Document:

Exhibit 4.9

 

NOVONIX
Limited

 

And

 

Phillips
66 Company

 

Subscription
Agreement

 

Dated 9 August 2021

 

 

Table
of Contents

 

	1	DEFINITIONS
    AND INTERPRETATION	2
	 	1.1	Definitions	2
	 	1.2	Interpretation	3
	 	1.3	Statements on the
    basis of knowledge or belief	4
	2	CONDITIONS
    TO COMPLETION	5
	 	2.1	Condition Precedent	5
	 	2.2	Other conditions	5
	 	2.3	Parties must co-operate	6
	 	2.4	Shareholder approval	6
	 	2.5	Waiver	6
	 	2.6	Termination before
    Completion	6
	3	AGREEMENT
    TO SUBSCRIBE AND COMPLETION	6
	 	3.1	Subscription	6
	 	3.2	Agreement to serve
    as application	6
	 	3.3	Consent to become
    a member and Constitution	7
	 	3.4	Rights Attaching
    to Subscription Shares	7
	 	3.5	Time and place of
    Completion	7
	 	3.6	Simultaneous obligations
    at Completion	7
	4	UNDERTAKINGS	 7
	 	4.1	The Issuer’s
    undertakings	 7
	 	4.2	The Subscriber’s
    undertakings	8
	5	APPOINTMENT
    OF DIRECTOR NOMINATED BY SUBSCRIBER	8
	6	CONSULTATION
    RIGHT	9
	7	REPRESENTATIONS
    AND WARRANTIES	10
	 	7.1	Representations and
    Warranties by the Issuer	10
	 	7.2	Representations and
    Warranties by the Subscriber	11
	8	CONFIDENTIALITY	12
	 	8.1	Announcements	12
	 	8.2	Confidentiality agreement	12
	9	INDEMNITY	13
	 	9.1	Indemnity	13
	 	9.2	Consequential loss	13
	10	GENERAL	13
	 	10.1	Governing Law and
    Jurisdiction	13
	 	10.2	Notices	13
	 	10.3	Assignment	15
	 	10.4	No waiver	15
	 	10.5	Costs and duty	15
	 	10.6	Severability	15
	 	10.7	Extent of obligations	16
	 	10.8	Entire agreement	16
	 	10.9	Amendment	16
	 	10.10	Further assurances	16
	 	10.11	Counterparts	16

 

 

This
Agreement is made on 9 August 2021

 

Parties

 

		1	NOVONIX
                                         Limited ACN 157 690 830 of Level 8, 46 Edward Street, Brisbane QLD 4000 (the Issuer).

 

		2	Phillips
                                         66 Company, a Delaware corporation, of 2331 CityWest Blvd., Houston, Texas 77042,
                                         United States (the Subscriber).

 

Recital

 

The
Subscriber wishes to Subscribe for, and the Issuer wishes to issue, the Subscription Shares on the terms and conditions of this
Agreement.

 

It
is agreed as follows.

 

		1	DEFINITIONS
                                         AND INTERPRETATION

 

		1.1	Definitions

 

The
following definitions apply unless the context requires otherwise. 

 

ASIC
means the Australian Securities and Investments Commission.

 

ASX
means ASX Limited (ACN 008 624 691).

 

ASX
Listing Rules means the listing rules of ASX as waived or modified in respect of the Issuer.

 

Authorisation
includes any authorisation, approval, consent, licence, permit, franchise, permission, filing, registration, resolution,
direction, declaration, or exemption.

 

Board
means the Board of directors of the Issuer.

 

Business
Day means a day which is not a Saturday, Sunday or a public holiday in Brisbane, Queensland.

 

Completion
means the completion of the subscription for, and the issue of, the Subscription Shares in accordance with this Agreement
on the Completion Date and Complete has a corresponding meaning.

 

Completion
Date means the date that is five (5) Business Days after the date on which the last of the Conditions Precedent
have been satisfied or waived in accordance with clause 2.5.

 

Condition
Precedent means the condition precedent to Completion specified in clause 2.1.

 

Condition
Precedent End Date means November 1, 2021 or such other date as is agreed by the parties in writing.

 

Constitution
means the constitution of the Issuer.

 

 

Consultation
Right has the meaning given in clause 6(a).

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

FATA means
the Foreign Acquisitions and Takeovers Act 1975 (Cth) and the Foreign Acquisitions and Takeovers
Regulation 2015 (Cth).

 

Governmental
Agency means any:

 

		(a)	government
                                         or governmental, semi-governmental or judicial entity or authority; or

 

		(b)	minister,
                                         department, office, commission, delegate, instrumentality, agency, board, authority or
                                         organisation of any government.

 

It
also includes any regulatory organisation established under statute or any stock exchange.

 

Group
means the Issuer and each of its subsidiaries.

 

Notice
of Meeting means the notice of general meeting of members of the Issuer to consider, and if thought fit, approve the
issue and allotment of the Subscription Shares as contemplated by clause 2.4.

 

Offer
has the meaning given in clause 6(a).

 

Shares
means fully paid ordinary shares in the capital of the Issuer.

 

Signing
Date means the date on which this Agreement is executed by both parties.

 

Sophisticated
or Professional investors means any of the categories of investors to whom offers of securities can be made under Section
708 of the Corporations Act.

 

Specified
Clauses means clauses 1, 7, 8, 9 and 10.

 

Subscriber
Nominee has the meaning given in clause 5(a).

 

Subscription
Price means one hundred and fifty million U.S. dollars (USD 150,000,000.00)

 

Subscription
Shares means 77,962,578 Shares.

 

Subscriber
Holding Requirement means 10% or more of the Shares on issue at the time.

