Document:

Exhibit 4.2

   

   

   

  
  
     

  

  
   

  

  Executive Option Plan

   

  

  
  
     

  

  
  

   

  NOVONIX Limited ACN 157 690 830

  
     

    
      
 

  

   

   

   

  Table of contents

   

  

  
  
     

  

  
   

  

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

  

   

  

  	

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

    

  

  	

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          Executive option plan

        
	
           

        
	
          NOVONIX Limited ACN 157 690 830

        
	
           

        

  
  
     

  

  
   

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

   

  	
          1

        	
          Definitions and interpretation 

        

  
  
     

  

  
   

  	
          1.1

        	
          Definitions

        	
           

        
	 	 	 
	
           

        	
          In this document:

        	
           

        
	
           

        	
           

        	
           

        
	
           

        	
          Term

        	
          Definition

        
	
           

        	
          Acceptance Form

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

        
	
           

        	
           

        	
           

        
	
           

        	
          ASIC

        	
          means the Australian Securities and Investments Commission.

        
	
           

        	
           

        	
           

        
	
           

        	
          ASX

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Bidder

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Board

        	
          means the Company’s board of Directors.

        
	
           

        	
           

        	
           

        
	
           

        	
          Business Day

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Change of Control Trigger Event

        	
          means:

        
	 	 	 
	
           

        	
           

        	
          (a)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (b)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (c)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (d)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Company

        	
          means NOVONIX Limited ACN 157 690 830.

        
	 	 	 
	
           

        	
          Constitution

        	
          means the Company’s constitution.

        

   

  	

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          Term

        	
          Definition

        
	
           

        	
          Consultant

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Control

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Corporations Act

        	
          means Corporations Act 2001 (Cth).

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Director

        	
          means a director of the Company.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Disposal Restriction

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Dispose

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Eligible Participant

        	
          means:

        
	 	 	 
	
           

        	
           

        	
          (a)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (b)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          but excludes any Director.

        
	 	 	 	 
	
           

        	
          Employee

        	
          means an employee of a member of the Group.

        
	
           

        	
           

        	
           

        
	
           

        	
          Exercise Date

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Exercise Period

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Exercise Price

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Expiry Date

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Group

        	
          means the Company and its Related Bodies Corporate.

        
	
           

        	
           

        	
           

        
	
           

        	
          Listing Rules

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Notice of Exercise

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Offer

        	
          means a written offer to participate in the Plan.

        
	
           

        	
           

        	
           

        
	
           

        	
          Option

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

        

   

  	

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          Term

        	
          Definition

        
	
           

        	
          Participant

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Permitted Nominee

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Plan

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Related Body Corporate

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Security Interest

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Share

        	
          means a fully paid ordinary share in the Company.

        
	
           

        	
           

        	
           

        
	
           

        	
          Termination Date

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Vesting Conditions

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

        

  

  	
          1.2

        	
          Interpretation 

        

   

  In this document:

   

  	
           

        	
          (a)

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

        

  

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

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

        

   

  	
           

        	
          (d)

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

        

   

  	
           

        	
          (e)

        	
          a reference to this document includes the agreement recorded by this document;

        

   

  	
           

        	
          (f)

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

        

   

  	
           

        	
          (g)

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

        

   

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          (h)

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

        

   

  	
           

        	
          (i)

        	
          a reference to ‘month’ means calendar month;

        

   

  	
           

        	
          (j)

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

        

   

  	
           

        	
          (k)

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

        

   

  	
          2

        	
          Administration of the Plan 

        

   

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

   

  	
          3

        	
          Grant of Options 

        

   

  	
          3.1

        	
          Offer of Options 

        

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  3.2       Required details of Offer 

   

  An Offer must state:

   

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

   

  	
           

        	
          (b)

        	
          the date of the Offer;

        

   

  	
           

        	
          (c)

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

        

   

  	
           

        	
          (d)

        	
          the Exercise Price;

        

   

  	
           

        	
          (e)

        	
          any Vesting Conditions;

        

   

  	
           

        	
          (f)

        	
          any Disposal Restrictions;

        

   

  	
           

        	
          (g)

        	
          any other terms of the Options; and

        

   

  	
           

        	
          (h)

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

        

   

  	
          3.3

        	
          Required documents for Offer 

        

   

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

   

  	
           

        	
          (a)

        	
          an Acceptance Form;

        

   

  	
           

        	
          (b)

        	
          a Notice of Exercise;

        

   

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          (c)

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

        

   

  	
           

        	
          (d)

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

        

   

  	
           

        	
          (e)

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

        

   

  		3.4	Acceptance of offer

   

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

   

  		3.5	Permitted Nominees

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

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

        

   

  	
           

        	
          (d)

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

        

   

  	
           

        	
          (i)

        	
          that they cease to Control their Permitted Nominee;

        

   

  	
           

        	
          (ii)

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

        

   

  	
           

        	
          (iii)

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

        

   

  	
           

        	
          (e)

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

        

   

  		3.6	No payment for grant of Options

   

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

   

  		3.7	Option statement or certificate

   

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

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

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  		3.8	Register of Options

   

  The Company must maintain a register of the Options.

