Document:

Exhibit
10.2

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT, dated as of September 2022 (as it may from time to time be amended and including all exhibits referenced herein, this
“Agreement”), is entered into by and among Forafric Global PLC (the “Company”), and Lighthouse Capital Limited
(the “Subscriber”).

 

WHEREAS,
the Company has determined to create and issue warrants (“Warrants”) to subscribe for 516,666 ordinary shares of $0.001 each
in the capital of the Company (each a “Share”). Each Warrant entitles the holder to purchase one Share at an exercise price
of $11.50 per Share. The Subscriber has agreed to subscriber for 516,666 Warrants, each Warrant entitling the holder to purchase one
Share at an exercise price of $11.50 per Share (“Exercise Price”).

 

NOW
THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

Section
1. Authorisation, Subscription; Terms of the Warrants.

 

A.
Authorisation of the Warrants. The Company has duly authorised the issuance of the Warrants to the Subscriber.

 

B.
Subscription for Warrants. The Company shall issue to the Subscriber, and the Subscriber shall subscribe for 516,666 Warrants.

 

C.
Terms of the Warrants.

 

	 	(i)	The
    Warrants shall be issued to the Subscriber on the date of this Agreement.
	 	 	 
	 	(ii)	The
    Warrants shall be issued subject to the conditions of this Agreement which are binding on the Company and the Subscriber.
	 	 	 
	 	(iii)	The
    Warrants shall confer the right (but not the obligation) on the Subscriber for 5 years to subscribe in cash at the Exercise Price
    for 516,666 Shares.

 

Section
2. Representations and Warranties of the Company. As a material inducement to the Subscriber to enter into this Agreement and subscribe
for the Warrants, the Company hereby represents and warrants to the Subscriber that:

 

A.
Organisation and Corporate Power. The Company is a corporation duly organised, validly existing and in good standing under the
laws of Gibraltar and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected
to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite
corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

 

B.
Authorisation; No Breach.

 

(i)
The execution, delivery and performance of this Agreement and the Warrants have been duly authorised and approved by the Company. This
Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms. Upon each issuance of
Warrants in accordance with, and pursuant to, the terms of this Agreement, the Warrants constitute valid and binding obligations of the
Company, enforceable in accordance with their terms.

 

(ii)
The execution and delivery by the Company of this Agreement, the issuance of the Warrants, the issuance of the Shares upon exercise of
the Warrants and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not (a) conflict
with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any
lien, security interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result in a violation of,
or (e) require any authorisation, consent, approval, exemption, action, notice, declaration or filing, in each case, by or to any court
or administrative or governmental body or agency pursuant to the certificate of incorporation or the articles of association of the Company,
or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which
the Company is subject.

 

    	 

     

    

 

C.
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Warrants will be duly and
validly issued and the Shares issuable upon exercise of the Warrants will be duly and validly issued, fully paid and nonassessable. The
Shares issuable upon exercise of the Warrants have been reserved for issuance. The Subscriber will have good title to the Warrants and
the Shares issuable upon exercise of such Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i)
transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions, and (iii) liens, claims
or encumbrances imposed due to the actions of the Subscriber.

 

D.
Governmental Consents. No permit, consent, approval or authorisation of, or declaration to or filing with, any governmental authority
is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company
of any other transactions contemplated hereby.

 

Section
3. Representations and Warranties of the Subscriber. As a material inducement to the Company to enter into this Agreement and issue
the Warrants to the Subscriber, the Subscriber hereby, severally and not jointly, represents and warrants to the Company that:

 

A.
Organisation and Requisite Authority. The Subscriber possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B.
Authorisation; No Breach.

 

(i)
This Agreement constitutes a valid and binding obligation of the Subscriber, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganisation, moratorium and other laws of general applicability relating to or affecting creditors’
rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)
The execution and delivery by the Subscriber of this Agreement and the fulfillment of and compliance with the terms hereof by the Subscriber
does not conflict with or result in a breach by the Subscriber of the terms, conditions or provisions of any agreement, instrument, order,
judgment or decree to which the Subscriber is subject that would materially impact its ability to perform its obligations hereunder.

