Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698837395975.pdf (Sierra Leone)
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;1 y* 1 Agreement Befween The Governmenl of the Republic of Sierrq leone ond Grofton lnveslment (St) Limited December 2021 1, <( l I { THIS AGREEMENT lS mode this... ...doy of 2021 BETWEEN: (D The Governmenl of lhe Republic of Sierro leone (hereinofter referred to os "GoSt") octing through the Minislry of Finonce (MOF) ond Ministry of Trode ond lndustry (MTl) AND Groflon lnveslment (SL) Limited o limiled liobility compony registered under the lows of Sieno Leone with certificote registrotion number SLl4092lGRAT12217 with its registered office being No.
I Johnny Poul Drive, Freetown, Sieno Leone fhereinofter referred lo os 'the Compony").

Whereos, lhe Groflon lnveslmenl (SL) limited is o newly esioblished Compony, which bought over the ossets of the defunct Grofton Woter Compony.

And whereos the Compony proposes to invest TwentyJive Million United Stotes Dollors (US $25 million) on rehobilitotion ond refurbishment of the old Grofton Compony plonts, mochinery ond equipment.
And whereos the rehobiliioiion ond refurbishment of these infrostruclure is will be done in two phoses.

Phose I will involve the demolition ond cleoring of debris of the dilopidoted plonts ond mochinery used by the old Grofton Compony, which is expected io lost between 6-12 monlhs' period from the dote of rotificotion of this Agreement.
Phose ll will involve lhe instollotion of slote-of-the-ort plonts ond mochinery ond the commissioning of the Newly estoblished Grofton Compony, which is expected to lost between 12-,18 months' period from the dote of rotificotion of this Agreement.

The Compony sholl reoch its full copocity of 500,000 litres per doy within 24 months.
And whereos the compony is desirous to register with oll relevonl Minislries, Deporiments ond Agencies (MDAs) thot deols with privote sector investment in the monufocturing sector in Sierro Leone.

And whereos, the GoSL seeks to promote privote sector investmeni, business growth ond development in the country, especiolly in ihe monufocturing in order io provide employment, promote economic growth, boost export ond improve the country's bolonce of trode ond poymenl posilions.
And whereos, the GoSL ogrees thot the compony investment portfolio meets lhe country's privote sector development policy objective ond recognizes the expected benefit the investment would bring in terms of job creotion, troining 2 ,( employees; knowledge ond technology tronsfer; volue oddiiion from lhe couniry's locol row moteriols.

And Whereos, the GoSL recognizes the timeliness to gront investment incentives to the Compony io setup its business operoiions in the most competilive monner.
ln order lo produce, creote employment opportunities, ond generote revenues, including poyment of toxes.

And Whereos, both porties ore desirous ond seek to estoblish o legol bosis for the promotion ond estoblishmenl of o stote-of-the-ort processing plont to produce minerol woter ond olso both olcoholic ond non-olcoholic beveroges for domestic ond export morkets.
NOW THERETORE, the GOSL ond Grofton lnvestment (SL) timited hereby ogree os Iollows: ARTUCLE I INTERPRETATION The following bolded ierms wherever used in this Agreement sholl hove the perspective meoning ond interpretotion set forth below: " Agreements": This lnvestment Concessions Agreemenl with GoSL ond Groflon lnvestment (SL) Limited ond ony further omendments mode pursuonl to its lerms os well os oll its oppendices.
"Applicoble [ows': meons the Lows of the Republic of Sieno Leone, ond oll orders, rules, reguloiions, executive orders, decrees, policies, judiciol decisions, nolificoiions, or other similor dkeclives mode pursuont hereto, or other similor directives os moy be omended from time to time. "
Aulhoizations ": ony or oll licenses, permiis, visos, consents, opprovols, woivers, notificotions, opplicotions, orders, gronts, confirmotions, cleoronce, ond oll extensions required lo permits the tronsoctions contemploted by this Agreement, including the instructions required by Low from Government, ony relevont third porties ond officiols of Government.

"Business Doy": Any olher lhon weekends or on officiol public holidoy.
"Change of Control": Any ossignments, sole, or tronsfer of inlerest of ony iype os o result of which the person thot holds o mojoriiy of the economic inlerest in the compony os of the Effeclive Doy, ceoses to hold o mojority of the economic interest in ihe compony.

3 K "Compony": meons o group of individuols with o common purpose or provides services os o commerciol veniure including its successors ond ossigns where the contexl permits.
"Commerciol Produclion": ln ony period, following the Effeclive Dote, where the production of processed ond finished products os envisoge in the Business plon, reoches commerciol production copocity of the foctory.

"Commerciol Production Dofe": The dote upon which the compony reoches commerciol produclion copocity of lhe foctory.

