Document:

Exhibit 10.1

SETTLEMENT AGREEMENT

 

This Settlement Agreement (“Agreement”)
is entered into as of the date of the last signature to this Agreement (“Effective Date”), by and between VPR BRANDS, LP
(“VPR”), a Delaware limited partnership authorized to do business in Florida with a principal place of business located
at 3001 Griffin Road, Fort Lauderdale, FL 33312 on the one hand; and PHD MARKETING, INC. (“PHD”), a California company
with a principal place of business at 1373 Ridgeway Street, Pomona, CA 91766, on the other hand. Each of the foregoing may be referred
to hereafter as a “Party”, and together as the “Parties.”

 

RECITALS

 

WHEREAS, VPR and PHD are parties
to a lawsuit captioned VPR Brands, LP. v. PHD MARKETING, INC., Civil Action No. 21-cv-03797, which is currently pending in the
United States District Court for the Central District of California (the “Action”);

 

WHEREAS, VPR alleges patent infringement
of United States Patent No. 8,205,622 (the “‘622 Patent”), among other claims, in the Complaint, which allegations PHD
denies and to which PHD raises affirmative defenses and counterclaims of non-infringement, invalidity and unenforceability of the “622
Patent”, among others;

 

WHEREAS, the Parties hereto both desire
a mutually beneficial, dispute-avoiding arrangement;

 

WHEREAS, VPR and PHD wish to forever
settle and compromise the allegations contained in the Complaint in the Action, and all other claims, demands, and controversies between
them relating to the Action;

 

NOW THEREFORE and
in consideration of the terms and conditions hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby mutually acknowledged, the Parties agree as follows:

 

		1.	Recitals.

 

The foregoing recitals are true and
correct, incorporated herein and made a part of this Agreement.

 

		2.	Settlement Payment by PHD

 

Each Party shall bear its own attorneys’
fees and costs relating to the Action, and each party waives any and all claims for monetary relief related to the Action. Notwithstanding
the foregoing, PHD shall pay VPR the sum of Eighty-Five Thousand ($85,000.00) (the “Settlement Sum”) on or before December
31, 2021. Payment shall be made by wire payment to the SRIPLAW Trust Account.

 

The Parties agree and acknowledge that
the Settlement Sum shall not be construed as an admission or acknowledgment that reflects, evidences, or supports any of the alleged harm
and

 

Page 1 of 6

    	 

    	 

    

alleged damages as asserted by the Plaintiff in the Complaint
in the Action. No other outside party will be entitled to a set off, or otherwise, with respect to the Settlement Sum. Each party shall
bear its own attorney’s fees and costs incurred in connection with all proceedings and related to this matter, including the preparation
and drafting of this Agreement.

 

		3.	VPR Representations, Warranties and Covenants.

 

VPR represents and warrants that:
(i) it is the sole and exclusive owner of all right, title, and interest in and to the ‘622 Patent, and that no other Third Party
owns any right to recover for infringement of or to assert any rights in or under the ‘622 Patent; (ii) it has the full, sole, and
exclusive right to grant the licenses of the full scope set forth herein; (iii) it has the full, sole, and exclusive right to grant the
releases and covenants set forth herein without the need for any consents, authorizations, or approvals not yet granted or obtained; (iv)
there are no liens, conveyances, mortgages, assignments, encumbrances, or any other agreements or understandings that would prevent or
impair the full and complete exercise of the terms of this Agreement, including the grant of the licenses and releases hereunder; (v)
it has not assigned or otherwise transferred to any other Entity any rights to the ’622 Patent or any related family members of
this patent (e.g. continuation, continuation-in-part patent applications or registrations) or otherwise that would conflict or prevent
it from entering into this Agreement.

 

		4.	Grant of Covenant Not to Sue to PHD and Covenant Not to Challenge; Assignment

 

4.1             
Grant of Fully Paid-Up Covenant Not to Sue. Upon receipt of the Settlement Sum, VPR hereby
grants to PHD a Covenant Not to Sue PHD with respect to the invention in the ‘622 Patent and all related patents and applications
whether in existence as of the date of this agreement or later created, for the full term of the ‘622 Patent. In addition, VPR hereby
grants PHD, contingent upon receipt of the payment of paragraph 1 and paragraph 2 herein, a non- exclusive, non-assignable license to
practice the invention set forth in United States Patent No. 8,205,622 (“License”).

 

4.2           
Covenant Not to Challenge ‘622 Patent. PHD covenants that they will take no action,
directly or indirectly to render any claim of the ‘622 Patent invalid or unenforceable or not infringed, and that they will take
no action, directly or indirectly to aid or assist any third-party to render any claim of any ‘622 Patent invalid or unenforceable
or not infringed.

 

4.3             
Assignment by PHD. PHD may not assign this Agreement, or assign or delegate any right or obligation
under this Agreement, in whole or in part, without the prior written consent of VPR, which consent shall not be unreasonably withheld,
except that PHD may assign its Covenant Not to Sue and License to an acquirer of all or substantially all of the equity or assets of PHD’s
businesses to which this Agreement relates or the surviving entity in any merger, consolidation, equity exchange, or reorganization of
their businesses to which this Agreement relates.

 

4.4             
Assignment by VPR. VPR may not assign this Agreement or its rights under the ‘622 Patent
unless such assignments or transfers of rights are made subject to the rights granted to PHD in this Agreement.

    	 

    	 

    

		5.	Mutual General Release.

 

Each Party for itself and on behalf
of its parents, subsidiaries, related companies, affiliates, assigns, and predecessor entities hereby remises, releases, acquits, satisfies,
and forever discharges each and every other Party (including each Party’s past and present parent, subsidiary, affiliated, related
or predecessor entities, and any and all of each such Party’s past and present officers, directors, agents, attorneys, accountants,
representatives, insurers, servants, employees, independent contractors, shareholders, members, and partners, hereinafter collectively
referred to as the “Releasees”), of and from any and all manner of, claims, actions, causes of action, suits, debts, sums
of money, accounts, reckonings, contracts, controversies, agreements, promises, damages, attorney’s fees, obligations and demands
whatsoever, in law or in equity, whether based on contract, statute, tort, or strict liability, and whether for compensatory, special,
punitive, statutory, or any other damages or remedies (collectively the “Claims”), which each Party had or now has against
any of the Releasees, or claims to have for, upon or by reason of any matter, cause or thing whatsoever, from the beginning of the world
to the Date of this Agreement. Notwithstanding the foregoing, each Party expressly excludes from the effect of this Release and does not
release the Releasees from the terms, conditions, obligations, and promises set forth in this Agreement.

 

		6.	Dismissal of the Action.

 

The Parties will submit to the Court,
within 14 days of receipt of the payment provided in Section 2 above, a stipulation of dismissal of the Action, in the form attached hereto
as Exhibit A, between VPR and PHD in its entirety, with prejudice, including all claims and counterclaims, with each side to bear its
own attorneys’ fees and costs. See Exhibit A, Joint Stipulation of Dismissal with Prejudice.

 

 

		7.	Governing Law and Venue.

 

This Agreement shall be governed
by the laws of the United States and the laws of the State of California. The Parties agree that any suit, action, or other proceeding
arising out of, or in connection with this Agreement shall be brought exclusively in the U.S. District Court for the Central District
of California, and each Party hereby irrevocably consents and submits itself to, the proper and exclusive jurisdiction and venue of the
U.S. District Court for the Central District of California for such purpose.

 

		8.	Attorneys’ Fees for Enforcement of Agreement.

 

In the event of any litigation
or proceeding, relating to the enforcement, interpretation, or breach of this Agreement, the prevailing party shall recover its reasonable
attorneys’ fees, costs, and expenses incurred in connection with such litigation or proceedings, and including all such fees, costs,
or expenses on appeal.

    	 

    	 

    

		9.	Binding Effect and Parties Bound.

 

This Agreement
and all covenants and releases set forth herein shall be binding upon and shall inure to the benefit of the Parties to this Agreement,
their legal successors, agents, heirs, assigns, partners, officers, directors, representatives, owners, shareholders, employees, affiliated
corporations and business entities.

 

		10.	Authority.

 

Each of the undersigned signatories
who signs this Agreement on behalf of another entity represents and warrants that they are authorized to execute this Agreement on behalf
of that Party. The Parties further declare, covenant, and warrant that they or their representatives are over the age of eighteen (18)
years, and that they are not suffering from any legal, mental, or physical disabilities which would impair or disable them from executing
this Agreement and that there have been no representations and/or statements made by the Parties hereto or their agents, employees, or
representatives to influence the Parties in making or executing this Agreement.

 

		11.	Mutual Representations and Warranties.

 

Each Party represents and warrants
that, as of the Effective Date, (1) it has the authority to execute this Agreement and has full right, power, and authority to enter into
this Agreement and to be legally bound by the terms, conditions, covenants, and releases set forth herein, and (2) this Agreement and
its performance under this Agreement will not violate any other agreements between it and any other entity.

 

		12.	Entire Agreement.

 

The Parties acknowledge and represent
that no promise or representation not contained in this Agreement has been made to them, and that this Agreement contains the entire understanding
and agreement between the Parties. This Agreement supersedes all prior negotiations and agreements, proposed or otherwise, written or
oral, concerning the subject matter hereof, and contains all terms and conditions pertaining to the compromise and settlement of any and
all disputes relating to the Action.

 

		13.	Headings and Captions.

 

Headings and captions contained in
this Agreement are for convenience only, and shall not be considered for any purpose in construing this Agreement.

 

		14.	No Presumption Against Drafting Party.

 

This Agreement and the provisions
contained herein shall not be construed or interpreted for or against any Party hereto because said Party drafted or caused the Party’s
legal representative to draft any of the provisions.

 

    	 

    	 

    

		15.	Severability.

 

Each provision of this Agreement
shall be considered severable. If for any reason any provision or provisions herein are determined to be invalid or contrary to any existing
or future law, such invalidity shall not impair the operation or effect of any other provision of this Agreement.

 

		16.	Amendments.

 

No modification of this Agreement
shall be binding unless in writing and signed by the party to be charged.

 

		17.	Notices.

 

All notices, requests, consents,
claims, demands, waivers, and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered
by hand to such Party’s address set out herein with written confirmation of receipt; (b) when received by the addressee if sent
by a nationally recognized overnight courier, receipt requested; (c) on the fifth day after the date mailed to such Party’s
address set out herein, by certified or registered mail, return receipt requested, postage prepaid; or (d) when sent by electronic mail
to counsel at the addresses below.

If to VPR, Notices shall be made to:

Kevin Frija

CEO

VPR Brands

3001 Griffin Road

Fort Lauderdale, FL 33312

kevin.frija@vprbrands.com

with courtesy copy to:

SRIPLAW

Attn: Joel Rothman

21301 Powerline Road

Suite 100

Boca Raton, FL 33433 

joel@sriplaw.com

If to PHD, notices shall be made to:

Samir Jaber

CEO

PHD MARKETING, INC.

