Document:

Exhibit 10.15

 

	
    MASTER AGREEMENT

    By and between

    -Mr.
Gora Seck, a citizen Of the Republic of Senegal, born in Kaolack (Republic of Senegal) on 7 June 1964, residing in Avenue Nelson Mandela,
Atlantis Building 8th floor, Dakar, Republic of Senegal (hereinafter the “Transferor”)

    And

    -Agro
Industries Corp, an exempted company incorporated in the Cayman Islands with limited liability with registered office in Ground Floor,
DMS House, 20 Genesis Place, Dr. Roy’s Drive, George Town, Grand Cayman, PO Box 1103 KYI1102, Cayman Islands, duly represented
by Chris Narborough (hereinafter the “Transferee”)

    And

    -Tampieri
Financial Group S.p.A., a limited company incorporated under Italian law with registered office in via Granarolo 177/3, Faenza (RA),
Italy, duly represented by Carlo Tampieri/VaIentina Susanna Gava/Massimo Campadese (hereinafter “TFG”)

    And

    -Tampieri
S.p.A., a limited company incorporated under Italian law with registered office in via Granarolo 177/3, Faenza (RA), Italy, duly represented
by Carlo Tampieri/Valentina Susanna Gava/Massimo Campadese (hereinafter “Tampieri”)

    And

    -Mr.
    Davide Tampieri, a citizen Of the Republic of Italy, born in Faenza (RA), Italy, on 8 February 1974, residing in via della Valle 1/A,
    48018 Faenza (RA), Italy (hereinafter “DT”)

    And

    -Senhuile
S.A., a limited company incorporated under the laws of the Republic of Senegal with registered office at Richard Toll, Yetti Yone, Ngnith
32600 Saint Louis, Republic of Senegal, duly represented by Mr. Gora Seck(hereinafterthe “Company”) (the Transferor,
the Transferee, TFG and DT hereinafter together referred to as the “Parties” and individually also as a “Party”;

    Tampieri and the
    Company hereinafter together referred to as the “Further Parties” and individually also as a “Further Party”; the
    Parties and the Further Parties hereinafter together referred to as the “Signees” and individually also as a “Signee”)
	
    ACCORD CADRE

    Par et entre

    -M.
    Gora Seck, ressortissant de la République du Sénégal, né å Kaolack (République du Sénégal)
    le 7 juin 1964, résidant Avenue Nelson Mandela, Immeuble Atlantis, étage, Dakar, République du Sénégal
    (ci-aprés le Cédant »)

    Et

    -Agro
    Industries Corp, Société exonérée constituée aux iles Caimans responsabilité
    limitée ayant son siége social å Ground Floor, DMS House, 20 Genesis Place, Dr. Roy’s Drive, George Town,
    Grand Cayman, PO Box 1103 KYI-1102, iles Caimans, dOment représentée par Chris

    Narborough (ci-aprés le Cessionnaire »)

    -Tampieri
    Financial Group S.p.A., Société anonyme de droit italien ayant son siége social å via Granarolo 177/3, Faenza
    (RA), Italie, dOment représentée par Carlo Tampieri/VaIentina Susanna Gava/Massimo Campadese (ci-aprés « TFG
    »)

    Et

    -Tampieri
    S.p.A., Société anonyme de droit italien ayant son siege social å via Granarolo 177/3, Faenza (RA), Italie,
    düment représentée par Carlo Tampieri/Valentina Susanna Gava/Massimo Campadese (ci-aprés « Tampieri
    »)

    -M.
    Davide Tampieri, ressortissant italien, né å Faenza (RA), Italie, le 8 février 1974, résidant Via della Valle
    I/A, 48018 Faenza (RA), Italie (ci-aprés « DT »)

    Et

    -Senhuile
S.A., Société responsabilité limitée de droit sénégalais et ayant son siege social å
Richard Toll, Yetti Yone, Ngnith 32600 Saint Louis, République du Sénégal, düment représentée
par M. Gora Seck (ci-aprés la Société ») (le Cédant, le Cessionnaire, TFG et DT ciaprés dénommés
ensemble Parties » et individuellement aussi « Partie » ;

    Tampieri et la Société ci-aprés dénommés
    ensemble « Parties Additionnelles » individuellement également partie Additionnelle » ; les Parties et les Parties
    Additionnelles dénommées ci-aprés les

    Signataires »
    et individuellement également le « Signataire »)

     

     

     

     

    

 

	
    WHEREAS

    A.    on
    30 March 2017, TFG and the Transferor undersigned a share purchase agreement (hereinafter the “SPA” attached hereto as Exhibit
    A) relating to the transfer of 317,216 (hereinafter the “Sold Shares”) out of the total of 317,217 shares held by TFG in
    the Company and to a portion of the credit owned by TFG vis-å-vis the Company (hereinafter the “Sold Credit”), in exchange
    for EUR 6,878,219 (in words six million eight hundred and seventy eight thousand two hundred and nineteen/OO) (hereinafter the “Purchase
    Price”);

    B.     In
    order to guarantee payment of the Purchase Price, a security interest in favor of TFG was established and registered on 294,157 out of
    the total sold Shares (hereinafter the “Pledged Shares”) for the amount of EUR 7,378,219 (in words seven million three hundred
    and seventy-eight thousand two hundred and nineteen/00) (hereinafter the “Share Pledge” attached hereto as Exhibit B);

    C.     On
the same date of 30 March 2017, TFG and the Transferor also undersigned a shareholders’ agreement whereby TFG was granted with
a number of rights in the context of the Company’s board of directors and general meeting (hereinafter the “SHA” attached
hereto as Exhibit C);

    D.     The
Transferor has had some difficulties in paying the Purchase Price as agreed to in the SPA, and, in order to meet the Transferor’s
needs, TFG has agreed to stay the right to terminate the SPA;

    E.     The
    Transferee is interested in substituting itself to the Transferor as a party to the SPA and the SHA and, therefore, taking over the Transferor’s
    obligations and debts vis-a-vis TFG, so as to acquire a portion of the Sold Shares
    _ i.e. 294,157 shares hereinafter the “Re-Sold Shares”and the Sold Credit;

    (F)    The
    Transferor is interested transferring the SPA, and with it any and all of the Transferor’s obligations, debts and rights (thereby including
    ownership of the Re-Sold Shares), set forth therein otherwise deriving therefrom (hereinafter the “Transferor R&Os”), to
    the Transferee;

    (G)    By
means of this master agreement (hereinafter the “Agreement”) the Transferor and the Transferee intend to set forth the terms
and conditions at which the Transferor shall transfer the SPA, and with it the Transferor R&Os, to the Transferee, as well as the
terms and conditions at which TFG and DT shall transfer to the Transferee their respective shares - i.e. one share each in the Company
(hereinafter the “Withheld Interests”);
	
    ATTENDU QUE

    A.      Le
30 mars 2017, le TFG et le Cédant ont conclu un contrat d’achat d’actions (ci-aprés le « SPA »
ci-joint en Annexe A relatif au transfert de 317.216 (ci-aprés les Actions Cédées 
sur un total de 317.217 actions détenues par TFG dans la Société ainsi qu’å
une partie de la créance détenue par TFG vis-å-vis de la Société (ci-aprés la Créance
Vendue en échange de 6.878.219 EUR (en toutes lettres: six millions huit cent soixante-dix-huit mille deux cent dix-neuf/OO) (ci-aprés
le « prix d’Achat  ;

    B.     
Afin de garantir le paiement du Prix d’Achat, un nantissement en faveur du Cédant a été
établie et enregistrée sur 294.157 actions vendues (ci-aprés les « Actions Nanties ») pour un montant
de 7.378.219 EUR (en toutes lettres : sept million trois cent soixante-dix-huit mille deux cent dix-neuf) (ci-aprés le «
Nantissement d’Actions » - ci-joint en Annexe B) ;

    C.      
la méme date du 30 mars 2017, TFG et le Cédant ont également signé un pacte
d’actionnaires par lequel TFG s iest vu octroyer un certain nombre de droits au sein du conseil d’administration
et de I’assemblée générale de la Société (ci-aprés le « SHA » — ci-joint
en Annexe C) ;

    D.       Le
Cédant a eu certaines difficultés å payer le Prix d’Achat comme convenu dans le SPA, eti afin de répondre
aux besoins du Cessionnaire, TFG a accepté de suspendre le droit de résilier le SPA;

    E.       Le
cessionnaire est intéressé par se substituer au Cédant, en tant que partie au SPA ainsi qu’au SHA, et ainsi
å reprendre les droits et les créances du Cédant vis-å-vis de TFG et, en fin de compte, acquérir une
partie des Actions Cédées - soit 294.157 actions (ci-aprés les « Actions Revendues ») - et la Créance
Vendue ;

    F.       
Le Cédant est intéressé par transférer le SPA, et avec Iui tous les droitS,
créances et obligations du Cédant (y compris la propriété des Actions Revendues) tels que définis
par le présent accord ou qui en découlent (ciaprés les « D&O du Cédant »), au Cessionnaire

    G.       Par
le biais de cet accord cadre (ciaprés l’ Accord »), le Cédant et le Cessionnaire ont I’intention d’énoncer
les conditions et modalités selon lesquelles le Cédant transférera le SPA, et avec lui les D&O du Cédant,
au Cessionnaire, ainsi que les conditions et modalités selon lesquelles le TFG et DT transféreront leurs actions respectives
détenues dans la Société — soit une part chacun - (ci-aprés les Intéréts Retenus

       

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    (H)    TFG
is undersigning this Agreement for the purpose of (i) consenting and adhering to the assignment of the SPA, and with it the transfer
of any and all Of the Transferor R&Os, from the Transferor to the Transferee, in exchange for (and conditional upon) the Transferee’s
immediate payment of the portions of the Purchase Price’s instalments, and related fees, which have not been paid by the Transferee
as set forth in the SPA and (ii) consent to amending the SPA and substituting the SHA in accordance with what set forth herein;

    (I)      The
    Company is undersigning this Agreement in order to acknowledge the Assignment (as defined below), as well as undertake to take part to
    the substitution of the SHA with the New SHA (as defined below);

    (J)      The
Company owns a number of vehicles, equipment and machinery, which have all been (although left in the Company’s availability) pledged
in favor of Tampieri (hereinafter the “Pledged Equipment”) in order to guarantee the Company’s reimbursement of the
loan it had received from Tampieri for El-JR 250,000 (in words two hundred and fifty thousand/OO) (hereinafter the “Loan”)
in accordance with what set forth in the loan agreement undersigned between the Company and Tampieri attached hereto as Exhibit D hereinafter
the “Loan Agreement”).

