Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698838140255.pdf (Sierra Leone)
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p Ir I I Agreemenl Belween The Governmenl of the Republic of Sierro Leone ond Grqtlon lnvestment (SL) timited T I N December 2021 1, <( THIS AGREEMENT lS mode this... ...doy of ......................2021 BETWEEN: (D fhe Government of the Republic of Sieno Leone (hereinofter referred to os "GoSL") ocling ihrough the Minislry of Finonce (MOF) ond Minislry of Trdde ond lndustry (MTl) AND Groflon lnveslmenl (SL) timited o limited liobility compony regislered under ihe lows of Sierro Leone wiih cerfificote regislrotion number SLl4092lGRAFI12217 with its registered office being No.
I Johnny Poul Drive, Freetown, Siero Leone (hereinofier refened lo os'The Compony").

Whereos, lhe Grofton Inveslmenl (St) limited is o newly estoblished Compony, which bought over the ossels of the defunci Grofton Woier Compony.

And whereos the Compony proposes to invest Twenty-five Million Uniied Stotes Dollors (US $25 million) on rehobilitotion ond refurbishmeni of ihe old Grofton Compony plonts, mochinery ond equipment.
And whereos the rehobiliiotion ond refurbishmeni of these infrostructure is will be done in two phoses.

Phose lwill involve the demolition ond cleoring of debris of ihe dilopidoted plonls ond mochinery used by the old Grofton Compony, whjch is expecled 1o losi between 6-12 months' period from ihe dote of rotificotion of this Agreement.
Phose ll will involve the insiollotion of siote-of-the-ort plonis ond mochinery ond the commissioning of the Newly estoblished Grofton Compony, which is expected to lost between l2-l8 months' period from the dote of roiificotion of this Agreement.

The Compony sholl reoch its full copocity of 500,000 litres per doy within 24 monihs.
And whereos the compony is desirous io register with oll relevont Ministries, Deportments ond Agencies (MDAs) thoi deols with privoie sector investment in the monufocturing sector in Sieno Leone.

And whereos, the GoSL seeks to promote privote sector investment, business growth ond development in the country, especiolly in ihe monufocturing in order to provide employment, promote economic growth, boost export ond improve the country's bolonce of trode ond poymenl positions.
And whereos, the GoSL ogrees thot the compony investment portfolio meets the 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 ironsfer; volue oddition from the country's locol row moieriols.

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

And Whereos, bolh porties ore desirous ond seek to estoblish o legol bosis for the promotion ond estoblishmeni of o stoie-olthe-ort processing plont to produce minerol woter ond olso both olcoholic ond non-olcoholic beveroges for domestic ond export morkets.
NOW THEREFORE, the GOSL ond Grofton lnvestment (SL) Limited hereby ogree os follows: ARTUCLE I INTERPRETATION The following bolded terms wherever used in ihis Agreement sholl hove the perspective meoning ond inlerpretotion set forih below: ".Agreemenfs".'

This lnvestment Concessions Agreement with GoSL ond Grofton Inveslment (SL) Limiled ond ony further omendments mode pursuonl to its terms os well os oll its oppendices.
"Applicable [ows': meons ihe Lows of the Republic of Sieno Leone, ond oll orders, rules, reguloiions, execufive orders, decrees, policies, judiciol decisions, nolificoiions, or ofher similor directives mode pursuont hereto, or other similor directives os moy be omended from time 1o time. "
Aulhorizolions ": ony or oll licenses, permits, visos, consents, opprovols, woivers, notificotions, opplicotions, orders, gronts, confirmotions, cleoronce, ond oll extensions required lo permits the lronsoclions contemploted by this Agreement, including the instructions required by Low from Government, ony relevont third porties ond officiols of Government.

"Business Doy": Any other thon weekends or on officiol public holidoy.
"Chonge of Control": Any ossignmenis, sole, or tronsfer of interest of ony iype os o result of which the person thot holds o mojority of the economic inlerest in the compony os of ihe Effective Doy, ceoses to hold o mojority of the economic interest in ihe compony.

