Document:

Exhibit 10.46

 

Addendum to Forward Lease

 

This Addendum is made on 26th day of April 2017
by and between;

 

1- National Bank of
Abu Dhabi P.J.S.C. “Islamic Banking Division” P.O. Box 4 Abu Dhabi, United Arab Emirates (the “Lessor”);
and

 

2- Brooge Pertolum
and Gas Investment Company FZC, incorprated under the law of Fujirah Free Zone, P.O. Box. No 50170 Fujirah, United Arab
Emirates (the “Lessee”)

 

Each a “Party” and collectively hereinafter the
“Parties”.

 

The Parties entered into a Master Forward Lease Agreement on
29-06-2015 (the “Master Forward Lease Agreement”).

 

Capitalized terms used herein shall have the same meanings ascribed
to them under the Master Forward Lease Agreement.

 

The Parties wish to enter into this Addendum to amend and Suplement
some terms of the Forward Lease

 

The Parties agreed to amend the following in the Forward Lease;

 

	1.	The Commencment date shall be 30.06.2015

 

	2.	The fixed rental payment dates shall be paid as follows:

 

	Rental Payment Dates	Fixed Rental Payments
	30/9/2017	AED 8,875,000
	30/12/2017	AED 8,875,000
	30/3/2018	AED 8,875,000
	30/6/2018	AED 8,875,000
	30/9/2018	AED 8,875,000
	30/12/2018	AED 8,875,000

 

    1

     

    

 

	30/3/2019	AED 8,875,000
	30/6/2019	AED 8,875,000
	30/9/2019	AED 8,875,000
	30/12/2019	AED 8,875,000
	30/3/2020	AED 8,875,000
	30/6/2020	AED 8,875,000
	30/9/2020	AED 8,875,000
	30/12/2020	AED 8,875,000
	30/3/2021	AED 8,875,000
	30/6/2021	AED 8,875,000
	30/9/2021	AED 8,875,000
	30/12/2021	AED 8,875,000
	30/3/2022	AED 8,875,000
	30/6/2022	AED 8,875,000
	30/9/2022	AED 8,875,000
	30/12/2022	AED 8,875,000
	30/3/2023	AED 8,875,000

 

    2

     

    

 

	30/6/2023	AED 8,875,000
	30/9/2023	AED 8,875,000
	30/12/2023	AED 8,875,000
	30/3/2024	AED 8,875,000
	30/6/2024	AED 8,875,000
	30/9/2024	AED 8,875,000
	30/12/2024	AED 8,875,000
	30/3/2025	AED 8,875,000
	30/6/2025	AED 8,875,000
	30/9/2025	AED 8,875,000
	30/12/2025	AED 8,875,000
	30/3/2026	AED 8,875,000
	30/6/2026 .	AED 8,875,000
	30/9/2026	AED 8,875,000
	30/12/2026	AED 8,875,000
	30/3/2027	AED 8,875,000
	30/6/2027	AED 8,875,000

 

    3

     

    

 

	30/9/2027	AED 8,875,000
	30/12/2027	AED 8,875,000
	30/3/2028	AED 8,875,000
	30/6/2028	AED 8,875,000
	30/9/2028	AED 8,875,000
	30/12/2028	AED 8,875,000
	30/3/2029	AED 8,875,000
	30/6/2029	AED 12,198,842.66

 

	3.	Except the above amendments, all terms and conditions of the Forward Lease and the Master Forward Lease Agreement remain unchanged.

 

Signatures:

 

For and on behalf of the Lessor

 

	Authorised Signature: 	/s/
Ali Al Jarian	 	/s/ Ayman
    Ragheb Taher Nasser

 

Name:

 

Title:

 

	Authorised Signature: 		 

 

Name:

 

Title:

 

For and on behalf of the Lessee

 

	Authorised Signature: 		 

 

Name:

 

Title:

 

 

4Exhibit 10.48

 

		

 

 

EMPLOYMENT
AGREEMENT

 

 

BETWEEN

 

 

BROOGE
PETROLEUM AND GAS INVESTMENT COMPANY FZC

 

AND

 

NICOLAAS
PAARDENKOOPER

 

 

 

DATE 21ST
MAY 2017

 

 

 

 

 

Abu
Dhabi, UAE

P.O.Box
29939

Tel   +971
2 633 3116

Fax  +971 2 633 3955

	www.bpgic.com	E-mail:
    info@bpgic.com

 

     

     

    

 

		

 

THIS EMPLOYMENT AGREEMENT
(“Agreement”) is made on May 21st 2017

 

This document
describes the terms and conditions of the employment contract between Brooge Petroleum and Gas Investment Company FZC, organized
and existing under the laws and regulations applicable in the Fujairah Free Zone, United Arab Emirates, P.O. Box 50170 Fujairah,
UAE (the “Company”) and Mr. Nicolaas Paardenkooper, a Dutch National, holding a Dutch passport,                                       (the
 “Employee”) and sets out the particulars of employment with the Company.

