EX-10.4




 Exhibit 10.4 

[Execution Version] 
  

			
	Date:	  	November 2, 2022
		
	To:	  	10X Capital Venture Acquisition Corp. II, a Cayman Islands exempted company (“10X II”) and African Agriculture, Inc., a Delaware corporation (“Target”).
		
	Address:	  	 1 World Trade Center, 85th Floor
 New York, New
York 10007

		
	From:	  	Vellar Opportunity Fund SPV LLC—Series 8 (“Seller”)
		
	Re:	  	OTC Equity Prepaid Forward Transaction

 The purpose of this agreement (this “Confirmation”) is to confirm the terms and conditions of the transaction
(the “Transaction”) entered into between Seller, 10X II and Target on the Trade Date specified below. The term “Counterparty” refers to (a) 10X II until the Business Combination (as defined below), and whereby upon
the closing of the transactions contemplated by the Merger Agreement (defined below), where 10X AA Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of 10X II, will merge with and into Target with Target as the surviving entity as
a wholly-owned subsidiary of 10X II (the “Combined Company”) and (b) the Combined Company after the Business Combination. Certain terms of the Transaction shall be as set forth in this Confirmation, with additional terms
as set forth in a Pricing Date Notice (the “Pricing Date Notice”) in the form of Schedule A hereto. This Confirmation, together with the Pricing Date Notice(s), constitutes a “Confirmation” and the Transaction
constitutes a separate “Transaction” as referred to in the ISDA Form (as defined below). 
 This Confirmation, together with the Pricing Date
Notices, evidences a complete binding agreement between Seller, 10X II and Target as to the subject matter and terms of the Transaction to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral
communications with respect thereto. 
 The 2006 ISDA Definitions (the “Swap Definitions”) and the 2002 ISDA Equity Derivatives Definitions
(the “Equity Definitions”, and with the Swap Definitions, the “Definitions”), each as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. If there is any
inconsistency between the Definitions and this Confirmation, this Confirmation governs. If, in relation to the Transaction to which this Confirmation relates, there is any inconsistency between the ISDA Form, this Confirmation (including the Pricing
Date Notice), the Swap Definitions and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) this Confirmation (including the Pricing Date Notice(s)); (ii) the Equity
Definitions; (iii) the Swap Definitions, and (iv) the ISDA Form. 
 This Confirmation, together with the Pricing Date Notice, shall supplement,
form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if Seller, Target and Counterparty had executed an agreement in such form (but without any Schedule except as set
forth herein under “Schedule Provisions”) on the Trade Date of the Transaction. 
 The terms of the particular Transaction to which this
Confirmation relates are as follows: 
 General Terms 
  

			
	Type of Transaction:	  	Share Forward Transaction
		
	Trade Date:	  	November 2, 2022
		
	Pricing Date:	  	As specified in the Pricing Date Notice.
		
	Effective Date:	  	One (1) Settlement Cycle following the Pricing Date.













			
	Valuation Date:	  	The earliest to occur of (a) the third anniversary of the closing of the transactions between Counterparty and Target pursuant to an Agreement and Plan of Merger dated November 2, 2022, as may be entered into on or after
the date hereof (the “Merger Agreement”), by and among Counterparty, the Target and certain other parties thereto, to be reported on a Form 8-K filed by the Counterparty (the “Form 8-K”) (the “Business Combination”), and (b) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s discretion (not earlier than the day such
notice is effective) after the occurrence of any of a (x) Seller VWAP Trigger Event, (y) a Registration Failure or (z) a Delisting Event (in each case the “Maturity Date”).
		
	Seller VWAP Trigger Event	  	An event that occurs if the VWAP Price is at or below $3.00 per share for any 20 trading days (whether or not consecutive) during a 30 consecutive trading day-period following the closing of
the Business Combination.
		
	VWAP Price:	  	For any scheduled trading day, the Rule 10b-18 volume weighted average price per Share for such day as reported on the relevant Bloomberg Screen “[Counterparty] <Equity> AQR
SEC” (or any successor thereto), or if such price is not so reported on such trading day for any reason or is manifestly erroneous, the VWAP Price shall be as reasonably determined in good faith by the Calculation Agent.
		
	Dilutive Offering Reset	  	To the extent the Counterparty or the Target, after the closing of the Business Combination, sells, enters any agreement to sell or grants any right to reprice, or otherwise dispose of or issues (or announce any offer, sale, grant
or any option to purchase or other disposition) any Shares or any securities of the Counterparty or the Target or any of their respective subsidiaries which would entitle the holder thereof to acquire at any time Shares, including, without
limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Shares, at an effective price per share
less than the then existing Reset Price then the Reset Price shall be modified to equal such reduced price.
		
	Reset Price	  	The Reset Price shall be adjusted on the first scheduled trading day of each month (each a “Reset Date”) commencing on the first calendar month following the closing of the Business Combination to be the lowest of
(a) the then-current Reset Price, (b) $10.00 and (c) the VWAP Price of the Shares of the last ten (10) trading days of the prior calendar month, but not lower than $6.00; provided that the Reset Price may be further reduced pursuant
to a Dilutive Offering Reset.
		
	Seller:	  	Seller.
		
	Buyer:	  	Counterparty.
		
	Shares:	  	Prior to the closing of the Business Combination, the ordinary shares, par value $0.0001 per share, of 10X II (Ticker: “VCXAU”) and, after the closing of the Business Combination, the shares of the Combined Company.
Seller will hold the Recycled Shares and the Additional Shares (together with the Recycled Shares, the “Subject Shares”) in a bankruptcy remote special purpose vehicle for the benefit of Counterparty.


  
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	Number of Shares:	  	The sum of (a) the number of Recycled Shares and (b) the number of Additional Shares, as specified in the Pricing Date Notice(s), but in no event more than the Maximum Number of Shares. The Number of Shares is subject to
reduction only as described under “Optional Early Termination”.
		
	Maximum Number of Shares:	  	4,000,000 Shares; provided that the Maximum Number of Shares (a) will be automatically reduced to the number 10X II shares that are issued and outstanding as of 10X II’s redemption deadline and (b) may be increased to
10,000,000 Shares upon the mutual agreement of Counterparty and Seller.
		
	Initial Price:	  	The Per-Share Redemption Price (the “Redemption Price”) as defined in Section 49.5 of the Amended and Restated Memorandum and Articles of Association of Counterparty
dated as of August 10, 2021, as amended from time to time (the “Certificate of Incorporation”); provided that the Counterparty agrees and covenants to publicly disclose two (2) days prior to the expiration of the
Counterparty’s redemption offer the estimated Redemption Price as of the same date.
		
	Recycled Shares:	  	The number of Shares purchased by Seller from third parties (other than Counterparty) through a broker in the open market (other than through Counterparty); provided that Seller shall have irrevocably waived all redemption rights
with respect to such Shares as provided below in the section captioned “Transactions by Seller in the Shares.” Seller shall specify the number of Recycled Shares (the “Number of Recycled Shares”) in the initial Pricing
Date Notice.
		
