Document:

Exhibit 10.3

 

SUPPLEMENTAL AGREEMENT

 

This
Supplemental Agreement (the “Agreement”), dated as of September 23, 2022, is entered into by and between YA
II PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”) and KULR TECHNOLOGY GROUP, INC.,
a corporation organized and existing under the laws of the State of Delaware (the “Company”).

 

BACKGROUND

 

		(A)	On May 13, 2022, the parties entered into a standby equity purchase agreement, which was amended
on June 3, 2022 (as amended, the “SEPA”), pursuant to which the Company shall have the right to issue and sell
to the Investor, from time to time as provided therein, and the Investor shall purchase from the Company, up to $50 million of the Company’s
shares of common stock, par value $0.0001 per share (the “Common Shares”).

 

		(B)	The parties desire to enter into this Agreement, pursuant to which, subject to the mutual consent of the
parties, from time to time the Company may request, and the Investor shall provide, pre-paid advances (each, a “Pre-Paid Advance”)
in the principal amount not to exceed $50 million, on the terms and conditions set forth herein.

 

		(C)	The parties have agreed that the Investor shall provide an initial Pre-Paid Advance in the principal amount
of $15,000,000, on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1.            Definitions
and Interpretation

 

1.1            Capitalized
terms used herein and not otherwise defined shall have the meaning set forth in Appendix I.

 

1.2            All
other capitalized terms not otherwise defined herein shall have the meanings set forth in the SEPA, as applicable.

 

2.            Pre-Advance
Loan Closing

 

2.1            Request
for Pre-Paid Advance. The parties hereby agree that the Company may, at any time and from time to time during the Commitment Period,
and subject to Section 2.2 of this Agreement, request a Pre-Paid
Advance in an amount not to exceed the Maximum Advance Amount from the Investor by providing a written notice of such request to the Investor
(the “Request”). The closing of each Pre-Paid Advance shall take place on or before the third business day following
the date of such Request, or such earlier date as may be agreed by the Investor (the date of the closing of each Pre-Paid Advance shall
be referred to as the “Pre-Advance Date”). On each Pre-Advance Date the Investor shall pay
to the Company an amount the amount of the Pre-Paid Advance set forth in such Request in immediately available funds to an account designated
by the Company in writing and transmit notification to the Company that such funds transfer has been requested.

 

     

     

    

 

2.2            Each
Pre-Paid Advance. Each Pre-Paid Advance shall be subject to the mutual consent of the parties, provided however, the parties hereby
agree that the Company shall be deemed to have delivered a Request for the initial Pre-Paid Advance in an amount equal to $15.0 million
and the Investor agrees to accept the initial Pre-Paid Advance. The parties hereby agree that the Pre-Advance Date for the initial Pre-Paid
Advance shall be the date hereof. In connection with each Pre-Paid Advance, the Investor shall have received a closing statement in the
form of Exhibit A, duly executed by an officer of the Company, setting forth wire transfer instructions of the Company for
the payment of the Pre-Paid Advance and the amount to be paid by the Investor, less and any deduction to be made from the Pre-Paid Advance.

 

2.3            Company’s
Pre-Paid Advance Obligations.

 

(a)            Interest.
Interest shall accrue on the outstanding balance of any Pre-Paid Advance at an annual rate of 10%, provided however, for so long as any
Event of Default has occurred and remains uncured, interest shall accrue on the outstanding balance of any Pre-Paid Advance at an annual
rate of 15%. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted
by applicable law.

 

(b)            Maturity.
The Company shall pay to the Investor an amount in cash representing any amount of a Pre-Paid Advance that remains outstanding, plus any
accrued and unpaid interest thereon, on the date that is 12 months following the Pre-Advance Date of each Pre-Paid Advance, unless otherwise
agreed by the parties (the “Maturity Date”).

 

(c)            Triggering
Event. If, any time after the Pre-Advance Date in respect of any Pre-Paid Advance, and from time to time thereafter, (i) the
VWAP is less than the Floor Price for at least 5 Trading Days during a period of 7 consecutive Trading Days, or (ii) the Company
has issued substantially all of the Common Shares available under the Exchange Cap (the last such day of each such occurrence, a “Triggering
Date”), then the Company shall make monthly repayments of amounts outstanding under such Pre-Paid Advance beginning on the 5th
Trading Day after the Triggering Date and continuing on the same day of each successive calendar month until the entire amount of such
Pre-Paid Advance balance shall have been paid or until the payment obligation ceases in accordance with this section. Each monthly payment
shall be in an amount equal to the sum of (x) $3.0 million, (y) the Payment Premium in respect of such amount, and (z) all
outstanding accrued and unpaid interest in respect of such Pre-Paid Advance as of each payment date. The obligation of the Company to
make monthly payments hereunder shall cease (with respect to any payment that has not yet come due) if any time after the Triggering Date,
if the Triggering Date was caused by (i) above, the VWAP is greater than the 110% of the Floor Price for a period of five (5) consecutive
Trading Days, or if the Triggering Date was caused by (ii) above, the Exchange Cap no longer applies, and unless a subsequent Triggering
Date occurs.

 

(d)            Right
of Prepayment. The Company at its option shall have the right, but not the obligation, to repay (“Optional Prepayment”)
early a portion or all amounts outstanding under a Pre-Paid Advance in cash in the Prepayment Amount (as defined below) as described in
this Section; provided that (i) at the time of the Prepayment Notice (as defined below), the daily VWAP is less than the Fixed
Price and (ii) the Company provides the Investor with at least 10 Trading Days’ prior written notice (each, a “Prepayment
Notice”) of its desire to exercise an Optional Prepayment. Each Prepayment Notice shall be irrevocable and shall specify the
outstanding balance of the Pre-Paid Advance to be prepaid and the applicable Payment Premium. The “Prepayment Amount”
shall be an amount equal to the outstanding principal balance being prepaid by the Company, plus the Payment Premium, plus all accrued
and unpaid interest on the outstanding balance. After receipt of a Prepayment Notice, the Investor shall have 10 Trading Days to elect
to deliver Investor Notices to the Company in respect of any portion of the Pre-Paid Advance outstanding. On the 11th Trading
Day after the Prepayment Notice, the Company shall deliver to the Investor the Prepayment Amount with respect to the principal amount
prepaid after giving effect to Investor Notices delivered during the applicable notice period.

 

     

     

    

 

(e)            Events
of Default. An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason
and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court,
or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing:

 

(i)            the
Company’s failure to pay to the Investor any amount of Pre-Paid Advances or other amounts when and as due and payable hereunder
and such failure is not cured within 5 days following the Investor’s written notice to such effect;

 

(ii)            the
Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary of the Company
under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company or any subsidiary
of the Company commences, or there shall be commenced against the Company or any subsidiary of the Company, any other proceeding under
any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction
whether now or hereafter in effect relating to the Company or any subsidiary of the Company, in each case which remains un-dismissed for
a period of 61 days; or the Company or any subsidiary of the Company is adjudicated insolvent or bankrupt pursuant to a final, non-appealable
order; or any order of relief or other order approving any such case or proceeding is entered; or the Company or any subsidiary of the
Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part of its
property which continues un-discharged or un-stayed for a period of 61 days; or the Company or any subsidiary of the Company makes a general
assignment for the benefit of creditors; or the Company or any subsidiary of the Company shall admit in writing that it is unable to pay
its debts generally as they become due; or the Company or any subsidiary of the Company shall call a meeting of its creditors with a view
to arranging a composition, adjustment or restructuring of its debts; or any corporate or other action is taken by the Company or any
subsidiary of the Company for the purpose of effecting any of the foregoing;

 

(iii)            the
Company is a party to any agreement memorializing (1) the consummation of any transaction or event (whether by means of a share exchange
or tender offer applicable to the Common Stock, a liquidation, consolidation, recapitalization, reclassification, combination or merger
of the Company or a sale, lease or other transfer of all or substantially all of the consolidated assets of the Company) or a series of
related transactions or events pursuant to which all of the outstanding Common Stock of the Company are exchanged for, converted into
or constitute solely the right to receive, cash, securities or other property, (2) a consolidation or merger in which the Company
is not the surviving corporation, or (3) a sale, assignment, transfer, conveyance or other disposal of all or substantially all of
the properties or assets of the Company to another person or entity not affiliated with or under the control of the Company (each of (1),
(2) and (3) a “Change in Control”) unless in connection with such Change in Control, the outstanding balance
of all Pre-Paid Advances hereunder, and any other amounts owed will be paid in full or the Investor consents to such Change in Control;

 

     

     

    

 

(iv)            the
Company's (A) failure to deliver the required number of Common Shares to the Investor within 3 Trading Days of each Advance Date
(unless such delay is caused by a direct or indirect action of the Investor), or (B) notice, written or oral, to the Investor, including
by way of public announcement, at any time, of its intention not to comply with an Investor Notice;

 

(v)            the
Company or any subsidiary of the Company shall default in any of its obligations under any debenture or any mortgage, credit agreement
or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or whether or not secured
or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any
subsidiary of the Company in an amount exceeding $500,000, whether such indebtedness now exists or shall hereafter be created and such
default is not cured within five (5) Business Days;

 

(vi)            the
Common Shares shall cease to be quoted or listed for trading, fail to have a bid price or VWAP, or fail to maintain a trading market on
any Principal Market or otherwise have been suspended or delisted by the SEC, the NYSE American, or FINRA; or

 

(vii)            the
Company shall fail to observe or perform any material covenant, agreement or warranty contained herein.

