Exhibit
4.25



Subordination
Deed

Australian
Oilseeds



Execution
version



101
Collins Street

Melbourne
VIC 3000 Australia T +61 3 9614 1011

F
+61 3 9614 4661

www.allens.com.au













|Subordination
  Deed | 
|-------------------- | 





Contents



|1        | Definitions
    and interpretation                        | 1                                                            
|-------- | --------------------------------------------------------- | -------------------------------------------------------------
|         | 1.1                                                       | Definitions                                                  
|         | 1.2                                                       | Interpretation                                               
|         | 1.3                                                       | Document
    or agreement                                    
|         | 1.4                                                       | Determination,
    statement and certificate                 
|         | 1.5                                                       | Inconsistency                                                
|         | 1.6                                                       | Consents
    and opinion                                     
|2        | Subordination                                             | 4                                                            
|         | 2.1                                                       | General                                                      
|2.2      | Subordinated
    Debt                                     | 5                                                            
|2.3      | Competing
    proof                                       | 5                                                            
|2.4      | Distribution                                              | 5                                                            
|3        | Overall
    limit on enforcement action and payment       | 5                                                            
|         | 3.1                                                       | Subordinated
    Creditor                                    
|         | 3.2                                                       | Borrower                                                     
|4        | Express
    permission                                    | 6                                                            
|5        | Accounting
    for proceeds                               | 6                                                            
|         | 5.1                                                       | Accounting                                                   
|         | 5.2                                                       | Set-off                                                      
|6        | No
    prejudice                                          | 7                                                            
|7        | Amendment                                                 | 7                                                            
|         | 7.1                                                       | Amendment
    of Transaction Documents                       
|         | 7.2                                                       | Amendment
    of Subordinated Finance Documents              
|8        | Assignments,
    Guarantees and Securities                | 7                                                            
|         | 8.1                                                       | Assignments
    of or Securities over Subordinated Debt      
|         | 8.2                                                       | Guarantees
    and Securities in respect of Subordinated Debt
|9        | Representations
    and warranties                        | 7                                                            
|10       | Expenses,
    indemnity                                   | 8                                                            
|         | 10.1                                                      | Expenses                                                     
|         | 10.2                                                      | Indemnity                                                    
|         | 10.3                                                      | Amounts
    in foreign currency                              
|11       | Duties
    and GST                                        | 9                                                            
|         | 11.1                                                      | Duties                                                       
|         | 11.2                                                      | GST                                                          
|12       | Waivers,
    remedies cumulative                          | 10                                                           
|13       | Severability
    of provisions                            | 10                                                           
|14       | Survival
    of obligations                               | 10                                                           
|15       | Power
    of Attorney                                     | 10                                                           
|16       | Assignment                                                | 10                                                           
|         | 16.1                                                      | Assignment
    by Borrower and Subordinated Creditor         
|         | 16.2                                                      | Assignment
    by Senior Creditor                            
|17       | Acknowledgement
    by Borrower and Subordinated Creditor | 11                                                           
|18       | Notices                                                   | 11                                                           
|19       | Governing
    law and jurisdiction                        | 11                                                           
|20       | Execution
    and counterparts                            | 11                                                           
|Schedule | 12                                                       
|         | Notice details                                            | 12                                                           



page (i)









|Subordination
  Deed | 
|-------------------- | 





This
Deed is made on March 22, 2024



Parties



|1 | JSKS
    Enterprises Pty Ltd (ACN 105 475 170) of 2/100 Park Road, Slacks Creek, Queensland 4127 (the Subordinated Creditor).         
|- | --------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                       
|2 | Australian
    Oilseeds Investments Pty Ltd (ACN 158 999 949) of 2/100 Park Road, Slacks Creek, Queensland 4127 (the Borrower).       
|  |                                                                                                                                       
|3 | Arena
    Investors, LP, a Delaware limited partnership of 405 Lexington Avenue, 59th Floor, New York, NY 10174 (the Senior Creditor).



Recitals



|A | The
    Borrower and the Senior Creditor (amongst others) are parties to the Securities Purchase Agreement.             
|- | ------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                         
|B | The
    Subordinated Creditor may from time to time make loans or provide other financial accommodation to the Borrower.
|  |                                                                                                                         
|C | The
    Subordinated Creditor enters into this Deed for valuable consideration.                                         



It
is agreed as follows.



|1 | Definitions
                                            and interpretation
|- | --------------------------------------------------------------------------



|1.1 | Definitions
|--- | -----------



The
following definitions apply unless the context requires otherwise.



Ancillary
Security means any Security, Guarantee or other document or agreement at any time created or entered into as security for the
Senior Debt.