1373 Ridgeway Street

Pomona, CA 91766

with courtesy copy to:
Mohammed M. Ahmad-Hamideh

MA@phd.marketing

 

    	 

    	 

    

 

 

18.       Counterparts.

 

This Agreement may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, and such counterparts together constitute one and the same Agreement. The
facsimile or electronic PDF signatures of the Parties shall be enforceable just as though they were the original signatures of the Parties.

 

 

19.       Declaration.

 

Each Party has executed this Agreement
freely and voluntarily after consulting with their own counsel. In settling this dispute, none of the Parties hereto admit or concede
the truth or any of the allegations contained in the pleadings herein or concede or acknowledge that they have any liability to one another
and are settling to avoid the cost and expense of further proceedings, and to bring finality to this matter. The Parties agree that the
Court shall maintain jurisdiction to enforce the provisions of this Agreement.

 

IN WITNESS WHEREOF and intended
to legally bound, the Parties have hereunto set their hands as of the date below.

 

	 	VPR BRANDS, LP.

 

 

	Dated: 12/29/2021	By:	

                                                           /s/ Kevin Frija
	 
	 	Name:  Kevin Frija	 
	 	Title:  CEO	 

 

	 	PHD MARKETING, INC.

 

 

	Dated: 12/30/2021	By:	 /s/ K.J. Semikian	 
	 	Name: K.J. Semikian
	 	Title: CFOExhibit 10.2

 

Dated
December 31, 2021

 

FORAFRIC
AGRO HOLDINGS LIMITED

(as
Issuer)

 

and

 

LIGHTHOUSE
CAPITAL LIMITED

(as
Issuer’s Shareholder)

 

and

 

THE
SUBSCRIBERS AS DEFINED IN THIS DEED

(as
Subscribers)

 

 

 

bond
SUBScRIPTION deed

 

(USD
$40,000,000 6% Bonds 2026)

 

 

 

 

    	-1-

     

    

 

This
Deed is made on December 31, 2021 (this “Deed”)

 

By

 

FORAFRIC
AGRO HOLDINGS LIMITED, a private company limited by shares incorporated under the laws of Gibraltar with registered number 114436
and registered office at 57/63 Line Wall Road, Gibraltar (the Issuer) and LIGHTHOUSE CAPITAL LIMITED, a private company
limited by shares incorporated under the laws of Gibraltar with registered number 114433 and registered office at 57/63 Line Wall Road,
Gibraltar (the Issuer’s Shareholder) for the benefit of The SUBSCRIBERS AS HEREIN
DEFINED.

 

Whereas

 

	(A)	The
    Issuer has by a resolution of its directors passed on or before the date of this Deed authorised the issue of 6 per cent. per annum
    bonds in the aggregate initial principal amount of up to USD $40,000,000 to be constituted
    by this Deed (the Bonds).
	 	 
	(B)	The
    Issuer and the Issuer’s Shareholder are executing this Deed for the benefit of each person who executes a Deed of Accession
    pursuant to this Deed and subscribes and pays the subscription amount for Bonds (each such person a Subscriber and all subscribers
    from time to time together the Subscribers, which terms shall include their respective successors and permitted assigns from
    time to time).
	 	 
	(C)	Globis
    is a prospective purchaser of the Issuer and the purchase price for the Issuer takes into account the issue of the Bonds. It is envisaged
    that subject to and concurrently with completion of the DE-SPAC Transaction, the Bonds will be novated by the Issuer to Globis and
    the Bonds will immediately thereon be cancelled by the Subscribers in consideration for which Globis will issue Globis Shares to
    the Subscribers, in each case on and subject to the terms and conditions of this Deed.

 

Now
this Deed Witnesses as follows:

 

	1	Interpretation
	 	 
	 	Schedule
    1 shall have effect for the purposes of definitions and construction of references in this Deed.
	 	 
	2	Issue
    of Bonds
	 	 
	2.1	Subject
    as provided in this Deed the Issuer shall issue Bonds up to the aggregate original principal amount of USD $40,000,000.
	 	 
	2.2	Each
    issue of Bonds shall take place on a Bond Closing Date.
	 	 
	2.3	The
    Bonds shall be issued minimum amounts of US$ 100,000 and, above that amount, in integral multiples of USD $25,000.
	 	 
	2.4	The
    Bonds shall rank pari passu in all respects with each other.
	 	 
	2.5	The
    net proceeds of the Bonds shall be applied in or towards the Issuer’s working capital and/or capital expenditure requirements.
    A Bondholder is not bound to monitor or verify the application of any proceeds of any Bond.

 

    	-2-

     

    

 

	2.6	The
    Issuer’s Shareholder incurs only the obligations on its part specified in clause 6 and shall have no other obligation under
    or in connection with any Bond or any Bond Document.
	 	 
	3	Terms
	 	 
	 	The
    Bonds shall be issued and held subject to and with the benefit of the provisions of this Deed and the Conditions. All such provisions
    shall be binding on the Issuer and the Bondholders and all persons claiming through or under them respectively and shall inure for
    the benefit of all Bondholders.
	 	 
	4	Bond
    Subscriptions
	 	 
	4.1	Subject
    to clause 4.3, each subscription of Bonds shall take place on a date (a Bond Closing Date) agreed for that purpose between
    the Issuer and a prospective Subscriber (a Prospective Subscriber).
	 	 
	4.2	On
    or prior to each Bond Closing Date:

 

	 	(a)	the
    Issuer shall deliver to the Prospective Subscriber:

 

	 	 	i.	a
    certified true copy of a resolution of its directors authorising the execution of this Deed, the issue of the Bonds and the performance
    of its obligations thereunder;
	 	 	 	 
	 	 	ii.	a
    certified true copy of any other consent or authorisation required for the Issuer’s execution of this Deed, the issue of the
    Bonds and the performance of its obligations thereunder; and
	 	 	 	 
	 	 	iii.	if
    so requested by a Prospective Subscriber, such “know your customer” information and documents as it may have reasonably
    requested;

 

	 	(b)	if
    so requested by the Issuer, each Prospective Subscriber shall deliver to the Issuer such “know your customer” information
    and documents as the Issuer may have reasonably requested; and subject to and upon Conversion each Prospective Subscriber hereby
    unconditionally and irrevocably consents and agrees with the Issuer that all such “know your customer” information and
    documents as the Prospective Subscriber may provide to the Issuer shall be delivered by the Issuer to Globis on request by Globis.

 

	4.3	It
    shall be a condition precedent to each Bond Closing that no Event of Default or Potential Event of Default has occurred on or prior
    to the relevant Bond Closing Date or would result from the issue of the Bonds.
	 	 
	4.4	On
    each Bond Closing Date:

 

	 	(a)	the
    Issuer, the Issuer’s Shareholder and the Prospective Subscriber shall execute a deed in the form set out in Schedule 7 (a Deed
    of Accession);
	 	 	 
	 	(b)	the
    Prospective Subscriber shall pay to the Issuer in USD the principal amount of the Bonds to be issued to the Prospective Subscriber
    as shall have been agreed between the Issuer and the Prospective Subscriber; and

 

    	-3-

     

    

 

	 	(c)	the
    Issuer shall deliver to the Prospective Subscriber the Certificate to which it is entitled and a certified extract of the Register
    showing its registration as Bondholder in respect thereof.

 

	4.5	If
    no Bonds shall have been subscribed on or prior to the DE-SPAC Longstop Date, this Deed shall thereupon terminate and in that event
    no party shall have any obligations towards any other party hereunder.
	 	 
	4.6	Payments
    under clause 4.4(b) shall be made to such bank account as the Issuer shall have notified the Prospective Subscriber in writing.
	 	 
	5	Redemption

 

	 	(a)	The
    Bonds shall mature and be redeemed on [15 June 2026] (the Final Redemption Date) subject to the provisions of clause 6.
	 	 	 
	 	(b)	The
    Issuer shall be entitled, at its option, to redeem all or part of the Bonds (treating the Bonds pro rata in case of partial
    redemption) without premium or penalty upon payment of accrued interest on the principal redeemed.

 

	6	Mandatory
    Exchange of the Bonds on Conversion Date
	 	 
	6.1	Subject
    to completion of the DE-SPAC Transaction on or before the DE-SPAC Longstop Date and concurrently with the completion of the DE-SPAC
    Transaction on the DE-SPAC Transaction Date, each outstanding Bond shall be exchanged for that number of Globis Shares produced by
    dividing the outstanding principal and accrued interest thereon by the Conversion Price.
	 	 
	6.2	The
    Issuer’s Shareholder shall procure that each Bondholder is offered in respect of each Bond held by it, and each Bondholder
    shall accept, that number of Globis Shares determined under clause 6.1 on the Conversion Date.
	 	 
	6.3	The
    conversion of the Bonds under this clause 6 shall be made by the following simultaneous transactions:

 

	 	(a)	the
    novation from the Issuer to Globis of the entirety of the Issuer’s liabilities and obligations towards the Bondholders in respect
    of principal, interest and otherwise under and in respect of the Bonds (the Novated Obligations), and the assumption by Globis of
    the Novated Obligations, pursuant to the due execution and unconditional delivery of a deed of novation (the Deed of Novation) by
    the Issuer, acting for itself (as novator) and on behalf of the Bondholders (as creditors consenting to the novation of the Novated
    Obligations as aforesaid), and Globis (as novatee) in such form as shall be agreed between the Issuer and Globis; anddd
	 	 	 
	 	(b)	the
    conversion of the Novated Obligations into Globis Shares by Globis cancelling the Bonds and the Bondholders accepting such cancellation
    in consideration for the issue of the Globis Shares on the Conversion Date; and the issue to the Bondholders of such number of Globis
    Shares at the Conversion Price as shall correspond to the principal amount (plus accrued interest up to the Conversion Date) of the
    Bonds registered in their names and upon the execution of those transactions the Novated Obligations shall be deemed to have been
    cancelled and thereafter to be of no effect.

 

    	-4-

     

    

 

	6.4	The
    Subscribers jointly and severally hereby unconditionally and irrevocably consent to and agree with the novation of the Novated Obligations.
	 	 
	6.5	The
    parties, whether at the date of this Deed or at any time thereafter and at their own expense, shall promptly (and shall procure that
    any third party shall) do, execute and perform all such further deeds, documents, assurances, leases, acts and do all and any such
    other things as any other party to this Deed may reasonably require in order to give full effect to the novation of the Novated Obligations.
	 	 
	6.6	The
    Issuer’s Shareholder undertakes that for so long as the Bonds remain outstanding and prior to the DE-SPAC Longstop Date:

 

	 	(a)	it
    will use reasonable commercial efforts to procure that Globis shall not alter the rights attached to its ordinary shares in any way
    which would adversely affect the rights of the Bondholders without the prior consent of the Majority Bondholders; and
	 	 	 
	 	(b)	it
    will notify each Bondholder as soon as reasonably practicable after it becomes aware that Globis has resolved to implement an Adjustment
    Event specifying the prospective date of the Adjustment Event and the proposed terms of it.