    The above said, being an integral and substantive
    part to this Agreement, the Parties and the Further Parties agree as follows:

    1.       Assignment
    of the SPA and adhesion to and acceptance thereof

    1.1.   The
    Transferor hereby undertakes to transfer all Transferor R&Os to the Transferee.

    1.2.   By
means of this Agreement, the Transferee acknowledges the contents of the SPA and accepts its assignment (hereinafter the “Assignment”),
and its relevant terms and conditions, and shall take on the role of a party to the same vis-à-vis TFG and take on the Transferor’s
obligations and debts vis-à-vis TFG, jointly With the Transferor — as of the date this Agreement is undersigned (hereinafter
the “Execution Date”). To the extent the performance of any further action in addition to the execution of this Agreement is
necessary to fully give course to the Assignment (and to the transfer of the Transferor R&Os), the Parties shall (each for the part
concerning them) exercise their best efforts to ensure such actions be performed on the Execution Date or as soon as possible after such
date, it being in any event understood that the Transferor shall be the sole party liable for ensuring that full completion of the Assignment
and of the Transferor R&Os occurs smoothly and in the least amount of time possible following the Execution Date, being TFG’s role
in the context of the Assignment merely that of a party consenting to an assignment of the SPA (and transfer of the Transferor R&Os)
from the Transferor to the Transferee. Once the Assignment shall have been duly completed and the Transferee shall have become the registered
owner of the Transferor R&Os, the Transferor shall be freed of the joint liability wth the Transferee set forth above in this Article
1.2, and the Transferee shall remain TFG’s sole counterparty to the SPA and the sole liable for the payment of the Purchase Price to
TFG, irrespective of the fact that the Transferor retains any shares in the Company (i.e. the difference of shares between the Sold Shares
and the Re-Sold Shares).
	
    H.       TFG
souscrit au présent Accord afin de (i) consentir et adhérer ä la cession du SPA, et avec lui au transfert de chaque
et tous les D&O du Cédant, du Cédant au Cessionnaire, en échange (et å la condition) du paiement immédiat
par le Cessionnaire des portions des versements du Prix d’Achat, et des frais connexes, qui n’ont pas été payés
par le Cessionnaire conformément au SPA et (ii) consentir å amender le SPA et substituer le SHA conformément ce qui
est prévu dans cet Accord ;

    I.       
La Société souscrit au présent Accord afin de reconnattre la Cession (tel que défini
ci-dessous) ainsi qu’å s’engager å prendre part å la substitution. du SHA avec le Nouveau SHA (tel que
défini ci dessous);

    J.       
 La Société posséde un certain nombre de véhicules, d’équipement
et de machinerie, qui ont tous été (bien que laissés å la disposition de la Société) mis en
gage en faveur de Tampieri (ciaprés les « Équipements Gagés ») afin de garantir le remboursement du
prét recu par Tampieri pour un montant de 250.000 EUR (en toutes lettres: deux cent cinquante mille/OO) (ci-aprés le «
Prét h) conformément au contrat de prét conclu par la Société et Tampieri, ci-jojnt en Annexe D
(ciaprés le Contrat de Prét »).

    Compte tenu de ce qui précède,
    étant partie intégrante et importante du présent Accord, les Parties et les Parties Additionnelles conviennent de
    ce qui suit :

    1.       Cession
    du SPA et adhésion et acceptation de celui-ci

    1.1.    Le
    Cédant s’engage par la présente à transférer tous les D&O du Cédant au Cessionnaire.

    1.2.    Par
    le biais du présent Accord, le Cessionnaire reconnaît le contenu du SPA et accepte sa cession (ci-après la «
    Cession »), ainsi que ses conditions et modalités, et endossera le rôle de partie à cet accord vis-à-vis
    de TFG — et assumer les créances et obligations visà-vis de TFG, conjointement avec le Cédant — à
    compter de la date de signature de cet Accord (ci-après la « Date d’Exécution Dans le cas où toute autre action
    serait requise, au surplus de l’exécution de cet Accord, afin de pleinement donner effet à la Cession (ainsi qu’au transfert
    des D&O du Cédant), les Parties devront (chacune pour ce qui la concerne) tout mettre en oeuvre pour que ces actions soient
    menées avant la Date d’Exécution ou au plus vite après cette date, étant entendu que, dans tous les cas, le
    Cédant sera la seule Partie responsable de la complète réalisation de la Cession ainsi que des D&O du Cédant,
    sans difficulté et dans les meilleurs délais après la Date d’Exécution, le rôle de TFG dans le contexte
    de la Cession n’étant que celui d’une partie consentante à la Cession du SPA (ainsi qu’au transfert des D&O du Cédant)
    du Cédant au Cessionnaire. Une fois que la Cession aura été dument réalisé et que le Cessionnaire sera
    devenu le propriétaire enregistré des D&O du Cédant, le Cédant sera libéré de toute responsabilité
    conjointe avec les Cessionnaire conformément à ce qui est convenu dans le présent Article 1.2, et le Cessionnaire
    demeurera seul cocontractant au SPA de TFG, et le seul responsable pour le paiement du Prix d’Achat à TFG, indépendamment
    de la raison pour laquelle le Cédant conserve ses actions dans la Société (comme par exemple la différence
    d’actions entre les Actions Cédées et les Actions Revendues).

     

   

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    1.3.   In
exchange for (and conditional upon) the Transferee’s immediate payment (as of the Execution Date) of EUR 1,044,068 (in words one
million forty-four thousand sixty-eight/OO), being the portion Of the Purchase Price, and related fees, having already become due as
per the SPA and not having been duly paid by the Transferor (hereinafter the “Overdue Amount”), TFG agrees to the Assignment
and accepts the substitution of the Transferee as its counterparty with reference to both the SPA and the SHA — as substituted
pursuant to this Agreement — as if the Transferee had he himself undersigned such agreements.

    1.4.   The
Transferee shall pay the Overdue Amount on the Execution Date by means of a wire transfer made to the following bank account:

     

    UNICREDIT Bologna

    IBAN IT14L0200802515000003152979

    SWIFT UNICRITMMOEE

    2.       Restatement
    of the SPA and amendments thereto. Recognition Of correct performance by TFG

    2.1.       The
    Parties agree to the following amendment of the SPA (conditional to the Assignment and the payment of the Overdue Amount):

    2.1.1.  The
    installment due on prior to 31 March 2018, in the amount of EUR 656,250.00 (in words six hundred and fifty-six thousand two hundred and
    fifty/OO) (Article 1.3, par. iv), of the SPA) is postponed for payment on or prior to 31 October 2020, in addition to the installment
    due on or prior to 31 October 2020, in the amount of EUR 1,534,469 (in words one million five hundred thirty-four thousand four hundred
    sixty nine/00) (Article 1.3, par. ix), of the SPA). For avoidance of doubt, the installment due by the Transferee to TFG on or prior to
    31 October 2020 shall therefore be equal to EUR 2,190,719.00 (in words two million one hundred and ninety thousand seven hundred and nineteen/00).

    2.2.   The
    Transferee and TFG acknowledge that, irrespective of the fact that the Transferor retains any shares in the Company (i.e. the difference
    of shares between the Sold Shares and the Re-Sold Shares), and except as amended above in Article 2.1, following the Assignment, the SPA
    will be fully effective and enforceable between them in its original terms.

    2.3.  The Transferor
    hereby states and warrants to the Transferee that TFG has duly performed its obligations as per the SPA and that no claims can be raised
    vis-å-vis the Transferee with reference to the SPA.

    3.       Substitution
    of the SHA

    3.1.   The
    Parties agree that once the Transferee shall have become the legitimate owner of the Re-Sold Shares, the SHA shall be substituted with
    the shareholders’ agreement annexed hereto as Exhibit E (hereinafter the “New SHA”). It is therefore agreed by the Transferee
    and TFG that as of such moment, all references to the SHA included in the SPA shall be read as made to the New SHA.

    4.       Acknowledgement
    of right of first refusal. Waiver

    4.1.   The
Parties acknowledge and waive their respective rights of first refusal for the transfer of the Re-Sold Shares from the Transferor to
the Transferee by consenting to the Transfer (as defined below) agreed with this Agreement.
	
    1.3.    En
    échange (et å la condition) du paiement immédiat par le Cessionnaire de 1.044.068 EUR (en toutes lettres . un million
    quarante quatre mille soixante huit/OO), représentant la portion du Prix d’Achat, et des frais connexes, déjå due
    en vertu du SPA et n’ayant pas été düment payée par le Cédant (ci-aprés le « Montant payer
    »), TGF accepte la Cession ainsi que la substitution du Cessionnaire comme la contrepartie, en référence aux SPA et
    SHA - comme substitué en vertu du présent Accord comme si le Cessionnaire avait lui méme soussigné ces accords.

