Document:

Exhibit 10.49

 

 

 

 

EMPLOYMENT AGREEMENT ANNEXURE

 

 

BETWEEN

 

 

BROOGE PETROLEUM AND GAS INVESTMENT COMPANY
FZC

 

AND

 

NICOLAAS PAARDENKOOPER

 

 

 

 

DATE 08-JAN- 2018

 

 

 

 

 

 

 

 

 

 

	 	Fujairah, UAE
	 	P.O.Box 50170
	 	Tel     +971 2 633 3149
	 	Fax     +971 2 633 3152
	www.bpgic.com	E-mail: info@bpgic.com

 

    PAGE
                                         1 OF 2

     

    

 

 

 

THIS EMPLOYMENT AGREEMENT AMENDMENT (“ANNEXURE”)
is made on 8th Jan 2018

 

This document describes the amendments to the terms and conditions
of the employment contract dated 21-May-2017 between Brooge Petroleum and Gas Investment Company FZC, organized and existing
under the laws and regulations applicable in the Fujairah Free Zone, United Arab Emirates, P.O. Box 50170 Fujairah, UAE (the “Company”)
and Mr. Nicolaas Paardenkooper, a Dutch National, holding a Dutch passport, bearing No. BL5SRDoF53 (the “Employee”)
and sets out the particulars of employment with the Company.

 

Position:

The Employee will work in the position of General Manager and
will comply with the job description of General Manager and its associated roles and responsibilities.

 

Responsibilities:

The Employee will report to the Board of Directors. The Company
manpower organogram will provide details on the positions and roles reporting to the position of the General Manager and/ or responsibilities
as may be assigned to the Employee by the Company from time to time.

 

All remaining terms and conditions under the Employment Contract
dated 21st May 2017 shall remain in effect with no changes unless mutually approved and signed by the Company and the Employee.

 

For and on behalf of/ Brooge Petroleum and Gas Investment
Company FZC (BPGIC)

 

	Signature:		
	 	 
	Name:	Nicolaas Paardenkooper
	Date:	Jan 8th 2018
	 	 
	Signature:	

 

	 	Fujairah, UAE
	 	P.O.Box 50170
	 	Tel     +971 2 633 3149
	 	Fax     +971 2 633 3152
	www.bpgic.com	E-mail: info@bpgic.com

 

 

PAGE 2 OF 2Exhibit 10.50

 

Certain identified information has been excluded from the exhibit because it is both not material and would likely cause competitive
harm to the registrant if publicly disclosed.

 

	 	
	 	 
	Date: 	04/06/2018
	Ref: 	CAD/009/18

 

PRIVATE & CONIFTDENTIAL

M/s. Brooge Petroleum and Gas Investment Company FZC 

P.O. Box. ND. 50170, Fujairah,

United Arab Emirates.

 

Dear Sirs,

 

Sub: FACILITY OFFER LETTER

 

We, First Abu Dhabi Bank, PISC-Islamic
Banking Division (“FAB-ISD”), refer to your request and our recent discussions and are pleased to offer you
the Islamic banking facilities detailed in Schedule (A) attached hereto (the “Facility”) subject to the terms
hereinafter and the terms of the documentation to be concluded between you and FAB-ISD in relation to the Facility.

 

This new Facility is in addition to your existing facilities
with us per below:

 

	Facility Type	 	Approved Limit (AED)	 	 	Principal Outstanding (AED)	 
	Contracts for work & forward. leave	 	 	310,718,000.00	 	 	 	310,718,000.00	 
	Contracts for work & forward lease	 	 	40,800,000.00	 	 	 	39,600,000.00	 

 

The existing facilities as mentioned above will remain as per
the existing terms & conditions unless further stated in this Facility Offer Letter.

 

Yours faithfully

 

	 	 	 	 

 

First Abu Dhabi Bank, PJSC-Islamic Banking Division 

 

	Date:	18/6/2018	 	Date:	18/6/2018	 

 

We agree and accept the terms of this Facility Offer Letter
(the “Offer”) including the attached schedules and agree to be bound by its terms and conditions.