	Additional Shares:	  	Additional Shares may be purchased at any time prior to the Maturity Date for no separate consideration by Seller, in Seller’s sole discretion, from the Counterparty, with such number of Shares to be specified in a Pricing Date
Notice(s) as Additional Shares; provided that such number of Additional Shares that may be purchased from the Counterparty shall not exceed the difference of (x) the Maximum Number of Shares and (y) the Recycled Shares; provided further
that such number of Additional Shares included in a Pricing Date Notice shall be promptly issued to Seller in its name free and clear of all liens.
		
	Prepayment:	  	Applicable. Payment of the Prepayment Amount shall be made directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer and Trust Company holding the net proceeds of the sale of the units in
Counterparty’s initial public offering and the sale of private placement units (the “Trust Account”) no later than the Prepayment Date. Counterparty shall provide (a) notice to Counterparty’s trustee of the entrance
into this Confirmation no later than one (1) Local Business Day following the date hereof, with a copy to Seller and Seller’s outside legal counsel, and (b) to Seller and Seller’s outside legal counsel a final draft of the flow
of funds from the Trust Account prior to the closing of the Business Combination itemizing the Prepayment Amount due to Seller; provided that Seller shall be invited to attend closing call in connection with the Business Combination.


  
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	Prepayment Amount:	  	A cash amount equal to (x) (i) the Number of Recycled Shares underlying the Transaction as set forth on the initial Pricing Date Notice, multiplied by (ii) the Initial Price less (y) the Prepayment Shortfall (if
requested in writing to Seller by Counterparty).
		
	Prepayment Date:	  	Subject to Counterparty receiving the initial Pricing Date Notice, the earlier of (a) one (1) Local Business Day after the closing of the Business Combination and (b) the date any assets from the Trust Account are
disbursed in connection with the Business Combination.
		
	Variable Obligation:	  	Not applicable.
		
	Prepayment Shortfall	  	An amount in USD equal to an aggregate of up to 10% of the product of the Number of Shares and the Initial Price (at the option of and subject to the written request of the Counterparty no later than two (2) Local Business Day
before the Prepayment Date); provided that upon the written request of the Counterparty, Seller may either (i) submit a Registration Request prior to the Prepayment Date, in which case the Prepayment Shortfall will be paid by Seller no later
than one (1) Local Business Day following the Registration Statement Effective Date or (ii) pay the Prepayment Shortfall to Counterparty on the Prepayment Date (which amount shall be netted from the Prepayment Amount); provided further
that the Prepayment Shortfall may be requested by Counterparty after the Prepayment Date and prior to the Registration Effective Date and will be paid by Seller no later than one (1) Local Business Day following the Registration Statement
Effective Date.
		
	Prepayment Shortfall Consideration	  	In the event that Counterparty has requested and the Seller has paid the Prepayment Shortfall, Seller in its sole discretion may sell Subject Shares at any time and at any sales price, without payment by Seller of any Early
Termination Obligation (as defined below) until such time as the proceeds from the such sales equal 100% of the Prepayment Shortfall (as set forth under Shortfall Sales below) (such sales, “Shortfall Sales,” and such Shares,
“Shortfall Sale Shares”). Any sales of Subject Shares by Seller that result in proceeds in excess of 100% of the Prepayment Shortfall shall constitute an Optional Early Termination for purposes hereof. Seller may designate any sale
of Shares as either a “Shortfall Sale,” subject to the terms and conditions herein applicable to Shortfall Sale Shares, by delivering a Shortfall Sale Notice as required hereunder, or an Optional Early Termination, subject to the terms and
conditions herein applicable to Terminated Shares, by delivering an OET Notice as required hereunder.
		
	Exchanges	  	Nasdaq Capital Market
		
	Related Exchange(s)	  	All Exchanges
		
	Break-up Fees:	  	A break-up fee equal to $500,000 (the “Break-up Fee”) shall be payable, jointly and severally, by the Counterparty and the Target to
the Seller in the event this Confirmation or Transaction is terminated by either the Counterparty or the Target; provided that the Break-up Fee shall not be payable if (i) the Business Combination is
terminated pursuant to the terms and conditions of the Merger Agreement, (ii) upon any Optional Early Termination or (iii) upon any Additional Termination Events; provided that Counterparty and Target may terminate this Transaction,
including the Confirmation, with no liability to Seller, if redemptions (including as redemptions such Shares that


  
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		  	were tendered for redemption and then unredeemed to be purchased in connection with the transactions contemplated hereunder) are less than 75% as calculated in good faith by the board of directors of Counterparty (based on the
number of shares submitted for redemption as the numerator and the total issued and outstanding shares as the denominator calculated as a percentage) upon written notice to Seller certifying the same no later than the Counterparty’s redemption
deadline (two days prior to the shareholder vote); provided that notwithstanding any other provision, clause or proviso (including the immediately preceding proviso)of this Confirmation, this Transaction, including the Confirmation may not be
terminated by Counterparty or Target after Seller purchases any Subject Shares; provided further that Seller hereby waives any and all right, title and interest, or any claim of any kind they have or may have during the term of this Confirmation, in
or to any monies held in the Counterparty’s Trust Account and agrees not to seek recourse against the Trust Account in each case, as a result of, or arising out of, this Transaction; provided, however, that nothing herein shall (x) serve
to limit or prohibit Seller’s right to pursue a claim against the Counterparty for legal relief against assets held outside the Trust Account, for specific performance or other equitable relief, (y) serve to limit or prohibit any claims
that the Seller may have in the future against the Counterparty’s assets or funds that are not held in the Trust Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired
with any such funds), (z) be deemed to limit Seller’s right, title, interest or claim to the Trust Account by virtue of such Seller’s record or beneficial ownership of securities of the Counterparty acquired by any means other than
pursuant to this Transaction or (aa) serve to limit Seller’s redemption right with respect to any such securities of the Seller other than during the term of the Confirmation. The Breakup Fee is not intended to constitute a liquidated damages
provision, and it will be payable in addition to any other amount due and payable to Seller as a result of the occurrence of an Early Termination Date under the ISDA Master Agreement.
		
	Payment Dates:	  	Following the Business Combination the last day of each calendar quarter or, if such date is not a Local Business Day, the next following Local Business Day, until the Maturity Date.
		
	Reimbursement of Legal Fees and Other Expenses:	  	Together with the Prepayment Amount, Counterparty shall pay to Seller an amount equal to the expenses actually incurred in connection with the acquisition of the Shares in an amount not to exceed $0.05 per Share.
		
	Settlement Terms	  	
		
	Settlement Method Election:	  	Not Applicable.
		
	Settlement Method:	  	Physical Settlement.
		
	Settlement Currency:	  	USD.
		
	Settlement Date:	  	Two (2) Local Business Days following the Valuation Date.
		