   

  	
          4

        	
          Exercise of Options 

        

  
  
     

  

  
   

  		4.1	Rights to acquire Shares

   

  An Option entitles a Participant to acquire one Share:

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

        	
          provided any Vesting Conditions have been satisfied;

        

   

  	
           

        	
          (c)

        	
          during the Exercise Period;

        

   

  	
           

        	
          (d)

        	
          for payment of the Exercise Price; and

        

   

  	
           

        	
          (e)

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

        

   

  		4.2	Exercise price

   

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

   

  		4.3	Right to exercise and lapse

   

  	
           

        	
          (a)

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

        

  

  	
           

        	
          (i)

        	
          delivering a Notice of Exercise; and

        

   

  	
           

        	
          (ii)

        	
          paying the Exercise Price, to the Company.

        

   

  	
           

        	
          (b)

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

        

   

  		4.4	Lapse of Options

   

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

   

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          Event

        	
          On or before Exercise Date

        	
          During the Exercise Period

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

        	
          Options lapse

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

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

        	
          Options lapse

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

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

        	
          Options lapse

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

        
	
          Eligible Participant being made redundant

        	
          Options lapse

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

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

        	
          Options lapse 90 days after the date of death or
              disability

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

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

        	
          Options lapse

        	
          Options lapse

        
	
          Vesting Condition is unable to be met

        	
          Options lapse

        	
          Options lapse

        

   

  		4.5	General restriction on exercise

   

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

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

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  5          Rights attaching to Options

  
     

  

   

  5.1       Adjustment for reconstruction

   

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

   

  	
           

        	
          (a)

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

        
	
           

        	
           

        	
           

        
	
           

        	
          (b)

        	as determined by the Board (acting reasonably).

   

  5.2        Dividends

   

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

   

  5.3        Voting rights

   

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

   

  5.4        Participation in further issues

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

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

        

   

  5.5       Transfer

   

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

   

  5.6       Transmission

   

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

   

  5.7       Quotation

   

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

   

  	 	|	Executive option plan - NOVONIX Limited	8

  
     

    
      
 

  

   

   

   

  		6	No interest in Shares

  
     

  

    

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

   

  		7	Change of Control

  
     

  

   

  		7.1	Board to notify Participant of Change of Control Trigger Event

   

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

   

  		7.2	Options exercisable on Change of Control

   

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

   

  		7.3	Action available to the Board for unexercised Options

   

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

   

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

   

  	
           

        	
          (i)

        	
          an amount agreed with the Participant; or

        

   

  	
           

        	
          (ii)

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

        

   

  	
           

        	
          (b)

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

        
	
           

        	
           

        	
           

        
	
           

        	
          (c)

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

        	
           

        	
           

        
	
           

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

   

  		7.4	Participants to cooperate and attorney

   

  Each Participant:

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  	 	|	Executive option plan - NOVONIX Limited	9

  
     

    
      
 

  

   

   

   

  		8	Issue of Shares on Exercise

  
     

  

   

  		8.1	Issue of Shares

   

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

   

  		8.2	Application for quotation

   

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

   

  		8.3	Ranking

   

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

   

  		9	Disposal Restriction

  
     

  

   

  		9.1	No disposal of Shares for a specified period

   

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

   

  		9.2	Holding locks or other procedures

   

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

   

  		9.3	Restrictions cease on Change of Control Trigger Event

   

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

   

  		10	Notice

  
     

  

   

  		10.1	Method of giving notice

   

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

   

  (a)       in writing;

   

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

   

  (c)       given as follows:

   

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

   

  	 	|	Executive option plan - NOVONIX Limited	10

  
     

    
      
 

  

   

  

   

  	
           

        	
          (ii)

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

        

   

  	
           

        	
          (iii)

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

        

   

  	
           

        	
          (iv)

        	
          sent by email to that person’s email address where the sender
              receives an email receipt or other written confirmation from the recipient to the sender which indicates that the email was received at the email address of the recipient.

        

   

  10.2      When is notice given

   

  A notice, consent or communication given under rule
      10.1 is given and received on the corresponding day set out in the table below. The time expressed in the table is the local time in the place of receipt.