Authorisationincludes:



| | (a) | any
                                            consent, authorisation, registration, filing, lodgement, agreement, notarisation, certificate,
                                            permission, licence, approval, authority or exemption from, by or with a Government Agency;
                                            or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in
                                            relation to anything which will be fully or partly prohibited or restricted by law if a Government
                                            Agency intervenes or acts in any way within a specified period after lodgement, filing, registration
                                            or notification, the expiry of that period without intervention or action.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Finance
Debt means indebtedness (whether actual or contingent) in respect of money borrowed or raised or other financial accommodation.
It includes indebtedness under or in respect of:



| | (a) | a
                                            Guarantee of Finance Debt or a Guarantee given to a financier;
| | --- | ------------------------------------------------------------------------------------------------------------



| | (b) | a
                                            Lease;
| | --- | ----------------------------------------------------



| | (c) | a
                                            swap, option, hedge, forward, futures or similar transaction;
| | --- | -----------------------------------------------------------------------------------------------------------



| | (d) | an
                                            acceptance, endorsement or discounting arrangement;
| | --- | --------------------------------------------------------------------------------------------------



| | (e) | a
                                            redeemable share or redeemable stock;
| | --- | -----------------------------------------------------------------------------------



| | (f) | any
                                            amount raised under any other transaction (including any forward sale or purchase agreement)
                                            of a type not referred to in any other paragraph of this definition having the commercial
                                            effect of a borrowing;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page 1









|Subordination
  Deed | 
|-------------------- | 



| | (g) | any
                                            counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary
                                            letter of credit or any other instrument issued by a bank or financial institution; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | the
                                            deferred purchase price (for more than 90 days) of an asset or service,
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (i) | or
                                            an obligation to deliver assets or services paid for in advance by a financier or otherwise
                                            relating to a financing transaction.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Government
Agencymeans any government or any governmental, semi-governmental or judicial entity or authority. It also includes any self-regulatory
organisation established under statute or any stock exchange.



GSTmeans the goods and services tax as imposed by the GST Law together with any related interest, penalty, fine or other charge.



GST
Law has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999(Cth), or if that Act does not exist
means any Act imposing or relating to the imposition or administration of a goods and services tax in Australia and any regulation made
under that Act.



Guaranteemeans an obligation or offer to provide funds (including by subscription or purchase) or otherwise be responsible in respect
of an obligation or indebtedness, or the financial condition or solvency, of another person. It includes a guarantee, indemnity, letter
of credit or legally binding letter of comfort, or an obligation or offer to purchase an obligation or indebtedness of another person.



Issuermeans Australian Oilseeds Holdings Limited, an exempted company incorporated in the Cayman Islands.



Leasemeans an agreement under which an asset may be used, exploited, operated or managed by a person other than the owner. It includes
a lease, licence, charter, hire purchase or hiring arrangement.



Liquidationincludes receivership or other appointment of a controller or small business restructuring practitioner, deregistration, compromise,
deed of arrangement, amalgamation, administration, reconstruction, winding up, dissolution, assignment for the benefit of creditors,
arrangement or compromise with creditors, bankruptcy.



Liquidatorof the Borrower means any person who may be charged with the Liquidation of the Borrower (whether by contract, statute or otherwise).
It includes a liquidator, administrator, receiver and receiver and manager.



Satisfaction
Date means the date the Senior Debt has been fully and finally paid.



Securities
Purchase Agreement means the Securities Purchase Agreement dated 23 August 2023 (as amended from time to time) between, amongst
others, the Borrower and the Senior Creditor.



Securitymeans any mortgage, pledge, lien or charge or any security or preferential interest or arrangement of any kind. It includes:



| | (a) | anything
                                            which gives a creditor priority to other creditors with respect to any asset; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (b) | retention
                                            of title other than in the ordinary course of day-to-day trading and a deposit of money by
                                            way of security.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Senior
Debtmeans all money which the Borrower or the Issuer (whether alone or not) is or at any time may become actually or contingently
liable to pay to or for the account of the Senior Creditor (whether alone or not) for any reason whatever under or in connection with
a Transaction Document, whether or not currently contemplated.



page 2









|Subordination
  Deed | 
|-------------------- | 



It
includes money by way of principal, interest, fees, costs, indemnity, Guarantee, charges, duties or expenses, or payment of liquidated
or unliquidated damages under or in connection with a Transaction Document, or as a result of a breach of or default under or in connection
with, a Transaction Document.



It
also includes money that the Borrower or the Issuer would have been liable to pay but for its Liquidation or a set-off claimed by it,
or some other reason.