K "Company": meons o group of individuols with o common purpose or provides services os o commerciol venlure including its successors ond ossigns where the coniexl permits.
"Commerciol Produclion": ln ony perlod, following the Effective Dote, where the production of processed ond finished producis os envisoge in the Business Plon, reoches commerciol production copocity of the fociory.

"Commerciol Produclion Dofe": The dote upon which the compony reoches commerciol produciion copocity of the foctory.

"Conlroclors": Any person or orgonizotion lhot controcts directly or indirectly with the compony for the supply of goods or seryices cousolly reloted to the compony's operotions.
"Effeclive Dofe ": The dote on which this Agreement is signed by oll porties upon roiificotion 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, ossignments, ossessments, security interest, litle retention, mortgoges, restrictions, title defects, right of woys, opiions or odverse cloims from ony person or orgonizotion cloiming ony righis to the londs ossigned by the Governmenl of Sierro Leone for the development of the foctories.
"Envircnmentol Proteclion Agency (EPA)": The Government ogency tosked with the responsibiliiy to provide for the effective protection of the environment ond for other reloted motters.

"Exfension of lerms": meons to odd to the lengih of time specified in ihis Agreement to continue with lls existing ierms, or ony modificotions of such terms.
"Force Majeure": ore unforeseeoble events, circumstonces or couses beyond fhe reosonoble control of either porty to this Agreement with sustoined disruption of the operotions ond performonce of the compony.

"lnvesfmenf".'

meons ony onnuity, trust, or custodiol occount holding reguloted investment compony stock or ossets, estoblished in occordonce with the Lows of Sieno Leone, in which the ossets ore held for investment purposes.
"lnyesfmenl Plon ": The plon, herein included os Appendix lo this Agreement, which provides deloils of the foctory consiruction, mochinery instollotion, stoffing ond production torgeis of the compony.

4 W {( "Paiies": GOSL ond Grofton lnvestmenf (SL) Limiied.
"Produclion": Any or oll the following, when conied out by or on beholf of ihe compony: processing, distributing, morketing ond selling of olcoholic ond non- olcoholic beveroges, minerol woter ond noturol juice ond its derivotives; ond oll oiher operotions of the compony incidentols to, orising from or directly reloted to ihe design, instollotion, operolion ond mointenonce of foctory infrostructure.
"Subconfrocfor": Any person or orgonizotion controcted directly or indirectly by o controctor of the compony to couse lo provide some porfion of ihe supply of goods or services cousolly reloted lo the compony's operotions.

"Ioxes ond Dufies": references to "tox" ond "duty" includes oll present ond future loxes, chorges, import duties, levies, excise, Goods ond Services Tox, Withholding lncome Tox, Copitol Goins Tox, of ony kind whotsoever or ony other impositions by GoSL, hoving the effeci of o tox.
"The Compony: refers to undertoking octivities/services pursuont to ihis Controct Agreemenl including its successors ond ossigns ond where ihe context so permits ony compony or the sub-controcied by the compony io provide u ndertokes octivities/services.

"Work Plan"'.
"Work Plan"'.

The cleorly defined octivities ond indicotive timelines of the compony (hereinofter referred to os lhe "Work Plon") os otioched in Annex A for ochieving the Construction ond instollotion Produclion ond distribution processes in occordonce with the terms of lhis ogreemenl.

ARTICLE 2 PARTIES TO THE AGREEMENT The porlies to this Agreemenl sholl be lhe Government of Sierro Leone (GoSL) ond Grofton lnvestment (SL) Limited.
ARIICLE 3 TERMS OF THE AGREEMENT 3.1 TERM The term of this Agreement sholl begin os of the Effective Dote ond sholl remoin in effect for o period of ten yeors, unless sooner terminoiion os hereinofier provided.
Thereofter, this Agreement sholl continue in effect with respect to renewol provided for under Article 3.2, ond sholl be subjeci io the ierminotion provision ond oll other terms ond conditions hereof; { ,c 3.2 EXTENSION OF TERM Six months' period lo the expirotion of the Agreemenl, unless eorlier terminolion, the compony moy opply to GoSL for on extension of this Agreement for such odditionol period ond on such conditions os ogreed by both porties.
Where the term of this Agreement is noi extended pursuont to this Article, the compony sholl continue its commerciol produciion of torgeted level for the remoining lerms period.