	Excess Dividend Amount	  	Ex Amount.


  
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	Optional Early Termination:	  	From time to time and on any date following the Business Combination (any such date, an “OET Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, terminate the Transaction in
whole or in part so long as Seller provides written notice to Counterparty (the “OET Notice”), no later than the later of (a) the third Local Business Day following the OET Date and (b) the first Payment Date after the OET
Date which shall specify the quantity by which the Number of Shares is to be reduced (such quantity, the “Terminated Shares”); provided that “Terminated Shares” includes only such quantity of Shares by which the Number of
Shares is to be reduced and included in an OET Notice and does not include any Shortfall Sale Shares or sales of Shares that are designated as Shortfall Sales (which designation can be made only up to the amount of Shortfall Sale Proceeds),
which Shares will not be included in any OET Notice or included in the definition, or when calculating the number, of Terminated Shares. Notwithstanding anything to the contrary contained herein, Seller shall terminate the Transaction in respect of
any Shares sold by it on or prior to the Maturity Date, and Seller shall be obligated to deliver an OET Notice in respect of any Shares sold prior to the Maturity Date that are not covered in a Shortfall Sale Notice (described below). The effect of
an OET Notice given shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, Counterparty shall be entitled to an amount from Seller, and the
Seller shall pay to Counterparty an amount, equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date (an “Early Termination Obligation”). No Early Termination
Obligation shall be due to Counterparty upon any Shortfall Sale Shares. Any proceeds from the Optional Early Termination shall be payable to Counterparty pursuant to the terms hereof. The remainder of the Transaction, if any, shall continue in
accordance with its terms; provided that if the OET Date is also the stated Valuation Date, the remainder of the Transaction shall be settled in accordance with the other provisions of “Settlement Terms.” Seller shall pay to Counterparty
any and all unsatisfied Early Termination Obligations, calculated as of the last day of each calendar quarter, on the first Local Business Day following such day; provided that Seller shall be under no obligation to settle an Early Termination
Obligation set forth in an OET Notice prior to one (1) Local Business Day following the settlement of the Share sale(s) covered in such OET notice.
		
	Shortfall Sales	  	From time to time and on any date following the Business Combination (any such date, a “Shortfall Sale Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, at any sales
price, sell Shortfall Sale Shares, and in connection with such sales, Seller shall provide written notice to Counterparty (the “Shortfall Sale Notice”) no later than the later of (a) the third Local Business Day following the
Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, specifying the quantity of the Shortfall Sale Shares and the allocation of the Shortfall Sale Proceeds. Seller shall not have any Early Termination Obligation
in connection with any Shortfall Sales. The Counterparty covenants and agrees for a period of at least sixty (60) Local Business Days not to publicly issue, sell or offer or agree to sell any Shares, or securities or debt that is convertible,
exercisable or exchangeable into Shares, including under any existing


  
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		  	or future equity line of credit (collectively, “Private Sale Transacitons”), commencing on the date that the Seller pays the Counterparty the Prepayment Shortfall; provided that Counterparty shall cause any securities or
derivative securities that may be issued or sold pursuant to or relate to such Private Sale Transactions to not be sold, resold or transferred publicly, including on or through an exchange during the 60-day
period referenced above.
		
	Maturity Consideration:	  	The “Maturity Consideration” means an amount equal to the product of (1) (a) the Maximum Number of Shares less (b) the number of Terminated Shares multiplied by (2) $2.00. On the Maturity Date, Seller shall be
entitled to receive the Maturity Consideration in cash or, at the option of Counterparty (other than in the case of a Delisting Event), Shares based on the average daily VWAP Price over 10 scheduled trading days ending on the Maturity Date (such
shares to be paid as Maturity Consideration, the “Maturity Shares”); provided that the Maturity Shares used to pay the Maturity Consideration (i) (a) are registered for resale under an effective registration statement pursuant
to the Securities Act under which Seller may sell or transfer the Shares or (b) may be transferred by Seller without any restrictions including the requirement for the Counterparty to be in compliance with the current public information
required under Rule 144(c)(1) (or Rule 144(i)(2)) or the volume and manner of sale limitations under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”) and (ii) bear no restrictive legend
(collectively, (i) and (ii) above, the “Share Conditions”); provided further that if the Maturity Shares do not satisfy the Share Conditions, Seller shall receive such number of Shares equal to 225% of the Maturity Shares (the
“Penalty Shares”); provided further that if the Maturity Shares satisfy the Share Conditions within 120 days of the Maturity Date, Seller shall return to Counterparty such number of Penalty Shares that are valued in excess of
Maturity Consideration based on the 10-day VWAP ending on date that such Shares satisfied the Share Conditions. Counterparty, at Sellers’s option, will pay the Maturity Consideration on a net basis such
that Seller retains a number of shares due to Counterparty upon the Maturity Date equal to the number of Maturity Shares payable to Seller, only to the extent the Number of Shares due to Counterparty upon the Maturity Date are equal to or more than
the number of Maturity Shares payable to Seller, with any Maturity Consideration remaining due to be paid to Seller in newly issued Shares. For the avoidance of doubt, in addition to the Maturity Consideration, at the Maturity Date, Seller will be
entitled to retain a cash amount equal to the product of (y) the Number of Shares remaining in the Transaction multiplied by (z) the Redemption Price, and Seller will deliver to Buyer the Number of Shares that remain in the
Transaction.
		
	Share Consideration:	  	In addition to the Prepayment Amount, Counterparty shall pay directly from the Trust Account, on the Prepayment Date, an amount equal to the product of (x) such number that is the greater of (a) 5% of the Maximum Number of
Shares and (b) 200,000 (provided that if Counterparty has requested and the Seller has paid the Prepayment Shortfall such number will be increased to the greater of (a) 10% of the Maximum Number of Shares and (b) 400,000) and (y) the Initial
Price. The Shares purchased with the Share Consideration (the “Share Consideration Shares”) shall be incremental to the Maximum Number of Shares, shall not be included in the Number of Shares in this Transaction, and the Seller shall be
free and clear of all obligations with respect to such Share Consideration Shares in connection with this Confirmation.