   

  	
          If a notice is

        	
          It is given and received on

        
	
          Delivered by hand or sent by fax or email

        	
          (a)       that day, if delivered by 5.00pm on a
              Business Day; or

          (b)       the next Business Day, in any other
              case.

        
	
          Sent by post

        	
          (a)       three Business Days after posting, if
              sent within Australia; or

          (b)       seven Business Days after posting, if
              sent to or from a place outside Australia.

        

   

  10.3      Participant’s address for notices

   

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

   

  10.4      Company’s address for notices

   

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

   

  NOVONIX Limited

  PO Box 10348

  Brisbane Qld 4000

   

  10.5      Notices to Permitted Nominees

   

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

   

  11         Amendment of the Plan

  
     

  

   

  11.1      Amendment

   

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

   

  	 	|	Executive option plan - NOVONIX Limited	11

  
     

    
      
 

  

   

  

   

  11.2      Restrictions

   

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

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (i)

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

        

   

  	
           

        	
          (ii)

        	
          to correct a manifest error; or

        

   

  	
           

        	
          (iii)

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

        

   

  	
           

        	
          (b)

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

        

   

  12        Termination of the Plan

  
     

  

   

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

   

  13         Administration of the Plan

  
     

  

   

  13.1      Authority to form policy and delegation

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  13.2     Obligations of Board

   

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

   

  13.3     Board decisions

   

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

   

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

   

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

   

  	 	|	Executive option plan - NOVONIX Limited	12

  
     

    
      
 

  

   

  

   

  13.5     Independent advice by Board

   

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

   

  14        Rights of Eligible Participants and
          Participants

  
     

  

   

  Nothing in this Plan:

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

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

        

   

  15         General

  
  
     

  

  
   

  15.1      Listing Rules and Constitution

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

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

        

   

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

   

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

   

  15.3     Costs

   

  	
           

        	
          (a)

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

        

   

  	 	|	Executive option plan - NOVONIX Limited	13

  
     

    
      
 

  

   

  

   

  	
           

        	
          (b)

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

        

   

  15.4     Advice

   

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

   

  15.5     Governing law and jurisdiction

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  	 	|	Executive option plan - NOVONIX Limited	14Exhibit 4.3

   

  

   

  
  
     

  

  
  

   

  Performance rights plan

   

  

  
  
     

  

  
   

  Graphitecorp Limited ACN 157 690 830

   

  

  
  
     

  

  
   

  Level 11 Central Plaza Two 66 Eagle Street Brisbane QLD 4000 | GPO Box 1855 Brisbane QLD 4001 Australia | ABN 42 721 345 951 Telephone 07 3233 8888 | Fax 07 3229 9949 | Web www.mccullough.com.au

   

  With offices in Brisbane, Newcastle and Sydney.

  | 

  
  
     

    
      
 

  

   

  

   

  	
          Table of contents

           

        	 
	 	 	 	 
