advisers of the Director;

   

  		(d)	disclosure of the Information

          is reasonably necessary for the discharge of the

          duties of the Director as an officer of the Company;
            or

   

  		(e)	the Company has given its prior written consent to the disclosure of the Information, which may be given conditionally or unconditionally or withheld by the Company in its absolute

          discretion.

   

  		7.2	Privilege

   

  For the purposes of clause 7.1(c), the Director is required to

      keep Information confidential unless:

   

  		(a)	the Company does not have the right to claim legal privilege in some or all of that Information;

    

  		(b)	the proposed disclosure of the Information could not reasonably be expected to jeopardise the Company’s ability to claim legal privilege in some or all of that Information; or

   

  		(c)	the Company has the right to claim legal privilege in all or any of that Information (if any) and has waived its right to claim that legal privilege to the extent required under clause 6.6,

   

  and disclosure of the Information will not cause the Company’s right to claim legal privilege in any other
    Information or documents to be waived.

   

  		8	Company can act through its Subsidiaries

  
  
     

  

  
  

   

  The parties agree that if, at any time, the Company is

    required to make a payment, satisfy an obligation or do any other

    thing under this document, the Company may make that payment,
    satisfy that obligation or do that other thing itself or otherwise get one of
    its Subsidiaries to do so.

   

  	T St Baker	|      Deed of access, insurance and indemnity	13

   

  
     

    
      
 

  

   

   

   

  		9	Held on trust

  

  
  
     

  

  
  

  

   

  If a provision of this document is expressed to be for the benefit of a person that is not a party to this document (Third Party), the party to this document that receives that promise does so not
      only in its own capacity but also as trustee for the Third Party.

   

  		10	GST

   

  		10.1	Definitions

   

  Any terms capitalised in clause 10 and not already defined in clause 1.1 have the same meaning
    given to those terms in

      the GST Act.

   

  		10.2	GST exclusive

   

  Except under clause 10, the consideration for a Supply made under or

    in connection with this document does not include GST.

   

  		10.3	Taxable Supply

   

  If a Supply made
    under or in connection with this document is a Taxable Supply, then at or before the time any part of the consideration
    for the Supply is payable:

   

  		(a)	the Recipient must pay the Supplier an amount equal to the total GST for the Supply, in addition to and in the same manner as the consideration otherwise payable under this document for that Supply; and

   

  		(b)	the Supplier

          must give the Recipient a Tax Invoice for the Supply.

   

  		10.4	Later GST change

   

  For clarity, the GST payable under clause 10.3 is correspondingly increased or decreased by any subsequent
      adjustment to the amount of GST for the Supply for which the Supplier is liable, however caused.

   

  		10.5	Reimbursement or indemnity

   

  If either party has the right under this document to be reimbursed

    or indemnified by another party for a cost incurred in connection with this document,

    that reimbursement or indemnity excludes any GST component of that cost for which

    an Input Tax Credit may be claimed by the party being reimbursed
    or indemnified, or by its Representative Member, Joint Venture Operator or other similar person entitled to the Input Tax Credit (if any).

   

  		10.6	Warranty that Tax Invoice is issued regarding a Taxable Supply

   

  Where a Tax Invoice

      is given by the Supplier, the Supplier warrants that the Supply to which
    the Tax Invoice relates is a Taxable Supply and that it will remit
    the GST (as stated on the Tax Invoice) to the Australian Taxation Office.

   

  		10.7	Progressive or Periodic Supplies

   

  Where a Supply made
    under or in connection with this document is a Progressive or Periodic Supply,
    clause 10.3 applies to each

    component of the Progressive or Periodic Supply as if it were a separate Supply.

   

  	T St Baker	|      Deed of access, insurance and indemnity	14

   

  
     

    
      
 

  

   

   

   

  		11	General

  

  
  
     

  

  
   

  		11.1	Amendments

   

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

   

  		11.2	Assignment

   

  A party may only
    assign this document or a right under this document with the written consent of the other party whose consent may not be unreasonably withheld.

   

  		11.3	Counterparts

   

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

   

  		11.4	No merger

   

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

   

  		11.5	Entire agreement

   

  		(a)	This document supersedes all previous

          agreements about its subject matter. 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, is withdrawn and has no effect except to the extent expressly set out or incorporated by reference in this document.

   

  		(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.

   

  		11.6	Further assurances

   

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

   

  		11.7	No waiver

   

  		(a)	The failure of a party to require full or partiaI 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.

   

  		11.8	Governing law and jurisdiction

   

  		(a)	Queensland law

          governs this document.

   

  	T St Baker	|      Deed of access, insurance and indemnity	15

   

  
     

    
      
 

  

  

   

   

   

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

   

  		11.9	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.

   

  		11.10	Approval and consent

   

  Where under this document the doing of
    anything by a party is dependent

    on the consent or approval
    of another party, that consent

    or approval may not be unreasonably withheld nor unduly delayed, unless expressly provided otherwise.

   

  		11.11	Costs

   

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

   

  		(b)	Unless otherwise provided in this document, the Company pays all stamp duty and other taxes of a similar nature (including fines, penalties and interest) on this document and on any instrument or other document signed to give effect to this document.