 

During
the time that any portion of a Pre-Paid Advance is outstanding, if any Event of Default has occurred, the full amount outstanding under
the Pre-Paid Advances and the Payment Premium, together with interest and other amounts owing in respect thereof, to the date of acceleration
shall become at the Investor's election given by notice, immediately due and payable in cash. Furthermore, in addition to any other remedies,
the Investor shall have the right (but not the obligation) to submit Investor Notices (and Advances hereunder) (subject to the limitations
set out in Sections 3.2(a) and 3.2(b)) at any time after (x) an Event of Default or (y) the Maturity Date at the Investor
Purchase Price. The Investor need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any
kind (other than required notice of purchase) and the Investor may immediately enforce any and all of its rights and remedies hereunder
and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Investor at any time prior
to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

 

     

     

    

 

3.            Supplemental
Agreements to the SEPA.

 

3.1            Investor
Advance Notices. At any time during the Commitment Period, provided that there is an outstanding balance owed under a Pre-Paid Advance,
the Investor may, by providing written notice to the Company in the form set forth herein as Exhibit B (an “Investor
Notice”), require the Company to deliver an Advance Notice to the Investor in accordance with the following provisions:

 

(a)            The
Investor shall, in each Investor Notice, select the amount of the Advance, in its sole discretion, and the timing of delivery; provided
that the amount of the Advance shall not exceed the balance owed under all Pre-Paid Advances outstanding on the date of delivery of the
Investor Notice, or result in the Investor exceeding the Advance Limitations set forth in Section 3.2 of this Agreement.

 

(b)            The
Purchase Price of the Shares in respect of any Advance Notice delivered pursuant to an Investor Notice shall be equal to the Investor
Purchase Price in effect on the date of delivery of the Investor Notice.

 

(c)            Each
Investor Notice shall set forth the amount of the Advance requested, the applicable Investor Purchase Price (along with a report by Bloomberg,
L.P. indicating the relevant VWAP used in calculating the Variable Price, if applicable), the number of shares of Common Stock to be issued
by the Company and purchased by the Investor, the aggregate amount of accrued and unpaid interest of the Pre-Paid Advance (if any) as
of the Investor Notice Date that shall be offset by the issuance of Common Shares, the aggregate amount of principal of the Pre-Paid Advance
as of the Investor Notice Date that shall be offset by the issuance of Common Shares.

 

(d)            Upon
the deemed delivery of an Investor Notice in accordance with Section 3.1 of this Agreement, a corresponding Advance Notice shall
simultaneously and automatically be deemed to have been delivered by the Company to the Investor requesting the Advance amount set forth
in the Investor Notice, and any conditions precedent to such Advance Notice under the terms of the SEPA that have not been satisfied shall
be deemed to have been waived by the Investor.

 

3.2            Advance
Limitations.

 

(a)            Ownership
Limitation; Commitment Amount. In no event shall the number of Common Shares issuable to the Investor pursuant to an Investor Notice
and corresponding Advance Notice cause the aggregate number of Common Shares beneficially owned (as calculated pursuant to Section 13(d) of
the Exchange Act and Rule 13d-3 promulgated thereunder) by the Investor and its affiliates (on an aggregated basis) to exceed the
Ownership Limitation.

 

(b)            Exchange
Limitation. In no event shall the number of Common Shares issuable to the Investor pursuant to an Investor Notice and corresponding
Advance Notice cause the number of Shares to exceed the Exchange Cap, to the extent applicable, provided further that, the Exchange Cap
will not apply if (a) the Company’s stockholders have approved issuances in excess of the Exchange Cap in accordance with the
rules of the Principal Market or (b) the Purchase Price of Common Shares, with respect to an Investor Notice and corresponding
Advance, equals or exceeds a per share price equal to the greater of (i) book value of Common Shares immediately preceding the delivery
of the Investor Notice and corresponding Advance Notice or (ii) or the market value of the Common Shares (as reflected on Bloomberg,
LP) immediately preceding the delivery of the Investor Notice and corresponding Advance Notice (in either case in compliance with the
NYSE American rules).

 

     

     

    

 

(c)            Limitation
on Advance Amount. The Investor agrees that, except as set forth below, it shall not submit Investor Notices requesting Advances of
more than $3.0 million in respect of a Pre-Paid Advance (x) during the period beginning at 12:01 a.m. on the Pre-Advance Date
in respect of such Pre-Paid Advance (the “Start Date”), and ending at 11:59 p.m. on the date that is 30 days following
the Start Date, and (y) during each successive 30 day period immediately following the conclusion of the prior period. The limitations
agreed by the Investor in this section shall not apply (i) at any time upon the occurrence and during the continuance
of an Event of Default and (ii) with respect to any Investor Notice requesting an Advance utilizing a price per share equal to the
Fixed Price. The foregoing limitations in this subsection may be waived with the prior written consent of the Company.

 

3.2            Closings
of an Advance Notice delivered pursuant to an Investor Notice.

 

(a)            In
respect of an Advance Notice deemed to be delivered pursuant to an Investor Notice in accordance with Section 3.1 above, the Advance
Date shall be the Investor Notice Date in respect of such Investor Notice.

 

(b)            In
respect of an Advance Notice deemed to be delivered pursuant to Section 3.1 above, the Investor shall pay the aggregate purchase
price of the Shares (as set forth in the Investor Notice) by offsetting the amount of the aggregate purchase price of the Shares to be
paid by the Investor against an equal amount outstanding under the Pre-Paid Advance (first towards accrued and unpaid interest, and then
towards outstanding principal).

 

(c)            The
closing of each Advance Notice deemed to be delivered pursuant to an Investor Notice in accordance with Section 3.1 above and issuance
of Shares related to such Advance Notice (each, an “Investor Notice Closing”) shall take place as soon as practicable
on or after each Advance Date in accordance with the procedures set forth below. In connection with each Investor Notice Closing, the
Company and the Investor shall fulfill each of its obligations as set forth below:

 

(i)            On
each Advance Date, the Investor shall be deemed to have satisfied its obligation to deliver a Settlement Document to the Company pursuant
to Section 2.02 of the SEPA by the delivery of the Investor Notice containing the information required herein.

 

(ii)            Promptly
after receipt of each Investor Notice (which shall be deemed to be the Settlement Document with respect to each Advance corresponding
to an Investor Notice) (and, in any event, not later than one Trading Day after such receipt), the Company will, or will cause its transfer
agent to, electronically transfer such number of Shares to be purchased by the Investor (as set forth in the Investor Notice) by crediting
the Investor’s account or its designee’s account at the Depository Trust Company through its Deposit Withdrawal at Custodian
System or by such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit notification to the Investor
that such share transfer has been requested. No fractional shares shall be issued, and any fractional amounts shall be rounded to the
next higher whole number of shares. To facilitate the transfer of the Common Shares by the Investor, the Common Shares will not bear any
restrictive legends so long as there is an effective Registration Statement covering such Common Shares (it being understood and agreed
by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Common Shares pursuant to the Plan
of Distribution set forth in the prospectus including in the Registration Statement and otherwise in compliance with the requirements
of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption).

 

     

     

    

 

(iii)            On
or prior to the Advance Date, each of the Company and the Investor shall deliver to the other all documents, instruments and writings
expressly required to be delivered by either of them pursuant to this Agreement or the SEPA in order to implement and effect the transactions
contemplated herein.

 

4.            Representations,
Warranties and Covenants.

 

4.1            Representations
and Warranties of the Company. For the purposes hereof, the Company represents
and warrants to the Investor that, as of the date hereof and each Pre-Advance Date all of the representations and warranties in the SEPA
are true and correct in all material respects (other than representations and warranties which address matters only as of a certain date,
which shall be true and correct as written as of such certain date) and shall apply in respect of the issuance of a Pre-Paid Advance and
the transactions contemplated by this Agreement.

