Document:

Exhibit
10.5

 

 

 

FORAFRIC
2022 LONG TERM

EMPLOYEE SHARE INCENTIVE PLAN

 

 

 

Board
adoption: [       ] 2022

Shareholders’ approval: [       ] 2022

 

    	 

     

    

 

CONTENTS

 

 

CLAUSE

 

	1.	Interpretation	2
	2.	Grant of Awards	7
	3.	Performance Condition	8
	4.	Overall grant limits	9
	5.	Release Date	9
	6.	Suspension of Awards	10
	7.	Circumstances in which malus and clawback can apply	10
	8.	Operation of malus and clawback	12
	9.	Exercise of Options	13
	10.	Manner of exercise of Options	14
	11.	Settlement of Awards	15
	12.	Holding Period	15
	13.	Alternative methods of settlement of Awards	16
	14.	Lapse of Awards	16
	15.	Termination of employment (Options)	17
	16.	Takeovers and liquidations	19
	17.	Forafric 2021 Long Term Employee Share Incentive Plan	22
	18.	Exchange of Awards	22
	19.	Variation of share capital	22
	20.	Tax liabilities	23
	21.	Relationship with employment contract	24
	22.	Notices	25
	23.	Administration and amendment	26
	24.	Third party rights	28
	25.	Data protection	28
	26.	Governing law	28
	27.	Jurisdiction	28

 

    	1

     

    

 

Rules
of the FORAFRIC 2022 LONG TERM EMPLOYEE SHARE INCENTIVE PLAN.

 

Established
by resolution of the board of directors of the Company on [      ] 2022.

 

Approved
by way of special resolution at a general meeting of shareholders on [      ] 2022.

 

	1.	Interpretation

 

The
following definitions and rules of interpretation apply in the Plan.

 

	1.1	Definitions

 

Acquiror:
a person who obtains Control of the Company either alone or together with persons acting in concert.

 

Adoption
Date: the date of the approval of the Plan by the Company’s shareholders.

 

Agreed
Performance Targets: shall mean the Company’s performance targets specified in Schedule 1
of this Plan which shall be included as Performance Conditions.

 

Award:
any of the following:

 

a)
a Nominal Cost Option; or

 

b)
a Phantom Option.

 

Award
Certificate: a certificate setting out the terms of an Award, in accordance with rule 2.4.

 

Award
Holder: an individual who holds an Award or, where applicable, that individual’s personal representatives.

 

Base
Price: 50% of the nominal value of a Share, which is deducted from the Market Value of a Share in order to determine the amount due
to the Award Holder who exercises a Phantom Option.

 

Board:
the board of directors of the Company or a committee of directors appointed by that board to carry out any of its functions under the
Plan.

 

Business
Day: a day other than a Saturday, Sunday or public holiday in Gibraltar when banks in Gibraltar are open for business.

 

Cash-settled
Award: means a Phantom Option.

 

Clawback
Amount: an amount of value determined in accordance with rule 8.

 

Closed
Period: has the same meaning as in GIB MAR.

 

Company:
Forafric Global PLC, registered in Gibraltar with company number [      ].

 

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Control:
shall be as defined as follows (and the expression change of Control shall be construed accordingly):

 

In
relation to a body corporate (“company A”), “control” means the power of a person (“P”) to secure—

 

(a)
by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or

 

(b)
as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,

 

that
the affairs of company A are conducted in accordance with P’s wishes.

 

Dealing
Day: in the event that the shares of the Company are listed on a major stock exchange, a day on which such exchange is open for business.

 

Dilutive
Shares: on any date, all shares of the Company which:

 

a.
have been issued on the exercise of options granted, or in satisfaction of any other awards made, under any Share Incentive Scheme (including
the Plan) since the adoption of the Plan; and

 

b.
remain capable of issue under any Existing Award.

 

For
the avoidance of doubt, Shares subject to Cash-settled Awards are not Dilutive Shares.

 

EBITDA:
Earnings before interest, taxes, depreciation and amortisation.

 

Employee:
any individual who is an employee (including an executive director) of a Group Company.

 

Employer
Company: the Award Holder’s employer or former employer as applicable.

 

Employment
Period: the period that starts on the Grant Date and ends on such date as the Board may specify, not being earlier than the second
anniversary of the date on which the Award Holder became an Employee.

 

Exercise
Date: in relation to an Option, the date on which it is exercised.

 

Exercise
Notice: a document in a form approved by the Board that the Award Holder must sign and return to the Company in order to exercise
an Option.

 

Exercise
Price: the price at which each Share subject to a Nominal Cost Option may be acquired on the exercise of that Option.

 

Existing
Award: an option or any other right or award under which shares in the Company may be acquired or received, granted under any Share
Incentive Scheme (including the Plan).

 

GIB
MAR: the retained EU law version of the Market Abuse Regulation which applies in Gibraltar from the end of the Brexit transition
period.

 

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Grant
Date: the date on which an Award is, was, or is to be granted.

 

Group:
the Company and any Subsidiary from time to time.

 

Group
Company: any member of the Group.