Subordinated
Debt means all money which the Borrower (whether alone or not) is or at any time may become actually or contingently liable to
pay to or for the account of the Subordinated Creditor (whether alone or not) for any reason whatever, whether or not currently contemplated.



It
includes money by way of principal, interest, fees, costs, Guarantee, indemnity, charges, duties or expenses or payment of liquidated
or unliquidated damages under or in connection with a document or agreement, or as a result of any conduct, event or circumstance.



Subordinated
Finance Document means:



| | (a) | any
                                            document or agreement between the Borrower and the Subordinated Creditor (whether or not
                                            with another person) for the purposes of or in relation to providing financial accommodation
                                            to the Borrower, or for its account; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any
                                            Guarantee, Security or any other document or agreement entered in connection with the provision
                                            of any financial accommodation by the Subordinated Creditor (whether alone or with another
                                            person) to the Borrower or for its account.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Transaction
Document has the meaning given to that term in the Securities Purchase Agreement, and also includes any Ancillary Security and
this Deed.



|1.2 | Interpretation
|--- | --------------



| | (a) | Headings
                                            are for convenience only and do not affect interpretation.
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (b) | The
                                            meaning of terms is not limited by specific examples introduced by including,
                                            or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



for
example, or similar expressions.



| | (c) | Nothing
                                            in this Deed is to be interpreted against a party on the ground that the party put it forward.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The
                                            following rules apply unless the context requires otherwise.
| | --- | ------------------------------------------------------------------------------------------------------------



| | (i) | The
                                            singular includes the plural and the converse.
| | --- | ----------------------------------------------------------------------------------------------



| | (ii) | A
                                            gender includes all genders.
| | ---- | --------------------------------------------------------------------------



| | (iii) | Where
                                            a word or phrase is defined, its other grammatical forms have a corresponding meaning.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | A
                                            reference to a person, corporation, trust, partnership, unincorporated body or other entity
                                            includes any of them.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | A
                                            reference to a clause, annexure or schedule is a reference to a clause of, or annexure or
                                            schedule to, this Deed.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | A
                                            reference to a party to this Deed or another agreement or document includes the party’s successors
                                            and permitted substitutes or assigns.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | A
                                            reference to legislation or to a provision of legislation includes a modification or re-enactment
                                            of it, a legislative provision substituted for it and a regulation, statutory instrument,
                                            code or other thing issued under it.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page 3









|Subordination
  Deed | 
|-------------------- | 



| | (viii) | A
                                            reference to writing includes a facsimile transmission and any means of reproducing
                                            words in a tangible and permanently visible form.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | Each
                                            paragraph in a list is to be construed independently. None limits any other.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------



| | (x) | A
                                            reference to conduct includes an omission, statement or undertaking, whether
                                            or not in writing.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xi) | Each
                                            paragraph of a list is to be construed independently. None limits any other.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------



| | (xii) | A
                                            reference to receipt or recovery includes receipt or recovery in money or other
                                            assets.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xiii) | A
                                            reference to property or asset includes any real or personal,
                                            present or future, tangible or intangible property or asset (including intellectual property)
                                            and any right, interest, revenue or benefit in, under or derived from the property or asset.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xiv) | A
                                            reference to an amount for which a person is contingently liable includes an
                                            amount which that person may become actually or contingently liable to pay if a contingency
                                            occurs, whether or not under an existing obligation.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xv) | A
                                            reference to reduced includes reduced to nil.
| | ---- | -------------------------------------------------------------------------------------------



|1.3 | Document
                                            or agreement
|--- | -----------------------------------------------------------------



A
reference to:



| | (a) | an
                                            agreement includes a Security, Guarantee, undertaking, deed, agreement or legally
                                            enforceable arrangement whether or not in writing; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a
                                            document includes an agreement (as so defined) in writing or a certificate,
                                            notice, instrument or document.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A
reference to a specific agreement or document includes it as amended, novated, supplemented or replaced from time to time, except to
the extent prohibited by this Deed.



|1.4 | Determination,
                                            statement and certificate
|--- | ------------------------------------------------------------------------------------



Except
where otherwise provided in this Deed any determination, statement or certificate by the Senior Creditor or an Authorised Officer of
the Senior Creditor provided for in this Deed is conclusive. It binds the parties in the absence of manifest error.



|1.5 | Inconsistency
|--- | -------------



| | (a) | This
                                            Deed prevails if there is an inconsistency between it and any other document. This includes
                                            where a person cannot comply with both or where what is prohibited by one is permitted by
                                            the other.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | This
                                            Deed amends and is incorporated in all Subordinated Finance Documents. Any financial accommodation
                                            provided by the Subordinated Creditor to the Borrower after the date of this Deed will be
                                            taken to have been provided on the terms in this Deed.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.6 | Consents
                                            and opinion
|--- | ----------------------------------------------------------------