   

  		11.12	Relationship between the parties

   

  Unless expressly stated otherwise, this document does
    not create a relationship of employment, trust, agency or partnership between the parties.

   

  		12	Notice

  

  
  
     

  

  
   

  		12.1	Method of giving notice

   

  A notice, consent or communication under this document is only effective

    if it is:

   

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

   

  		(b)	addressed to

          the person to whom it is to be given; and

   

  		(c)	given as
            follows:

   

  		(i)	delivered by

          hand to that person’s address;

   

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

   

  		(iii)	sent by fax to that person’s fax number where the sender receives a transmission confirmation report from the despatching

            machine indicating the transmission has been made without error and showing the relevant number of pages and the correct destination fax number or name of recipient; or

   

  	T St Baker	|      Deed of access, insurance and indemnity	16

   

  
     

    
      
 

  

  

   

   

   

  		(iv)	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.

   

  		12.2	When is notice given

   

  A notice, consent or communication given under clause 12.1(a) 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.

   

  	T St Baker	|      Deed of access, insurance and indemnity	17

   

  
     

    
      
 

  

  

   

   

   

  	If a notice is	It is given and received on
	Delivered by hand
          or sent by fax or email	
          (a)          that day, if delivered 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.

        

   

  		12.3	Address for notices

   

  A person’s address, fax number and email address are those as the

    person notifies the sender:

   

  	Name	Director
	Attention	Trevor St Baker
	Address	GPO Box 1821, Brisbane Qld 4001
	Fax	 
	Email address	tstbaker@stbenergy.com.au

   

  	Name	The Company
	Attention	Suzanne Yeates, Company Secretary
	Address	 
	Fax	 
	Email address	suzanne.yeates@oasoIutions.com

   

  	T St Baker	|      Deed of access, insurance and indemnity	18

   

  
     

    
      
 

  

   

   

   

  Execution

   

  EXECUTED as a deed

   

  Signed sealed and delivered 

  by NOVONIX Limited ACN 157 690 830 by:

   

  

  	 	 	 	 	 
	Ù	Director	 	Ù 	Secretary

   

  	 	Tony Bellas	 	 	
          

          Suzanne Yeates

        
	Ù	Full name of Director	 	Ù 	Full name of Secretary

   

  	Signed sealed and delivered 

            by Trevor St Baker in the presence of:	 	 
	 	Ù 	Signature of Trevor St Baker

   

  	 	 	 
	Ù 	Signature of witness	 

   

  	 	 	 
	Ù 	Name of witness (print)	 

   

  	T St Baker	|      Deed of access, insurance and indemnity	19Exhibit 4.2

   

   

   

  
  
     

  

  
   

  

  Executive Option Plan

   

  

  
  
     

  

  
  

   

  NOVONIX Limited ACN 157 690 830

  
     

    
      
 

  

   

   

   

  Table of contents

   

  

  
  
     

  

  
   

  

  	1	Definitions and interpretation	1
	 	 	 
	 	1.1	Definitions	1
	 	 	 	 
	 	1.2	Interpretation	3
	 	 	 	 
	2	Administration of the Plan	4
	 	 	 
	3	Grant of Options	4
	 	 	 
	 	3.1	Offer of Options	4
	 	 	 	 
	 	3.2	Required details of Offer	4
	 	 	 	 
	 	3.3	Required documents for Offer	4
	 	 	 	 
	 	3.4	Acceptance of offer	5
	 	 	 	 
	 	3.5	Permitted Nominees	5
	 	 	 	 
	 	3.6	No payment for grant of Options	5
	 	 	 	 
	 	3.7	Option statement or certificate	5
	 	 	 	 
	 	3.8	Register of Options	6
	 	 	 	 
	4	Exercise of Options	6
	 	 	 
	 	4.1	Rights to acquire Shares	6
	 	 	 	 
	 	4.2	Exercise price	6
	 	 	 	 
	 	4.3	Right to exercise and lapse	6
	 	 	 	 
	 	4.4	Lapse of Options	6
	 	 	 	 
	 	4.5	General restriction on exercise	7
	 	 	 	 
	5	Rights attaching to Options	8
	 	 	 
	 	5.1	Adjustment for reconstruction	8
	 	 	 	 
	 	5.2	Dividends	8
	 	 	 	 
	 	5.3	Voting rights	8
	 	 	 	 
	 	5.4	Participation in further issues	8
	 	 	 	 
	 	5.5	Transfer	8
	 	 	 	 
	 	5.6	Transmission	8
	 	 	 	 
	 	5.7	Quotation	8
	 	 	 	 
	6	No interest in Shares	9
	 	 	 
	7	Change of Control	9
	 	 	 
	 	7.1	Board to notify Participant of Change of Control Trigger Event	9
	 	 	 	 
	 	7.2	Options exercisable on Change of Control	9
	 	 	 	 
	 	7.3	Action available to the Board for unexercised Options	9
	 	 	 	 
	 	7.4	Participants to cooperate and attorney	9

  

   

  

  	

        	|	Executive option plan - NOVONIX Limited

  
     

    
      
 

  

   

   

   

  