 

	6.7	Following
    an Adjustment Event, the Issuer’s Shareholder’s auditors or other professional advisors shall certify to the Bondholder(s)
    in writing the adjustments to the number and nominal value of the Globis Shares to be exchanged for the Bonds so that, after such
    adjustment and on that exchange, the Bondholders shall receive the same percentage of the issued share capital of Globis carrying
    the same proportion of votes exercisable at a general meeting of Issuer’s Shareholders and the same entitlement to participate
    in distributions, in each case as nearly as practicable, as would have been the case had no Adjustment Event occurred.
	 	 
	6.8	No
    exchange of the Bonds for Globis Shares under this clause 6 shall take place if the DE-SPAC Transaction shall not have occurred on
    or before the DE-SPAC Longstop Date.
	 	 
	6.9	In
    the event that the Globis Shares issued pursuant to this Deed are not registered in connection with the consummation of the DE-SPAC
    Transaction, Globis has agreed that, within forty-five (45) calendar days after the DE-SPAC Transaction Date, it will file with the
    U.S. Securities & Exchange Commission (at its sole cost and expense) a registration statement registering the resale of the Globis
    Shares issued pursuant to this Deed (the Registration Statement), and that it shall use its commercially reasonable efforts
    to have the Registration Statement declared effective as soon as practicable after the filing thereof. Globis has also agreed to
    cause such Registration Statement, or another shelf registration statement that includes the Globis Shares issued pursuant to this
    Deed, to remain effective until the earliest of (i) the second anniversary of the DE-SPAC Transaction Date, (ii) the date on which
    the Subscribers cease to hold any Globis Shares issued pursuant to this Deed, or (iii) on the first date on which the Subscribers
    are able to sell all of the Globis Shares issued to them pursuant to this Deed (or shares received in exchange therefor) under Rule
    144 promulgated under the Securities Act of 1933, as amended, within 90 days without limitation as to the amount of such securities
    that may be sold. Each Subscriber agrees to fully, promptly, truthfully and accurately disclose its legal and ultimate beneficial
    ownership and all other pertinent details of the Subscriber relating to the Globis Shares it owns to Globis upon request to assist
    Globis in making the determination described above. Globis may amend the Registration Statement so as to convert the Registration
    Statement to a Registration Statement on Form S-3 (or F-3, as applicable) at such time after Globis becomes eligible to use such
    Form S-3 (or F-3, as applicable). Each Subscriber acknowledges and agrees that Globis may suspend the use of any such registration
    statement if it determines that in order for such registration statement not to contain a material misstatement or omission, an amendment
    thereto would be needed to include information that would at that time not otherwise be required in a current, quarterly, or annual
    report under the Securities Exchange Act of 1934, as amended. Globis’s obligations to include the Globis Shares issued to each
    Subscriber pursuant to this Deed (or shares issued in exchange therefor) for resale in the Registration Statement are contingent
    upon the Subscriber furnishing in writing and fully, promptly, truthfully and accurately to Globis such information regarding the
    Subscriber, the securities of Globis held by the Subscriber and the intended method of disposition of such Globis Shares, which shall
    be limited to non-underwritten public offerings, as shall be reasonably requested by Globis to effect the registration of such Globis
    Shares, and shall execute such documents in connection with such registration as Globis may reasonably request that are customary
    of a selling stockholder in similar situations. The Issuer’s Shareholder shall procure that Globis shall deliver the Acknowledgement
    to each Subscriber as soon as practicable after the Issuer’s Shareholder enters into a definitive agreement with Globis regarding
    the DE-SPAC Transaction.

 

    	-5-

     

    

 

	7	Interest
	 	 
	7.1	Interest
    shall accrue and be payable on each Bond in accordance with the Conditions.
	 	 
	7.2	If
    the Issuer fails to pay any amount payable by it on a Bond when so payable in accordance with the Conditions, it shall be liable
    to pay interest on the overdue amount from the due date up to the date of actual payment (before and after judgment) at the interest
    rate specified in paragraph 1.4 of the Conditions calculated by reference to a 360 day year and added to principal daily.
	 	 
	8	Certificates
	 	 
	8.1	Each
    Bondholder shall be entitled to receive without charge a Certificate for the Bonds registered in its name.
	 	 
	8.2	Where
    Bonds are held jointly, the Issuer shall issue a single Certificate in respect of them. Delivery of a Certificate to the person who
    is first named in the Register as Bondholder shall be sufficient delivery to all joint holders of such Bonds.
	 	 
	8.3	In
    the case of redemption of only some of the Bonds represented by a Certificate, the Certificate shall be:

 

	 	(a)	endorsed
    with a memorandum of the nominal amount of the Bonds so redeemed and the date of the redemption; or
	 	 	 
	 	(b)	cancelled
    and replaced by a new Certificate for the balance of the principal amount of the Bonds.

 

	8.4	In
    the case of transfer of only some of the Bonds represented by a Certificate, then (subject to the transfer restrictions contained
    in this Deed) that Certificate shall be:

 

	 	(a)	endorsed
    with a memorandum of the nominal amount of the Bonds so transferred and the date of the transfer; or
	 	 	 
	 	(b)	cancelled
    and replaced by new Certificates for the principal amount of the Bonds in the names of the relevant Bondholders.

 

    	-6-

     

    

 

	9	The
    Register
	 	 
	9.1	The
    Issuer shall maintain a Register of the Bonds issued by it.
	 	 
	9.2	There
    shall be entered in the Register:

 

	 	(a)	the
    name and address of each Bondholder;
	 	 	 
	 	(b)	the
    principal amount of Bonds held by each Bondholder;
	 	 	 
	 	(c)	the
    date of issue of each of the relevant Bonds and the date on which the name of each Bondholder is entered in the Register;
	 	 	 
	 	(d)	the
    serial number of each Certificate and the date of its issue; and
	 	 	 
	 	(e)	the
    date(s) and amount(s) of all transfers of any of the Bonds.

 

	9.3	The
    Issuer shall promptly amend the Register maintained by it to record any change to the name or address of a Bondholder that is notified
    in writing to it by that Bondholder.
	 	 
	9.4	The
    Bondholders or any of them, or any person authorised by a Bondholder, shall be at liberty at all reasonable times upon at least 48
    hours’ prior written notice to the Issuer to inspect the applicable Register during office hours, to take copies of or extracts
    from it or to request a copy to be provided by email.
	 	 
	9.5	Every
    Bondholder shall be recognised by the Issuer as entitled to his Bonds free from any equity, set-off or cross-claim against the original
    or an intermediate holder of such Bonds.
	 	 
	10	Covenant
    to Pay
	 	 
	10.1	The
    Issuer shall pay to or to the order of each Bondholder in same day funds when due in accordance with the Bond Documents:

 

	 	(a)	the
    principal amount of each Bond held by that Bondholder together with any other amount payable under the Bond Documents; and
	 	 	 
	 	(b)	if
    so payable in accordance with the Bond Documents, interest on the aggregate principal amount of each Bond together with any other
    amount payable in accordance with the Bond Documents.

 

	11	Status
    of the Bonds
	 	 
	11.1	Each
    Bond shall constitute a direct, unconditional obligation of the Issuer.
	 	 
	11.2	No
    application has been made to any investment exchange for permission to deal in, or for an official or other listing or quotation,
    in respect of the Bonds.
	 	 
	11.3	The
    obligations of the Issuer under the Bonds shall rank at least pari passu with all other present and future unsecured obligations
    of the Issuer, subject to applicable law.
	12	 Representations
    and Warranties
	 	 
	12.1	The
    Issuer hereby represents and warrants to each Subscriber in the terms set out in Schedule 4 (the Representations).

 

    	-7-

     

    

 

	12.2	The
    Representations shall be deemed to be repeated by the Issuer at each Bond Closing by reference to the facts and circumstances then
    existing.
	 	 
	13	Undertakings
	 	 
	13.1	The
    Issuer hereby undertakes to each Subscriber in the terms set out in Schedule 5.
	 	 
	14	Events
    of Default
	 	 
	14.1	Each
    of the events or circumstances set out in Schedule 6 is an Event of Default.
	 	 
	14.2	On
    and at any time after the occurrence of any Event of Default, for so long as the Event of Default has not been rectified within 15
    Business Days, the Majority Bondholders, or such person as they may authorise for this purpose, may by notice to the Issuer declare
    that all or part of the Bonds, together with accrued interest and all other amounts accrued or outstanding under the Bond Documents
    shall be immediately due and payable, whereupon they shall be immediately due and payable.
	 	 
	15	Indemnities
	 	 
	15.1	USD
    is the sole currency of payment and account in respect of the Bonds.
	 	 
	15.2	If
    any sum due from the Issuer under the Bond Documents (a Sum), or any order, judgment or award given or made in relation to
    a Sum, has to be converted from the currency (the First Currency) in which that Sum is payable into another currency (the
    Second Currency) for the purpose of:

 

	 	(a)	making
    or filing a claim or proof against the Issuer;
	 	 	 
	 	(b)	obtaining
    or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 

the
Issuer shall as an independent obligation, within 3 Business Days of demand, indemnify each Bondholder to whom that Sum is due against
any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (i) the rate of exchange
used to convert that Sum from the First Currency into the Second Currency and (ii) the rate or rates of exchange available to that person
at the time of its receipt of that Sum.

 

	15.3	The
    Issuer shall within 10 Business Days of demand, indemnify each Bondholder against any cost, loss or liability incurred by any Bondholder
    as a result of:

 

	 	(a)	the
    occurrence of any Event of Default in respect of which it is the Issuer of a defaulted Bond;
	 	 	 
	 	(b)	its
    failure to pay any amount due under a Bond Document on the date on which it is payable in accordance with this Deed and the Conditions.

 

	16	Costs
    and Expenses
	 	 
	16.1	Each
    party shall bear its own costs and expenses (including legal fees) incurred by it in connection with the negotiation and execution
    of the Bond Documents.
	 	 
	16.2	The
    Issuer shall pay all reasonable costs and expenses (including reasonable legal fees) incurred by a Subscriber in connection with
    the enforcement of the Bond Documents following an Event of Default.

 

    	-8-

     

    

 

	17	Assignment
    and Transfer
	 	 
	17.1	Subject
    to clause 17.2, no Subscriber shall assign or transfer its rights or obligations under this Deed except with the consent of the Issuer.
	 	 
	17.2	Notwithstanding
    clause 17.1, the Bonds shall be transferable by a transfer made with the prior consent of the Issuer (such consent not to be unreasonably
    withheld) and, subject thereto, in accordance with the Conditions and the transferee pursuant to any transfer so made shall benefit
    from the rights conferred upon the Subscribers under this Deed with effect from the effective date of the transfer.
	 	 