Except
where expressly stated the Senior Creditor may give or withhold, or give conditionally, approvals and consents, may be satisfied or unsatisfied,
may form opinions, and may exercise its rights, powers and remedies, at its absolute discretion.



|2 | Subordination
|- | -------------



|2.1 | General
|--- | -------



The
Subordinated Debt is subordinated to the Senior Debt in the manner set out in this Deed.



page 4









|Subordination
  Deed | 
|-------------------- | 



|2.2 | Subordinated
                                            Debt
|--- | -------------------------------------------------------------



| | (a) | Subject
                                            to clauses 3 and 4, except for the purpose of allowing interest or other amounts to accrue
                                            or be capitalised no Subordinated Debt will be due and payable or recoverable until the Satisfaction
                                            Date.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject
                                            to clauses 3 and 4, the Borrower is not obliged to make and shall not make, whether directly
                                            or indirectly, any payment of or in reduction of the Subordinated Debt until the Satisfaction
                                            Date.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Subject
                                            to clauses 3 and 4, the Security Trustee (and any Liquidator or attorney appointed by it),
                                            may exercise all powers, rights or remedies under or in respect of the Transaction Documents
                                            as though the Subordinated Creditor has no rights or interests in relation to the Borrower.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.3 | Competing
                                            proof
|--- | -----------------------------------------------------------



Except
to the extent stated in a notice under clause 4, until the Satisfaction Date the Subordinated Creditor may only lodge a conditional or
contingent proof or claim in connection with the Subordinated Debt in the Liquidation of the Borrower.



|2.4 | Distribution
|--- | ------------



Subject
to clause 4, on any distribution of assets of the Borrower, as a result of a Liquidation or any other total reorganisation of the Borrower,
all Senior Debt shall first be paid in full before any payment is made on account of any Subordinated Debt. The Liquidator of the Borrower
will distribute the assets of the Borrower accordingly.



|3 | Overall
                                            limit on enforcement action and payment
|- | -------------------------------------------------------------------------------------------



|3.1 | Subordinated
                                            Creditor
|--- | -----------------------------------------------------------------



Subject
to clause 4, without the prior consent of the Senior Creditor, the Subordinated Creditor shall not:



| | (a) | (accept
                                            payment) require or accept payment or otherwise allow satisfaction or discharge of any
                                            Subordinated Debt;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | (not
                                            sue or take other action) sue for or take any other action to recover its Subordinated
                                            Debt;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | (exercise
                                            of rights or powers) take any step to enforce any Guarantee or Security held by it in
                                            relation to any Subordinated Debt;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | (Liquidation)
                                            take any step for the purpose of or towards:
| | --- | ------------------------------------------------------------------------------------------------------



| | (i) | levying
                                            any execution or obtaining any judgment against the Borrower; or
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                            appointment of a Liquidator of the Borrower;
| | ---- | --------------------------------------------------------------------------------------------



| | (e) | (vote)
                                            vote in any meeting or other decision making body in relation to, or in any way seek to control
                                            or influence, the Liquidation of the Borrower;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | (proof)
                                            prove or lodge any proof of debt in the Liquidation of the Borrower except as permitted under
                                            clause 2.3;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | (set-off)
                                            exercise any right of set-off, deduction or combination of accounts or similar right or procedure
                                            in relation to any Subordinated Debt; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | (deposit)
                                            accept any deposit from or otherwise incur any monetary obligation to the Borrower which
                                            may be the subject of any set-off, deduction or combination of accounts or similar right
                                            or procedure (whether or not compulsory), until after the Satisfaction Date.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page 5







|Subordination
  Deed | 
|-------------------- | 



|3.2 | Borrower
|--- | --------



Subject
to clause 4, without the prior consent of the Senior Creditor, the Borrower shall not:



| | (a) | (payment)
                                            pay any Subordinated Debt;
| | --- | --------------------------------------------------------------------------------



| | (b) | (set-off)
                                            exercise any right of set-off, deduction or combination of accounts or similar right or procedure
                                            in relation to any Subordinated Debt;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | (deposit)
                                            make any deposit with or allow the Subordinated Creditor to incur any monetary obligation
                                            to it which may be the subject of any set-off, deduction or combination of accounts or similar
                                            right or procedure (whether or not compulsory); or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | (arrangements)
                                            enter into any arrangement, take any action or fail to do any thing, which results in any
                                            Subordinated Debt not being subordinated to the Senior Debt,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



until
after the Satisfaction Date.