  	8	Issue of Shares on Exercise	10
	 	 	 
	 	8.1	Issue of Shares	10
	 	 	 	 
	 	8.2	Application for quotation	10
	 	 	 	 
	 	8.3	Ranking	10
	 	 	 	 
	9	Disposal Restriction	10
	 	 	 
	 	9.1	No disposal of Shares for a specified period	10
	 	 	 	 
	 	9.2	Holding locks or other procedures	10
	 	 	 	 
	 	9.3	Restrictions cease on Change of Control Trigger Event	10
	 	 	 	 
	10	Notice	10
	 	 	 	 
	 	10.1	Method of giving notice	10
	 	 	 	 
	 	10.2	When is notice given	11
	 	 	 	 
	 	10.3	Participant’s address for notices	11
	 	 	 	 
	 	10.4	Company’s address for notices	11
	 	 	 	 
	 	10.5	Notices to Permitted Nominees	11
	 	 	 	 
	11	Amendment of the Plan	11
	 	 	 
	 	11.1	Amendment	11
	 	 	 	 
	 	11.2	Restrictions	12
	 	 	 	 
	12	Termination of the Plan	12
	 	 	 
	13	Administration of the Plan	12
	 	 	 
	 	13.1	Authority to form policy and delegation	12
	 	 	 	 
	 	13.2	Obligations of Board	12
	 	 	 	 
	 	13.3	Board decisions	12
	 	 	 	 
	 	13.4	Board, Company and delegates may act in its absolute discretion	12
	 	 	 	 
	 	13.5	Independent advice by Board	13
	 	 	 	 
	14	Rights of Eligible Participants and Participants	13
	 	 	 
	15	General	13
	 	 	 
	 	15.1	Listing Rules and Constitution	13
	 	 	 	 
	 	15.2	Board, Company and delegates may act in its absolute discretion	13
	 	 	 	 
	 	15.3	Costs	13
	 	 	 	 
	 	15.4	Advice	14
	 	 	 	 
	 	15.5	Governing law and jurisdiction	14

    

  

  	

        	|	Executive option plan - NOVONIX Limited	ii

  
     

    
      
 

  

   

  

   

  	
          Executive option plan

        
	
           

        
	
          NOVONIX Limited ACN 157 690 830

        
	
           

        

  
  
     

  

  
   

  The Plan involves the grant of Options to Eligible Participants on the terms in this document.

   

  	
          1

        	
          Definitions and interpretation 

        

  
  
     

  

  
   

  	
          1.1

        	
          Definitions

        	
           

        
	 	 	 
	
           

        	
          In this document:

        	
           

        
	
           

        	
           

        	
           

        
	
           

        	
          Term

        	
          Definition

        
	
           

        	
          Acceptance Form

        	
          means an acceptance of an Offer completed and signed by an Eligible Participant (and any Permitted Nominee) in
              the form attached to the Offer.

        
	
           

        	
           

        	
           

        
	
           

        	
          ASIC

        	
          means the Australian Securities and Investments Commission.

        
	
           

        	
           

        	
           

        
	
           

        	
          ASX

        	
          means ASX Limited ACN 008 624 691 or the securities exchange operated by it (as the case requires).

        
	
           

        	
           

        	
           

        
	
           

        	
          Bidder

        	
          means a person who proposes to acquire (together with their associates) all of the ordinary shares in the
              Company.

        
	
           

        	
           

        	
           

        
	
           

        	
          Board

        	
          means the Company’s board of Directors.

        
	
           

        	
           

        	
           

        
	
           

        	
          Business Day

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Change of Control Trigger Event

        	
          means:

        
	 	 	 
	
           

        	
           

        	
          (a)

        	
          a person acquires voting power (within the meaning of section 610 Corporations Act) in more than 50% of the
              ordinary shares in the Company;

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (b)

        	
          an order of the court made for the purposes of section 411(4)(b) Corporations Act, in connection with a members’
              scheme of arrangement to effect a change of Control of the Company, is lodged with ASIC under section 411(10) Corporations Act;

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (c)

        	
          the Company Disposes of the whole or a substantial part of its assets or undertaking; or

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (d)

        	
          an event set out in paragraph (a), (b) or (c) is, in the opinion of the Board, likely to occur in the near future
              and the Board decides to nominate a date on which a Change of Control Trigger Event is taken to have occurred.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Company

        	
          means NOVONIX Limited ACN 157 690 830.

        
	 	 	 
	
           

        	
          Constitution

        	
          means the Company’s constitution.

        

   

  	

        	|	Executive option plan - NOVONIX Limited	 

  
     

    
      
 

  

   

  

   

  	
           

        	
          Term

        	
          Definition

        
	
           

        	
          Consultant

        	
          means any person who acts in an advisory capacity for, or is engaged in the provision of services to, the Group.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Control

        	
          has the meaning given to the term in section 50AA Corporations Act.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Corporations Act

        	
          means Corporations Act 2001 (Cth).

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Director

        	
          means a director of the Company.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Disposal Restriction

        	
          means a restriction, set out in an Offer, on the creation of a Security Interest in, or the transfer, assignment,
              disposal or otherwise dealing with, a Share issued on exercise of an Option.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Dispose

        	
          includes assign, transfer, sell, agree to sell (including in respect of Shares, accepting a takeover in respect
              of those Shares) and grant a Security Interest.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Eligible Participant

        	
          means:

        
	 	 	 
	
           

        	
           

        	
          (a)

        	
          any full or part time employees, contractors or service providers of the Company or any associated body corporate
              of the Company; or

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (b)

        	
          any other person who may participate without requiring compliance with Chapters 6D.2, 6D.3 (except section 736)
              and 7.9 of the Corporations Act,

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          but excludes any Director.

