Document:

Exhibit 10.3

 

MASTER RESEARCH AND TRAINING AGREEMENT

 

WHEREAS African Agriculture, Inc., (“Sponsor”) and the Board of Supervisors of
Louisiana State University and Agricultural and Mechanical College on behalf of the LSU Agricultural Center (“LSU Agricultural
Center”) wish to provide for a research Project that is of mutual interest to the parties; whereas the Project will further the
LSU Agricultural Center’s instructional and research objectives in a manner that is consistent with the LSU Agricultural
Center’s tax-exempt status; and whereas the Project may result in discoveries and inventions that could be of mutual benefit
to the parties;

 

THEREFORE Sponsor and the LSU Agricultural Center have entered into this
Research Agreement (the “Agreement”), effective the first day of the Project Period defined below.

 

Article 1 - Definitions

 

1.1 “Project” means the project(s) as described in Appendix A, each
having an unique LSU Agricultural Center Proposal Number, and under the direction of a specific Principal Investigator (“P.I.”)
listed in correlating Project proposal and associated Appendix. The Project shall mean the project described in a format substantially
like the template in Appendix “A”, hereby made a part of this Agreement. Multiple projects may be performed under this Agreement upon
mutual written agreement and execution of associated particular Appendix A. Successive appendices shall be identified as Appendix A-1,
A-2, etc.

 

	1.2	“Project
    Period” means the period from July 1, 2021 to June 30, 2026.

 

Article 2 - Research and Training Work

 

	2.1	The LSU Agricultural Center shall use reasonable efforts to perform the Project
                                                                                                                          substantially in accordance with the terms of this Agreement.

	 	 
	2.2

	If the P.I. becomes unable or unwilling to continue the Project, and a mutually acceptable substitute is not available, the
LSU Agricultural Center and Sponsor each shall have the option to terminate the Project.

 

Article 3 - Reports and Conferences

 

	3.1

	The LSU Agricultural Center shall provide written progress reports to Sponsor as stated in Appendix A. On either party’s request, the
parties shall confer to discuss the status of the Project and any proposed changes to the Project.

 

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Article 4 - Payment

 

	4.1	The total amount Sponsor shall pay the LSU Agricultural Center under this Agreement is $__________. The LSU Agricultural Center
                                                                                                                          shall invoice Sponsor for $___________ upon execution of this Agreement. The LSU Agricultural Center shall invoice Sponsor for
                                                                                                                          additional payments of $_______________ each on ___________ and ______________. Sponsor will pay invoices within 30 days. Any
                                                                                                                          unexpended funds will be retained by the LSU Agricultural Center.

	 	 
	4.2

	Checks shall be made payable to Louisiana State University Agricultural Center, and shall be mailed to:

 

	 	Louisiana State University

	 	Office of Accounting Services

	 	Sponsored Program Accounting

	 	Baton Rouge, Louisiana 70803-2901

 

	 	Or, if Sponsor wishes to pay through Electronic Funds Transfer (EFT), EFT payment information is show in Appendix B.

	 	 
	4.3	The LSU Agricultural Center is authorized to incur pre-award costs up to six months prior to the Project Period. However, the LSU Agricultural
Center shall not receive more funds than the total provided in Paragraph 4.1.

	 	 
	4.4	The LSU Agricultural Center shall retain title to any equipment purchased with funds provided by Sponsor.

	 	 
	4.5	If Sponsor loans any equipment or supplies to the LSU Agricultural Center, Sponsor shall bear all risk of damage or loss to the
                                                                                                              equipment or supplies, except to the extent due to the LSU Agricultural Center’s willful or intentional acts. Sponsor shall
                                                                                                              maintain all such equipment or supplies while in the LSU Agricultural Center’s custody.

	 	 
	4.6	Notwithstanding anything in this Agreement to the contrary, in the event of early termination of this Agreement under Paragraph
                                                                                                              2.2 or Article 9, Sponsor shall pay all costs accrued by the LSU Agricultural Center as of the date of termination, including all
                                                                                                              non-cancelable obligations and all non-cancelable contracts; provided that this obligation shall not be construed to authorize
                                                                                                              payment in excess of the total amount provided in Paragraph 4.1.

 

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Article 5 - Publicity

 

		5.1	Without prior written approval, neither party may make any use
whatsoever of the name, marks, insignia, or logos of the other party, or of any of its campuses, departments, centers, institutes, or
employees; whether in news releases, advertisements, promotional materials, or otherwise; except that: (1) the LSU Agricultural
Center may acknowledge Sponsor as the source of funding for the Project; and (2) Sponsor may use the LSU Agricultural Center’s
name to the extent necessary to supply information whose disclosure may be required by law. However, in no circumstance may Sponsor state
or imply that the LSU Agricultural Center endorses a particular investment, product, process, or treatment.

