Document:

EX-10.21

 Exhibit 10.21 

Execution Version 

SECOND AMENDMENT TO CREDIT AGREEMENT 

AND AMENDMENT TO OTHER CREDIT DOCUMENTS 

This SECOND AMENDMENT TO CREDIT AGREEMENT AND AMENDMENT TO OTHER CREDIT DOCUMENTS, dated as of January 11, 2018 (this
“Second Amendment”), modifies that certain (i) Credit Agreement, dated as of December 9, 2015 (as amended by the First Amendment to Credit Agreement and Amendment to Pledge Agreement, dated as of October 31, 2016, and
as further amended, restated, amended and restated, extended, renewed, supplemented, modified or otherwise changed from time to time, the “Credit Agreement”), among STEINER LEISURE LIMITED, an international business company
incorporated under the laws of the Commonwealth of the Bahamas (“Holdings”), IDEAL IMAGE DEVELOPMENT, INC., a Delaware corporation (“Ideal” or the “Lead Borrower”), STEINER U.S. HOLDINGS,
INC., a Florida corporation (“SUS” and together with Ideal, the “Borrowers”), each other Credit Party thereto, the Lenders party thereto from time to time and NEWSTAR FINANCIAL, INC., as the
Administrative Agent (in such capacity the “Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”), (ii) Pledge Agreement, dated as of December 9, 2015 (as amended by the First
Amendment to Credit Agreement and Amendment to Pledge Agreement, dated as of October 31, 2016, and as further amended, restated, amended and restated, extended, renewed, supplemented, modified or otherwise changed from time to time, the
“Pledge Agreement”) among Holdings, the Borrowers, each of the other pledgors party thereto and the Collateral Agent and (iii) U.S. Security Agreement, dated as of December 9, 2015 (as amended, restated, amended and
restated, extended, renewed, supplemented, modified or otherwise changed from time to time, the “Security Agreement”) among Holdings, the Borrowers, each of the other grantors party thereto and the Collateral Agent. 

WHEREAS, the Credit Parties have informed the Administrative Agent, the Collateral Agent, and the Lenders that certain corporate
restructuring events set forth on Annex I attached hereto are expected to occur (such events, together with any related transactions, is referred to herein, collectively, as the “Restructuring”); 

WHEREAS, in connection with the Restructuring, the Credit Parties have requested to (i) modify and amend the Credit Agreement to
designate OneSpaWorld Limited as a co-borrower under the Credit Agreement and to allocate a portion of the initial principal amount of the Term Loan Facility to each borrower as set forth herein,
(ii) modify and amend the Pledge Agreement as set forth herein and (iii) to modify and amend the Security Agreement as set forth herein; and 

WHEREAS, the Administrative Agent, the Collateral Agent and the Required Lenders have agreed to (i) modify and amend the Credit
Agreement to designate OneSpaWorld Limited as a co-borrower under the Credit Agreement and to allocate a portion of the initial principal amount of the Term Loan Facility to each borrower as set forth herein,
(ii) modify and amend the Pledge Agreement as set forth herein and (iii) to modify and amend the Security Agreement as set forth herein. 
  

 NOW THEREFORE, in consideration of the premises and other good and valuable
consideration, the parties hereto hereby agree as follows: 
 1. Defined Terms. Any capitalized term used herein and not defined herein shall have the
meaning assigned to it in the Credit Agreement. 
 2. Amendments to Credit Agreement. Effective as of the Second Amendment Effective Date: 

(a) The following terms and provisions of the Credit Agreement are hereby amended as follows: 

(i) The preamble of the Credit Agreement is hereby amended by replacing the definition of “Borrowers” as follows: 

“IDEAL IMAGE DEVELOPMENT, INC., a Delaware corporation, as the Lead Borrower (“Ideal” or the “Lead
Borrower”), STEINER U.S. HOLDINGS, INC., a Florida corporation (“SUS”), ONESPAWORLD LIMITED, a Cayman Islands exempted company (“OSW”, and together with Ideal and SUS, the
“Borrowers”),” 
 (ii) The second WHEREAS clause of the Credit Agreement is hereby amended and restated in its entirety
to read as follows: 
 “WHEREAS, the Borrowers have requested that the Lenders extend credit in the form of term loans in an aggregate
principal amount of $600,000,000 (the “Term Loan Facility”), which Term Loan Facility is allocated among the Borrowers as follows: (i) Ideal, in the amount of $75,000,000, (ii) SUS, in the amount of $168,828,000 and
(iii) OSW, in the amount of $356,172,000.” 
 (iii) Section 1.01 of the Credit Agreement is hereby amended by adding the following
definitions in proper alphabetical sequence: 
 ““OSW” shall have the meaning provided in the preamble hereto.”

 ““Second Amendment” shall mean the Second Amendment to Credit Agreement and Other Loan Documents, dated as of
January 11, 2018, among the Borrowers, each other Credit Party thereto, the Lenders party thereto, the Administrative Agent and Collateral Agent.” 

(iv) Section 1.01 of the Credit Agreement is hereby amended by restating the definition of “CFC” in its entirety as follows: 

““CFC” shall mean a Foreign Subsidiary of Holdings that is a “controlled foreign corporation” within the
meaning of Section 957 of the Code that is directly or indirectly owned (within the meaning of Section 958(a) of the Code) by a “United States shareholder” within the meaning of Section 951(b) of the Code.” 

  
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 (v) Section 1.01 of the Credit Agreement is hereby amended by restating the definition of
“FATCA” in its entirety as follows: 
 ““FATCA” shall mean Sections 1471 through 1474 of the Code as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations thereunder or official interpretations thereof, and any agreements
entered into pursuant to Section 1471(b) of the Code and any fiscal or regulatory legislation rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code.” 
 (vi) Section 1.01 of the Credit Agreement is hereby amended by restating the definition of “FSHCO” in its entirety
as follows: 
 ““FSHCO” shall mean any Domestic Subsidiary of Holdings with no material assets other than the capital
stock (including, for the avoidance of doubt, any instrument treated as stock for U.S. federal income tax purposes) of one or more Foreign Subsidiaries that are CFCs or that are themselves FSHCOs that is directly or indirectly owned (within the
meaning of Section 958(a) of the Code) by a “United States shareholder” within the meaning of Section 951(b) of the Code.” 

(vii) Section 2.14(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(a) The initial aggregate principal amount of the Term Loan Facility of $600,000,000 shall be allocated among the Borrowers as follows:
(i) Ideal, in the amount of $75,000,000, (ii) SUS, in the amount of $168,828,000 and (iii) OSW, in the amount of $356,172,000.” 

(viii) Section 2.14(b) of the Credit Agreement is hereby amended by adding the following sentence at the end of such paragraph: 

“In the event that OSW ceases to be a Subsidiary as a result of a transaction permitted hereunder, the aggregate amount of the Term Loan
Facility allocated to OSW shall be automatically reallocated to SUS.” 
 (ix) Section 5.01 of the Credit Agreement is hereby amended by
adding the following new subsection (f) at the end of such section: 
 “(f) For purposes of determining withholding Taxes imposed
under FATCA, from and after the effective date of the Second Amendment, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a
“grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).” 