	17.3	The
    Issuer shall not assign or transfer its rights or obligations under this Deed save as expressly provided for in clause 6.3 or otherwise
    except with the consent of the Majority Bondholders.
	 	 
	18	Payments
	 	 
	18.1	Payments
    of principal and interest in respect of the Bonds shall be paid in accordance with this Deed and the Conditions when so required
    without any deduction or withholding (whether in respect of any set-off, counterclaim or otherwise whatsoever) unless the deduction
    or withholding is required by law.
	 	 
	18.2	If
    a Tax Deduction is required by law to be made by the Issuer, the amount of the payment due from the Issuer shall be increased to
    an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction
    had been required.
	 	 
	19	Miscellaneous
	 	 
	19.1	Calculations
    and Certificates

 

	 	(a)	In
    any litigation or arbitration proceedings arising out of or in connection with a Bond Document, the entries made in the accounts
    maintained by a Bondholder are prima facie evidence of the matters to which they relate.
	 	 	 
	 	(b)	Any
    certification or determination by a Bondholder of a rate or amount under any Bond Document is, in the absence of manifest error,
    conclusive evidence of the matters to which it relates.
	 	 	 
	 	(c)	Any
    interest accruing under a Bond Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
    and a year of 360 days.

 

	19.2	Partial
    Invalidity
	 	 
	 	If,
    at any time, any provision of a Bond Document is or becomes illegal, invalid or unenforceable in any respect under its governing
    law, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of
    such provision under the law of any other jurisdiction will in any way be affected or impaired.

 

    	-9-

     

    

 

	19.3	Remedies
    and Waivers
	 	 
	 	No
    failure to exercise, nor any delay in exercising, on the part of any Bondholder, any right or remedy under a Bond Document shall
    operate as a waiver of any such right or remedy or constitute an election to affirm any of the Bond Documents. No election to affirm
    any Bond Document on the part of any Bondholder shall be effective unless it is in writing. No single or partial exercise of any
    right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies
    provided in each Bond Document are cumulative and not exclusive of any rights or remedies provided by law.
	 	 
	19.4	Amendments
    and Waivers
	 	 
	 	Any
    term of this Deed may be amended or waived by written agreement between the parties hereto subject to the prior written consent of
    the Majority Bondholders and any such amendment or waiver will be binding on the parties hereto and on the Bondholders.
	 	 
	20	Communications
	 	 
	20.1	Any
    notice, certification, consent or other communication under or in connection with this Deed (each a Notice) shall be in writing
    and delivered by hand, email, recorded or special delivery or courier.
	 	 
	20.2	Notices
    shall be sent to according to the contact details set out in clause 20.3, or such other contact address or contact person as any
    party may notify the others for the purposes of Notices given to it from time to time in accordance with this clause 20.
	 	 
	20.3	For
    the purposes of clause 20.2 the following contact details are specified:

 

	Party	 	Attention	 	Address	 	Email
	 	 	 	 	 	 	 
	Issuer	 	Shlomo
    Wahnon

     

    with
    a copy to:

    Hassans
    International

    Law Firm Limited

    Madison
    Building

    MidTown,
    Gibraltar GX11 1AA

    Attention:
    Isaac Levy

    Email:
    Isaac.levy@hassans.gi

     
	 	Madison
    Building

    MidTown,
    Gibraltar GX11 1AA

     
	 	swahnon@forafric.com
	Issuer’s
    Shareholder	 	Shlomo
    Wahnon

     

    with
    a copy to:

    Hassans
    International

    Law Firm Limited

    Madison
    Building

    MidTown,
    Gibraltar

    GX11 1AA

    Attention:
    Isaac Levy

    Email:
    Isaac.levy@hassans.gi

     
	 	Madison
    Building

    MidTown,
    Gibraltar GX11 1AA

     
	 	swahnon@forafric.com

 

	20.4	Any
    such communication will take effect, in the case of delivery, at the time of delivery or, in the case of fax or email, at the time
    of despatch.

 

    	-10-

     

    

 

	21	Confidentiality
	 	 
	21.1	Subject
    to clause 21.2, each Subscriber undertakes to the Issuer not to:

 

	 	(a)	disclose
    to any person (i) the existence of or terms of the Bond Documents, or (ii) any documents, financial statement or information disclosed
    by the Issuer pursuant to the Bond Documents in the course of any due diligence investigations or enquiries made in connection with
    the negotiation of the Bond Documents (the Bond Documents and such documents, financial statement or information as aforesaid Confidential
    Information); or
	 	 	 
	 	(b)	make
    use of Confidential Information other than to the extent necessary for the purpose of exercising or performing its rights and obligations
    under the Bond Documents.

 

	21.2	A
    Subscriber may disclose any information that it would otherwise be required to keep confidential under this clause 21:

 

	 	(a)	if
    or to the extent that the information is in the public domain other than as a result of unauthorised disclosure or publication;
	 	 	 
	 	(b)	to
    such of its professional advisers, consultants, employees or officers as are reasonably necessary to advise on the Bond Documents,
    or to its auditors or bankers, in each case under conditions of confidentiality;
	 	 	 
	 	(c)	to
    the extent that the disclosure is required:

 

	 	 	i.	by
    applicable law; or
	 	 	 	 
	 	 	ii.	by
    a regulatory body, tax authority or securities exchange with competent jurisdiction so to require (each an Authority)

 

but
in the case of this paragraph (b) each party shall use reasonable endeavours, if or to the extent permitted by applicable law or by the
relevant Authority, to consult the Issuer and to take into account any reasonable requests that the Issuer may make in relation to the
disclosure before making it.

 

The
parties recognise that Globis, as a listed company, will be required to make public disclosures and filings and nothing in this Deed
shall restrict or limit the ability of Globis to make such public disclosures and filings, including but not limited to the disclosure
of Confidential Information.

 

	22	Governing
    Law and Jurisdiction
	 	 
	22.1	This
    Deed, and any non-contractual obligations arising out of or in connection with it, shall be governed by, and construed in accordance
    with, English law.
	 	 
	22.2	The
    English courts shall have exclusive jurisdiction to settle any dispute arising out of or in connection with the Bond Documents, including
    a dispute relating to the existence, validity or termination of any Bond Document or any non-contractual obligation arising out of
    or in connection with any Bond Document (a Dispute).
	 	 
	22.3	The
    parties agree that the English courts are the most appropriate and convenient courts to settle Disputes and accordingly no party
    will argue to the contrary.
	 	 
	23	Third
    Party Rights
	 	 
	 	A
    person, other than a Bondholder, who is not a party to this Deed or a transferee of a Bondholder in accordance with the Conditions
    has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Deed.
	 	 
	24	Counterparts
	 	 
	 	This
    Deed may be executed and delivered in any number of counterparts, all of which, taken together, shall constitute one and the same
    deed and any party to this Deed may enter into the same by executing and delivering a counterpart.

 

    	-11-

     

    

 

IN
WITNESS whereof this Deed has been executed as a deed on the date first above written.

 

	Signed
    as a Deed for and on behalf of

    FORAFRIC
    AGRO HOLDINGS LIMITED

    acting
    by a director in the presence of:

     

     
		 
	 	Director
	 	 

 

	Witness
    signature	/s/
    DAVID SHALLEM	 
	Name 		 
	(in block capitals)	DAVID
    SHALLEM	 
	Address	Unit
    5.3 Madison Building, Midtown	 
	 	 	 
	 	 	 
	Occupation	Office
    Administrator	 

 

	Signed
    as a Deed for and on behalf of

    LIGHTHOUSE
    CAPITAL LIMITED

    acting
    by a director in the presence of: 

     
		 
	 	Director
	 	 

 

	Witness
    signature	/s/
    DAVID SHALLEM	 
	Name		 
	(in
    block capitals)	DAVID
    SHALLEM	 
	Address	Unit
    5.3 Madison Building, Midtown	 
	 	 	
	 	 	 
	Occupation	Office
    Administrator	 

 

    	-12-

     

    

 

Schedule
1

Interpretation

 

	1.	Definitions

 

In
this Deed, the following terms shall have the meanings given to them below:

 

Acknowledgement
means the acknowledgement by Globis in the form set out in Schedule 3 delivered pursuant to this Deed.

 

Adjustment
Event means any or all of the following, at any time, or by reference to any record date, while the Bonds remain outstanding prior
to the DE-SPAC Longstop Date:

 

	 	(a)	any
    allotment or issue of shares by Globis by way of capitalisation of profits or reserves;
	 	 	 
	 	(b)	any
    cancellation, purchase or redemption of shares, or any reduction or repayment of shares, by Globis;
	 	 	 
	 	(c)	any
    sub-division or consolidation of shares by Globis; and
	 	 	 
	 	(d)	any
    issue of securities or other instruments convertible into shares in, or shares of, Globis or any grant of options, warrants or other
    rights to subscribe for, or call for the allotment or issue of, shares in the capital of Globis

 

but
excluding:

 

	 	i.	any
    issue(s) of shares pursuant to the exercise of any options granted to directors, employees or consultants of the Issuer or any of
    its Affiliates;
	 	 	 
	 	ii.	any
    issue(s) of shares by way of private investment in public equity (PIPE) in connection with the DE-SPAC Transaction;
	 	 	 
	 	iii.	any
    issue(s) of shares in connection with the DE-SPAC Transaction to the Issuer’s Shareholder; and
	 	 	 
	 	iv.	any
    redemption of shares by Globis in accordance with its Certificate of Incorporation or articles of association or memorandum of association,
    as applicable.

 

Affiliate
means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company.

 

Approved
Merger means a merger or reconstruction between the Issuer and Globis by whatever form effected and whether or not involving a third
company.

 

Audited
Financial Statements means the audited balance sheets of the Group as at 31 December 2019 and 31 December 2020 and the related statements
of income, shareholder equity and cash flows for the 12 month periods ending on each of those dates, copies of which, prepared in accordance
with GAAP, have been provided to the Subscribers.

 

Authorisation
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, permit or registration.

 

Bond
means a Bond issued or to be issued pursuant to this Deed.

 

Bond
Closing means in respect of any subscription of Bonds the actions set out in clause 4.4 to implement that subscription.

 

    	-13-

     

    

 

Bond
Closing Date has the meaning given to it in clause 4.1.

 

Bond
Documents means this Deed, the Certificates, the Conditions and any Deed of Accession executed pursuant to this Deed.

 

Bondholder
means a person appearing as the registered holder of a Bond in the Register.

 

Business
Day means a day (other than a Saturday or Sunday) on which banks are open for general business in Gibraltar.

 

Certificate
means a bond certificate in the applicable form set out in Schedule 2 issued pursuant to this Deed.

 

Conditions
means the bond terms and conditions endorsed on the Bonds.

 

Consent
means the written consent of the Majority Bondholders.