 

Article 6 - Publications

	6.1	Whereas the LSU Agricultural Center is an institution of higher education, and whereas the freedom to publish is of cardinal
                                                                                                                          importance to universities and to their personnel,it is understood that the LSU Agricultural Center, the P.I., and other LSU
                                                                                                                          Agricultural Center personnel shall be free to make such publications as they see fit concerning the Project, except as provided in
                                                                                                                          Article 7 respecting Sponsor’s Confidential Information. The LSU Agricultural Center shall own the copyright in such works,
                                                                                                                          except to the extent that the LSU Agricultural Center’s Bylaws waive ownership of copyright in favor of the authors.

 

Article 7 - Non-Disclosure

 

	7.1	“Confidential
                                            Information” shall mean information that one party discloses to other, and that is conspicuously
                                            marked “CONFIDENTIAL INFORMATION.” “Confidential Information” shall also include information
                                            that is initially disclosed orally -- provided that within seven days the information is
                                            reduced to writing, is conspicuously marked “CONFIDENTIAL INFORMATION,” and
                                            a copy of the information thus marked is delivered to the receiving party. Each party shall
                                            hold the other party’s Confidential information in strict confidence, and shall not
                                            disclose it to any third party. Neither party shall use the other party’s Confidential Information
                                            for any purpose other than to perform its obligations under the Agreement, or to evaluate
                                            a potential license under Article 8. A receiving party shall use reasonable efforts not to
                                            disclose the other’s Confidential Information, but neither party will be financially liable
                                            for an inadvertent disclosure. Should either party realize that an inadvertent disclosure
                                            to a third party has occurred, then the parties shall promptly confer to determine an appropriate
                                            course of action. On request by the other party, the party who has made an inadvertent disclosure
                                            shall promptly notify the third party that the disclosure was inadvertent, and shall request
                                            that the third party promptly return all copies of the disclosed Confidential Information.

 

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	7.2	This
                                            Agreement shall not be construed to prevent a party from disclosing information that: (a)
                                            at the time of receipt is public knowledge,or later becomes public knowledge through
                                            no fault of the receiving party; or (b) is shown by written records to have been in
                                            the possession of the receiving party prior to its disclosure; or (c) is received
                                            from a third party who neither directly nor indirectly obtained it from the providing party;
                                            or (d) is required to be disclosed by a court or government agency,or is reasonably
                                            believed by either party to have significant implications for public health or public safety
                                            -- provided in such a case that the providing party is given reasonable notice and opportunity
                                            to contest the disclosure.

	 	 
	7.3	These confidentiality obligations shall continue until three years after the termination of the Agreement.

 

Article 8 - Intellectual Property Rights

 

	8.1	The LSU Agricultural Center shall own each invention that is conceived solely by one or more LSU Agricultural Center employees.
                                                                                                                          Sponsor shall own each invention that is conceived solely by one or more Sponsor employees. The LSU Agricultural Center and Sponsor
                                                                                                                          shall jointly own an invention that is jointly conceived by one or more LSU Agricultural Center employees and by one or more Sponsor
                                                                                                                          employees. Conception of an invention shall be determined in accordance with United States patent law.

	 	 
	8.2	A “Funded Invention” shall mean an invention owned by the LSU Agricultural Center (or subject to an obligation of
                                                                                                              assignment to the LSU Agricultural Center) that is first actually reduced to practice in the scope of the Project, during the
                                                                                                              Project Period, at a time when Sponsor’s financial obligations to the LSU Agricultural Center are current. If the LSU Agricultural
                                                                                                              Center is a co-owner of an invention that otherwise satisfies this definition, then the LSU Agricultural Center’s part-interest in
                                                                                                              the invention shall be considered a “Funded Invention.”

	 	 
	8.3	“Patent Rights”
                                            shall mean the LSU Agricultural Center’s interest in any United States or non-United
                                            States patent application or issued patent whose specification is based, in whole or in part,
                                            on data obtained in the course of the Project, and whose claims are directed specifically
                                            to one or more Funded Inventions.

	 	 
	8.4	The LSU Agricultural Center shall promptly notify Sponsor of any new Funded Invention, subject to Article 7. The LSU Agricultural
                                                                                                              Center may file such patent applications within the Patent Rights as the LSU Agricultural Center in its reasonable discretion sees
                                                                                                              fit. Within 180 days after the earliest priority filing date for a particular patent application within the Patent Rights (the “Negotiation
                                                                                                              Period”), on Sponsor’s written request the LSU Agricultural Center and Sponsor shall negotiate in good faith to try to
                                                                                                              reach mutually agreeable terms for an exclusive or non-exclusive license to Sponsor under the applicable Patent Rights. Any such
                                                                                                              license agreement will provide for reasonable compensation to the LSU Agricultural Center; will establish reasonable minimum
                                                                                                              performance standards for Sponsor; and will include other standard LSU Agricultural Center patent license provisions, including (by
                                                                                                              way of example) provisions concerning reimbursement of patenting expenses, restrictions on the use of the LSU Agricultural Center’s
                                                                                                              name, indemnity, insurance, inflation, and disclaimers of warranties. However, neither party shall be obligated to enter into such a
                                                                                                              license agreement if mutually agreeable terms cannot be found; the obligation imposed by this Paragraph is an obligation only to
                                                                                                              negotiate in good faith. If no license agreement has been entered by the LSU Agricultural Center and Sponsor by the end of the
                                                                                                              Negotiation Period, then the LSU Agricultural Center shall be free to dispose of the LSU Agricultural Center’s rights in those
                                                                                                              Patent Rights as the LSU Agricultural Center in its reasonable discretion sees fit, with no further obligation to Sponsor with
                                                                                                              respect to those rights.

