Document:

insd_ex1019.htm

EXHIBIT 10.19
  
 EMPLOYMENT AGREEMENT 
  
 	 BETWEEN : 
	 INSTADOSE PHARMA CORP. (the “Company”), an entity organized and existing under the laws of the province of British Columbia, with its head office located at 5500 North Service Road, Suite 301, Burlington, Ontario L7L 6W6.

	  
	  

	 AND : 
	 MR. EDWARD BORKOWSKI (the “Executive”) residing at 527 North Mallory Circle, Delray Beach, Florida 33483.

	  
	  

	  
	(collectively referred as the “Parties”)
	  
	  

   
 WHEREAS the Company operates in the field of cannabis/cannabinoid oil production; 
  
 WHEREAS the Executive wishes to be employed by the Company; 
  
 WHEREAS the Executive declares being free of any charge or obligation, including any non-compete, non-solicitation or confidentiality agreement with previous employers, that would be incompatible with this Employment Agreement (the “Agreement”), or that would be likely to interfere with the performance of his duties in the service of the Company; 
  
 WHEREAS on the basis of these statements by the Executive, the Company declares that it wishes to retain the services of the Executive, subject to the agreements and covenants mentioned below; 
  
 NOW, THEREFORE, THIS AGREEMENT WITNESSETH THAT, in consideration of the mutual covenants herein contained, the Parties agree as follows: 
  
 ARTICLE 1 – OBJECT 
  
 In consideration of the covenants and agreements herein contained and the moneys to be paid hereunder, the Company hereby employs the Executive and the Executive hereby agrees to perform services as an Executive of the Company, upon the following terms and conditions: 
  
 	 1.1 
	 The Company hereby employs the Executive to serve as Chief Executive Officer to commence on the first Business Day following completion of the plan of arrangement involving the Company and Instadose Pharma Corp. (formerly Mikrocoze, Inc.) (the “Arrangement”). The Arrangement is expected to be completed on or about October 1, 2021 (the “Commencement Date”).

	  
	  

	 1.2 
	 Executive will be reporting to the Board of Directors of the Company.

	  
	  

	 1.3 
	 The Executive shall have each and all of the duties and responsibilities of that position and such other different duties on behalf of the Company, as may be agreed upon from time to time by the Executive and the Board of Directors.

      
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 ARTICLE 2 – DUTIES 
  
 	 2.1 
	 Without limiting the generality of the foregoing, the main duties and functions of the Executive are described in Appendix A. In no case should this description be considered exhaustive.

	  
	  

	 2.2 
	 The Executive shall devote his best efforts and substantially all of his working time to performing exclusively the duties on behalf of the Company. The Executive agrees to devote all of his time, energy and ability to the interests of the Company, and to perform Executive’s duties in an efficient, trustworthy and business-like manner.

	  
	  

	 2.3 
	 The Executive undertakes, at all times, to act in the best interests of the Company. The Executive shall refrain from any activity that may be prejudicial to the interests of the Company. He must act loyally with the Company at all times.

	  
	  

	 2.4 
	 In all circumstances, the Executive shall avoid being in a situation that could lead to a real or potential conflict of interest, including accepting a payment or some form of compensation from a third party in the context of his employment with the Company.

	  
	  

	  
	 The Executive therefore undertakes to immediately disclose to the Company, at the signature of this Employment Agreement and as soon as they arise, any actual or potential conflict of interest situation.

	  
	  

	 2.5 
	 The Executive agrees to abide by all procedures, directives and policies established from time to time, verbally or in writing, by the Company.

   
 ARTICLE 3 – LOCATION 
  
 	 3.1 
	 Subject to business travel from time to time required by his functions and duties, including travel abroad, the Executive shall perform his duties and functions principally from the offices of the Company to be established by the Executive in the United States of America.