  
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 (x) Section 10.03(vi)(b) of the Credit Agreement is hereby amended by restating such section
in its entirety as follows: 
 “(b) for any taxable period for which Holdings is treated as a partnership or disregarded entity for U.S.
federal and/or applicable state or local income tax purposes, amounts so that Holdings or any Parent Company (i) may, without duplication, pay any U.S. federal and/or applicable state or local income, franchise or other Taxes payable by it in
respect of its ownership of Holdings, any Borrower, or any Restricted Subsidiary, as applicable, and (ii) without duplication, may make the Tax distributions required by its operating agreement, excluding in each case, any Tax or required Tax
distribution determined by reference to the income or activities of any Person other than the Subsidiaries of Holdings, provided that the amount of such payments for any taxable period in respect of an Unrestricted Subsidiary shall be
permitted only to the extent that cash distributions were made by such Unrestricted Subsidiary to Holdings or any Restricted Subsidiary;”. 

(xi) Section 10.09(b) of the Credit Agreement is hereby amended by adding the following sentence at the end of such paragraph: 

“Holdings will not take any action to be treated as a partnership or disregarded entity for U.S. federal and/or applicable state, local or
foreign tax purposes without the consent of the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed.”. 

(b) Schedule 8.14 (Subsidiaries) to the Credit Agreement is hereby restated in its entirety as set forth in Exhibit A attached hereto.

 3. Amendments to Pledge Agreement. Effective as of the Second Amendment Effective Date, the Pledge Agreement is hereby amended as follows: 

(a) Annex A (Schedule of Legal Names, Jurisdiction of Organization and Ownership Information) to the Pledge Agreement is hereby restated in its
entirety as set forth in Exhibit B attached hereto. 
 (b) Annex B (Schedule of Stock) to the Pledge Agreement is hereby restated in
its entirety as set forth in Exhibit C attached hereto. 
 (c) Annex D (Schedule of Limited Liability Company Interests) to the Pledge
Agreement is hereby restated in its entirety as set forth in Exhibit D attached hereto. 
 4. Amendment to Security Agreement. Effective as of
the Second Amendment Effective Date, the Security Agreement is hereby amended by restating clause (b) of Section 1.2 thereof as follows: “(b) Equity Interests in any CFC or FSHCO, in each case, in excess of 65% of the total
outstanding voting Equity Interests of such CFC or FSHCO, as applicable, that is directly owned by a Grantor (it being understood and agreed that this exclusion shall not apply to the Equity Interests in any CFC or FSHCO that is a Credit Party as of
the effective date of the Second Amendment or to any Credit Party that may become a Credit Party pursuant to the Restructuring (as such term is defined in the Second Amendment));”. 

  
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 5. Allocation of Indebtedness. The initial aggregate principal amount of the Term Loan Facility of
$600,000,000 shall be allocated among the Borrowers (as defined in the Credit Agreement, as amended hereby) as follows: (i) Ideal Image Development, Inc., a Delaware corporation, in the amount of $75,000,000, (ii) Steiner U.S. Holdings, Inc., a
Florida corporation, in the amount of $168,828,000 and (iii) OneSpaWorld Limited, a Cayman Islands exempted company, in the amount of $356,172,000. 

6. Restructuring Transactions. 
 (a) The
parties hereto hereby acknowledge and agree that the Restructuring shall be effected subject to the Liens of the Collateral Agent in the Collateral, including, without limitation, the Liens of the Collateral Agent in the Equity Interests of
OneSpaWorld Limited, OneSpaWorld Medispa Limited, OneSpaWorld LLC and OneSpaWorld Medispa LLC and each of their respective Subsidiaries to the extent required pursuant to the Credit Documents, as amended hereby, which Liens shall at all times remain
valid, perfected, first priority Liens (subject only to Permitted Liens). 
 (b) Each Credit Party hereby represents and warrants and
covenants with the Administrative Agent, the Collateral Agent and each of the undersigned Lenders that no Credit Party shall take any action in respect of the Restructuring which shall in any way impair the continuous validity, perfection and
priority of the Collateral Agent’s security interest in the Collateral. 
 (c) The parties hereto hereby acknowledge and agree that no
Credit Party existing on the date hereof shall become an Excluded Subsidiary as a result of the Restructuring, and that each Credit Party existing on the date hereof shall continue to be a Credit Party immediately after giving effect to this Second
Amendment and to the Restructuring. The parties hereto hereby acknowledge and agree that none of the Credit Parties party to the Credit Agreement on the Closing Date (including any successor thereto) that is a signatory to this Second Amendment and
none of OneSpaWorld Medispa LLC or OneSpaWorld LLC, which shall each join the Credit Agreement as Guarantors on or about the date hereof, is as of the date hereof, or shall be deemed to have prior to the date hereof at any time constituted, an
Excluded Subsidiary for any purpose under the Credit Documents. 
 7. Conditions to Effectiveness. The effectiveness of this Second Amendment is
subject to the fulfillment, in a manner satisfactory to the Required Lenders, of each of the following conditions precedent (the date such conditions are fulfilled is hereinafter referred to as the “Second Amendment Effective
Date”): 
 (a) Execution of Second Amendment. The Administrative Agent and the Required Lenders shall have executed this
Second Amendment and shall have received a counterpart to this Second Amendment, duly executed by each Credit Party. 
 (b) Fees. The
Credit Parties shall have paid, on or before the Second Amendment Effective Date, all fees and invoiced costs and expenses then payable by Credit Parties pursuant to the Credit Documents. 

  
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 8. Post-Closing Condition. On or before thirty-five (35) Business Days after the Second
Amendment Effective Date (or such later date as GSO may agree in its discretion), the Administrative Agent shall have received a legal opinion from each of (i) Kirkland & Ellis LLP, counsel to the Credit Parties, (ii) Lennox
Patton, special Bahamas counsel to the Credit Parties, and (iii) Mourant Ozannes, as special Cayman Islands counsel to the Credit Parties, in each case, addressed to the Administrative Agent and each of the Lenders and in form and substance
reasonably satisfactory to GSO. 
 9. Representations and Warranties. Each Credit Party represents and warrants as follows: 

(a) Organization Status. Each Credit Party (i) is duly organized, validly existing and (to the extent applicable) in good standing
under the laws of the jurisdiction of its organization, (ii) has the requisite power and authority to own its property and assets and to transact the business in which it is engaged and (iii) is, to the extent such concepts are applicable
under the laws of the relevant jurisdiction, duly qualified and authorized to do business and is in good standing in each jurisdiction where the ownership, leasing or operation of its property or the conduct of its business requires such
qualifications except for failures to be so qualified which, individually and in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

(b) Authorization, Etc. Each Credit Party has the requisite power and authority to execute, deliver and perform the terms and provisions
of this Second Amendment and the Credit Agreement, as amended hereby, and has taken all necessary action to authorize the execution, delivery and performance by such Credit Party of this Second Amendment. Each Credit Party has duly executed and
delivered this Second Amendment, and this Second Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with their terms,
except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether
enforcement is sought in equity or at law). 
 (c) No Violation. Neither the execution, delivery or performance by any Credit Party of
this Second Amendment or of the Credit Agreement, as amended hereby, nor compliance by such Credit Party with the terms and provisions hereof and thereof, (i) will contravene any provision of any law, statute, rule or regulation or any order,
writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or
imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents) upon any of the property or assets of any Credit Party or any of its respective Restricted Subsidiaries pursuant to the terms of, any
indenture, credit agreement or loan agreement, in each case to which any Credit Party or any of its Restricted Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject (except, in the case of
preceding clauses (i) and (ii), other than in the case of any contravention, breach, default and/or conflict, that would not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect) or (iii) will
violate any provision of the certificate or articles of incorporation, certificate of formation, limited liability company agreement or by-laws (or equivalent organizational documents), as applicable, of any
Credit Party or any of its respective Restricted Subsidiaries. 