Notwithslonding ond exlension thot moy be ogree upon by both porties to the Terms of this Agreement, this Agreemenl is, ond will olwoys be interpreted os, o fixed term ogreemenl ond noi on indefinite term Agreement.
ARIICLE 4 GRANTING OF CONCESSIONS AND RIGHTS 4.0 THE GOSL'S OBLIGATIONS 4.,l No Unheolthy Competition ond Proleclion from Foreign Competilion As port of the compony's contribution in octuolizing lhe "Mode in Sierro Leone" Concepts in line with the Locol Conlent Policy, Governmenf sholl opply oll reosonoble endeovors to creote the conduciive business environment thot will provide support to the compony's efforfs, especiolly io proteci it ond other similor businesses from unheolthy compeiilions with foreign dumped producis.
4.2 Production Righls The GoSL hereby gronts lhe compony the right, in occordonce with oll Applicoble Lows of Sieno Leone, to engoge in: .

I.
The purchose of row moleriols (fruils ond sorghum) from our locol lhrough on out-grower scheme ond processing some in olcoholic beveroges ond noturol fruit juice ond other reloied food producls; The development of ogents' nelworks 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 ihe domestic morket ond, where necessory, to export io other countries in the sub region ond oiher ports of the world; - 6 'l{( { Morket, distribute ond sole of vorieties of soft drinks, fruits juice, minerol woter ond olcoholic beveroges ond where necessory 1o export to other countries.
ARTICIE 5 THE COMPANY'S OBLIGATIONS 5.1 The Compony sholl exclusively undertoke ond own os property, the projeci to construct, develop ond estoblish the infrostructure ond insloll ond operote o focility for the production of soft drinks, nolurol fruit juice, minerol woter ond olcoholic beveroges, pockoging ond dislribution.

5.2 The Compony sholl undertoke to comply wilh provisions of oll lows, especiolly Lobour ond Sociol Securily Lows for ihe recruiiment ond employment of stoff.
The Compony is olso committed to employ o greoter proporiion of Sierro Leoneons stoff for jobs noi requiring 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 ogoinst occupotionol hozords ond occidents.
5.6 The Compony sholl undertoke to impori o modern ond stote of ihe-orl Mochines, Equipment ond Assembly Production lines for industriol operotions, ond remqin obligoted 1o GOSL under the Terms of this Agreement.

5.7 The Compony sholl fully comply to undertoke ond complele oll Environment Assessmeni ond other reloted Obligotions required by the GoSL os provided in the EnVironmentol Proiection Acl, 20,l 1.
5.8 The Compony sholl be entirely committed to its inveslment bounds, ond fundings of its projects, wilh its own copitol using bonk loons where necessqry.

5.9 The Compony sholl ensure conformity to hygienic ond sofety reguloiibns whenever subcontrocted or with designoled Agents working on site.

ARTICTE 6 TAXES TO THE COMPANY 6.0 The GoSL ogrees thot the following lox treotmenls sholl opply only to the Grotlon lnvestment (SL) Limited, ond not ils reloted or other componies, Controctors ond Subcontroctors.
6.1 Personol Income Tox for lhe Locol Employees: 7 ,1-( All locol Employees of ihe compony sholl be subject to Poy-As- You Eorn (PAYE) Tqx consistent with Porl I of the First Schedule of ihe income Tox Act 2000 (os omended).
6.2 Personol lncome Tox for Foreign Employees: lncome eorned from o source in Siei'ro Leone by non-resident foreign nolionol shqll be toxed ot the rote of 25% in line with Porl I of lhe Second Schedule of the lncome Tox Act 2000), provided the foreign Nolionols is in employment for o period of 183 doys or less, but in cose where the employment exceeds 183 doys, the normol PAYE schedule sholl opply for resident foreign nqtionol.
6.3 Corporolion Tox: The Compony sholl be entitled to o corporofe tox relief for o period of 5 (five) yeors; provided lhe Compony hod invested US$2 million ond employed ot leosi 20 Sieno Leoneons.