 

4.2            Representations
and Warranties of the Investor. (a) For the purposes hereof, the Investor
represents and warrants to the Company that, as of the date hereof and each Pre-Advance Date all of the representations and warranties
in the SEPA are true and correct (other than representations and warranties which address matters only as of a certain date, which shall
be true and correct as written as of such certain date) and shall apply in respect of the issuance of a Pre-Paid Advance and the transactions
contemplated by this Agreement.

 

4.3            Opinion
of Counsel. Prior to the first Pre-Advance Date, the Company shall cause to be delivered to the Investor an opinion letter from counsel
to the Company in form and substance reasonably satisfactory to the Investor.

 

4.4            Use
of Proceeds. The Company will use the proceeds from (i) the initial Pre-Paid Advance in part to redeem the promissory note issued
to the Investor on May 16, 2022, (ii) the initial Pre-Paid Advance in excess of the redemption, and all subsequent Pre-Paid
Advances hereunder for working capital and other general corporate purposes, and in a manner consistent with the application thereof described
in the Registration Statement. 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 Blocker 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 Programs, or (ii) in any other manner that will result in a violation of Sanctions Programs.

 

     

     

    

 

4.5            Integration.
The Company shall not issue any securities or enter into any transaction which would be integrated with the issuance of Common
Shares pursuant to this Agreement or the SEPA for the purposes of the shareholder approval requirements of the NYSE American.

 

4.7            Use
of SEPA. At any time during the Commitment Period, provided that there is an outstanding balance owed under Pre-Paid Advance, the
Company shall not deliver Advances to the Investor (other than as deemed to be delivered under this Agreement) without the prior written
consent of the Investor, provided however, if at any time an event described in Section 2.3(c) of this Agreement has occurred
and remains, if the Company delivers an Advance Notice to the Investor, the Investor shall offset the amount due to be paid to the Company
under such Advance Notice against an equal amount outstanding under any outstanding Pre-Paid Advance (first towards accrued and unpaid
interest, and then towards outstanding principal, with no deduction for any Payment Premium).

 

4.8            Registration
and Disclosure. Promptly after the execution of this Agreement (and simultaneously with the first Pre-Advance Closing), the Company
shall file with the SEC a report on Form 8-K or such other appropriate form as determined by counsel to the Company, relating to
the transactions contemplated by this Agreement and a Prospectus Supplement pursuant to Rule 424(b) of the Securities Act disclosing
all information relating to the transaction contemplated hereby and the initial Pre-Paid Advance required to be disclosed therein and
an updated Plan of Distribution, including, without limitation, the name of the Investor, the amount of Shares being offered hereunder,
the terms of the offering, the purchase price of the Shares, and other material terms of the offering, and any other information or disclosure
necessary to register the transactions contemplated herein and shall provide the Investor with adequate opportunity to review the Initial
Disclosure prior to its filing.

 

4.9            No
Variable Rate Transactions. The Company shall not effect or enter into an agreement to effect any Variable Rate Transaction for so
long as any Pre-Paid Advance is outstanding.

 

5.            Conditions
Precedent to a Pre-Paid Advance. The obligations of the Investor to fund a Pre-Paid Advance
shall be subject to the timely performance by the Company of their obligations hereunder, and the satisfaction, unless waived by the Investor,
as of the Pre-Advance Date, of each of the following conditions:

 

5.1            Accuracy
of Company’s Representation and Warranties. The representations and warranties of the Company set forth in Section 4.1
shall be true and correct in all material respects.

 

5.2            Registration
of the Common Shares with the SEC. There is an effective Registration Statement pursuant to which the Investor is permitted to utilize
the prospectus thereunder to resell Common Shares issuable pursuant to Investor Notices and corresponding Advance Notices under the SEPA
and this Agreement.

 

     

     

    

 

5.4            Authority.
The issuance of the Pre-Paid Advance and the performance by the Company
of its obligations thereunder, including, without limitation, the issuance of the Shares upon receipt of an Investor Notice, is legally
permitted by all laws and regulations to which the Company is subject and is not in conflict with, or prohibited by, the organizational
documents of the Company, or any contract, agreement, or arrangement with any third party, and would not provide a participation right
to any third party.

 

5.5            No
Suspension of Trading in or Delisting of Common Shares. The Common Shares are quoted for trading on the Principal Market. The Company
shall not have received any written notice that is then still pending threatening the continued quotation of the Common Shares on the
Principal Market.

 

5.6            Bring
Down Certificate. The Investor shall have received on and as of the Pre-Advance Date a certificate of an executive officer of the
Company confirming that all of the representations and warranties of the Company in this Agreement and the SEPA are true and correct on
and as of the Pre-Advance Date, and that the Company has complied with all agreements and covenants and satisfied all other conditions
on its part to be performed or satisfied hereunder at or prior to the Pre-Advance Date.

 

5.7            Closing
Statement. The Company shall have received a letter, duly executed by an officer of the Company, setting forth wire transfer instructions
of the Company for the payment of the Purchase Price by the Investor.

 

6.            Counterparts
and Delivery. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such “.pdf” signature page were an original thereof.

 

7.            Governing
Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to
the principles of conflict of laws. The parties further agree that any action between them shall be heard in New York County, New York,
and expressly consent to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the United
States District Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted
pursuant to this Agreement.

 

8.            Non-Exclusive
Agreement. Notwithstanding anything contained herein, this Agreement and the rights awarded to the Investor hereunder are
non-exclusive, and the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake to
issue and allot, any shares and/or securities and/or convertible notes, bonds, debentures, options to acquire shares or other securities
and/or other facilities which may be converted into or replaced by Common Shares or other securities of the Company, and to extend, renew
and/or recycle any bonds and/or debentures, and/or grant any rights with respect to its existing and/or future share capital.

 

     

     

    

 

9.            Assignment.
Neither this Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person.

 

10.            Entire
Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Investor, the Company,
their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement, together
with the SEPA, contains the entire understanding of the parties with respect to the matters covered herein and, except as specifically
set forth herein, neither the Company nor the Investor makes any representation, warranty covenant or undertaking with respect to such
matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties to this
Agreement.

 

11.            The
SEPA. Other than as supplemented by this Agreement, the SEPA shall remain in full force and effect.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Agreement to be signed by their duly authorized officers.

 

	 	COMPANY:
	 	 
	 	KULR TECHNOLOGY GROUP, INC.
	 	 
	 	 
	 	By:	/s/ Michael Mo
	 	Name:	Michael Mo
	 	Title:	Chief Executive Officer
	 	 
	 	 
	 	INVESTOR:
	 	 
	 	YA II PN, LTD.
	 	By:	Yorkville Advisors Global LP
	 	Its:	Investment Manager
	 	 	By:	Yorkville Advisors Global II, LLC
	 	 	Its:	General Partner
	 	 
	 	By:	/s/ Matt Beckman
	 	Name:	Matt Beckman
	 	Title:	Member

 

     

     

    

 

APPENDIX I

 

DEFINITIONS

 

“Floor Price”
shall mean $0.75 per share.

 

“Investor Purchase
Price” shall mean a price per share equal to the lower of (a) with respect to each Pre-Paid Advance, 135% of the VWAP on
the Trading Day immediately prior to the Pre-Advance Date with respect to such Pre-Paid Advance (the “Fixed Price”)
and (b) 95% of the lowest VWAP during the 3 consecutive Trading Days immediately prior to the Investor Notice Date (the “Variable
Price”), but in either case not lower than the Floor Price, and provided that the Investor may elect to use the Fixed Price
at any time.

 

“Maximum Advance
Amount” in respect of each Request means $15.0 million (or such greater amount that the parties may mutually agree), provided
that the amount of such Request shall not cause the aggregate of all Pre-Paid Advances to exceed the Commitment Amount.

 

“Payment Premium”
means 5% of the principal amount being paid.

 

“Investor Notice Date” shall
mean each date the Investor delivers to the Company an Investor Notice.

 

“Variable Rate Transaction”
shall mean a transaction in which the Company (i) issues or sells any equity or debt securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional Common Shares either (A) at a conversion price, exercise price, exchange
rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after
the initial issuance of such equity or debt securities, or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such equity or debt security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Shares (including, without limitation,
any “full ratchet” or “weighted average” anti-dilution provisions, but not including any standard anti-dilution
protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), or (ii) enters
into any agreement, including but not limited to an “equity line of credit,” “ATM agreement” or other continuous
offering or similar offering of Common Shares.

 

     

     

    

 

EXHIBIT A

CLOSING STATEMENT

 

[Date]

 

Pre-Paid Advance pursuant to the Request dated
[________]

 

This document shall constitute the authorization
by KULR Technology Group, Inc. (the “Company") to YA II PN, Ltd. (the “Investor”) regarding the disbursement
of the purchase price to be paid by the Investor under the above referenced Request.