 

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	8.5	The LSU Agricultural Center makes no representation or warranty that the use of
  information derived from the Project (whether under a license contemplated above or otherwise) will be free from infringement of
  patents or other rights of third parties. Sponsor shall have no rights arising from this Agreement in any LSU Agricultural Center
  inventions or in any LSU Agricultural Center intellectual property rights other than the specific rights in Funded Inventions and
  Patent Rights that are specified above.

 

Article 9 - Term and Termination

 

	9.1	This Agreement is effective during the Project Period, unless terminated earlier in
  accordance with its terms. Either party may terminate this Agreement on thirty days written notice.

 

	9.2	If either party commits a material breach of this Agreement, and fails to remedy that
  breach within thirty days of written notice, the other party may, at its option, in addition to any other legal remedies, terminate
  this Agreement immediately upon written notice.

 

	9.3	In the Court’s discretion, the prevailing party in any dispute arising out of this Agreement may be awarded reasonable attorneys’
fees, court costs and expenses, including those associated with appellate or enforcement proceedings.

 

	9.4	Termination of this Agreement for any reason shall not affect rights and obligations accrued prior to termination, nor release the parties
from their respective rights and obligations under Articles 4, 5, 6, 7, 8, 10, 11, 12, 13 and 14.

 

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Article 10 - Independent Contractors

 

	10.1	In the performance of all obligations under this Agreement: (a) Each party shall
  be an independent contractor. Neither party shall be entitled to any benefits applicable to employees of the other party. (b)
  Neither party is authorized to act as agent for the other for any purpose. Neither party shall enter into any contract, warranty, or
  representation as to any matter on behalf of the other party. Neither party shall be bound by the acts of the other party.

 

	10.2	Neither this Agreement nor any rights under this Agreement may be assigned by either
  party without the prior written consent of the other party.

 

Article 11 -  Insurance and Indemnity

 

	11.1	The LSU Agricultural Center represents that the LSU Agricultural Center has adequate liability insurance, such protection being applicable
to LSU Agricultural Center’s officers, employees, and agents while acting within the scope of their employment by the LSU Agricultural
Center. The LSU Agricultural Center has no liability insurance as such that extends protection to any other person.

 

	11.2	Each party shall indemnify, defend, and hold harmless the other party, and its officers,
  directors, agents and employees, from and against any and all losses, liabilities, demands, suits, judgments and claims, including
  reasonable attorneys’ fees, to the extent that such losses, liabilities, demands, suits, judgments, claims, or fees are
  attributable to the willful act, fault, omission, or negligence of the indemnifying party, or of its employees, servants, or agents,
  in performing its obligations under this Agreement; provided, however, that neither party shall hereby be liable for consequential
  damages.

 

	11.3	Sponsor shall indemnify, defend, and hold harmless the LSU Agricultural Center and the
  LSU Agricultural Center’s officers, directors, agents and employees, from and against any and all losses, liabilities,
  demands, suits, judgments and claims, including reasonable attorneys’ fees, for losses arising out of the use, by Sponsor or
  by a third party acting with Sponsor’s authorization, of products or processes developed or made as a result of information or
  materials received from the LSU Agricultural Center.

 

Article 12 -  Chemicals or Biological Materials

 

	12.1	if Sponsor supplies chemicals or biological materials (“Materials”)
  to the LSU Agricultural Center, then on the LSU Agricultural Center’s request Sponsor shall accept any unused portions of the
  Materials and any progeny of the Materials, including the containers in which the Materials are shipped. Further, for each Material
  supplied, Sponsor shall furnish the LSU Agricultural Center with sufficient information to permit reasonable interpretation of the
  results obtained in the Project, and to identify precautions necessary to protect health and safety, including all pertinent material
  safety data sheets.