 

Section
4. Miscellaneous.

 

A.
Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement without
the prior written consent of the other party hereto, other than assignments by the Subscriber to its designees or affiliates (including,
without limitation, one or more of its members).

 

B.
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision
shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures
of more than one party, but all such counterparts taken together shall constitute one and the same agreement. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile or “.pdf” signature page were an original thereof.

 

D.
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E.
Governing Law. This Agreement shall be deemed to be a contract made under the laws of Gibraltar and for all purposes shall be
construed in accordance with the internal laws of Gibraltar.

 

F.
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument
executed by all parties hereto.

 

[Signature
Page Follows]

 

    	 

     

    

 

The
parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	 
	Foraric
    Global PLC	 
	 	 
	Lighthouse
    Capital LimitedEXHIBIT 10.1

SECOND AMENDMENT OF ENGAGEMENT AGREEMENT
 ​
THIS AGREEMENT is made this 9th day of September, 2022
 ​
BETWEEN:CONSOLIDATED WATER CO. LTD.,
a Cayman Islands company having its registered office at
Regatta Office Park, Windward Three, 4th Floor, West Bay Road
P.O. Box 1114, Grand Cayman KY1-1102
Cayman Islands
(the “Company”)
​
AND:RAMJEET JERRYBANDAN
of P.O. Box 10750 APO, Grand Cayman, KY1-1007
(the “Vice-President”).
 ​
WHEREAS:
 ​
	A.
	The Company and the Vice-President (together, the “Parties”) are parties to that certain Engagement Agreement dated the 14th of January, 2008, as amended by that certain First Amendment to Engagement Agreement dated the 29th of March 2017 (as amended, the “Engagement Agreement”).

 ​
	B.
	The Parties are desirous of amending the Engagement Agreement in accordance with the terms of the Engagement Agreement.

 ​
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Parties agree that, effective as of the date first set forth above, the Engagement Agreement is amended as follows:
​
1.Clause 1 of the Engagement Agreement is hereby deleted in its entirety and replaced by the following:
​
1.The Vice-President is engaged as Executive Vice President and Chief Operating Officer of the Company, subject to the termination provisions set out in Clauses 18, 19 and 20.
​
2.Clause 2 of the Engagement Agreement is hereby deleted in its entirety and replaced by the following:
​
2.The Vice-President's Base Salary will be US$389,630 per annum, payable semi-monthly in arrears.
​
3.Clause 4 shall be amended by deleting the phrase “and subject to Clause 19(d).”
​

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4.Clauses 18 and 19 of the Engagement Agreement are hereby deleted in their entirety and the following Clauses are inserted in their place:
 ​
“Termination
18.At the option of the Company, this Agreement will terminate and, except to the extent previously accrued, all rights and obligations of both Parties under it will cease if the Vice-President:
​
 (a)dies; 
​
(b)is adjudicated bankrupt or makes any arrangement or composition with his creditors; or
 ​
 (c)is convicted of any felony (whether or not relating to the Company or its subsidiaries or affiliates).
​
19.(a)The Company may terminate this Agreement forthwith if the Vice-President: (i) knowingly commits any act or omission that could reasonably be expected to result in material harm to the business or reputation of the Company or any of its subsidiaries or affiliates, which failure and/or conduct continues un-remedied for ten (10) days after written notice from the CEO to the Vice-President setting forth in reasonable detail a description of such conduct, or (ii) otherwise conducts himself in a manner that would justify immediate dismissal of an employee in accordance with the Labour Act and, except to the extent previously accrued, all rights and obligations of both Parties under this Agreement will cease.
 ​
(b)If through physical or mental illness, the Vice-President is unable to discharge his duties for sixty (60) successive days, as to which a certificate by any doctor appointed by the Company will be conclusive, then:
​
 1.the Vice-President will be relieved of his duties, his salary reduced to US$1,000.00 per annum and his bonus entitlement suspended, except to the extent previously accrued, but
​
 2.the Company will continue to pay the full cost of providing medical insurance for the Vice-President and his wife and dependents and to make pension contributions (such contributions to be equal to the pension contribution made on behalf of the Vice-President for the previous financial year of the Company), 
​
until the Vice-President is able once again to resume his duties in full.
​
If this incapacity continues for a period of two years (including the 60-day period referred to above) the Vice-President’s employment will be deemed to have been terminated by mutual consent at the expiration of that period.
 ​