  
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 (d) Approvals. Except to the extent the failure to obtain or make the same would not
reasonably be expected to have a Material Adverse Effect, no order, consent, approval, license, authorization or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or
prior to the Second Amendment Effective Date and which remain in full force and effect on the Second Amendment Effective Date and (y) filings which are necessary to perfect the security interests and Liens created under the Security Documents),
or exemption by, any Governmental Authority, is required to be obtained or made by, or on behalf of, any Credit Party to authorize, or is required to be obtained or made by, or on behalf of, any Credit Party in connection with, the execution,
delivery and performance of this Second Amendment by the Credit Parties, and the performance of the Credit Agreement, as amended hereby. 

(e) No Event of Default. No Default or Event of Default shall have occurred and be continuing on the Second Amendment Effective Date or
would result from the Restructuring or from this Second Amendment becoming effective in accordance with its terms. 
 (f)
Capitalization. On and as of the Second Amendment Effective Date and after giving effect to the Restructuring, all outstanding shares of capital stock of the Credit Parties have been duly and validly issued and are fully paid and non-assessable (except as such rights may arise under mandatory provisions of applicable statutory law that may not be waived) and are owned directly or indirectly by, in the case of any Borrower, Holdings, or
another Credit Party, or, in the case of any other Credit Party other than Holdings, another Credit Party. None of the Borrowers nor any Restricted Subsidiary that is a Credit Party has outstanding any capital stock or other securities convertible
into or exchangeable for their capital stock or any rights to subscribe for or to purchase, or any options for the purchase of, or any agreement providing for the issuance (contingent or otherwise) of, or any calls, commitments or claims of any
character relating to, their capital stock. As used in this Section 9(f), “Borrower” shall have the meaning assigned to such term in the Credit Agreement, as amended hereby. 

(g) Subsidiaries. On and as of the Second Amendment Effective Date and after giving effect to the Restructuring, Holdings has no
Subsidiaries other than those Subsidiaries listed on Schedule 8.14 to the Credit Agreement attached hereto as Exhibit A. Schedule 8.14 to the Credit Agreement attached hereto as Exhibit A correctly sets forth, as of the Second
Amendment Effective Date and after giving effect to the Restructuring, the percentage ownership (direct and indirect) of Holdings in each class of capital stock of each of its Subsidiaries and also identifies the direct owner thereof. 

10. No Novation; Reaffirmation and Confirmation. 

(a) This Second Amendment does not extinguish the obligations for the payment of money outstanding under the Credit Agreement or discharge or
release the lien or priority of any mortgage, security agreement, pledge agreement or any other security therefore. Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding under the Credit Agreement
or instruments securing the same, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently herewith. Nothing expressed or implied in this Second Amendment shall be construed as a release or other
discharge of Credit Parties under the Credit Agreement, or the other Credit Documents, as amended hereby, from any of its obligations and liabilities as “Credit Parties” thereunder. 

  
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 (b) Each Credit Party hereby (i) acknowledges and reaffirms such Credit Party’s
obligations as set forth in each Credit Document, as amended hereby, including each such Credit Party’s obligations under Section 14 of the Credit Agreement, (ii) agrees to continue to comply with, and be subject to, all of the terms,
provisions, conditions, covenants, agreements and obligations applicable to such Credit Party set forth in each Credit Document, as amended hereby, which remain in full force and effect, and (iii) confirms, ratifies and reaffirms that the
security interest granted to Collateral Agent, for the benefit of Collateral Agent and each other Secured Creditor, pursuant to the Credit Documents, as amended hereby, in all of such Credit Party’s right, title, and interest in all then
existing and thereafter acquired or arising Collateral in order to secure prompt payment and performance of the Obligations, is continuing and is and shall remain unimpaired and continue to constitute a first priority security interest (subject to
Permitted Liens) in favor of Collateral Agent, for the benefit of Collateral Agent and each other Secured Creditor, with the same force, effect and priority in effect both immediately prior to and after entering into this Second Amendment and giving
effect to the Restructuring. 
 11. Miscellaneous. 

(a) Continued Effectiveness of the Credit Agreement and the Other Credit Documents. Except as otherwise expressly provided herein, the
Credit Agreement and the other Credit Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, except that on and after the Second Amendment Effective Date (i) all references in
the Credit Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to the Credit Agreement shall mean the Credit Agreement as amended by this Second Amendment,
(ii) all references in the other Credit Documents to the “Credit Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Credit Agreement shall mean the Credit Agreement as
amended by this Second Amendment, (iii) all references in the Pledge Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to the Pledge Agreement shall mean the
Pledge Agreement as amended by this Second Amendment, (iv) all references in the other Credit Documents to the “Pledge Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to
the Pledge Agreement shall mean the Pledge Agreement as amended by this Second Amendment, (v) all references in the Security Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like
import referring to the Security Agreement shall mean the Security Agreement as amended by this Second Amendment, (vi) all references in the other Credit Documents to the “Security Agreement”, “thereto”, “thereof”,
“thereunder” or words of like import referring to the Security Agreement shall mean the Security Agreement as amended by this Second Amendment. Except as expressly provided herein, the execution, delivery and effectiveness of this Second
Amendment shall not operate as an amendment of any right, power or remedy of the Administrative Agent, the Collateral Agent or any Lender under the Credit Agreement or any other Credit Document, nor constitute an amendment of any provision of the
Credit Agreement or any other Credit Document. 

  
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 (b) Counterparts. This Second Amendment may be executed in any number of counterparts
and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same agreement. A set of counterparts executed by all the parties
hereto shall be lodged with the Lead Borrower and the Administrative Agent. 
 (c) Headings. The headings of the several Sections and
subsections of this Second Amendment are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Second Amendment. 

(d) Costs and Expenses. Section 13.01 of the Credit Agreement is incorporated herein by reference. 

(e) Second Amendment as Credit Document. Each Credit Party hereby acknowledges and agrees that this Second Amendment constitutes a
“Credit Document” under the Credit Agreement. 
 (f) Severability. Any provision of this Second Amendment that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such
provision in any other jurisdiction. 
 (g) Governing Law. Section 13.08 of the Credit Agreement is incorporated herein by
reference. 
 [Remainder of Page Intentionally Left Blank] 
  

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be
executed and delivered by their respective duly authorized officers as of the date first written above. 
  

			
	BORROWERS
	
	IDEAL IMAGE DEVELOPMENT, INC. as Lead Borrower
		
	By:	 	 /s/ Robert C. Boehm

	Name:	 	Robert C. Boehm
	Title:	 	Secretary
	
	STEINER U.S. HOLDINGS, INC., as Borrower
		
	By:	 	 /s/ Robert C. Boehm

	Name:	 	Robert C. Boehm
	Title:	 	Secretary
	
	ONESPA WORLD LIMITED, as Borrower
		
	By:	 	 /s/ Leonard Fluxman

	Name:	 	Leonard Fluxman
	Title:	 	Director
	
	GUARANTORS
	
	STEINER LEISURE LIMITED, as Holdings and as a Guarantor
		
	By:	 	 /s/ Leonard Fluxman

	Name:	 	Leonard Fluxman
	Title:	 	Director
	
	STEINER EDUCATION GROUP, INC.
	STEINER RESORT SPAS (CALIFORNIA), INC.
	SUS MARKETING, LLC

  
 Signature Page to Second
Amendment to Credit Agreement 

 
	