    1.4.    Le
Cessionnaire paiera le Montant å payer å la Date d’Exécution au moyen d’un virement bancaire effectué
sur le compte bancaire suivant :

     

    UNICREDIT Bologna

    IBAN IT14L0200802515000003152979

    SWIFT UNICRITMMOEE

     

    2.       Modification
    du SPA et de ses amendements. Reconnaissance de l’exécution correcte par TFG

    2.1.       Les
    Parties consentent å l’amendement au SPA suivant (conditionné å la Cession et au paiement du Montant å payer)
    :

    2.1.1.   Le
    versement dO avant le 31 mars 2018, d’un montant de 656.250,00 EUR (en toutes lettres : six cent cinquante-six mille deux cent cinquante)
    (Article 1.3, para. iv) du SPA) est repoussé å un paiement au plus tard le 31 octobre 2020, en plus du paiement de 1.534.469,00
    EUR (en toutes lettres : un million cinq cent trente-quatre mille quatre cent soixante neuf) (Article 1.3, para. ix) du SPA) également
    du au plus tard le 31 octobre 2010. Pour éviter tout doute, le versement di par le Cessionnaire å TFG au plus tard le 31
    octobre 2010 devra ainsi étre égal  2.190.719,00 EUR (en
    toutes lettres : deux millions cent quatre-vingt-dix mille sept cent dix-neuf/00).

    2.2.    Le
    Cessionnaire et TFG acceptent que indépendamment du fait que le Cédant retienne toute action dans la Société
    (comme par exemple la différence d’actions entre les Actions Cédées et les Actions Revendues), et sauf tel qu’amendé
    ci-dessous dans l’article 2.1, le SPA sera pleinement effectif et exécutable entre eux dans ses modalités originales, aprés
    la Cession.

    2.3. Le Cédant
    déclare par le présent Accord et garantit au Cessionnaire que TFG a correctement exécuté ses Obligations conformément
    au SPA et qu’aucune demande relative au SPA ne pourra étre formulée å l’encontre du Cessionnaire.

    3.       Substitution
    du SHA

    3.1.    Les
    Parties conviennent qu’une fois que le Cessionnaire sera devenu le propriétaire Iégitime des Actions Revendues, le SHA sera
    substitué par le pacte d’actionnaire ci joint en Annexe E (ci-aprés le « Nouveau SHA »). Le cessionnaire
    et TFG conviennent ainsi qu’å ce moment, toutes les références faites au SHA dans le SPA devront étre entendues
    comme des références faites au Nouveau SHA.

    4.       Reconnaissance
    du droit de premier refus. Renonciation

    4.1.    Les
parties conviennent et renoncent å leurs droits respectifs de premier refus pour le transfert des Actions Revendues par le Cédant
au Cessionnaire en consentant au Transfer-t (tel que défini ci-aprés) prévu par cet Accord.

 

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    4.2.   To
    the necessary extent, the Parties undertake to perform any action and/or sign any document which shall be held necessary and/or useful
    to prove that their respective rights of first refusal for the Re-Sold Shares were waived and forfeited.

    5.       Transfer
    of the Re-Sold Shares and the Sold Credit

    5.1.   Within
    7 (seven) days following the Execution Date, the Transferor shall transfer the Re-Sold Shares and the Sold Credit to the Transferee (hereinafter
    the “Transfer”).

    5.2.   The
    Transferor hereby undertakes to perform all actions and execute all agreements and deeds and, more in general, any document necessary
    to validly and actually perform the Transfer, ensuring the Transferee shall become and be the righteous owner of all the Re-Sold Shares
    and the Sold Credit, under its own responsibility.

    5.3.   The
    Transferor shall be released from any debt towards T FG conditioned upon (and subject to): i) the completion of the Assignment; and, ii)
    the completion of the Transfer; and, iii) the Transferee becoming the registered owner of the Transferor R&Os; and, iv) the completion
    of the payment of the Overdue Amount by the Transferee to TFG.

    5.4.   For
avoidance of doubt, the Parties and the Company agree that the effectiveness of the Transfer and the Assignment shall be conditioned
upon (and subject to) TFG’s receipt of payment of the Overdue Amount.

    6.       Transfer
    of the Withheld Interests

    6.1.   TFG
    shall transfer its share in the Company to the Transferee according to what provided for in Article 2.4 of the SPA and conditioned upon
    the Transferee bearing any and all expenses, fees, duties and costs related to such transfer.

    6.2.   DT
    shall also transfer his share in the Company to the Transferee, conditioned upon the Transferee bearing any and all expenses, fees, duties
    and costs related to such transfer.

    7.       Expenses
    and taxes

    7.1.   It
is understood and accepted by the Signees that each of them shall pay their own appointed consultants’ and/or experts’ fees, as well
as their own income and turnover taxes, as contingently deriving to each of them from the execution and/or performance of this Agreement.
	
    4.2.    Dans
    le cas ou cela serait nécessaire, les Parties s’engagent å effectuer toute action et/ou signer tout document nécessaire
    et/ou utile pour prouver qu’elles ont renoncé et perdu leurs droits respectifs de premier refus.

    5.     Transfert
    des Actions Revendues et de la Créance Vendue

    5.1.    Dans
    les 7 (sept) jours suivant la Date d’Exécution, le Cédant devra transférer les Actions Revendues et la Créance
    Vendue au Cession naire (ci-aprés le « Transfert >>).

    5.2.    Le
    Cédant s’engage exécuter toutes les actions et ä exécuter tous les accords et actes et, plus généralement,
    tout document nécessaire pour valablement et réellement effectuer le Transfert, garantissant que le Cessionnaire deviendra
    et sera le légitime propriétaire de toutes les Actions Revendues et de la Créance Vendue, sous sa propre responsabilité.

    5.3.    Le
    Cédant devra etre Iibéré de toute créance envers TFG soUs réserve: i) de la réalisation de la
    Cession ; et, ii) de la réalisation du Transfert, et ; iii) que le Cessionnaire devienne le propriétaire enregistré
    des D&O du Cédant ; et, iv) de la réalisation du paiement du Montant en Souffrance par le Cessionnaire å TFG.

    5.4.    Pour
éviter tout doute, les Parties et la Société reconnaissent que l’effectivité du Transfert et de la
Cession sont conditionnés (sous réserve de) ä la réception par TFG du paiement du Montant en Souffrance.

    6.       Transfert
    des Intéréts Retenus

    6.1.    TFG
    doit transférer ses actions détenues dans la Société au Cessionnaire conformément å ce qui est
    prévu å I’article 2.4 du SPA et å condition que le Cessionnaire assume tous les frais, honoraires, droits et couts
    Iiés å ce transfert.

    6.2.    DT
    doit également transférer les actions qu’il détient dans la Société, å condition que le Cessionnaire
    assume tous les frais, honoraires, droits et couts Iiés å ce transfert.

     

    7.       Dépenses
    et taxes

    7.1.    Il
est entendu et accepté par les Signataires que chacun d’entre eux devra payer ses propres honoraires de consultants et/ou
d’experts, ainsi que ses propres imp6ts sur le revenu et le chiffre d’affaires, qui découleront de I’exécution
de cet Accord.

 

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    7.2.       The
    Transferee agrees to bear any and all costs, fees (except those relating to each other Signee’s consultants and/or experts, which shall
    be borne, as per what set forth in Article 7.1 above, by the Signee having requested such services), expenses and taxes to be borne in
    order to give course to the Assignment and the transfer of the Withheld Interests, as well as those linked to the release of the Pledged
    Equipment from the Equipment Pledge and for the contingent release of the Pledged Shares from the Share Pledge. For avoidance of doubt,
    the Signees acknowledge that the undertaking as per this Article 7.2 shall entail the Transferee’s taking on — by mere way of example
    — of:

    7.2.1.  Any
    and all costs and fees set forth by the notary which will be involved in the Assignment and in the transfer of the Withheld Interests;
    and

    7.2.2.  Any
    and all taxes (other than the other Signees’ income and turnover taxes) deriving from or in any way connected to the Assignment and the
    transfer of the Withheld Interests and relevant formalization thereto; and

    7.2.3.  Any
    and all costs and fees set forth by the notary public or any other professional (other than each Signee’s national legal counsels) for
    the release of the Pledged Equipment from the Equipment Pledge and for the contingent release of the Pledged Shares from the Share Pledge;
    and

    7.2.4.  Any
and all taxes (Other than the other Signees’ income and turnover taxes, as applicable) deriving from or in any manner connected
to the release of the Pledged Equipment from the Equipment Pledge and for the contingent release of the Pledged Shares from the Share
Pledge.

     

    8.       Formalities

    8.1.   Insofar
    as necessary in order to implement this Agreement in whole or in part, all the Signees undertake to give course to any and all formalities
    required by law, each insofar as it concerns them.

     
	
    7.2.       Le
    cessjonnaire accepte de prendre en charge tous les frais et honoraires (å l’exception de ceux liés aux consultants et/ou
    experts des autres Signataires, qui seront su ortés conformément å l’Article 7.1 ci-dessus, par le Signataire ayant
    demandé ces services), dépenses et impôts à payer afin de permettre la Cession et le transfert des Intérêts
    Retenus, ainsi que ceux liés à la levée du Gage sur Équipement sur les Équipements Gagés et
    à la levée éventuelle du Nantissement d’Actions sur les Actions Nanties. Afin d’éviter toute ambiguïté,
    les Signataires reconnaissent que l’engagement pris en vertu du présent Article 7.2 entraînera la prise en charge par le
    Cessionnaire, à titre d’exemple de :

    7.2.1.   Tous
    les frais et honoraires indiqués par le notaire qui sera impliqué dans la Cession et dans le transfert des Intérêts
    Retenus; et

    7.2.2.   Toutes
    taxes et impôts (autres que les impôts sur le revenu et le chiffre d’affaires des autres Signataires) provenant du ou liés
    de quelque manière que ce soit au Transfert et au transfert des Intérêts Retenus et à leur formalisation; et

    7.2.3.   Tous
    les frais et honoraires établis par le notaire public ou tout autre professionnel (autre que les conseils juridiques locaux de
    chaque Signataire) pour la levée du Gage sur Équipement sur les Équipements Gagés et pour la levée
    conditionnelle du Nantissement d’Actions sur les Actions Nanties ; et

    7.2.4.   Toutes
taxes et impôts (autres que les impôts sur le revenu et le chiffre d’affaires des autres Signataires, le cas échéant)
découlant ou liés de quelque manière que ce soit à la levée du Gage sur Équipement sur les
Équipements Gagés et l’éventuelle levée du Nantissement d’Actions sur les Actions Nanties.