        
	 	 	 	 
	
           

        	
          Employee

        	
          means an employee of a member of the Group.

        
	
           

        	
           

        	
           

        
	
           

        	
          Exercise Date

        	
          means the date after which an Eligible Participant may exercise an Option as set out in the Offer.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Exercise Period

        	
          means the period from the Exercise Date to the Expiry Date.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Exercise Price

        	
          means the price payable on exercise of an Option to acquire the underlying Share, as set out in rule 4.2.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Expiry Date

        	
          means the date on or by which a Participant must exercise an Option before that Option expires as set out in the
              Offer.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Group

        	
          means the Company and its Related Bodies Corporate.

        
	
           

        	
           

        	
           

        
	
           

        	
          Listing Rules

        	
          means the Listing Rules of ASX and any other rules of ASX which are applicable while the Company is admitted to
              the Official List of ASX, each as amended or replaced from time to time, except to the extent of any express written waiver by ASX.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Notice of Exercise

        	
          means a completed and signed notice substantially in the form attached to the Offer, or another form approved by
              the Board.

        
	
           

        	
           

        	
           

        
	
           

        	
          Offer

        	
          means a written offer to participate in the Plan.

        
	
           

        	
           

        	
           

        
	
           

        	
          Option

        	
          means an option granted under the Plan to subscribe for and be allotted the number of Shares set out in an Offer.

        

   

  	

        	|	Executive option plan - NOVONIX Limited	2

  
     

    
      
 

  

   

  

   

  	
           

        	
          Term

        	
          Definition

        
	
           

        	
          Participant

        	
          means an Eligible Participant or its Permitted Nominee (as the case requires).

        
	
           

        	
           

        	
           

        
	
           

        	
          Permitted Nominee

        	
          means a body corporate Controlled by an Eligible Participant, or any other entity as the Board may determine.

        
	
           

        	
           

        	
           

        
	
           

        	
          Plan

        	
          means this share option plan as amended from time to time.

        
	
           

        	
           

        	
           

        
	
           

        	
          Related Body Corporate

        	
          has the meaning given to the term in the Corporations Act.

        
	
           

        	
           

        	
           

        
	
           

        	
          Security Interest

        	
          means any interest, right or power that in substance secures payment or performance of any obligation, for
              example a mortgage, a charge, or a security interest under the Personal Property Securities Act 2009 (Cth).

        
	
           

        	
           

        	
           

        
	
           

        	
          Share

        	
          means a fully paid ordinary share in the Company.

        
	
           

        	
           

        	
           

        
	
           

        	
          Termination Date

        	
          means the date the termination of directorship, employment or the consultancy arrangement of an Eligible
              Participant takes effect, under the Eligible Participant’s written employment agreement or consultancy agreement or otherwise.

        
	
           

        	
           

        	
           

        
	
           

        	
          Vesting Conditions

        	
          means the vesting conditions specified in an Offer, which must be satisfied before an Option can be exercised.

        

  

  	
          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;

        

   

  	 	|	Executive option plan - NOVONIX Limited	3

  
     

    
      
 

  

   

   

   

  	
           

        	
          (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;

        

   

  	
           

        	
          (j)

        	
          words defined in the Corporations Act have the same meaning when used in this
              document; and

        

   

  	
           

        	
          (k)

        	
          headings are for convenience only and do not affect the interpretation.

        

   

  	
          2

        	
          Administration of the Plan 

        

   

  The Board will administer the Plan in accordance with this document.

   

  	
          3

        	
          Grant of Options 

        

   

  	
          3.1

        	
          Offer of Options 

        

   

  	
           

        	
          (a)

        	
          The Board may offer any number of Options to an Eligible Participant on the terms
              the Board decides by giving the Eligible Participant an Offer, subject to the Plan and any applicable law or Listing Rules.

        

   

  	
           

        	
          (b)

        	
          Subject to the terms of the Offer, each Option will entitle the Eligible Participant
              to receive one Share (ranking equally in all respects with the existing issued Shares in the Company) upon the exercise of the Option.

        

   

  3.2       Required details of Offer 

   

  An Offer must state:

   

  		(a)	the total number of Options for which the Eligible Participant may accept;

   

  	
           

        	
          (b)

        	
          the date of the Offer;

        

   

  	
           

        	
          (c)

        	
          the Exercise Period (including the Exercise Date and the Expiry Date);

        

   

  	
           

        	
          (d)

        	
          the Exercise Price;

        

   

  	
           

        	
          (e)

        	
          any Vesting Conditions;

        

   

  	
           

        	
          (f)

        	
          any Disposal Restrictions;

        

   

  	
           

        	
          (g)

        	
          any other terms of the Options; and

        

   

  	
           

        	
          (h)

        	
          any matters required to be specified by the Corporations Act or Listing Rules.