"Conlraclors": Any person or orgonizotion thol controcts directly or indirecily with the compony for the supply of goods or services cousolly reloted io the compony's operolions.
"Effeclive Dofe".'

The dote on which this Agreemeni is signed by oll porties upon rotificotion by the Sierro Leone House of Porlioment.

"Employee': An Employee, whether long term or short term of the compony in Sieno Leone.
"Encumbronces": Any pledge, liens, chorges, ossignmenis, ossessments, security interest, title retention, mortgoges, reskiciions, title defects, right of woys, options or odverse cloims from ony person or orgonizotion cloiming ony rights to lhe londs ossigned by the Government of Sieno Leone for the developmeni of the foctories.
"Environmenldl Proteclion Agency (EPA)": The Government ogency tosked with the responsibility to provide for ihe effective protection of the environment ond for other reloted motters.

"Exfension of lerms ": meons to odd io the length of time specified in this Agreemeni to continue with its existing terms, or ony modificotions of such terms.
"Force Mojeure ": ore unforeseeoble events, circumsionces or couses beyond the reosonoble conirol of either porty to this Agreement with sustoined disrupiion of lhe operotions ond performonce of the compony.

"lnveslrnenf": meons ony onnuity, trust, or custodiol occount holding reguloted investment compony stock or ossets, esloblished in qccordonce wiih the Lqws of Sieno Leone, in which the ossets ore held for investment purposes.
"lnveslment PIon'1 The plon, herein included os Appendix to this Agreement, which provides deloils of the foctory construction, mochinery instollotion, stoffing ond production torgets of the compony.

4 { {( "Podies": GOSL ond Grofton lnvestment (SL) Limlted.
"Produclion": Any or oll the following, when corried oui by or on beholf of the compony: processing, disiributing, morketing ond selling of olcoholic ond non- olcoholic beveroges, minerol woter ond noturql juice ond its derivolives; ond oll other operotions of the compony incidentols to, orising from or directly reloted to the design, insiollotion, operotion ond mointenonce of foctory infrostructure.

"Subcontraclor".'
"Subcontraclor".'

Any person or orgonizotion controcted directly or indirectly by o controctor of the compony to couse io provide some portion of the supply of goods or services cousolly reloted to ihe compony's operotions.

"Ioxes ond Dulies": references to "tox" ond "duty" includes oll present ond future loxes, chorges, imporf duties, levies, excise, Goods ond Services Tox, Withholding lncome Tox, Copitol Goins Tox, of ony kind wholsoever or ony other impositions by GoSL, hoving ihe effeci of o tox.
"Ihe Compony: refers to undertoking octivities/services pursuont to this Conlroct Agreement including ils successors ond ossigns ond where the contexi so permits ony compony or the sub-controcted by the compony to provide undertokes octivities/services.
"Work Plan": The cleorly defined octivities ond indicotive timelines of the compony (hereinofter referred to os lhe "Work Plon") os olioched in Annex A for ochieving the Construction ond instollotion Production ond distrlbution processes in occordonce with the terms of this ogreement.

ARTICTE 2 PARTIES TO THE AGREEMENT The porlies lo lhis Agreement sholl be the Government of Sierro Leone (GoSL) ond Grofton lnveslment (SL) Limited.
ARIICTE 3 TERMS OF THE AGREEMENT 3.1 TERM The term of this Agreement sholl begin os of the Effeclive Dote ond sholl remoin in effect for o period of ten yeors, unless sooner terminotion os hereinofter provided.
Thereofier, this Agreement sholl continue in effect with respecl to renewol provided for under Article 3.2, ond sholl be subjecl to the terminotion provision ond oll oiher terms ond condiiions hereof; 5 c { 3.2 EXTENSION OF TERM Six months' period to ihe expiroiion of the Agreement, unless eorlier terminotion, the compony moy opply to GoSL for on extension of this Agreemenl for such odditionol period ond on such conditions os ogreed by both porties.
Where ihe ierm of this Agreement is nol extended pursuont to this Article, the compony sholl continue its commerciol production of torgeted level for the remoining terms period.

Notwithstonding ond extension thot moy be ogree upon by both porties lo the Terms of this Agreement, this Agreement is, ond will olwoys be interpreted os, o fixed ierm ogreement ond not on indefinite term Agreement.