    8.       Formalités

    8.1.    Dans
    la mesure où cela est nécessaire pour la mise en œuvre de tout ou partie du présent Accord, tous les Signataires
    s’engagent à accomplir toutes les formalités requises par la loi, chacune pour ce qui les concerne.

    

 

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    9.       Representations
    and warranties of TFG, Tampieri and DT

    9.1.   TFG
    hereby restates, for the benefit of the Transferee, the warranty given in Article 3.1.6 of the SPA, i.e. that, as of 30 March 2017, it
    did not have any knowledge of any facts and/or material events which were not also known by the Transferor in light of its involvement
    in the management of the Company since its incorporation and/or by reason of its status as shareholder of the Company and/or in any other
    way, which may have a direct significant impact on the Company’s finances.

    9.2.   Except
    as stated in Article 9.1 above, the Transferee accepts and agrees that no representations shall be made, and no warranties shall be given
    by TFG, Tampieri and DT, with respect to the Company, to the Assignment or to the transfer of the Withheld Interests. The Transferee —
    on one side - and TFG, Tampieri and DT — on the other side — agree that any and all guarantees that might be considered implicit
    with the transfer of the SPA — as amended pursuant to Article 2.1 above — and/or of the Transferor’s R&Os, are expressly
    excluded to the widest extent allowed by applicable law. To the extent that TFG, Tampieri and DT are required to any warranty in
    favor of the Transferee pursuant to any applicable law, the Transferor agrees and expressly undertakes to provide such a warranty in TFG,
    Tampieri and DT’s place and stead being agreed that this warranty by the Transferor is limited to (i) facts and/or material events which
    occurred before 30 March 2017 and were known to him at the time of the conclusion Of the SPA and (ii) facts and/or material events which
    occurred since 30 March 2017. The Transferee expressly undertakes not to raise any claim against TFG, Tampieri and DT on the business
    carried out by the Company or the Company itself.

    9.3.    Without
    prejudice to what agreed herein, TFG informed the Transferee that on 10 November 2017, TFG was made aware that the Senegalese Tax Authorities
    raised against TFG a tax assessment relating to an alleged capital gain which should have arisen out of the sale of shares to the Transferor,
    in an amount of XOF 750,422.029 (in words seven hundred and fifty million four hundred and twenty-two thousands twenty nine/OO) including
    XOF 500,281,353 (in words five hundred million two hundred and eighty-one thousand three hundred and fifty three/OO) in principal and
    XOF 250,140,676 (in words two hundred and fifty million one hundred and forty thousand and six hundred seventy Six/OO) in penalties. (hereinafter
    the “TFG Tax Assessment”). TFG duly contested the TFG Tax Assessment for lack of substantive grounds and violation of the Convention
    for the avoidance of Double Taxation effective between Italy and Senegal. TFG hereby warrants and represents to the Transferee that TFG
    shall pursue the dispute procedure provided under the laws of Senegal for obtaining the cancellation of the TFG Tax Assessment. TFG also
    warrants and represents to the Transferee that in the event the Senegalese Tax Authority shall address claims or request of payment to
    the Transferee or the Company based exclusively on TFG Tax Assessment, TFG will assume on its own the relevant dispute procedure with
    no cost for the Company and the Transferee. The Transferee on its end agrees that the TFG Tax Assessment shall have no effect or impact
    whatsoever with respect to the Assignment, the Transfer, the transfer of the Withheld Interests, and the payment of the Overdue Amount.

    
	
    9.       Représentation
    et garanties de TFG, Tampieri et DT

    9.1.    TFG
    réaffirme par la présente, au bénéfice du Cessionnaire, la garantie donnée å l’Article 3.1.6
    du SPA, c’est-ådire qu’au 30 mars 2017, elle n’avait connaissance d’aucun faits et/ou événements matériels
    qui n’étaient pas également connu par le Cédant en vertu de son implication dans l’administration de la Société
    depuis sa création et/ou en raison de son statut d’actionnaire de la Société et/ou autrement, qui pouvaient avoir
    un impact direct significatif sur les finances de la Société.

    9.2.    A
    I’exception des stipulations de l’Article 9.1 ci-dessus, le Cessjonnaire accepte et convient qu’aucune représentation ne sera faite
    et aucune garantie ne sera donnée par le TFG, Tampieri et DT, å l’égard de la Société, de la Cession
    ou du transfert des Intéréts Retenus. Le Cessionnaire  d’une
    part - et TFG, Tampieri et DT d’autre part conviennent que toutes les garanties qui pourraient étre considérées comme
    implicites ‘ors du transfert du SPA - tel qu’amendé par l’article 2.1 ci dessus et/ou des D&O du Cédant, sont expressément
    exclues dans la plus large mesure permise par la loi applicable. Dans la mesure oü TFG, Tampieri et DT sont tenus å une garantie
    en faveur du Cessionnaire en vertu de toute loi applicable, le Cédant accepte et s’engage expressément å fournir une
    telle garantie å la place et au lieu de TFG, Tampieri et DT, étant entendu que cette garantie du Cédant est limitée
    (i) aux faits et/ou événements antérieurs au 30 mars 2017 qui étaient connus du Cédant å la date
    du SPA et (ii) aux faits et/ou événements matériels postérieurs au 30 mars 2017. Le Cessionnaire s’engage
    expressément å ne faire aucune réclamation å I’encontre de TFG, Tampieri et DT sur les affaires réalisées
    par la Société ou la Société elle-méme.

    9.3.    Sans
    préjudice de ce qui a été convenu dans la présent Accord, TDG a informé le Cessionnaire que, le 10
    novembre 2017, TFG a été averti que les Autorités fiscales sénégalaises ont adressé å
    TFG un avis de redressement fiscal relatif de prétendues plus-values qui seraient nées de la vente des actions au Cédant,
    d’un montant de 750.422.029 XOF (en toutes lettres : sept cent cinquante millions quatre cent vingt-deux mille vingt-neuf/OO), comprenant
    500.281.353 XOF (en toutes lettres: Cinq cents millions deux cent quatrevingt-un mille trois cent cinquantetrois/OO) en principal et 250.140.676
    XOF (en toutes lettres : Deux cent cinquante millions cent quarante mille six cent soixante-seize/OO) de pénalités (ci-aprés
    le « Redressement Fiscal TFG »). TFG a dument contesté le Redressement Fiscal TFG pour absence de motivation et violation
    de la Convention tendant å éviter la double imposition, en vigueur entre I’ltalie et le Sénégal. TGF déclare
    et garantit au Cessionnaire que TGF devra poursuivre la procédure conformément au droit sénégalais pour obtenir
    “annulation du Redressement Fiscal TFG. TFG déclare et garantit également au Cessionnaire que dans le cas 0b les Autorités
    fiscales sénégalaises adresseraient des demandes ou réclamations de paiement au Cessionnaire ou å la Société,
    sur le fondement exclusif du Redressement Fiscal TFG, TGF assumera seul la procédure de contestation, sans frais pour la Société
    ou le Cessionnaire. Le Cessionnaire pour sa part affirme que le Redressement Fiscal TFG n’aura pas d’effet ou d’impact quelconque sur
    la Cession, le Transfert, le transfert des Intéréts Retenus et le paiement du Montant å payer.

     

 

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    9.4.    In
    the event the Senegalese Tax Authorities address claims or request of payment to the Transferee and/or the Company based exclusively on
    the TFG Tax Assessment, before 31 October 2020, TFG shall take on and assume vis-å-vis the Senegalese Tax Authorities each and any
    of such claim or request, so to avoid any damage or request of payment to the Transferee and/or the Company. Should either the Transferee
    and/or the Company be forced to perform payments in favor of the Senegalese Tax Authorities such request being exclusively based on the
    TFG Tax Assessment, TFG shall hold harmless the Transferee and/or the Company by means of reimbursing the relevant amount aid by the Transferee
    and/or the Company, on or prior to 30 (thirty) days from the day on which the Transferee and/or the Company notifies TFG with the evidence
    of the payment executed by the Transferee and/or the Company in favor of Senegalese Tax Authorities with regard to the TFG Tax Assessment.

    10.       Representations
    and warranties Of the Transferor

    10.1. The
    Transferor hereby warrants that he does not have knowledge of any liabilities, demands, proceedings, judgment or other liabilities which
    may be instituted, made, threatened, alleged, asserted or established against the Company, in any jurisdiction and arising out of or in
    connection with activities of the Company before the entry into force of this Agreement except those listed in Exhibit F. In case
    of breach of the present warranty, the Transferor and the Transferee shall negotiate in good faith an appropriate compensation from the
    Transferor to the Transferee.

     
	
    9.4.    Dans
    le cas ou les Autorités fiscales sénégalaises adresseraient des demandes ou réclamations de paiement au Cessionnaire
    ou å la Société, sur le fondement exclusif du Redressement Fiscal TFG, avant le 31 octobre 2020, TFG prendre å
    sa charge et assumera vis-å-vis des Autorités fiscales sénégalaises toute réclamation ou demande afin
    d’éviter tout préjudice ou demande de paiement au Cessionnaire et/ou å la Société. Si le Cessionnaire
    et/ou la Société était obligé de réaliser un paiement en faveur des autorités fiscales sénégalaises,
    TFG tiendra le Cessionnaire et/ou la Société indemne en remboursant les montants versés by the Cessionnaire et/ou
    la Société, au plus tard 30 (trente) ours aprés la date å la uelle le Cessionnaire et/ou la Société
    notifie TFG avec la preuve du paiement réalisé par le Cessionnaire et/ou la Société en faveur des autorités
    fiscales sénégalaises relativement au Redressement Fiscal TFG.