 

		1.2	Interpretation

 

		(a)	Headings
                                         are for convenience only and do not affect interpretation.

 

		(b)	Mentioning
                                         anything after includes, including, for example, or similar expressions, does
                                         not limit what else might be included.

 

		(c)	The
                                         following rules apply unless the context requires otherwise.

 

		(i)	The
                                         singular includes the plural, and the converse also applies.

 

 

		(ii)	A
gender includes all genders.

 

		(iii)	If
a word or phrase is defined, its other grammatical forms have a corresponding meaning.

 

		(iv)	A
reference to a person includes a corporation, trust, partnership, unincorporated body or other entity, whether or not it
comprises a separate legal entity.

 

		(v)	A
                                         reference to a clause, Schedule or Annexure is a
                                         reference to a clause of, or Schedule or Annexure
                                         to, this Agreement.

 

		(vi)	A
                                         reference to an agreement or document (including
                                         a reference to this Agreement) is to the agreement or document as amended, supplemented,
                                         novated or replaced, except to the extent prohibited by this Agreement or that other
                                         agreement or document.

 

		(vii)	A
                                         reference to writing includes any method of representing or reproducing words, figures,
                                         drawings or symbols in a visible and tangible form.

  

		(viii)	A
reference to a party to this Agreement or another agreement or document includes the party’s successors, permitted substitutes
and permitted assigns (and, where applicable, the party’s legal personal representatives)

 

		(ix)	A
                                         reference to legislation or to a provision of legislation includes a
                                         modification or re-enactment of it, a legislative provision substituted for it
                                         and a regulation or statutory instrument issued under it.

 

		(x)	A
                                         reference to conduct includes an omission, statement or undertaking, whether or not in
                                         writing.

 

		(xi)	A
                                         reference to a right or obligation
                                         of any two or more people comprising a single
                                         party confers that right, or imposes that obligation, as the case may be, on each of
                                         them severally and each two or more of them jointly. A reference to that party is a reference
                                         to each of those people separately (so that, for example, a representation or warranty
                                         by that party is given by each of them separately).

 

		(xii)	A
                                         reference to a day means a day in the jurisdiction where the relevant obligation is to
                                         be performed.

 

 

 

		1.3	Statements
                                         on the basis of knowledge or belief

 

Any
statement made by a party on the basis of its knowledge and belief or awareness is made on the basis that the party has, in order
to establish that the statement is true and not misleading in any respect:

 

		(a)	made
                                         all reasonable inquiries of the officers, managers, employees and other persons with
                                         responsibility for the matters to which the statement relates; and

 

		(b)	if
                                         those inquiries would have prompted a reasonable
                                         person to make further inquiries, made those further inquiries,

 

and
that, as a result of those inquiries, the party has no reason to doubt that the statement is true and not misleading in any respect.

 

		2	CONDITIONS
                                         TO COMPLETION

 

		2.1	Condition
                                         Precedent

 

The
respective obligations of each party to consummate the transactions contemplated by this Agreement are subject to the shareholders
of the Issuer approving the issue and allotment of the Subscription Shares contemplated by this Agreement by the requisite majorities
under Listing Rule 7.1 and otherwise in accordance with the Corporations Act and the ASX Listing Rules at a duly convened general
meeting of the Issuer.

 

		2.2	Other
                                         conditions

 

		(a)	The
                                         obligation of the Subscriber to consummate its purchase of the Subscription Shares under
                                         this Agreement shall be subject to the Issuer delivering to the Subscriber on the Completion
                                         Date a certificate of the Chief Executive Officer
                                         and the Chief Financial Officer of the Issuer, on behalf of the Issuer, dated the Completion
                                         Date, certifying, in their applicable capacities, to the effect that:

 

		(i)	the
                                         representations and warranties of the Issuer contained in this Agreement are true and
                                         correct in all material respects (other than those representations and warranties that
                                         are qualified by materiality, which shall be true and correct in all respects) as of
                                         the Signing Date and the Completion Date (except that representations and warranties
                                         made as of a specific date shall be required to be true and correct as of such date only);
                                         and

 

		(ii)	there
                                         is not any pending suit, action or proceeding by any Governmental Agency seeking to restrain,
                                         preclude, enjoin or prohibit the transactions contemplated by this Agreement.

 

		(b)	The
                                         obligation of the Issuer to consummate the issue and allotment of the Subscription Shares
                                         under this Agreement shall be subject to the Subscriber delivering to the Issuer on the
                                         Completion Date a certificate of
an authorized officer, on behalf of the Subscriber, dated the Completion Date, certifying, in his or her capacity, to the effect
that the representations and warranties of the Subscriber contained in this Agreement are true and correct in all material respects
(other than those representations and warranties that are qualified by materiality, which shall be true
and correct in all respects) as of the Signing Date and the Completion Date (except
that representations and warranties made as of a specific date shall be required to be true and correct as of such date only).

 

 

		2.3	Parties
                                         must co-operate

 

Each
party must co-operate with the other and use their respective reasonable best efforts to take or cause to be taken all actions
necessary or advisable on their respective parts under this Agreement and applicable laws and regulations to consummate the transactions
contemplated by this Agreement as promptly as practicable after the date of this Agreement.

 

		2.4	Shareholder
                                         approval

 

Without
limiting the generality of clause 2.3, the Issuer must:

 

		(a)	promptly
                                         prepare a Notice of Meeting;

 

		(b)	provide
                                         the Subscriber with a draft of the Notice of Meeting and consider the Subscriber’s
                                         comments prior to providing the draft Notice of Meeting to ASX for its review; and

 

		(c)	as
                                         soon as reasonably practicable after the Signing
                                         Date, convene a general meeting of Shareholders and despatch the Notice of Meeting to
                                         Shareholders.