 

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Article 13 - Export Controls

 

	13.1	Notwithstanding any other provision of this Agreement, the parties understand and agree
  that they are subject to, and agree to abide by, any and all applicable United States laws and regulations controlling the export of
  technical data, computer software, laboratory prototypes and other commodities. The LSU Agricultural Center’s obligations
  hereunder are contingent on its ability to comply with applicable United States export and embargo laws and regulations. As an
  institution of higher learning, the LSU Agricultural Center does not wish to allow its employees to receive export-controlled
  information except as may be knowingly and expressly agreed to in writing and signed by an authorized LSU Agricultural Center
  representative and for which the LSU Agricultural Center has made specific arrangements. Sponsor certifies that it will not provide
  or make accessible to the LSU Agricultural Center employees any export controlled materials (including, without limitation,
  equipment, information and/or data) without first informing the LSU Agricultural Center of the export-controlled nature and
  classification of the materials or information and obtaining the LSU Agricultural Center’s authorized representative’s
  written consent to accept such materials, as well as any specific instructions regarding the mechanism pursuant to which such
  materials should be passed to the LSU Agricultural Center. Notwithstanding the above, the LSU Agricultural Center reserves the right
  to decline the receipt of any export controlled materials and to terminate this agreement, in whole or in part, in the event that
  the research specified therein cannot be performed without export-controlled materials.

 

Article 14 - Miscellaneous

 

	14.1	This Agreement shall be construed in accordance with the laws of the State of Louisiana.

 

	14.2	Any controversy arising out of or related to this Agreement that cannot be resolved by
  the parties shall be adjudicated only in a court of competent jurisdiction in East Baton Rouge Parish, State of Louisiana. Both
  parties consent to such venue and jurisdiction.

 

	14.3	This Agreement constitutes the entire understanding between Sponsor and the LSU
  Agricultural Center, and supersedes any prior agreement or understanding on the same subject matter. Any modification, extension, or
  amendment to this Agreement shall not be effective unless reduced to writing and signed by both parties.

 

	14.4	The LSU Agricultural Center makes no representation or warranty regarding what the results of the Project will be.

 

	14.5	Nothing in this Agreement shall be construed to limit the freedom of the P.I. or any
  other LSU Agricultural Center personnel from engaging in research in the same field that is covered by this Agreement. Sponsor
  acknowledges that the rights specified in this Agreement are subject to the rights of other sponsors in other research agreements to
  which the LSU Agricultural Center is a party.

 

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	14.6	Any otherwise irresolvable inconsistency shall be resolved by giving precedence in the
  following order: (a) first, to the main body of this Research Agreement, and (b) second, to the attached Statement of
  Work (Appendix A). This Agreement shall not be altered by the acknowledge mentor acceptance by LSUAC of any purchase order form or
  similar document containing terms or conditions at variance with, or in addition to those set forth herein.

 

	14.6	Any otherwise irresolvable inconsistency shall be resolved by giving precedence in the
  following order: (a) first, to the main body of this Research Agreement, (b) second, to the attached Statement of Work
  (Appendix A). This Agreement shall not be altered by the acknowledgement or acceptance by the LSU Agricultural Center of any purchase
  order form or similar document containing terms or conditions at variance with, or in addition to those set forth herein.

 

	14.7	If any part of this Agreement is deemed void or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain
in full force and effect. Furthermore, in lieu of that invalid part, there shall be automatically added to this Agreement a provision
as similar in terms to that invalid part as may be possible, legal, valid, and enforceable.

 

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	14.8	Notices, invoices, and other communications shall be deemed made if sent electronically
  or through carrier to the addresses as shown below, or to such other address as a party may hereafter designate by written
  notice:

 

	If to Sponsor (Business Matter):

                         Alan Kessler

                         Chairman & CEO

                         445 Park avenue, 9th floor

                         New York, NY 10022

                         USA

                         Phone: (212) 307-3154

                         Email: ak@africanagriculture.com
	If to the LSU Agricultural Center 
 (Business Matte):

                         Wade Baumgartner, Associate Vice

                         President, Strategic Initiatives and

                         Director Office of Sponsored Programs

                         and Intellectual Property

                         LSU Agricultural Center

                         104 J. Norman Efferson Hall

                         110 LSU Union Square

                         Baton Rouge, Louisiana 70803

                         Phone: 225-578-6030

                         Fax: 225-578-6032

                         Email: osp@agcenter.lsu.edu

	 	 
	If to Sponsor (Technical Matter):	If to LSU Agricultural Center (Technical Matter):

 

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Article 15 - Future Collaborations 

 

	15.1	African Agriculture, and LSU, pending the successful initial training and development curricula, will work to
  expand their collaboration by mutual agreement. This may include the creation of a Center of Excellence at the sponsor’s cost
  (African Agriculture) for academic study in Senegal, or any other area of geographic expansion of AA; to further train, develop and
  transfer educational skills to local communities; , or to technically enhance knowledge in the fields of cattle nutrition, carbon
  absorption & offsets and management of fish resources and sustainability.

