Exhibit 10.2


 


EXECUTION VERSION


 


NOTE PURCHASE AGREEMENT


 


THIS NOTE PURCHASE AGREEMENT
(this “Agreement”) is dated as of May 13, 2022, by and between KULR TECHNOLOGY GROUP, INC., a corporation
organized and existing under the laws of the State of Delaware (the “Company”), and YAII PN, LTD., a Cayman
Islands exempt limited partnership (the “Investor”).


 


WITNESSETH


 


WHEREAS, the parties
desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Investor, as provided
herein, and the Investor shall purchase a full recourse promissory note in the form attached hereto as “Exhibit A”
(the “Note”) in the original principal amount of $5,000,000 (the “Original Principal Amount”);


 


WHEREAS, the issuance
and sale of a Note shall take place at a closing (the “Closing”) to take place within 1 trading day of the date hereof,
or such other date as may be agreed upon between the parties;


 


NOW, THEREFORE, in
consideration of the mutual covenants and other agreements contained in this Agreement, the Company and the Investor hereby agree as follows:


 


1.            CERTAIN
DEFINITIONS.


 


(a)            “Anti-Bribery
Laws” shall mean of any provision of any applicable law or regulation implementing the OECD Convention on Combating Bribery
of Foreign Public Officials in International Business Transactions or any applicable provision of the U.S. Foreign Corrupt Practices Act
of 1977, as amended (the “FCPA”), the U.K. Bribery Act 2010, or any other similar law of any other jurisdiction in
which the Company operates its business, including, in each case, the rules and regulations thereunder.


 


(b)            “Anti-Money
Laundering Laws” shall mean applicable financial recordkeeping and reporting requirements and all other applicable U.S. and
non-U.S. anti-money laundering laws, rules and regulations, including, but not limited to, those of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the United States
Money Laundering Control Act of 1986 (18 U.S.C. §§1956 and 1957), as amended, as well as the implementing rules and regulations
promulgated thereunder, and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency or self-regulatory.


 






    


     


    

 


(c)            “Applicable
Laws” shall mean applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies, guidelines and
codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation (i) Anti-Money
Laundering Laws and all applicable laws that relate to money laundering, terrorist financing, financial record keeping and reporting,
(ii) Anti-Bribery Laws and applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls,
(iii) OFAC and any Sanctions or Sanctions Programs, and (iv) CAATSA and any CAATSA Sanctions Programs.


 


(d)            “CAATSA”
shall mean Public Law No. 115-44 The Countering America’s Adversaries Through Sanctions Act.


 


(e)            “CAATSA
Sanctions Programs” shall mean a country or territory that is, or whose government is, the subject of sanctions imposed by CAATSA.


 


(f)


 


(g)            “OFAC”
shall mean the U.S. Department of Treasury’s Office of Foreign Asset Control.


 


(h)            “Person”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.


 


(i)            “Sanctions”
shall mean any sanctions administered or enforced by OFAC or the U.S. Departments of State or Commerce and including, without limitation,
the designation as a “Specially Designated National” or on the “Sectoral Sanctions Identifications List”, collectively
 “Blocked Persons”), the United Nations Security Council (“UNSC”), the European Union, Her Majesty's Treasury
(“HMT”) or any other relevant sanctions authority


 


(j)            “Sanctioned
Country” shall mean a country or territory that is the subject or target of a comprehensive embargo or Sanctions Laws prohibiting
trade with the country or territory, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria.


 


(k)            “Sanctions
Programs” shall mean any OFAC, HMT or UNSC economic sanction program including, without limitation, programs related to a Sanctioned
Country.


 


2.            PURCHASE
AND SALE OF NOTES;


 


(a)            Purchase
of Note at the Closing. Subject to the satisfaction (or waiver) of the terms and conditions of this Agreement, the Investor agrees
to purchase at the Closing and the Company agrees to sell and issue to the Investor at the Closing a Note in the original principal amount
of $5,000,000 (the “Original Principal Amount”) for a purchase price equal to Original Principal Amount less any original
issue discounts and fees.