|4 | Express
                                            permission
|- | --------------------------------------------------------------



From
the commencement of the Liquidation of the Borrower, if the Senior Creditor notifies the Borrower and the Subordinated Creditor in writing
that all or part of the Subordinated Debt is payable:



| | (a) | to
                                            the extent stated in that notice, the Subordinated Debt will be due and payable by and recoverable
                                            from the Borrower;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | to
                                            the extent stated in that notice, the Subordinated Creditor shall prove or vote or both in
                                            the Liquidation of the Borrower in relation to the Subordinated Debt and shall promptly send
                                            to the Senior Creditor a copy of any notice of proof it has given;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | on
                                            any payment or distribution of assets of the Borrower as a result of a Liquidation of the
                                            Borrower in respect of the Subordinated Debt (a dividend), the Liquidator of
                                            the Borrower shall, and the Subordinated Creditor shall direct and ensure that the Liquidator
                                            of the Borrower shall, pay that dividend to the Senior Creditor for application in payment
                                            of the Senior Debt until the Senior Debt has been paid in full; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | clause
                                            5 applies to any amount the Subordinated Creditor receives or recovers in respect of the
                                            Subordinated Debt in that Liquidation.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5 | Accounting
                                            for proceeds
|- | -------------------------------------------------------------------



|5.1 | Accounting
|--- | ----------



If,
before the Satisfaction Date, the Subordinated Creditor receives or recovers payment of any Subordinated Debt otherwise than as expressly
permitted by clause 3, the Subordinated Creditor shall promptly pay to the Senior Creditor an amount equal to the amount received or
recovered (or, in the case of an asset other than cash, its value as determined by the Senior Creditor) up to an amount equal to the
Senior Debt.



|5.2 | Set-off
|--- | -------



If,
before the Satisfaction Date, the amount of the Subordinated Debt is reduced by any set-off, deduction or combination of accounts or
similar right or procedure, the Subordinated Creditor shall promptly pay to the Senior Creditor an amount equal to the amount by which
the Subordinated Debt was so reduced up to an amount equal to the Senior Debt.



page 6









|Subordination
  Deed | 
|-------------------- | 



|6 | No
                                            prejudice
|- | --------------------------------------------------------



The
right of the Senior Creditor to enforce any provision of this Deed is not affected by:



| | (a) | any
                                            conduct of the Borrower;
| | --- | ------------------------------------------------------------------------



| | (b) | any
                                            failure of the Borrower or the Subordinated Creditor to comply with any term of this Deed,
                                            any Transaction Document or any Subordinated Finance Document;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | any
                                            knowledge in relation to the Subordinated Debt that the Senior Creditor may have or be charged
                                            with;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | any
                                            conduct in relation to the enforcement or failure to enforce any Transaction Document; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the
                                            giving of any discharge, amendment, variation, consent or waiver.
| | --- | -----------------------------------------------------------------------------------------------------------------



This
clause does not apply to any waiver or consent granted directly to the Subordinated Creditor by the Senior Creditor.



|7 | Amendment
|- | ---------



|7.1 | Amendment
                                            of Transaction Documents
|--- | ------------------------------------------------------------------------------



Any
Transaction Document may be amended, extended, renewed, novated, replaced or otherwise varied in any manner as the parties to that document
agree.



|7.2 | Amendment
                                            of Subordinated Finance Documents
|--- | ---------------------------------------------------------------------------------------



No
Subordinated Finance Document may be amended, replaced or otherwise varied without the prior consent of the Senior Creditor.



|8 | Assignments,
                                            Guarantees and Securities
|- | ----------------------------------------------------------------------------------



|8.1 | Assignments
                                            of or Securities over Subordinated Debt
|--- | -----------------------------------------------------------------------------------------------



The
Subordinated Creditor shall not:



| | (a) | assign
                                            or transfer; or
| | --- | ------------------------------------------------------------------



| | (b) | create
                                            or allow to exist a Security over,
| | --- | -------------------------------------------------------------------------------------



any
of its interest or rights in or to the Subordinated Debt without the prior consent of the Senior Creditor.



|8.2 | Guarantees
                                            and Securities in respect of Subordinated Debt
|--- | -----------------------------------------------------------------------------------------------------



| | (a) | The
                                            Borrower shall not create or allow to exist; and
| | --- | ------------------------------------------------------------------------------------------------



| | (b) | the
                                            Subordinated Creditor shall not require the provision of, and if held or provided shall immediately
                                            discharge or release,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



any
Guarantee or Security in respect of any Subordinated Debt.



|9 | Representations
                                            and warranties
|- | --------------------------------------------------------------------------