ARTICTE 4 GRANTING OF CONCESSIONS AND RIGHTS 4.0 THE GOSL'S OBLIGATIONS 4.
1 No Unheolthy Competition ond Proteclion from Foreign Competilion As port of the compony's contribution in octuolizing the "Mode in Sierro Leone" Concepts in line with the Locol Content Policy, Government sholl opply oll reqsonoble endeovors to creote the conduclive business environment thoi will provide support to the compony's efforts, especiolly to proteci it ond olher similor businesses from unheolthy competitions with foreign dumped producis.
4.2 Produclion Righls The GoSL hereby gronts the compony the right, in occordonce with oll Applicoble Lows of Sieno Leone, to engoge in: The purchose of row moleriols (fruils ond sorghum) from our locol through on out-grower scheme ond processing some in olcoholic beveroges ond noturol fruit juice ond other reloted food products; The development of ogents' networks for the purchose ond sole of fruits ond sorghum from locol formers, thereby creoting o reodily ovoiloble morket for their products; The wholesole distribution of olcoholic beveroges, nonolcoholic beveroges, noturol fruit juice ond minerol woter in the domestic morket ond, where necessory, to export to other countries in the ' sub region ond other ports of the world; llt.
6 ,$( { iv.

Morkei, distribuie ond sole of vorieties of soft drinks, fruits juice.

minerol woter ond olcoholic beveroges ond where necessory to export to other countries.

ARTICIE 5 THE COMPANY'S OBLIGATIONS 5.1 The Compony sholl exclusively undertoke ond own os property, lhe project to construct, develop ond estoblish the infrostructure ond insioll ond operote o focility for the production of soft drinks, nolurol fruit juice, minerol woler ond olcoholic beveroges, pockoging ond dislribulion.
5.2 The Compony sholl undertoke to comply wiih provisions of oll lows, especiolly Lobour ond Sociol Security Lows for the recruitment ond employmeni of stoff.

The Compony is olso committed to employ o greoter proportion of Sieno Leoneons stoff for jobs not requhing high level of monogeriol ond technicol skills, whilst providing the requisite on the job troining of personnel.

5.3 The Compony sholl develop o policy ond set up o system to proteci workers ogoinsl occupolionol hozords ond occidents.
5.6 The Compony sholl undertoke to import o modern ond siote of the-ort Mochines, Equipment ond Assembly Produciion lines for indusiriol operotions, ond remoin obligoted to GOSL under the Terms of this Agreement.
5.7 The Compony sholl fully comply to underloke ond complete oll Environment Assessment ond oiher reloted Obligotions required by the GoSL os provided in the EnVironmentol Proteciion Aci, 20.l l. 5.8 The Compony sholl be entirely committed io its investmenl bounds, ond fundings of its projects, with its own copitol using bonk loons where necessory.

5.9 The Compony shqll ensure conformity 1o hygienic ond sofety regulotibns whenever subcontrocled or Wth designoled Agents working on site.
ARIICTE 6 IAXES TO THE COMPANY 6.0 The GoSL ogrees thot the following tox treoiments sholl opply only to the Grofton lnvestment {SL) Limiled, ond not its reloled or other componies, Conkqctors ond Subcontrociors.

6.1 Personol Income Tox for lhe locol Employees: 7 ,t*( All locol Employees of the compony sholl be subject to Poy-As- you Eorn (pAyE) Tqx consistent with Port I of the Firsl Schedule of ihe income Tox Act 2000 (os omended).
6.2 Personol lncome Tox for Foreign Employees: lncome eorned from o source in Sieno Leone by non-resident foreign notionol sholl be toxed ot the rote ot 25% in line with Port I of lhe Second Schedule of lhe lncome Tox Act 2000), provided the foreign Nolionols is in employment for o period of .l83 doys or less, bul in cose where the employmenl exceeds 183 doys, the normol PAYE schedule sholl opply for resident foreign notionol.
6.3 Corporolion Tox: The Compony sholl be entitled io o corporote tox relief for o period of 5 (five) yeors; provided lhe Compony hod invested US$2 million ond employed ot leost 20 Sierro Leoneons.

Loss incuned by the Compony in o given yeor sholl be offsei ond conied forword for odjuslment ogoinst ony future income for o period not exceeding Ten (10) yeors.
6.4 Withholding Toxes on Poymenl lo Conhoclors: The Compony sholl withhold toxes from poyment io its suppliers ond other controctors occording to the provisions in the existing Lows.

Subjeci to Section 49 of the Finonce Act 2021 , withholding tox exemplion sholl be gronted to compony for the services of highly skilled experts whose services ore not reodily ovoiloble in Sieno Leone, provided olso the Compony hos on opproved scheme for skills tronsfer to Sierro Leoneons.
6.5 Goods ond Services Tox: The Compony sholl be subject io Goods ond Services Tox exemplions in occordonce wiih the Goods ond Services Tox Act 2009.

6.6 Withholding Taxes on Dividend pa5rments The Compony sholl withhold lox on dividends to shoreholders in occordonce wiih Section 1 l8 of the lncome Tox Act 2000.