	  
	  

	 3.2 
	 The Executive is fully aware that the performance of his duties may require business travel, including travel abroad, and that he will be provided additional remuneration in advance (or be reimbursed) in order to funds the costs related to these trips.

   
 ARTICLE 4 – DURATION AND TERMINATION 
  
 	 4.1 
	Duration 
	  
	  

	  
	 This Agreement is hereby concluded for a three (3) year period (the “Term”) and supersedes and pre-empt any prior understandings, agreements or representations between the Parties hereto, written or oral, which may have related to the Executive’s employment.

    
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 	 4.2 
	 Termination of Employment For Cause 

	  
	  

	  
	 The employment of the Executive is terminated automatically upon the death of the Executive or upon the effective date of his resignation.

	  
	  

	  
	 In the event the Executive shall die during the term hereof, all of the Common Shares underlying the Common Share Election Option shall become immediately vested and available to be received by the Executive’s estate. In addition, the Company shall pay to the Executive’s estate, such amounts as may have been earned by the Executive prior to the Executive’s date of death, but which were unpaid at date of death.

	  
	  

	  
	 Notwithstanding anything herein to the contrary, the Company may terminate Executive’s employment hereunder for cause for any one of the following reasons:

   
 	  
	 4.2.1 
	 Conviction of a felony or a misdemeanor where imprisonment is imposed;

	  
	  
	  

	  
	 4.2.2 
	 Commission of any act of theft, fraud, dishonesty, or falsification of any employment or Company records;

	  
	  
	  

	  
	 4.2.3 
	 Misconduct in connection with the performance of any of Executive’s duties, including, without limitation, misappropriation of funds or property of the Company, securing or attempting to secure personally any profit in connection with any transaction entered into on behalf of the Company, misrepresentation to the Company, or any violation of law or regulations on Company premises or to which the Company is subject;

	  
	  
	  

	  
	 4.2.4 
	 Unlawful appropriation of a corporate opportunity;

	  
	  
	  

	  
	 4.2.5 
	 Improper disclosure of the Company’s confidential or proprietary information;

	  
	  
	  

	  
	 4.2.6 
	 Any action, by the Executive which has a detrimental effect on the Company’s reputation or business;

	  
	  
	  

	  
	 4.2.7 
	 A course of conduct amounting to incompetence, including, without limiting the foregoing, the failure to achieve the Executive’s tasks as detailed in Appendix A;

	  
	  
	  

	  
	 4.2.8 
	 Chronic and unexcused absenteeism; and

	  
	  
	  

	  
	 4.2.9 
	 For any other just and sufficient cause or serious reason within the meaning of applicable laws.

	  
	  
	  

	  
	 Upon termination of Executive’s employment with the Company for cause, the Company shall be under no further obligation to execute, except to pay all accrued but unpaid base salary and accrued vacation to the date of termination thereof.

    
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 	 4.3 
	Termination Without Cause 

   
 	  
	 4.3.1 
	 The Company may also terminate the employment of the Executive without cause:

   
 	  
	 4.3.1.1 
	 by giving him a written notice of six months (the “Notice Period”); and

	  
	  
	  

	  
	 4.3.1.2 
	 by paying him a compensation in lieu of and corresponding to twelve months of his Base Salary and all employment benefits in force on the date of termination of his employment.

	  
	  
	  

	  
	 The Executive acknowledges that this Notice Period is fair and sufficient and, upon receipt of the Notice Period, gives the Company and its directors, shareholders, agents and employees a final and complete discharge in respect of any claim, present or future, which he has or may have, arising directly or indirectly from the termination of his employment, whether as notice, severance or leave.

  
 	  
	 4.3.2 
	 After notice of termination has been given by the Company, as provided in this Article, Executive shall be entitled to receive the compensation provided for in this Agreement until the notice period has expired. It is understood that after the written notice is given by the Company, Executive shall continue to devote substantially all of the Executive’s time to the Executive’s normal services for the Company during the notice period, with sufficient time allowed, in the sole discretion of the Company, for Executive to seek new employment.