 

The Investor shall make the payments and transfers
set forth below in accordance with the wire instructions to the account of each recipient as set forth herein:

 

	Pre-Paid Advance Amount	$[15,000,000]
	Less:

 [Insert deductions to be made from the Purchase Price, if any]	 
	Net Purchase Price to be paid to the Company:	 

 

ACCOUNT INSTRUCTIONS

 

Company’s ACCOUNT:

 

To be provided

 

	 	Company:
	 	KULR Technology Group, Inc.
	 	 
	 	By:	         
	 	Name:
	 	Title:

 

     

     

    

 

EXHIBIT B

 

FORM OF INVESTOR NOTICE

 

AND CORRESPONDING ADVANCE NOTICE

 

YA II PN, LTD.

 

	Dated: ______________	 	Investor Notice Number: ____

 

On behalf of YA II PN, LTD.
(the “Investor”), the undersigned hereby certifies, with respect to the purchase of Common Shares of KULR Technology
Group, Inc. (the “Company”) issuable in connection with this Investor Notice, delivered pursuant to that certain
Standby Equity Purchase Agreement, dated as of May 13, 2022, as amended and supplemented from time to time (the “Agreement”),
as follows:

 

	1.	Advance requested in the Advance Notice	 
	2.	Fixed Price	 
	3.	Variable Price 	 
	2.	Investor Purchase Price per share	 
	3.	Number of Shares due to Investor	 

 

The
aggregate purchase price of the Shares to be paid by Investor pursuant to this Investor Notice and corresponding Advance Notice shall
be offset against amounts outstanding under the Pre-Paid Advance with a Pre-Paid Advance Date of [______________] (first towards accrued
and unpaid interest, and then towards outstanding principal) as follows (and this information shall satisfy the obligations of the Investor
to deliver a Settlement Document pursuant to the Agreement):

 

	1.	Amount offset against accrued and unpaid Interest	$[____________]
	2.	Amount offset against Principal	$[____________]
	3.	Total amount of the Pre-Paid Advance outstanding following the Advance	$[____________]

 

Please issue the number of Shares due to the Investor to the account
of the Investor as follows:

 

Investor’s
DTC participant #:

 

ACCOUNT
NAME:

ACCOUNT
NUMBER:

ADDRESS:

CITY:

 

     

     

    

 

The undersigned has executed this Investor Notice
as of the date first set forth above.

 

	YA II PN, Ltd.	 
	 	 
	By:	Yorkville Advisors Global, LP	 
	Its:	Investment Manager	 
	 	 
	 	By:	Yorkville Advisors Global II, LLC	 
	 	Its:	General Partner	 
	 	 
	 	By:	      	 
	 	Name:EX-10.22

 Exhibit 10.22 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between Selina Hospitality PLC, with company
number 13931732 and whose registered address is at 6th Floor, 2 London Wall Place, Barbican, London, EC2Y 5AU (the “Company”) and Rafael Museri (the
“Executive”), effective as of the Effective Date (defined below). 
 WHEREAS, the Company is a party to a Business
Combination Agreement with BOA Acquisition Corp., dated December 2, 2021, and upon the completion of the transactions set forth therein, the Company will become publicly listed on the Nasdaq Stock Market (the “Transaction”);
and 
 WHEREAS, the Company desires to continue to employ the Executive as its Chief Executive Officer, and the Executive desires to
continue to serve in such capacity on behalf of the Company. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants
and agreements hereinafter set forth, the Company and the Executive hereby agree as follows: 
 1. Employment. 

(a) Term. The term of this Agreement shall begin on the closing date of the Transaction (the “Effective Date”) and
shall continue until this Agreement is terminated, such period is referred to herein as the “Term.” The Executive’s start date for continuity of employment purposes is on or before 1 November 2019. No probationary period
applies to the Executive’s employment. The Executive’s continued employment with the Company is conditional on him ensuring that he continues to have the right to work and carry out the proposed employment legally in the UK, as applicable,
and in Israel. If at any time during the Executive’s continued employment he is unable to comply with a request from the Company to evidence his right to work in the UK and/or in Israel, the Company reserves the right to terminate the
Executive’s employment immediately, without notice. 
 (b) Job Title and Duties. 

(i) During the Term, the Executive shall serve as the Chief Executive Officer of the Company, with duties, responsibilities, and authority
commensurate therewith, and shall report to the Board of Directors of the Company (the “Board”). The Executive shall perform all duties and accept all responsibilities incident to such position as reasonably may be assigned to the
Executive by the Board from time to time. 
 (ii) The Executive represents to the Company that the Executive is not subject to or a party to
any employment agreement, non-competition covenant, or other agreement that would be breached by, or prohibit the Executive from, executing this Agreement and performing fully the Executive’s duties and
responsibilities hereunder. 

 (c) Best Efforts. During the Term, the Executive shall devote his best efforts and
full time and attention to promote the business and affairs of the Company and its affiliated entities, and may be engaged in other business activities only to the extent the Executive has received the prior written consent of the Board and such
activities do not materially interfere or conflict with the Executive’s obligations to the Company hereunder, including, without limitation, obligations pursuant to Section 18 below. The foregoing shall not be construed as preventing the
Executive from (i) serving on civic, educational, philanthropic or charitable boards or committees and (ii) managing personal investments, so long as such activities are permitted under the Company’s code of conduct and employment
policies and do not violate the provisions of Section 18 below. 
 (d) Principal Place of Employment. The Executive understands
and agrees that his principal place of employment will be in the Company’s offices located in Tel Aviv, Israel or London, England, and that the Executive will be required to travel for business in the course of performing his duties for the
Company. The Executive may therefore be required to work outside of England for a period of more than one month. The Executive will be expected to split his time between the Company’s offices located in Tel Aviv, Israel and in London, England.
The Executive shall continue to be paid his usual Base Salary (as defined below) in US dollars even when working outside the United Kingdom. The Executive shall not be entitled to any benefits in connection with working outside of the United Kingdom
except as provided for in Section 5. 
 (e) Hours of Work. The nature of the Executive’s employment including his seniority
and the scope of his responsibilities is such that his working time can be determined by him in a manner consistent with his employment under this Agreement. Accordingly, the Executive has no normal working hours or days, but is required to work for
such hours and days (without additional remuneration) as are necessary for the proper performance of his duties. This has already been taken into account in determining the Executive’s Base Salary and he will not be entitled to extra pay if he
works additional hours. The Company may set Executive’s core working hours from time to time on reasonable notice. For the purposes of the Working Time Regulations 1998, the Executive agrees that the
48-hour weekly working time limit shall not apply to his employment. The Executive may withdraw his agreement to this exclusion by giving the Company three months’ notice. 

(f) Training. No training will be provided to the Executive during his employment with the Company. 

2. Compensation. 
 (a) Base
Salary. During the Term, the Company shall pay the Executive a base salary (“Base Salary”), at the annualized rate of $550,000, which shall be paid in installments in accordance with the Company’s normal payroll practices.
The Executive’s Base Salary shall be reviewed annually, pursuant to the normal performance review policies for senior-level executives, and may be adjusted from time to time as the Compensation Committee of the Board (the “Compensation
Committee”) deems appropriate. For the purpose of Part II of the Employment Rights Act 1996, the Executive authorizes the Company to deduct from his remuneration any sums due from him to the Company including, without limitation, any over
payments, loans or advances made to him by the Company, the cost of repairing any damage or loss to the Company’s property caused by him, any losses suffered by the Company as a result of any negligence or breach of duty by him or fines
incurred by him 