6.7 Withholding Toxes on Inleresl Poymenls The Compony sholl withhold iox on dividends to shorehotders in occordonce with Section I l9 of the Income Tox Act 2000.
I d( 6.8 Copilol Allowonce The compony sholl be entiiled to copitol ollowonce deduction ot the rote of forty percent 140%1, twenly percent (20%), lwenly percent (2O%1, ond twenty percent (20%) tor this first, second, third ond fourth yeors respectively on oll ploni, mochinery ond equipment.
6.9 Withholding Tox on lmporls (5% Advonce Corporole lncome Tox): The compony sholl be entitled to exemptions from the poyment of 5% withholding tox on the CIF volue of their imporis subject to Seclions l 14 of the lncome Tox Act, 2000 (os omended).
6.9 Other Allowoble Deduclions: The compony sholl cloim deduction ogoinsi chorgeoble income in on omount equivolent of ihe following percentoge expenditure: o. Actuql expenses incuned in respect of environment ond sociol impoct mitigotion ond / or environmeni Protection ond restorotion- 100 percent.

b.
b.

Cost of educoling ond/or troining citizens of Sierro Leone ond who ore full time Employees of the Compony ond port time Employees of the compony but bonded to lhe Compony on compleiion of such lroining ond/or educotion.
Educotion or Troining sholl not include primory or secondory school educotion ond sholl be relevonf to employment of ihe troinee concerned ond include on lhe job troining ond sholl include 100% of the woges of on employee serving on opprenticeship course opproved by the Government- 100 percent.

c. Any expenses incuned on reseorch ond developmeni by lhe compony up to ihe extent of profits of the sqme yeor the expenditure is mode but ony uncloimed omount sholl not be ovoiloble for future deduction- .l00%.
d. Any expenses incuned on troining of locol stoff in on opproved troining progromme by lhe Compony up to lhe extent of profits of the some yeor the expenditure is mqde, but ony uncloimed omount sholl not be oVoiloble for future deduclions- 100% e. Any expenses on sociol services, such os building of schools ond hospitols ond ony investment thol is outside the scope of lhe originol investment ond which would be olso ovoiloble to ihe generol public for use free of chorge, up to the extenl of profils for the purposes of the lncome Tox Act, 2000.
9 ,*( 0r q Oltc $ F Igl,lN I use free of chorge, up to the exient of profits for the purposes of the lncome Tox Act, 2000. f. Actuol cost of the remunerolion poyoble to ony physicolly or mentolly disobled Employees, up to lhe exlent of the profits of lhe yeor in which the expenditure is mode, but ony uncloimed omounl sholl nol be ovoiloble for future deductions-200 percent.
6.10 Toxes on lmporl of Row Moleriols The compony sholl, for o period of two yeors ofter instollotion of ihe foctory, be exempted from import duty on their imports of row moteriols ond inputs, whether semi-finished ond finished products ond thereofter sholl poy o reduced import duty of five (5) percent ond other toxes of lhe rotes opplicoble on imporls of row moteriols, semi-finished ond finished products, including pocking moieriols inlended to be used os inpuis for monufocturing beveroges in occordonce with Section 2 of ihe Customs Toriff l97B (os omended).
6.11 lmporl Duly on Plonl, mochinery, qnd equipmenl The compony sholl, for o period of three (3) yeors commencing the effect dote of this Agreemenl, be exempted from import duty on their imports of Plonts, Mochinery ond Equipment including speciolized vehicles for the setting up ond operotionolizotion of the foctory.
Where o new plont or foctory is to be construcled ofter the initiol three (3) yeor period, the compony sholl be exempted from import duty on their imports of the odditionql Plonts, Mochinery ond Equipmeni for new plont or foctory.

6.12 Pension ond Sociol Security Conlribulions All locol employees of the Compony sholl be subject o pension coniribution in occordonce with the Notionol Sociol Security ond lnsuronce Trust Act, 2001.
ARTICTE 7 CONDUCT OF OPERATIONS OF THE COMPANY 7.0 Production Aclivilies: Subiect to the Term of this Agreement ond opplicoble Lows of Sieno Leone, the compony sholl engoge in the purchose of row moteriols from locol formers ond the importotion of semi-processed inputs for the production ond morketing of olcoholic beveroges ond noturol fruit juice ond conducl ils business operotions in strict odherence to estoblished stondords ond prudent business proctices.
10 minerol woter domesticolly ond sholl export to other couniries in the sub-region ofier domestic requirements ore being fully mei.

7.I Performonce of lniliol lnveslmenl Obligolions: Wiihin 6-12 months of lhe effeciive dole of this Agreemeni, the compony sholl moke oll reosonoble efforts to import oll plonts, mochinery ond equipmenl for full indusiriol monufocturing.

The Compony sholl commence the refurbishment of the focility within the some time period.
Within 24 monlhs from lhe effective dole of rolificotion of lhis Agreemenl, the compony sholl operote o fully functionol plont in the respective torgeted volume.