	  
	  
	  

	  
	 4.3.3 
	 After expiration of the notice of termination, Executive shall cooperate with the Company, as reasonably requested by the Company, to effect a transition of Executive’s responsibilities and to ensure that the Company is aware of all matters being handled by Executive.

	  
	  
	  

	  
	 4.3.4 
	 In the event of the termination without cause of the present Employment Agreement pursuant to article 4.3.1, the Executive is required to mitigate the damages arising out of the termination of the Agreement, as the case may be.

   
 	 4.4 
	Resignation 

   
 	  
	 4.4.1 
	In the event that the Executive wishes to terminate his employment, he must notify the Company in writing at least four weeks before the effective date of his resignation.
	  
	  
	  

	  
	 4.4.2 
	In any case of termination, upon termination of employment, Executive shall be deemed to have resigned from the Board of Directors of the Company.

    
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	 4.4.3 
	Articles 4.3.2 and 4.3.3 also apply in the case of a notice of termination given by the Executive.

   
 ARTICLE 5 – SALARY AND OTHER EMPLOYMENT BENEFITS 
  
 	 5.1 
	Base Salary 
	  
	  

	  
	 The Executive shall be paid the following base salary subject only to the discretion of the Board where such discretion shall permit (“Base Salary”):

    
 	  
	 5.1.1 
	A minimum net Base Salary of US$25,000 per month during the first six months of the Term;
	  
	  
	  

	  
	 5.1.2 
	A minimum net Base Salary of US$30,000 per month during the remaining six months of the first year of the Term (or such other amount as the Instadose Board shall approve);
	  
	  
	  

	  
	 5.1.3 
	A minimum Base Salary at an annual rate of US$450,000 to US$500,000 in the second year of the Term; and
	  
	  
	  

	  
	 5.1.4 
	A minimum Base Salary at an annual rate of US$500,000 to US$750,000 in the third year of the Term.

  
 	 5.2 
	 Payments and Withholding 

   
 	  
	 5.2.1 
	 Payments of all compensation to Executive hereunder shall be made in accordance with the relevant Company policies in effect from time to time, including normal payroll practices.

	  
	  
	  

	  
	 5.2.2 
	 All sums payable to Executive under this Agreement will be reduced by all federal, provincial local, and other withholdings and similar taxes and payments required by applicable law.

   
 	 5.3 
	 Benefit Plans 

	  
	  

	  
	 Executive shall be entitled to participate in the Company’s medical and dental plans, life and disability insurance plans and retirement plans pursuant to their terms and conditions. Executive shall be entitled to participate in any other benefit plan offered by the Company to its Executives during the term of this Agreement. Nothing in this Agreement shall preclude the Company or any affiliate of the Company from terminating or amending any Executive benefit plan or program from time to time.

	  
	  

	 5.4 
	 Vacation 

	  
	  

	  
	 Executive shall be entitled to four weeks of vacation each year of full employment, exclusive of legal holidays, as long as the scheduling of Executive’s vacation does not interfere with the Company’s normal business operations. Vacations must be taken during the year and are not cumulative.

    
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 	 5.5 
	Common Share Election Option 

    
 	  
	 5.5.1 
	 As an inducement to execute this Agreement, the Executive shall be entitled to elect to receive as additional compensation up to 3,000,000 common shares of the Company (“Common Shares”) in advance of the Commencement Date. Thereafter, the Executive shall be entitled to receive the additional amount of 1,000,000 Common Shares upon the completion of each completed year of service (each, a “Completed Service Year”) under this Agreement (the “Common Share Election Option”). Assuming completion by the Executive of the entire Term of the Agreement, the Executive shall be entitled to elect to receive up to a total of 6,000,000 Common Shares under the Common Share Election Option. For the purposes of this section 5.5 of the Agreement, those Common Shares available to be accepted by the Executive upon signing this Agreement and following completion of a Completed Service Year shall be deemed to have been “vested” to the Executive under the Common Share Election Option.