 

 

 

THIS SPACE INTENTIONALLY LEFT BLANK 

 

 

 

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IN WITNESS WHEREOF,

 

	African
    Agriculture, lnc 	 	Board
  of Supervisors of Louisiana State University

 and Agricultural and Mechanical College
	 	 	 
	/s/
    Alan Kessler	 	/s/
  William B. Richardson
	BY:	Alan Kessler	 	BY:	William
  B. Richardson
	 	CEO, African
  Agriculture	 	 	Vice President for
  Agriculture
	 	 	 	 	 
	Date:	6/17/2021	 	Date:	6/16/2021

 

    11Exhibit 10.4

 

 

AGREEMENT FOR DELIVERY

OF

PRE-CONSTRUCTION ACTIVITIES 

 

This agreement (the “Agreement’) is made and entered
into this 12.22.21 by and between: 

 

		1)	Wiling Hands AS,
                                            reg.no. 915 063 489, Ronatoppen 63A, 4638 Kristiansand, Norway (the “Company”
                                            or “WH”); and

 

	 	2)	AFRICAN Agriculture, Inc., a Delaware Corporation, 445 Park Avenue, 9th floor,
    New York, NY 10022 (the “Partner” or “AA”)

 

(The Company and the Partner are hereinafter referred to individually as a “Party” and
collectively as the “Parties”).

 

1. CONTRACT DOCUMENTS

 

		1.1.	Overview

 

This Agreement consists of the following documents: 

 

		–	This contract document

		–	Appendix 1: Services

		–	Appendix 2: Remuneration

 

		1.2.	Interpretation - order of priorities

 

If there is a conflict between an appendix and the wording of this contract document, the
appendix shall only take precedence over this contract document if the appendix clearly and unequivocally specifies which clause or
clauses have been amended, replaced or supplemented.

 

		2.	ENGAGEMENT AND SERVICES

 

The Partner hereby engage WH to render the services described in Appendix 1 attached hereto
(the “Services”), and WH hereby accepts the engagement.

 

		3.	DURATION

 

This Agreement shall commence on the date specified in Appendix 1 (the “Effective Date”)
and shall remain in effect until the completion of the Services or the earlier termination of this Agreement as provided in Section 7
below.

 

		4.	REMUNERATION AND EXPENSES

 

In consideration of the Services to be rendered under the Agreement, the Partner shall remunerate
the Company and reimburse the Company’s expenses pursuant to the rates and procedures set forth in Appendix 2.

 

WH reserves the right to suspend any work under this Agreement in case of non-settlement of invoices. WH shall not be held liable for
any loss whatsoever that the Customer may incur as a result of such suspension.

 

		5.	OWNERSHIP RIGHTS

 

The Partner shall obtain ownership of outcome of the Services specifically ordered and paid
for by the Partner, upon full payment of the agreed remuneration, Until full payment has been made, the Company and the Partner
shall retain rights of ownership proportionate to the amount paid.

 

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The Company is allowed to retain copies of the outcome of the Services and any
other material developed or produced by the Company in connection with this Agreement.

 

Methodology, models, materials based on prior experience, templates and similar, including any changes to such during the Services, shall
remain the property of the Company provided that the models and materials consist in protected IP.

 

The Company retains the rights to the general “know-how” associated with the
Services.

 

		6.	RENDERING OF THE SERVICES AND LIABILITY

 

WH undertakes to perform the Services for the benefit of the Partner with due
care and diligence. In rendering the Services, WH shall devote the same degree of care as it usually employs in the conduct of its
own affairs.

 

The Partner shall provide access to such information, property and personnel as
may be reasonably required in order for WH to perform the Services.

 

WH’ liability for the rendering of the Services shall be limited to direct losses and/or damages
due to intentional misconduct or gross negligence of WH. In no event shall WH be liable for incidental or consequential damages.

 

Either Party’s aggregate liability under this Agreement is limited to 25% of the agreed remuneration for the Services.

 

		7.	TERMINATION

 

The Partner has the right to terminate the Agreement if WH is in material
breach of the Agreement and has not remedied the situation within a reasonable time of 60 days after written notification despite
being requested to do so. If the Partner terminate the Agreement in accordance with this paragraph, WH shall be entitled to
remuneration for the parts of work performed and expenses incurred, provided that the result of WH’ work is used or may be used in a
meaningful manner.

 

WH has the right to terminate the Agreement if the Partner is in material
breach of the Agreement and has not remedied the situation within a reasonable time of 60 days despite being requested to do so. In
such cases, WH is entitled to remuneration for work performed – regardless of whether the result of WH’ work is used or may be
used in a meaningful manner, including costs and expenses incurred excluding loss of profit.

 

Either Party is entitled to terminate the Agreement if the other Party goes bankrupt, initiates liquidation proceedings, suspends payments
or otherwise deemed to be insolvent.

 

Either Party may terminate this Agreement with a month’s notice to the other Party. Termination shall be without prejudice to accrued
rights under this Agreement.

 

In the case the Agreement is terminated, the Parties will settle all remaining
accounts within a reasonable time period.