For clority purpose, the foctory is expected 1o process between 500,000 to 600,000 liters of olcoholic ond non-olcoholic beveroges per business doy.
lf ofter 24 monihs from lhe effective dote of rotificotion of this Agreement, the compony foils to ochieve the commerciol produciion levels of oulpul, the compony sholl occordingly notify the Governmeni of Sierro Leone on the reosons for foilure to meet such performonce obligotions otherwise, the Government tox incentives provided in lhis ogreement sholl be suspended for the compony.
7.2 Domeslic Soles of Producl: To lhe extent thot there is sufficient ond effective demond for the output of ihe compony in Sieno Leone, the compony sholl sell in the domestic morket oll or the omount from its production line.

Where it is determined thoi ihe produciion copocity of the foctory exceeds the volume required by the domestic morket, the compony moy export the surplus omouni not more thon it excess to other countries.
7.3 Notwilhstonding clouse 7.2 obove, the compony sholl be reslricted to limii the export of its products lo not more thon 40% of its totol production in ony given period, consistent with the Locol Contenl Acl,2O16 ARTICTE 8 EMPLOYMENT AND TRAINING 8.0 Employment: The compony's employmenl proctices sholl conform to lhe existing lows of the counlry, in no cose sholl the compony knowingly, ofter reosonoble enquiry, hire non-Sieno Leoneons for unskilled positions, unless Section 50 of the Finonce Act, 2021.
11 { ,4 8.

'l The compony sholl, for ihe employment of oll levels in finonciol, occounting, technicol, odministrotive, supervisory ond senior monogement positions ond oiher skilled positions, give preference to quolified Sieno Leoneons who meet the minimum requirement in terms of quolificotions ond reloled work experiences prescribed by the compony.
8.2 Where lhe compony is unoble to hire the services of o Sieno Leoneon 1o fill ony position within o reosonoble time frome, the compony sholl provide to the Government of Sieno Leone proof thot it exhousted oll possible options ond wos unoble to ottroct quolified Siero Leoneon thot sotisfy the minimum requirement prescribed for employment.

8.3 The compony is required io meet oll of the minimum requirement deioiled in ihe Compony Act, 2009 ond follows the process ond procedures oullined therein.
8.4 The compony is fully responsible for following ond demonstroiing, through documenied procedures thot they hove complied with the requiremenis stipuloted in the guidelines.

ln the cose of sub-leosing or ihe sole of one investment to onother, responsibility for complionce is tronsfened io the sub leose/new owner (s).
8.5 The compony must submit on on onnuol bosis, its oudited bolonce sheet, inconie ond expenditure stotement ond finonciol stotement in strict odherence with lnlernotionol Finonciol Reporting Stondords os well os ony required nolionol siondords to the Ministry of Trode ond lndusiry ond ofher relevont Minislry, Deportment ond Agency 8.6 The compony sholl develop o Corporote Sociol Responsibility (CSR) plon, bosed on on ossessmeni of community needs in consultotion with the Environmentol Proteclion Agency.
8.7 The compony sholl provide feosible ond reolistic iime fromes for the implementotion of it ogreed upon octivities os outlined in its CSR Plon ogreed by oll stokeholders.

8.8 The compony sholl submit semionnuol progress report on it investment to the Government of Sieno Leone through the Ministry of Trode ond lndustry, bosed on o predelermined monitoring plon ond officiols of the Government of Sieno Leone will conduct periodic ond on the spot moniioring visits, os ond when necessory.
8.9 The compony sholl support the growth ond developmeni of Smoll ond Medium Business Enterprises (SMEs) through torgeted procuremenls ond !7 '{-{ employmenls of quolified Sierro Leoneons ol oll levels of the monogemenl ond odministrolive codre of the compony.