        

   

  	
          3.3

        	
          Required documents for Offer 

        

   

  The Company will send the Offer to an Eligible Participant together with:

   

  	
           

        	
          (a)

        	
          an Acceptance Form;

        

   

  	
           

        	
          (b)

        	
          a Notice of Exercise;

        

   

  	 	|	Executive option plan - NOVONIX Limited	4

  
     

    
      
 

  

   

  

   

  	
           

        	
          (c)

        	
          a copy of this Plan or a summary of this Plan (in which case this Plan will be made
              available on request, free of charge);

        

   

  	
           

        	
          (d)

        	
          any other explanatory material which the Company wishes to distribute; and

        

   

  	
           

        	
          (e)

        	
          any other documents and information required by the Corporations Act or Listing
              Rules.

        

   

  		3.4	Acceptance of offer

   

  To accept an Offer, an Eligible Participant must complete, sign and return the Acceptance Form in accordance with the
      Offer.

   

  		3.5	Permitted Nominees

   

  	
           

        	
          (a)

        	
          An Eligible Participant that receives an Offer may nominate a Permitted Nominee to
              hold the Options on their behalf by providing details of the Permitted Nominee on the Acceptance Form and having the Permitted Nominee sign the Acceptance Form.

        

   

  	
           

        	
          (b)

        	
          The Board can, in its absolute discretion and without providing an explanation,
              decide whether or not to grant a Permitted Nominee (nominated by an Eligible Participant) Options.

        

   

  	
           

        	
          (c)

        	
          Where the Board decides not to grant Options to a Permitted Nominee, the Board will
              grant the Options to the Eligible Participant instead and the Eligible Participant is taken to have accepted the Offer personally.

        

   

  	
           

        	
          (d)

        	
          An Eligible Participant must immediately notify the Company in writing as soon as
              they become aware:

        

   

  	
           

        	
          (i)

        	
          that they cease to Control their Permitted Nominee;

        

   

  	
           

        	
          (ii)

        	
          of any transaction which may result in them ceasing to Control their Permitted
              Nominee; or

        

   

  	
           

        	
          (iii)

        	
          that they cease to have an entitlement (whether or not that entitlement requires an
              exercise of discretion) to a majority of the distributions of their Permitted Nominee.

        

   

  	
           

        	
          (e)

        	
          If an Eligible Participant ceases to Control their Permitted Nominee at any time,
              the Board may determine that any Options granted to the Permitted Nominee be transferred to the Eligible Participant.

        

   

  		3.6	No payment for grant of Options

   

  A Participant is not required to pay for the grant of an Option.

   

  		3.7	Option statement or certificate

   

  The Company will, within ten Business Days after the Participant is granted the Options, deliver to each Participant:

   

  	
           

        	
          (a)

        	
          a statement in the form the Board decides evidencing the grant of the Options; or

        

   

  	
           

        	
          (b)

        	
          if required by the Constitution or otherwise by law, a certificate evidencing the
              grant of the Options in accordance with the Constitution or law.

        

   

  	 	|	Executive option plan - NOVONIX Limited	5

  
     

    
      
 

  

   

  

  		3.8	Register of Options

   

  The Company must maintain a register of the Options.

   

  	
          4

        	
          Exercise of Options 

        

  
  
     

  

  
   

  		4.1	Rights to acquire Shares

   

  An Option entitles a Participant to acquire one Share:

   

  	
           

        	
          (a)

        	
          provided any acquisition of Shares does not breach the Corporations Act or the
              Listing Rules;

        

   

  	
           

        	
          (b)

        	
          provided any Vesting Conditions have been satisfied;

        

   

  	
           

        	
          (c)

        	
          during the Exercise Period;

        

   

  	
           

        	
          (d)

        	
          for payment of the Exercise Price; and

        

   

  	
           

        	
          (e)

        	
          otherwise in the manner required by the Board and specified in writing to the
              Eligible Participant at the time the Option is granted.

        

   

  		4.2	Exercise price

   

  The Exercise Price is the amount set out in the Offer.

   

  		4.3	Right to exercise and lapse

   

  	
           

        	
          (a)

        	
          Subject to rule 4.1, a Participant may exercise an Option at any time in the
              Exercise Period by:

        

  

  	
           

        	
          (i)

        	
          delivering a Notice of Exercise; and

        

   

  	
           

        	
          (ii)

        	
          paying the Exercise Price, to the Company.

        

   

  	
           

        	
          (b)

        	
          Unless the Board decides otherwise, an Option that has not been exercised on or
              before the Expiry Date, lapses on the day after the Expiry Date.

        

   

  		4.4	Lapse of Options

   

  Subject to rule 4.1 and unless the Board decides otherwise, if an event in the table below occurs in respect of an
      Eligible Participant, the Eligible Participant’s Options are treated in accordance with the following table:

   

  	 	|	Executive option plan - NOVONIX Limited	6

  
     

    
      
 

  

   

  

   

  	
          Event

        	
          On or before Exercise Date

        	
          During the Exercise Period

        
	
          Eligible Participant’s lawful termination from
              employment with the Group or consultancy arrangement with the Group, but not for serious breach of the employment contract or consultancy agreement

        	
          Options lapse

        	
          The Expiry Date is the Termination Date or a later
              date decided by the Board

        
	
          Eligible Participant’s lawful termination from
              employment with the Group or consultancy arrangement with the Group, for serious breach of the employment contract or consultancy agreement

        	
          Options lapse

        	
          The Expiry Date is the Termination Date or a later
              date decided by the Board

        
	
          Eligible Participant’s resignation or vacation from
              the Board, employment or consultancy with the Group.