 

Control
in relation to a body corporate, the power of a person to secure that the affairs of the body corporate are conducted in accordance
with the wishes of that person:

 

	 	(a)	by
    means of the holding of shares, or the possession of voting power, in or in relation to that or any other body corporate; or
	 	 	 
	 	(b)	as
    a result of any powers conferred by the articles of association or any other document regulating that or any other body corporate.

 

Conversion
Date means the DE-SPAC Transaction Date as notified by the Issuer to the Subscribers.

 

Conversion
Price means the price at which the Bonds are to be exchanged for Globis Shares being USD $9.45 per Globis Share.

 

Deed
of Accession has the meaning given to it in clause 4.4.

 

Deed
of Novation has the meaning given to it in clause 6.

 

Default
means an Event of Default or a Potential Event of Default.

 

DE-SPAC
Longstop Date means the earlier of:

 

	 	a)	the
    date on which the Issuer gives notice to the Bondholders that the DE-SPAC Transaction will not occur by the date referred to in b)
    below; or
	 	 	 
	 	b)	 15
    June 2022.

 

DE-SPAC
Transaction means the acquisition of all the issued shares in the Issuer by Globis.

 

DE-SPAC
Transaction Date means the date on which the DE-SPAC Transaction is closed.

 

Environment
means humans, animals, plants and all other living organisms including the ecological systems of which they form part and the following
media:

 

	(a)	air
    (including, without limitation, air within natural or man-made structures, whether above or below ground)
	 	 
	(b)	water
    (including, without limitation, territorial, coastal and inland waters, water under or within land and water in drains and sewers)
    and
	 	 
	(c)	land
    (including, without limitation, land under water)

 

Environmental
Claim means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law

 

    	-14-

     

    

 

Environmental
Law means any applicable law or regulation which relates to:

 

	(a)	the
    pollution or protection of the Environment;
	 	 
	(b)	the
    conditions of the workplace; or
	 	 
	(c)	the
    generation, handling, storage, use, release or spillage of any substance which, alone or in combination with any other, is capable
    of causing harm to the Environment, including, without limitation, any waste.

 

Event
of Default means each of the events or circumstances set out in Schedule 6 (Events of Default).

 

Final
Redemption Date has the meaning given to it in clause 5.

 

Financial
Statements means the Audited Financial Statements and the Unaudited Financial Statements.

 

Financial
Year End means 31 December in each year.

 

GAAP
means United States generally accepted accounting principles, applied on a consistent basis.

 

Globis
means Globis Acquisition Corp., currently a Delaware corporation, which subject to the terms and conditions separately agreed between
itself, the Issuer’s Shareholder and the Issuer, is to change its jurisdiction of incorporation and name by de-registering as a
Delaware corporation and, following a transaction involving a merger with and into a wholly-owned subsidiary Nevada corporation, continuing
and re-domiciling as a Gibraltar public limited company pursuant to the Gibraltar Companies Act 2014 and the Gibraltar Companies (Re-domiciliation)
Regulations 1996.

 

Globis
Shares means ordinary shares of USD $0.001 par value in the capital of Globis ranking pari passu with all other ordinary shares
in its capital.

 

Group
means the Issuer and each of its direct and indirect Subsidiaries and each of them from time to time.

 

Holding
Company means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

IFRS
means the accounting standards issued by the IFRS Foundation and the International Accounting
Standards Board.

 

Majority
Bondholders means the registered holders of more than 50% of the total outstanding principal amounts of the outstanding Bonds; the
taking of action by the Majority Bondholders must have been duly authorised in advance of the action by a Special Resolution in accordance
with clause 8.18 of the Conditions or a signed resolution in accordance with 8.19 of the Conditions.

 

Material
Adverse Effect means a material adverse effect on (a) the Issuer’s ability to perform its payment obligations or other material
obligations under the Bond Documents, or (b) the rights or remedies of any Bondholder under any of the Bond Documents, or (c) the business
or assets of the Group taken as a whole.

 

Material
Asset means the assets and undertaking of the Material Subsidiary.

 

Material
Asset Sale means the sale of all or a material part of the Material Asset.

 

Material
Subsidiary means Forafric Maroc SA, a company incorporated under the laws of Morocco with company number 15239503.

 

Novated
Obligations has the meaning given to it in clause 6.

 

Potential
Event of Default means an event or circumstance which with the passing of time or the fulfilment of any other conditions provided
for in this Deed would be an Event of Default.

 

Prospective
Subscriber has the meaning given to it in clause 4.1.

 

    	-15-

     

    

 

Rule
144 means SEC Rule 144 - see https://www.sec.gov/reportspubs/investorpublications/investorpubsrule144htm.html.

 

Quarter
means a calendar quarter ending on 31 March, 30 June, 30 September or 31 December.

 

Quarter
Date means the last day of a Quarter.

 

Register
means a register of Bondholders maintained by the Issuer pursuant to this Deed.

 

Representations
has the meaning given to it in clause 12.1.

 

Special
Resolution has the meaning given to it in the Conditions.

 

Subscribers
has the meaning given to it in Recital (B) of this Deed and Subscriber shall be construed accordingly.

 

Subsidiary
means in relation to any person an entity of which that person has direct or indirect control or owns directly or indirectly more
than 50 per cent. of the voting capital or similar right of ownership and control for this purpose means the power to direct the
management and the policies of the entity whether through the ownership of voting capital, by contract or otherwise.

 

Tax
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in
connection with any failure to pay or any delay in paying any of the same).

 

Tax
Deduction means a deduction or withholding for or on account of Tax from a payment under a Bond Document.

 

Unaudited
Financial Statements means the unaudited balance sheets of the Group as at 30 September 2021 and the related statements of income,
Issuer’s Shareholder equity and cash flows for the 9-month period ending on that date, copies of which have been provided to the
Subscribers.

 

USD
and $ mean lawful currency of the United States of America.

 

	2.	Interpretation

 

	(a)	Unless
    a contrary indication appears, any reference in this Deed to:
	 	 
	 	the
    singular includes the plural and vice versa;
	 	 
	 	assets
    include present and future properties, revenues and rights of every description;
	 	 
	 	disposal
    includes a sale, transfer, assignment, grant, lease, licence, declaration of trust or other disposal, whether voluntary or involuntary,
    and dispose will be construed accordingly;
	 	 
	 	any
    agreement or instrument is a reference to that agreement or instrument as amended, novated, supplemented, extended
    or restated;
	 	 
	 	indebtedness
    includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or
    future, actual or contingent;
	 	 
	 	a
    person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust,
    joint venture, consortium or partnership or other entity (whether or not having separate legal personality);
	 	 
	 	a
    regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law)
    of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority
    or organisation;
	 	 
	 	a
    provision of law is a reference to that provision as amended or re-enacted; and
	 	 
	 	a
    time of day is a reference to CET time.
	 	 
	(b)	Section,
    Clause and Schedule headings are for ease of reference only.
	 	 
	(c)	the
    Schedules to this Deed are an integral part of this Deed.

 

    	-16-

     

    

 

Schedule
2

Form
of Bond Certificate

 

BOND
CERTIFICATE

 

Date
of Issue: [●]

Certificate
No: [●]

 

THE
BONDS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE LAWS OF ANY JURISDICTION AND MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LEGISLATION

 

FORAFRIC
AGRO HOLDINGS LIMITED (the ISSUER)

incorporated
under the laws of GIBRALTAR

REGISTERED
NUMBER: 114436

REGISTERED
OFFICE: 57/63 Line Wall Road, Gibraltar

 

6%
BondS DUE [●] 2026

 

	1.	The
    bonds represented by this Certificate (the Bonds) are issued pursuant to a Bond Subscription Deed dated [●] 2021 (the
    Deed) made by the Issuer, and Lighthouse Capital Limited in favour of the Subscribers from time to time (as therein defined).
	 	 
	2.	The
    Bonds are subject to, and have the benefit of, the Deed and the terms and conditions of the Bonds (the Conditions) endorsed
    hereon.
	 	 
	3.	Terms
    defined in the Deed have the same meanings in this Certificate (including the Conditions) except where the context otherwise requires.
	 	 
	4.	The
    obligations of the Issuer under the Bonds rank pari passu with all other present and future unsecured obligations of the Issuer,
    subject to applicable law.
	 	 
	5.	The
    Issuer hereby certifies that [NAME(S)] of [ADDRESS(ES)] (the Bondholder(s)) [is/are], at the date hereof, entered
    in the Register of Bondholders as the holder(s) of Bonds in the principal amount of USD $[●].
	 	 
	6.	For
    value received, the Issuer promises to pay the Bondholder(s) as holder of the Bonds in respect of which this Certificate is issued
    (or, in the case of joint Bondholder(s), the person first named in paragraph 5) such amount as shall become due and payable from
    time to time under the Bonds and otherwise to comply with the Conditions.
	 	 
	7.	The
    Bondholder(s) (or, in the case of joint Bondholder(s), the person first named in paragraph 5) shall be treated as having one vote
    in respect of each USD $1 in principal amount of Bonds represented by this Certificate. The Bondholder(s) or any proxy appointed
    by it shall be treated as one person for the purposes of quorums for meetings.
	 	 
	8.	The
    statement set forth in the legend above are an integral part of the Bonds in respect of which this Certificate is issued and by acceptance
    thereof the Bondholder(s) agree to be subject to and bound by the terms and provisions set forth in such legend.

 

    	-17-

     

    

 

	9.	This
    Certificate is evidence of entitlement only. Title to the Bonds passes only on due registration on the Register of Bondholders and
    only the duly registered holder (or, in the case of joint holders, the person first named in the said Register) is entitled to payments
    in respect of the Bond.
	 	 
	10.	The
    Bonds are repayable and shall bear interest in accordance with the Conditions.
	 	 
	11.	Any
    change of address of the Bondholder(s) must be notified in writing signed by the Bondholder(s) to the Issuer at its Registered Office.
	 	 
	12.	The
    Bonds, and any non-contractual obligations arising out of or in connection with it, shall be governed by, and shall be construed
    in accordance with, English law.
	 	 
	13.	Copies
    of the Deed are available for inspection at the registered office of the Issuer.
	 	 
	14.	This
    Certificate has been executed as a deed and is delivered and takes effect on the date of issue stated at the beginning of it.

 

Executed
as a deed by FORAFRIC AGRO HOLDINGS LIMITED

acting
by [NAME OF FIRST DIRECTOR],

a
director and [NAME OF SECOND DIRECTOR OR SECRETARY],

[a
director OR its secretary]

.................................

[SIGNATURE
OF FIRST DIRECTOR]

Director

.................................

[SIGNATURE
OF SECOND DIRECTOR OR SECRETARY]

[Director
or Secretary]

OR

Executed
as a deed by [NAME OF COMPANY]

acting
by [NAME OF DIRECTOR] a director,

.................................

[SIGNATURE
OF DIRECTOR]

Director

in
the presence of:

Witness
Signature:................................

Name:.................................................

Address:..............................................