 

		2.5	Waiver

 

The
Condition Precedent in clause 2.1 can only be waived by written agreement of the parties.

 

		2.6	Termination
                                         before Completion

 

If
the Condition Precedent in clause 2.1 is not satisfied, or waived in accordance with clause
2.5, by the Condition Precedent End Date, this Agreement will automatically terminate and (other than the Specified Clauses) will
be null and void and of no effect.

 

		3	AGREEMENT
                                         TO SUBSCRIBE AND COMPLETION

 

		3.1	Subscription

 

The
Subscriber will subscribe, and the Issuer will issue to the Subscriber, the Subscription Shares on the Completion Date for the
Subscription Price.

 

 

		3.2	Agreement
                                         to serve as application

 

This
Agreement serves as an application by the Subscriber for the allotment of the Subscription Shares on the Completion Date and accordingly
it will not be necessary for the Subscriber to provide a separate (additional) application on or prior to the Completion Date.

 

		3.3	Consent
                                         to become a member and Constitution

 

Upon
issuance of the Subscription Shares, the Subscriber agrees to:

 

		(a)	become
                                         a member of the Issuer; and

 

		(b)	be
                                         bound by the Constitution.

 

		3.4	Rights
                                         Attaching to Subscription Shares

 

The
Subscription Shares will rank equally in all respects with all other Shares on issue when the Subscription Shares are issued.

 

		3.5	Time
                                         and place of Completion

 

Completion
will take place at 9am on the Completion Date or any other time agreed by the Issuer and Subscriber.

 

		3.6	Simultaneous
obligations at Completion

 

In respect of Completion:

 

		(a)	the
                                         obligations of the parties under this Agreement are interdependent and
Completion will only occur once all obligations required at Completion are satisfied; and

  

		(b)	all
                                         actions required to be performed will be taken to have occurred simultaneously on the
                                         Completion Date.

 

		4	UNDERTAKINGS

 

		4.1	The
Issuer’s undertakings

 

The Issuer must:

 

		(a)	on
                                         the Completion Date, issue the Subscription Shares to the Subscriber and register, or
                                         procure the registration of, the Subscriber as the
                                         holder of the Subscription Shares;

 

		(b)	as
                                         soon as practicable after Completion, deliver, or procure the delivery by its share registrar
                                         to the Subscriber, of holding statements evidencing the Subscription Shares subscribed
                                         for by the Subscriber;

 

		(c)	within
                                         one Business Day after the Subscriber pays the Subscription Price in accordance with
                                         clause 4.2, apply for quotation of the Subscription Shares in accordance with the ASX
                                         Listing Rules at its own cost and use its best endeavours at its own cost to obtain quotation
                                         of the Subscription Shares;

 

		(d)	as
                                         soon as practicable after the Completion Date, and in any event within five Business
                                         Days of the Completion Date, lodge with the ASX a statement meeting the requirements
                                         of sections 708A(5)(e) and 708A(6) of the Corporations Act; and

 

		(e)	immediately
                                         notify the Subscriber if at any time before the Completion Date the lssuer becomes aware
                                         of any third party objecting to, challenging, interfering with or obstructing (or proposing
                                         to object to, challenge interfere with or obstruct) any of the transactions contemplated
                                         by this Agreement.

 

		4.2	The
                                         Subscriber’s undertakings

 

The
Subscriber must pay, or cause to be paid, the Subscription Price to the lssuer in immediately available funds on the Completion
Date to the account notified by the Issuer to the Subscriber no less than six (6) days prior to the Completion Date.

 

		5	APPOINTMENT
                                         OF DIRECTOR NOMINATED BY SUBSCRIBER

 

		(a)	As
                                         soon as practicable after the Completion Date, and provided that the Subscriber has delivered
                                         to the Issuer a consent to act, completed by its nominee, to be appointed as a non-executive
                                         director on the Board, the Issuer shall procure that the current directors of the Issuer
                                         appoint a representative of the Subscriber (nominated in writing by the Subscriber after
                                         consultation with the Issuer and otherwise in accordance with clause 5(b)) to the Board
                                         as a non-executive director of the Issuer (the Subscriber Nominee), and
                                         the Issuer must then seek his or her election to the Board at the Issuer’s next
                                         annual general meeting of shareholders, provided that any such Subscriber Nominee must
                                         satisfy the eligibility requirements under the Constitution, Corporations Act and ASX
                                         Listing Rules for appointment or election as a director of the Issuer.

  

		(b)	The
                                         Subscriber agrees that the Subscriber Nominee shall have the appropriate commercial and
                                         professional experience to fulfil the role of a director of the Issuer.

 

		(c)	Any
                                         Subscriber Nominee who is appointed as a director to the Board of the Issuer will be
                                         taken to have been appointed to represent the interests of the Subscriber and section
                                         203D(1) of the Corporations Act applies.

 

 

 

		(d)	Subject
                                         to clause 5(f), if the Subscriber Nominee appointed under clause 5(a) ceases to be a
                                         director of the Issuer for any reason, the Issuer must ensure that:

 

		(i)	the
                                         Board appoints another individual nominated by the Subscriber as a Subscriber Nominee
                                         to the Board as a director; and

 

		(ii)	the
Board (other than the Subscriber Nominee) takes all reasonable steps to recommend unanimously the election or the re-election
of the Subscriber Nominee to the Board as a director at any general meeting of the Issuer at which Subscriber Nominee is standing
for re-election, except to the extent any director of the Issuer acting in good faith, determines
that such recommendation would, or would be likely to, involve a breach of the director’s fiduciary duties or breach of
a regulatory requirement,

 

subject
to the Subscriber Nominee satisfying the eligibility requirements under the Constitution, Corporations Act and ASX Listing Rules
for appointment or election as a director of the Issuer (including the provision of a written consent to act).