     

    10.       Représentations
    et garanties du Cédant

    10.1.       Le
    Cédant garantit par la présente qu’il n’a pas connaissance de responsabilités, demandes, procédures, jugements
    ou autres obligations qui pourraient étre intentées, faites, menacées, alléguées, revendiquées
    ou établies contre la Société, devant toute juridiction et résultant de ou en relation avec les activités
    de la Société avant I’entrée en vigueur du présent Accord l’exception de ceux indiqués en Annexe
    F. En cas de violation de cette garantie, le Cédant et le Cessionnaire négocieront de bonne foi une indemnisation appropriée
    du Cédant au Cessionnaire.

 

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    10.2. The
    Transferor hereby warrants that, at the date of signature of the present Agreement, the Company has the right to use 25,000 hectares of
    agricultural land and that relevant documents (decree on the 20,000 hectares and grant over the 5,000 hectares) have been provided. In
    case of inaccuracy of the present warranty, the Transferor and the Transferee shall negotiate in good faith an appropriate amount of compensation
    to be paid by the Transferor to the Transferee.

    10.3.  The
    Transferor informed the Transferee that during 2017 the Company was notified by the Senegalese tax authorities of a tax assessment (hereinafter
    the “Company Tax Assessment”) relating to a number of taxes which supposedly had not been paid by the Company, in an amount
    of XOF 1,101,199,025 (in words one billion one hundred and one million one hundred and ninety-nine thousand twenty five/00) including
    XOF 626,153,067 (in words six hundred and twenty-six thousand one hundred and fifty-three thousand sixty-seven/OO) in principal and XOF
    475,045,985 (in words four hundred and seventy-five million forty-five thousand nine hundred and eighty-five/OO) in penalties. The Transferor
    hereby warrants and represents to Transferee that the Company Tax Assessment has been insofar duly challenged and that negotiations are
    ongoing in order to limit the Company’s exposure, damages or losses to all extent possible.

    10.4. The
    Transferor hereby warrants that SENETHANOL is no longer a shareholder of the Company.

    10.5. In
    case the Company obtains a lease on the 25,000 hectares of agricultural land and that the Company Tax Assessment is cancelled, the Transferee
    undertakes to transfer to the Transferor 3,768 shares in the Company in order to bring his shareholding to 10% of the Company’s shares.

    
	
    10.2.  Le
    Cédant garantit par la présente qu’å la date de la signature du présent Accord, la Société a
    le droit d’utiliser 25.000 hectares de terres agricoles et que les documents (décrets sur les 20.000 hectares et attribution sur
    les 5.000 hectares) ont été fournis. En cas d’inexactitude de la présente garantie, le Cédant et le Cessionnaire
    négocieront de bonne foi une indemnisation appropriée qui sera payée par le Cédant au Cessionnaire.

    10.3.  Le
    Cédant a informé le Cessionnaire que courant 2017 la Société a été avertie par les Autorités
    fiscales sénégalaises d’un redressement fiscal (ci-aprés le Redressement Fiscal de la Société »)
    relatif å un certain nombre de taxes qui n’auraient pas été payées par la Société, d’un montant
    de 1.101.199.025 XOF (en lettres un milliard cent un millions cent quatrevingt-dix-neuf mille vingt-cinq/OO), comprenant 626.153.067 XOF
    (en toutes lettres : six cent vingt-six millions cent cinquante-trois mille soixante-sept/OO) en principal et 475.045.985 XOF (en toutes
    lettres: quatre cent soixanteuinze millions uarante-cin mille neuf cent quatre-vingt-cinq) de pénalités. Le Cédant
    déclare garantit au Cessionnaire que le Redressement Fiscal de la Société a jusqu’à présent été
    contesté et que des négociations sont en cours afin de limiter le plus possible les risques, dommages et pertes de la Société.

    10.4.  Le
    Cédant garantit que SENETHANOL n’est plus actionnaire de la Société.

    10.5.  Au
    cas où la Société obtient un bail emphytéotique sur les 25,000 hectares de terres agricoles et que le Redressement
    Fiscal de la Société est annulé, le Cessionnaire s’engage à transférer au Cédant 3.768 actions
    de la Société pour porter sa participation à du capital de la Société.

     

 

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    11.       No
    right to claim and forfeiture thereof

    11.1.  It
    is understood and agreed that the Transferor and the Transferee shall have no right of claim vis-à-vis TFG, Tampieri and DT for
    any reason whatsoever and, in any event, hereby forfeits any such right, both with reference to this Agreement and to any other prior
    matter. For avoidance of doubt, it is understood and agreed that the Transferor and the Transferee shall have no right to claim any damages,
    indemnifications or reimbursements of any sort with reference to any liability which may derive or arise from the Company’s management
    up to the Execution Date.

    12.       Confidentiality
    of Agreement

    12.1.  The
    Signees agree to treat the provisions of this Agreement as confidential, insofar as they are not:

    12.1.1.necessary
    for a Signee to defend itself in front of an authority or in a court of law; and/or

    12.1.2.required in terms of
the law or regulations to inform authorities or third parties, in which case, the relevant Signee undertakes to inform the other Signees
in advance insofar as legally possible.

    13.       Counterparts

    13.1.  This
    Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
    one and the same instrument. The Signees agree that even in the event the Agreement were to be translated into a language other than English,
    the sole version which shall be considered original is that drafted in English, which shall be that used for the purposes of interpretation.

    14.       Amendments
    to the Agreement

    14.1.  Any
    and all amendments to this Agreement (including this provision) must be made in writing and signed by all Signees.

    14.2.  In
    the event this Agreement were to be notarized for any reason, the Signees expressly agree that any amendments shall be considered valid
    and effective even though no notarization of the amendments were to be made, unless such notarization is required by applicable law, in
    which case the Signees shall in any event act as if they were bound by the non-notarized Agreement and shall perform all actions and execute
    all documents as necessary to give course to the required notarization.

     
	
    11.       Aucun
    droit de réclamation et de confiscation

    11.1.  Il
    est entendu et convenu que le Cédant et le Cessionnaire n’ont aucun droit de réclamation vis-à-vis de TFG, Tampieri
    et DT pour quelque raison que ce soit et, en tout état de cause, renoncent par la présente à un tel droit, tant en
    référence au présent Accord qu’à toute autre sujet. Afin d’éviter toute ambiguïté, il est
    compris et convenu que le Cédant et le Cessionnaire n’ont pas le droit de réclamer des dommagesintérêts, indemnisations
    ou remboursements de toute sorte en référence à toute responsabilité pouvant découler ou naitre de
    la gestion de la société jusqu’à la Date d’Exécution.

    12.       Confidentialité
    de l’Accord

    12.1.       Les
    Signataires conviennent de traiter les stipulations du présent Accord comme confidentielles, dans la mesure où elles ne
    le sont pas :

    12.1.1. nécessaires
    pour qu’un Signataire se défende devant une autorité ou devant un tribunal; et / ou

    12.1.2. exigées
par la loi ou des régulations pour informer les autorités ou des tiers, dans ce cas, le Signataire concerné s’engage
à informer au préalable les autres Signataires dans la mesure où la loi le permet.

    13.       Contreparties

    13.1.  Le
    présent Accord peut étre signé en un ou plusieurs exemplaires, dont chacun sera considéré comme un
    original, ma is tous ensemble constitueront un seul et méme instrument. Les Signataires conviennent que méme dans le cas
    0b l’Accord serait traduit dans une langue autre que I’anglais, la seule version qui sera considérée comme originale est
    celle rédigée en anglais, qui sera celle utilisée aux fins d’interprétation.

    14.       Modifications
    de “Accord

    14.1.  Toutes
    les modifications au présent Accord (y compris cette clause) doivent étre faites par écrit et signées par
    tous les Signataires.

    14.2.  Dans
le cas oü le présent Accord devait étre notarié pour quelque raison que ce soit, les Signataires conviennent
expressément que toute modification sera considérée valide et effective méme si aucune Iégalisation
des modifications ne doit atre faite, sauf si cette légalisation est requise par la loi applicable, auquel cas les Signataires
doivent en tout état de cause agir comme s’ils étaient liés par I’Accord non notarié et doivent
effectuer toutes les actions et exécuter tous les documents nécessaires pour permettre la légalisation requise.

 

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    15.       NO
    Assignment

    15.1.  No
    Signee shall assign or transfer this Agreement or any rights, claims, obligations or duties under this Agreement, or a part thereof, without
    the prior written consent of the others.

    15.2.  Each
of the Signees which is not a party to a specific Undertaking (as defined below) shall not withhold its consent as per Article 15.1 above
with reference to any Undertaking (as defined below) to which it is not a party unless for a specific and relevant reason relating to
it, which it is mandated to share with the other Signees.

    16.       Annexes

    16.1. The Annexes represent an integral and substantial part of this Agreement.

     

    17.       Interpretation

    17.1. All
    terms having an initial capital letter shall be interpreted as per their definition as set forth in this Agreement.

    17.2. The
headings in this Agreement are inserted for convenience only and shall not constitute a part hereof.

    18.       No
    implied obligations

    18.1.  The
obligations expressly set forth herein are the sole obligations undertaken by TFG, Tampieri and DT. No implied Obligations shall arise
on TFG, Tampieri and DT’s part in connection with this Agreement.