8.10 The compony sholl develop the Humon Copitol Development PIon of Siero Leoneons through troining ond tronsfer of knowledge ond technology, consistent with the Agendo of the New Direction Administrotion.
8.1'l The compony sholl sirictly odhere to the dictotes of the Environmentol Prolection Agency Act, 2008 (os omended) ond other reloted environmentol protection regulotions developed by the Government of Sierro Leone ond lnternoiionol Besl Proctices.
8.I2 Troining: For the purpose of 7.0 obove, in oddition to providing on-the-job troining ond other meosures necessory ond reosonoble to ochieve its .employment objectives, the compony sholl use reosonoble efforts ond resources to provide iroining for its Sienq Leoneon employees with the view io quolifying them for ihe positions highlighted obove ond os required by the compony's operotion under this Agreement.
ARTICLE 9 ISSUANCE OF PERMIT 9.0 Permil lssuonce: The Government of Sierro Leone sholl endeovor to process ond issue to Grofton lnvestment (SL) Limited ony ond oll permits, licenses, ond olher proper ond legol outhorizolion ond permission reloied documents ond the compony sholl, of its sole expense, be responsible for obtoining ond mointoining ihese documenis during the terms of this Agreement, ony ond oll permit, licenses ond other proper outhorizotion or permission+eloted documents required for the performonce of ihis project.
The Government of Sieno Leone undertokes thot should Grofton lnvestment [SL) Limiied or ony other person toking port or porticipoting in the project, of ony time, be required to obtoin ony furiher permii or other outhorizotion or permission reloied documents in connection wiih itself, its octiviiies or the project or ony pori of the projeci, it sholl toke oll necessory steps ond octions to ensure lhot such permit or outhorizotion is issued forthwith provided thot the compony or, os fhe cose moy be, such other person complies with oll the requirements of ihe lows of Sierro Leone in relotion to such permit or outhorizotion.
13 n'1 9.1 Bronch Permil: lf Grofton lnvestmenl (SL) Limited or other person (s) io whom it wos issued foil to obide by ony terms of ony permit or outhorizotion, the Government of Sieno Leone or ony relevont officiol or public ouihoriiy moy exercise ony power pursuoni to the lows of Sieno Leone in respeci to such foilure.
However, the Government of Sieno Leone ogrees it will not (ond will procure thot no officiol or public outhority will) exercise ony such power unless the compony ond such oiher person (s) sholl specify for this purpose hove firsl been given minimum stoiutory period of notice (the Notice( of such foilure ond given the opportunity, ond foiled within o reosonoble period of time qfter receipt of such notice, to rectify, remedy or cure such foilure unless, in ihe opinion of the Government of Sierro Leone octing reosonobly, there is o significont risk to life or the environment.
lf there is o significont risk to life or the environment, the Government of Sieno Leone, sholl be entitled to suspend the relevoni permil or outhorizolion for the minimum period of time which could be onlicipoted os being reosonobly necessory for on orgonizotion which is compelenl, experienced ond efficient to prevent such risk occuning.

For the purpose of this porogroph, reosonoble period meons of o minimum period os contoined in o stotutory insirumeni of notice form dote to delivery of this notice.
ARTICLE 1O FORCE MAJEURE 10.0 The porties to this Agreement sholl not be in breoch of ihe Agreement, nor lioble for delcy in performing or foilure to perform is ony of its obligolions under ihis ogreement if such deloy or foilure becouse of o Force Mojeure.

l0.l Force Mojeure ore unforeseeoble events, circumstonces or couses beyond the reosonoble control of eiiher poriy to this Agreemeni will sustoined disruption of the operolions ond performonce of the compony.
10.2 A force Mojeure even sholl include but not limited to ony event os listed below: '10.2.

'l Noturol Force Mojeure event { t4 ,q )i.

Fire, explosion, lightning, eorthquoke, slorms, severe weother conditions, volconic eruption, meteoriies or olher noturol disosters or octs of God.

ii.

Epidemic plogue or quorontine; iii.


Serious occident, breokoge of focilities, plont or equipmeni, structurol collopse or chemicol coniominqtion; 10.2.2 Politicol Force Mojeure evenl ' i. Wor initioted by GoSL or otherwise offecting Sierro Leone, ii.
Politicolly molivoted violence, sobotoge, tenorism, strikes ond industriol relotions issues (other thon those reslricted to Employees of the compony), 10.2.3 lf on event is declored o force mojeure, the lerm of the Agreement sholl be extended by o period equivolent to the period during the force mojeure, provided thol such period continues for four (4) consecutive months, the compony moy terminoie this Agreement by giving nineiy (90) .doys written notice to the government.
10-2.4 The Compony sholl not be entitled lo rely on Clouse 9.
'l unless it promplly notifies the GOSL in writing of the noture ond extent of the Force Mojeure; 10.3 Could not hove ovoided the effect of the relevont event by toking precoutions which, hoving regord to oll the motlers known 1o it before the event, it ought reosonoble to hove token, but did not toke; ond 10.4 Hos used its besl efforts lo mitigole the effecl of the eveni, to corry out its obligotions under lhis Agreemeni in ony woy thot is reosonobly procticoble ond lo resume the performonce of its obligotions os soon os reosonobly possible.
ARTICLE I I ENVIRONMENTAT, HEATTH AND SOCIAL ASSESSMENT 11.0 The Environmentol License for ihe project will be gronted to Grofton lnvestment (SL) Limited subject to conditions only which ore typicol for on Environmeniol License, no loter ihon the sioiulory period ofter the opplicotion is lodge unless lt is withheld for one or more lowful reoson which ore objectively reosonoble for Withholding such Environmentol License under the relevont lows of ihe Republic of Sieno Leone, or L5 ( "c ARTICLE 12 EXPORT PROCEEDS 12.0 All revenue derived from export must firsi be chonneled through Sierro Leone Bonking before they ore repotrioted to ony other bonk of the investor's choice this is just o woy io improve the couniry's bolonce of poyment posiiion.
ARTICLE 13 ETECTRICITY, WATER AND OTHER UTITITIES WATER RIGHTS AGREEMENT I3.0 the GOSL moy enter into o woter righls Agreement with Grofion lnveslment (SL) Limited, specific rote per cubic meter.