        	
          Options lapse

        	
          The Expiry Date is date of the resignation, or a
              later date decided by the Board

        
	
          Eligible Participant being made redundant

        	
          Options lapse

        	
          The Expiry Date is the date of the redundancy, or later
              date is decided by the Board

        
	
          Death or disability (so that unable to perform normal
              duties - in the opinion of a medical practitioner nominated by the board) of the Eligible Participant

        	
          Options lapse 90 days after the date of death or
              disability

        	
          There is no adjustment and the representative of the
              Eligible Participant’s estate may exercise the Options before the Expiry Date

        
	
          Eligible Participant loses Control of their Permitted
              Nominee and the Options are not transferred to the Eligible Participant under rule 3.5(e)

        	
          Options lapse

        	
          Options lapse

        
	
          Vesting Condition is unable to be met

        	
          Options lapse

        	
          Options lapse

        

   

  		4.5	General restriction on exercise

   

  A Participant may not exercise an Option if, at the
      time the Participant proposes to exercise the Option, the Participant (or its associated Eligible Participant) is:

   

  	
           

        	
          (a)

        	
          restricted from trading in the Shares or other securities
              under the Company’s securities trading policy; or

        

   

  	
           

        	
          (b)

        	
          in possession of price sensitive information about the Group
              which is not generally available to the public.

        

   

  	 	|	Executive option plan - NOVONIX Limited	7

  
     

    
      
 

  

   

   

   

  5          Rights attaching to Options

  
     

  

   

  5.1       Adjustment for reconstruction

   

  If there is a reconstruction of the issued capital of the
      Company (including consolidation, sub-division, reduction or return), the number of Shares to be issued on exercise of an Option, the Exercise Price or both, will be adjusted:

   

  	
           

        	
          (a)

        	
          to the extent necessary to comply with the Listing Rules
              applying to a reorganisation of capital; or alternatively

        
	
           

        	
           

        	
           

        
	
           

        	
          (b)

        	as determined by the Board (acting reasonably).

   

  5.2        Dividends

   

   A Participant does not have the right to participate in
      dividends on Shares until Shares are issued on the exercise of an Option.

   

  5.3        Voting rights

   

   A Participant does not have the right to vote in respect of
      an Option.

   

  5.4        Participation in further issues

   

  	
           

        	
          (a)

        	
          A Participant cannot participate in a new issue of Shares
              without exercising their Options, but for the avoidance of doubt, may be entitled to participate in respect of Shares already held by that Participant.

        

   

  	
           

        	
          (b)

        	
          If there is a pro rata issue (except a bonus issue) to the
              holders of Shares (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment), the Board may reduce the Exercise Price of an Option in accordance with the formula specified in Listing Rule 6.22.2.

        

   

  	
           

        	
          (c)

        	
          In the event of a bonus issue of Shares being made pro rata
              to Shareholders, (other than an issue in lieu of dividends), the number of Shares issued on exercise of each Option will include the number of bonus Shares that would have been issued if the Option had been exercised prior to the record date
              for the bonus issue. No adjustment will be made to the exercise price per Share of the Option.

        

   

  5.5       Transfer

   

  Subject to rule 5.6, Participants must not Dispose or deal
      with Options, or any interest in Options.

   

  5.6       Transmission

   

  The transmission of Options to a legal personal
      representative of an Eligible Participant following an Eligible Participant’s death, may be made without the prior written consent of the Board.

   

  5.7       Quotation

   

  The Company will not apply to ASX for official quotation of
      any of the Options.

   

  	 	|	Executive option plan - NOVONIX Limited	8

  
     

    
      
 

  

   

   

   

  		6	No interest in Shares

  
     

  

    

  A Participant has no interest in Shares the subject
      of Options until the Options are exercised and Shares are issued to that Participant.

   

  		7	Change of Control

  
     

  

   

  		7.1	Board to notify Participant of Change of Control Trigger Event

   

  The Board must, as soon as reasonably practicable,
      give written notice to each Participant of a Change of Control Trigger Event.

   

  		7.2	Options exercisable on Change of Control

   

  Unless the Board decides otherwise, if a Change of
      Control Trigger Event occurs, all Options vest immediately and may be exercised by a Participant (regardless of whether any Vesting Conditions have been satisfied) by delivering a Notice of Exercise, and payment of the Exercise Price, to the Company.