    19.       Severability

    19.1.  Should
    a provision of this Agreement be or become invalid or unenforceable for any reason, the relevant provision shall be ineffective only to
    the extent of such unenforceability or invalidity, and the remaining provisions of the Agreement shall continue to be binding and in full
    force and effect. In lieu of the invalid or unenforceable provision, there shall be added automatically, as a part of this Agreement,
    a provision as similar in terms to such invalid or illegal provision as may be possible.

     
	
    15.       Aucune
    Cession

    15.1.  Aucun
    Signataire ne doit céder ou transférer le présent Accord ou des droits, revendications, obligations ou devoirs en
    vertu du présent Accord, ou une partie de celui-ci, sans le consentement écrit préalable des autres.

    15.2.  Chacun
    des Signataires qui n’est pas partie å un Engagement (tel que défini ci-dessous) spécifique ne doit pas refuser son
    consentement conformément å I’article 15.1 ci-dessus en référence å tout Engagement (tel que défini
    ci-dessous) auquel il n’est pas partie sauf raison pertinente qui s’y rapporte, qu’il doit partager avec les autres Signataires.

    16.       Annexes

    16.1.  Les
    Annexes représentent une partie intégrante et substantielle du présent Accord.

    17.       Interprétation

    17.1.  Tous
    les termes ayant une lettre initiale en majuscule doivent être interprétés conformément à leur définition
    telle qu’énoncée dans le présent Accord.

    17.2.  Les
    titres de cet Accord sont insérés pour des raisons de commodité seulement et n’en font pas partie.

    18.       Aucune
    obligation implicite

    18.1.  Les
    obligations expressément énoncées au présent sont les seules obligations assumées par TFG, Tampieri
    et DT. Aucune obligation implicite ne saurait naître à la charge de TFG, Tampieri et DT dans le cadre du présent Accord.

    19.       Divisibilité

    19.1.  Si
une stipulation du présent Accord est ou devient invalide ou inapplicable pour quelque raison que ce soit, stipulation pertinente
sera sans effet dans la mesure de cette inapplicabilité ou de cette invalidité, et les autres stipulations de cet Accord
continueront d’être obligatoires et en vigueur. Au lieu de la stipulation invalide ou inapplicable, il sera ajouté
automatiquement, dans le cadre du présent Accord, une stipulation dont les termes seront le plus similaires possibles à
la stipulation invalide ou illégale.

 

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    19.2.  In
any event, each of the Signees undertakes to act as if any provision which is or will become invalid and/or unenforceable is valid, enforceable,
and binding.

    19.3.  Each
of the Signees acknowledges that this Agreement includes multiple separate agreements between different (sets of) parties having different
roles, which agreements have been included in a single document solely for the purpose of simplifying matters and (in the other instances)
setting an order of performance. For sake of clarity, such agreements are: (i) the agreement relating to the assignment of the SPA and
the substitution of the SHA With the New SHA; (li) the agreement relating to the transfer of the Transferor R&Os; (iii) the agreement
relating to the transfer of the Sold Credit and Re-SoId Shares and the acknowledgment and waiver of the rights of first refusal connected
thereto; (iv) the agreement relating to the transfer of the Withheld Interests (hereinafter together, the “Undertakings”
and each an “Undertaking”).

    19.4.  Each
of the Signees acknowledges and accepts that each of such Undertakings be considered and treated separately and that in the event any
lack of performance of an undertaking (or delay thereto) as per one of such Undertakings by a party to such agreement were to entitle
another party to such Undertaking to terminate said Undertaking, such right to terminate (and the termination itself) shall be limited
to such Undertaking, the other Undertakings (and therefore the rest of this Agreement) notwithstanding, unless any such other Undertaking
is expressly linked to the Undertaking having been terminated by way of condition precedent.

    19.5.  For
avoidance of doubt, the Transferor and the Transferee hereby expressly state and agree that once the Transferor R&Os will have been
transferred, nothing in this Agreement (thereby including termination of any of the other Undertakings) shall affect the effectiveness
of such transfer. The other Signees to this Agreement acknowledge such circumstance and agree not to challenge the transfer Of the Transferor
R&Os and, more in general, the relevant Undertaking for any reason whatsoever.

    19.6.  Nothing
in this Article 19 should be construed as a limitation as to any termination rights herein provided or set forth by the law with reference
to the individual Undertakings in favor of any party thereto.
	
    19.2.  En
    tout état de cause, chacun des Signataires s’engage à agir comme si toute disposition qui est ou deviendra invalide et /
    ou inapplicable est valide, exécutoire et contraignante.

    19.3.  Chacun
    des Signataires reconnaît que le présent Accord comprend de multiples accords séparés entre différentes
    (groupes de) parties ayant des rôles différents, que ces accords ont été inclus dans un seul document uniquement
    dans le but de simplifier les choses et (dans les autres cas) d’établir un ordre d’exécution. Par souci de clarté,
    tels accords sont: (i) l’accord entre les Parties relatif à la cession du SPA et à la substitution du SHA avec le Nouveau
    SHA; (ii) l’accord relatif au transfert des D&O du Cédant; (iii) l’accord relatif au transfert du Crédit Vendu et des
    Actions Revendues ainsi que reconnaissance et la renonciation des droits de premier refus y relatifs; (iv) l’accord relatif au transfert
    des Intérêts Retenus (ensemble, les «Engagements» et chacun un «Engagement»).

    19.4.  Chacun
    des Signataires reconnaît et accepte que chacun de ces Engagements soit considéré et traité séparément
    et que dans le cas où l’exécution d’un engagement (ou son retard) par une partie à un tel engagement donnerait droit
    à une autre partie à une tel accord pour mettre fin au dit Engagement, ce droit de résiliation (et la résiliation
    ellemême) est limité à cet Engagement, nonobstant les autres engagements (et donc le reste du présent Accord),
    sauf si un tel autre Engagement est expressément lié à l’Engagement ayant été supprimé par le
    moyen d’une condition suspensive.

    19.5.  Pour
    éviter toute ambiguïté, le Cédant et le Cessionnaire déclarent expressément et conviennent qu’une
    fois que les D&O du Cédant seront transférés, rien dans le présent Accord (y compris la résiliation
    de l’un des autres Engagements) n’affectera la validité de ce transfert. Les autres Signataires du présent Accord reconnaissent
    cette circonstance et conviennent de ne pas contester le transfert des D&O du Cédant et, plus généralement, l’Engagement
    concerné pour quelque raison que ce soit.

    19.6.  Rien
dans le présent article 19 ne doit être interprété comme une limitation des droits de résiliation prévus
dans le présent ou prévus par la loi en référence aux Engagements individuels en faveur de l’une des
parties.

 

    12

     

    

 

	
    20.    ReIationship
    between this Agreement and the SPA and NEW SHA

    20.1.  The
    Parties and the Company agree that the SPA, except as amended by this Agreement, is hereby restated in its entirety. Such restatement
    is effective upon the execution of this Agreement.

    20.2. The
Parties and the Company agree that any provision included in the SPA and/or the New SHA which is in contrast with what provided for in
this Agreement shall be superseded and replaced by the inconsistent provision included herein. If the contrast only relates to a part
of a provision included in the SPA and/or the New SHA which can survive without the replaced provision, the rest of the provision shall
remain in force in its original terms (as set forth in the SPA and/or the New SHA, as the case may be), save that such provision (or
a part thereof), even though not formally and at a first glance inconsistent with the ones set forth in this Agreement, were not to be
applicable without the inconsistent one which will have been replaced as per this Article 20.

    21.       Notifications
    and communications

    21.1.  All
    notifications and/or communications relating to this Agreement are to be advanced by email and sent by registered letter with proof of
    receipt to the address stated below, insofar as the relevant Signee has not sent written notification of change of address in Accordance
    with this Article:

    21.1.1. As to TFG, Tampieri
and DT

Tampieri Financial Group S.p.A.

Via Granarolo 177/3

48018 Faenza CRA)

Italy

Attn.: Mr. Andrea Tampieri

Email: andrea@tampieri.com

 carlo@tampieri.com

     

    21.1.2. As
    to the Transferor

    Mr Gora Seck

    Avenue Nelson Mandela, Atlantis

    Building 8th floor, Dakar

    Republic of Senegal

    Email: seckgora6@gmail.com

     
	
    20.       Relation
    entre le présent Accord et le SPA et le SHA

    20.1.  Les
    Parties et la société conviennent que le SPA, sauf en ce qui est amendé par le présent Accord, est réaffirmé
    dans son entièreté.

    20.2.  Les
    Parties et la Société conviennent que toute stipulation incluse dans le SPA et/ou dans le Nouveau SHA qui est en contradiction
    avec ce qui est prévu dans le présent Accord doit étre supplantée et remplacée par la stipulation contradictoire
    incluse dans le présent Accord. Si la contradiction ne concerne qu’une partie d’une stipulation incluse dans le SPA et/ou le Nouveau
    SHA qui peut survivre sans la stipulation remplacée, le reste de la stipulation restera en vigueur dans ses conditions initiales
    (comme indiqué dans le SPA et/ou le Nouveau SHA, selon le cas), sauf si cette stipulation (ou une partie de celle-ci), méme
    si elle n’est pas formellement et å premiére vue incompatible avec celles du présent Accord, ne serait pas applicable
    sans celle contradictoire qui aura été remplacée conformément å cet Article 20.

    21.       Notifications
    et communications

    21.1.  Toutes
    les notifications et/ou communications relatives au présent Accord doivent étre envoyées d’abord par email puis par
    lettre recommandée avec accusé de réception å I’adresse indiquée ci-dessous, dans la mesure 0b le Signataire
    concerné n’a pas envoyé de notification écrite de changement d’adresse conformément au présent Article
    •

     

    21.1.1. Quant
    å TFG, Tampieri et

    DT Tampieri Financial Group S.p.A.