The rote will be delermined by the competenl outhority in occordonce with prevoiling rotes for the yeor under review.

The stipuloted price of woter sholl be odjusied onnuolly in line with inflolion ond/or other considerotions.
ARTICTE'I4 EXCHANGE CONTROT AND INVESTMENI PROMOTION ACT I4.0 The Compony sholl repotriote 30% of export proceeds to Sierro Leone consistent with Section 52 of the Finonce Act 20,] l. 14.1 The Government of Sieno Leone ogrees to procure thot the Centrol Bonk sholl ogree of oll times (whether by reoson of such octions being compliont wilh the Exchonge Conirol Regulotions or oiherwise) thot ihe Compony, its shoreholders, its finonciers, funders to Any documeni relevont to the development ond funding of the Project sholl be enlitled lo: I4.2 Receive ond moke poyment in occordonce with the relevont document, including oulside of Sieno Leone in foreign currency.
14.3 Mointoin Leones ond foreign cunency bonk occounl inside ond oulside of Sieno Leone, deposit, retoin ond deol with Leones qnd foreign currency utilizing such bonk occounls.

I4.4 Repotriote eornings ond proceeds of soles of ossets 14.5 Allow expotriote to repoirioie eornings.
14.6 Convert or tronsfer funds ossocioted with investments, lncluding remiltonces of invesiment copitol, eornings, loon repoyments ond leose poyments ARTICLE I5 16 { N( EXPTRIATES I5.0 The Government of Sieno Leone ogrees thot foreign employees (including immedioie fomilies) of the Compony ond its conirociors ond sub-controctors sholl be entiiled to: Enter, leove, ond reside in Sieno Leone for the purposes of ihe Projeci.
l5.l Work in Sieno Leone (except immediote fomilies who ore nol employed by the Compony).

15.2 Opt out of NASSIT pension scheme consislent with the Notionol Sociol Securily ond lnsuronce Trust Act, 2001.

15.3 Sholl poy Personol lncome Tox, work ond residence permit consistent with the country's lobor ond immigrotion lows.

15.4 Bring in or import ond to export following or in onticipolion of the terminotion of residence or work, such personol ond household effecls.
I5.5 Sell within Sieno Leone ony such household goods or effects brought in or imported to Sieno Leone, subject to opplicoble soles duties / toxes.
ARTICLE 16 NATIONALIZATION OR EXPROPRIATION '16.0 The Government of Sieno Leone ogrees thot it will not, nor ottempi to, notionolize, expropriote or confiscote oll or ony port of ihe ossets or rights of Grofton lnveslment (SL) Limited, its sub-controctors or iheir respective controcfors or ony other porty lo the documents relevont to the development, operotion ond funding of the project or the shore copitol of ihe Compony other ihon bosed on full compensotion (including loss of profit) io the offected porties, including on omount not less ihon lhot required to repoy oll principol, interest, fees, costs ond expenses, omounts outstonding to ihe funders under or pursuont to the funding documents.
16.1 Eoch Porty confirms ihot it does not intend ond will not engoge in ony illegol octivity ond Grofton lnveslmenf (SL) Limited ogrees io toke reosonoble sleps thol ils shoreholders offiliole ond its expoiriote employees olso do not do so.

16.2 Being o sirotegic investment project in Sieno Leone, Grofton lnvestment (SL) Limiied ogrees thot ii will comply with oll notionol stondords; environmentol proteclion ond heolih ond sofety os required for the type of octiviiies corried out under these Projects.
!7 { c ARTICLE'I8 CHANGES IN LAW 18.0 Promulgotion, omendmeni, repeol or replocement of o low in Sieno Leone effect, or is omended, modified, repeoled, withdrown or reploced thot opplies discriminotory on the compony ond hos o moteriol odverse effect on the obility of Grofton lnvestment (SL) Limiled then GoSL undertokes to gront Groflon lnvesiment (SL) Limited ony exemption or license or other quthorizotion necessory or desiroble to ensure thoi the moteriols odverse effecls on lhe compony ore mitigoted.
However, if chonces in low ore not discriminotory, the compony sholl be obligoted to comply.

ARTICLE I9 CONFIDENTIALITY These discussions ond oll mofters regording ihe Compony's potentiol Projeci to be kepl confidentiol.