The
Subordinated Creditor makes the following representations and warranties.



| | (a) | (Status)
                                            It is a corporation validly existing under the laws of the place of its incorporation specified
                                            in this Deed.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | (Power)
                                            It has the power to enter into and perform its obligations under this Deed, to carry out
                                            the transactions contemplated by this Deed and to carry on its business as conducted or contemplated
                                            as at the date of this Deed.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page 7









|Subordination
  Deed | 
|-------------------- | 



| | (c) | (Corporate
                                            authorisations) It has taken all necessary corporate action to authorise the entry into
                                            and performance of this Deed, and to carry out the transactions contemplated by this Deed.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | (Documents
                                            binding) This Deed is its valid and binding obligation enforceable in accordance with
                                            its terms, subject to any necessary stamping and registration.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | (Transactions
                                            permitted) The execution and performance by it of this Deed and each transaction contemplated
                                            under this Deed did not and will not violate in any respect a provision of:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | a
                                            law or treaty or a judgement, ruling, order or decree of a Government Agency binding on it;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | its
                                            constitution or other constituent documents; or
| | ---- | -----------------------------------------------------------------------------------------------



| | (iii) | any other document or agreement which is binding on it or its
assets, and did not and will not:
| | ----- | -----------------------------------------------------------------------------------------------



| | (iv) | create
                                            or impose a Security on any of its assets; or
| | ---- | ------------------------------------------------------------------------------------------------



| | (v) | allow
                                            a person to accelerate or cancel an obligation with respect to Finance Debt, or constitute
                                            an event of default, cancellation event, prepayment event or similar event (whatever called)
                                            under an agreement relating to Finance Debt, whether immediately or after notice or lapse
                                            of time or both.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | (Authorisations)
                                            Each Authorisation which is required in relation to:
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (i) | the
                                            execution, delivery and performance by it of this Deed and the transactions contemplated
                                            by this Deed; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                            validity and enforceability of this Deed, has
been obtained or effected. Each is in full force and effect. It has complied with each of them. It has paid all applicable fees for each
of them.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | (Title)
                                            It is absolutely entitled to the Subordinated Debt free from any Security.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (h) | (Guarantee
                                            or Security) It does not hold any Guarantee or Security in respect of the Subordinated
                                            Debt.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10 | Expenses,
                                            indemnity
|-- | ---------------------------------------------------------------



|10.1 | Expenses
|---- | --------



The
Borrower shall reimburse the Senior Creditor for its expenses in relation to:



| | (a) | the
                                            preparation, execution and completion of this Deed and any subsequent consent, agreement,
                                            approval, waiver or amendment; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | (i) | any
                                            actual or contemplated enforcement of this Deed or the actual or contemplated exercise, preservation
                                            or consideration of any right, power or remedy under this Deed; and
| | --- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any
                                            enquiry by a Government Agency concerning the Subordinated Creditor or the Borrower or a
                                            transaction or activity the subject of this Deed.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



This
includes legal costs and expenses (including in-house lawyers charged at their usual rates) on a full indemnity basis, expenses incurred
in any review or environmental audit or in retaining consultants to evaluate matters of material concern to the Senior Creditor, and
administrative costs including time of its executives (their time and costs are to be charged at reasonable rates).



page 8









|Subordination
  Deed | 
|-------------------- | 





|10.2 | Indemnity
|---- | ---------



The
Subordinated Creditor and the Borrower shall indemnify the Senior Creditor against any loss, cost, charge, liability or expense (including
legal costs on a full indemnity basis) the Senior Creditor (or any officer or employee of the Senior Creditor) may sustain or incur as
a direct or indirect result of:



| | (a) | any
                                            contravention of this Deed; or
| | --- | ------------------------------------------------------------------------------



| | (b) | any
                                            exercise or attempted exercise of any right, power or remedy under this Deed or any failure
                                            to exercise any right, power or remedy.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.3 | Amounts
                                            in foreign currency
|---- | -----------------------------------------------------------------------



Where
an amount to be reimbursed or indemnified against is denominated in another currency, if Senior Creditor so requests, the Subordinated
Creditor or the Borrower (as the case may be) shall reimburse or indemnify it against the amount of US dollars which the Senior Creditor
certifies that it used to buy the relevant amount of the other currency in accordance with its normal procedures. If the Senior Creditor
does not so request, the Subordinated Creditor or the Borrower (as the case may be) shall reimburse or indemnify it in the relevant currency.