  
 2 

 (b) Annual Bonus. The Executive shall be eligible to be awarded an annual
discretionary bonus for each fiscal year during the Term, based on the establishment and attainment of individual and corporate performance goals and targets established by the Compensation Committee (“Annual Bonus”) in its sole
discretion from time to time. Any Annual Bonus payment shall be purely discretionary and shall not form part of the Executive’s contractual remuneration under this Agreement. The target amount of the Executive’s Annual Bonus for any fiscal
year during the Term is 100% of the Executive’s annual Base Salary, and the maximum Annual Bonus payable for any fiscal year during the Term is 150% of the Executive’s annual Base Salary. If the Compensation Committee deems that any Annual
Bonus is payable, the actual amount of any Annual Bonus shall be determined by the Compensation Committee, based on the actual corporate and individual performance, as well as market conditions. Any Annual Bonus awarded shall be paid after the end
of the fiscal year to which it relates, at the same time and under the same terms and conditions as the annual bonuses for other executives of the Company; provided that the Executive must be actively employed and in good standing on the date that
the Executive’s Annual Bonus is paid. The Annual Bonus shall be subject to the terms of the annual bonus plan that is applicable to other executives of the Company as may be amended from time to time in the Compensation Committee’s sole
discretion. At the Compensation Committee’s discretion, a portion of the Annual Bonus may be deferred and paid in cash or in shares over a period of several years. If the Company makes an Annual Bonus payment to the Executive in respect of a
certain fiscal year, it shall not be obliged to make subsequent Annual Bonus payments in respect of any subsequent fiscal year. Any Annual Bonus payment shall not be pensionable. For purposes of this Agreement, “good standing” means that
the Executive must (i) not have received a disciplinary warning that is still live on the Executive’s personnel file or be under suspension or investigation in relation to any potential disciplinary matter as at the date when the Annual
Bonus is in all other respects scheduled to be paid to the Executive; or (b) be subject to a performance improvement plan as at the date when the Annual Bonus is in all other respects scheduled to be paid to the Executive; and “actively
employed” means that the Executive must: (x) have been continuously employed by the Company until the date when the Annual Bonus is in all other respects scheduled to be paid to the Executive; and (y) not have given or received
written notice that the Executive’s employment is to be terminated (whether or not the Executive is on garden leave) at the date when the Annual Bonus is in all other respects scheduled to be paid to the Executive. 

(c) Equity Awards. The Executive will be eligible to receive annual equity awards under the Company’s equity compensation plan, as
it may be in effect from time to time, or any successor plan (the “Equity Plan”). It is currently anticipated that the Executive’s initial annual equity awards will be in the form of time-based restricted stock units
(“RSUs”) and performance-based restricted stock units (“PSUs”), with the RSUs vesting ratably over a period of three years and the PSUs vesting after a period of three years, based on the Company’s achievement
of specified performance metrics over such three-year period. Any equity awards to be granted under the Equity Plan are discretionary, may vary from time to time and will be subject in all events to the approval of the Compensation Committee and the
terms of the Equity Plan and the applicable award agreements. 

  
 3 

 3. Other Benefits (Retirement and Welfare Benefits). 

(a) General. During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term
disability, retirement and welfare benefit plans, and programs available to senior executives of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate (as defined below)
of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date. Further details of these other benefits are available from the Company. 

(b) Pension. The Executive will be automatically enrolled into a qualifying pension scheme for the purposes of the Pensions Act 2008
(“Pension Plan”), so that the Company can comply with its statutory obligations, subject to the Executive’s right to opt out of participating in such Pension Plan. Further details regarding the Pension Plan will be provided to
the Executive upon commencement of the Appointment. 
 4. Paid Time Off. 

(a) Holidays. During the Term, the Executive shall be entitled to 34 days of holiday (including UK or Israeli public and bank holidays)
each year in accordance with the Company’s holiday policy. The Executive’s holiday entitlement shall be taken at times to be agreed with the Company or such person as is notified to him from time to time. If the Executive leaves his
employment with the Company with an outstanding holiday entitlement, he will, in addition to any other sums to which he may be entitled, be paid a sum representing Base Salary for the number of days’ holiday entitlement outstanding. If the
Executive leaves his employment with the Company having taken more than the accumulated holiday entitlement for the current year, then a sum equivalent to wages for the additional holiday taken will be deducted from any final payment to him and the
balance will be paid to him. A day’s holiday pay for the purposes of this Section 4 will be 1/260 of the Executive’s annual Base Salary. The Executive will not be permitted to carry over unused holiday entitlement into a following
year except with the express written consent of the Company. 
 (b) Other Paid Leave. The Executive may be eligible to take the
following types of paid leave, subject to any statutory eligibility requirements or conditions and the Company’s rules applicable to each type of leave in force from time to time: (i) statutory maternity leave; (ii) statutory
paternity leave; (iii) statutory adoption leave; (iv) shared parental leave; (v) parental bereavement leave; and (f) such other type of paid leave as have been notified to him from time to time. 

5. Business Expenses. The Company shall reimburse the Executive for all necessary and reasonable travel (which does not include commuting) and other
business expenses incurred by the Executive in the performance of his duties hereunder in accordance with such policies and procedures as the Company may adopt generally from time to time for executives. Such reimbursement shall include flying
business class when travelling in connection with your duties to the Company. 

  
 4 

 6. Incapacity. In the event of absence for whatever reason, the Executive should contact a suitable
person at the Company as may be notified to him from time to time as soon as possible to inform him of the reason for his absence. If the absence is due to sickness, an absence record form should be completed within seven days from the commencement
of the period of absence. The form will be supplied to the Executive. A medical certificate signed by the Executive’s doctor as to the reason for the absence must be handed or sent to the Chair of the Board or such other person as may be
notified to the Executive from time to time if he is absent for any period of seven consecutive days or more. A new medical certificate should be sent thereafter covering all periods of absence. The Executive will be paid any entitlement to
statutory sick pay. 
 7. Grievance and Disciplinary Procedures. The Executive is subject to the Company’s grievance procedure. The procedure is
not contractual. If the Executive wants to raise a grievance, he may apply in writing to the Chair of the Board or any other person as may be notified to him from time to time, as appropriate, in accordance with the Company’s grievance
procedure. A copy of the Company’s grievance procedure will be made available to the Executive. The Executive is subject to the Company’s disciplinary rules and procedure. The disciplinary rules form part of his contract but the
disciplinary procedure is not contractual. If the Executive is dissatisfied with any disciplinary decision relating to him, he should apply in writing to Chair of the Board or any other person as may be notified to him from time to time in
accordance with the Company’s disciplinary procedure. A copy of the Company’s disciplinary rules and procedure will be made available to the Executive. The Company may suspend the Executive from any or all of his duties for no longer than
is necessary to investigate any disciplinary matter involving him or so long as is otherwise reasonable while any disciplinary procedure against him is outstanding. During any period of suspension: (a) the Executive shall continue to receive
his Base Salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement; (b) the Executive shall remain the Company’s employee and bound by the terms of this Agreement; (c) the Executive shall
ensure that the Company knows where he will be and how he can be contacted during each working day (except during any periods taken as holiday in the usual way); (d) the Company may exclude the Executive from his place of work or any of the
Company’s other premises; and (e) the Company may require the Executive not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder,
adviser or other business contact of the Company’s. 
 8. Payment in Lieu of Notice. Notwithstanding Section 9, the Company may, in its
sole and absolute discretion, terminate the Executive’s employment at any time and with immediate effect by notifying the Executive that it is exercising its right under this Section 8 and that it will make on or around 28 days following
such notice a payment in lieu of notice (“Payment in Lieu”) to him. This Payment in Lieu will be equal to the Base Salary (as at the date of termination) which the Executive would have been entitled to receive under this Agreement
during the notice period referred to at Section 9 (or, if notice has already been given, during the remainder of the notice period). The Payment in Lieu shall not include any element in relation to (i) any bonus or commission payments that
might otherwise have been due during the period for which the Payment in Lieu is made; (ii) any payment in respect of benefits which the Executive would have been entitled to receive during the period for which the Payment in Lieu is made; and
(iii) any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made. The Company may pay any sums due under this Section 8 in equal monthly instalments until the date on
which the notice period referred to in Section 9 would have 

  
 5 

 
expired if notice had been given. The instalment payments shall be reduced by the amount of any income to be paid to the Executive by the Company or an Affiliate of the Company (e.g., for a
continuing directorship). The Executive shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in this Section 8. Nothing in this Section 8 shall prevent the Company from terminating the
Executive’s employment in breach. 
 9. Termination Without Cause; Resignation for Good Reason. The Company may terminate the Executive’s
employment at any time without Cause upon 90 days’ advance written notice unless the Executive is entitled to a greater statutory minimum notice period under any applicable legislation and if this applies, such statutory minimum notice shall
apply. The Executive may initiate a termination of employment by resigning for Good Reason as described below. Upon termination by the Company without Cause or resignation by the Executive for Good Reason before or after the Change of Control
Protection Period (as defined below), if the Executive executes and does not revoke a written Release (as defined below), the Executive shall be entitled to receive, in lieu of any payments under any severance plan or program for employees or
executives, the following: 
 (a) The Company will pay the Executive an aggregate amount equal to 1.5 times the Executive’s annual Base
Salary at the rate in effect at the time of termination or such higher rate in effect before the reduction if the termination is on account of Section 16(b)(iii). Payment shall be made over the 18-month
period following the termination date in installments in accordance with the Company’s normal payroll practices. Payment will begin within 60 days following the termination date, and any installments not paid between the termination date and
the date of the first payment will be paid with the first payment. 
 (b) The Company shall pay any other amounts earned, accrued, and owing
but not yet paid under Section 2 above and any benefits accrued and due under any applicable benefit plans and programs of the Company (“Accrued Obligations”), regardless of whether the Executive executes or revokes the
Release. 
 10. Change of Control Termination. Notwithstanding the foregoing, upon termination by the Company without Cause or resignation by the
Executive for Good Reason, in each case within 120 days prior to or on or within 18 months following a Change of Control (as defined in the Equity Plan) (the “Change of Control Protection Period”), and provided that the Executive
executes and does not revoke a written Release, then the Executive shall be entitled to receive, in lieu of any payments under Section 9 of this Agreement or any severance plan or program for employees or executives, the following: 