Loss incuned by the Compony in o given yeor sholl be offset ond conied forword for odjustment ogoinst ony future income for o period not exceeding Ten (10) yeors.
6.4 Withholding Toxes on Poymenl lo Controclors: The Compony sholl withhold toxes from poyment 1o its suppliers ond other coniroclors occording to the provisions in the existing Lows.

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

6.6 Withholding Taxes on Dlvidend payments The Compony sholl withhold tox on dividends to shoreholders in occordonce with Section 1 lB of the lncome Tox Act 2000.

6.7 Withholding Toxes on lnleresl Poymenls The Compony sholl withhold tox on dividends to shoreholders in occordonce with Section I l9 of the lncome Tox Act 2000.
8 c 6.8 Copitol Allowonce The compony sholl be entilled to copitol ollowonce deduction of the rote of forty percent (40%), twenly perceni (20%1, lwenly percent (20%1, ond twenty perceni (20%l for this first, second, ihird ond fourth yeors respectively on oll plont, mochinery ond equipment.
6.9 Withholding Tox on lmports (5% Advonce Corporole lncome Tox): The compony sholl be entitled to exemptions from the poymenl of 5% withholding tox on the CIF volue of their imports subject to Seclions 114 of the lncome Tox Act, 2000 (os omended).
6.9 Other Allowoble Deduclions: The compony sholl cloim deduction ogoinst chorgeoble income in on omount equivolent of the following percentoge expenditure: o. Actuol expenses incuned in respect of environment ond sociol impoct mitigotion ond / or environment Protection ond restorotion- 100 percent.

b.
b.

Cost of educoting ond/or troining citizens of Sieno Leone ond who ore full time Employees of the Compony ond port time Employees of the compony bui bonded to the Compony on completion of such lroining ond/or educotion.
Educotion or Troining sholl not include primory or secondory school educotion ond sholl be relevont io employment of the troinee concerned ond include on the job troining ond sholl include 1OO% of the woges of on employee serving on opprenticeship course opproved by the Government- 100 percent.

c. Any expenses incuned on reseorch ond development by the compony up to the extent of profits of the some yeor ihe expenditure is mode but ony uncloimed omount sholl not be ovoiloble for future deduction- 100%.
d. Any expenses incuned on troining of locol sloff in on opproved troining progromme by the Compony up to the extent of profits of the some yeor the expenditure is mode, bul 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 inveslment thoi is outside the scope of the originol inveslment ond which would be olso ovoiloble to the generol public for use free of chorge, up to the extent of profits for the purposes of the Income Tox Act, 2000.
I ,il 0t Attc f I t0 btN { use free of chorge, up to the extent of profits for the purposes of the Income Tox Act, 2000. f. Actuol cost of the remunerotion poyoble to ony physicolly or menlolly disobled Employees, up to the extent of the profits of lhe yeor in which the expenditure is mode, but ony uncloimed omount sholl not 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 the foctory, be exempted from import duty on their imporls of row moteriols ond inpuls, whether semi-finished ond finished products ond thereofter sholl poy o reduced import duty of five (5) percent ond other toxes of the rotes opplicoble on imports of row moteriols, semi-finished ond finished products, including pocking moteriols intended lo be used os inputs for monufocturing beveroges in occordonce with Section 2 of the Customs Toriff 1978 (os omended).
6.11 lmport Duty on Plonl, mochinery, ond equipmenl The compony sholl, for o period of three (3) yeors commencing the effect dote of this Agreement, be exempted from import duty on their imports ol Plonts, Mochinery ond Equipment including speciolized vehicles for the setling up ond operolionolizotion of the foctory.