 


(b)            Closing
Deliverables. At the Closing, the following transactions shall occur and shall be deemed to take place simultaneously. No transaction
shall be deemed to have been completed or any document delivered until all such transactions have been completed and all required documents
have been delivered, unless waived in writing by the receiving Party: (i) the Company shall deliver, or cause to be delivered, to
the Investor a duly executed Note in the face amount of the Original Principal Amount and the Investor shall pay to the Company the Original
Principal Amount of the Note issued to the Inventor (less the fees and original issue discounts in Section 9 (a) herein) by
wire transfer to the account of the Company as specified on Schedule I to the Note.


 






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3.            Conditions
Precedent to Closing. The obligation of the Investor hereunder to purchase the Note at the Closing is subject to the satisfaction,
at or before the date of the Closing, of each of the following conditions, provided that these conditions are for the Investor’s
sole benefit and may be waived by the Investor at any time in its sole discretion.


 


(a)            The
Representations and Warranties of the Company are true and correct.


 


(b)            No
event shall have occurred since the date of this Agreement that could result in, or reasonably be expected to result in a Material Adverse
Effect, where “Material Adverse Effect” shall mean any condition, circumstance, or situation that may result in, or would
reasonably be expected to result in (i) a material adverse effect on the legality, validity or enforceability of this Agreement or
the Note, (collectively, the “Transaction Documents”), (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company, or (iii) a material adverse effect on the Company
or it’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document.


 


(c)            The
shares of the Company’s common stock (the “Common Stock”) shall be authorized for quotation or trading on the
NYSE American (the “Primary Market”) and trading in the common stock of the Company shall not have been suspended for
any reason.


 


(d)            The
Company is, and has been for a period of at least 90 days immediately prior to the Closing, subject to the reporting requirements of section
13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”).


 


(e)            The
Standby Equity Purchase Agreement dated May 13, 2022 between the Company and the Investor (the “SEPA”) is in full
force and effect.


 


(f)            The
Company’s registration statement on Form S-3 (File No. 333-257697) under Section 5 of the Securities Act of 1933,
as amended, and the rules and regulations promulgated thereunder (the “Securities Act”) or another registration
statement on a form promulgated by the SEC for which the Company then qualifies for the registration of the offer and sale of securities
to be offered and sold by the Company, as the same may be amended and supplemented from time to time and including any information deemed
to be a part thereof pursuant to Rule 430B under the Securities Act and any successor registration statement filed by the Company
with the SEC under the Securities Act on a form promulgated by the SEC for which the Company then qualifies and which form shall be available
for the registration of securities to be offered and sold by the Company, shall be effective (collectively the “Registration
Statement”).


 






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4.            INVESTOR’S
REPRESENTATIONS AND WARRANTIES. Investor hereby represents and warrants to, and agrees with, the Company that the following are true
and correct as of the date hereof and as of the date of the Closing:


 


(a)            Organization
and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the Cayman Islands and
has all requisite power and authority to purchase, hold and sell the Note. The decision to invest and the execution and delivery of this
Agreement by such Investor, the performance by such Investor of its obligations hereunder and the consummation by such Investor of the
transactions contemplated hereby have been duly authorized and requires no other proceedings on the part of the Investor. The undersigned
has the right, power and authority to execute and deliver this Agreement and all other instruments on behalf of the Investor. This Agreement
has been duly executed and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company,
will constitute the legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms.


 


(b)            Evaluation
of Risks. The Investor has such knowledge and experience in financial, tax and business matters as to be capable of evaluating the
merits and risks of, and bearing the economic risks entailed by, an investment in the Company and of protecting its interests in connection
with this transaction. It recognizes that its investment in the Company involves a high degree of risk.


 


(c)            No
Legal Advice from the Company. The Investor acknowledges that it had the opportunity to review this Agreement and the transactions
contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel
and advisors and not on any statements or representations of the Company or any of the Company’s representatives or agents for legal,
tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any
jurisdiction.


 


(d)            Investment
Purpose. The Note is being purchased by the Investor for its own account, and for investment purposes. The Investor agrees not to
assign or in any way transfer the Investor’s rights to the Note or any interest therein other than to affiliates of the Investor.
Except for affiliates of the Investor, no other Person has or will have a direct or indirect beneficial interest in the Commitment Fee
Shares.


 


(e)            Accredited
Investor. The Investor is an “Accredited Investor” as that term is defined in Rule 501(a)(3) of Regulation
D of the Securities Act of 1933.