	  
	  
	  

	  
	 5.5.2 
	 The right to elect to receive Common Shares under the Common Share Election Option is cumulative so that to the extent the Common Share Election Option is not exercised immediately following completion of any Completed Service Year up to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Common Shares for which have “vested” under the Common Share Election Option, for a period of twelve (12) months (the “Final Election Option Exercise Date”) commencing on the date of the earlier to occur of the following: (i) the date the Executive’s employment under this Agreement is terminated by the Company for cause (“Termination for Cause”), (ii) the date the Executive’s employment under this Agreement is terminated by the Company without cause (“Termination Without Cause”); (iii) the date the Executive’s employment under this Agreement is terminated by the Executive (“Executive Resignation”), and (iv) the date that a Qualifying Event involving the Company shall occur.

	  
	  
	  

	  
	 5.5.3 
	 Notwithstanding section 5.5.1 above, the following table sets forth the number of Common Shares that shall be deemed to have been “vested” to the Executive under the Executive’s Common Share Election Option should the occurrence of any of the events set forth above in section 5.5.2(i) – (iv) occur prior to the Executive’s full completion of the Term of his or her employment under this Agreement:

    
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 	 Event 
	  
	 Vested Common Shares 
	  
	 Final Election Option Exercise Date 

	 Termination for Cause 
	 ·
  
	 Those Common Shares vested to the Executive for each Completed Service Year prior to the year in which the written notice of Termination for Cause is given. 
	 ·
  
	 The date that is twelve (12) months from the date the Company provides the Executive with written notice (to the last address on the books of the Company belonging to the Executive) confirming the Termination for Cause of the Executive’s employment with the Company. 

	 Terminated Without Cause 
	 ·
  
	 All of the Common Shares available to be received by the Executive under the Common Share Election Option. 
	 ·
  
	 The date that is twelve (12) months from the date the Company provides the Executive with written notice (to the last address on the books of the Company belonging to the Executive) confirming the Termination Without Cause of the Executive’s employment with the Company. 

	 Executive Resignation 
	 ·
  
	 Those Common Shares vested to the Executive for each Completed Service Year prior to the year in which written notice of the Executive Resignation is given by the Executive to the Company. 
	 ·
  
	 The date that is twelve (12) months from the date the Executive provides the Company with written notice confirming the Executive Resignation. 

	 Qualifying Event 
	 ·
  
	 All of the Common Shares available to the Executive under the Common Share Election Option. 
	 ·
  
	 The date that is twelve (12) months from the date the Qualifying Event occurs. 

  
For the purposes of this Agreement, the term “Qualifying Event” shall mean the occurrence of any of the following events to occur subsequent to the completion of the Company’s reverse takeover of Mikrocoze, Inc.: (i) an acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, amalgamation, merger, or consolidation, or (ii) a sale of all or substantially all of the assets of the Company (collectively, a “Merger”), so long as in either case the Company’s shareholders of record immediately prior to such Merger will, immediately after such Merger, hold less than fifty percent (50%) of the voting power of the surviving or acquiring entity, or (iii) an acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, amalgamation, merger, or consolidation) that results in the common shares of the Company becoming listed on a publicly recognized stock exchange or bulletin board. 
  
 	 5.6 
	Business Expenses 
	  
	  

	  
	 Upon submission of itemized expense statements in the manner specified by the Company, Executive shall be entitled to reimbursement of reasonable living, travel, and other reasonable business expenses duly incurred by Executive in the performance of his duties under this Agreement.

    
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 	 5.7 
	Opening of Company Office
	  
	  

	  
	 It is agreed that the Executive shall be entitled to establish a new corporate office for the Company to be located in the United States of America (the “Company Office”). Instadose agrees to fund those reasonable costs associated with opening and maintaining the Company Office.