	1	Definitions and interpretation	1
	 	 	 
	 	1.1	Definitions	1
	 	 	 	 
	 	1.2	Interpretation	4
	 	 	 	 
	2	Administration of the plan	4
	 	 	 
	3	Eligible Participants	4
	 	 	 
	4	Grant of rights	4
	 	 	 
	 	4.1	Offer of Rights	4
	 	 	 	 
	 	4.2	Required details of Offer	5
	 	 	 	 
	 	4.3	Required documents for Offer	5
	 	 	 	 
	 	4.4	Acceptance of offer	5
	 	 	 	 
	 	4.5	Permitted Nominees	5
	 	 	 	 
	 	4.6	Maximum Rights granted	6
	 	 	 	 
	 	4.7	No payment for grant of Rights or issue of Shares	6
	 	 	 	 
	 	4.8	Statement	6
	 	 	 	 
	 	4.9	Register of holders	6
	 	 	 	 
	5	Vesting of Rights and issue of Shares	7
	 	 	 
	 	5.1	Number of Shares to be issued on Vesting of a Performance Right	7
	 	 	 	 
	 	5.2	Cash Settlement	7
	 	 	 	 
	 	5.3	Lapse of Rights between Grant Date and Vesting Date	7
	 	 	 	 
	6	Rights attaching to Rights granted	8
	 	 	 
	 	6.1	Adjustment for reconstruction	8
	 	 	 	 
	 	6.2	Dividends	8
	 	 	 	 
	 	6.3	Voting rights	8
	 	 	 	 
	 	6.4	Participation in further issues	8
	 	 	 	 
	 	6.5	Transfer of rights	8
	 	 	 	 
	 	6.6	Transmission	8
	 	 	 	 
	 	6.7	Quotation	8
	 	 	 	 
	7	No interest in shares	8
	 	 	 
	8	Change of control	9
	 	 	 
	 	8.1	Board to notify Participant of Change of Control Trigger Event	9
	 	 	 	 
	 	8.2	Treatment of Rights on a Change of Control Trigger Event	9
	 	 	 	 
	 	8.3	Board to decide whether Rights Vest	9
	 	 	 	 
	 	8.4	Rights that the Board decides Vest following a Change of Control Trigger Event	9
	 	 	 	 

  	 	8.5	Rights that the Board decides do not Vest following a Change of Control Trigger Event	9
	 	 	 	 
	 	8.6	Participants to cooperate and attorney	9

   

  		|	Performance rights plan

   

  
     

    
      
 

  

   

  

  

   

  	9	Issue of Shares on Vesting	10
	 	 	 
	 	9.1	Issue of Shares	10
	 	 	 	 
	 	9.2	Application for quotation	10
	 	 	 	 
	 	9.3	Ranking of Shares issued after Vesting	10
	 	 	 	 
	10	Disposal restriction	10
	 	 	 
	 	10.1	No disposal of Shares for a specified period	10
	 	 	 	 
	 	10.2	Holding locks or other procedures	10
	 	 	 	 
	 	10.3	Restrictions cease on Change of Control Trigger Event	10
	 	 	 	 
	11	Notice	 	10
	 	 	 	 
	 	11.1	Method of giving notice	10
	 	 	 	 
	 	11.2	When is notice given	11
	 	 	 	 
	 	11.3	Participant’s address for notices	11
	 	 	 	 
	 	11.4	Company’s address for notices	11
	 	 	 	 
	 	11.5	Notices to Permitted Nominees	11
	 	 	 	 
	12	Amendment of the Plan	11
	 	 	 
	 	12.1	Amendment	11
	 	 	 	 
	 	12.2	Restrictions	11
	 	 	 	 
	13	Termination of the Plan	12
	 	 	 
	14	Administration of the Plan	12
	 	 	 
	 	14.1	Authority to form policy and delegation	12
	 	 	 	 
	 	14.2	Obligations of Board	12
	 	 	 	 
	 	14.3	Board decisions	12
	 	 	 	 
	 	14.4	Board, Company and delegates may act in its absolute discretion	12
	 	 	 	 
	 	14.5	Independent advice by Board	12
	 	 	 	 
	15	Rights of Eligible Participants and Participants	13
	 	 	 
	16	General	13
	 	 	 
	 	16.1	Listing Rules and Constitution	13
	 	 	 	 
	 	16.2	Costs	13
	 	 	 	 
	 	16.3	Advice	13
	 	 	 	 
	 	16.4	Governing law and jurisdiction	13

   

  		|	Performance rights plan	ii

   

  
     

    
      
 

  

   

   

  Performance rights plan

   

  Graphitecorp Limited

   

  	
           

        	
           

        	
           

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

        
	
           

        	
           

        	
           

        
	
          1

        	
          Definitions and interpretation

        	
           

        
	 	 	 
	
          1.1

        	
          Definitions

        	
           

        	
           

        
	 	 	 	 
	
           

        	
          In this document:

        	
           

        	
           

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Term

        	
          Definition

        
	
           

        	
          Acceptance Form

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

        
	
           

        	
           

        	
           

        
	
           

        	
          ASIC

        	
          means the Australian Securities and Investments Commission.

        
	
           

        	
           

        	
           

        
	
           

        	
          ASX

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Bidder

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Board

        	
          means the Company’s board of Directors.

        
	
           

        	
           

        	
           

        
	
           

        	
          Business Day

        	
          means a business day as defined in the Listing Rules.

        
	
           

        	
           

        	
           

        
	
           

        	
          Change of Control Trigger Event

        	
          means:

        
	
           

        	
           

        	
          (a)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (b)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (c)

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

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (d)

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Company

        	
          means Graphitecorp Limited ACN 157 690 830.

        
	
           

        	
           

        	
           

        
	
           

        	
          Constitution

        	
          means the Company’s constitution.

        

   

  		|	Performance rights plan	 

   

  
     

    
      
 

  

   

   

   

  	
           

        	
          Term

        	
          Definition

        
	
           

        	
          Consultant

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Control

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Corporations Act

        	
          means Corporations Act 2001 (Cth).

        
	
           

        	
           

        	
           

        
	
           

        	
          Director

        	
          means a director of the Company.

        
	
           

        	
           

        	
           

        
	
           

        	
          Disposal Restriction

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Eligible Participant

        	
          means any person who is designated by the Board to be an Eligible Participant under rule 3.