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(c)The Vice-President may give at least six (6) months’ written notice of termination to the Company and if he does so, this Agreement will terminate at the expiration of that period and, except to the extent previously accrued, all rights and obligations of both Parties under it will cease.
​
20.If the Company (or its successor) terminates this Agreement other than in accordance with Clauses 18 or 19 within one year following a Change of Control and the Vice-President signs, and does not revoke, a general release in favor of the Company (in a form satisfactory to the Company), then the Company (or its successor) shall pay to the Vice-President, on or prior to the 30th day following the effective date of such termination, one lump sum in cash in an amount equal to two times the Vice-President’s then-current Base Salary plus all other compensation accrued as of the effective date of termination, including but not limited to accrued bonuses, and short term and long term compensation (as set forth under Clause 7 hereof).  The Parties agree that this paragraph is subject to modification if required by applicable law.
 ​
For the purposes of this Agreement, a “Change of Control” will be deemed to have taken place if: (i) any person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, publicly announces that such person or group has become the beneficial owner of more than 30% of the combined voting power (“Controlling Voting Power”) of the then outstanding securities of the Company that may be cast for the election of directors of the Company and (ii) the persons who were directors of the Company before such event cease to constitute a majority of the Board of Directors of the Company, or any successor to the Company, as the direct or indirect result of any person or group acquiring Controlling Voting Power. 
​
Extension
21.On or before August 31st of each year during the Term of this Agreement (or any extension of it), the CEO must determine whether to extend the Term of this Agreement, and if the CEO so determines, the term of this Agreement will be extended such that the term will continue for  two (2) years from December 31st of that year.
​
If the CEO or the Company determines not to extend the Agreement in any year, then the Term of this Agreement will expire on December 31st of that year and the Company, on that latter date, must pay to the Vice-President, in cash, a severance payment in accordance with the Labour Act or in an amount equal to the Vice-President’s Base Salary for that year, as adjusted by Clause 6, whichever amount is greater, plus all other compensation accrued as of the effective date of termination, including but not limited to accrued bonuses, and short term and long term compensation (as set forth under Clause 7 hereof).
​
5.Clauses 20 – 25 of the Engagement Agreement are hereby renumbered sequentially as Clauses 22 – 27.  
​

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6.All other provisions of the Engagement Agreement are incorporated herein and shall remain in full force and effect, including, but not limited to, capitalized terms that are not otherwise defined herein.
 ​
[signature page follows]

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IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties hereto as of the date first above written.
 ​
EXECUTED for and on behalf ofCONSOLIDATED WATER CO LTD. 
CONSOLIDATED WATER CO LTD.)   
By: Frederick W. McTaggart)   
in the presence of:)   
 )   
 )   
/s/ Tracey Ebanks​ ​​ ​​ ​) /s/ Frederick W. McTaggart​ ​​ ​ 
Witness Frederick W. McTaggart
Print Name: Tracey Ebanks​ ​​ ​       
     ​
EXECUTED by)   
RAMJEET JERRYBANDAN)   
in the presence of:)   
 )   
 )   
/s/ Tracey Ebanks​ ​​ ​​ ​) /s/ Ramjeet Jerrybandan​ ​​ ​ 
Witness Ramjeet Jerrybandan
Print Name: Tracey Ebanks​ ​​ ​       

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