    Via Granarolo 177/3

    48018 Faenza (RA)

    Italie

    Attn.: Mr. Andrea
    Tampieri

    Email:
andrea@tampieri.com 

    carlo@tampieri.com

     

    21.1.2.       Quant
    au Cédant

    M. Gora Seck

    Avenue Nelson Mandela,

    Atlantis Building 8éme étage, Dakar

    Sénégal

    Email: seckgora6@gmail.com

    

 

    13

     

    

 

	
    21.1.3. As to the Transferee

Agro Industries Corp

Ground Floor, DMS House,

20 Genesis Place,

Dr. Roy’s Drive, George Town,

Grand Cayman, PO Box 1103 KY1-1102

Cayman Islands

Att: Mr Chris Narborough

Email: cnarborough@caymanlaw.com

    21.1.4. As
    to the Company

    Senhuile

    Richard Toll,

    Yetti Yone, Ngnith

    32600 Saint Louis,

    Republic of Senegal

     

    21.2.  For
    safeguarding of deadlines and for the effective and valid receipt of notifications and/or communication as per this Agreement, the date
    of reference shall be the 10th (tenth) day following sending to the recipient’s address as resulting from the relevant proof
    of sending.

    

    22.       Governing
    Law and Jurisdiction

    22.1. This
    Agreement shall be governed by French law, under exclusion of the conflict of laws provisions and international treaties.

     

    22.2.  Any
    dispute, controversy or claim arising out of or in relation to this Agreement shall be submitted and finally settled under the Rules of
    Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance With the said Rules. The venue
    of the arbitration shall be Paris, France. The arbitral proceedings shall be held in English.

     

     

    In witness whereof, the Signees have undersigned this Agreement this date
    of 28 February 2018.
	
    21.1.3.      Quant au Cession naire
 Agro Industries Corp
 Ground Floor, DMS House,
 20 Genesis Place,
 Dr. Roy’s
    Drive,
 George Town Grand Cayman,
 PO Box 1103 KY1-1102
 Iles Caïmans
 Att: Mr Chris Narborough
 Email:
    cnarborough@caymanlaw.com

    21.1.4.   
      Quant à la Société
 Senhuile
 Richard Toll,
 Yetti Yone, Ngnith 32600 Saint Louis

    Sénégal

    21.2.  Pour
    la sauvegarde des délais et pour la réception effective et valable des notifications et / ou communication conformément
    au présent Accord, la date de référence sera le 10ème jour suivant l’envoi à l’adresse du
    destinataire comme résultant de la preuve d’envoi correspondante.

    22.       Droit
    applicable et jurisdiction

    22.1. Le
    présent Accord sera régi par le droit français, en excluant les dispositions relatives aux conflits de lois et les
    traités internationaux.

    22.2. Tout
    différend, controverse ou réclamation découlant du présent Accord ou en relation avec celui-ci sera soumis
    et définitivement réglé conformément aux Règles d’Arbitrage de la Chambre de Commerce Internationale
    par un ou plusieurs arbitres nommés conformément auxdites Règles. Le lieu de l’arbitrage sera Paris, France. La procédure
    d’arbitrage se déroulera en anglais.

    En foi de quoi, les Signataires ont soussigné le présent
    Accord le 28 février 2018.

 

	/s/s Gora Seck	 
	Gora Seck	 
	 	 
	/s/s Maxine Senecaut	 
	Agro Industries Corp.	 
	 	 
	/s/s Carlo Tampieri	 
	Tampieri Financial Group S.p.A.	 
	 	 
	/s/s Carlo Tampieri	 
	Tampieri S.p.A.	 
	 	 
	/s/s David Tampieri	 
	David Tampieri	 
	 	 
	/s/s Gora Seck	 
	Senhuile S.A.	 

 

14Exhibit
10.16

 

	African Agriculture, Inc.	
	 	 
	New
York, NY	 
	May 10, 2021	 

 

 

INTERCOMPANY
LOAN AGREEMENT BETWEEN AGRO-INDUSTRIES/ GLOBAL COMMODITIES AND AFRICAN AGRICULTURE

 

THIS
AGREEMENT (“Agreement”), is dated as of May 10, 2021 and is made by and between African Agriculture, Inc., a Delaware corporation
(“Borrower’), Agro Industries Corp., a wholly owned subsidiary of AA (“Al”) and Global Commodities & Investments Ltd.,
an open ended limited liability investment company incorporated in Grand Cayman (“Lender”).

 

WHEREAS,
the Lender owns approximately 84 percent of the Common Stock of the Borrower, and, together with shares owned by certain other parties
related to the Lender, is the majority shareholder of the Borrower;

 

WHEREAS,
the Lender has previously made loans to Al for purposes of funding agricultural operations, working capital and other expenses for and
on behalf of Al; and

 

WHEREAS,
the parties establish the terms and conditions applicable to said loans;

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth in this Agreement and subject to the terms
and conditions set forth in this Agreement, the parties hereby agree as follows:

 

SECTION
1. THE LOAN

 

1.1.
Loan Amount. The Lender has provided and supported loans to Al since the first quarter of 2018 in the amount of Twenty five million eight
hundred seventy six thousand three hundred and sixty two United States Dollars ($25,876,362) as of June 30, 2021 (the “Loan”),
for a term of 60 months from the date of each annual period, at an interest rate of 0.0%. As of December 31, 2020, the Loan balance was
Twenty four million two hundred sixty one thousand two hundred forty seven United States Dollars ($24,261,247). The Loan shall be made
on the terms and conditions set forth herein.

 

1.2.
Use of Proceeds. The Borrower shall use the proceeds of the Loan for general working capital purposes and the purchase of farm equipment.
The Borrower represents and warrants that it is not under any obligation to pay any fees or commissions to any broker, finder, or agent
with respect to the transactions contemplated by this Agreement. All loans provide that are used to fund operations in Senegal in the
form of intercompany loans will be denominated in the West African Franc.

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

     

     

    

 

	African Agriculture, Inc.	

 

SECTION
2. REPRESENTATIONS AND WARRANTIES OF BORROWER Borrower represents and warrants to the Lender as follows:

 

2.1.
Capacity. The Borrower and Al are corporations duly incorporated, validly existing and in good standing under the laws of the State of
Delaware and the Cayman Islands, respectively. The Borrower and Al possess all corporate powers and ail other authorizations and licenses
necessary to engage in its business and operations as now conducted, the failure to obtain or maintain which would have a material adverse
effect on the Borrower and Al.

 

2.2.
Authority. The execution, delivery and performance by the Borrower of this Agreement and the Note are within the Borrower’s corporate
powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Borrower’s certificate of incorporation
or by-laws or (ii) law or any contractual restriction binding on or affecting the Borrower.

 

2.3.
No Consent Required. No authorization or approval or other action by, and no notice to or filing with, any governmental authority or
regulatory body is required for the due execution, delivery and performance by the Borrower of this Agreement or the Note which has not
been duly made or obtained, except those (i) required in the ordinary course to comply with ongoing covenant obligations of the Borrower
hereunder the performance of which is not yet due and (ii) that will, in the ordinary course of business in accordance with this Agreement,
be duly made or obtained on or prior to the time or times the performance of such obligations shall be due.

 

2.4.
Execution, Delivery and Performance. This Agreement and the Note constitute the legal, valid and binding obligations of the Borrower
enforceable against the Borrower in accordance with their respective terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors rights generally or by general principles of
equity.

 

2.5.
No Legal Proceedings. As of the date hereof, there is no action, suit or proceeding other than a pending, or to the knowledge of the
Borrower threatened, against or involving the Borrower in any court, or before any arbitrator of any kind, or before or by any governmental
body, which in the reasonable judgment of the Borrower (taking into account the exhaustion of all appeals) would have a material adverse
effect on the financial condition of Borrower, and there is no action, suit or proceeding pending, or to the knowledge of the Borrower
threatened, against or involving the Borrower in any court, or before any arbitrator of any kind, or before or by any governmental body,
which in the reasonable judgment of the Borrower (taking into account the exhaustion of all appeals) would have a material adverse effect
on the financial condition of the Borrower, or which purports to affect the legality, validity, binding effect or enforceability of this
Agreement or the Note.

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

    2

     

    

 

	African Agriculture, Inc.	

 

2.6.
Taxes. The Borrower has duly filed all tax returns required to be filed, and duly paid and discharged all taxes, assessments and governmental
charges upon it or against its properties now due and payable, the failure to file or pay which, as applicable, would have a material
adverse effect on the Borrower, unless and to the extent only that the same are being contested in good faith and by appropriate proceedings
by the Borrower.

 

2.7.
Disclosure. The Borrower is not aware of any facts or circumstances which have not been disclosed in this Agreement or in the documents
referred to in, or furnished to the Lender pursuant to, this Agreement which should be disclosed to Lender in order to make any of the
representations in this SECTION 2 not materially misleading.

 

SECTION
3. COVENANTS OF BORROWER

 

The
covenants of and restrictions imposed on the Borrower pursuant to this SECTION 3 shall continue in full force and effect until such time
as the entire principal balance of the Note and all accrued interest thereon has been paid in accordance with its terms.

 

3.1.
Preservation Of Corporate Existence, Compliance With Laws, Etc. The Borrower shall preserve and maintain its corporate existence, rights
(charter and statutory) and material franchises and shall comply in all material respects, with all applicable laws, rules, regulations
and orders (including all environmental laws and laws requiring payment of all taxes, assessments and governmental charges imposed upon
it or upon its property except to the extent contested in good faith by appropriate proceedings) the failure to comply with which would
have a material adverse effect on the Borrower.