        
	
           

        	
           

        	
           

        
	
           

        	
          Employee

        	
          means an employee of a member of the Group.

        
	
           

        	
           

        	
           

        
	
           

        	
          Encumbrance

        	
          means any one or more of the following:

        
	 	 	 
	
           

        	
           

        	
          (a)

        	
          any interest, right or power that in substance secures payment or performance of any obligation, for example a mortgage, charge or security interest under the Personal

              Property Securities Act 2009 (Cth);

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (b)

        	
          any preferential or adverse interest of any kind;

        
	 	 	 	 
	
           

        	
           

        	
          (c)

        	
          a right to buy or use assets, for example a hire purchase agreement, option, licence, lease or agreement to purchase;

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (d)

        	
          a right to set-off or right to withhold payment of a deposit or other money;

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (e)

        	
          an easement, restrictive covenant, caveat or similar restriction over property;

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (f)

        	
          an agreement to create any of the items referred to in paragraphs (a) to (e) above or to allow any of those items to exist; or

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (g)

        	
          a notice under section 255 Tax Act (1936), subdivision 260-A in schedule 1 Taxation Administration Act 1953 (Cth) or any similar legislation.

        
	
           

        	
           

        	
           

        
	
           

        	
          Grant Date

        	
          means the date on which a Participant is granted a Right.

        
	
           

        	
           

        	
           

        
	
           

        	
          Group

        	
          means the Company and its Related Bodies Corporate.

        
	
           

        	
           

        	
           

        
	
           

        	
          Listing Rules

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

        

   

  		|	Performance and rights plan	2

   

  
     

    
      
 

  

   

   

   

  	
           

        	
          Term

        	
          Definition

        
	
           

        	
          Market Value

        	
          means:

        
	 	 	 
	
           

        	
           

        	
          (a)

        	
          the volume weighted average price of a Share over the period of 30 trading days ending on the relevant date (or if that day is not a trading day, the trading day before
            that day), excluding any off-market trades, special crossings and any other trades that the Board decides to exclude on the basis that the trades are not fairly reflective of natural supply and demand for Shares; or

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
           

        	
          (b)

        	
          the market price of a Share as determined by (and calculated by any method decided by) the Board.

        
	
           

        	
           

        	
           

        	
           

        
	
           

        	
          Offer

        	
          means a written offer to participate in the Plan.

        
	
           

        	
           

        	
           

        
	
           

        	
          Participant

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Performance Right

        	
          means a right to be issued one Share subject to satisfaction of the Vesting Conditions, any Disposal Restrictions and rule 5.2.

        
	
           

        	
           

        	
           

        
	
           

        	
          Permitted Nominee

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Plan

        	
          means this performance rights plan as amended from time to time.

        
	
           

        	
           

        	
           

        
	
           

        	
          Related Body Corporate

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Right

        	
          means a Performance Right.

        
	
           

        	
           

        	
           

        
	
           

        	
          Security Interest

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

        
	
           

        	
           

        	
           

        
	
           

        	
          Share

        	
          means a fully paid ordinary share in the Company.

        
	
           

        	
           

        	
           

        
	
           

        	
          Trust

        	
          means a trust created for the purpose of holding Shares or Rights in connection with this Plan and any other employee incentive plan operated by the Company or
            its subsidiaries.

        
	
           

        	
           

        	
           

        
	
           

        	
          Vesting

        	
          means on the satisfaction of the Vesting Conditions, the Participant’s entitlement to be issued Shares the subject of a Right.

        
	
           

        	
           

        	
           

        
	
           

        	
          Vesting Conditions

        	
          means the vesting conditions specified in an Offer or this Plan, which must be satisfied before Shares are issued, under a Performance Right.

        
	
           

        	
           

        	
           

        
	
           

        	
          Vesting Date

        	
          subject to rule 8.2, means the date on which a Participant is entitled to be issued Shares in respect of their Rights, subject to satisfaction of the Vesting Conditions
            and any Disposal Restrictions.

        

   

  		|	Performance and rights plan	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;

        

   

  	
           

        	
          (j)

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

        

   

  	
           

        	
          (k)

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

        

   

  	
          2

        	
          Administration of the plan 

        

   

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

   

  	
          3

        	
          Eligible Participants 

        

   

  	 	The Board may designate a Director, Employee or Consultant as an Eligible Participant for the purposes of the Plan.