Where o new plont or foctory is to be constructed ofter the initiol three (3) yeor period, the compony sholl be exempted from import duty on their imports of the odditionol 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 contribution in occordonce with the Notionol Sociol Security ond Insuronce Trust Act, 2001.
ARTICTE 7 CONDUCT OF OPERATIONS OF THE COMPANY 7.0 Produclion Aclivilies: Sub.iect 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 conduct its business operotions in slrict odherence to estoblished stondords ond prudent business proctices.
L0 minerol woter domesticolly ond sholl export io other countries in the sub+egion ofter domestic requiremenis ore being fully met.

7.I Performonce of lniliol lnveslmenl Obligolions: Within 6-12 months of ihe effective dote of this Agreemenl, the compony sholl moke oll reosonoble efforts to import oll plonts, mochinery ond equipment for full industriol monufocturing.

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

For clority purpose, the foctory is expected to process between 500,000 to 500,000 liters of olcoholic ond non-olcoholic beveroges per business doy.
If ofter 24 months from the effective dote of rotificoiion of this Agreement, the compony foils to ochieve the commerciol production levels of ouiput, the compony sholl occordingly notify the Government of Sierro Leone on the reosons for foilure to meet such performonce obligotions otherwise, ihe Governmenl tox incentives provided in this ogreement sholl be suspended for the compony.
7.2 Domeslic Soles of Producl: To the extenl ihot there is sufficienl ond effective demond for the oulput of the 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 omount not more thon it excess to other countries.
7.3 Notwithslonding clouse 7.2 obove, ihe compony sholl be restricted to limit the exporl of ils products to not more thon 40% of ils lotol production in ony given period, consistent wiih the Locol Content Acl,2Ol6 ARTICTE 8 EMPLOYMENT AND TRAINING 8.0 Employmenl: The compony's employmenl proctices sholl conform lo the exisling lows of the country, in no cose sholl the compony knowingly, ofter reosonoble enquiry, hire non-Sieno Leoneons for unskilled positions, unless Section 50 of the Finonce Acl, 2021.
11 K {( 8.1 The compony sholl, for the employment ot oll levels in finonciol, occounling, technicol, odministrotive, supervisory ond senior monogemenl positions ond other skilled positions, give preference io quolified Sieno Leoneons who meet the minimum requirement in terms of quolificotions ond reloted work experiences prescribed by the compony.
8.2 Where lhe compony is unoble 1o hire the services of o Sieno Leoneon lo 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 oitroct quolified Sierro Leoneon thot sotisfy ihe minimum requirement prescribed for employment.

8.3 The compony is required lo meet oll of the minimum requirement deioiled in the Compony Act, 2OO9 ond follows the process ond procedures outlined therein.
8.4 The compony is fully responsible for following ond demonstroting, through documented procedures thot they hove complied wiih the requirements stipuloted in the guidelines.

ln the cose of subJeosing or the sqle of one investmenf io onoiher, responsibility for complionce is tronsfened to the sub leose/new owner (s).
8.5 The compony must submil on on onnuol bosis, its oudited bolonce sheet, income ond expenditure stotemeni ond finonciol slotement in strict odherence with lnternotionol Finonciol Reporting Stondords os well os ony required notionol stondords to the Ministry of Trode ond lndustry ond other relevont Ministry, Deporiment ond Agency 8.6 The compony sholl develop o Corporote Sociol Responsibility (CSR) plon, bosed on on ossessment of communily needs in consullotion with the Environmentol Protection Agency.
8.7 lhe compony sholl provide feosible ond reolisiic time fromes for the implemenlotion 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 Sierro Leone through the Ministry of Trode ond lndustry, bosed on o predetermined monitoring plon ond officiols of the Government of Sieno Leone will conduct periodic ond on the spot moniloring visits, os ond when necessory.
8.9 The compony sholl support the growth ond developmenl of Smoll ond Medium Business Enterprises (SMEs) through torgeted procurements ond r?

^{( employments of quolified Sierro Leoneons of oll levels of ihe monogement ond odminisirotive codre of the compony.

8.10 The compony sholl develop the Humon Copitol Development Plon of Sieno Leoneons through troining ond tronsfer of knowledge ond technology, consistent with ihe Agendo of the New Direction Administrolion.

8.
8.