 

		(e)	Subject
                                         to clause 5(f) the Subscriber may, at any time and in its absolute discretion, remove
                                         a Subscriber Nominee and nominate a replacement Subscriber
                                         Nominee, in respect of whom the Issuer’s obligations pursuant to clause 5(d) will
                                         apply.

 

		(f)	If
                                         the Subscriber fails to satisfy the Subscriber Holding Requirement, and that failure
                                         continues for three consecutive months:

 

		(i)	the
                                         operation of clauses 5(a) to 5(e) will cease; and

 

		(ii)	the
                                         Subscriber will immediately procure that the Subscriber Nominee tender to the Issuer
                                         his or her resignation from the Board with immediate effect.

 

		(g)	Nothing
                                         in this clause 5 shall require the Subscriber to nominate a Subscriber Nominee.

 

		6	CONSULTATION
                                         RIGHT

 

		(a)	Subject
                                         to clauses (b) through (d) below, the Issuer agrees
                                         that before making a non-pro rata issue of Shares (Offer), it will notify
                                         the Subscriber of the Offer and consult with the Subscriber in good faith to provide
                                         the Subscriber a reasonable opportunity to participate in the Offer on equivalent terms
                                         to other investors (the Consultation Right).

 

		(b)	The
                                         Subscriber will have the benefit of the Consultation Right for so long as the Subscriber
                                         Holding Requirement is met.

 

 

		(c)	This
clause does not apply to any potential Offer disclosed to the Subscriber, in writing and referencing this Agreement, prior to
the date of this Agreement or to any Offer:

 

		(i)	to
                                         employees of the Issuer under any employee incentive plan approved by shareholders;

 

		(ii)	arising
from the exercise, exchange or conversion of any convertible securities issued by the Issuer prior to the date of this Agreement;
or

 

		(iii)	under
                                         a takeover bid or under a merger by way of a scheme of arrangement under Part 5.1 of
                                         the Corporations Act.

 

		(d)	The
                                         Issuer shall be under no obligation to comply with the Consultation Right if the Board
                                         determines, acting in good faith, after receiving written legal advice from counsel,
                                         that compliance with the Consultation Right would be determined to be unenforceable or
                                         unlawful by a court or regulatory body or prohibited by the ASX Listing Rules.

 

		7	REPRESENTATIONS
                                         AND WARRANTIES

 

		7.1	Representations
                                         and Warranties by the Issuer

 

The
Issuer represents and warrants to the Subscriber that each of the following statements is true, accurate and not misleading as
at each of the Signing Date and the Completion Date:

 

		(a)	(status)
                                         It is a body corporate validly existing under the laws of its place of incorporation
                                         or establishment.

 

		(b)	(corporate
                                         power) It has the corporate power to enter into and perform its obligations under
                                         this Agreement and to carry out the transactions contemplated by this Agreement.

  

		(c)	(corporate
                                         action) It has taken all necessary corporate action to authorise the entry into and
                                         performance of this Agreement and to carry out the transactions contemplated by this
                                         Agreement. On the Completion Date, full beneficial title in the Subscription Shares will
                                         vest in the Subscriber.

 

		(d)	(accuracy
                                         and completeness) All information relating to the Issuer and the Group and the Issuer
                                         and/or the Group’s operations provided to the
                                         Subscriber or its advisers in connection with the proposed investment by the Subscriber
                                         in the Issuer as contemplated by this Agreement, and all information publicly disclosed
                                         by the Issuer, is true in all material respects and is not by omission or otherwise misleading
                                         in any material respect. Nothing has occurred which renders any of the material which
                                         has been disclosed to the Subscriber or its advisers, or which
has been publicly disclosed by the Issuer, inaccurate in any material respect.

 

 

		(e)	(disclosure
                                         compliance) It has complied with all its disclosure requirements under the Corporations
                                         Act and the ASX Listing Rules and there is no material information or circumstance which
                                         the Issuer is not obliged to disclose, pursuant to Listing Rule 3.1.

 

		(f)	(no
                                         material adverse change) Since 31 December 2020, there has been no material adverse
                                         change in the financial condition or prospects of the Group.

 

		(g)	(binding
                                         obligation) This Agreement is its valid and binding obligation.

 

		(h)	(no
                                         contravention) Neither the entry into nor performance by it of this Agreement nor
                                         any transaction contemplated under this Agreement violates in any material respect any
                                         provision of any judgment binding on it, its constituent documents, any law or any document,
                                         agreement or other arrangement binding on it or its assets.

 

		(i)	(consents/approvals)
                                         Except for:

 

		(i)	the
                                         approval of shareholders to issue the Subscription Shares as contemplated in clause 2;
                                         and

 

		(ii)	the
                                         approval of ASX for quotation of the Subscription Shares to the Official List of ASX,

 

no
consent, approval, Authorisation, order, registration or qualification of or with any Governmental Agency or any other person
is required for the Issuer to perform its obligations under this Agreement.

 

		(j)	(no
                                         finder) Neither the Issuer nor any party acting on its behalf has paid or become
                                         liable to pay any fee or commission to any broker, finder or intermediary for or on account
                                         of transactions contemplated by this Agreement.

 

The
representations and warranties by the Issuer in this clause 7.1 are continuing obligations of the Issuer and survive the issue
of the Subscription Shares and do not merge on the Completion Date.

 

		7.2	Representations
                                         and Warranties by the Subscriber

 

The
Subscriber represents and warrants to the Issuer that each of the following statements is true, accurate and not misleading as
at each of the Signing Date and the Completion Date:

 

		(a)	(status)
                                         It is a body corporate validly existing under the laws of its place of incorporation
                                         or establishment.