  
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	Share Registration	  	At the written request of Seller, to be no earlier than in connection with the Prepayment Date (as described in Prepayment Shortfall above), (the “Registration Request”), within thirty (30) calendar days of the
Registration Request, Counterparty shall use its best efforts to file (at Counterparty’s sole cost and expense) with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement registering the resale
of all shares held by the Seller and its affiliates, including the Recycled Shares, the Additional Shares and any Share Consideration Shares (the “Registration Statement”), and have the Registration Statement declared effective as
soon as practicable after the filing thereof, but no later than the earliest of (i) the 45th calendar day (or 90th calendar day if the Commission notifies the Counterparty that it will “review” the Registration Statement) following
the filing of the Registration Statement (which shall be no later than 30 calendar days following the Registration Request) and (ii) the 5th Local Business Day after the date the Counterparty is notified (orally or in writing, whichever is
earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission,
within two (2) Local Business Days thereafter, the Counterparty shall file the final prospectus under Rule 424 of the Securities Act of 1933, as amended. In no event shall Seller be identified as a statutory underwriter in the Registration
Statement unless requested by the Commission. The Counterparty will use its best efforts to keep the Registration Statement covering the resale of the shares as described above continuously effective (except for customary blackout periods, up to
twice per year and for a total of up to 15 calendar days (and not more than 10 calendar days in an occurrence), if and when the Counterparty is in possession of material non-public information the disclosure
of which, in the good faith judgment of the Counterparty’s board of directors, would be prejudicial, and the Counterparty agrees to promptly notify Seller of any such blackout determination) until the earlier of (a) the Maturity Date or
(b) the date on which all such shares have been sold or may be transferred without any restrictions including the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule
144(i)(2) or the volume and manner of sale limitations under Rule 144 under the Securities Act; provided that Counterparty covenants and agrees to promptly make all necessary filings, amendments, supplements and submissions in furtherance of the
foregoing, including to register all of Sellers Shares for resale. The Seller may, at its sole discretion, accelerate the Maturity Date (and payment of the Maturity Consideration) by written notice to the Counterparty at any time, if (a) the
Registration Statement covering all of the shares described above in this section is not declared effective after the 60th calendar day (or 105th calendar day if the Commission notifies the Counterparty that it will “review” the
Registration Statement) after its filing (which shall be no later than 90 calendar days (or 135 days in the case of a “review”) following the Registration Request) or (b) the Registration Statement after it is declared effective
ceases to be continuously effective (subject to the blackout periods as indicated above) as set forth in the preceding sentence ((a) and (b)


  
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		  	together, collectively, a “Registration Failure”). If requested by Seller, the Counterparty shall remove or instruct its transfer agent to remove any restrictive legend with respect to transfers under the Securities
Act from any and all Shares held by Seller if (1) the Registration Statement is and continues to be effective under the Securities Act, (2) such Shares are sold or transferred pursuant to Rule 144 under the Securities Act (subject to all
applicable requirements of Rule 144 being met), or (3) such Shares are eligible for sale under Rule 144, without the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule
144(i)(2), if applicable) as to the Shares and without volume or manner-of-sale restrictions; provided that Seller shall have timely provided customary representations
and other documentation reasonably acceptable to the Counterparty, its counsel and/or its transfer agent in connection therewith. Any fees (with respect to the transfer agent, Counterparty’s counsel or otherwise) associated with the issuance of
any legal opinion required by the Counterparty’s transfer agent or the removal of such legend shall be borne by the Counterparty. If a legend is no longer required pursuant to the foregoing, the Counterparty will, no later than five
(5) Local Business Days following the delivery by Seller to the Counterparty or the transfer agent (with notice to the Counterparty) of customary representations and other documentation reasonably acceptable to the Counterparty, its counsel
and/or its transfer agent, remove the restrictive legend related to the book entry account holding the Shares and make a new, unlegended book entry for the Shares. Consistent with the foregoing, the Seller and the Counterparty agree to enter into a
separate registration rights agreement providing for customary demand and piggyback registration rights and customary indemnification of the Seller.
		
	Share Adjustments:	  	
		
	Method of Adjustment: 	  	Calculation Agent Adjustment.
		
	Extraordinary Events:	  	
		
	Consequences of Merger Events involving Counterparty:	  	
		
	Share-for-Share:	  	Calculation Agent Adjustment.
		
	Share-for-Other:	  	Cancellation and Payment.
		
	Share-for-Combined:	  	Component Adjustment.
		
	Tender Offer:	  	Applicable; provided, however, that Section 12.1(d) of the Equity Definitions is hereby amended by adding “, or of the outstanding Shares,” before “of the Issuer” in the fourth line thereof. Sections
12.1(e) and 12.1(l)(ii) of the Equity Definitions are hereby amended by adding “or Shares, as applicable,” after “voting Shares”.
		
	Consequences of Tender Offers:	  	
		
	Share-for-Share: 	  	Calculation Agent Adjustment.
		
	Share-for-Other:	  	Calculation Agent Adjustment.


  
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	Share-for-Combined:	  	Calculation Agent Adjustment.
		
	Composition of Combined Consideration:	  	Not Applicable.
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the
United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the
Nasdaq Global Select Market, Nasdaq Capital Market or the Nasdaq Global Market (or their respective successors) or such other exchange or quotation system which, in the determination of the Calculation Agent, has liquidity comparable to the
aforementioned exchanges; if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation
system, such exchange or quotation system shall be deemed to be the Exchange.
		
	Business Combination Exclusion:	  	Notwithstanding the foregoing or any other provision herein, the parties agree that the Business Combination shall not constitute a Merger Event, Tender Offer, Delisting or any other Extraordinary Event hereunder.
		
	Additional Disruption Events:	  	
		
	 (a)   Change in Law: 
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new
regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.
		
	 (a)   Failure to Deliver:
	  	Not Applicable.
		
	 (b)   Insolvency Filing:
	  	Applicable.
		
	 (c)   Hedging Disruption:
	  	Not Applicable.
		
	 (d)   Increased Cost of Hedging:
	  	Not Applicable.
		
	 (e)   Loss of Stock Borrow:
	  	Not Applicable.
		
	 (f)   Increased Cost of Stock Borrow:
	  	Not Applicable.
		
	Determining Party:	  	For all applicable events, Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations
as Determining Party, in which case a Third Party Dealer (as defined below) in the relevant market selected by Counterparty will be the Determining Party. When making any determination or calculation as “Determining Party,” Seller shall be
bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent.


  
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	Additional Provisions:	  	
		
	Calculation Agent:	  	Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Calculation Agent, in
which case an unaffiliated leading dealer in the relevant market selected by Counterparty in its sole discretion will be the Calculation Agent.
		
		  	 In the event that a party (the “Disputing Party”) does not agree with any determination made (or the failure to make any
determination) by the Calculation Agent, the Disputing Party shall have the right to require that the Calculation Agent have such determination reviewed by a disinterested third party that is a dealer in derivatives of the type that is the subject
of the dispute and that is not an Affiliate of either party (a “Third Party Dealer”). Such Third Party Dealer shall be jointly selected by the parties within one (1) Local Business Day after the Disputing Party’s exercise
of its rights hereunder (once selected, such Third Party Dealer shall be the “Substitute Calculation Agent”). If the parties are unable to agree on a Substitute Calculation Agent within the prescribed time, each of the parties shall
elect a Third Party Dealer and such two dealers shall agree on a Third Party Dealer by the end of the subsequent Local Business Day. Such Third Party Dealer shall be deemed to be the Substitute Calculation Agent. Any exercise by the Disputing Party
of its rights hereunder must be in writing and shall be delivered to the Calculation Agent not later than the third Local Business Day following the Local Business Day on which the Calculation Agent notifies the Disputing Party of any determination
made (or of the failure to make any determination). Any determination by the Substitute Calculation Agent shall be binding in the absence of manifest error and shall be made as soon as possible but no later than the second Local Business Day
following the Substitute Calculation Agent’s appointment. The costs of such Substitute Calculation Agent shall be borne by (a) the Disputing Party if the Substitute Calculation Agent substantially agrees with the Calculation Agent or
(b) the non-Disputing Party if the Substitute Calculation Agent does not substantially agree with the Calculation Agent. If, after following the procedures and within the specified time frames set forth
above, a binding determination is not achieved, the original determination of the Calculation Agent shall apply.
  

Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty (which may be by email), the
Calculation Agent will promptly (but in any event within five Exchange Business Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and
manipulation of financial data) displaying in reasonable detail the basis for such adjustment, determination or calculation (including any quotations, market data or information from internal or external sources, and any assumptions used in making
such adjustment, determination or calculation), it being understood that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models
used by it in making such adjustment, determination or calculation or any information that is subject to an obligation not to disclose such information.
  

All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.



  
 11 













			
	Non-Reliance:	  	Applicable.
		
	Agreements and Acknowledgements Regarding Hedging Activities:	  	Applicable.
		
	Additional Acknowledgements:	  	Applicable.
		
	Schedule Provisions:	  	
		
	Specified Entity:	  	In relation to both Seller and Counterparty for the purpose of:
		  	Section 5(a)(v), Not Applicable
		  	Section 5(a)(vi), Not Applicable
		  	Section 5(a)(vii), Not Applicable
		
	Cross-Default	  	The “Cross-Default” provisions of Section 5(a)(vi) of the ISDA Form will not apply to either party.
		
	Credit Event Upon Merger	  	The “Credit Event Upon Merger” provisions of Section 5(b)(v) of the ISDA Form will not apply to either party.
		
	Automatic Early Termination:	  	The “Automatic Early Termination” of Section 6(a) of the ISDA Form will not apply to either party.
		
	Termination Currency:	  	United States Dollars.
		
	Additional Termination Events:	  	Will apply to Seller and to Counterparty and Target. The occurrence of any of the following events shall constitute an Additional Termination Event in respect of which Seller and Counterparty and Target shall be Affected
Parties:
		
		  	(a) The Business Combination fails to close on or before the Termination Date (as defined in the Merger Agreement) (as such Termination Date may be amended or extended from time to time); and
		
		  	 (b) The Merger Agreement is terminated pursuant to its terms prior to the closing of the Business Combination

 
 (c) Seller terminates this Transaction, including the Confirmation, in its sole
discretion.

		
		  	Notwithstanding the foregoing, Counterparty’s obligations set forth under the captions, “Reimbursement of Legal Fees and Expenses,” and “Other Provisions — (d) Indemnification” shall survive any
termination due to the occurrence of either of the foregoing Additional Termination Events.
		
	Governing Law:	  	New York law (without reference to choice of law doctrine).
		
	Credit Support Provider:	  	With respect to Seller and Counterparty, None.
		
	Local Business Days:	  	Seller specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York. Counterparty specifies the following places for the purposes of the definition of Local Business Day as it
applies to it: New York.


  
 12 












 Representations, Warranties and Covenants 

 

	1.	 Each of Counterparty, Target and Seller represents and warrants to, and covenants and agrees with, the other as
of the date on which it enters into the Transaction that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 



 

	(a)	 Non-Reliance. It is acting for its own account,
and it has made its own independent decisions to enter into the Transaction and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not
relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into the Transaction, it being understood that information and explanations related to the terms and conditions of the Transaction
will not be considered investment advice or a recommendation to enter into the Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of the
Transaction. 


  

	(b)	 Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. It is also capable of assuming, and assumes, the risks of the Transaction. 



 

	(c)	 Non-Public Information. It is in compliance with
Section 10(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 


  

	(d)	 Eligible Contract Participant. It is an “eligible contract participant” under,
and as defined in, the Commodity Exchange Act (7 U.S.C. § 1a(18)) and CFTC regulations (17 CFR § 1.3). 


  

	(e)	 Tax Characterization. It shall treat the Transaction as a derivative financial contract for U.S.
federal income tax purposes, and it shall not take any action or tax return filing position contrary to this characterization. 


  

	(f)	 Private Placement. It (i) is an “accredited investor” as such term is defined in
Regulation D as promulgated under the Securities Act, (ii) is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) understands that the assignment, transfer or other disposition
of the Transaction has not been and will not be registered under the Securities Act. 


  

	(g)	 Investment Company Act. It is not and, after giving effect to the Transaction, will not be
required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of 1940, as amended. 


  

	(h)	 Authorization. The Transaction, including this Confirmation, has been entered into
pursuant to authority granted by its board of directors or other governing authority. It has no internal policy, whether written or oral, that would prohibit it from entering into any aspect of the Transaction, including, but not limited to, the
purchase of Shares to be made in connection therewith. 


  

	(i)	 Affiliate Status. It is the intention of the parties hereto that Seller shall not be an
“affiliate” (as such term is defined in Rule 405 under the Securities Act) of the Counterparty including 10X II prior to the Business Combination or the Combined Company following the closing of the Business Combination, as a result of the
transactions contemplated hereunder. 


  

	2.	 Counterparty represents and warrants to, and covenants and agrees with Seller as of the date on which it enters
into the Transaction that: 


  

	(a)	 Total Assets. 10X II has total assets as of the date hereof and expects to have as of the closing
of the Business Combination of at least USD $5,000,001. 



  
 13 













	(b)	 Non-Reliance. Without limiting the generality of
Section 13.1 of the Equity Definitions, Counterparty acknowledges that Seller is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting
standards. 


  

	(c)	 Solvency. Counterparty is, and shall be as of the date of any payment or delivery by Counterparty
under the Transaction, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and with capital sufficient to carry on the businesses in which it engages. Counterparty: (i) has not engaged in
and will not engage in any business or transaction after which the property remaining with it will be unreasonably small in relation to its business, (ii) has not incurred and does not intend to incur debts beyond its ability to pay as they
mature, and (iii) as a result of entering into and performing its obligations under the Transaction, (a) it has not violated and will not violate any relevant state law provision applicable to the acquisition or redemption by an issuer of
its own securities and (b) it would not be nor would it be rendered “insolvent” (as such term is defined under Section 101(32) of the Bankruptcy Code or under any other applicable local insolvency regime). 



 

	(d)	 Public Reports. As of the Trade Date, Counterparty is in material compliance with its
reporting obligations under the Exchange Act, and all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act, when considered as a whole (with the most recent such reports and
documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading. 


  

	(e)	 No Distribution. Except with respect to any Shares that may be offered and sold pursuant to the
Registration Statement, Counterparty is not entering into the Transaction to facilitate a distribution of the Shares (or any security that may be converted into or exercised or exchanged for Shares, or whose value under its terms may in whole or in
significant part be determined by the value of the Shares) or in connection with any future issuance of securities. 