'l I The compony sholl strictly odhere to the dictotes of the Environmentol Protection Agency Act, 2008 (os omended) ond other reloted environmentol proteciion regulotions developed by the Government of Sieno Leone ond lnternotionol Best Proctices.

8.
8.

'12 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 objeclives, the compony sholl use reosonoble efforts ond resources to provide troining for its Sieno Leoneon employees with the view to quolifying them for the positions highlighted obove ond os required by the compony's operotion under this Agreement.
ARTICLE 9 ISSUANCE OF PERMII 9.0 Permil lssuonce: The Governmeni of Sieno Leone sholl endeovor to process ond issue to Grofton lnveslment (SL) Limited ony ond oll permiis, licenses, ond other proper ond legol outhorizolion ond permission reloted documents ond lhe compony sholl, of its sole expense, be responsible for obtoining ond mointoining these documents during the terms of this Agreement, ony ond oll permit, licenses ond oiher proper outhorizotion or permission+eloled documents required for ihe performonce of this project.
The Government of Sieno Leone undertokes thot should Grofton lnveslment (SL) Limiled or ony other person toking port or porticipoting in the project, ot ony iime, be required to obtoin ony further permit or other oulhorizotion or permission reloted documents in connection wiih itself, ils octivities or the project or ony port of the project, it sholl toke oll necessory steps ond octions lo ensure thot such permit or oulhorizotion is issued forthwith provided thot the compony or, os the cose moy be, such olher person complies with oll ihe requiremenis of the lows of Sierro Leone in relotion to such permit or ouihorizotion.
13 d1 9.1 Bronch Permil: lf Grofton lnveslment [SL) Limited or other person (s] to whom il wos issued foil to obide by ony terms of ony permit or oulhorizoiion, the Government of Sieno Leone or ony relevont officiol or public outhority moy exercise ony power pursuont to the lows of Sieno Leone in respect to such foilure.
However, the Government of Sieno Leone ogrees il will not (ond will procure thot no officiol or public outhority will) exercise ony such power unless the compony ond such other person (s) sholl specify for this purpose hove first been given minimum stotuiory period of notice (the Notice( of such foilure ond given the opportunity, qnd foiled within o reosonoble period of time ofter receipt of such notice, to rectify, remedy or cure such foilure unless, in the opinion of the Government of Sierro Leone octing reosonobly, there is o significonl risk to life or the environ ment.
lf there is o significont risk to life or the environment, lhe Government of Sierro Leone, sholl be entitled to suspend the relevoni permit or outhorizotion for the minimum period of time which could be onticipoted os being reosonobly necessory for on orgonizoiion which is competenl, experienced ond efficient to prevent such risk occuning.

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

10.

'l Force Mojeure ore unforeseeoble events, circumstonces or couses beyond the reosonoble control of either porty io this Agreement will sustoined disruption of the operotions ond performonce of the compony.
I0.2 A force Mojeure even sholl include but not limited to ony event os listed below: 10.2.1 Noturol Force Mojeure evenl 1,4 w ,,q i] firu, explosion, lightning, eorthquoke, storms, severe weolher conditions, volconic eruption, meteorites or other noturol disoslers or octs of God.

ii.

Epidemic plogue or quorontine; iii.