 

 

		(b)	(corporate
                                         power) It has the corporate power to enter into and perform its obligations under
                                         this Agreement and to carry out the transactions contemplated by this Agreement.

 

		(c)	(corporate
                                         action) It has taken all necessary corporate action to authorise the entry into and
                                         performance of this Agreement and to carry out the transactions contemplated by this
                                         Agreement.

 

		(d)	(binding
                                         obligation) This Agreement is its valid and binding obligation.

 

		(e)	(no
                                         contravention) Neither the entry into nor performance by it of this Agreement nor
                                         any transaction contemplated
                                         under
                                         this Agreement violates in any material respect any provision of any judgment binding
                                         on it,
                                         its
                                         constituent
                                         documents,
                                         any
                                         law or any document,
                                         agreement
                                         or other arrangement binding on it or its assets.

 

		(f)	(Sophisticated
                                         or
                                         Professional Investor)
                                         It is
                                         a
                                         Sophisticated or Professional Investor.

 

		(g)	(FIRB)
                                         It
                                         is
                                         not
                                         a ‘foreign government investor’
                                         (as
                                         defined in the FATA) or an ‘associate’ (as defined in the FATA) of
                                         a
                                         ‘foreign government investor’.

 

		(h)	(reliance)
                                         At
                                         no time has:

 

		(i)	the
                                         Group,
                                         or
                                         any other person on behalf of
                                         it, communicated
                                         to the Subscriber;
                                         or

 

		(ii)	the
Subscriber relied on, 

 

any
representation, warranty,
promise or undertaking in respect
of the future financial performance or
prospects of the Group.

 

		(i)	(own
                                         enquiries)
                                         It
                                         has made its own enquiries and relied upon its own assessment of the Subscription Shares
                                         and the Group,
                                         and
                                         has
                                         conducted
                                         its
                                         own investigation with respect to the Subscription Shares and
                                         the
                                         Group and has decided to agree to subscribe for the Subscription Shares based on its
                                         own enquiries.

 

		8	CONFIDENTIALITY

 

		8.1	Announcements

 

Neither
party will make any public announcements or statements
in relation to this Agreement
or its subject matter except
in accordance with the earlier
written approval of the
other, which
approval shall not
be unreasonably withheld.

 

		8.2	Confidentiality
                                         agreement

 

Each
party acknowledges and agrees that it continues
to be bound by the Confidentiality
Agreement dated May 5, 2021
between the parties.

 

 

 

		9	INDEMNITY

 

		9.1	Indemnity

 

The
Issuer indemnifies the Subscriber against each claim, action, proceeding, judgment, damage, costs, loss, expense or liability
(including legal costs on a full indemnity basis) incurred or suffered by or brought by or made or recovered against the Subscriber
in connection with or arising out of any breach of any provision of this Agreement by the Issuer.

 

		9.2	Consequential
loss

 

The
Issuer excludes all liability for indirect and consequential loss or damage (including for loss of profit (whether direct, indirect,
anticipated or otherwise), loss of expected savings, opportunity costs, loss of business (including loss or reduction of goodwill),
damage to reputation and loss or corruption of data regardless of whether any or all of these things are considered to be indirect
or consequential losses or damage) in contract, tort (including negligence), under any statute or otherwise arising from or related
in any way to this Agreement or its subject matter, except that consequential loss does not include any loss arising naturally
and in the usual course of things from the relevant breach of this Agreement.

 

		10	GENERAL

 

		10.1	Governing
Law and Jurisdiction

 

This
Agreement is governed by the laws of Queensland. In relation to it and related non-contractual matters each party irrevocably
submits to the non-exclusive jurisdiction of courts with jurisdiction there, and waives any right to object to the venue on any
ground.

 

		10.2	Notices

 

Any
notice, demand, consent or other communication (a Notice) given or made under this Agreement:

 

		(a)	must
be in writing and signed by the sender or a person duly authorised by the sender (or in the case of email, set out the first and
last name and position or title of the sender or person duly authorised by the sender);

 

 

 

		(b)	must
                                         be delivered to the intended recipient by prepaid post (if posted to an address in another
                                         country, by registered airmail) or by email to the address or email address below or
                                         the address or email address last notified by the intended recipient to the sender:

 

	 	(i)	 to
    the Issuer:	Address:	Novonix 

        177
        Bluewater Road 

        Bedford,
        NS B4B 1H1 

        Canada

	 	 	 	 
	 	 	Email:	chris@novonixgroup.com

                                                         rashda@novonixgroup.com

	 	 	 	 
	 	 	Attention:	Chris
                                         Burns

                                                         Rashda
                                         Buttar

	 	 	 	 
	 	(ii)	to
    the Subscriber:	Address:	Phillips
                                         66 Company

                                                         2331
                                         CityWest Blvd.

                                                         Houston,
                                         Texas 77042

	 	 	 	 
	 	 	Email:
                                         Kathy.b.woody@p66.com

                                                                                Jim.g.glenn(a)p66.com

	 	 	 
	 	 	Attention:	Kathy
                                         Woody

                                                         Jim
                                         Glenn

	 	 	 	 
	 	 	With
    a copy to:	 
	 	 	

        Address:
	Phillips
                                         66 Company

                                                         2331
                                         CityWest Blvd.

                                                         Houston,
                                         Texas 77042

                                                         HQ-13N-N1316 

	 	 	 	 
	 	 	Attention:	Deputy
                                         General Counsel,

                                                           Corporate

 

		(c)	will
be conclusively taken to be duly given or made and received:

 