   
 ARTICLE 6 – CLIENTS AND CLIENT RECORDS 
  
 	 6.1 
	 The Company shall have the authority to determine who will be accepted as clients of the Company, and the Executive recognizes that such clients accepted are clients of the Company and not the Executive. The Company shall have the authority to designate, or to establish a procedure for designating which professional Executive of the Company will handle each such client. All client records and files of any type concerning clients of the Company shall belong to and remain the property of the Company, notwithstanding the subsequent termination of this Agreement.

   
 ARTICLE 7 – NON-COMPETE AND NON-SOLICITATION COVENANTS 
  
 	 7.1 
	 The Executive recognizes that there is strong competition in the business sector in which the Company operates and that, in the course of its employment with the Company, it will acquire in the future a thorough knowledge of the Company's operations, products and activities, business sector and business methods.

	  
	  

	 7.2 
	 The Executive further acknowledges and agrees that, in light of the foregoing, he would have an unfair advantage and would be able to cause the Company serious and irreparable harm in the event that, after termination of his employment with the Company, he would compete with the Company, or solicit customers or employees

	  
	  

	 7.3 
	 Non-Compete Covenant 

   
 	  
	 7.3.1 
	 The Executive shall not, during his employment and for a period of 12 months following the termination of his employment for any reason, on his own behalf or on behalf of any individual, corporation, company, cooperative, partnership, trust, unincorporated association, entity with juridical personality or governmental authority or body (hereinafter referred as any “Person”), whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any Person, perform work or provide services of an identical or similar nature to those performed by the Executive in the course of his employment with the Company for any company operating in a field of activity competing with the Company's activities, namely cannabis/cannabinoid oil production, on the following territory: The Democratic Republic of the Congo, Colombia, and Quebec, Canada.

    
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 	 7.4 
	Non-Solicitation Covenant 

   
 	  
	 7.4.1 
	 The Executive shall not, during his employment and for a period of 12 months following the termination of his employment for any reason, on his own behalf or on behalf of any Person, whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any Person, employ, offer employment to or solicit the employment or engagement of or otherwise entice away from the employment of the Company any individual who is employed by the Company at the time of the termination.

	  
	  
	  

	  
	 7.4.2 
	 The Executive shall not, during his employment and for a period of 12 months following the termination of his employment for any reason, on his own behalf or on behalf of any Person, whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any Person, solicit, or otherwise entice customers, suppliers or distributors of the Company.

  
 	 7.5 
	 The Executive acknowledges and agrees that a breach of articles 7.3 or 7.4 will cause the Company irreparable injury and damage for which the Company may have no adequate remedy and that it would represent unfair competition.

	  
	  

	 7.6 
	 The Executive hereby acknowledges and agrees that the terms of articles 7.3 and 7.4 are reasonable and limited to what is necessary in order to protect the Company's legitimate business interests.

	  
	  

	 7.7 
	 The Executive acknowledges that, given the evolution of the Company’s business, the Non-Competition or Non-Solicitation Covenants provided for in this Agreement could be adjusted in order to be representative of the new reality of the Company, given that such adjustments are necessary to protect the Company’s legitimate business interests. In such circumstances, the Executive and the Company agree to sign new Non-Competition and Non-Solicitation Covenants.

	  
	  

	 7.8 
	 In the event of any violation by the Executive of the obligations provided for in sections 7.3 or 7.4, the Executive will pay to the Company an amount of $1,000.00 for every day or part thereof during which the violation continues, as a penalty and without prejudice or limitation to the Company’s additional right to obtain the cessation of such violation for the future, by injunction order or any other means.

	  
	  

	 7.9 
	 Nothing in this article has the effect of limiting or extinguishing the obligations of the Executive arising from the law or this contract which survive by nature the termination of his employment, and in particular, but without limiting the foregoing, the obligations of loyalty and not to make use of the confidential information obtained by the Executive in the performance of his work.