 

		8.	CONFIDENTIALITY

 

The Parties undertake not to unlawfully disclose sensitive information about each other to third parties. Information that has already
been publicly known or is rightfully received from a third party is not considered confidential information. The duty of confidentiality
does not apply when Disclosure required by law, regulation or decision is made pursuant to statutory law.

 

This duty of confidentiality shall remain in force during the period of the Agreement and for two years thereafter, unless otherwise agreed
between the Parties in writing.

 

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	9.	CHANGES TO THE SERVICES AND OTHER AMENDMENTS TO THE AGREEMENT

 

The Parties may agree to changes to the scope of Services or other amendments
to this Agreement or its appendices by mutual consent in writing.

 

	10.	FORCE MAJEURE

 

If the performance of a WH’ obligations is prevented by unforeseen
circumstances beyond the Company’s control, WH shall be free from liability and other consequences and entitled to a time extension.
If the rendering of the Services in such cases is materially prevented for more than three months, WH shall be entitled to terminate
the Agreement without incurring any liability.

 

	11.	MISCELLANEOUS

 

	11.1.	Assignment

 

A Party may not assign or transfer any of its legal, beneficial or other rights, benefits and/or obligations under this Agreement without
the prior written consent of the other Party, such consent not to be unreasonably withheld.

 

	11.2.	Amendment and waiver

 

No amendment to and no waiver of any rights under this Agreement shall be
effective unless made in writing and signed by the Parties hereto.

 

	11.3.	Severability

 

If any of the provisions of this Agreement is found by any competent
authority to be void or unenforceable, it shall be deemed to be deleted from this Agreement, and the remaining provisions of this
Agreement shall remain in force and effect. Notwithstanding the foregoing, the Parties shall negotiate in good faith in order to
agree the terms of a mutually satisfactory provision to be substituted for the provision so found to be void or unenforceable.

 

	11.4.	 Language

 

This contract has been executed in English.

 

	11.4.	Governing law and dispute resolution

 

This Agreement shall be governed by and construed in accordance with Norwegian Law. Should any dispute arise between the Parties hereto
with regard to the interpretation, rights, obligations and/or implementation of any one or more of the provisions of this Agreement, the
Parties shall in the first instance attempt to resolve such dispute by amicable negotiation between the primary contact persons, or other
persons that the Parties shall nominate for this purpose,

 

Should such negotiations fail to achieve a resolution within forty-five (45) days, either Party may declare a dispute by written notification
to the other, whereupon such dispute shall be referred to arbitration under the following terms:

 

		a)	such arbitration shall be resolved under provisions of the Norwegian Arbitration Act (and as amended
                                                                                  from time to time),

 

	 	b)	the tribunal shall consist of one arbitrator to be agreed upon between the parties failing which
    such arbitrator shall be appointed by the Chairman for the time being of the Chartered Institute of Arbitrators (Norwegian Chapter)
    upon the application of any party,

 

	 	c)	the place and seat of arbitration shall be the Board of Arbitration of Norway and the language of arbitration shall be English; unless
the parties mutually agree to choose other place to reduce cost for both parties,

 

	 	d)	The award of the arbitration tribunal shall be final and binding upon the parties to the extent
    permitted by law and any party may apply to a court of competent jurisdiction for enforcement of such award. The award of the
    arbitration tribunal may take the form of an order to pay an amount or to perform or to prohibit certain activities, and

 

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	 	e)	notwithstanding the above provisions of this clause, either party is entitled to seek preliminary injunctive relief or interim or conservatory
measures from any court of competent jurisdiction pending the final decision or award of the arbitrator.

 

***

 

This Agreement has been executed in two counterparts, of which the Parties keep one each.

 

	 	For and on behalf of 

                         Willing Hands AS
	 
	 	 	 
	Signature: 	/s/ Ari M Mathiesen	 
	Name:	Ari M Mathiesen	 
	Title:	Chief Executive Officer	 
	 	 	 
	 	For and on behalf of

      African Agriculture, Inc.
	 
	 	 	 
	Signature: 	/s/ Alan Kessler	 
	Name:	Alan Kessler	 
	Title:	Chairman & Chief Executive Officer	 

 

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Appendix 1 - Services and Project Plan

 

Part 1: Terms of Reference - Senegal Aquaculture Project

 

Proposed Feasibility Study and Business Plan/Proposal

 

1. Introduction: 

 

AFRICAN Agriculture, Inc. (AA)
and Willing Hands AS (WH) have signed a memorandum of understanding (MoU) to develop a commercial fish farming and capture
fisheries project (the “Project”) at suitable water bodies or other suitable sites in Senegal. Under the MoU, WH will
provide business and technology information from Norway; technology and knowledge transfer; training of the project sponsors; and
arrange for partial funding of the Project from the private sector. AA’s role will be to jointly finance the initial process
with WH to create an investment decision foundation, this involves the review of project documentation that will contribute to the
enhancement and/or development of a financial model and information memorandum, with specific identification of financing
requirements, capital structure, credit enhancements and necessary risk reduction strategies. AA will also facilitate the link
between the Project and financial institutions with the aim of leveraging additional funding, if needed.