 


(f)            Information.
The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances and
operations of the Company and information it deemed material to making an informed investment decision. The Investor and its advisors,
if any, have been afforded the opportunity to ask questions of the Company and its management. Neither such inquiries nor any other due
diligence investigations conducted by such Investor or its advisors, if any, or its representatives shall modify, amend or affect the
Investor’s right to rely on the Company’s representations and warranties contained in this Agreement. The Investor understands
that its investment involves a high degree of risk.


 


(g)            No
General Solicitation. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has engaged in
any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with
the offer or sale of the Note offered hereby.


 






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(h)            Not
an Affiliate. The Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with the Company or any “Affiliate” of the Company (as that
term is defined in Rule 405 of the Securities Act).


 


5.            COMPANY’S
REPRESENTATIONS AND WARRANTIES. The Company hereby represents and warrants to, the Investor that the following are true and correct
as of the date hereof:


 


(a)            Organization
and Qualification. The Company is duly incorporated, validly existing and in good standing under the laws of the State of Delaware
and has all requisite corporate power to own its properties and to carry on its business as now being conducted. The Company and its subsidiaries
are duly qualified to do business and is in good standing (to the extent applicable) in every jurisdiction in which the nature of the
business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing
would not have a Material Adverse Effect.


 


(b)            Authorization,
Enforcement, Compliance with Other Instruments. (i) The Company has the requisite corporate power and authority to enter into
and perform this Agreement, the Note, and any related agreements, in accordance with the terms hereof and thereof, (ii) the execution
and delivery of this Agreement, the Note, and any related agreements by the Company and the consummation by it of the transactions contemplated
hereby and thereby, have been duly authorized by the Company’s Board of Directors and no further consent or authorization is required
by the Company, its Board of Directors or its shareholders, (iii) this Agreement, the Note, and any related agreements have been
duly executed and delivered by the Company, (iv) this Agreement and assuming the execution and delivery thereof and acceptance by
the Investor, the Note, and any related agreements, constitute the valid and binding obligations of the Company enforceable against the
Company in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, fraudulent transfer, moratorium, liquidation or similar laws from time to time relating to, or affecting generally,
the enforcement of creditors’ rights and remedies.


 


(c)            No
Conflict. The execution, delivery and performance of this Agreement and the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby will not (i) result in a violation of its Articles of Association or Memorandum
of Association or (ii) conflict with or constitute a default (or an event which with notice or lapse of time or both would become
a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which the Company or any of its subsidiaries is a party, or result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws and regulations and the rules and regulations of the Primary Market on which
the Common Stock is quoted) applicable to the Company or any of its subsidiaries or by which any material property or asset of the Company
is bound or affected and which would cause a Material Adverse Effect. Neither the Company nor its subsidiaries is in violation of any
term of or in default under its Articles of Association or Memorandum of Association, or, to the Company’s knowledge, any material
contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or any statute, rule or regulation
applicable to the Company or its subsidiaries that would cause a Material Adverse Effect. To the Company’s knowledge, the business
of the Company and its subsidiaries is not being conducted in violation of any material law, ordinance or regulation of any governmental
entity, except as would not cause a Material Adverse Effect.


 






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(d)            Internal
Accounting Controls. The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting
principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general
or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.


 


(e)            Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending against or affecting the Company, its Common Stock or any of the Company’s subsidiaries,
wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect.


 


(f)            Compliance
with Applicable Laws. The operations of the Company and its subsidiaries are and have been conducted, in all material respects and
at all times in compliance with Applicable Laws and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any of its ssubsidiaries with respect to Applicable Laws is pending or, to the knowledge
of the Company, threatened.


 


(g)            Subsidiaries.
Other than as disclosed in the Company’s reports, schedules, forms, statements and other documents filed by it with the SEC pursuant
to Section 15(d) of the Exchange Act and documents incorporated by reference therein (the “SEC Documents”)
the Company does not presently own or control, directly or indirectly, any interest in any other corporation, partnership, association
or other business entity.