   
 ARTICLE 8 – CONFIDENTIALITY 
  
 	 8.1 
	Executive recognizes and acknowledges that any Confidential Information is valuable, special and unique, and proprietary assets of the Company.

    
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 	 8.2 
	Are defined as “Confidential Information” the following:

   
 	  
	 8.2.1 
	 All records with respect to clients, business associates, customer or referral lists, contracting Parties and referral sources of the Company;

	  
	  
	  

	  
	 8.2.2 
	 All personal, financial and business and proprietary information of the Company, its Executives, officers, directors and shareholders obtained by the Executive during the term of this Agreement and not generally known in the public;

	  
	  
	  

	  
	 8.2.3 
	 Any information including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers, that:

   
 	  
	 (i) 
	 derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and

	  
	  
	  

	  
	 (ii) 
	 is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

	  
	  
	  

	  
	 In the case of Company’s business, Company’s trade secrets include, without limitation, information regarding names and addresses of any customers, sales personnel, account invoices, training and educational manuals, administrative manuals, prospective customer leads, in whatever form, whether or not computer or electronically accessible “online”.

   
 	 8.3 
	 The Executive hereby agrees that during the term of this Agreement and following the termination of this Agreement for any reason, the Executive will not at any time, directly or indirectly, disclose any Confidential Information, in full or in part, in written or other form, to any Person, or utilize the same for any reason or purpose whatsoever other than for the benefit of an pursuant to authorization granted by the Company.

   
 ARTICLE 9 – INTELLECTUAL PROPERTY RIGHTS 
  
 	 9.1 
	 For the purpose of this Agreement, the term “Intellectual Property” means patents, methods, materials, software, photographs, manuals, reports, forms, compilations, processes, lists, programs, devices, concepts, theories, techniques, production and manufacturing guides, compositions, drawings, plans, know-how, recipes, diagrams, technical uses, information, specifications, lists of materials and all other elements of know-how, any information or data of intellectual, technical, scientific or industrial nature, works and other objects subject to copyright, inventions, developments, industrial designs and trademarks designed, discovered, fabricated or put into practice by the Executive, alone or with others, during the term of the Agreement and for one year following the end of the Agreement, related to the activities of the Company in whole or in part, and all rights attaching thereto.

    
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 	 9.2 
	 The Executive assigns and transfers, and acknowledges having assigned and transferred to the Company, without restriction, all of his rights, titles and interests in the Intellectual Property and acknowledges that all of his rights, titles and interests in any improvement to the Intellectual Property developed by the Company or on its behalf remain the property of the Company.

	  
	  

	 9.3 
	 In addition, the Executive waives all moral rights in the documents and other works he has created or on the work done during his employment with the Company. The Executive acknowledges that the Company has the right to use, modify and reproduce any document or work done by the Executive under this Agreement, in its sole discretion, without the authorization of the Executive, and without the name of the Executive being mentioned.

	  
	  

	 9.4 
	 At any time during the term of the Agreement or after the termination of the Agreement, the Executive shall sign, recognize and deliver, at the expense of the Company, but without further compensation, any documents required by the Company to give effect to the preceding paragraphs, including patent applications and assignment documents. The Executive will also grant any other assistance the Company may require in connection with any proceeding or litigation relating to the protection or defense of the Company's Intellectual Property rights.

	  
	  

	 9.5 
	 This article binds the heirs, assigns and legal representatives of the Executive.

   
 ARTICLE 10 – PROPERTY OF RECORDS AND OTHER PROPERTIES 
  
 	 10.1 
	 Any record, sketch, drawing, letter, report, note or other document, any material, machinery, tool, instrument or other device, such as any disk, tape, CD, software and any other property, of which the Executive takes possession during the term of his employment with the Company, in the performance or the occasion of his work, whether or not he participated in the drafting or design, whatever the method of acquisition, whether originals or copies, remain the property of the Company at all times. The Executive cannot duplicate or transmit the above described goods to anyone, including himself, other than as part of his work for the Company.