 

2. Objectives of the ToR

 

The overall objective of the
Terms of Reference (ToR) is to engage a consultant (WH) to develop technical and financial feasibility study for the proposed
commercial fish farming project in Senegal. The feasibility study will cover several issues (discussed under Scope of Work) to
determine whether the project is feasible. Furthermore, WH will be required to, based on the findings of the study, produce detailed
design works of the hatchery, the fish farm and the processing plant with bills of quantities, and a financial model with
sensitivity. All of the above will be comprise part of the final business plan/proposal. The business plan/proposal will recommend
the best structure(s) and most viable option(s) for project take-off.

 

3. Scope of Work

 

The scope of work will include among other things:

 

a. National scoping

 

		●	Review of national/ sub-national priorities for aquaculture
and fisheries

 

	 	●	Identification of relevant stakeholders for consultation

 

	 	●	Google-earth marking of the aquaculture site

 

	 	●	Review of aquaculture and capture fisheries species and systems

 

	 	●	Review of general issues and opportunities of aquaculture

 

b. Investigation of the
proposed site

 

The study will assess the
situation of the site and the surrounding areas with regards to a) the needed infrastructure like access to electricity, roads, fish
landing, shipping, processing facilities, and accommodation for training; b) buyers, both industries and people who purchase fish
farm products; and c) suppliers whose product and inputs are needed by the fish farm such as hatcheries with ready to purchase
fingerlings. The main activities undertaken will include:

 

	 	●	Evaluation of the biophysical attributes of the proposed site. These include:

 

		Ø	Topography of the site

 

	 	Ø	Bathymetry of the water body at site

 

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	 	Ø	Water quantity

 

	 	Ø	Water quality (temperature, alkalinity, dissolved oxygen, hardness, salinity, ammonia, PH, turbidity
    and water current/flow)

 

	 	●	Comparison of the proposed site attributes with the needs of cultured organisms and proper
    functioning of an aquaculture farm
	 	 	 
	 	●	Biosecurity consideration upon which allowable fish and farm density will be based
	 	 	 
	 	●	Identification of the required distance between farm sites
	 	 	 
	 	●	Identification of the distance between farm sites and other activities
	 	 	 
	 	●	Identification of the presence of critical infrastructure (i.e., roads, power facilities, feed mills,
    processing facilities, fish landing, shipping, input and output markets)
	 	 	 
	 	●	Identification of issues and risks associated with the proposed site (i.e., climactic (flood, low
    water), water contamination, waste management, electricity supply, personal and physical security, etc.)
	 	 	 
	 	●	Identification of the existence of any indigenous/artisanal fishing community rights
	 	 	 
	 	●	Evaluation of adjacent industries and housing
	 	 	 
	 	●	Evaluation of logistics
	 	 	 
	 	●	Evaluation of supporting industries

 

 c. Aquaculture production
process

 

		●	Choice of species based on the site analysis
	 	 	 
	 	●	Review of quality fingerlings and seed availability at competitive prices
	 	 	 
	 	●	Review trade-off between producing and purchasing fingerlings
	 	 	 
	 	●	Review of the production cycle (i.e., growing seasons)
	 	 	 
	 	●	Review of the upstream production process (i.e. ease of obtaining feed supply locally, quality of
    feeds available, and cost of feed)
	 	 	 
	 	●	Review of the downstream production process (i.e., post-harvest aspects). These include:

 

	 	Ø	Review of potential buyers of the product(s) (analysis of the local market, regional market and international market)
	 	 	 

	 	Ø	Review of capacity of the buyers which will inform the production capacity
	 	 	 
	 	Ø	Review of the market requirements (i.e., live, iced, frozen, whole, headed and gutted or fillet)
	 	 	 
	 	Ø	Review of seasonal prices for each product form
	 	 	 
	 	Ø	Review of seasonal demand for each product form
	 	 	 
	 	Ø	Review of market options for excess production and undersized product
	 	 	 
	 	Ø	Review of the possibility of using any of the waste products resulting from the entire production cycle

 

	 	●	Evaluation of the value-chain

 

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d. Legal factors

 

	 	●	Identification of the relevant applicable local laws (i.e., aquaculture law, water laws, sanitary
  laws and user rights law)
	 	 	 
	 	●	Identification of the regulations on aquaculture zoning and site selection in water bodies considered “common property”
	 	 	 
	 	●	Identification of the process of granting of tenure rights and aquaculture licenses
	 	 	 
	 	●	Identification of any relevant site licensing regulations and processes
	 	 	 
	 	●	Identification of any requirements to obtain licenses to operate a hatchery, fish farm, processing
  plant and feed mill in the proposed site
	 	 	 
	 	●	Identification of the timelines for attaining the legal permits
	 	 	 
	 	●	Identification of any competition requirements

 

e. Conceptual Planning

 