	BLISS WORLD HOLDINGS INC.
	BLISS INTERNATIONAL LICENSING INC.
	BLISS WORLD LLC
	BLISS DIRECT, INC.
	BWMI, INC.
	FCNH, INC.
	FLORIDA LUXURY SPA GROUP, LLC
	IDEAL IMAGE DEVELOPMENT CORPORATION
	IDEAL IMAGE DIRECT, LLC
	IDEAL IMAGE OF ARIZONA, LLC
	IDEAL IMAGE OF ARKANSAS, LLC
	IDEAL IMAGE OF COLORADO, LLC
	IDEAL IMAGE OF FLORIDA, LLC
	IDEAL IMAGE OF GEORGIA (JV2), LLC
	IDEAL IMAGE OF IDAHO, LLC
	IDEAL IMAGE OF INDIANA, LLC
	IDEAL IMAGE OF KENTUCKY, LLC
	IDEAL IMAGE OF MARYLAND, LLC
	IDEAL IMAGE OF MASSACHUSETTS, LLC
	IDEAL IMAGE OF MICHIGAN, LLC
	IDEAL IMAGE OF MINNESOTA, LLC
	IDEAL IMAGE OF MISSOURI, LLC
	IDEAL IMAGE OF NEBRASKA, LLC
	IDEAL IMAGE OF NEVADA, LLC
	IDEAL IMAGE OF NEW MEXICO, LLC
	IDEAL IMAGE OF NEW YORK, LLC
	IDEAL OF NORTH CAROLINA, LLC
	IDEAL IMAGE OF OHIO, LLC
	IDEAL IMAGE OF OKLAHOMA, LLC
	IDEAL IMAGE OF OREGON, LLC
	IDEAL IMAGE OF PENNSYLVANIA, LLC
	IDEAL IMAGE OF RHODE ISLAND, LLC
	IDEAL IMAGE OF TENNESSEE, LLC
	IDEAL IMAGE OF TEXAS, LLC
	IDEAL IMAGE OF UTAH, LLC
	IDEAL IMAGE OF VIRGINIA, LLC
	IDEAL IMAGE OF WASHINGTON, LLC
	IDEAL IMAGE OF WISCONSIN, LLC
	IDEAL VENTURES, LLC
	IDEAL VENTURES OF ARIZONA INC.
	I.I. COSMETIC INSTITUTE, INC.
	MANDARA PSLV, LLC
	MANDARA SPA (CRUISE I), L.L.C.
	MANDARA SPA (CRUISE II), L.L.C.
	MANDARA SPA (HAWAII), LLC
	MANDARA SPA LLC

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	MANDARA SPA SERVICES LLC
	MID-ATLANTIC MASSAGE THERAPY, INC.
	SEG CORT LLC
	ELEMIS USA, INC.
	STEINER AMERICAN CRUISES, INC.
	STEINER INTERNATIONAL HOLDINGS LLC
	STEINER INTERNATIONAL VENTURES, INC.
	STEINER MANAGEMENT SERVICES, LLC
	STEINER PRODUCT SUPPORT U.S., LLC
	STEINER SPA RESORTS (CONNECTICUT), INC.
	STEINER TRANSOCEAN U.S., INC.
	VIRGINIA MASSAGE THERAPY, INC.
	STEINER SPA RESORTS (NEVADA), INC.
	STEINER RESORT SPAS (NORTH CAROLINA), INC.
	ONESPAWORLD LLC
	ONESPAWORLD MEDISPA LLC
	BLISSWORLD LIMITED
		
	By:	 	 /s/ Robert C. Boehm

	Name:	 	Robert C. Boehm
	Title:	 	Secretary
	
	STO MEDISPA LIMITED
	STEINER SPA LIMITED
	STEINER SPA ASIA LIMITED
	NEMO HOLDCO, INC.
	COSMETICS LIMITED
	COSMETIC EXPORT INTERNATIONAL LIMITED
	STEINER MARKS LIMITED
	ONESPAWORLD MEDISPA LIMITED
	STEINER TRANSOCEAN (II) LIMITED
	STEINER TRANSOCEAN LIMITED
		
	By:	 	 /s/ Leonard Fluxman

	Name:	 	Leonard Fluxman
	Title:	 	Director

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	NEMO (UK) HOLDCO, LTD.
	STEINER TRAINING LIMITED
	STEINER GROUP LIMITED
	ELEMIS SPA LIMITED
	ELEMIS LIMITED
	E.J. CONTRACTS
		
	By:	 	 /s/ Michael Stepham Haringman

	Name:	 	Michael Stephan Haringman
	Title:	 	Secretary

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	 NEWSTAR FINANCIAL, INC.,
 as
Administrative Agent and Collateral Agent

		
	By:	 	 /s/ Brian Forde

	Name:	 	Brian Forde
	Title:	 	NewStar Financial Inc. Managing Director

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	 GSO CAPITAL OPPORTUNITIES FUND II LP,

as a Lender

	
	By GSO Capital Partners, LP, it investment manager
		
	By:	 	 /s/ Marisa Beeney

	Name:	 	Marisa Beeney
	Title:	 	Authorized Signatory

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	 GSO NEMO FO HOLDINGS I (ONSHORE) LP,

as a Lender

	
	By: GSO Nemo Associates LLC, it general partner
		
	By:	 	 /s/ Marisa Beeney

	Name:	 	Marisa Beeney
	Title:	 	Authorized Signatory

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	 GSO NEMO LO HOLDINGS LP,
 as
a Lender

	
	By: GSO Nemo Associates LLC, it general partner
		
	By:	 	 /s/ Marisa Beeney

	Name:	 	Marisa Beeney
	Title:	 	Authorized Signatory

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	 NATIONWIDE MUTUAL INSURANCE COMPANY,

as a Lender

		
	By:	 	 /s/ Thomas A. Shanklin

	Name:	 	Thomas A. Shanklin
	Title:	 	Authorized Signatory

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	 NATIONWIDE LIFE INSURANCE COMPANY,

as a Lender

		
	By:	 	 /s/ Thomas A. Shanklin

		 	Name: Thomas A. Shanklin
		 	Title:   Authorized Signatory

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	 NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY,

as a Lender

		
	By:	 	 /s/ Thomas A. Shanklin

	Name:	 	Thomas A. Shanklin
	Title:	 	Authorized Signatory

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	Blue Cross of California, as a Lender
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

	Name:	 	Andrew S. Viens
	Title:	 	Executive Vice President
	
	BCSSS Investment S.à.r.l., as a Lender
	By: Bain Capital Credit, LP, as Investment Adviser and Manager
		
	By:	 	 /s/ Andrew S. Viens

	Name:	 	Andrew S. Viens
	Title:	 	Executive Vice President
	
	EAF comPlan II—Private Debt, as a Lender
	By: Bain Capital Credit, LP, as Asset Manager
		
	By:	 	 /s/ Andrew S. Viens

	Name:	 	Andrew S. Viens
	Title:	 	Executive Vice President
	
	 Bain Capital Credit Managed Account (FSS), L.P.,

as a Lender

		
	By:	 	 /s/ Andrew S. Viens

	Name:	 	Andrew S. Viens
	Title:	 	Executive Vice President

  
 Signature Page to Second
Amendment to Credit Agreement 

 
			
	MPS Investment S.à r.l., as a Lender
	By: Bain Capital Credit, LP, as Investment Adviser and Manager
		
	By:	 	 /s/ Andrew S. Viens

	Name:	 	Andrew S. Viens
	Title:	 	Executive Vice President
	
	Bain Capital Direct Lending 2015 (U), LP, as a Lender
		
	By:	 	 /s/ Andrew S. Viens

	Name:	 	Andrew S. Viens
	Title:	 	Executive Vice President
	
	Bain Capital Direct Lending 2015 (L), LP, as a Lender
		
	By:	 	 /s/ Andrew S. Viens

	Name:	 	Andrew S. Viens
	Title:	 	Executive Vice President

  
 Signature Page to Second
Amendment to Credit AgreementExhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AGREEMENT is made as of January 1, 2019 (the “Effective
Date”)

 

BETWEEN:

 

ELECTRAMECANNICA VEHICLES CORP.