	  
	  

	 10.2 
	 All property described in 10.1 must be returned to the Company or its designated representative before the Executive leaves his workplace after the termination of his employment. The Executive cannot keep a copy or give it to a third party.

   
 ARTICLE 11 – HEALTH 
  
 	 11.1 
	 The Executive represents that, to the best of his knowledge, he enjoys good health and is not affected by any problem that may prevent him from properly performing his duties under this Agreement.

   
 ARTICLE 12 – REPRESENTATION AND WARRANTY OF EXECUTIVE 
  
 	 12.1 
	 The Executive acknowledges and understands that the Company has extended employment opportunities to Executive based upon Executive’s representation and warranty that Executive is in good health and able to perform the work contemplated by this Agreement for the term hereof.

     
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 ARTICLE 13 – ASSISTANCE IN LITIGATION 
  
 	 13.1 
	 Executive shall, during and after termination of employment, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become a party; provided, however, that such assistance following termination shall be furnished at mutually agreeable times and for mutually agreeable compensation.

   
 ARTICLE 14 – AMENDMENT 
  
 	 14.1 
	This Agreement may be amended only by a writing signed by Executive and by a duly authorized representative of the Company.

   
 ARTICLE 15 – SEVERABILITY 
  
 	 15.1 
	If any term, provision, covenant or conditions of this Agreement, or the application thereof to any person, place or circumstances, shall be held to be invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in full force and effect.

   
 ARTICLE 16 – CONSTRUCTION 
  
 	 16.1 
	The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement.
	  
	  

	 16.2 
	The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Executive.

   
 ARTICLE 17 – RIGHTS CUMULATIVE 
  
 	 17.1 
	 The rights and remedies provided by this Agreement are cumulative, and the exercises of any right or remedy by either party hereto (or by its successor), whether pursuant to this Agreement, to any other agreement, or to law, shall not preclude or waive its right to exercise any or all rights and remedies.

   
 ARTICLE 18 – NON-WAIVER 
  
 	 18.1 
	 No failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance.

	  
	  

	 18.2 
	 All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by an officer of the Company (other than Executive) or other person duly authorized by the Company.

    
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 ARTICLE 19 – NOTICES 
  
 	 19.1 
	 Any and all notices or other communication provided for herein, shall be hand delivered, or delivered by registered or certified mail, return receipt requested, in case of the Company to its principal office, and in the case of the Executive, to the Executive’s residence address set forth on the first page of this Agreement or to such other address as may be designated by the Executive.

	  
	  

	 19.2 
	 If the postal service does not function normally, the notice must be sent by courier or served by bailiff at the discretion of the shipper. In these cases, the notice is deemed to have been received on the day of delivery. 

	  
	  

	 19.3 
	 It is understood that if the delivery date is not a business day, the notice is deemed to have been received on the next business day. 

   
 ARTICLE 20 – GOVERNING LAW 
  
 	 20.1 
	This Agreement shall be governed by and construed in accordance with the laws of Ontario.

  . 
 ARTICLE 21 – DOMICILE ELECTION 
  
 	 21.1 
	For the purposes of the exercise of any right arising from this Agreement, the Parties elect domicile in the judicial district of Toronto, Ontario.

   
 ARTICLE 22 – SUCCESSORS 
  
 	 22.1 
	This Agreement binds the successors, heirs, assigns and legal representatives of the Parties.

    
 ARTICLE 23 – ENTIRE AGREEMENT 
  
 	 23.1 
	 This Agreement contains the entire agreement and supersedes all prior agreements and understandings oral or written, with respect to the subject matter hereof.

	  
	  

	 23.2 
	 This Agreement may be changed only by an agreement in writing signed by the party against whom any waiver, change, amendment, modification or discharge is sought.