Engage quantity surveyors, civil
engineers, architects, and land surveyors, to evaluate the viability of installing the hatcheries, fish farm, fish processing
factory, and production facilities for fish oils and/or fish meal and other processes fish products. The conceptual planning will
determine what kind of buildings to include and where they should be located on the land provided by AA. The main activities
undertaken will include: 

 

		i.	Structural planning analysis of the proposed facilities

		ii.	Design and layout of the hatchery, fish farm, and processing factory

		iii.	Altitude - land elevation of the water bodies and surrounding
areas

 

f. Technical Feasibility

 

Work with aquaculture consultants and technicians for aquaculture technology to assess the types of hatcheries and aquaculture cages that
should be installed (size, number, capacity, material). The technical feasibility will further cover aspects surrounding the mooring system,
net system, need for impregnation due to algae growth on the nets, and hydraulic crane systems for operations, net-cleaning, feed systems,
harvesting systems, etc. The main activities undertaken will include:

 

		i.	Evaluation of technical adaptation

		ii.	Evaluation of equipment

		iii.	Evaluation of suppliers of equipment and technology both locally
and at regional level

		iv.	Analysis of water quantity to determine any limitations towards
aquaculture and scaling of biomass

		v.	All of the above will give indications to what technical setup relevant and necessary

		vi.	Identifying certified labs to be examined and evaluated

 

The results of the water quality assessment of
neighbouring water will indicate whether the water quality is suitable y for fish farming (i.e., all of the requisite parameters are within
acceptable and recommended ranges). This assessment will also determine the type and quantity of phytoplankton and zooplankton species
that are good natural food prey items for tilapia. c.

 

g. Project Costing

 

Clear and detailed estimates
of the total cost to establish the project considering the various options (including the recommended option) that will be put
forward based on the analyses above. This will include the following costs: 

 

	 	●	Detailed costs of the primary aquaculture technology (hatcheries and production facilities, storage facilities etc.)
	 	 	 
	 	●	Detailed costs of supporting aquaculture technology (mooring system, net system, hydraulic crane systems for operations,
  net-cleaning, feed systems, harvesting system etc.)

 

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	 	● 	Detailed costs of other capital expenditure (Capex) items (e.g., trucks, diesel generators, weighbridges etc.) as required by the project
	 	 	 
	 	●	Detailed costs of targeted species and the investment required for working capital
	 	 	 
	 	●	Estimated costs of infrastructure (i.e., access to electricity, roads etc.) that will be required
  for commercial fish farming project. Final detailed costs to be obtained by local partner,
	 	 	 
	 	●	Detailed costs of all relevant operating expenditures for the project, including personnel

 

At the end of the engagement,
Willing Hands shall be expected to submit the following:

 

		a)	A detailed feasibility study outlining the technical and financial viability of the project.
	 	 	 
		b)	A bankable business plan/proposal based on the feasibility study containing recommendations of the
                                                                                 best option to implement the project, financial projections and profitability analysis, and an implementation plan including the
                                                                                 investment and return expected from the project over time.
	 	 	 
		c)	Any additional data, information, or documentation required by the third-party consultant/firm conducting the Environmental and Social
Impact Statement (EISA).

 

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Appendix 2 - Remuneration

 

1. REMUNERATION

 

1.1. Consideration 

 

Consideration for the Services has been agreed as follows:

 

1.1.1. Fixed price

 

	 	 	Currency	 	Amount	 	 
	Technical Feasibility	 	USD	 	40,000	 	Excl. VAT
	Business Plan	 	USD	 	30,000	 	Excl. VAT
	Project Management	 	USD	 	20,000	 	Excl. VAT
	Travels	 	USD	 	10,000	 	Excl. VAT
	Grand total	 	USD	 	100,000	 	Excl. VAT

 

1.1.2. Rates for travel and subsistence
costs

 

Travel and subsistence costs occurred
in connection with the Company’s fulfilment of its obligations under this Agreements shall covered by the contract amount. Local
transport and rent of boats, etc. are the responsibility of the Partner. Please note the process and payment for Environmental and Social
Impacts Assessment (EISA) must be conducted by a local government approved external consultant and IS NOT included in this
contract. However, the Company will provide the EISA consultant with any relevant data, information, and documentation available.

 

2. INVOICING

 

The Customer shall within 7 business
days after receipt of an invoice, pay the amount due to the Company to the following Norwegian bank account: 

 

Account Name: Willing Hands AS

 

Account number: 6325 04 41136

 

N05963250441136

 

IBAN number Paper format: NOS9 6325 0441 136

 

SWIFT: NDEANOKK

 

Bank Name: Nordea Bank AB (publ), filial i Norge

 

Adresse: Essendrops gate 7, Postboks 1166 Sentrum, N-0107 Oslo, NORWAY

 

Phone: +47 22 48 50 00

 

Org.nr: 983 258 344

 

    Page 9

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