-The Government of Sieno Leone to ogree thot ony dispules regording the Project will be orbitroted firsl under the lows of Sieno Leone ond under ihe rules of lhe lnlernotionol Centre for setllement of investment Dispules if dissotisfied with the first ruling.
ARTICLE 20 GOVERNING LAW 20.1 This Agreement is governed ond sholl be conslructed in occordonce with the lows of the Republic of Sieno Leone ond is intended to be binding on the porties.

ARTICTE 2I DISPUTE RESOLUTION 21.1 The Clouse opplies 1o ony cloim, dispute or difference of ony kind between the porties orising out of in connection with ihis memorondum (o "Dispute").

These includes without limitotion, question oboul the Agreements existence, volidiiy or terminotion.
21.2 All disputes sholl firstly be referred to locol orbitrotion ond if it is not resoive, it be refened to ond finolly resolved by orbitrotion under lhe Rules of the lnternoiionol Centre for Selilement of Investment Disputes ("lCS") from iime to time in force.

{ 21.3 Eoch porty sholl nominote on orbitroto-r in the Request for Arbitrotion' or o *,iit""n i"lluest by either.porty to onswer, nor toter tnon r +'OoVi'Jtflr'rJrr".

"t do so.
"t do so.

The porties musi t#""L"rI" "g'tt on ono'n-ominote o third orbitrotor to oct os choirmon 2I.4 The proceeding sholl be conducied in the English longuoge' All documents iubmitted in the orbitrotion sholl be in the English longuoge' 21,5 The porties moy oppeol to ony court on o question of low orising oui of on oword mode in the orbitrotion.

The porties moy inevocobly woive ony rights of oppeol they might otherwise hove hod.
21.6 The oword sholl be finol ond binding on porties or onyone cloiming through or under them ond judgment rendered on the oword moy be entered in ony court hoving jurisdiction of the oword ond on order ond order of enforcement.

21.7 The Government of Sieno Leone inevocobly ond unconditionolly o) Acknowledges thot the execulion, performonce ond delivery by eoch porty of this Agreement sholl constitute o privote commerciol copocity.
b) Agrees thoi shourd ony other porty brings regor proceedings ogoinst it or its ossets in rerotion to this Agreemun-t no immunity from such regor proceedings sholl be deemed to include wilhout limitotion; suif, ond ofiochment prior to judgmenl.

ARIICTE 22 GOVERNANCE SIRUCIURE rN *TNESS *HEREOF rrill-gSemgnt hos been executed by dury outhorized representotives of porfies herelo on tf.r" O.i,l""rtf ono veor first obove wrirten.
srcNED sEAr.ED aruo o*rvrnr;;, :_-":' 11nm .-._ -_.,VERED for qnd on beholf of the Governmenl of Sieno leone """ """..'... '..... i Dr. Ed rd Hingo Sondy Minisler of lrode ond lnduslry ,*.,flwrb*^ *.

21.3 Eoch porty sholl nominote on orbitrotor in the Request for Arbitroiion, or onswer, nor loter thon l4 doys ofler service of o written request by either porty to do so.

The porties must then seek to ogree on ond nominote o third orbitrotor to oct os choirmon.
21.4 The proceeding sholl be conducted in the English longuoge.

All documents submitted in the orbitrotion sholl be in the English Ionguoge.

21,5 The porties moy oppeol to ony court on o question of low orising oui of on oword mode in the orbitrotion.

The porties moy irrevocobly woive ony rights of oppeol they mighl otherwise hove hod.
21.6 The oword sholl be finol ond binding on porties or onyone cloiming through or under them ond judgment rendered on the oword moy be entered in ony court hoving jurisdiction of ihe oword ond on order ond order of enforcement.

21.7 The Government of Sieno Leone inevocobly ond unconditionolly o) Acknowledges thot the execution, performonce ond delivery by eoch porty of this Agreement sholl constitute o privote commerciol copocity.
b) Agrees thot should ony other porty brings legol proceedings ogoinst it or its ossets in reloiion to lhis Agreemenl, no immunity from such legol proceedings sholl be deemed to include wilhout limitotion, suit, ond ottochment prior to judgment.

ARTICTE 22 GOVERNANCE STRUCTURE lN WITNESS WHEREOT this Agreement hos been executed by duly outhorized representotives of Porties hereto on the doy, month ond yeor first obove written.
SIGNED SEATED AND DELIVERED for ond on beholf of lhe Governmenl of Sieno Leone Dr. Edw rd Hingo Sondy Minisler of Trode ond lndustry Dote {il \)' 2022 SIGNED SEALED AND DELIVERED for ond on beholf of Grofton lnveslmenl (S[) Limiled.

Mr. Jihod El Kousso Chef Execulive Officer Dole 2022 20