   

  		7.3	Action available to the Board for unexercised Options

   

  If a Change of Control Trigger Event occurs, the
      Company may:

   

  		(a)	buy-back Options held by a Participant for:

   

  	
           

        	
          (i)

        	
          an amount agreed with the Participant; or

        

   

  	
           

        	
          (ii)

        	
          the fair value of the Options, being the value of the Options decided
              by the Board and calculated in accordance with the Black-Scholes valuation model (as set out in the Annexure), using a volatility factor calculated using the closing price of Shares on ASX for the 12 months before the date of the calculation,
              without the agreement of the Participant;

        

   

  	
           

        	
          (b)

        	
          arrange for options to acquire shares in the
              Bidder to be granted to the Participants on substantially the same terms as the Options, but with any appropriate and reasonable adjustments decided by the Board to the number of shares in the Bidder to be issued on exercise of those options
              or the exercise price of those options, to ensure the Participants are not materially financially disadvantaged;

        
	
           

        	
           

        	
           

        
	
           

        	
          (c)

        	allow the Options to continue in accordance with their terms; or
	
           

        	
           

        	
           

        
	
           

        	(d)	proceed with a combination of any of the alternatives in rules 7.3(a), 7.3(b) or 7.3(c).

   

  		7.4	Participants to cooperate and attorney

   

  Each Participant:

   

  	
           

        	
          (a)

        	
          must do all acts, matters or things which are necessary or
              desirable to give effect to a buy-back or exchange of Options under rule 7.3; and

        

   

  	
           

        	
          (b)

        	
          irrevocably appoints any two Directors as its attorney for
              the purpose of performing any act required of it under rule 7.4.

        

   

  	 	|	Executive option plan - NOVONIX Limited	9

  
     

    
      
 

  

   

   

   

  		8	Issue of Shares on Exercise

  
     

  

   

  		8.1	Issue of Shares

   

  The Company will issue Shares to a Participant at the
      next Board meeting, or within 20 Business Days, whichever first occurs after receiving a valid Notice of Exercise and the Exercise Price.

   

  		8.2	Application for quotation

   

  If the Shares are officially quoted by ASX, the Company
      will apply to ASX for official quotation of any Shares issued to a Participant after exercise of Options within the time prescribed by the Listing Rules but, in any event, within ten Business Days of the issue of those Shares.

   

  		8.3	Ranking

   

  A Share issued on the exercise of any Option ranks
      equally with all existing Shares of that class from the date of allotment.

   

  		9	Disposal Restriction

  
     

  

   

  		9.1	No disposal of Shares for a specified period

   

  If an Offer contains a Disposal Restriction, the
      Participant must comply with the Disposal Restriction in relation to all Shares issued on exercise of the Options for the period specified in the Offer.

   

  		9.2	Holding locks or other procedures

   

  If the Shares issued on the exercise of Options are
      subject to a Disposal Restriction, the Company may implement any procedure (including a holding lock) it considers appropriate to ensure the Disposal Restriction is complied with for the period specified in the Offer.

   

  		9.3	Restrictions cease on Change of Control Trigger Event

   

  A Disposal Restriction ceases to apply immediately upon a
      Change of Control Trigger Event occurring. As soon as reasonably practicable after the Change of Control Trigger Event occurs, the Company must release the Shares from any procedure in place under rule 9.2.

   

  		10	Notice

  
     

  

   

  		10.1	Method of giving notice

   

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

   

  (a)       in writing;

   

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

   

  (c)       given as follows:

   

   (i)        delivered by hand to that person’s address;

   

  	 	|	Executive option plan - NOVONIX Limited	10

  
     

    
      
 

  

   

  

   

  	
           

        	
          (ii)

        	
          sent to that person’s address by prepaid mail or by prepaid
              airmail, if the address is overseas;

        

   

  	
           

        	
          (iii)

        	
          sent by fax to that person’s fax number where the sender
              receives a transmission confirmation report from the despatching machine indicating the transmission has been made without error and showing the relevant number of pages and the correct destination fax number or name of recipient; or

        

   

  	
           

        	
          (iv)

        	
          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.

        

   

  10.2      When is notice given

   

  A notice, consent or communication given under rule
      10.1 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 fax or email

        	
          (a)       that day, if delivered 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.

        

   

  10.3      Participant’s address for notices

   

  A Participant’s address, fax number and email address are
      as shown in the Company’s records or as otherwise notified by the Participant to the Company.

   

  10.4      Company’s address for notices

   

  The Company’s address for notices, including the
      Acceptance and Notice of Exercise is set out below or as otherwise notified by the Company to the Participant:

   

  NOVONIX Limited

  PO Box 10348

  Brisbane Qld 4000

   

  10.5      Notices to Permitted Nominees

   

  Any notice or direction given under this Plan to a
      Permitted Nominee is validly given if it is provided to the associated Eligible Participant under rule 10.1.

   

  11         Amendment of the Plan

  
     

  

   

  11.1      Amendment

   

  Subject to rule 11.2, the Board may amend the Plan in any
      manner it decides.

   

  	 	|	Executive option plan - NOVONIX Limited	11

  
     

    
      
 

  

   

  

   

  11.2      Restrictions

   

  The Board must not make any amendment to the Plan
      which would:

   

  	
           

        	
          (a)

        	
          have the effect of materially adversely affecting or prejudicing the
              rights of any Participant holding Options at that time, except for amendments:

        

   

  	
           

        	
          (i)

        	
          to comply with the Constitution, Corporations Act, Listing Rules or
              any other law affecting the maintenance or operation of the Plan;

        

   

  	
           

        	
          (ii)

        	
          to correct a manifest error; or

        

   

  	
           

        	
          (iii)

        	
          to address potential adverse tax implications affecting the Plan
              arising from changes to laws relating to taxation, the interpretation of laws relating to taxation by the relevant governmental authorities (including the release of any ruling), courts or tribunals; or

        

   

  	
           

        	
          (b)

        	
          effect a change to the number of Shares to which a Participant is
              entitled on exercise of the Options, the Exercise Price or the Exercise Period unless permitted by the Corporations Act and the Listing Rules.