   

  	
          4

        	
          Grant of rights 

        

   

  	4.1	Offer of Rights

   

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

   

  		|	Performance and rights plan	4

   

  
     

    
      
 

  

   

  

   

  	4.2	Required details of Offer

   

  	 	An Offer must state:

   

  	
           

        	
          (a)

        	
          the total number of Rights for which the Eligible Participant may accept;

        

   

  	
           

        	
          (b)

        	
          the date of the Offer;

        

   

  	
           

        	
          (c)

        	
          time period for acceptance of the Offer;

        

   

  	
           

        	
          (d)

        	
          the Vesting Date;

        

   

  	
           

        	
          (e)

        	
          any Vesting Conditions;

        

   

  	
           

        	
          (f)

        	
          any Disposal Restrictions;

        

   

  	
           

        	
          (g)

        	
          any other terms attaching to the Rights; and

        

   

  	
           

        	
          (h)

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

        

   

  	4.3	Required documents for Offer

   

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

   

  	
           

        	
          (a)

        	
          an Acceptance Form;

        

   

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

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

        

   

  	
           

        	
          (d)

        	
          any other documents and information required by the Corporations Act and the Listing Rules, if applicable.

        

   

  	4.4	Acceptance of offer

   

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

   

  	4.5	Permitted Nominees

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

        	
          The Board can, in its absolute discretion and without providing an explanation, decide whether or not to accept the nomination of a Permitted Nominee by an
            Eligible Participant.

        

   

  	
           

        	
          (c)

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

        

   

  	
           

        	
          (d)

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

        

   

  		|	Performance and rights plan	5

   

  
     

    
      
 

  

   

   

  		(i)	that they cease to Control their Permitted Nominee;

   

  	
           

        	
          (ii)

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

        

   

  	
           

        	
          (iii)

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

        

   

  	
           

        	
          (e)

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

        

   

  	4.6	Maximum Rights granted

   

  	 	The Board must not grant Rights if the number of Shares to be issued on Vesting of the Rights, when aggregated with the:

   

  	
           

        	
          (a)

        	
          total number of Shares relating to unvested and unexpired Rights existing or which would be issued if all offers for Rights were accepted, being offers made or
            Rights acquired under an employee share or option plan only for employees or directors of the Company and its Related Bodies Corporate; and

        

   

  	
           

        	
          (b)

        	
          number of Shares in the same class issued during the previous five years under any employee share or option scheme only for employees or directors of the
            Company and its Related Bodies Corporate,

        

   

  	 	but disregarding any Offer made, or Right acquired or Share issued by way of or as a result of: 

   

  		(c)	an Offer to a person situated at the time of receipt of the Offer outside of Australia;

   

  		(d)	a disclosure document or product disclosure statement; or

   

  		(e)	an offer that did not need disclosure because of section 708 Corporations Act,

   

  	 	would exceed 5% of the total number of issued Shares in that class of Shares of the Company as at the time the offer was made.

   

  	4.7	No payment for grant of Rights or issue of Shares

   

  	 	A Participant is not required to pay for the grant of any Rights or the issue of Shares on Vesting.

   

  	4.8	Statement

   

  	 	The Company will, within ten Business Days following the Grant Date, deliver to each Participant:

   

  		(a)	a statement in the form the Board decides evidencing the grant of the Rights; and

   

  		(b)	any other information required by the Constitution, Corporations Act or the Listing Rules, if applicable.

   

  	4.9	Register of holders

   

  	 	The Company must, if required by law, maintain a register of the Rights.

   

  		|	Performance and rights plan	6

   

  
     

    
      
 

  

   

  

  	
          5

        	
          Vesting of Rights and issue of Shares 

        

   

  	
          5.1

        	
           Number of Shares to be issued on Vesting of a Performance Right 

        

   

  		Subject to rule 5.2, each Performance Right entitles the Participant to be issued one Share after the Vesting Date:

   

  	
           

        	
          (a)

        	
          subject to the satisfaction of the Vesting Conditions;

        

   

  	
           

        	
          (b)

        	
          provided any acquisition of Shares does not breach Corporations Act or the Listing Rules, if applicable; and

        

   

  	
           

        	
          (c)

        	
          subject to any other requirement contained in the Offer.