 

	Signature:		 

 

M/s. Brooge Petroleum and Gas Investment Company FZC

 

	Date:	18/6/2018	 	 	 	 

 

 

 

 

 

    Page 1 of 6

    

    

 

	 	
	 	 
	Date: 	04/06/2018
	Ref: 	CAD/009/18

 

SCHEDULE “A”

 

	Facility	 	Limit 

(AED)	 	Pricing	 	Purpose / Tenor / Payment Source
	LME Murabaha (One-off) {New}	 	13,000,000	 	1M EBOR+2.0% per annum	 	
        Purpose: To settle the accrued profit
        on existing facilities.

         

        Repayment: In maximum. 15 monthly
        installments commencing immediately after 1 month from the date of disbursement.

         

        Payment Source: Operating
cash flow / business income of the shareholders / other sources. 

	 	 	 	 	 	 	 
	Total	 	13,000,000	 	[UAE Dirham Thirteen Million only]

 

Securities:

 

		1.	

 

		2.	Assignment
over the shares and accounts held with FAB-ISD, to be continue.

 

		3.	Irrevocable
assignment in FAB-ISD favor over the rental income generated from the administration building financed by the FAB-ISD.

 

		4.	All
the relevant securities and/or credit support pertaining mortgage over the financed assets in favour of FAB-ISD, covering the
aforementioned “Contracts for work & forward lease” facilities of AED 310.718 Million and AED 40.8 Million, shall
continue and remain unchanged, and the same shall also be treated as securities and/or credit support for the above mentioned
LME Murabaha facility limit of AED 13.0 Million,

 

Support:

 

		1.	Direct
Debit Authority from the Customer

 

		2.	Undertaking
                                         to cover the default or shortfall, if any, in finance payment arrangement from
                                         your other sources of income.

 

Conditions:

 

		1.	No outlay of funds to be permitted to the Customer
for such facility.

 

		2	Upon the completion of the construction of the over
the constructed facilities (i.e. oil tanks and office/administration building located at Plot No. 130, Fujairah, U.A.E.), relevant
Commercial Mortgage/ Account Pledge and Assignment over the Assets to be obtained in favour of the FAB-ISD. The Bank’s Legal to
review and confirm necessary steps to ensure mortgage/lease assignment favouring the Bank in line with FOIZ laws.

 

		3.	The Customer hereby, irrevocably & unconditionally
undertakes:

 

 

 

    Page 2 of 6

    

    

 

	 	
	 	 
	Date: 	04/06/2018
	Ref: 	CAD/009/18

 

		a.	to cover any shortfall, if any, in finance repayment
arrangement/cost overrun from other company sources;

 

		b.	to refresh PricewaterhouseCoopers (PWC) financial feasibility
report and its acceptability to the FAB-ISD; and,

 

		c.	to
provide the FAB-ISD with the independent insurance advisory report for the entire project.

 

		d.	to
                                         provide the FAB-ISD with the monthly reports on the assets/project financed by the FAB-ISD
                                         reflecting the actual cash inflows and operating expenses.

 

		4.	Early
settlement charge at 1.0% of the total outstanding to be paid, in case of early settlement of the facility,

 

		5.	The
release of surplus funds from rental collection account will be subject to servicing the installment amount and within Bank’s
discretion.

 

		6.	To
accept the terms of this Offer, please sign and return a copy hereof within 14 days from the date first written above otherwise
this Offer will lapse.

 

		7.	Without
prejudice to the above paragraph and where the terms of this Offer are accepted by you in the manner stated above, this Offer
shall not be binding on FAB-ISD unless documentation and formalities are completed and executed to the entire satisfaction of
FAB-ISD on/or before 10/08/2018.

 

		8.	This Offer is part of the documentation to be executed
in respect of the Facility.

 

		9.	FAB-ISD
may revoke this offer letter at its sole discretion if, an event occurs or series of events occur which might have in the opinion
of FAB-ISD adverse effect on your financial condition or where market conditions change, thus creating in Our sole opinion an adverse
effect on our ability to offer the Facility to you on the terms of this Offer.

 

		10.	You
                                         hereby commit yourself and undertake, in the event of any delay by way of procrastination
                                         in the payment of any instalment (advance or normal) or any other amount due to FAB-ISD
                                         on its due date, to donate to charity an amount to be added by FAB-ISD to any next instalment
                                         and calculated for the delay period on the basis of 10.0% p.a. of the overdue amount. Any
                                         delay in payment from your side shall be deemed as procrastination unless proven otherwise.
                                         The said amount shall be dispensed of for charitable purposes under the supervision of
                                         the Fatwa and Sharia’ Supervisory Board of First Abu Dhabi Bank-Islamic
                                         Banking Division, FAB-ISD shall not retain such amount nor account for it in its profits.