Occupation

Dated:
[INSERT DATE]

 

Certificate
of Authentication

 

Certified
by or on behalf of FORAFRIC AGRO HOLDINGS LIMITED that the person(s) named in paragraph
4 above is/are at the date hereof entered in the Register of Bondholders as holder(s) of the Bonds.

 

	By:		 

 

Authorised
Signatory

 

Dated:
___________

 

    	-18-

     

    

 

TERMS
AND CONDITIONS

 

	1.	Interest
	 	 
	1.1	Interest
    shall accrue on the Bonds at a rate of 6% per annum (the Interest Rate) on the outstanding
    principal amount of the Bonds.
	 	 
	1.2	Interest
    shall accrue on the daily outstanding principal amount of the Bonds at the Interest Rate and shall be calculated on the basis of
    a 360-day year and the actual number of days elapsed.
	 	 
	1.3	Interest
    shall be payable, subject to clause 6 of the Deed (Mandatory Exchange of the Bonds on Conversion Date), on each 12 month anniversary
    of the date of issue of the Bonds and on the Final Redemption Date.
	 	 
	1.4	If
    the Issuer fails to pay any principal or interest when due, interest shall continue to accrue on the unpaid amount (before and after
    judgment) at the rate per annum which is equal to the sum of the Interest Rate and a margin of 5 percentage points.
	 	 
	2.	Time
    of payment
	 	 
	2.1	Whenever
    any payment of principal (or otherwise) becomes due on a day which is not a Business Day, payment shall be made on the next following
    Business Day.
	 	 
	3.	Redemption
	 	 
	3.1	The
    Bonds then in issue shall be redeemed at par together with accrued and unpaid interest on the Bonds at the Interest Rate upon the
    earlier of (a) the Final Redemption Date, and (b) the date on which a notice is given pursuant to clause 14.2 of the Deed.
	 	 
	3.2	In
    order for the Bond to be redeemed the Bondholder shall return the relevant Certificate for cancellation and shall notify the issuer
    of the bank account to which payment shall be made.
	 	 
	3.3	The
    Issuer shall cancel any Bonds repaid, redeemed or purchased.
	 	 
	4.	Conversion
	 	 
	4.1	Clause
    6 of the Deed (Mandatory Exchange of the Bonds on Conversion Date) shall apply on the Conversion Date.
	 	 
	4.2	Subject
    to 6 of the Deed (Mandatory Exchange of the Bonds on the Conversion Date) and clause 4.1, the Issuer shall procure that Globis Shares
    are issued and allotted to the Bondholder(s) on the Conversion Date in accordance with Clause 6 of the Deed and the related share
    certificates shall be despatched to the persons entitled to them at their own risk by registered mail.

 

    	-19-

     

    

 

	4.3	The
    entitlement of the Bondholder(s) to fractions of Globis Shares shall be rounded to the nearest whole number of Globis Shares.
	 	 
	5.	Transfer
	 	 
	5.1	The
    Issuer shall recognise the registered holder(s) of the Bonds as the absolute owner of them and shall not, except as provided by statute
    or as ordered by a court of competent jurisdiction, be bound to take notice of any trust, express, implied or constructive, to which
    any Bond may be subject.
	 	 
	5.2	The
    Bonds are transferable, with the prior consent of the Issuer (not to be unreasonably withheld), minimum amounts of US$ 100,000 and,
    above that amount, in integral multiples of USD $25,000 by instrument in writing in the usual common form and such instrument need
    not be under seal.
	 	 
	5.3	Each
    instrument of transfer shall be signed by the transferor, and the transferor shall be deemed to remain the owner of the Bonds to
    be transferred until the name of the transferee is entered in the register in respect of such Bonds.
	 	 
	5.4	Each
    instrument of transfer shall be sent to, or left for registration at, the registered office of the Issuer for the time being, and
    shall be accompanied by the Certificate(s) for the Bonds to be transferred and any other evidence that the Issuer may require to
    prove the title of the transferor or his right to transfer the Bonds (and, if such instrument is executed by some other person on
    his behalf, the authority of that person to do so). All instruments of transfer that are registered may be retained by the Issuer.
	 	 
	5.5	Payment
    of the principal amount and all accrued interest on the Bonds shall be made by bank transfer to an account nominated for that purpose
    to the Issuer in writing by the registered holder or, in the case of joint registered holders, to the one who is first-named on the
    register.
	 	 
	6.	Meetings
    of Bondholders
	 	 
	6.1	The
    provisions of this Clause 6 shall have effect only if and for so long as there is more than one Bondholder.
	 	 
	6.2	The
    Issuer may at any time convene a meeting of the holders of Bonds issued by it (in this clause 6 only the Bondholders). In
    addition, the Issuer shall at the written request of the holders of not less than one-tenth in nominal amount of the outstanding
    Bonds convene a meeting of the Bondholders. Any meeting shall be held at such place as the Issuer may designate.

 

    	-20-

     

    

 

	6.3	At
    least 14 days’ notice (exclusive of the day on which the notice is served or deemed to be served and of the day for which notice
    is given) of every meeting shall be given to the Bondholders. The notice shall specify the place, day and time of the meeting and
    the general nature of the business to be transacted, but it shall not be necessary (except in the case of a Special Resolution) to
    specify in the notice the terms of any resolution to be proposed. A meeting of the Bondholders shall, despite being called at shorter
    notice than specified above, be deemed to have been duly called if it is agreed in writing by all of the Bondholders.
	 	 
	6.4	At
    any meeting the quorum shall be Bondholders holding, or representing by proxy, at least 25% in nominal amount of the outstanding
    Bonds. No business (other than choosing a Chairman) shall be transacted at any meeting unless the requisite quorum is present.
	 	 
	6.5	If
    a quorum is not present, within half an hour from the time appointed for the meeting, the meeting shall be dissolved if it was convened
    on the requisition of Bondholders. In any other case, it shall stand adjourned to such day and time (at least 14 days later, but
    not more than 28 days later) and to such place as may be appointed by the Chairman. At such adjourned meeting, two Bondholders present
    in person (or by proxy) and entitled to vote shall constitute a quorum (whatever the nominal amount of the Bonds held by them). At
    least 14 days’ notice of any adjourned meeting of Bondholders shall be given (in the same manner mutatis mutandis as for an
    original meeting). That notice shall state that any 2 Bondholders present in person (or by proxy) at the adjourned meeting (whatever
    the nominal amount of Bonds held by them) shall form a quorum.
	 	 
	6.6	A
    person (who may but need not be a Bondholder) nominated by the Issuer shall be entitled to take the chair at every such meeting but,
    if no such person is nominated or if the person so nominated is not present at the meeting within 30 minutes after the time appointed
    for holding the meeting, the Bondholders present in person or by proxy shall choose one of their number to be Chairman. Any director
    or officer of the Issuer, and the Issuer’s solicitors and any other person authorised in that behalf by the Issuer may attend
    at any such meeting.
	 	 
	6.7	Each
    question submitted to a meeting of Bondholders shall, unless a poll is demanded, be decided by a show of hands.
	 	 
	6.8	At
    any meeting of Bondholders unless a poll is demanded by the Chairman or by one or more Bondholders present in person or by proxy
    and holding or representing in the aggregate more than 50% in nominal amount of the outstanding Bonds (before or on the declaration
    of the result of the show of hands), a declaration by the Chairman that a resolution has been carried by the requisite majority,
    lost or not carried by the requisite majority shall be conclusive evidence of the fact, without proof of the number or proportion
    of the votes recorded in favour of or against such resolution.
	 	 
	6.9	If
    a poll is duly demanded, it shall be taken in such manner and (subject as set out below) either at once or after an adjournment as
    the Chairman directs. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
    The demand for a poll shall not prevent the meeting from continuing for the transaction of any business other than the question on
    which the poll has been demanded. The demand for a poll may be withdrawn.

 

    	-21-

     

    

 

	6.10	If
    there is an equality of votes, whether on a show of hands or on a poll, the Chairman of the meeting shall not be entitled to a casting
    vote in addition to the vote(s) (if any) to which he may be entitled as a Bondholder or as a proxy.
	 	 
	6.11	The
    Chairman may, with the consent of (and shall if so directed by) any meeting at which a quorum is present, adjourn the meeting from
    time to time and from place to place, but no business shall be transacted at any adjourned meeting except business that might lawfully
    have been transacted at the meeting from which the adjournment took place.
	 	 
	6.12	Any
    poll demanded at any meeting on the election of a Chairman, or on any question of adjournment, shall be taken at the meeting without
    adjournment.
	 	 
	6.13	On
    a show of hands, each Bondholder who is an individual and is present in person or (being a corporation) is present by its duly authorised
    representative or by one of its officers as its proxy, shall have one vote. On a poll, each Bondholder present in person or by proxy,
    shall have one vote for every USD $1 nominal of Bonds held by him and a person entitled to more than one vote need not (if he votes)
    use all his votes or cast all the votes he uses in the same way.
	 	 
	6.14	In
    the case of joint registered Bondholders any one of them shall be entitled to vote in respect of such Bonds either in person or by
    proxy and, in the latter case, as if the joint holder were solely entitled to such Bonds. If more than one joint holder is present
    at any meeting either personally or by proxy that one joint holder so present whose name as between himself and the other or others
    present stands first in the register as one of the joint holders shall alone be entitled to vote in person or by proxy.
	 	 
	6.15	Each
    instrument appointing a proxy must be in writing and duly executed by the appointor or his duly authorised attorney or, in the case
    of a corporation under its common seal or duly executed by a duly authorised attorney or officer. The Chairman may (but shall not
    be bound to) require evidence of the authority of any attorney or officer. A proxy need not be a Bondholder.
	 	 
	6.16	An
    instrument of proxy shall be in the usual or common form or in any other form that the directors may accept. The proxy shall be deemed
    to include the right to demand or join in demanding a poll. A proxy shall, unless stated otherwise, be valid as well for any adjournment
    of the meeting as for the meeting to which it relates and need not be witnessed.
	 	 
	6.17	The
    instrument appointing a proxy, and the power of attorney or other authority (if any) under which it is signed or a notarially certified
    copy of such power of attorney or authority, shall be deposited at the place specified in (or in any document accompanying) the notice
    convening the meeting. If no such place is specified, the proxy shall be deposited at the registered office of the Issuer not less
    than 48 hours before the time appointed for holding the meeting or adjourned meeting or for taking of the poll at which the person
    named in that instrument proposes to vote. In default, the instrument of proxy shall not be treated as valid. A vote given in accordance
    with the terms of an instrument of proxy shall be valid notwithstanding the revocation of the proxy or of the authority under which
    the proxy is given, unless notification in writing of the revocation has been received at the registered office of the Issuer or
    at such other place (if any) specified for the deposit of instruments of proxy in the notice convening the meeting (or any document
    accompanying it) 48 hours before the commencement of the meeting or adjourned meeting or the taking of the poll at which the vote
    is given.