 

(the “Company”)

 

AND:

 

JERRY KROLL, an individual with a residential
address at 1102-328 East 11th Avenue, Vancouver, BC V5T 4W1

 

(the “Executive”)

 

WHEREAS:

 

		A.	The Company is engaged in the business of developing, commercializing,
manufacturing, selling and servicing electric vehicles.

 

		B.	The Executive commenced employment with the Company as
the Chief Executive Officer on or about February 15, 2015.

 

		C.	The Company desires to continue to employ the Executive
as its Chief Executive Officer and the Executive desires to accept such continued employment on the terms and conditions set out
herein.

 

		D.	The Company and the Executive agree that certain protection
should be given to the Executive in the event of a Change of Control as defined herein.

 

NOW THEREFORE, in consideration
of the above recitals and the representations, warranties, covenants and agreements set forth below in this Agreement, the Company’s
provision to the Executive of certain Change of Control protections, and the amount of $50, the sufficiency of which is acknowledged
by both parties, the parties agree as follows:

 

		1.	INTERPRETATION

 

		1.1	Defined Terms. In this Agreement, the following
words will have the following meanings:

 

		(a)	“Base Salary” has the meaning set forth in
section 3.1;

 

		(b)	“Board” means the Board of Directors of the
Company;

 

     

     

    

 

		(c)	“Cause” means:

 

		(i)	the Executive's failure or refusal to perform lawful directives
from the Board which are consistent with the scope and nature of, and professional standards of conduct related to, the Executive's
duties and responsibilities under this Agreement or failure to perform the Executive’s duties and responsibilities in a
competent and professional manner;

 

		(ii)	material dishonesty of the Executive;

 

		(iii)	the Executive's commission of any crime involving moral
turpitude, fraud, defalcation or misrepresentation or any other crime that has or may have an adverse effect on the reputation
of the Company;

 

		(iv)	any gross or willful misconduct of the Executive resulting
in material loss to the Company or damage to the reputation of the Company; or

 

		(v)	any breach of the Executive's covenants contained in article
5 or any material breach of this Agreement by the Executive;

 

		(vi)	any other act or omission which constitutes just cause
at common law;

 

		(d)	“Change of Control” means:

 

		(i)	a merger, amalgamation, arrangement or reorganization of
the Company with one or more corporations as a result of which, immediately following such event, the shareholders of the Company
as a group, as they were immediately prior to such event, are expected to hold less than a majority of the outstanding capital
stock of the surviving corporation;

 

		(ii)	the Company sells or otherwise disposes of (including by
way of an exclusive license) all or substantially all of its assets to any other person or entity, except a wholly-owned subsidiary
of the corporation;

 

		(iii)	any person, entity or group of persons or entities, acting
jointly or in concert, acquires or gains ownership or control of more than 50% of the voting shares of the Company;

 

		(iv)	a majority of the directors elected at any annual or special
meeting of shareholders of the Company are not individuals nominated by the Company’s then-incumbent management; or

 

		(v)	any other event which the Corporation’s Board of
Directors declares a Change of Control.

 

		(e)	“Confidential Information” has the meaning
set forth in section 5.1;

 

		(f)	“Developments” has the meaning set forth in
section 4.1;

 

    	 	2	 

     

    

 

		(g)	“Customer” means any person, business, or entity
that was a customer (or potential customer provided the Executive was involved in the solicitation of or decision to solicit such
potential customer) of the Company and (i) that the Executive had contact with during the Executive’s last twelve (12) months
of employment; or (ii) about whom the Executive possessed or had access to Confidential Information during the Executive’s
last twelve (12) months of employment with the Company;

 

		(h)	“Permanent Disability” means that (i) the Executive
has become eligible to receive long-term disability benefits under the Company’s then-current benefits plan for executives,
as a result of physical or mental illness or injury, and (ii) a physician selected jointly by the Company and the Executive or
the Executive's legal representative, has determined that Executive's incapacity is total and permanent;

 

		(i)	“Restricted Period” has the meaning set forth
in section 5.3;

 

		(j)	“Severance Pay” has the meaning set forth in
section 6.4;

 

		(k)	“Term” has the meaning set forth in section
2.3;

 

		1.2	Headings. Headings have been inserted in these provisions
for convenience of reference only and will not affect their meaning or construction.

 

		1.3	References. Unless otherwise stated, references
to recitals, clauses, articles, sections, and exhibits will be references to this Agreement.

 

		2.	EMPLOYMENT

 

		2.1	Employment. The Company will continue to employ
the Executive as the Company’s Chief Executive Officer.

 

		2.2	Extent of Service. During the Term, the Executive
will devote the Executive’s full business time and best efforts, business judgment, skill and knowledge exclusively to the
advancement of the business and interests of the Company and to the discharge of the Executive’s duties and responsibilities
hereunder. The Executive will not engage in any other business activity or serve in any industry, trade, professional, governmental
or academic position during the term of this Agreement, except as may be expressly approved in advance by the Board, in writing;
provided that the Executive may make passive personal investments, engage in outside non-competitive business activities, including
being a director of non-competitive businesses, or engage in other activities for any charitable or other non-profit institution,
provided, further, that such activities do not conflict with the interests of any member of the Company or otherwise interfere,
individually or in the aggregate, with the performance of the Executive’s duties and responsibilities or the time required
for the discharge of those duties and responsibilities.

 

		2.3	Term. This Agreement will commence as of the Effective
Date and continue indefinitely until terminated pursuant to article 6 (the “Term”).

 

    	 	3	 

     

    

 

		2.4	Duties. The Executive will be responsible for such
duties are as are customarily performed by one holding the position of Chief Executive Officer in similar business enterprises
and as are reasonably necessary to the operations of the Company.

 

		2.5	Reporting. The Executive will report to the Board.

 

		3.	COMPENSATION

 

		3.1	Base Salary. The Company will pay the Executive
an annual base salary from the Effective Date of $300,000. The Base Salary is subject to increase based on periodic reviews at
the discretion of the Board.

 

		3.2	Other Benefits. The Executive will be entitled to
participate in all other benefits, perquisites, benefit plans or programs of the Company which are available generally to executives
of the Company in accordance with the terms of such plans, benefits or programs, including, but not limited to, the following:

 

		(a)	no less than five (5) weeks (25 days) paid vacation during
each full fiscal year of the Executive’s employment (pro-rated for any partial year of employment).

 

		(b)	group insurance coverage for medical, extended health,
dental, life, long term disability as may be made available by the Company to its executive employees from time to time.

 

			The Executive acknowledges that any of the benefits set out in subsection (b), above, are subject to the formal plan
                                                                                documents or policies and may also be modified or amended at any time by the Board in its sole and absolute discretion.

 

		3.3	Directors & Officers Insurance and Indemnity.
The Company will use commercially reasonable efforts to maintain an appropriate level of coverage for the Executive under its
then-current Directors & Officers Insurance policy and will indemnify the Executive for all lawful acts (or omissions) undertaken
by the Executive in the role of either director or Chief Executive Officer of the Company to the extent allowed by law.