 

		11.	Without
prejudice to and in addition to any term or condition in any finance document which you may sign with the FAB-ISD in respect
of the Facility, FAB-ISD shall hive the right to cancel the Facility at any time without liability on its part if:

 

		a.	You
fail to provide any document or information required by FAB-ISD in form and substance to the satisfaction of FAB-ISD and within
the period of time specified by it.

 

		b.	You fail to comply
                                                                                                                                                                  with any terms or condition, condition precedent, security or any other matter required from your pursuant to this Offer or
                                                                                                                                                                  pursuant to any document, contract or correspondence between you and FAB-ISD.

 

		c.	You do not utilize
                                         the Facility within a period of 90 days from the date of this Offer regardless of any
                                         other document or contract signed between you and FAB-1SD in relation to the Facility,
                                         OR if the first draw down / utilization under the Facility did riot occur for any reason
                                         attributed to you within the dates / timelines as specified or required in the Facility
                                         approval or as notified to you by FAB-ISD from time to time.

 

		d.	Any other event
                                         occurs which, in the reasonable opinion of FAB-ISD would jeopardize the interests of
                                         FAB-ISD or which may possibly result in a default by you under the Facility.

 

 

 

    Page 3 of 6

    

    

 

	 	
	 	 
	Date: 	04/06/2018
	Ref: 	CAD/009/18

 

Following Changes in your  existing facilities
(2 contracts (or work and  forward lease facilities) has been approved:

 

		I.	For
                                         the “Contract for Works and Forward Late of AED310.718M”:

 

		a.	Pricing:

 

Existing pricing (i.e. 3M EBOR + 3.5% p.a. minimum 5.5% pm.)
has been changed to “3M EBOR + 3.0% p.a.”.

 

		b.	Repayment:

 

Considering to delay in completion, repayment schedules
are deferred (i.e. starting from June 2018 and final maturity March 2030).

 

		c.	Securities and Support:

 

		1.	Irrevocable assignment in FAB-ISD favor over the rental
income generated from the administration building financed by the FAB-ISD,

 

		2.	Debt Service Reserve Account (DSRA) in the name of the Customer to maintained with the
                                                                                 FAB-ISD, in connection with the above-mentioned facility limit of AED 310.718 Million Such DSRA to be funded prior to the
                                                                                 First Installment Due Date (i.e. latest by 30th June, 2018) of the facility of an amount equal to one (1) quarterly
                                                                                 installment of the facility limit.

 

		d.	Additional Terms & Citations:

 

		1.	Collection
Account 1, to which all terminal cash flows, will be credited through a transfer by the Customer, will be charged only in favor
of the FAB-ISD.

 

		2.	Minimum
                                         Debt Service Cover Ratio (DSCR) of 150% is required at all the times, if DSCR reaches
                                         to 120% or less, it must be triggered as an event of default.

 

		3.	Debt
                                         Service Reserve Account (DSRA) in the name of the Customer to maintained with the FAB-ISD,
                                         in connection with the above-mentioned facility limit of AED 310.718 Million. Such DSRA
                                         to be funded prior to the First Installment Due Date (i.e. latest by 30th June, 2018)
                                         of the facility of an amount equal to one (1) quarterly installment of the facility limit.

 

		4.	Cash
                                         sweep to the extent of 50% of the excess cash to service the debt in inverse order of
                                         maturity. However, in case the company get listed on any stock exchange, this condition
                                         will be waived subject to increase in the DSRA from 1 quarterly installment to 2 quarterly
                                         installments.

 

 

 

    Page 4 of 6

    

    

 

	 	
	 	 
	Date: 	04/06/2018
	Ref: 	CAD/009/18

 

		5.	Upon the completion of the construction of the over
the constructed facilities (i.e. oil tanks and office/administration building located at Plot No. 130, Fujairah, U.A.E.), relevant
Commercial Mortgage/ Account Pledge and Assignment over the Assets to be obtained in favor of the FAB-ISD. The FAB-ISD’s Legal
to review and confirm necessary steps to ensure mortgage/lease assignment favoring the FAB-ISD in line with FOIZ laws.