 

    	-22-

     

    

 

	6.18	A
    decision required by the Deed to be made by the Majority Bondholders may only be made in accordance with this clause 6.18 or clause
    6.19. Special Resolution passed at a meeting of the Bondholders shall be binding on all the Bondholders whether or not they are present
    at the meeting. Each of the Bondholders shall be bound to give effect to it accordingly. The term Special Resolution, when
    used in the Conditions, means a resolution passed at a meeting of the Bondholders duly convened and held in accordance with the Conditions,
    which is required is carried by the Majority Bondholders upon a poll.
	 	 
	6.19	A
    resolution in writing signed by or on behalf of the Majority Bondholders shall, for all purposes, be as valid and effectual as a
    Special Resolution passed at a meeting duly convened and held in accordance with the Conditions. Such resolution in writing may be
    contained in one document or in several documents in similar form, each signed by one or more Bondholders.
	 	 
	6.20	Minutes
    of all resolutions and proceedings at every meeting shall be made and duly entered in books to be from time to time provided for
    that purpose by the Issuer. Any minutes, if purporting to be signed by the Chairman of the meeting or by the Chairman of the next
    succeeding meeting of the Bondholders, shall be conclusive evidence of the matters stated in them. Until the contrary is proved,
    every meeting for which minutes have been made and signed shall be deemed to have been duly held and convened, and all resolutions
    passed at the meeting to have been duly passed.
	 	 
	7.	MISCELLANEOUS
    PROVISIONS
	 	 
	7.1	If
    more than one person is entered in the register as joint holders of any Bonds the receipt of any one of such holders for any moneys
    payable on or in respect of the Bonds shall be as effective a discharge to the Issuer or other person making the payment as if the
    person signing such receipt were the sole registered holder of such Bonds.
	 	 
	7.2	If
    any Certificate is worn out or defaced then, on production of it to the directors of the Issuer, they may cancel it and may issue
    a fresh Certificate in lieu. If any Certificate is lost or destroyed it may be replaced on such terms (if any) as to evidence and
    indemnity as the Issuer may reasonably require. An entry recording the issue of the new Certificate and indemnity (if any) shall
    be made in the Register of Bondholders. No fee shall be charged for the registration of any transfer or for the registration of any
    probate, letters of administration, certificate of marriage or death, power of attorney or other documents relating to or effecting
    title to any Bonds.
	 	 
	7.3	Any
    notice, consent or other document required to be given under this Instrument shall be in writing and may be given to or served on
    any Bondholder by sending it by first-class post in a prepaid envelope addressed to such Bondholder at his registered address. In
    the case of joint Bondholders, a notice given to, or document served on, the Bondholder whose name stands first in the register in
    respect of such Bonds shall be sufficient notice to, or service on, all the joint holders. Any such notice sent or document served
    by first-class post shall be deemed to have been given or served 48 hours or 96 hours in the case of a notice or document sent to
    an address for a Bondholder not in the United Kingdom after the time when it is posted and in proving such notice or service, it
    shall be sufficient to prove that the envelope containing the notice or document was properly addressed, stamped and posted.
	 	 
	7.4	Any
    notice or other document delivered or sent by post to, or left at, the registered address of any Bondholder in pursuance of these
    provisions shall, notwithstanding that such Bondholder is then dead or bankrupt or in liquidation, and whether or not the Issuer
    has notice of his death or bankruptcy or liquidation, be deemed to have been duly served or delivered in respect of any Bonds registered
    in the name of such Bondholder as sole or first-named joint holder unless his name shall at the time of the service of the notice
    or document have been removed from the register as the holder of the Bonds, and such service shall for all purposes be deemed sufficient
    service of such notice or document on all persons interested (whether jointly with or as claiming through or under him) in the Bonds.

 

    	-23-

     

    

 

Schedule
3

Form
of Acknowledgement

 

    	-24-

     

    

 

Schedule
4

Representations
and Warranties

 

	1.	Status

 

	 	(a)	It
    is a limited liability corporation, duly incorporated and validly existing under the laws of Gibraltar.
	 	 	 
	 	(b)	It
    has the power to own its assets and carry on its business as it is being conducted.

 

	2.	Binding
    obligations

 

	 	(a)	The
    obligations expressed to be assumed by it in each Bond Document to which it is a party are legal, valid, binding and enforceable
    obligations.

 

	3.	Non-conflict
    with other obligations

 

	 	(a)	The
    entry into and performance by it of the Bond Documents to which it is a party do not and will not conflict with:

 

	 	 	(i)	any
    law or regulation applicable to it;
	 	 	 	 
	 	 	(ii)	its
    constitutional documents; or
	 	 	 	 
	 	 	(iii)	any
    material agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described)
    under any such material agreement or instrument.

 

	4.	Power
    and authority

 

	 	(a)	It
    has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and
    delivery of, the Bond Documents to which it is a party and the transactions contemplated thereby.
	 	 	 
	 	(b)	No
    limit on its powers will be exceeded as a result of entry into, performance and delivery of, the Bond Documents.

 

	5.	Validity
    and admissibility in evidence

 

	 	(a)	All
    Authorisations required or desirable:

 

	 	 	(i)	to
    enable it lawfully to enter into, exercise its rights and comply with its obligations in the Bond Documents to which it is a party;
    and
	 	 	 	 
	 	 	(ii)	to
    make the Bond Documents to which it is a party admissible in evidence in its jurisdiction of incorporation,

 

have
been obtained or effected and are in full force and effect.

 

	 	(b)	All
    Authorisations necessary for the conduct of its business, trade and ordinary activities have been obtained or effected and are in
    full force and effect.

 

	6.	Governing
    law and enforcement

 

	 	(a)	The
    choice of the governing law of the Bond Documents to which it is a party will be recognised and enforced in its jurisdiction of incorporation.

 

    	-25-

     

    

 

	 	(b)	Any
    judgment obtained in relation to a Bond Document to which it is a party in the jurisdiction of the governing law of that Bond Document
    will be recognised and enforced in its jurisdiction of incorporation.

 

	7.	Deduction
    of Tax

 

	 	(a)	It
    is not required to make any Tax Deduction from any payment it may make under any Bond Document.

 

	8.	No
    filing or stamp taxes

 

	 	(a)	It
    is not necessary that the Bond Documents to which it is party be registered, filed, recorded, notarised or enrolled with any court
    or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation
    to the said Bond Documents or the transactions contemplated by those Bond Documents.
	 	 	 
	 	(b)	Any
    disclosure required to be made by it to any relevant taxing authority in relation to stamp duty land tax payable on any transactions
    contemplated by or being financed by the Bond Documents has been or will be made in a timely manner.

 

	9.	No
    Default

 

	 	(a)	No
    Default has occurred and is continuing.
	 	 	 
	 	(b)	No
    Default will result from the issue of the Bonds.
	 	 	 
	 	(c)	No
    Default will arise from the novation of the Novated Obligations.

 

	10.	Information

 

	 	(a)	All
    information (other than financial projections) supplied by the Issuer or on its behalf to any Bondholder in connection with the Bond
    Documents was true and accurate in all material respects and not misleading as at the date at which it was stated to be given.
	 	 	 
	 	(b)	Any
    financial projections supplied by the Issuer or on its behalf to any Bondholder in connection with the Bond Documents have been prepared
    as at their date on the basis of assumptions considered by it to be prudent.

 

	11.	Financial
    statements

 

	 	(a)	The
    Financial Statements were prepared in accordance with GAAP.
	 	 	 
	 	(b)	Each
    of the Financial Statements gave a true and fair view of the financial condition of the Issuer and the consolidated financial position
    of the Group as at the relevant balance sheet date and the results of operations during the relevant accounting period.
	 	 	 
	 	(c)	Since
    the date of the most recent Financial Statements there has been no material adverse change in the business, assets or financial condition
    of the Group taken as a whole.

 

	12.	No
    proceedings pending or threatened

 

No
litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which, if adversely
determined, will have a Material Adverse Effect have so far as it is aware been started or threatened against any member of the Group.

 

	13.	Environmental
    Matters

 

No
Environmental Claim has so far as it is aware been commenced or is threatened against any member of the Group, where that claim has or
is reasonably likely to have a Material Adverse Effect.

 

    	-26-

     

    

 

Schedule
5

Undertakings

 

The
undertakings in this Schedule 5 remain in force from the date of this Deed for so long as any amount is outstanding under the Bond Documents.
The undertakings in this Schedule 5 shall cease to be effective on the DE-SPAC Transaction Date.

 

	A.	Information
    undertakings
	 	 
	1.	Financial
    Statements

 

	 	(a)	The
    Issuer shall, no later than 30 Business Days following each Quarter Date, provide to the Bondholders unaudited financial statements
    for each member of the Group and a consolidated financial statement for the Group covering the Quarter ending on that Quarter Date
	 	 	 
	 	(b)	The
    Issuer shall, no later than 60 Business Days following its Financial Year End, provide to the Bondholders audited financial statements
    for each member of the Group and a consolidated financial statement for the Group covering the financial year ending on that date
    each prepared in accordance with GAAP or, if the DE-SPAC Transaction shall not have occurred on or before the DE-SPAC Longstop Date,
    prepared in accordance with IFRS.

 

	2.	Information

 

The
Issuer shall supply to the Bondholders:

 

	 	(a)	at
    the same time as they are dispatched, copies of all documents dispatched by the Issuer or the Material Subsidiary to the Issuer’s
    shareholders generally (or any class of them) or its creditors generally (or any class of them) at the same time as they are dispatched;
	 	 	 
	 	(b)	promptly
    upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings or investigations which are
    current, threatened or pending against the Issuer or the Material Subsidiary and which, if adversely determined, are likely to have
    a Material Adverse Effect; and
	 	 	 
	 	(c)	promptly,
    such further information regarding the financial condition, business and operations of the Issuer and/or Material Subsidiary as the
    Bondholders may reasonably request.

 

	3.	Notification
    of default

 

	 	(a)	The
    Issuer shall notify the Bondholders of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware
    of its occurrence.
	 	 	 
	 	(b)	Promptly
    upon a request by a Bondholder, the Issuer shall supply to the Bondholders a certificate signed by a director on its behalf certifying
    that no Default is continuing in relation to it (or if a Default is continuing in relation to it, specifying the Default and the
    steps, if any, being taken by it to remedy it).

 

    	-27-

     

    

 

	B.	General
    undertakings
	 	 
	1.	Authorisations

 

The
Issuer shall, and shall ensure that the Material Subsidiary shall, promptly:

 

	 	(a)	obtain,
    comply with and do all that is necessary to maintain in full force and effect; and
	 	 	 
	 	(b)	supply
    certified copies to the Bondholders of

 

all
Authorisations required to:

 

	 	(i)	enable
    the Issuer to perform its obligations under the Bond Documents and to ensure the legality, validity, enforceability or admissibility
    in evidence of any Bond Document to which it is a party; or
	 	 	 
	 	(ii)	own
    their assets and carry on their business as it is being conducted.

