Ann: Update of Employment Terms for CEO and CFO, page-74

Working in a startup for 3 years and fast paced growth company for another 3, I know how vital it is to retain talent in company like this. Cris Burn is an important piece of this puzzle, who is not just a manager coming from any mining company, he is a researcher and engineer as well. At this point, I don’t think Novonix has any other replacement even close as him who can guide the growth at the same time actively participate to develop the product. On surface, the increment looks high, but still I believe this will be justified and reward shareholders in near future.