		(i)	in
the case of delivery by express post, to an address in the same country, two Business Days after the date of posting;

 

		(ii)	in
the case of delivery by any other method of post, six (6) Business Days after the date of posting (if posted to an address in
the same country) or 10 Business Days after the date of posting (if posted to an address in another country); and

 

		(iii)	in
the case of email, at the earliest of:

 

		(A)	the
                                         time that the sender receives an automated message from the intended recipient’s information
                                         system confirming delivery of the email;

 

		(B)	the
                                         time that the intended recipient confirms receipt of the email by reply email; and

 

 

 

		(C)	four
hours after the time the email is sent (as recorded on the device from which the sender sent the email) unless the sender receives,
within that four hour period, an automated message that the email has not been delivered,

 

but
if the result is that a Notice would be taken to be given or made and received on a day that is not a business day, or after 5pm
on a business day, in the place specified by the intended recipient as its postal address under clause 9.2(b), it will be conclusively
taken to have been duly given or made and received at 9am on the first business day after that day.

 

		10.3	Assignment

 

The
Subscriber cannot assign, charge, create a security interest over, encumber or otherwise deal with any of its rights or obligations
under this Agreement, or attempt or purport to do so, without the prior written consent of the Issuer.

 

		10.4	No
waiver

 

		(a)	No
                                         acquiescence, waiver or other indulgence granted by either party to any other party will
                                         in any way discharge or relieve that other party from any of its other obligations under
                                         this Agreement.

 

		(b)	A
                                         failure to exercise or a delay in exercising any right, power or remedy under this Agreement
                                         does not operate as a waiver. A single or partial exercise 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. A waiver is not valid or binding on the party granting
                                         that waiver unless made in writing. For the avoidance of doubt, the doctrine of affirmation
                                         by election will not apply to any failure by a party to exercise, or delay by a party
                                         in exercising, any right, power or remedy under this Agreement.

 

		10.5	Costs
and duty

 

Each
party must bear its own costs arising out of the negotiation, preparation and execution of this Agreement. All duty (including
any fines, penalties and interest) payable on or in connection with this Agreement and any instrument executed under or any transaction
evidenced by this Agreement must be borne equally by the parties.

 

		10.6	Severability

 

Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction will be ineffective as to that
jurisdiction to the extent of the prohibition or unenforceability. That will not invalidate the remaining provisions of this
Agreement nor affect the validity or enforceability of that provision in any other jurisdiction.

 

 

 

		10.7	Extent
of obligations

 

If
any payment under this Agreement becomes void by any statutory provision or otherwise, the obligations of the party that made
the payment will be taken not to have been discharged in respect of that payment and the parties will be restored to the rights
which each respectively would have had if that payment had not been made.

 

		10.8	Entire
agreement

 

This
Agreement contains the entire agreement between the parties with respect to its subject matter. It sets out the only conduct,
representations, warranties, covenants, conditions, agreements or understandings (collectively Conduct) relied on
by the parties and supersedes all earlier Conduct by or between the parties in connection with its subject matter. Neither party
has relied on or is relying on any other Conduct in entering into this Agreement and completing the transactions contemplated
by it.

 

		10.9	Amendment

 

This
Agreement may be amended only by another agreement executed by all the parties.

 

		10.10	Further
assurances

 

Each
party must do anything necessary (including executing agreements and documents) to give full effect to this Agreement and the
transactions contemplated by it.

 

		10.11	Counterparts

 

This
Agreement may be executed in any number of counterparts. All counterparts together will be taken to constitute one instrument.

 

 

 

	Executed
        as an agreement

         

        Phillips
        66 Company

         
	 
	By:	 	 
	Name: Timothy D. Roberts	 
	Title:  Executive Vice President, Midstream	 

 

 

 

Signed
by NOVONIX Limited in

 

accordance
with section 127 of the

 

Corporations Act 2001 (Cth):

 

	 	 	 
	Signature
    of director	 	Signature
    of director / company secretary
	 	 	 
	  Anthony
    Bellas	 	  Suzanne
    Yeates
	Print
    Name	 	Print
    NameEX-4.7

 Exhibit 4.7 

FORM 51-102F3 

MATERIAL CHANGE REPORT 
  

	1.	 Name and Address of Company 

Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) 

Suite 3680 – 1 Place Ville-Marie 

Montreal, Quebec, H3B 3P2 

Canada 
  

	2.	 Date of Material Change 

March 3, 2021 
  

	3.	 News Release 

On March 4, 2021, the Company issued a press release disclosing the matters described herein, which was disseminated
through the facilities of Cision. A copy of the press release was filed on SEDAR and is attached hereto as Schedule “A”. 
  

	4.	 Summary of Material Change 

On March 4, 2021, the Company announced the resignation of Ulf Quellmann as Chief Executive Officer and director of the
Company and the appointment of Steeve Thibeault as Interim Chief Executive Officer of the Company, each effective March 3, 2021. 
  

	5.1	 Full Description of Material Change 

On March 4, 2021, the Company announced the resignation of Ulf Quellmann as Chief Executive Officer and director of the
Company and the appointment of Steeve Thibeault as Interim Chief Executive Officer of the Company, each effective March 3, 2021. 

For additional details concerning the material change, reference is made to the press release attached hereto as Schedule
“A”. 
  

	5.2	 Disclosure for Restructuring Transactions 

Not applicable. 
  

	6.	 Reliance on subsection 7.1(2) of National Instrument
51-102 

 Not applicable. 

 

	7.	 Omitted Information 

Not applicable. 

	8.	 Executive Officer 

Further information regarding the matters described in this Report may be obtained from Yaoqi Wang, Legal Counsel &
Assistant Corporate Secretary at (514) 848-1567. Ms. Wang is an officer through whom an executive officer who is knowledgeable about the details of the matters described herein may be contacted. 