(a) The Company will pay the Executive an aggregate amount equal to the sum of (x) 1. 5 times the Executive’s annual Base Salary at the
rate in effect at the time of termination or such higher rate in effect before the reduction if the termination is on account of Section 16(b)(iii), plus (y) the Executive’s target Annual Bonus for the year of termination. If
termination occurs during the Change of Control Protection Period and prior to the Change of Control, payment shall commence to be made in instalments in accordance with the payment schedule set forth in Section 9(a) above and any remaining
payments under this Section 10(a) shall be made in a lump sum within 60 days following the Change of Control. If termination occurs during the Change of Control Protection Period and on or after to the Change of Control, payment shall be made
in a lump sum within 60 days following termination. 

  
 6 

 (b) The Company shall pay any Accrued Obligations, regardless of whether the Executive
executes or revokes the Release. 
 11. Section 280G. In the event of a change in ownership or control under Section 280G of
the U.S. Internal Revenue Code of 1986, as amended (“Code”), if it shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit
of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of
Section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not below zero) to the Reduced Amount (defined below) if and only if the Accounting Firm (described below) determines that the
reduction will provide the Executive with a greater net after-tax benefit than would no reduction. No reduction shall be made unless the reduction would provide Executive with a greater net after-tax benefit. The determinations under this Section shall be made as follows: 
 (a) The
“Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined
below), determined in accordance with Section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed under Section 4999 of the Code, together with any interest or penalties imposed with respect to such
excise tax. 
 (b) Payments under this Agreement shall be reduced on a nondiscretionary basis in such a way as to minimize the reduction in
the economic value deliverable to the Executive. Where more than one payment has the same value for this purpose and they are payable at different times, they will be reduced on a pro rata basis. Only amounts payable under this Agreement shall be
reduced pursuant to this Section. 
 (c) All determinations to be made under this Section 11 shall be made by an independent certified
public accounting firm selected by the Company and agreed to by the Executive immediately prior to the change-in-ownership or -control transaction (the
“Accounting Firm”). The Accounting Firm shall provide its determinations and any supporting calculations both to the Company and the Executive within 10 days of the transaction. Any such determination by the Accounting Firm shall be
binding upon the Company and the Executive. All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Company. 

12. Cause. The Company may immediately terminate the Executive’s employment at any time for Cause upon written notice to the Executive, in which
event all payments under this Agreement shall cease, except for any Accrued Obligations. 

  
 7 

 13. Voluntary Resignation Without Good Reason. The Executive may voluntarily terminate employment
without Good Reason upon 90 days’ prior written notice to the Company. In such event, after the effective date of such termination, no payments shall be due under this Agreement, except that the Executive shall be entitled to any Accrued
Obligations. 
 14. Incapability. If the Executive is Incapable, in accordance with applicable law, the Company may terminate the Executive’s
employment. If the Executive’s employment terminates in accordance with this Section 14, the Executive shall be entitled to receive any Accrued Obligations. For the purposes of this Agreement, the term “Incapable” shall
mean the Executive is unable by reason of sickness, injury or other medical disorder or condition to carry out his duties under this Agreement for an aggregate period of 13 weeks in any 26-week period. 

15. Death. If the Executive dies during the Term, the Executive’s employment shall terminate on the date of death and the Company shall pay any
Accrued Obligations to the Executive’s executor, legal representative, administrator or designated beneficiary, as applicable. Otherwise, the Company shall have no further liability or obligation under this Agreement to the Executive’s
executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through the Executive. 
 16. Definitions.
For purposes of this Agreement, the following terms shall have the following meanings: 
 (a) “Cause” shall mean a
determination by the Board that the Executive (i) has committed a serious breach or (after warning) repeats or continues any material breach of his obligations under this Agreement or any confidentiality,
non-solicitation, non-competition or inventions assignment agreement or obligations with the Company; (ii) committed an act of dishonesty, fraud, embezzlement or
theft; (iii) engaged in conduct that causes, or is likely to cause, material damage to the property or reputation of the Company; (iv) failed to perform satisfactorily the material duties of the Executive’s position (other than by
reason that he is Incapable) after receipt of a written warning from the Board; (v) committed any criminal offence (excluding an offence under road traffic legislation in the United Kingdom or elsewhere in respect of which a custodial sentence
is not imposed on him) or any crime of moral turpitude; (vi) materially failed to comply with the Company’s code of conduct or employment policies; (vii) commits an act of gross misconduct; (viii) is disqualified from being a
director by reason of any order made under the Company Directors Disqualification Act 1986 or any other legislative enactment or court order; or (ix) the Executive is declared bankrupt, compounds with his creditors or enters into a voluntary
arrangement with his creditors or have had an interim order made against him under the Insolvency Act 1986 (or any other applicable legislation around the world). 

(b) “Good Reason” shall mean the occurrence of one or more of the following without the Executive’s consent, other than
due to the Executive being Incapable: 
 (i) A material diminution by the Company of the Executive’s authority, duties or
responsibilities; 
 (ii) A material and permanent change in the geographic location at which the Executive must perform services under this
Agreement (which, for purposes of this Agreement, means relocation of the offices of the Company at which the Executive is principally employed to a location that increases the Executive’s commute to work by more than 50 miles); 

  
 8 

 (iii) A material diminution in the Executive’s Base Salary, other than a general
reduction in Base Salary that affects all similarly-situated executives in substantially the same proportions; 
 (iv) Any action or
inaction that constitutes a material breach by the Company of this Agreement; or 
 (v) The Company terminates this Agreement for any reason
other than Cause or because the Executive is Incapable and does not offer the Executive continued employment on substantially similar terms as set forth in this Agreement. 

The Executive must provide written notice of termination for Good Reason to the Company within 30 days after the event constituting Good Reason. The Company
shall have a period of 30 days in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in the Executive’s notice of termination. If the Company does not correct the act or failure to act, the
Executive’s employment will terminate for Good Reason on the first business day following the Company’s 30-day cure period. If the Executive does not provide written notice of termination for Good
Reason to the Company within 30 days after an event constituting Good Reason, then the Executive will be deemed to have waived the Executive’s right to terminate for Good Reason with respect to such event. 

(c) “Release” shall mean a separation agreement and general release of any and all statutory and contractual claims against
the Company and all related parties with respect to all matters arising out of the Executive’s employment by the Company, and the termination thereof. The Release will be in a standard form that complies with all UK statutory rules relevant to
separation agreements, but otherwise is determined by and acceptable to the Company and shall include the Restrictive Covenants set forth in Section 18. The Executive agrees that he will obtain independent legal advice on the Release and in
particular on its effect on his ability to pursue the statutory rights in question. The Company will make a contribution to the legal fees of the Executive in obtaining such advice up to a maximum of U.S. $5,000 (or its equivalent). 

17. Garden Leave. If either party gives notice to terminate this Agreement (including where the Executive purports to terminate without service of the
period of notice required by Section 13), the Executive agrees: 
 (a) that for the periods of notice in Sections 9 and 13 or any part
thereof the Company may in its absolute discretion: 
 (i) require the Executive to perform only such duties as it may allocate to him or
not to perform any of his duties; 
 (ii) require the Executive not to have any contact with customers or clients or suppliers of the
Company nor any contact (other than purely social contact) with such employees of the Company as the Company shall determine; 
 (iii)
require the Executive not to attend any premises of the Company; 

  
 9 

 (iv) require the Executive forthwith to resign as a director of the Company (without
providing any reason for doing so); 
 (v) require the Executive to take any accrued holiday due to him; and 

(vi) appoint another person to perform the Executive’s responsibilities jointly with him or in his place; 

(b) that such action on the part of the Company shall not constitute a breach of this Agreement nor shall the Executive have any claim against
the Company in respect of any such action; and 
 (c) that the Executive’s obligations to act in good faith and in the best interests
of the Company and its Affiliates shall remain in full force and effect, 
 provided always that throughout such period the Company shall
continue to provide the Executive’s Base Salary and contractual benefits in the usual way and subject to the terms of any benefit arrangement. 
 18.
Restrictive Covenants. 
 (a) Non-Competition. 