|11 | Duties
                                            and GST
|-- | ----------------------------------------------------------



|11.1 | Duties
|---- | ------



| | (a) | The
                                            Borrower shall pay (and reimburse the Senior Creditor for) all stamp, transaction, registration
                                            and similar taxes (including fines and penalties) in relation to the execution, delivery,
                                            performance or enforcement of this Deed or any payment or receipt or any other transaction
                                            contemplated by this Deed.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Those
                                            taxes include taxes payable by return and taxes passed on to the Senior Creditor by a bank
                                            or financial institution.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                            Borrower shall indemnify the Senior Creditor against any liability resulting from delay or
                                            omission to pay those taxes except to the extent the liability results from failure by the
                                            Senior Creditor to pay any tax after having been put in funds to do so by the Borrower.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11.2 | GST
|---- | ---



All
payments (including the provision of any non-monetary consideration) to be made by the Subordinated Creditor or the Borrower under or
in connection with this Deed have been calculated without regard to GST.



| | (a) | If
                                            all or part of that payment is the consideration for a taxable supply for GST purposes then,
                                            when the Subordinated Creditor or the Borrower makes the payment:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | it
                                            must pay to the Senior Creditor an additional amount equal to that payment (or part) multiplied
                                            by the appropriate rate of GST (currently 10%); and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                            Senior Creditor will promptly provide to the Subordinated Creditor or the Borrower a tax
                                            invoice complying with the relevant GST legislation.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Where
                                            under this Deed the Subordinated Creditor or the Borrower is required to reimburse or indemnify
                                            for an amount, the Subordinated Creditor or the Borrower will pay the relevant amount (including
                                            any sum in respect of GST) less any GST input tax credit the Senior Creditor determines that
                                            it is entitled to claim in respect of that amount.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|Subordination
  Deed | 
|-------------------- | 



|12 | Waivers,
                                            remedies cumulative
|-- | ------------------------------------------------------------------------



| | (a) | No
                                            failure to exercise or delay in exercising any right, power or remedy under this Deed operates
                                            as a waiver, nor does any single or partial exercise of any right, power or remedy preclude
                                            any other or further exercise of that or any other right, power or remedy.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                            rights, powers and remedies provided to the Senior Creditor in this Deed are in addition
                                            to, and do not exclude or limit, any right, power or remedy provided by law.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13 | Severability
                                            of provisions
|-- | ----------------------------------------------------------------------



Any
provision of this Deed which is prohibited or unenforceable in any jurisdiction is ineffective as to that jurisdiction to the extent
of the prohibition or unenforceability. That does not invalidate the remaining provisions of this Deed nor affect the validity or enforceability
of that provision in any other jurisdiction.



|14 | Survival
                                            of obligations
|-- | -------------------------------------------------------------------



| | (a) | (Representations
                                            and warranties) Each representation or warranty in a Transaction Document survives the
                                            execution and delivery of the Transaction Documents and the provision of financial accommodation.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | (Indemnity)
                                            Each indemnity, reimbursement or similar obligation in a Transaction Document:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (i) | is
                                            a continuing, separate and independent obligation;
| | --- | -------------------------------------------------------------------------------------------------



| | (ii) | is
                                            payable on demand; and
| | ---- | ---------------------------------------------------------------------



| | (iii) | survives
                                            termination or discharge of the relevant Finance Document and repayment of financial accommodation.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------



Where
a party is obliged to indemnify another party against a loss, cost, charge, liability, expense, deficiency or other amount, it shall
pay on demand from time to time the amount stated by the other party to be the amount indemnified against.



|15 | Power
                                            of Attorney
|-- | -------------------------------------------------------------



| | (a) | For
                                            valuable consideration the Subordinated Creditor irrevocably appoints the Senior Creditor
                                            as its attorney (the Attorney) to do anything which the Subordinated Creditor
                                            is obliged to do under or in relation to this Deed.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Without
                                            limitation, the Attorney may at any time delegate the Attorney’s powers (including delegation).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



|16 | Assignment
|-- | ----------



|16.1 | Assignment
                                            by Borrower and Subordinated Creditor
|---- | --------------------------------------------------------------------------------------------



Neither
the Borrower nor the Subordinated Creditor may assign or transfer any of its rights or obligations under this Deed without the prior
consent of the Senior Creditor.



|16.2 | Assignment
                                            by Senior Creditor
|---- | -------------------------------------------------------------------------



Subject
to the other Transaction Documents, the Senior Creditor may assign all or any of its rights or transfer all or any of its obligations
under this Deed.