 

Position:

The Employee
will work in the position of Terminal Manager and will comply with the job description of Terminal Manager and its associated
roles and responsibilities attached at (Schedule A).

 

Responsibilities:

The Employee
will report to the C.E.O or representative thereof. The Company manpower organogram will provide details on the positions and
roles reporting to the position of the Terminal Manager.

 

Work
Place:

The Company
is situated in Fujairah - UAE. The Employee may be transferred to any other branch/location within UAE as per the work needs subject
to a timely notification submitted to the Employee. The Employee may be delegated on behalf of the Company to different locations
and countries if necessary, however subject to prior mutual agreement.

 

Working
days:

Sunday
to Thursday from 08.30 till 17.30

 

Date
of commencement:

From June
19th 2017

 

Renumeration:

The Employee
will receive a total monthly gross salary of Eighty Thousand Dirhams only (AED 80,000) payable at every 2nd day of
the month. The gross salary will be reviewed annually, with the tendency for increment, based on UAE official inflation corrections
and the Employee’s performance. The aforementioned salary includes the basic salary and other allowances (accommodation
allowance, transportation and car allowance, personal allowance, schooling allowance and telephone and communication allowance)
as per the following:

 

 

 

Abu
Dhabi, UAE

P.O.Box
29939

Tel   +971
2 633 3116

Fax  +971 2 633 3955

	www.bpgic.com	E-mail:
    info@bpgic.com

 

     

     

    

 

		

 

a-Basic Salary:

The basic
salary included in the above mentioned gross salary is Forty Thousand Dirhams only (AED 40,000).

 

b-Other
Allowances:

The remainder
of the gross salary of Forty Thousand Dirhams (AED 40,000) shall be distributed by the Employee for all other allowances as per
the Employee’s personal preference.

 

Bonus:

The Employee
will receive an annual bonus of 30% (288,000 AED) of the annual total salary of 960,000 AED based on employee performance. (.
Bonus will be paid out annually. as on the completion of 12 months from the Date of Commencement.

 

Additional
renumerations:

 

a. Leaves: 

The Employee
is entitled to an annual leave of 30 payable working days and the official UAE national holidays. Sick leaves and other sorts
of leaves will be processed as per Company HR manual which will be developed in the cause of 2017.

 

b. Travel
tickets: 

The calculation
for Travel ticket budget (for Employee, spouse) is based on round trip business—class to home country operated by an A rated
airline operator. The total amount of AED 38,000 will be added and paid with the monthly gross salary in even amounts divided
over 12 months, each year of the duration of the contract. The total annual amount will be reviewed yearly, with the tendency
for increment, based on UAE official inflation corrections. The travel budget can be spend for travelling, as discussed between
both parties, at the preference of the Employee.

 

c.
Medical Insurance: 

The Company
will provide medical insurance as per UAE Laws for the Employee, his spouse and two children. The insurance cards will be issued
through Orient Insurance or any insurance company ranked at the same level as Orient Insurance. The insurance network plan shall
be Next Care

 

d.
IT/ Telecommunications: 

The Company
will provide the Employee, and maintain access for the Employee, to necessary IT and telecommunications equipment/ services in
line with the position requirements.

 

 

 

Abu
Dhabi, UAE

P.O.Box
29939

Tel   +971
2 633 3116

Fax  +971 2 633 3955

	www.bpgic.com	E-mail:
    info@bpgic.com

 

     

     

    

 

		

 

e. Relocation:

In case relocation to a different
country is required on Company’s request, the Company will pay for the necessary costs associated with the relocation of
the Employee’s necessary personal belongings.

 

f. Miscellaneous: 

As mutually discussed between
both parties the salary and associated benefits, with the tendency for increment, will be reviewed one year after the commencement
date of the contract.

 

In case the Company decided to
have other terminals and offered the position of managing the additional terminal to the Employee and obtained his consent; both
parties have expressed their intention that the job title will be revised to General Manager with associated benefits.

 

In the highly unlikely event
that the UAE government will implement income taxes, applicable to the Employee, during the duration of the contract period both
parties will discuss the financial effect and the compensation, if any, to be subject to the Company’s approval .

 

Termination of Service:

 

Either Party hereto may terminate
this Agreement with providing a notice period of 60 days.

 

Return of Company Property

 

Upon the termination/expiration
of your employment, for any reason whatsoever, the Employee will immediately deliver up to the Company all correspondence, documents,
papers, memoranda, notes, records (including any contained in magnetic media or other forms of computer storage), videos, tapes
,and/or any other property of the Company which may be in your possession or under your control. The Employee will not allow the
same to be used by any other party whatsoever, and will return the property to the Company without making or retaining any copies
of it.