  

	(f)	 SEC Documents. The Counterparty shall comply with the Securities and Exchange Commission’s
guidance, including Compliance and Disclosure Interpretation No. 166.01, for all relevant disclosure in connection with this Confirmation and the Transaction, and will not file with the Securities and Exchange Commission any Form 8-K, Registration Statement on Form S-4 (or Form F-4) (including any post-effective amendment thereof), proxy statement, or other
document that includes any disclosure regarding this Confirmation or the Transaction without consulting with and reasonably considering any comments received from Seller, provided that, no consultation shall be required with respect to any
subsequent disclosures that are substantially similar to prior disclosures by Counterparty that were reviewed by Seller. 


  

	(g)	 Waiver. The Counterparty hereby waives any violation of its “bulldog clause” and any
other restrictions that would be caused by Seller entering into this Transaction. 


  

	(h)	 Disclosure. The Counterparty shall preview with Seller all public disclosure relating to the
Transaction and shall consult with Seller to ensure that such public disclosure, including the press release, Form 8-K or other filing that announces the Transaction adequately discloses the material terms and
conditions of the Transaction in form and substance reasonably acceptable to Seller; provided that the Form 8-K shall be publicly filed within one business day of the date that definitive transaction documents
are signed and provided further, that to the extent definitive transaction documents are not signed at least 48 hours prior to the Redemption Deadline, the Counterparty agrees to make all necessary disclosures (if any) at least 24 hours prior to the
Redemption Deadline to ensure that Seller is not in possession of material non-public information as a result of the transactions outlined herein. 



 

	(i)	 Listing. The Counterparty agrees to use its best efforts to maintain the listing of the Shares on
a national securities exchange; provided that if the Shares cease to be listed on a national securities exchange or upon the filing of a Form 25 (each a “Delisting Event”), Seller may accelerate the Maturity Date under this
Confirmation by delivering notice to the Counterparty and shall be entitled to the Break-up Fees, which shall be due and payable immediately following the Maturity Date. 



  
 14 













	(j)	 Regulatory Filings. Counterparty covenants that it will make all regulatory filings that it is
required by law or regulation to make with respect to the Transaction. 


  

	(k)	 Regulation M and Target Approvals. Counterparty is not on the Trade Date and agrees and covenants
that it will not be on any date Seller is purchasing shares that may be included in a Pricing Date Notice, engaged or engaging in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities of Counterparty, other
than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Counterparty shall not, until the second scheduled trading day immediately following dates referenced in the preceding
sentence, engage in any such distribution. Counterparty, including Target, also agrees and covenants that the Merger Agreement shall be executed and all required approvals and consents of the Target security holders in connection with the Business
Combination shall be obtained and any subsequent valuation periods as contemplated under Regulation M under the Exchange Act, shall be completed in each case no later than 10X II’ redemption deadline. 



 

	(l)	 Other Agreements. Counterparty covenants and agrees that it has not and will not enter into any
other (i) OTC Equity Prepaid Forward Transactions or similar transaction(s) or agreement(s) with any other person(s) without the prior written consent of Seller or (ii) agreements or arrangements that would change or have the effect of
changing or manipulating the number of redemptions for purposes of canceling this Transaction, including the Confirmation, as set forth in Break-up Fees. 



 

	(m)	 No conflicts. The execution and delivery by the Counterparty and Target of, and the
performance by the Counterparty and the Target of its obligations under, the Transaction and the Confirmation and the consummation of the transactions contemplated by the Confirmation, including the payments and share issuances hereunder, do not and
will not result in any breach or violation of or constitute a default under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of or constitute a default under or give the holder of any
indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition of a lien, charge or encumbrance on any
property or assets of the Counterparty, the Target or any of their respective subsidiaries pursuant to) (i) any provision of applicable law, (ii) the organizational documents of any of the Counterparty, the Target or any of their
respective subsidiaries, (iii) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument binding upon the Counterparty, the Target
or any of their respective subsidiaries, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Counterparty, the Target or any of their respective subsidiaries, and no consent, approval,
authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Counterparty or the Target of their respective obligations under the Confirmation, except as have been obtained. In addition,
the Counterparty and Target covenant and agree not to enter into any agreement or other arrangement that would prohibit, restrict or otherwise prevent the Counterparty from performing its obligations hereunder, including the making of any payment or
Share issuance to the Seller. 


  

	3.	 Seller represents and warrants to, and covenants and agrees with Counterparty as of the date on which it enters
into the Transaction and each other date specified that: 


  

	(a)	 Regulatory Filings. Seller covenants that it will make all regulatory filings that it is required
by law or regulation to make with respect to the Transaction including, without limitation, as may be required by Section 13 or Section 16 (if applicable) under the Exchange Act and, assuming the accuracy of Counterparty’s Repurchase
Notices (as described under “Repurchase Notices” below) any sales of the Recycled Shares and the Additional Shares will be in compliance therewith. 


  


	(b)	 Shorting. Seller agrees not effect any Short Sales in respect of the Shares prior to the
earlier of a) the Maturity Date and b) the cancellation of the Transaction. “Short Sales” means all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and
all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and
similar arrangements (including on a total return basis). 



  
 15 













	(c)	 Share Sales. Seller acknowledges that certain shares acquired by it as part of the this
Transaction may be “restricted shares” (as such term is used under Rule 144 of the Securities Act) and any sales, transfers or other dispositions of such shares may only be made pursuant to an effective registration statement under the
Securities Act, an available exemption from the registration requirements of the Securities Act or a transaction not subject to the registration requirements of the Securities Act. 



 

	(d)	 Tax Forms. Seller agrees to deliver to Counterparty a duly executed and completed United States
Internal Revenue Service Form W-8 or W-9 (or successor thereto) promptly upon (i) execution of this Confirmation, (ii) reasonable request of Counterparty and
(iii) upon learning that any such form previously provided has become obsolete or incorrect. 


 Transactions by Seller in the
Shares 
  

	(e)	 Seller hereby waives the redemption rights (“Redemption Rights”) set forth in Article 8.1 and
49.5 of the Certificate of Incorporation in connection with the Business Combination with respect to the Subject Shares only during the term of this Confirmation. Seller may sell or otherwise transfer, loan or dispose of any of the Shares or any
other shares or securities of the Counterparty in one or more public or private transactions at any time. Any Subject Shares that are not Shortfall Sale Shares sold by Seller during the term of the Transaction will cease to be included in the Number
of Shares. 


  

	(f)	 Unless otherwise noted herein, Seller will give written notice to Counterparty of any sale of Subject Shares by
Seller within one (1) Local Business Day following the date of such sale, such notice to include the date of the sale and the number of Subject Shares sold, and if required, make public disclosure of such sale or provide Counterparty with
information it reasonably requests for Counterparty to publicly disclose such sale. 