        

   

  	
          5.2

        	
           Cash Settlement 

        

   

  		The Board may decide, in its absolute discretion to substitute the issue of Shares on the Vesting of Rights, for the payment to the Participant of a cash amount calculated in accordance with the following formula for
          Performance Rights:

   

  	
          Number of Performance Rights

        	
          x

        	
          Market Value of a Share on the Vesting 

                Date of the Performance Rights 

        

   

  	
          5.3

        	
           Lapse of Rights between Grant Date and Vesting Date 

        

   

  		Unless the Board decides otherwise, if an event in the table below occurs in respect of an Eligible Participant, before the Vesting Date for a Right, the Eligible Participant’s Rights are treated
            in accordance with the following table:

   

  	
          Event

        	
          Treatment of Rights

        
	
          Eligible Participant’s lawful termination from employment with the Group or consultancy arrangement with the Group

        	
          Rights lapse immediately

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

        	
          Rights lapse immediately

        
	
          Eligible Participant being made redundant

        	
          Rights do not lapse

        
	
          Eligible Participant becomes disabled and (in the opinion of a medical practitioner nominated by the Board) is unable to perform their normal duties

        	
          Rights do not lapse

        
	
          Death of the Eligible Participant

        	
          Rights do not lapse

        
	
          Eligible Participant loses Control of their Permitted Nominee

        	
          Rights lapse immediately unless they are transferred to the Eligible Participant under rule 4.5(e)

        

   

  		|	Performance and rights plan	7

   

  
     

    
      
 

  

   

  

  	
          6

        	
          Rights attaching to Rights granted

        

   

  	
          6.1

        	
           Adjustment for reconstruction 

        

   

  		If there is a reconstruction of the issued capital of the Company (including consolidation, sub-division, reduction or return), the number of Shares over which a Right exists will be adjusted (as appropriate) to the extent
          necessary to comply with the Listing Rules applying to a reorganisation of capital.

   

  	6.2	Dividends

   

  		A Participant does not have the right to participate in dividends on Shares until Shares are issued after Vesting of the Rights.

   

  	6.3	Voting rights

   

  		A Participant does not have the right to vote in respect of a Right.

   

  	6.4	Participation in further issues

   

  	
           

        	
          (a)

        	
          A Participant cannot participate in a pro rata or bonus issue of Shares without being issued Shares for their Rights.

        

   

  	
           

        	
          (b)

        	
          If a pro rata bonus or cash issue of securities is awarded by the Company, the number of Shares over which a Right exists will be adjusted as
            specified in Listing Rules and written notice will be given to the Participant.

        

   

  		6.5	Transfer of rights

   

  		Subject to rule 6.6, Participants must not:

   

  	
           

        	
          (a)

        	
          create a Security Interest in; or

        

   

  	
           

        	
          (b)

        	
          transfer, assign, dispose or otherwise deal with,

        

   

  		Rights, or any interest in Rights, without the prior written consent of the Board.

   

  		6.6	Transmission

   

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

   

  		6.7	Quotation

   

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

   

  	
          7

        	
          No interest in shares 

        

   

  		A Participant has no interest in Shares the subject of Rights unless and until Vesting of those Rights occurs and Shares are issued to that Participant.

   

  		|	Performance and rights plan	8

   

  
     

    
      
 

  

   

  

  	
          8

        	
          Change of control 

        

   

  		8.1	Board to notify Participant of Change of Control Trigger Event

   

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

   

  		8.2	Treatment of Rights on a Change of Control Trigger Event

   

  		Unless the Board decides otherwise, if a Change of Control Trigger Event occurs, the Vesting Date of all Rights is the date on which the Change of Control Trigger Event occurs, or another date the Board decides.

   

  		8.3	Board to decide whether Rights Vest

   

  		After a Change of Control Trigger Event occurs, the Board must decide whether the Rights or a pro rata proportion of Rights Vest on the Vesting Date (as determined under rule 8.2) having regard to the performance of the
          Company and the relevant Eligible Participant, the Vesting Conditions and any other circumstances the Board decides are relevant.

   

  		8.4	Rights that the Board decides Vest following a Change of Control Trigger Event

   

  		If the Board decides that Rights Vest under rule 8.3, the Company must either:

   

  	
           

        	
          (a)

        	
          issue Shares to Participants as soon as reasonably practicable;

        

   

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

        	
          arrange for shares to be issued in the Bidder in lieu of Shares on the terms decided by the Board as soon as reasonably practicable; or 

        

   

  	
           

        	
          (d)

        	
          proceed with a combination of any of the alternatives in rules 8.4(a), 8.4(b) or 8.4(c).

        

   

  		8.5	Rights that the Board decides do not Vest following a Change of Control Trigger Event

   

  		If the Board decides that Rights do not Vest under rule 8.3:

   

  	
           

        	
          (a)

        	
          the Board may arrange for rights in the Bidder to be granted to the Participant on terms decided by the Board and the Rights will immediately
            lapse; or

        

   

  	
           

        	
          (b)

        	
          those Rights immediately lapse, unless the Board decides otherwise.

        

   

  		8.6	Participants to cooperate and attorney

   

  		Each Participant:

   

  	
           

        	
          (a)

        	
          must do all acts, matters or things which are necessary or desirable to give effect to rules 8.4(b), 8.4(b) and 8.5(a); and 

        

   

  	
           

        	
          (b)

        	
          irrevocably appoints any two Directors as its attorney for the purpose of performing any act required of it under rule 8.6.