Serious occidenl, breokoge of focilities, plont or equipmenl, siructurol collopse or chemicol conlominotion; 10.2.2 Politicol Force Mojeure event i. Wor initioted by GoSL or otherwise offecting Sierro Leone, ii.
Politicolly motivoted violence, sobotoge, tenorism, sirikes ond industriol relolions issues (other lhon those restricied to Employees of the compony), 10.2.3 lf on event is declored o force mojeure, the term of ihe Agreement sholl be extended by o period equivoleni to the period during the force mojeure, provided thot such period continues for four (4) consecutive months, ihe compony moy ierminote this Agreemenl by giving nineiy (90) doys written notice to the government.
10.2.4 The Compony sholl not be entitled to rely on Clouse 9.1 unless ii promptly noiifies the GOSL in writing of the noture ond extent of lhe Force Mojeure; 10.3 Could not hqve ovoided the effeci of the relevont event by loking precoutions which, hoving regord to oll the motters known to it before lhe event, it ought reosonoble lo hove token, but did not toke; ond '10.4 Hos used its best efforts io mitigote the effect of the event, lo corry out its obligotions under lhis Agreemenl in ony woy thot is reosonobly proclicoble ond to resume the performonce of its obligotions os soon os reosonobly possible.
ARTICTE 1-I ENVIRONMENTAI, HEATIH AND SOCIAL ASSESSMENT I1.O The Environmentol License for ihe projeci will be gronted lo Grofton lnvesiment (SL) Limited subject to conditions only which ore typicol for on Environmentol License, no loter thon the stotutory period ofler the opplicoiion is lodge unless ll is wiihheld for one or more lowful reoson which ore objectively reosonoble for Withholding such Environmenlol License under the relevont lows of the Republic of Sierro Leone, or 15 ( ,( {fl\ ARTICTE'I2 EXPORT PROCEEDS 12.0 All revenue derived from export must first be chonneled through Sierro Leone Bqnking before they ore repotrioted to ony other bonk of the investor's choice this is just o woy to improve ihe country's bolonce of poyment position.
ARTICLE 13 ELECTRICITY, WATER AND OTHER UTILITIES WATER RIGHTS AGREEMENT 13.0 the GOSL moy enter into o woler rights Agreement with Grofton lnvestment (SL) Limited, specific role per cubic meter.

The rote will be determined by the competent oulhorily in occordonce wiih prevoiling rotes for the yeor under review.

The stipuloted price of woter sholl be odjusted onnuolly in line with inflotion ond/or other considerolions.
ARTICTE'I4 EXCHANGE CONTROT AND INVESIMENT PROMOTION ACT 14.0 The Compony sholl repotriole 30% of export proceeds io Sierro Leone consistenl with Section 52 of the Finonce Act 20,] 1.
'14.1 The Governmenl of Sieno Leone ogrees lo procure thoi the Cenlrol Bonk sholl ogree ol oll times (whelher by reoson of such octions being compliont with ihe Exchonge Control Regulotions or olherwise) thot ihe Compony, its shoreholders, its finonciers, funders io Any documeni relevont to the development ond funding of the Projeci sholl be entitled to: I4.2 Receive ond moke poymenl in occordonce with lhe relevonl document, including outside of Sierro Leone in foreign currency.
14.3 Mointoin Leones ond foreign currency bonk occounl inside ond outside of Sieno Leone, deposit, retoin ond deol with Leones ond foreign cunency utilizing such bonk occounts.

14.4 Repotriote eornings ond proceeds of soles of ossets '14.5 Allow expolriote to repotriote eornings.
14.6 Convert or tronsfer funds ossocioted with investments, lncluding remittonces of investment copitol, eornings, loon repoymenls ond leose poyments ARTICLE I5 16 { N( EXPTRIATES 15.0 The Governmeni of Sieno Leone ogrees thot foreign employees (including immediote fomllies) of the Compony ond its controctors ond sub-controctors sholl be enlitled to: Enier, leove, ond reside in Sieno Leone for the purposes of lhe Projecl.
15.I Work in Sieno Leone (except immediote fomilies who ore nol employed by the Compony).

15.2 Opt out of NASSIT pension scheme consistent with the Notionol Sociol Security ond lnsuronce Trust Acl, 2001 .

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

I5.4 Bring in or import ond lo exporf following or in onticipolion of the terminotion of residence or work, such personol ond household effects.
15.5 Sell within Sieno Leone ony such household goods or effects brought in or imported to Sieno Leone, subjeci to opplicoble soles duties / toxes.
ARTICTE 'I6 NATIONALIZATION OR EXPROPRIATION '16.0 The Government of Sierro Leone ogrees thot it will not, nor ottempt io, notionolize, expropriote or confiscote oll or ony port of lhe ossets or rights of Grofton lnvestment (SL) Limited, its sub-controciors or their respective controctors or ony other porty to the documents relevonl io the development, operotion ond funding of the project or the shore copitol of the Compony other thon bosed on full compensotion (including loss of profit) to the offecled porties, including on omount not less thon thoi required to repoy oll principol, interest, fees, costs ond expenses, omounts outstonding to ihe funders under or pursuont io the funding documents.
16.1 Eoch Porty confirms thol il does not intend ond will not engoge in ony illegol octivity ond Grofton lnvestment (SL) Limited ogrees to toke reosonoble steps thot its shoreholders offiliote ond its expotriole employees olso do nol do so.