 No Arrangements 

Seller, Counterparty and Target each acknowledge and agree that: (i) there are no voting, hedging or settlement arrangements between or among Seller,
Counterparty and Target with respect to any Shares or the Counterparty or Target, other than those set forth herein; (ii) although Seller may hedge its risk under the Transaction in any way Seller determines, Seller has no obligation to hedge
with the purchase, sale or maintenance of any Shares or otherwise; (iii) Counterparty and Target will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction; and (iv) Counterparty and Target will
not seek to influence Seller with respect to the voting or disposition of any Shares. 
 Wall Street Transparency and Accountability Act 

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that
neither the enactment of WSTAA or any regulation under WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the
date of this Confirmation, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the ISDA Form, as applicable, arising from a termination event,
force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the ISDA Form. 

Address for Notices 
 Notice to Seller:

 3 Columbus Circle 
 24th Floor 
 New York, NY 10019 

  
 16 












 With a copy to: 

Seward & Kissel LLP 
 One Battery Park Plaza 

New York, NY 10004 
 Attention: Keith Billotti 

Email:       billotti@sewkis.com 

Notice to Counterparty: 
 10X II Acquisition Corp.
II 
 World Trade Center, 85th Floor 
 New York, New York 10007

 Attn:     Hans Thomas 
 E-mail: hans@10xcapital.com 
 with a copy (which shall not constitute notice) to: 

Latham & Watkins (London) LLP 
 99 Bishopsgate 

London, EC2M 3XF 
 United Kingdom 

Attn:      J. David Stewart 

    Ryan Maierson 
 E-mail:   david.stewart@lw.com 
       ryan.maierson@lw.com 

Following the Closing of the Business Combination: 

African Agriculture Holdings Inc. 
 415 Park Avenue, 9th Floor 
 New York, NY 10022 

Attn:    Alan Kessler 

  Harry Green 
 E-mail:     ak@africanagriculture.com 

        hg@africanagriculture.com 

with a copy (which shall not constitute notice) to: 
 Morrison
Cohen LLP 
 909 Third Avenue 
 New York, NY 10022 

Attn:    Zachary Jacobs 

  Jack Levy 
 E-mail:    zjacobs@morrisoncohen.com 

      jlevy@morrisoncohen.com 

Notice to Target: 
 African Agriculture Holdings
Inc. 
 415 Park Avenue, 9th Floor 

New York, NY 10022 
 Attn:    Alan Kessler

   Harry Green 
 E-mail:     ak@africanagriculture.com 

        hg@africanagriculture.com 

  
 17 












 with a copy (which shall not constitute notice) to: 

Morrison Cohen LLP 
 909 Third Avenue 

New York, NY 10022 
 Attn:    Zachary Jacobs

   Jack Levy 
 E-mail:    zjacobs@morrisoncohen.com 

      jlevy@morrisoncohen.com 

Other Provisions. 
  

	(g)	 Transactions in the Shares. 



 

	 	(i)	 Counterparty represents and warrants to Seller that Counterparty is not entering into the Transaction to create
actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the
Shares) for the purpose of inducing the purchase or sale of such securities or otherwise in violation of the Exchange Act, and Counterparty represents and warrants to Seller that Counterparty has not entered into or altered, and agrees that
Counterparty will not enter into or alter, any corresponding or hedging transaction or position with respect to the Shares. 


  

	 	(ii)	 Counterparty agrees that it will not seek to control or influence Seller’s decision to make any purchases
or sales under the Transaction, including, without limitation, Seller’s decision to enter into any hedging transactions. Counterparty represents and warrants that it has consulted with its own advisors as to the legal aspects of its adoption
and implementation of this Confirmation and the Transaction under federal securities laws including, without limitation, the prohibitions on manipulative and deceptive deceives under the Exchange Act. 



 

	 	(iii)	 Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this
Confirmation must be effected in accordance with the requirements for the amendment or termination of a written trading plan for trading securities. Without limiting the generality of the foregoing, Counterparty acknowledges and agrees that any such
amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, the prohibitions on manipulative and deceptive devices
under the Exchange Act, and no such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material
non-public information regarding Counterparty or the Shares. 


  

	(h)	 Repurchase Notices. Counterparty shall, on any day on which Counterparty is not a “foreign
private issuer” for purposes of the Securities Act and Counterparty effects any repurchase of Shares, promptly give Seller a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase,
the number of outstanding Shares as determined on such day is (i) less than the number of Shares outstanding that would result in the percentage of total Shares outstanding represented by the number of Shares underlying the Transaction
increasing by 0.10% (in the case of the first such notice) or (ii) thereafter more than the number of Shares that would need to be repurchased to result in the percentage of total Shares outstanding represented by the number of Shares
underlying the Transaction increasing by a further 0.10% less than the number of Shares included in the immediately preceding Repurchase Notice; provided that Counterparty agrees that this information does not constitute material non-public information; provided further if this information shall be material non-public information, it shall publicly disclosed immediately. If, on any date, Counterparty
is not a “foreign private issuer” for purposes of the Securities Act, Counterparty agrees to indemnify and hold harmless Seller and its affiliates and their respective officers,




  
 18 













	 	
directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating to
Seller’s hedging activities as a consequence of remaining or becoming a Section 16 “insider” following the closing of the Business Combination, including without limitation, any forbearance from hedging activities or cessation of
hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become
subject to, as a result of Counterparty’s failure to provide Seller with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within thirty (30) days, upon written request, each of such
Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing; provided, however, for the avoidance
of doubt, Counterparty has no indemnification or other obligations with respect to Seller becoming a Section 16 “insider” prior to the closing of the Business Combination. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Seller with a Repurchase Notice at a time when Counterparty is not a “foreign private
issuer” for purposes of the Securities Act in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably
satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable
for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified
Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated
by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such
Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person
or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in
equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction. 


 

	(i)	 Transfer or Assignment. The Seller may freely transfer or assign the rights and duties under this
Confirmation. If at any time following the closing of the Business Combination at which (A) the Section 16 Percentage exceeds the Section 16 Threshold, or (B) the Share Amount exceeds the Applicable Share Limit (if any applies)
(any such condition described in clause (A) or (B), an “Excess Ownership Position”), Seller is unable to effect a transfer or assignment of a portion of the Transaction to a third party on pricing terms reasonably acceptable to
Seller and within a time period reasonably acceptable to Seller such that no Excess Ownership Position exists, then Seller may designate any Local Business Day as an Early Termination Date with respect to a portion of the Transaction (the
“Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In the event that Seller so designates an Early Termination Date with respect to a portion of the Transaction, a portion of the
Shares with respect to the Transaction shall be delivered to Counterparty as if the Early Termination Date was the Valuation Date in respect of a Transaction having terms identical to the Transaction and a Number of Shares equal to the number of
Shares underlying the Terminated Portion. The “Section 16 Threshold” means (x) if Counterparty is a “foreign private issuer” for purposes of the Securities Act, infinity and (y) in all other cases, 9.9%. The
“Section 16 Percentage” as of any day is the fraction, expressed as a percentage, as determined by Seller, (A) the numerator of which is the number of Shares that Seller and each person subject to aggregation
of Shares with Seller under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) of
the Exchange Act) with Seller directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) (the “Seller Group” ) and (B) the denominator of
which is the number of Shares outstanding. 