(i) The Executive agrees that during the Executive’s employment with the Company and its Affiliates and the one-year period following the date on which the Executive’s employment terminates for any reason (the “Restriction Period”), the Executive will not, without the Board’s express written
consent, engage (directly or indirectly) in any Competitive Business. The term “Competitive Business” means any activities or services conducted by any third party with respect to the provision of hotel and/or hostel accommodation
that are similar to the activities or services the Executive has performed (or gained Proprietary Information about (as defined below)) at any time during the last two years of the Executive’s employment with the Company. 

(ii) The Executive agrees that the Base Salary provided for in Section 2(a), the Annual Bonus percentage opportunity provided for in
Section 2(b), the separation benefits provided for in Section 9 and the Change of Control Termination benefits provided for in Section 10, are fair and reasonable consideration for the Executive’s compliance with this
Section 18(a). The Executive understands and agrees that, given the nature of the business of the Company and its Affiliates and the Executive’s position with the Company, the foregoing geographic scope is reasonable and appropriate and
that more limited geographical limitations on this non-competition covenant are therefore not appropriate. For the purposes of this Agreement, the term “Affiliate” means any subsidiary of the
Company or other entity under common control with the Company. 
 (b) Non-Solicitation of Company
Personnel. The Executive agrees that during the Restriction Period, the Executive will not, either directly or through others, hire or attempt to hire any Key Employee (as defined below), or solicit or attempt to solicit any Key Employee to
change or terminate his or her relationship with the Company or an Affiliate or otherwise to become an employee, consultant or independent contractor to, for or of any other person or business entity, unless more than six months shall have elapsed
between the last day of such Key Employee’s 

  
 10 

 
employment or service with the Company or Affiliate and the first day of such solicitation or hiring or attempt to solicit or hire. For purposes of this Agreement, “Key Employee” means
a person who is employed or engaged by the Company or its Affiliates in a senior capacity and/or a sales or technical role, and with whom the Executive has significant or regular contact at any time during the 12 months prior to the termination of
the Executive’s employment. 
 (c) Non-Solicitation of Business Partners. The Executive
agrees that during the Restriction Period, the Executive will not, either directly or through others, solicit, divert or appropriate, or attempt to solicit, divert or appropriate for the benefit of a Competitive Business, any (i) Business
Partner or (ii) prospective Business Partner of the Company or an Affiliate who is or was identified through leads developed during the course of the Executive’s employment or service with the Company, in each case, with whom the Executive
was involved as part of the Executive’s job responsibilities during the Executive’s employment or service with the Company, or regarding whom the Executive learned Proprietary Information (as defined below) during the Executive’s
employment or service with the Company. For purposes of this Agreement, “Business Partner” means any corporate customer, local development partner, joint venture partner or lender of the Company or an Affiliate of the Company. 

(d) Severability. The Executive further agrees that if any of the restrictions in Sections 18(a)(i), (a)(ii), (b) and
(c) above is held to be void or ineffective for any reason but would be held to be valid and effective if part of its wording were deleted, that restriction shall apply with such deletions as may be necessary to make it valid and effective. The
restrictions contained in Sections 18(a)(i), (a)(ii), (b) and (c) shall be construed as separate and individual restrictions and shall each be capable of being severed without prejudice to the other restrictions or to the remaining provisions.

 (e) Proprietary Information. At all times, the Executive will hold in strictest confidence and will not disclose, use, lecture
upon or publish any of the Proprietary Information (defined below) of the Company or an Affiliate, except as such disclosure, use or publication may be required in connection with the Executive’s work for the Company or as described in
Section 18(f) below, or unless the Company expressly authorizes such disclosure in writing. “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company and its
Affiliates and shareholders, including but not limited to information relating to financial matters, investments, budgets, business plans, marketing plans, personnel matters, business contacts, products, processes,
know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other works of authorship. Proprietary Information does not include information which (i) was disclosed in
response to a valid order by a court or other governmental body, where the Executive provided the Company with prior written notice of such disclosure, (ii) was or becomes generally available to the public other than as a result of disclosure
by the Executive or any of the Executive’s agents, advisors or representatives, (iii) was within the Executive’s possession prior to its being furnished to the Executive by or on behalf of the Company, provided that the source of the
information was not bound by a confidentiality agreement with the Company or otherwise prohibited from transmitting the information to the Executive by a contractual, legal or fiduciary obligation, or (iv) was or becomes available to the
Executive on a non-confidential basis from a source other than the Company or its representatives, provided that such source is not bound by a confidentiality agreement with the Company or otherwise prohibited
from transmitting the information to the Executive by a contractual, legal or fiduciary obligation. 

  
 11 

 (f) Permitted Disclosures. Nothing in this Agreement shall prohibit or restrict the
Executive from initiating communications directly with, responding to any inquiry from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or filing a claim or assisting with an
investigation directly with a self-regulatory authority or a government agency or entity, or from making other disclosures that are protected under the whistleblower provisions of section 43A of the Employment Rights Act 1996 or any other national,
state or local regulatory authority. The Executive does not need the prior authorization of the Company to engage in conduct protected by this subsection, and the Executive does not need to notify the Company that the Executive has engaged in such
conduct. Please take notice that U.S. federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose trade secrets to their attorneys, courts, or government officials in
certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting
a suspected violation of the law. 
 (g) Intellectual Property. The Executive agrees that all inventions, innovations, improvements,
developments, methods, designs, analyses, reports, and all similar or related information which relates to the Company’s or its Affiliates’ actual or anticipated business, research and development or existing or future products or services
and which are conceived, developed or made by the Executive while employed by the Company (“Work Product”) belong to the Company. In consideration of the Company entering into this Agreement, the Executive hereby assigns the Work
Product with full title guarantee to the Company absolutely for so long as such rights subsist (including all renewals, reversions, extensions and revivals of such rights). The Executive hereby irrevocably and unconditionally waives all moral rights
to which he may now or at any time in the future be entitled under the Copyright Designs and Patents Act 1988 (and under any similar laws in force from time to time throughout the world) in respect of the material created by him in the course of his
employment with the Company. The Executive will promptly disclose such Work Product to the Board and perform all actions reasonably requested by the Board (whether during or after the Term) to establish and confirm such ownership (including, without
limitation, executing assignments, consents, powers of attorney and other instruments). If requested by the Company, the Executive agrees to execute any inventions assignment and confidentiality agreement that is required to be signed by Company
employees generally. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s rights, title, or interest in any Work Product or intellectual property rights so as to be less in any respect than that the Company
would have had in the absence of this Agreement. The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive any license or right of any nature with respect to any Work Product or intellectual property
rights or any Proprietary Information, materials, software, or other tools made available to the Executive by the Company. 
 (h) Return
of Company Property. Upon termination of the Executive’s employment with the Company for any reason, and at any earlier time the Company requests, the Executive will (i) deliver to the person designated by the Company all originals and
copies of all documents and property of the Company or an Affiliate that is in the Executive’s possession or under the Executive’s control or to which the Executive may have access, (ii) deliver to the person

  
 12 

 
designated by the Company all Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access devices, computers, cell
phones, smartphones, tablets, equipment, manuals, reports, files, books, compilations, work product, e-mail messages, recordings, disks, thumb drives or other removable information storage devices, hard
drives, and data, and (iii) to the extent that the Executive made use of the Executive’s personal electronics (e.g., laptop, iPad, telephone, thumb drives, etc.) during employment with the Company, permit the Company to delete all Company
property and information from such personal devices. The Executive will not reproduce or appropriate for the Executive’s own use, or for the use of others, any property, Proprietary Information or Work Product. 

(i) Future Cooperation. The Executive agrees that, following the termination of his employment, he will cooperate fully with the
Company, upon request, in relation to (i) transitioning the Executive’s job duties to his successor and any other operational issues that may arise in connection with his separation from employment; and (ii) the Company’s
defense, prosecution or other involvement in any continuing or future claims, lawsuits, charges, arbitrations, or internal or external investigations (or audits or reviews of any type) arising out of events or matters that occurred during the
Executive’s employment by the Company or to which he is otherwise a relevant witness. 
 19. Data Protection. The Company will collect and
process information relating to the Executive in accordance with the privacy notice which will be made available to the Executive on the commencement of his employment. The Executive shall comply with any applicable data protection policy from time
to time in force of the Company when handling personal data in the course of his employment including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of the Company. The Executive also will comply with
any IT and communications systems policy, social media policy, bring your own device to work (BYOD) policy, or similar policy that is notified to him in writing from time to time. Failure to comply with any applicable data protection policy or any
of the policies listed in this Section 19 may be dealt with under the Company’s disciplinary procedure and, in serious cases, may be treated as gross misconduct leading to summary dismissal. 