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|Subordination
  Deed | 
|-------------------- | 



|17 | Acknowledgement
                                            by Borrower and Subordinated Creditor
|-- | -------------------------------------------------------------------------------------------------



Each
of the Borrower and the Subordinated Creditor confirms that:



| | (a) | it
                                            has not entered into this Deed in reliance on, or as a result of, any statement or conduct
                                            of any kind of or on behalf of the Senior Creditor (including any advice, warranty, representation
                                            or undertaking); and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                            Senior Creditor is not obliged to do anything (including disclose anything or give advice), except
as expressly set out in a Transaction Document or in writing duly signed by or on behalf of the Senior Creditor.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18 | Notices
|-- | -------



All
notices, requests, demands, consents, approvals, agreements or other communications to or by a party to this Deed:



| | (a) | must
                                            be in writing signed by an Authorised Officer of the sender (or in the case of an email message,
                                            sent from the email address of an Authorised Officer of the sender); and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | will
                                            be conclusively taken to be given or made when delivered, received or left at the address
                                            or email address of the recipient shown in the Schedule or to any other address or email
                                            address which it may have notified the sender but, if delivery or receipt is on a day on
                                            which business is not generally carried on in the place to which the communication is sent
                                            or is later than 4pm (local time), it will be conclusively taken to have been received at
                                            the commencement of business on the next day on which business is generally carried on in
                                            that place.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|19 | Governing
                                            law and jurisdiction
|-- | --------------------------------------------------------------------------



This
Deed is governed by the laws of New South Wales and of the Commonwealth of Australia applying there. Each of the Subordinated Creditor
and the Borrower irrevocably accepts the non-exclusive jurisdiction of courts with jurisdiction there, and waives any right to object
to the venue on any ground.



|20 | Execution
                                            and counterparts
|-- | ----------------------------------------------------------------------



This
Deed may be executed electronically and may be executed in counterparts.



Where
a person signs this Deed electronically, the electronic signature is an effective binding signature, and the electronic document containing
it can be an effective electronic counterpart of this Deed. In addition, the person intends that any print-out of the signature will
also constitute an effective original signature, so that the print-out will also be an executed original counterpart of this Deed.



page 11









|Subordination
  Deed | 
|-------------------- | 



Schedule



Notice
details



Subordinated
Creditor



JSKS
Enterprises Pty Ltd





|Address:   |  | Unit
2, 100 Park Road, Slacks Creek QLD 4127
|---------- |  | --------------------------------------------
|Email:     |  | gary@energreennutrition.com.au              
|Attention: |  | Gary
Seaton                                 



Borrower



Australian
Oilseeds Investments Pty Ltd





|Address:   |  | 126
                                            – 142 Cowcumbla Street, Cootamundra
|---------- |  | -----------------------------------------------------------------------------------
|           |  | Site
2: 52 Fuller Drive Cootamundra                                                
|           |  | PO
Box 263 Cootamundra 2590                                                        
|Email:     |  | gary@energreennutrition.com.au                                                     
|Attention: |  | Gary Seaton                                                                        





Senior
Creditor



Arena
Investors, LP





|Address:   |  | 405 Lexington Avenue, 59th Floor, New York, NY 10174
|---------- |  | ----------------------------------------------------
|Email:     |  | ystramer@arenaco.com / tradeops@arenaco.com         
|Attention: |  | Yoav Stramer, Director                              



page 12









|Subordination
  Deed | 
|-------------------- | 



Each
person executing this Deed on behalf of a party states that they have no notice of revocation or suspension of their authority.



Executed
and delivered as a Deed



Subordinated
Creditor



|Executedas a deed in accordance with section 127 of the Corporations Act 2001 by JSKS Enterprises Pty Ltd: | 
|---------------------------------------------------------------------------------------------------------- | 
|                                                                                                           | 
|Gary
    Seaton                                                                                            | 
|                                                                                                           | 
|Sole
    director and sole secretary                                                                       | 
|Gary
    Seaton                                                                                            | 
|Print
    Name                                                                                             | 



page 13









|Subordination
  Deed | 
|-------------------- | 



Borrower



|Executedas a deed in accordance with section 127 of the Corporations Act 2001 by Australian Oilseeds Investments Pty Ltd: | 
|------------------------------------------------------------------------------------------------------------------------- | 
|                                                                                                                          | 
|Gary
    Seaton                                                                                                           | 
|                                                                                                                          | 
|Sole
    director and sole secretary                                                                                      | 
|Gary
    Seaton                                                                                                           | 
|Print
    Name                                                                                                            | 



page 14









|Subordination
  Deed | 
|-------------------- | 



Senior
Creditor





|SIGNED SEALED AND DELIVERED by ARENA
INVESTORS, LP | 
|-------------------------------------------------- | 
|                                                   | 
|By:                                                | 
|Name:                                              | 
|Title                                              | 





page 15