 

		3.4	Expenses. The Executive will be reimbursed for the
Executive’s reasonable expenses related to and for promoting the business of the Company, including expenses for entertainment,
travel and similar items that arise out of the Executive's performance of services under this Agreement, and any such expenses
paid by the Executive from the Executive’s own funds will be promptly reimbursed to the Executive by the Company in accordance
with the policies and procedures of the Company in effect from time to time.

 

		3.5	Stock Options. The Company may grant the Executive
Stock Options from time to time in its absolute discretion. Any Stock Options granted will be in accordance with the following
provisions:

 

		(a)	the Stock Options will be subject to the terms and conditions
of the Company stock option plan as may be amended from time to time by the Board in its absolute discretion;

 

    	 	4	 

     

    

 

		(b)	the number of shares which may be purchased pursuant to
the Stock Option will be in accordance with the Company’s plan for allocating amounts of stock options to employees, as
determined by the Board, any committee of the Board to whom the Board has delegated that task, or any party to whom the Board
has delegated that task;

 

		(c)	the terms and conditions attaching to the Stock Option
including, without limitation, the number of shares which may be purchased pursuant to the Stock Option, its exercise price, its
term, its termination provisions and its vesting provisions, will be in the sole discretion of the Board or any party to whom
that task has been delegated; and

 

		(d)	Stock Options will otherwise be subject to the requirements
of any stock exchange, securities commission or other similar regulatory body having jurisdiction and rules and policies adopted
by the Company’s compensation committee.

 

		3.6	Signing Bonus. The Company will pay the Executive
a signing bonus of $50 upon execution of this Agreement.

 

		3.7	Withholding of Taxes and other Statutory Remittances.
The Company must withhold from any compensation and benefits payable under this Agreement all federal, provincial, or other taxes
and statutory remittances as may be required pursuant to any law or governmental regulation or ruling.

 

		3.8	Total Compensation. The Executive agrees that the
compensation described in article 3 of this Agreement compensates him for all hours worked and that no overtime will be paid with
respect to any hours worked by the Executive outside normal business hours.

 

		4.	OWNERSHIP OF DEVELOPMENTS

 

		4.1	Rights in Developments. All right, title and interest
in and to any and all inventions, innovations, designs, artwork, logos, trade dress, ideas, processes, improvements, trade secrets
and patentable and copyrightable material (and all other intellectual property rights therein) that the Executive develops or
conceives of, solely or jointly with others, whether or not patentable or copyrightable, at any time during the employment of
the Executive by the Company and which relate to potential or actual business activities of the Company (collectively, “Developments”)
will be owned by the Company. For greater certainty, inventions or innovations that meet the following conditions will not be
considered Developments if, and only if: (a) the invention or innovation was developed entirely on the Executive's own time; and
(b) no equipment, supplies or facilities of the Company were used in its development.

 

		4.2	Disclosure. The Executive will disclose fully, as
soon as practicable and in writing, all Developments to the Company.

 

    	 	5	 

     

    

 

		4.3	Assignment and Registration. The Executive hereby
assigns, transfers and conveys to the Company (or such other member of the Company as the Company may nominate from time to time)
all of the Executive’s right, title and interest in and to any and all such Developments. The Executive hereby waives in
whole all moral rights which the Executive may have in the Developments, including the right to the integrity of the Developments,
the right to be associated with the Developments, the right to restrain or claim damages for any distortion, mutilation or other
modification of the Developments, and the right to restrain use or reproduction of the Developments in any context and in connection
with any product, service, cause or institution. If requested to do so by the Company during the Term, the Executive agrees to
provide the Company with any document or perform any act necessary to enable the Company to establish ownership, including, inter
alia:

 

		(a)	complete and obtain patent, trademark or copyright applications
or registrations;

 

		(b)	complete and obtain extension, validation, reissue, continuance
or renewal applications or registrations; and,

 

		(c)	evaluate or oppose any trademark or design applications,
registrations or uses by third parties under Canadian or foreign law with respect to any Developments.

 

			The Company will be responsible for the preparation of any such instruments, documents and papers and for the prosecution
                                                                                of any such proceedings and will reimburse the Executive for all reasonable expenses incurred by the Executive in compliance
                                                                                with the provisions of this section 4.3.

 

		5.	CONFIDENTIALITY AND RESTRICTIVE COVENANTS

 

		5.1	Confidential Information. The Executive acknowledges
and agrees that the Executive will have, during the course of the Executive’s relationship with the Company, access to confidential,
proprietary, business and trade secret information of the Company including information concerning the technology, research, test
procedures and results, machinery, equipment, hardware, software, programs, manufacturing processes and products, assembly, services
used, identity and description of components, purchasing, accounting, engineering, marketing, selling and servicing, business
methods, business plans and strategies, existing and potential customers and any information or lists concerning the same, pricing,
margins, billing methods and revenue models and sales and marketing plans used, manufactured or developed by or for the Company,
and information concerning suppliers or customers thereof, developed and used in the course of the business of the Company and
which has been and will be disclosed to the Executive in confidence (“Confidential Information”). Confidential Information
does not include: (i) information generally known or available in the industry, unless it is available in the industry by reason
of a breach by the Executive or by another of a legal obligation or duty; or (ii) information provided by a person that is not
a party to or bound by the terms of this Agreement and who did not receive the same, directly or indirectly, from a member of
the Company.

 

    	 	6	 

     

    

 

		5.2	Non-Disclosure. The Executive hereby agrees that
the Executive will not, during the Executive’s employment with the Company or thereafter, use or disclose the Confidential
Information to any person for any reason or purpose whatsoever other than for the benefit of the Company in furtherance of the
Executive’s duties under this Agreement. Upon request by the Company at any time, and upon termination of the Executive’s
employment with the Company, for any reason or no reason whatsoever, the Executive will return promptly to the Company, all Confidential
Information and all software programs, papers, books, and any other property, documents and data belonging to, or related to,
the business of the Company.

 

		5.3	Non-Competition. The Executive agrees that for a
period commencing on the Effective Date and continuing for one (1) year after the termination of the Executive’s employment
for any reason (such period is referred to as the “Restricted Period”), not to, directly or indirectly, on the Executive’s
own account or on behalf of others, serve as an employee, officer, director or consultant, or in any other similar capacity or
make investments (other than open market investments in no more than five percent (5%) of the outstanding stock of any publicly
traded company) in or on behalf of any person, firm, corporation, association or other entity whose activities or products compete
with the activities or products of the Company, specifically developing, commercializing, manufacturing, selling and servicing
electric vehicles (the “Competitive Activities and Products”) and where such engagement (as an employee, officer,
director or consultant) would involve assisting such competitor with developing, commercializing, selling, manufacturing, or servicing
Competitive Activities and Products. The Executive acknowledges and agrees that the Company Group provides products and service
worldwide and understands that this restriction applies to the Executive on a worldwide basis. The Executive further acknowledges
and agrees that he will be able to make a living, notwithstanding these restrictions.

 

		5.4	Non-Solicitation of Customers and Potential Customers.
The Executive agrees during the Restricted Period not to, directly or indirectly, other than for the benefit of the Company, on
the Executive’s own account or on behalf of others, solicit or recruit or accept any business relating to the Competitive
Activities and Products from a Customer (and their successors or assigns) and that the Executive will not take any steps, directly
or indirectly, to cause or to assist any other person to cause the Customer to cease doing business with the Company, or to decrease
its level of business with the Company.

 

		5.5	Non-Solicitation of Employees and Others. The Executive
agrees during the Restricted Period not to directly induce or influence, or seek to induce or influence any person who is engaged
by the Company as an employee, agent, independent contractor, or otherwise to leave the employ of or terminate the relationship
with the Company or any successor or assign.

