SmartKem, Inc. Transaction Retention Bonus Plan

On September 16, 2026, the Board of Directors of SmartKem, Inc. approved a transaction retention bonus plan for the CEO, CFO, and independent directors. This plan is designed to incentivize the consummation of the company's transaction with Ferrox Critical Mineterals, Ltd. and the filing of the Form S-4 registration statement. The total bonus pool is up to $750,000, with half paid upon board approval and the remaining half payable upon the Form S-4 filing. Bonuses are subject to a 100% clawback if a recipient resigns before the earlier of the Ferrox Transaction closing or June 30, 2027. Specifically, CEO Ian Jenks is eligible for $200,000, CFO Barbra Keck for $150,000, and five independent directors (Steven DenBaars, Melisa Denis, Klaas de Boer, Sri Peruvemba) are each eligible for $100,000.