 


(h)            Tax
Status. The Company and each of its subsidiaries have made or filed all federal and state income and all other tax returns, reports
and declarations required by any jurisdiction to which it is subject to be filed as of the date hereof (unless and only to the extent
that the Company and each of its subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid
and unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on its books provision
reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations
apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers
of the Company know of no basis for any such claim. Certain Transactions. None of the officers or directors of the Company is presently
a party to any transaction with the Company (other than for services as employees, officers and directors), including any contract, agreement
or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from,
or otherwise requiring payments to or from any officer or director, or to the knowledge of the Company, any corporation, partnership,
trust or other entity in which any officer or director has a substantial interest or is an officer, director, trustee or partner.


 






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(i)            No
General Solicitation. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has engaged in
any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with
the offer or sale of the Commitment Fee Shares.


 


6.            COVENANTS
OF THE COMPANY.


 


(a)     Effectiveness
of the Registration Statement.     While any amounts are due and outstanding under the Note the Company
shall maintain the effectiveness of the Registration Statement, except for any time during which the SEC reviews any successor Registration
Statement, post-effective amendment to any Registration Statement, prospectus supplement to any Registration Statement or other filing
necessary to register securities to be offered and sold by the Company.


 


(b)            Use
of Proceeds. The Company will use the proceeds from the Note for working capital and other general corporate purposes. Neither the
Company nor any Subsidiary will, directly or indirectly, use the proceeds of the transactions contemplated herein, or lend, contribute,
facilitate or otherwise make available such proceeds to any Person (i) to fund, either directly or indirectly, any activities
or business of or with any Person that is identified on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC,
or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions or Sanctions Programs,
(iv) or in any manner or in a country or territory, that, at the time of such funding, is, or whose government is, the subject of
CAATSA or CAATSA Sanctions Programs or (iv) in any other manner that will result in a violation of Applicable Laws.


 


(c)            Compliance
with Laws. While any amounts are due and outstanding under the Note the Company shall comply, in all material respects, with all Applicable
Laws and will not take any action which will cause the Investor to be in violation of any such Applicable Laws.


 


The covenants set forth above shall be ongoing
during the term of the Note. The Company shall promptly notify the Investor in writing should it become aware during such period (a) of
any changes to these covenants, or (b) if it cannot comply with the covenants set forth herein. The Company shall also promptly notify
the Investor in writing during such period should it become aware of an investigation, litigation or regulatory action relating to an
alleged or potential violation of Applicable Laws. The Company shall provide such information and documentation it may have as the Investor
or any of their affiliates may reasonably request to satisfy compliance with Applicable Laws.


 






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(d)           Restrictions
on Issuance of Capital Stock. Except with respect of an Exempt Issuance, so long as the Note is outstanding, the Company shall not, without
the prior written consent of the Investor, (i) issue or sell shares of Common Stock or Preferred Stock without consideration or
for a consideration per share less than the bid price of the Company’s common stock, as quoted by Bloomberg, LP, and determined
immediately prior to its issuance, (ii) issue any preferred stock, warrant, option, right, contract, call, or other security or
instrument granting the holder thereof the right to acquire Common Stock without consideration or for a consideration less than the bid
price of the Company’s common stock, as quoted by Bloomberg, LP and determined immediately prior to its issuance, (vi) enter
into any security instrument granting the holder a security interest in any and all assets of the Company, or (vii) other than for
bona-fide employee stock option plans, file any registration statement on Form S-8.
For purposes of this section, “Exempt Issuance” shall mean the issuance of (a) shares of Common Stock or
options to consultants, employees, officers or directors of the Company pursuant to any bonafide stock or option plan established for
such purpose for services rendered to the Company; (b) securities upon the exercise or exchange of or conversion of any securities
issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding
on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number
of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection
with stock splits or combinations) or to extend the term of such securities; (c) securities issued pursuant to acquisitions or strategic
transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted
securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration
statement in connection therewith during the prohibition period in this section, and provided that any such issuance shall only be to
a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an
asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits, including the
investment of funds; and (d) any securities issued in connection with the SEPA.


 


7.            GOVERNING
LAW. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New Jersey without regard to
the principles of conflict of laws. Each of the parties consents to the jurisdiction of the of the Superior Court of the State of New
Jersey, sitting in Union County, New Jersey and the United States District Court for the District of New Jersey, sitting in Newark, New
Jersey for the adjudication of any civil action asserted pursuant to this Agreement.