 

3.2.
Visitation Rights. At such reasonable times and intervals as the Lender may desire, the Borrower shall permit the Lender to visit the
Borrower and to discuss the affairs, finances, accounts and mineral reserve performance of the Borrower and any of its subsidiaries with
officers of the Borrower and independent certified public accountants of the Borrower and any of its subsidiaries, provided that if an
Event of Default, or an event which with the giving of notice or the passage of time, or both, would become an Event of Default, has
occurred and is continuing, the Lender may, in addition to the other provisions of this subsection (c) and at such reasonable times and
intervals as the Lender may desire, visit and inspect, under guidance of officers of the Borrower, any properties significant to the
consolidated operations of the Borrower and its subsidiaries, and to examine the books and records of account of the Borrower and any
of its subsidiaries and to discuss the affairs, finances and accounts of any of the Borrowed s subsidiaries with any of the officers
of such subsidiary.

 

3.3.
Books And Records. The Borrower shall keep, and cause each of its subsidiaries to keep, proper books of record and account, in which
full and correct entries shall be made of all financial transactions and the assets and business of the Borrower and each subsidiary
in accordance with generally accepted accounting principles either (i) consistently applied or (ii) applied in a changed manner that
does not, under generally accepted accounting principles or public reporting requirements applicable to the Borrower, either require
disclosure in the consolidated financial statements of the Borrower and its consolidated subsidiaries or require the consent of the accountants
which report on such financial statements for the fiscal year in which such change shall have occurred, or (iii) applied in a changed
manner not covered by clause (ii) above provided such change shall have been disclosed to the Lender and shall have been consented to
by the accountants which report on the consolidated financial statements of the Borrower and its consolidated subsidiaries for the fiscal
year in which such change shall have occurred.

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

    3

     

    

 

	African Agriculture, Inc.	

 

3.4.
Financial Statements, Certificates and Information. The Borrower shall deliver the following:

 

a)
Each year, as soon as available, and in any event within one hundred and twenty (120) days after the last day of each fiscal year, complete
consolidated financial statements, certified by an independent certified public accountants of recognized standing, selected by the Borrower
and satisfactory to the Lender, covering the operations of the Borrower for such fiscal year and containing consolidated statements of
income, stockholders’ equity and changes in financial position for such fiscal year, and a consolidated balance sheet of the Borrower
as at the close of such fiscal year, each in comparative form with the preceding fiscal year.

 

(b)
As soon as available, but in any event within ten (10) days after the issuance thereof, copies of such registration statements, financial
statements and reports as the Borrower shall send to its shareholders, and copies of all reports and documents that the Borrower may
file with the Securities Exchange Commission or any similar or corresponding federal or state governmental securities commission, department
or agency now existing or substituted therefor.

 

3.5.
Other Negative Covenants. The Borrower will not, unless the Lender shall otherwise consent in writing:

 

(a) Liens,
Etc. (i) Create, assume or suffer to exist, or permit any subsidiary to create, assume or suffer to exist, any liens upon or with respect
to any of the equity interests in any subsidiary, whether now owned or hereafter acquired, or (ii) create or assume, or permit any subsidiary
to create or assume, any liens or security interest upon or with respect to any other assets material to the consolidated operations
of the Borrower and its consolidated subsidiaries taken as a whole securing the payment of Loan.

 

(b)
Loan, Etc. Create, assume or suffer to exist, or permit any of its consolidated subsidiaries to create, assume or suffer to exist, any
debt, other than other Loans with the Lender

 

(c)
Sale, Etc. Of Assets. Sell, lease or otherwise transfer, or permit any subsidiary to sell, lease or otherwise transfer, assets constituting
all or substantially all of the consolidated assets of the Borrower and its subsidiaries.

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

    4

     

    

 

	African Agriculture, Inc.	

 

(d)
Issuance of Securities. Issuance any securities of the Borrower or any instruments convertible into securities of the Borrower.

 

(e)
Mergers, Etc. Merge or consolidate with any person, or permit any of its subsidiaries to merge or consolidate with any person.

 

SECTION
4, EVENTS OF DEFAULT

 

4.1.
Events of Default. The following events shall be deemed to be “Events of Default’ under this Agreement and the Note:

 

(a)
The Borrower shall fail to pay any principal of the Note within two business days after the same shall be due, or any interest on the
Note or any other amount payable hereunder within five business days after the same shall be due; or

 

(b)
Any representation or warranty made or deemed made by the Borrower herein or by the Borrower (or any of its officers) in connection with
this Agreement shall prove to have been incorrect in any material respect when made or deemed made; or

 

(c)
The Borrower shall fail to perform or observe any other term, covenant or agreement contained in this Agreement on its part to be performed
or observed and any such failure shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower
by the Lender; or

 

(d) The
Borrower or any subsidiary shall fail to pay any debt (excluding debt evidenced by the Note) of the Borrower or such subsidiary (as
the case may be) in an aggregate principal amount in excess of $10,000, or any installment of principal thereof or interest or
premium thereon, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure
shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such debt; or any
other default under any agreement or instrument relating to any such debt, or any other event, shall occur and shall continue after
the applicable grace period, if any, specified in such agreement or instrument, if the effect of such default or event is to
accelerate the maturity of such debt; or

 

(e)
(i) The Borrower shall (A) generally not pay its debts as such debts become due; or (B) admit in writing its inability to pay its debts
generally; or (C) make a general assignment for the benefit of creditors; or (ii) any proceeding shall be instituted or consented to
by the Borrower seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for
any substantial part of its property; or (iii) any such proceeding shall have been instituted against the Borrower and either such proceeding
shall not be stayed or dismissed for 60 consecutive days or any of the actions referred to above sought in such proceeding (including
the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or
any substantial part of its property) shall occur; or (iv) the Borrower shall take any corporate action to authorize any of the actions
set forth above in this subsection (e); or

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

    5

     

    

 

	African Agriculture, Inc.	

 

(f)
Any judgment or order for the payment of money in excess of $10,000 and either (i) enforcement proceedings shall have been commenced
and are continuing or have been completed by any creditor upon such judgment or order (other than any enforcement proceedings consisting
of the mere obtaining and filing of a judgment lien or obtaining of a garnishment or similar order so long as no foreclosure, levy or
similar process in respect of such lien, or payment over in respect of such garnishment or similar order, has commenced and is continuing
or has been completed) or (ii) there shall be any period of 30 consecutive days during which a stay of execution or enforcement proceedings
(other than those referred to in the parenthesis in clause (i) above) in respect of such judgment or order, by reason of a pending appeal,
bonding or otherwise, shall not be in effect; or

 

(g)
Upon completion of, and pursuant to, a transaction, or a series of transactions (which may include prior acquisitions of capital stock
of the Borrower in the open market or otherwise), involving a tender offer (i) a “person” (within the meaning of Section 13(d)
of the US Securities Exchange Act of 1934) other than the Borrower, a subsidiary of the Borrower or any employee benefit plan maintained
for employees of the Borrower and/or any of its subsidiaries or the trustee therefor, shall have acquired direct or indirect ownership
of and paid for in excess of 50% of the outstanding capital stock of the Borrower entitled to vote in elections for directors of the
Borrower and (ii) at any time before the tater of (x) six months after the completion of such tender offer and (y) the next annual meeting
of the shareholders of the Borrower following the completion of such tender offer more than half of the directors of the Borrower consists
of individuals who (a) were not directors before the completion of such tender offer and (b) were not appointed, elected or nominated
by the Board of Directors in office prior to the completion of such tender offer (other than any such appointment, election or nomination
required or agreed to in connection with, or as a result of, the completion of such tender offer).

 

(h)
 Effect of Event of Default. Upon the occurrence of any Event of Default, the Lender may, by
notice to the Borrower, declare the Note, all interest thereon and all other amounts payable under this Agreement to be forthwith due
and payable, whereupon the Note, all such interest and all such amounts shall become and be forthwith due and payable, without presentment,
demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower.

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

    6

     

    

 

	African Agriculture, Inc.	

 

SECTION
5. MISCELLANEOUS

 

5.1.
Amendements, Etc. An amendment or waiver of any provision of this Agreement or the Note, or a consent to any departure by the Borrower
therefrom, shall be effective against the Lender and the holder of the Note if, but only if, it shall be in writing and signed by the
Lender, and then such a waiver or consent shall be effective only in the specific instance and for the specific purpose for which given

 

5.2.
Notices, Etc. All notices and other communications provided for hereunder or under the Note shall be in writing and mailed by certified
mail, return receipt requested and postage prepaid, or telecopied, telefaxed or otherwise teletransmitted, or delivered, application.
The rights of the Lender under this Section 5.4(c) are in addition to other rights and remedies (including other rights of set-off) which
the Lender may have.

 

5.5.
Binding Effect. This Agreement and the Note shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective
successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without
the prior written consent of the Lender.

 

56.
Assignments. The Lender may assign to any person all or any portion of its rights and obligations under this Agreement and/or the Note
provided such transfer is made in accordance with the Securities Act of 1933, as amended, and any applicable state securities laws.

 

5.7.
Consent to Jurisdiction. The Borrower hereby irrevocably submits to the jurisdiction of any Delaware State or Federal court sitting in
Wilmington and any appellate court from any thereof in any action or proceeding by the Lender or the holder of the Note in respect of,
but only in respect of, any claims or causes of action arising out of or relating to this Agreement or the Note. The Borrower hereby
irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any aforementioned court.

 

5.8.
Governing Law. This Agreement and the Note shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 

5.9.
Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

5.10.
Waiver of jury trial. The borrower and the lender hereby irrevocably and unconditionally waive any and all right to trial by jury in
any legal proceeding arising out of or relating to this agreement, the note or any other instrument or document furnished pursuant hereto
or in connection herewith or the transactions contemplated hereby.

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

    7

     

    

 

	African Agriculture, Inc.	

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

 

LENDER

 

/s/s
Frank Timis

 

 

BY:
Frank Timis

CEO

 

BORROWER

 

African
Agriculture, Inc.

 

/s/s
Alan Kessler 

 

 

BY:
Alan Kessler

Chairman
& CEO, African Agriculture, Inc.

 

 

social 445 Park Avenue, 9th Floor, New York, NY 10022, États-Unis

 

 

8

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