 

		5.6	Notification Requirement. If the Executive takes
up a position as an employee, officer, director, consultant or other similar capacity during the Restricted Period, he will give
notice to the Company of such position within thirty (30) days following the date upon which he takes up such position. Such notice
will state the name and address of the person for whom such activity is undertaken and the nature of the Executive’s business
relationship(s) and position(s) with such person. The Executive will provide the Company with such other pertinent information
concerning such business activity as the Company may reasonably request in order to determine the Executive’s continued
compliance with the Executive’s obligations under this article 5.

 

    	 	7	 

     

    

 

		5.7	Severability. In the event that a covenant included
in this article 5 will be deemed by any court to be unreasonably broad or otherwise unenforceable in any respect, the court may
sever the unenforceable covenant from this Agreement such that such unenforceable covenant will be deemed eliminated from the
provisions of this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining covenants to
be enforced so that the validity, legality or enforceability of the remaining provisions of this article 5 will not be affected
thereby.

 

		5.8	Equitable Relief. The Executive recognizes and acknowledges
that irreparable injury would be caused to the Company by violating any of the provisions of article 5 for which the Company would
have an inadequate remedy at law. The Executive therefore agrees that in addition to and without limitation of any rights which
the Company may otherwise have, at law or in equity, the Company will have the right to temporary, preliminary, and permanent
injunctive relief against the Executive in a court of competent jurisdiction in the event of such breach, or threatened breach,
in addition to any other equitable relief (including without limitation an accounting and/or disgorgement) and/or any other damages
as a matter of law. No bond need be posted in conjunction with the application for, or issuance of, an injunction (which requirement
is hereby specifically and expressly waived by the Executive). The period of time applicable to any covenant in this article 5
will be extended by the duration of any violation by the Executive of such covenant.

 

		5.9	Survival. The restrictive covenants contained in
this article 5 will survive the termination of the Executive’s employment and termination of this Agreement. The Executive
agrees that the covenants contained in this article 5 are reasonable with respect to their duration and scope, are necessary to
protect the Company’s Confidential Information, customer relationships, and goodwill, and that the covenants are ancillary
to or part of an otherwise enforceable agreement.

 

		6.	TERMINATION

 

		6.1	Termination for Cause. The Company will have the
right to and may terminate this Agreement and the Executive’s employment hereunder for Cause immediately upon written notice
to the Executive. Following any such termination of this Agreement for Cause by the Company, the Company will have no further
obligations to the Executive under this Agreement other than the Company’s obligation to:

 

		(a)	pay the Executive Base Salary accrued to the date of termination;

 

		(b)	pay the Executive any accrued and unused vacation; and,

 

		(c)	reimburse the Executive for expenses incurred by the Executive
through the termination date that are reimbursable pursuant to section 3.4.

 

    	 	8	 

     

    

 

		6.2	Termination Without Cause. The Company will have
the right to and may terminate this Agreement and the Executive’s employment hereunder at any time, for any reason or for
no reason, without Cause, immediately upon notice to the Executive. Following any such termination of this Agreement without Cause
by the Company, the Company will have no further obligations to the Executive under this Agreement other than the Company’s
obligation to:

 

		(a)	pay the Executive Base Salary accrued to the date of termination;

 

		(b)	pay the Executive Severance Pay as determined in accordance
with section 6.4 ;

 

		(c)	reimburse the Executive for expenses incurred by the Executive
through the termination date that are reimbursable pursuant to section 3.4; and

 

		(d)	pay the Executive any accrued and unused vacation.

 

		6.3	Change of Control. Within twelve (12) months following
a Change of Control, the Executive may, in the Executive’s sole discretion, elect to terminate the Executive’s employment
on the provision of written notice to the Company. Following any such termination of this Agreement, the Company will have no
further obligations to the Executive under this Agreement other than the Company’s obligation to:

 

		(a)	pay the Executive Base Salary accrued to the date of termination;

 

		(b)	pay the Executive Severance Pay as determined in accordance
with section 6.4;

 

		(c)	reimburse the Executive for expenses incurred by the Executive
through the termination date that are reimbursable pursuant to section 3.4; and

 

		(d)	pay the Executive any accrued and unused vacation.

 

		6.4	Severance Pay. In the event that the Executive’s
employment is terminated

 

		(a)	by the Company, without Cause; or

 

		(b)	by the Executive, in accordance with section 6.3,

 

the Executive will be entitled
to “Severance Pay” in an amount equal to twelve (12) months of Base Salary plus one (1) additional month of Base
Salary for each full year employed with the Company to a maximum of eighteen (18) months of Base Salary.

 

In addition, all Stock Options
will accelerate and vest as at the date of termination and be exercisable for the greater of 180 days or the greatest time permitted
for exercise after any termination of employment as set out in the Company stock option plan.

 

The Company will pay the Executive
Severance Pay forthwith, but in any event within two (2) weeks of the termination date (subject to earlier payment of some of the
Severance Pay in accordance with the requirements of the British Columbia Employment Standards Act). The Executive
agrees that Severance Pay exceeds the Executive’s entitlements under the British Columbia Employment Standards Act.
Upon satisfaction of its obligations under this section and under section 6.2 or 6.3, as applicable, the Company shall have no
further liability or obligation to the Employee under this Agreement, including but not restricted to liability for severance pay,
for failure to give reasonable notice, or for damages in lieu of reasonable notice.

 

    	 	9	 

     

    

 

		6.5	Release. Any obligation of the Company to the Executive
hereunder for payments pursuant to sections 6.2, 6.3 is conditioned expressly upon the Executive executing a release of claims
in a form substantially similar to the form of Exhibit A.

 

		6.6	Resignation by the Executive. The Executive resign
by providing the Company with not less than ninety (90) days prior written notice, in which case this Agreement will terminate,
and all obligations of each party to the other under this Agreement will terminate, on the date specified in the notice, other
than the Company’s obligation to:

 

		(a)	pay the Executive Base Salary accrued to the date of termination;

 

		(b)	reimburse the Executive for expenses incurred by the Executive
through the termination date that are reimbursable pursuant to section 3.4; and

 

		(c)	pay the Executive any accrued and unused vacation pay.

 

			In its discretion, the Company may elect to place the Executive on leave with pay and benefits during the notice
                                                                               period.

 

		6.7	Death or Disability. This Agreement will automatically
terminate upon the death or Permanent Disability of the Executive, and upon such termination, the Company’s obligations
under this Agreement will immediately terminate other than the Company’s obligation to:

 

		(a)	pay the Executive Base Salary accrued to the date of termination;

 

		(b)	pay the Executive any accrued and unused vacation pay;
and

 

		(c)	reimburse the Executive for expenses incurred by the Executive
through the termination date that are reimbursable pursuant to section 3.4.

 

			In the event that the Executive dies or suffers a Permanent Disability, any payments due and owing to the Executive under
                                                                               this subsection 6.7 will enure to the benefit of the Executive’s heirs and/or estate.

 

		6.8	Statutory Withholdings. For greater clarity, payments
under this article 6 are subject to the necessary deductions and/or withholdings required by law.

 

		7.	Release. It shall be
a pre-condition of the payments set out in section 6 herein that the Consultant sign a Release of all claims and potential claims
against the Company.