 

	9.	 Date of Report 

March 8, 2021 

 Schedule “A” 

News Release 

March 4, 2021 

Turquoise Hill Announces Management Change 

Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) announced today that Mr. Ulf Quellmann has resigned
as the Company’s Chief Executive Officer effective March 3, 2021, the Board of Directors of the Company (the “Board”) and Mr. Quellmann having agreed that it would not be in the best interests of the Company for
Mr. Quellmann to continue in this position. 
 We thank Mr. Quellmann for his service to Turquoise Hill and the advancements he
has made in bringing the Company closer to a financing plan for the Oyu Tolgoi project. Prior to Mr. Quellmann’s resignation, members of the Board’s special committee of independent directors (the “Special Committee”) had
several conversations with Mr. Quellmann regarding his tenure as CEO and his ability to continue leading negotiations with Rio Tinto. In these conversations the Special Committee discussed views received from Rio Tinto on the leadership of the
Company, including Rio Tinto’s view that new leadership at Turquoise Hill was necessary to advance work on matters of mutual interest and importance to the project. Though Rio Tinto acknowledged that the appointment and termination of the CEO
and other officers at Turquoise Hill are matters within the authority of the Board, it advised that, as the majority shareholder, Rio Tinto would not vote in favour of Mr. Quellmann’s election as a director at the Company’s upcoming
annual and general meeting of shareholders in May 2021 if he were to be nominated. 
 Following the discussions held with
Mr. Quellmann, the Board and Mr. Quellmann determined that it was in the best interests of the Company that Mr. Quellmann resign his positions as CEO and as a director of the Company. 

The Board, on the recommendation of the Special Committee, has appointed Steeve Thibeault as Interim Chief Executive Officer.
Mr. Thibeault served as the Company’s Chief Financial Officer between June 2014 and April 2017. Since April 2017, Mr. Thibeault has had no affiliation with either Turquoise Hill or Rio Tinto. Mr. Thibeault led the negotiations of
the funding agreements for Turquoise Hill that the Company entered into with Rio Tinto in 2015. The Special Committee is confident that Mr. Thibeault is well positioned to immediately assume leadership of negotiations with Rio Tinto, progress
the OT funding plan and oversee day-to-day operations of the Company while the Board engages in a process to identify a permanent Chief Executive Officer. 

The Special Committee remains committed to ensuring that negotiations with Rio Tinto continue under its supervision with a view to arriving at
a funding plan that is in the best interests of the Company. 
 About Turquoise Hill Resources 

Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in
Mongolia, which is the Company’s principal and only material mineral resource property. Turquoise Hill’s ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC (Oyu Tolgoi); Erdenes Oyu Tolgoi LLC, a Mongolian
stateowned entity, holds the remaining 34% interest. 

 Contact 

Investors and Media 
 Roy McDowall

 + 1 514-848-1506 

roy.mcdowall@turquoisehill.com 
 Follow us
on Twitter @TurquoiseHillRe 
 Forward-looking statements and forward-looking information 

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s
beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future
performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”,
“intend”, “likely”, “plan”, “estimate”, “will”, “believe” and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to,
statements and information regarding: discussions with, and the nature of the Company’s relationship and interaction with, the Government of Mongolia on the continued operation and development of Oyu Tolgoi, including with respect to the
definitive estimate and the potential termination, amendment or replacement of the Oyu Tolgoi Underground Mine Development and Financing Plan (the “Underground Plan”); the willingness and ability of the parties to the Underground Plan to
amend or replace the Underground Plan; the arbitration proceedings initiated with respect to certain agreements with Rio Tinto International Holdings Limited (“RTIHL”) and a related party (including any related interim relief), including
the potential benefits, impact, timing and outcome thereof (including of any related interim relief); the expectations set out in the 2020 Oyu Tolgoi Technical Report (“OTTR20”); the timing and amount of future production and potential
production delays; statements in respect of the impacts of any delays on the Company’s cash flows; expected copper and gold grades; the merits of the class action complaints filed against the Company; liquidity, funding sources, funding
requirements and planning and the status and nature of the Company’s ongoing discussions with Rio Tinto plc and its subsidiaries (“Rio Tinto”) with respect to future funding plans and requirements (including as contemplated by the
Memorandum of Understanding dated September 9, 2020 (the “MoU”)); the amount of any funding gap to complete the Oyu Tolgoi underground project; the amount and potential sources of additional funding; the Company’s ability to re-profile its existing project debt in line with current cash flow projections; the amount by which a successful reprofiling of the Company’s existing debt would reduce the Company’s currently projected
funding requirements; the Company’s and Rio Tinto’s understanding regarding the raising of supplemental senior debt and the Company’s ability to raise supplemental senior debt; the Company’s and Rio Tinto’s understanding
regarding the process for identifying and considering other funding options; the Company’s and Rio Tinto’s understanding regarding the scope and timing for an equity offering by the Company to address any remaining funding gap; the
Company’s intention to prioritise funding by way of debt and/or hybrid financing over equity funding; the Company’s expectation of the anticipated funding gap; the timing of studies, announcements and analyses; status of underground
development; the mine design for Panel 0 of Hugo North Lift 1 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North Lift 1 and the possible outcomes,
content and timing thereof; expectations regarding the possible recovery of ore in the two structural pillars to the north and south of Panel 0; the possible progression of a state-owned power plant (“SOPP”) and related amendments to the
Power Source Framework Agreement (“PSFA”) as well as power purchase agreements; the timing of construction and commissioning of the potential SOPP; sources of interim power; the potential impact of
COVID-19 on the Company’s business, operations and financial condition; capital and operating cost estimates; mill and concentrator throughput; the outcome of formal international arbitration proceedings;
anticipated business activities, planned expenditures, corporate strategies, and other statements that are not historical facts. 

Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause
the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or
information will prove to be accurate. Such statements and information are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in
the future, including the price of copper, gold and silver; projected gold, copper and silver grades; anticipated capital and operating costs; anticipated future production and cash flows; the anticipated location of certain infrastructure in Hugo
North Lift 1; sequence of mining within and across panel boundaries; the availability and timing of required governmental and other approvals for the construction of the SOPP; the ability of the Government of Mongolia to finance and procure the SOPP
within the timeframes anticipated in the PSFA, as amended; the willingness of third parties to extend existing power arrangements; the status and nature of the Company’s relationship and interaction with the Government of Mongolia on the
continued operation and development of the Oyu Tolgoi mine and Oyu Tolgoi LLC internal governance (including the outcome of any such interactions or discussions); the willingness and ability of the parties to the Underground Plan to amend or replace
the Underground Plan; the nature and quantum of the current and projected economic benefits to Mongolia resulting from the continued operation of Oyu Tolgoi; the status and nature of the Company’s ongoing discussions with Rio Tinto with respect
to future funding plans and requirements (including as contemplated by the MoU) as well as the commencement and conclusion of the arbitration proceedings initiated with respect to certain agreements with RTIHL and a related party (including any
related interim relief), including the potential benefits, impact, timing and outcome thereof (including of any related interim relief). 

 Certain important factors that could cause actual results, performance or achievements to
differ materially from those in the forward-looking statements and information include, among others: copper, gold and silver price volatility; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical
recoveries; development plans for processing resources; public health crises such as COVID-19; matters relating to proposed exploration or expansion; mining operational and development risks, including
geotechnical risks and ground conditions; litigation risks, including the outcome of the class action complaints filed against the Company; the outcome of the arbitration proceedings initiated with respect to certain agreements with RTIHL and a
related party, including any related interim relief; regulatory restrictions (including environmental regulatory restrictions and liability); Oyu Tolgoi LLC or the Government of Mongolia’s ability to deliver a domestic power source for the Oyu
Tolgoi project within the required contractual time frame; communications with local stakeholders and community relations; activities, actions or assessments, including tax assessments, by governmental authorities; events or circumstances (including
public health crises, strikes, blockades or similar events outside of the Company’s control) that may affect the Company’s ability to deliver its products in a timely manner; currency fluctuations; the speculative nature of mineral
exploration; the global economic climate; dilution; share price volatility; competition; loss of key employees; cyber security incidents; additional funding requirements, including in respect of the development or construction of a long-term
domestic power supply for the Oyu Tolgoi project; capital and operating costs, including with respect to the development of additional deposits and processing facilities; defective title to mineral claims or property; and human rights requirements.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. All such forward-looking statements and information are based on certain assumptions and analyses made by the Company’s management in light of their experience and
perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. These statements, however, are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information. 

With respect to forward-looking information concerning the continued operation and development of Oyu Tolgoi, the Company has based its
assumptions and analyses on certain factors which are inherently uncertain. Uncertainties and assumptions include, among others: the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability
of a long-term domestic power source (or the availability of financing for the Company or the Government of Mongolia to construct such a source) for Oyu Tolgoi; the ability to secure and draw down on the supplemental debt under the Oyu Tolgoi
project financing facility and the availability of additional financing on terms reasonably acceptable to Oyu Tolgoi LLC, Rio Tinto and the Company to further develop Oyu Tolgoi as well as the status and nature of the Company’s ongoing
discussions with Rio Tinto with respect to future funding plans and requirements (including as contemplated by the MoU) as well as the commencement and conclusion of the arbitration proceedings initiated with respect to certain agreements with RTIHL
and a related party (including any related interim relief), including the potential benefits, impact, timing and outcome thereof (including of any related interim relief); the status and nature of the Company’s relationship and interaction with
the Government of Mongolia on the continued operation and development of Oyu Tolgoi and Oyu Tolgoi LLC internal governance (including the outcome of any such interactions or discussions); the willingness and ability of the parties to the Underground
Plan to amend or replace the Underground Plan; the nature and quantum of the current and projected economic benefits to Mongolia resulting from the continued operation of Oyu Tolgoi; the potential impact of
COVID-19; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practices in Mongolia; the availability and cost of skilled labour and
transportation; the obtaining of (and the terms and timing of obtaining) necessary environmental and other government approvals, consents and permits; delays, and the costs which would result from delays, in the development of the underground mine
(which could significantly exceed the costs projected in OTTR20); projected copper, gold and silver prices and their market demand; and production estimates and the anticipated yearly production of copper, gold and silver at Oyu Tolgoi. 

The cost, timing and complexities of mine construction and development are increased by the remote location of a property such as Oyu Tolgoi.
It is common in mining operations and in the development or expansion of existing facilities to experience unexpected problems and delays during development, construction and mine start-up. Additionally,
although Oyu Tolgoi has achieved commercial production, there is no assurance that future development activities will result in profitable mining operations. 

Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statements
involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company’s actual results to
differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the “Risk
Factors” section in the Company’s annual information form for the year ended December 31, 2019 (“AIF”), as supplemented by the “Risks and Uncertainties” section of the Company’s management’s discussion
and analysis for the three and nine months ended September 30, 2020 (the “MD&A”). 
 Readers are further cautioned that
the list of factors enumerated in the “Risk Factors” section of the AIF and in the “Risks and Uncertainties” section of the MD&A that may affect future results is not exhaustive. When relying on the Company’s
forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements
and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information,
future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

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