   
 ARTICLE 24 – REPLACEMENT OF AGREEMENT 
  
 	 24.1 
	 On or before the Commencement Date, the Company and the Executive agree to replace this Agreement in favour of a U.S.-based form of employment agreement (the ‘’US Agreement’’), the terms of which shall be equal to and in no way any less favourable to those terms set forth in this Agreement. The US Agreement shall also contain those additional terms and conditions as are ordinarily included in such an agreement for a Chief Executive Officer of a U.S. public company. This shall include all customary termination provisions as well as section 409(A) and Section 280(G) related provisions.

      
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 ARTICLE 25 – CONSENT 
  
 	 25.1 
	 The Executive declares that he has had the opportunity to obtain the opinion of the advisor of his choice in relation to the terms and conditions of this Agreement and that he has freely and voluntarily accepted these same terms and conditions. 

	  
	  

	 25.2 
	 The Executive declares that he has read this contract carefully, understands its full scope, agrees to all its provisions and must act in good faith in its execution. Without limiting the foregoing, the Executive acknowledges that this Agreement has been the subject of various discussions and negotiations between the Parties and concluded as a result thereof.

   
 The Parties hereto acknowledge that they have requested and are satisfied that this Agreement and all related documents be drawn up in the English language. 
  
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 IN WITNESS HEREOF the Parties have duly signed this Agreement in two (2) copies at the date and at the place mentioned below. 
  
 	 Signed in Toronto on August 25, 2021
	  
	 Signed in Delray Beach on August 25, 2021 

	  
	  
	  
	  

	 INSTADOSE PHARMA CORP. 
	  
	  

	  
	  
	  
	  

	 By : 
	 
	  
	 

	  
	 Name: Grant F. Sanders 
	  
	 Edward Borkowski 

	  
	 Title: Chief Executive Officer
	  
	  

    
   
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 APPENDIX A 
  
 CHIEF EXECUTIVE OFFICER – MAIN DUTIES AND FUNCTIONS 
  
 THOSE DUTIES TYPICAL OF A CHIEF EXECUTIVE OFFICER OF A PUBLIC COMPANY 
  
  
  
   
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	16Exhibit 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

   

  

  	      |     Deed of access, insurance and indemnity	i

   

  
     

    
      
 

  

   

  

  	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.

   

  

  	T St Baker     |     Deed of access, insurance and indemnity	 

   

  

  
     

    
      
 

  

   

   

   

  	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
	 	 	 	 

  

  	T St Baker     |     Deed of access, insurance and indemnity	2

  

  
     

    
      
 

  

   

   

   

  	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.

   

  

  	T St Baker     |     Deed of access, insurance and indemnity	3

  

  
     

    
      
 

  

   

   

   

  		1.2	Interpretation

   

  In this document:

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  		(i)	a reference to ‘month’ means calendar month; and

   

  		(j)	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

   

  

  	T St Baker     |     Deed of access, insurance and indemnity	4

   

  

  
     

    
      
 

  

   

   

   

  		(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.

   

  

  	T St Baker     |     Deed of access, insurance and indemnity	5

  

  

  
     

    
      
 

  

   

   

   

  		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;

   

  

  	T St Baker     |     Deed of access, insurance and indemnity	6

  

  

  
     

    
      
 

  

  

   

  

   

  

  		(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.

   

  	T St Baker	|     Deed of access, insurance and indemnity	
          

          7

        

   

  
     

    
      
 

  

   

   

   

  		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.

   

  	T St Baker	|      Deed of access, insurance and indemnity	8

   

  
     

    
      
 

  

   

   

   

  		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

   

  	T St Baker	|      Deed of access, insurance and indemnity	9

   

  
     

    
      
 

  

   

   

   

  		(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:

   

  	T St Baker	|      Deed of access, insurance and indemnity	10

   

  
     

    
      
 

  

   

   

   

  		(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	19

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