20. Legal and Equitable Remedies. 
 (a)
Because the Executive’s services are personal and unique and the Executive has had and will continue to have access to and has become and will continue to become acquainted with the Proprietary Information of the Company and its Affiliates, and
because any breach by the Executive of any of the restrictive covenants contained in Section 18 would result in irreparable injury and damage for which money damages would not provide an adequate remedy, the Company shall have the right to
enforce Section 18 and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the
restrictive covenants set forth in Section 18. The Executive agrees that in any action in which the Company seeks injunction, specific performance or other equitable relief, the Executive will not assert or contend that any of the provisions of
Section 18 are unreasonable or otherwise unenforceable. 

  
 13 

 (b) The Executive irrevocably and unconditionally (i) agrees that any legal proceeding
arising out of this Agreement shall be brought solely in the courts or tribunals of England, (ii) consents to the exclusive jurisdiction of any such court or tribunal in any such proceeding, and (iii) waives any objection to the laying of venue
of any such proceeding in any such court or tribunal. The Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers. 

(c) Notwithstanding anything in this Agreement to the contrary, if the Executive breaches any of the Executive’s obligations under
Section 18, the Company shall be obligated to provide only the Accrued Obligations, and all payments under Section 2, Section 9, or Section 10 hereof, as applicable, shall cease. In such event, and in addition to any legal and
equitable remedies permitted by law, the Company may require that the Executive repay all amounts theretofore paid to him pursuant to Sections 9 and 10 hereof, other than Sections 9(b) and 10(b), and in such case, the Executive shall promptly repay
such amounts on the terms determined by the Company. 
 21. Survival. The respective rights and obligations of the parties under this Agreement
(including, but not limited to, under Sections 18 and 20) shall survive any termination of the Executive’s employment or termination or expiration of this Agreement to the extent necessary to the intended preservation of such rights and
obligations. 
 22. No Mitigation or Set-Off. In no event shall the Executive be obligated to seek other
employment or, except as set forth in Section 8 herein, take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced regardless of
whether the Executive obtains other employment. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without
limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others. 

23. Legal Fees. The Company will reimburse the Executive for up to U.S. $5,000 (or its equivalent) of reasonable legal fees incurred in the review and
negotiation of this Agreement. 
 24. Notices. All notices and other communications required or permitted under this Agreement or necessary or
convenient in connection herewith shall be in writing and shall be deemed to have been given when hand-delivered or mailed by registered or certified mail, as follows (provided that notice of change of address shall be deemed given only when
received): 
 If to the Company, to: 

Selina Hospitality PLC 
 6th Floor 
 2 London Wall Place 

Barbican, London 
 EC2Y 5AU 

Attention: Company Secretary 
 If
to the Executive, to the most recent address on file with the Company or to such other names or addresses as the Company or the Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner
specified in this Section. 

  
 14 

 25. Withholding. All payments under this Agreement shall be made subject to applicable tax
withholding and social security deductions, and the Company shall withhold from any payments under this Agreement all taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. The Executive shall indemnify
the Company for itself in relation to any income tax and social security contributions not already deducted from the Executive’s remuneration (or any taxes replacing the same) for which the Company has an obligation at any time to account
(whether during the Executive’s employment by the Company or after termination of his employment) in relation to the Executive. 
 26. Remedies
Cumulative; No Waiver. No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement
or now or hereafter existing at law or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or
power may be exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion. 
 27.
Assignment. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors, and assigns of the
parties hereto, except that the duties and responsibilities of the Executive under this Agreement are of a personal nature and shall not be assignable or delegable in whole or in part by the Executive. The Company may assign its rights, together
with its obligations hereunder, to any Affiliate or, in connection with any sale, transfer or other disposition of all or substantially all of its business and assets, and such rights and obligations shall inure to, and be binding upon, any
successor to the business or any successor to substantially all of the assets of the Company, whether by merger, purchase of stock or assets or otherwise, which successor shall expressly assume such obligations, and the Executive acknowledges that
in such event the obligations of the Executive hereunder, including but not limited to those under Section 18, will continue to apply in favor of the successor. 

28. Company Policies. This Agreement and the compensation payable hereunder shall be subject to any applicable clawback or recoupment policies, share
holding, share trading policies, and other policies that may be implemented by the Board from time to time with respect to officers of the Company. 
 29.
Insurance. 
 (a) The Company shall take reasonable steps required to purchase and maintain Directors’ and Officers’
Liability Insurance (“D&O Insurance”) to insure the Executive in respect of the Executive’s appointment as an officer and/or director of the Company and any Affiliate of the Company during the period of the Executive’s
employment and for at least three years thereafter, unless the termination of Executive’s employment is for Cause, to the extent that such insurance can be obtained at such cost and on such terms as the Board may approve from time to time. The
Company shall not be in breach of its obligations under this Section where its inability to purchase and maintain such D&O Insurance covering the Executive is attributable to a failure by the Executive to comply with his obligations to any
insurer or any failure to meet or comply with a condition of the coverage is attributable to acts or omissions of the Executive. 

  
 15 

 (b) The Company shall ensure that, on request, the Executive is provided with a copy, or
summary of the terms, of the Company’s current D&O Insurance policy, to the extent it relates to the Executive. 
 (c) The
Executive agrees to notify the Company promptly upon becoming aware of any claim or potential claim asserted against him arising from his performance of his job duties. 

30. Section 409A. If the Executive is a U.S. taxpayer, this Section 30 shall apply. This Agreement is intended to comply with
Section 409A of the Code, and its corresponding regulations, or an exemption thereto, and payments may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code, to the extent applicable.
Severance benefits under this Agreement are intended to be exempt from Section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to
the maximum extent applicable. Notwithstanding anything in this Agreement to the contrary, if required by Section 409A of the Code, if the Executive is considered a “specified employee” for purposes of Section 409A of the Code
and if payment of any amounts under this Agreement is required to be delayed for a period of six months after separation from service pursuant to Section 409A of the Code, payment of such amounts shall be delayed as required by
Section 409A of the Code, and the accumulated amounts shall be paid in a lump-sum payment within 10 days after the end of the six-month period or within 60 days
following the Executive’s death, if earlier. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under Section 409A of the Code, to the extent required
by Section 409A of the Code. For purposes of Section 10, if the Change of Control does not qualify as a “change in control event” as defined under Section 409A of the Code, any payments that would have otherwise been paid in
a lump sum shall be paid in instalments in accordance with the payment schedule set forth in Section 9(a). For purposes of Section 409A of the Code, each payment hereunder shall be treated as a separate payment, and the right to a series
of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly, designate the fiscal year of a payment. Notwithstanding any provision of this Agreement
to the contrary, in no event shall the timing of the Executive’s execution of the Release, directly or indirectly, result in the Executive’s designating the fiscal year of payment of any amounts of deferred compensation subject to
Section 409A of the Code, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year. 

31. Entire Agreement; Amendment. This Agreement sets forth the entire agreement of the parties hereto and supersedes any and all prior agreements and
understandings concerning the Executive’s employment by the Company. This Agreement may be changed only by a written document signed by the Executive and the Company. 

  
 16 

 32. Severability. If any provision of this Agreement or application thereof to anyone or under any
circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement, which can be given effect without the invalid or
unenforceable provision or application, and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it
shall nevertheless remain in full force and effect in all other circumstances. 
 33. Collective Agreements. There are no collective agreements
relevant to the Executive’s employment with the Company. 
 34. Governing Law; Forum. This Agreement shall be governed by, and construed and
enforced in accordance with, the substantive and procedural laws of England without regard to rules governing conflicts of law. Any lawsuit arising under this Agreement or otherwise from the Executive’s employment with the Company shall be
brought solely in a state or federal court located in England. 
 35. Acknowledgements. The Executive acknowledges (a) that the Company hereby
advises him to consult with legal counsel prior to signing this Agreement, (b) that he has had a full and adequate opportunity to read and understand the terms and conditions contained in this Agreement, and (c) that the post-employment non-competition and non-solicitation provisions are supported by fair and reasonable consideration. 

36. Counterparts. This Agreement may be executed in any number of counterparts (including facsimile counterparts), each of which shall be an original,
but all of which together shall constitute one instrument. 
 (Signature Page Follows) 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

	
	SELINA HOSPITALITY PLC
	
	 /s/ Yoav Gery

	Name: Yoav Gery
	Title: Director
	Date:
	
	EXECUTIVE
	
	 /s/ Rafael Museri

	Name: Rafael Museri
	Date:

  
 18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]