        

   

  12        Termination of the Plan

  
     

  

   

  The Plan may be terminated or suspended at any time by
      the Board and that termination or suspension will not have any effect on or prejudice the rights of any Participant holding Options at that time.

   

  13         Administration of the Plan

  
     

  

   

  13.1      Authority to form policy and delegation

   

  	
           

        	
          (a)

        	
          The Board may make policy and regulations for the operation
              of the Plan which are consistent with the Plan and may delegate necessary functions to an appropriate service provider or employee capable of performing those functions and implementing those policies.

        

   

  	
           

        	
          (b)

        	
          The Board may delegate functions and powers under this Plan
              as it considers appropriate, for the efficient administration of the Plan, to a committee made up of a person or persons capable of performing those functions and exercising those powers.

        

   

  13.2     Obligations of Board

   

  The Board in exercising a power or discretion conferred on it
      by this Plan is not under a fiduciary or other obligation to any other person.

   

  13.3     Board decisions

   

  The decision of the Board as to the interpretation, effect or
      application of this Plan is final.

   

  13.4     Board, Company and delegates may act in its absolute discretion

   

  Where the Board, the Company or their delegates may exercise
      any right or discretion or make any decision under this document, it may do so in its absolute discretion, conditionally or unconditionally, and without being required to give reasons or act reasonably. Rule 13.4 applies unless this document
      expressly requires otherwise.

   

  	 	|	Executive option plan - NOVONIX Limited	12

  
     

    
      
 

  

   

  

   

  13.5     Independent advice by Board

   

  The Board or a committee may take and rely upon
      independent professional or expert advice on the exercise of any of their powers or discretions under this Plan.

   

  14        Rights of Eligible Participants and
          Participants

  
     

  

   

  Nothing in this Plan:

   

  	
           

        	
          (a)

        	
          confers on any Eligible Participant the right to continue as a
              Director, an Employee or a Consultant;

        

   

  	
           

        	
          (b)

        	
          affects any rights a member of the Group may have to terminate the
              employment of any Employee or any agreement with a Director or Consultant; or

        

   

  	
           

        	
          (c)

        	
          may be used to increase damages in any action brought against the
              Company or any Related Body Corporate, other than an action arising solely out of a Participant’s rights under the Plan.

        

   

  15         General

  
  
     

  

  
   

  15.1      Listing Rules and Constitution

   

  	
           

        	
          (a)

        	
          This Plan, the entitlements of Participants, and any obligations of
              the Company, under this Plan are subject to the Constitution, the Listing Rules, the Corporations Act and any other applicable law.

        

   

  	
           

        	
          (b)

        	
          No Option may be granted nor will any Option be capable of exercise
              if it would, or in the opinion of the Board, having taken appropriate legal advice, is likely to, contravene the Corporations Act, the Listing Rules or any other applicable laws.

        

   

  	
           

        	
          (c)

        	
          Despite any other rule of this Plan, every covenant or other
              provision set out in an exemption from, or modification to, the provisions of the Corporations Act granted from time to time by ASIC in respect of the Plan, and required to be included in this Plan in order for the exemption or modification
              to have effect, is deemed to be contained in this Plan. To the extent that any covenant, or other provision deemed to be contained in this Plan is inconsistent with any other rule of this Plan, the deemed covenant or other provision will
              prevail.

        

   

  15.2     Board, Company and delegates may act in its absolute discretion

   

  Where the Board, the Company or their delegates may
      exercise any right or discretion or make any decision under this document, it may do so in its absolute discretion, conditionally or unconditionally, and without being required to give reasons or act reasonably. Clause 15.2 applies unless this
      document expressly provides otherwise.

   

  15.3     Costs

   

  	
           

        	
          (a)

        	
          The Company must pay all the expenses, costs and charges
              incurred in operating the Plan.

        

   

  	 	|	Executive option plan - NOVONIX Limited	13

  
     

    
      
 

  

   

  

   

  	
           

        	
          (b)

        	
          The Company is not responsible for any duties or
              taxes which may become payable in connection with the grant of Options, the issue and allotment of Shares on exercise of Options or any other dealing with Options or Shares (including, but not limited to, as a result of a transaction
              contemplated by rules 3.5(e) or 7.3).

        

   

  15.4     Advice

   

  Participants should obtain their own independent advice
      at their own expense on the financial, taxation and other consequences to them of, or relating to, participating in the Plan.

   

  15.5     Governing law and jurisdiction

   

  	
           

        	
          (a)

        	
          Queensland law governs this document and the rights of
              Participants under the Plan.

        

   

  	
           

        	
          (b)

        	
          Each Participant, the Company and the Board (and
              their delegates) irrevocably submits to the non-exclusive jurisdiction of the Queensland courts and courts competent to hear appeals from those courts.

        

   

  	 	|	Executive option plan - NOVONIX Limited	14

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