16.2 Being o strotegic investmenf project in Sieno Leone, Grofton lnvestment (SL) Limited ogrees thot it will comply with oll notionol stondords; environmentol protection ond heolth ond sofety os required for the type of octivities conied out under these Projecis.
17 { c ARTICTE 18 CHANGES IN LAW 18.0 Promulgotion, omendment, repeol or replocemeni of o low in Sieno Leone effect, or is omended, modified, repeoled, withdrown or reploced ihot opplies discrlminotory on the compony ond hos o moteriol odverse effect on ihe obility of Groflon lnvestment (SL) Limited then GoSL undertokes to gronl Grofton lnvestment (SL) Limited ony exemplion or license or other quthorizotion necessory or desiroble to ensure thot ihe moieriols odverse effects on the compony ore mitigoted.
However, if chonces in low ore not discriminotory, the compony sholl be obligoted to comply.

ARTICTE 19 CONTIDENTIALITY These discussions ond oll motters regording the Compony's potentiol Projeci to be kept confidentiol.

-The Government of Sieno Leone to ogree thot ony dispuies regording the Project will be orbiiroted first under the lows of Sieno Leone ond under the rules of the lnternotionol Centre for settlemenl of investment Disputes if dissotisfied with the first ruling.
ARTICLE 20 GOVERNING LAW 20.1 This Agreemeni is governed ond sholl be consiructed in occordonce wilh the lows of lhe Republic of Sierro Leone ond is intended to be binding on the porties.

ARTIC[E 2I DISPUTE RESOTUTION 21.I The Clouse opplies to ony cloim, dispute or difference of ony kind between the porties orising oui of in connection with this memorondum (o "Dispute").

These includes without limiiotion, question obout the Agreemenfs existence, volidity or terminotion.
21.2 All disputes sholl firstly be refened to locol orbitrotion ond if ii is not resoive, it be refened to ond finolly resolved by orbitrotion under ihe Rules of the lnternoiionol Centre for Seltlement of lnvestmenl Dispules ("lCS") from lime lo time in force.

18 { 2'1.3 Eoch porty sholl nominote on qrbitrotor in the Request for Arbitrotion, or onswer, nor loter thon I4 doys ofler service of o written request by either porty to do so.
The porties must then seek to ogree on ond nominote o ihird orbitrotor to oct os choirmon.

2I.4 The proceeding sholl be conducted in ihe English longuoge.

All documents submiited in ihe orbitroiion 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 olherwise 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 lhe Government of Sieno Leone irrevocobly ond unconditionolly o) Acknowledges thot the execution, performonce ond delivery by eoch porty of this Agreement sholl conslitute o privote commerciol copocity.
b) Agrees thot should ony other porty brings legol proceedings ogoinst it or its ossets in relotion to this Agreement, no immunity from such legol proceedings sholl be deemed lo include withoui limitotion, suit, ond ottochment prior to judgment.

ARIICTE 22 GOVERNANCE STRUCTURE lN WITNESS WHEREOF this Agreement hos been executed by duly outhorized representotives of Porties hereto on the doy, month ond yeor first obove written.
SIGNED SEATED AND DEIIVERED for ond on beholf of lhe Governmenl of Sierro Leone Dr. Edw rd Hingo Sondy Minister of Trode ond lndustry Dote :... (rl t \ 2022 SIGNED SEALED AND DELIVERED for ond on beholf of Grotton lnvestment (SL) Limiled.

Mr. Jihod El Kousso Chef Executive Officer Dote 2022 20