 

		6.	The Customer hereby, irrevocably & unconditionally
undertakes;

 

		a.	to cover any shortfall, if any, in finance repayment
arrangement/cost overrun from other company sources;

 

		b.	to refresh PricewaterhouseCoopers (PWC) financial
feasibility report and its acceptability to the FAB-ISD: and,

 

		c.	to
                                         provide the FAB-ISD with the independent insurance advisory report for the entire project.

 

		II.	For the “Contract for Works and Forward
Lease of AED40.8M”:

 

		a.	Pricing:

 

Existing pricing (i.e. 3M
EBOR + 3.5% p.a. minimum 5.5% p.a.) has been changed to “3M EBOR + 3.0% p.a.”

 

		b.	Repayment:

 

Considering, to delay in completion, repayment
schedules are deferred (i.e. starting from June 2018 and final maturity March 2023).

 

		c.	Securities/Support:

 

		1.	Debt Service Reserve Account (DSRA) in the name of
the Customer to maintained with the FAB-ISD, in connection with the above-mentioned facility limit of AED 40.8 Million.
Such DSRA to be funded prior to the First Installment Due Date (i.e. latest by 30th June, 2018) of the facility of an amount
equal to at least one (1) quarterly installment of the facility limit.

 

		d.	Additional
                                         Terms & Conditions:

 

		1.	Collection Account
                                                                                                                                                                  1, to which all terminal cash  flows, will be credited through a transfer by the Customer, will be charged only in favor of
                                                                                                                                                                  the FAB-ISD.

 

		2.	Minimum
Debt Service Cover Ratio (DSCR) of 150% is required at all the times, if DSCR reaches to 120% or less, it must be triggered as
an event of default.

 

		3.	Construction cost will be turnkey/fixed cost and independent
engineering consultant (technical advisor) to review the project design and construction agreement and ensure completion risk
is mitigated with no escalation clause and minimum risk of cost overrun.

 

		4.	Debt Service
                                         Reserve Account (DSRA) in the name of the Customer to maintained with the FAB-ISD, in
                                         connection with the above-mentioned facility limit of AED 40.8 Million. Such DSRA to
                                         be funded prior to the First Installment Due Date (i.e. latest by 30th June,
                                         2018) of the facility of an amount equal to at least one (1) quarterly installments of
                                         the facility limit.

 

 

 

    Page 5 of 6

    

    

 

	 	
	 	 
	Date: 	04/06/2018
	Ref: 	CAD/009/18

 

		5.	Cash sweep to
                                         the extent of 50% of the excess cash to service the debt in inverse order of maturity.
                                         However, in case the company get listed on any stock exchange, this condition will be
                                         waived subject to increase in the DSRA from 1 quarterly installment to 2 quarterly installments.

 

		6.	Upon the completion of the construction of the over
the constructed facilities (i.e. oil tanks and office/administration building located at Plot No. 130, Fujairah, U.A.E.), relevant
Commercial Mortgage/ Account Pledge and Assignment over the Assets to be obtained in favor of the FAB-ISD. The FAB-ISD’s Legal
to review and confirm necessary steps to ensure mortgage/ lease assignment favoring the FAB-ISD in line with FOIZ Laws.

 

		7.	The Customer hereby, irrevocably & unconditionally
undertakes;

 

		a.	to
cover any shortfall, if any, in finance repayment arrangement/cost overrun  from other company sources;

		 	 

		b.	to
refresh PricewaterhouseCoopers (PWC) financial feasibility report and its acceptability to the FAB-ISD; and,

 

		c.	to provide the FAB-ISD with the independent insurance
advisory report for the entire project.

 

First Abu Dhabi Bank, PJSC - Islamic Banking
Division

 

	Signature:	 	 	Signature:	 	 
	 	 	 	 	 	 
	Date:	18/06/2018	 	Date:	18/06/2018	 
	 	 	 	 	 	 
	M/s. Brooge Petroleum and Gas
    Investment Company FZC
	 	 	 	 	 	 
	Signature:	 	 	Date:	18/06/2018	 

 

 

 

 

 

Page 6 of 6

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