 

 

 

Abu
Dhabi, UAE

P.O.Box
29939

Tel   +971
2 633 3116

Fax  +971 2 633 3955

	www.bpgic.com	E-mail:
    info@bpgic.com

 

     

     

    

 

		

 

Confidentiality:

 

The Employee shall, during the
continuance of his employment and at all times thereafter and/or after the end of the employment term, keep with absolute secrecy
and shall not reveal, disclose or publish outside the Company to any person, firm or organization, unless nominated by the Company,
or otherwise utilize any information of a confidential nature. This includes without limitation trade secrets, know-how, inventions,
designs, processes, formulae, notations, improvements, financial information and lists of clients concerning the affairs or business
or products of the Company or of any Group Company or of any of their predecessors in business or of any of their suppliers, agents,
distributors or customers of which you may now or hereafter know or learn while in the Company’s employment, and shall not
use for your own purposes other than those of the Company or of any Group Company any such confidential information.

 

Best Interests of the Company

 

		a.	At all times during
the continuance of this Agreement the Employee shall use his best endeavors to promote and protect the interests of the Company
(and any sister Company) and shall faithfully and diligently perform such duties and exercise such powers as may from time to
time be assigned to or vested in the Employee and shall not do anything that is or could be harmful to the Company or any sister
Company.

 

		b.	the Employee is required
to devote his full time, attention and abilities to his job duties during working hours, and to act in the best interest of the
Company. The Employee will not be in any way directly engaged or be concerned in any other business or undertaking without the
written consent of the Board.

 

Business Interests

 

During the employment with the
Company, and/or at any time during the period of 6 months following any termination notice; the Employee shall not directly or
indirectly:

 

		a.	engage or be concerned
or interested in any business which competes with the business of the Company or any sister Company in which the Employee was
involved during his employment; or

 

		b.	engage in competition
with the Company or any sister Company

 

 

 

Abu
Dhabi, UAE

P.O.Box
29939

Tel   +971
2 633 3116

Fax  +971 2 633 3955

	www.bpgic.com	E-mail:
    info@bpgic.com

 

     

     

    

 

		

 

During the employment with the
Company, and at any time after the end of the employment term, with a maximum of two (2) years, the Employee shall not directly
or indirectly:

 

		c.	Solicit away from the
Company or any sister Company or deal with any of its or their clients with whom the Employee had contact in the course of his
employment; or

 

		d.	Engage or solicit the
employment or engagement of any employee employed by the Company in any capacity at the date of the Employee termination who at
any time during the term of his employment reported directly or indirectly to the Employee or with whom he had regular contact
in the course of their employment.

 

		e.	If any of the restrictions
or obligations contained in this Clause are held not to be valid on the basis that they exceed what is reasonable for the protection
of the goodwill or interest of the Company and any sister Company but would be valid if part of the wording were deleted then
such restriction or obligation shall apply with such deletions as may be necessary to make such restriction or obligation enforceable.

 

Intellectual Property

 

		a.	To the extent permitted
by law, all rights in patents, copyright, design rights, trade marks, confidential information and know-how which arise by virtue
of your activities during the Employee’s employment shall solely belong to the Company.

 

		b.	The Employee shall,
at the request and expense of the Company, execute such documents and do such things as may be required to vest such rights in
the Company or to provide evidence of such vesting, as the case may be.

 

Employment Term

 

The term of the contract shall
be five renewable years subject to the consent of both parties.

 

The mutual aim for both parties
is to renew the contract, at same or better conditions for the employee, for another five years upon completion of the first five
years.

 

 

 

Abu
Dhabi, UAE

P.O.Box
29939

Tel   +971
2 633 3116

Fax  +971 2 633 3955

	www.bpgic.com	E-mail:
    info@bpgic.com

 

     

     

    

 

		

 

Governing Law

 

This employment contract is governed
by the laws of the Emirate of Fujairah

 

The Employee agrees to work in
compliance with the job description of Terminal Manager and/ or responsibilities as may be assigned to the Employee by the Company
from time to time.

 

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

 

Name: Housam S

Position: C.E.O/ Vice Chairman

Date: May 21st
2017

 

	Signature:	/s/ Housam
    S	 

 

On behalf of the employee

 

Name: Nicolaas Paardenkooper

Date: May 21st
2017

 

	Signature:	/s/ Nicolaas Paardenkooper	 

 

 

 

 

Abu
Dhabi, UAE

P.O.Box
29939

Tel   +971
2 633 3116

Fax  +971 2 633 3955

	www.bpgic.com	E-mail:
    info@bpgic.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]