        

   

  		|	Performance and rights plan	9

   

  
     

    
      
 

  

   

  

  	
          9

        	
          Issue of Shares on Vesting 

        

   

  		9.1	Issue of Shares

   

  		The Company will issue, transfer or allocate Shares to a Participant at the next Board meeting, or within 20 Business Days, whichever first occurs after Vesting.

   

  		9.2	Application for quotation

   

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

   

  		9.3	Ranking of Shares issued after Vesting

   

  		A Share issued under a Right after Vesting ranks equally with all existing Shares of that class from the date of allotment

   

  	
          10

        	
          Disposal restriction

        

   

  		10.1	No disposal of Shares for a specified period

   

  		If an Offer contains Disposal Restrictions, the Participant must comply with the Disposal Restrictions (or direct the trustee of the Trust, if applicable to do so) in relation to all Shares issued after Vesting for the period
          specified in the Offer.

   

  		10.2	Holding locks or other procedures

   

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

   

  		10.3	Restrictions cease on Change of Control Trigger Event

   

  		A Disposal Restriction ceases to apply immediately upon a Change of Control Trigger Event occurring. As soon as reasonably practicable after the Change of Control Trigger Event occurs, the Company must release the Shares from
          any procedure in place under rule 10.2.

   

  	
          11

        	
          Notice 

        

   

  		11.1	Method of giving notice

   

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

   

  	
           

        	
          (a)

        	
          in writing, in English and 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;

        

   

  		|	Performance and rights plan	10

   

  
     

    
      
 

  

   

  

  	
           

        	
          (ii)

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

        

   

  	
           

        	
          (iii)

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

        

   

  		11.2	When is notice given

   

  		A notice, consent or communication given under rule 11.1 is given and received on the corresponding day set out in the table below. The time expressed in the table is the local time in the place of receipt.

   

  	
          If a notice is

        	
          It is given and received on

        
	
          Delivered by hand or sent

          by fax

        	
          (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.

        

   

  		11.3	Participant’s address for notices

   

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

   

  		11.4	Company’s address for notices

   

  		The Company’s address for notices, including the Acceptance Form is set out below or as otherwise notified by the Company to the Participant.

   

  		c/- McCullough Robertson Lawyers, Level 11, 66 Eagle Street, Brisbane, Queensland 4000

   

  		11.5	Notices to Permitted Nominees

   

  		Any notice given under this Plan to a Permitted Nominee is validly given if it is provided to the associated Eligible Participant under rule 11.1.

   

  	
          12

        	
          Amendment of the Plan 

        

   

  		12.1	Amendment

   

  		Subject to rule 12.2, the Board may amend the Plan in any manner it decides.

   

  		12.2	Restrictions

   

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

   

  	
           

        	
          (a)

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

        

   

  		|	Performance and rights plan	11

   

  
     

    
      
 

  

   

  

  	
           

        	
          (i)

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

        

   

  	
           

        	
          (ii)

        	
          to correct a manifest error; or

        

   

  	
           

        	
          (iii)

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

        

   

  	
           

        	
          (b)

        	
          effect a change to increase the number of Shares to which a Participant is entitled on Vesting or change the Vesting Date unless permitted by
            the Corporations Act and the Listing Rules.

        

   

  	
          13

        	
          Termination of the Plan 

        

   

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

   

  	
          14

        	
          Administration of the Plan 

        

   

  		14.1	Authority to form policy and delegation

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  		14.2	Obligations of Board

   

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

   

  		14.3	Board decisions

   

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

   

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

   

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

   

  		14.5	Independent advice by Board

   

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

   

  		|	Performance and rights plan	12

   

  
     

    
      
 

  

   

  

  	
          15

        	
          Rights of Eligible Participants and Participants 

        

   

  		Nothing in this Plan:

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  	
           

        	
          (c)

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

        

   

  	
          16

        	
          General 

        

   

  		16.1	Listing Rules and Constitution

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  		16.2	Costs

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

        	
          The Company is not responsible for any duties or taxes which may become payable in connection with the grant of Rights, the issue and
            allotment of Shares after Vesting or any other dealing with Rights or Shares (including, but not limited to, as a result of a transaction contemplated by rules 4.5(e) or 8.4).

        

   

  		16.3	Advice

   

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

   

  		16.4	Governing law and jurisdiction

   

  	
           

        	
          (a)

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

        

   

  	
           

        	
          (b)

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

        

   

  		|	Performance and rights plan	13

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