 






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8.            NOTICES.
Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing and
will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one
(1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party
to receive the same. The addresses and facsimile numbers for such communications shall be:


 


	
     If to the Company, to:
	
     Kulr Technology Group, Inc.

	 	4863 Shawline Street 
	 	San Diego, CA 92111
	 	Attention:        Michael Mo, CEO
	 	Telephone:      (408) 663-5247
	 	Email:  michael.mo@kulrtechnology.com


 


	With a copy to:	Sichenzia Ross Ference LLP
	 	1185 Avenue of the Americas, 31st Floor
	 	New York, NY 10036
	 	Attention:        Jay Yamamoto, Esq.
	 	Telephone:      (212) 930-9700
	 	Email: jyamamoto@srf.law



 


 


	
     If to the Holder:
	
     YAII PN, Ltd.

	 	1012 Springfield Avenue
	 	Mountainside, NJ  07092
	 	Attention:       Mark Angelo
	 	
    Telephone:     (201) 985-8300

    Facsimile:        (201) 985-8266

	 	Email:               mangelo@yorkvilleadvisors.com
	 	 
	With a copy to:	David Gonzalez, Esq. 
	 	1012 Springfield Avenue
	 	Mountainside, NJ  07092
	 	Telephone:      (201) 985-8300
	 	
    Facsimile:         (201) 985-8266

    Email:                dgonzalez@yorkvilleadvisors.com



 


or at such other address and/or facsimile number
and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three Business
Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent,
waiver or other communication, (ii) mechanically or electronically generated by the sender’s facsimile machine containing the
time, date, recipient facsimile number and an image of the first page of such transmission or (iii) provided by a nationally
recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.


 


9.            MISCELLANEOUS.


 


(a)            Original
Issue Discount. The Original Principal Amount of the Note shall have an original issue discount of 5% (the “OID”) that
the Investor shall be entitled to deduct from the gross proceeds of the original Principal Amount when the Note is issued.


 






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(b)            Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party.


 


(c)            Entire
Agreement; Amendments. This Agreement and the exhibit thereto supersedes all other prior oral or written agreements between the Investor
and the Company with respect to the matters discussed herein), and this Agreement and the exhibit theretocontain the entire understanding
of the parties with respect to the matters covered herein and therein. No provision of this Agreement may be waived or amended other than
by an instrument in writing signed by the party to be charged with enforcement.


 


(d)            Binding
Effect. All of the covenants and obligations contained herein shall be binding upon and shall inure to the benefit of the respective
parties, their successors and assigns.


 


(e)            Enforcement
Costs. The Company shall reimburse the Investor promptly for all out-of-pocket fees, costs and expenses, including, without limitation,
reasonable attorneys’ fees and expenses incurred by the Investor in any action for the collecting of any sums which become due and
payable to the Investor in accordance with the terms of this Agreement or the Note.


 


(f)            Remedies
Cumulative. No remedy herein conferred upon any party is intended to be exclusive of any other remedy, and each and every such remedy
shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law, in equity, by
statute, or otherwise. No single or partial exercise by any party of any right, power or remedy hereunder shall preclude any other or
further exercise thereof.


 


(g)            Severability.
If any provision of this Agreement is, for any reason, invalid or unenforceable, the remaining provisions of this Agreement will nevertheless
be valid and enforceable and will remain in full force and effect. Any provision of this Agreement that is held invalid or unenforceable
by a court of competent jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable and as so modified
will remain in full force and effect.


 


(h)            Waiver
of Jury Trial. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’
ACCEPTANCE OF THIS AGREEMENT.


 


[signature page follows]


 






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IN WITNESS WHEREOF,
each of the Investor and the Company have caused their respective signature page to this Note Purchase Agreement to be duly executed
as of the date first written above.


 


	 	COMPANY:
	 	 
	 	KULR TECHNOLOGY GROUP, INC.
	 	 
	 	By:	 
	 	Name:	Michael Mo
	 	Title:	Chief Executive Officer and Chairman
	 	 	 
	 	INVESTOR: 
	 	 
	 	YAII PN, LTD.
	 	 
	 	By:	Yorkville Advisors Global LP
	 	Its:	Investment Manager
	 	 	 
	 	By:	Yorkville Advisors Global II LLC
	 	Its:	General Partner
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 



 






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Exhibit A

Form of Note