  
 19 












 The “Share Amount” as of any day is the number of Shares that Seller and any person whose
ownership position would be aggregated with that of Seller and any group (however designated) of which Seller is a member (Seller or any such person or group, a “Seller Person”) under any law, rule, regulation, regulatory order or
organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or
otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Seller in its sole discretion. 
 The
“Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person
or entity) of a Seller Person, or could result in an adverse effect on a Seller Person, under any Applicable Restriction, as determined by Seller in its sole discretion, minus (B) 0.1% of the number of Shares outstanding. 

 

	(j)	 Indemnification. Counterparty agrees to indemnify and hold harmless Seller, its affiliates and
its assignees and their respective directors, officers, employees, agents and controlling persons (each such person being an “Indemnified Party”) from and against any and all losses (but not including financial losses to an
Indemnified Party relating to the economic terms of the Transaction provided that the Counterparty performs its obligations under this Confirmation in accordance with its terms), claims, damages and liabilities (or actions in respect thereof)
expenses, joint or several, incurred by or asserted against such Indemnified Party arising out of, in connection with, or relating to, investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever,
whether arising out of any action between any of the Indemnified Parties and the Counterparty or between any of the Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act, the
Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon the Transaction, including the execution or delivery of this Confirmation the performance by the Counterparty of its
obligations under the Transaction, any breach of any covenant, representation or warranty made by Counterparty in this Confirmation or the ISDA Form, regulatory filings and submissions made by or on behalf of the Counterparty related to the
Transaction (other than as relates to any information provided in writing by or on behalf of Seller or its affiliates), or the consummation of the transactions contemplated hereby, including the Registration Statement or any untrue statement or
alleged untrue statement of a material fact contained in any registration statement, press release, filings or other document, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that Counterparty has no indemnification obligations with respect to any loss, claim, damage, liability or expense related to the
manner in which Seller sells, or arising out of any sales by Seller of, the Subject Shares or any other Shares owned by Seller. Counterparty will not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage,
liability or expense is found in a nonappealable judgment by a court of competent jurisdiction to have resulted solely from Seller’s material breach of any covenant, representation or other obligation in this Confirmation or the ISDA Form or
from Seller’s willful misconduct, gross negligence or bad faith in performing the services that are subject of the Transaction. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold
harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition (and in addition to
any other Reimbursement of Legal Fees and other Expenses contemplated by this Confirmation), Counterparty will reimburse any Indemnified Party for all reasonable,
out-of-pocket, expenses (including reasonable counsel fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense or
settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on
behalf of Counterparty. Counterparty also agrees that no Indemnified Party shall have any liability to Counterparty or any person asserting claims on behalf of or in right of Counterparty in connection with or as a result of any matter referred to
in this Confirmation except to the extent that any losses, claims, damages, liabilities or expenses incurred by Counterparty result from such Indemnified Party’s breach of any covenant, representation or




  
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other obligation in this Confirmation or the ISDA Form or from the gross negligence, willful misconduct or bad faith of the Indemnified Party or breach of any U.S. federal or state securities
laws or the rules, regulations or applicable interpretations of the Securities and Exchange Commission. The provisions of this paragraph shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and/or
delegation of the Transaction made pursuant to the ISDA Form or this Confirmation shall inure to the benefit of any permitted assignee of Seller. 

  

	(k)	 Amendments to Equity Definitions. 



 

	 	(i)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line
thereof the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) the
occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Form with respect to that Issuer.”; and 


  

	 	(ii)	 Section 12.6(c)(ii) of the Equity Definitions is hereby amended by replacing the words “the
Transaction will be cancelled,” in the first line with the words “Seller will have the right, which it must exercise or refrain from exercising, as applicable, in good faith acting in a commercially reasonable manner, to cancel the
Transaction,”; 


  

	(l)	 Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other
things, the mutual waivers and certifications provided herein. 


  

	(m)	 Attorney and Other Fees. Subject to clause (d) Indemnification (above), in the event of any
legal action initiated by any party arising under or out of, in connection with or in respect of, this Confirmation or the Transaction, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in such
action, as determined and fixed by the court. 


  

	(n)	 Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 


  

	(o)	 Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be
(a) a “securities contract” as defined in the Bankruptcy Code, in which case each payment and delivery made pursuant to the Transaction is a “termination value,” “payment amount” or “other transfer
obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy Code, and (b) a “swap agreement” as defined in the
Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of
the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy Code, and the
parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate, terminate and accelerate the
Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the ISDA Form with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to otherwise constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code. 



 

	(p)	 Process Agent. For the purposes of Section 13(c) of the ISDA Form: 



  
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 Seller appoints as its Process Agent: None 

Counterparty appoints as its Process Agent: None. 

[Signature page follows] 

  
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 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us at your earliest convenience. 
  

			
	Very truly yours,
	
	VELLAR OPPORTUNITY FUND SPV LLC – SERIES 8
		
	By:	 	 /s/ Solomon Cohen

	Name:	 	Solomon Cohen
	Title:	 	Authorized Signatory


  

			
	Agreed and accepted by:
	
	10X CAPITAL VENTURE ACQUISITION CORP. II
		
	By:	 	 /s/ Hans Thomas

	Name:	 	Hans Thomas
	Title: 	 	Chairman and Chief Executive Officer
	
	AFRICAN AGRICULTURE, INC.
		
	By:	 	 /s/ Alan Kessler

	Name:	 	Alan Kessler
	Title:	 	Chairman and CEO


  
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 SCHEDULE A 

FORM OF PRICING DATE NOTICE 
 Date: [•],
2022 
 To: 10X Capital Venture Acquisition Corp. II (“Counterparty”) 

Address: [•] 
 Phone: [•] 

From: Vellar Opportunity Fund SPV LLC – Series 8 (“Seller”) 

Re: OTC Equity Prepaid Forward Transaction 
 1. This Pricing Date
Notice supplements, forms part of, and is subject to the Confirmation Re: OTC Equity Prepaid Forward Transaction dated as of [•], 2022 (the “Confirmation”) between Counterparty and Seller, as amended and supplemented from time to
time. All provisions contained in the Confirmation govern this Pricing Date Notice except as expressly modified below. 
 2. The purpose of this Pricing
Date Notice is to confirm certain terms and conditions of the Transaction entered into between Seller and Counterparty pursuant to the Confirmation. 

Pricing Date: [•], 2022 
 Number of Recycled Shares:
[•] 
 Number of Additional Shares: [•] (if any) 

  
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