 

    	 	10	 

     

    

 

		8.	GENERAL PROVISIONS

 

		8.1	Governing Law. This Agreement and the rights and
obligations of the parties hereunder will be governed by and construed in accordance with the laws of the Province of British
Columbia applicable to contracts made and to be performed therein without regard to its conflicts or choice of law provisions.
In connection with any disputes which arise out of or in connection with this Agreement, the parties hereto hereby agree to submit
to the non-exclusive jurisdiction of the courts of the Province of British Columbia.

 

		8.2	Currency. Unless otherwise provided in this Agreement,
all dollar amounts are in Canadian dollars.

 

		8.3	Notice. All notices referred to in this Agreement
will be in writing and may be delivered by ordinary first-class pre-paid post to the other party at such address as each party
advises the other in writing, from time to time; furthermore, every notice will be deemed to have been received and given when
it should, in the ordinary course of postage, have been delivered at the address to which it was sent.

 

		8.4	Entire Agreement. This Agreement constitutes the
entire agreement between the parties hereto relating to the subject matter hereof, and supersedes any and all prior and collateral
agreements, understandings, statements and negotiations of the parties. There are no terms, obligations, covenants, representations,
statements or conditions, whether oral or written, express or implied, other than those contained herein. No variation or modification
of this Agreement, nor waiver of any of the terms and provisions hereof, will be deemed valid unless it is in writing and signed
by both parties.

 

		8.5	Benefit. This Agreement will enure to the benefit
of and be binding upon the Company and its successors and assigns. Except as expressly provided herein, the rights, benefits and
obligations of the Executive under this Agreement are personal to the Executive, and any voluntary or involuntary alienation,
assignment or transfer by the Executive will be null and void.

 

		8.6	Severability. If any provision of this Agreement,
as applied to any party or to any circumstance, will be found by a court to be void, invalid or unenforceable, the same will in
no way affect any other provision of this Agreement or the application of any such provision in any other circumstance, or the
validity or enforceability of this Agreement.

 

		8.7	Consideration. The Executive acknowledges the restrictions
and limitations provided herein, including, but not limited to, the restrictions and limitations set forth in article 4 (Ownership
of Developments) and article 5 (Confidentiality and Restrictive Covenants) are reasonable and necessary for the protection of
the Company’s Confidential Information, trade secrets, customer relationships, and goodwill.

 

		8.8	Waiver. Failure by either party to insist upon strict
compliance with any of the terms, covenants or conditions hereof will not be deemed a waiver of such term, covenant or condition,
nor will any waiver or relinquishment of any right or remedy hereunder at any time be deemed a waiver or relinquishment of such
right or remedy.

 

    	 	11	 

     

    

 

		8.9	Enforcement Costs. If any party institutes any action
or proceeding to enforce this Agreement or any provision herein, or for damages by reason of any alleged breach of this Agreement,
the prevailing party in any such action or proceeding will be entitled to receive from the other party all costs and expenses,
including reasonable legal fees, incurred by the prevailing party in connection with the action or proceeding.

 

		8.10	Counterparts and Scanned Signatures. This Agreement
may be executed in counterpart, each of which, when so executed, will be deemed to be an original copy hereof, and all such counterparts
together will constitute but one single agreement. The parties are authorized to provide and agree to accept from the other party
electronically scanned (portable document format) signatures on a counterpart to this Agreement from the other party, and such
portable document file will be deemed to be an original counterpart signature page to this Agreement.

 

IN WITNESS WHEREOF, the parties hereto
have, through duly authorized officials, executed this Agreement effective as of the Effective Date.

 

ELECTRAMECANNICA VEHICLES CORP.

 

	Per:	/s/ BAL BHULLAR	 
	 	BAL BHULLAR	 
	 	CHIEF FINANCIAL OFFICER	 

 

	SIGNED, SEALED and DELIVERED by 	)	 
	JERRY KROLL in the presence of:	)	 
	 	)	 
	 	)	 
	 	)	/s/ JERRY KROLL
	 	)	JERRY KROLL
	 	)	 
	 	)	 
	 	)	 
	 	)	 
	 	)	 

 

    	 	12	 

     

    

 

EXHIBIT A

 

RELEASE OF CLAIMS

 

FOR AND IN CONSIDERATION
OF the benefits to be provided me in connection with the termination of my employment, as set forth in the agreement between me
and Electramecannica Vehicles Corp. (the “Company”) signed as of _____________________ (the “Agreement”),
which are conditioned on my signing this Release of Claims and to which I am not otherwise entitled, I, on my own behalf and on
behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns, and all others connected with or claiming
through me, hereby release and forever discharge the Company, its subsidiaries, parents, and other affiliates and all of its and
their respective past, present and future officers, directors, trustees, shareholders, employees, agents, general and limited partners,
members, managers, joint venturers, representatives, successors and assigns, and all others connected with any of them, both individually
and in their official capacities, from any and all causes of action, rights or claims of any type or description, known or unknown,
which I have had in the past, now have, or might now have, from the beginning of time through the date of my signing of this Release
of Claims, in any way resulting from, arising out of or connected with my employment by the Company or any of its subsidiaries
or other affiliates or the termination of that employment. For instance, without limiting the generality of the foregoing, the
claims released herein include, but are not limited to any claims for notice, pay in lieu of notice, wrongful dismissal, termination
pay, severance pay, commissions, bonus, overtime pay, incentive compensation, benefits (including, but not limited to, short-term
and long-term disability benefits), interest, vacation pay, negligence, personal injury, aggravated or punitive damages, or any
claims whatsoever under the British Columbia Employment Standards Act, British Columbia Human Rights Code, or any
other applicable federal, provincial or local laws, statutes, regulations, or ordinances, as well as any and all common law causes
of action. I further represent that I am aware of my rights under the British Columbia Human Rights Code and the British
Columbia Employment Standards Act, and confirm that the Releasees have complied with the British Columbia Human Rights
Code and the British Columbia Employment Standards Act in respect of my employment and cessation from such employment,
and all related matters.

 

I CONFIRM there are no outstanding claims
in regards to my cessation of employment.

 

IT IS COVENANTED AND AGREED that I will
not publish, post or disseminate any derogatory, inflammatory or disparaging materials or comments regarding the Releasees.

 

IT IS UNDERSTOOD AND AGREED that the giving
of the aforementioned consideration is deemed to be no admission of liability on the part of the said Releasees, said liability
in fact being denied.

 

FURTHER IT IS UNDERSTOOD AND AGREED THAT
in the event that I should hereafter make any claim or demand or commence or threaten to commence any action or complaint against
the Releasees for or by reason of any cause, matter or thing in respect of the matters released herein, this document may be raised
as an estoppel to any claim, demand, action or complaint commenced in regard to the aforesaid. I agree that if I violate this covenant
not to sue, I will pay all costs and expenses of defending against the proceeding or claim incurred by the Releasees, including
lawyer’s reasonable fees and disbursements.

 

    	 	13	 

     

    

 

IT IS COVENANTED AND AGREED that I will
not disclose the terms or nature of the settlement evidenced by the within Release of Claims, save and except for my immediate
family, my legal and financial advisors, and only after these individuals agree to be bound by the confidentiality terms of this
settlement, or as may be required by law.

 

IN WITNESS WHEREOF I have hereunto executed
this Release of Claims by affixing my hand and seal this _____ day of _________________, ______, in the presence of the witness
whose signature is subscribed below.

 

	SIGNED, SEALED and DELIVERED by	)	 
	JERRY KROLL in the presence of:	)	 
	 	)	 
	 	)	 
	 	)	 
	Witness Signature	)	JERRY KROLL
	 	)	 
	Name	)	 
	 	)	 
	Address	)	 
	 	)	 

 

    	 	14

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