 

	2.	Compliance
    with laws

 

The
Issuer shall, and shall ensure that Material Subsidiary shall, comply in all respects with all laws to which it may be subject, if failure
so to comply has or will have a Material Adverse Effect.

 

	3.	Change
    of business

 

The
Issuer shall not carry on any business other than a holding company and activities in connection with the DE-SPAC Transaction.

 

	4.	No
    amendment to constitutional documents

 

The
Issuer shall not, and shall procure that Material Subsidiary shall not, make any amendment to its articles of association or memorandum
of association (or equivalent) other than to give effect to the provisions of this Deed or as otherwise may be permitted by the Bond
Documents.

 

	5.	Disposals

 

	 	(a)	The
    Issuer shall not dispose of any of its interests in the Material Subsidiary;
	 	 	 
	 	(b)	The
    Issuer shall procure that no disposal is made by the Material Subsidiary of any of its assets if such disposal will have a Material
    Adverse Effect.

 

	6.	Taxes

 

	 	(a)	The
    Issuer shall, and shall procure that the Material Subsidiary shall, pay all Taxes due and payable by it prior to the accrual of any
    fine or penalty for late payment, except if and to the extent that:

 

	 		(i)	payment
    of those Taxes is being contested in good faith; and
	 	 	 	 
	 		(ii)	adequate
    reserves are being maintained for those Taxes, the costs required to contest them and any interest or penalties that may accrue.

 

	 	(b)	The
    Issuer shall ensure that its residence for Tax purposes is in Gibraltar.

 

    	-28-

     

    

 

Schedule
6

Events
of Default

 

	1.	Non-payment

 

The
Issuer does not pay on the due date any amount payable pursuant to a Bond Document at the place and in the currency in which it is expressed
to be payable on or within 15 Business Days after its due date.

 

	2.	Other
    obligations

 

		(a)	Subject
    to paragraph (b) below, the Issuer does not comply with any provision of the Bond Documents (other than those referred to in paragraph
    1 of this Schedule 6).
	 	 	 
	 	(b)	No
    Event of Default under paragraph 2(a) will occur if the failure to comply is capable of remedy and is remedied within 15 Business
    Days of the date on which the Issuer becomes aware of it.

 

	3.	Misrepresentation

 

Any
representation or statement made or deemed to be made by the Issuer in the Bond Documents is or proves to have been incorrect when made
or deemed to be made.

 

	4.	Cross
    default

 

		(a)	any
    indebtedness of the Issuer or the Material Subsidiary over US Dollars $700,000 (or equivalent) is not paid when due; or
	 	 	 
	 	(b)	any
    indebtedness of the Issuer or the Material Subsidiary is declared to be or otherwise becomes due and payable prior to its specified
    maturity as a result of an event of default or acceleration event (however described).

 

	5.	Insolvency

 

	 	(a)	The
    Issuer or the Material Subsidiary:

 

	 	(i)	is
    unable or admits inability to pay its debts as they fall due;
	 	 	 
	 	(ii)	is
    deemed to, or is declared to, be unable to pay its debts under applicable law;
	 	 	 
	 	(iii)	suspends
    or threatens to suspend making payments on any of its debts; or
	 	 	 
	 	(iv)	by
    reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Bondholder
    in its capacity as such) with a view to rescheduling any of its indebtedness.

 

	 	(b)	A
    moratorium is declared in respect of any indebtedness of the Issuer or the Material Subsidiary. If a moratorium occurs, the ending
    of the moratorium will not remedy any Event of Default caused by that moratorium.

 

    	-29-

     

    

 

	6.	Insolvency
    proceedings

 

Except
in connection with an Approved Merger, any corporate action or legal proceedings are taken with respect to the Issuer or the Material
Subsidiary or any of their assets in relation to:

 

	 	(a)	suspension
    of payments, moratorium of indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement,
    scheme of arrangement or otherwise);
	 	 	 
	 	(b)	composition,
    compromise, assignment or arrangement with any creditor;
	 	 	 
	 	(c)	appointment
    of a liquidator, receiver, administrative receiver, administrator, compulsory manager or similar officer; or
	 	 	 
	 	(d)	enforcement
    of any security interest over any of its assets.

 

unless
in each case discharged, stayed or dismissed within 20 Business Days after commencement.

 

	7.	Creditors’
    process

 

Any
expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets
of the Issuer or the Material Subsidiary and is not discharged within 20 Business Days.

 

	8.	Cessation
    of business

 

Except
in connection with an Approved Merger, the Issuer or the Material Subsidiary suspends or ceases to carry on (or threatens to suspend
or cease to carry on) all or part of its business and such cessation or suspension will have a Material Adverse Effect.

 

	9.	Material
    Sale

 

The
Issuer sells or otherwise disposes of the Material Subsidiary or the Material Subsidiary sells all or any material part of its assets
and, in each such case, the sale has or will have a Material Adverse Effect.

 

	10.	Unlawfulness
    and invalidity

 

	 	(a)	It
    is or becomes unlawful for the Issuer to perform any of its obligations under the Bond Documents to which it is a party.
	 	 	 
	 	(b)	Any
    obligation or obligations of the Issuer under any Bond Documents to which it is a party are not or cease to be legal, valid, binding
    or enforceable (subject to any general principles of law limiting its obligations upon insolvency).
	 	 	 
	 	(c)	Any
    Bond Document to which the Issuer is a party ceases to be in full force and effect or any security given by the Issuer in favour
    of the Bondholders ceases to be legal, valid, binding, enforceable or effective (subject to any general principles of law limiting
    its obligations upon insolvency).

 

	11.	Repudiation
    and rescission of agreements

 

The
Issuer or the Issuer’s Shareholder rescinds or purports to rescind or repudiates or purports to repudiate a Bond Document to which
it is a party.

 

    	-30-

     

    

 

Schedule
7

Form
of Deed of Accession

 

This
Deed is made on                                        2021

 

By
(1) FORAFRIC AGRO HOLDINGS LIMITED, a private company limited by shares incorporated under the laws of Gibraltar with registered
number 114436 and registered office at 57/63 Line Wall Road, Gibraltar (the Issuer),(2) LIGHTHOUSE CAPITAL LIMITED,
a private company limited by shares incorporated under the laws of Gibraltar with registered number 114433 and registered office at 57/63
Line Wall Road, Gibraltar (the Issuer’s Shareholder), and (3) [●], a [●] registered in [●] with registered
address at [●] (the Prospective Subscriber) in favour of (4) the Subscribers
from time to time as defined in the BOND SUBSCRIPTION Deed.

 

Whereas

 

	(A)	The
    Issuer and the Issuer’s Shareholder executed a Bond Subscription Deed dated [●]
    2021 (the Bond Subscription Deed) constituting up to $40,000,000 of Bonds.
	 	 
	(B)	[Recite
    any previous accession by a Bondholder if applicable].
	 	 
	(C)	It
    is proposed that the Prospective Subscriber will subscribe to Bonds in the principal amount of USD $[●] and will accede to
    the Bond Subscription Deed by way of this Deed.
	 	 
	(D)	The
    Issuer, the Issuer’s Shareholder and the Prospective Subscriber are executing this Deed in order to give effect to the accession
    by the Prospective Subscriber to the Bond Subscription Deed upon and subject to the terms and conditions set out in this Deed.

 

Now
this Deed Witnesses as follows:

 

1 
INTERPRETATION

 

	1.1	Unless
    the context otherwise requires, words and expressions used in this Deed shall have the meanings given to them in, and shall be interpreted
    in accordance with, the Bond Subscription Deed.

 

2 ACCESSION TO THE BOND SUBSCRIPTION DEED

 

	2.1	The
    Prospective Subscriber confirms that it has been supplied with a copy of the Bond Subscription Deed [add reference to prior Deeds
    of Accession if applicable].
	 	 
	2.2	The
    Issuer represents that no notice has been given by it to any Subscriber, or by a Subscriber to the Issuer, that an Event of Default
    or Potential Event of Default has occurred and is continuing or would result from the issue of Bonds by the Prospective Subscriber.
	 	 
	2.3	The
    Issuer, the Issuer’s Shareholder and the Prospective Subscriber undertake with each other and for the benefit of the Subscribers
    from time to time to be bound by, observe and perform the Bond Subscription Deed.

 

3 AUTHORIZATION

 

The
Prospective Subscriber, by its execution of this Deed of Accession, hereby authorises the Issuer to execute the Deed of Novation on its
behalf when required by and in accordance with clause 6 of the Bond Subscription Deed and agrees that upon the execution of the transactions
described in clause 6 of the Bond Subscription Deed the Novated Obligations shall be deemed to have been cancelled and to be thereafter
of no effect. The Prospective Subscriber further agrees not to take any action that could frustrate the mandatory conversion of the Bonds
into Globis Shares when required by and in accordance with clause 6 of the Bond Subscription Deed.

 

    	-31-

     

    

 

4 NOTICES

 

The
Prospective Subscriber’s contact details are as set out below:

Party:

Address:

Email
address:

 

5 GOVERNING LAW AND JURISDICTION

 

	5.1	This
    Deed, and any non-contractual obligations arising out of or in connection with it, shall be governed by, and construed in accordance
    with, English law.
	 	 
	5.2	The
    English courts shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed, including
    a dispute relating to the existence, validity or termination of this Deed or any non-contractual obligation arising out of or in
    connection with this Deed (a Dispute).
	 	 
	5.3	It
    is agreed that the English courts are the most appropriate and convenient courts to settle all Disputes and accordingly no party
    to this Deed will argue to the contrary.
	 	 
	6	COUNTERPARTS
	 	 
	6.1	This
    Deed may be executed and delivered in any number of counterparts, all of which, taken together, shall constitute one and the same
    deed.

 

IN
WITNESS whereof this Deed has been executed as a deed on the date first above written.

 

	Signed
    as a Deed for and on behalf of

    FORAFRIC
    AGRO HOLDINGS LIMITED

    acting
    by a director in the presence of:

     
		 
	 	Director
	 	 

 

	Witness
    signature		 
	 	 	 
	Name 		 
	(in block capitals)		 
	Address		 
	 	 	 
	 	 	 
	Occupation		 

 

 

    	-32-

     

    

 

	Signed
                                            as a Deed for and on behalf of

    LIGHTHOUSE CAPITAL LIMITED

acting
by a director in the presence of:

     
		 
	 	Director
	 	 

 

	Witness
    signature		 
	 	 	 
	Name 		 
	(in block capitals)		 
	Address		 
	 	 	 
	 	 	 
	Occupation		 

 

	Signed
    as a Deed for and on behalf of
 [●]
    acting by its [●] in the presence of: 
		 
	 	[●]
	 	 

 

	Witness
    signature		 
	 	 	 
	Name 		 
	(in block capitals)		 
	Address		 
	 	 	 
	 	 	 
	Occupation		 

 

    	-33-

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