 

Holding
Period: the period set out in an Award Certificate that starts on the Release Date and ends on such date as the Board may specify,
not being earlier than the date on which any restrictions which apply to Award Holders selling Shares received under a share incentive
plan expire under any applicable Listing Rules .

 

Listing
Rules: the listing rules and requirements (as amended from time to time) issued by a major stock exchange upon which the Shares in
the Company are listed.

 

Market
Value: whichever of the following applies:

 

a)
For the purposes of calculating on any Exercise Date or Release Date on which Shares are listed on a major stock exchange: the
payment due from a Phantom Option ; or the Market Value of a Share for the purposes of rule 13, the Company may use any actual price
or the average price at which transactions in Shares took place on the relevant stock exchange on that day.

 

b)
For the purposes of calculating the Market Value of Shares for the purposes of rule 8, Market Value means the middle-market
quotation of a Share on the day on which the Market Value is measured (if Shares were listed on a major stock exchange on that day)
or if that day is not a Dealing Day, on the immediately preceding Dealing Day.

 

c)
If Market Value has to be determined in relation to any day on which Shares are not listed on a major stock exchange, the Board
shall determine it to its satisfaction in accordance with applicable accounting principles.

 

Nominal
Cost Option: an Option to acquire Shares for payment of an Exercise Price equal to 50% of their nominal value.

 

Nominee:
the person (including a trustee) nominated from time to time by the Board to hold Shares on behalf of an Award Holder subject to the
rules.

 

Nominee
Agreement: a document in a form approved by the Board and executed by the Nominee, the Award Holder and the Company that sets out
the terms on which the Nominee holds Shares.

 

Option:
a Nominal Cost Option or a Phantom Option.

 

Performance
Condition: a condition that complies with rule 3 and:

 

a)
must be satisfied before an Award can be Released;

 

b)
is linked to the achievement of challenging performance over a period of at least four years and has the intention of enhancing
shareholder value; and

 

c)
is specified in the Award Certificate under rule 2.4.

 

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Performance
Measurement Date: the date on which the Board determines that any Performance Condition on the Release of the Award has been satisfied,
unless an earlier event occurs to cause the Award to lapse or be Released. This date may not be:

 

a)
earlier than the first day after the end of the Performance Period; or

 

b)
later than the sixth anniversary of the Adoption Date.

 

For
the avoidance of doubt, an Award may have more than one Performance Measurement Date.

 

Performance
Period: the period over which performance is measured to determine whether a Performance Condition has been achieved, which shall
end no later than four years from the Adoption Date.

 

Phantom
Option: an Option to receive a cash payment on exercise equal to the Market Value of a specified number of Shares minus the Base
Price.

 

Plan:
the employee share plan constituted and governed by these rules, as amended from time to time.

 

Release:
means that an Option becomes exercisable in accordance with rule 9;

 

Releasable
Number: has the meaning given in rule 16.1.

 

Release
Date: is the date on which Release takes place and is determined in rule 5.3.

 

Relevant
Restriction: a restriction stated in an Award Certificate that applies to Shares issued or transferred pursuant to the Award.

 

Rollover
Period: the period determined by the Board during which an Award Holder can release an Award as set out in rule 18.

 

Salary:
in relation to an Employee at any time means the rate of basic annual salary payable to that Employee by Group Companies.

 

Share-settled
Award: means a Nominal Cost Option.

 

Share
Incentive Scheme: any arrangement to provide Employees with Shares.

 

Shares:
ordinary shares of USD 0.001 each in the Company (subject to rule 19).

 

SICs:
social insurance contributions (or the equivalent in any jurisdiction).

 

Subsidiary:
a subsidiary as defined in s2(1) of the Companies Act 2014.

 

Tax
Authority: the Income Tax Office in Gibraltar or, where relevant, the equivalent tax authority in another jurisdiction.

 

Taxable
Event: any event or circumstance that gives rise to a liability for the Award Holder to pay income tax and SICs or either of them
(or their equivalents in any jurisdiction) in respect of or in connection with :

 

a.
the Award, including its Release, exercise, assignment or surrender for consideration, any tax elections made, or the receipt of any
benefit in connection with it;

 

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b.
any Shares (or other securities or assets):

 

(i)
earmarked or held to satisfy the Award;

 

(ii)
acquired on Release or exercise of the Award;

 

(iii)
acquired as a result of holding the Award; or

 

(iv)
acquired in consideration of the assignment or surrender of the Award; and

 

c.
any securities (or other assets) acquired or earmarked as a result of holding Shares (or other securities or assets) mentioned in paragraph
(b).

 

Tax
Liability: the total of any income tax, SICs or further taxes (or their equivalents in any jurisdiction) for which any Employer Company
is or may be liable to account (or reasonably believes it is or may be liable to account) as a result of any Taxable Event.

 

Year:
a financial year of the Company.

 

	1.2	Rule
                                            headings shall not affect the interpretation of the rules.

 

	1.3	A
                                            person includes a natural person, corporate or unincorporated body (whether or not
                                            having separate legal personality).

 

	1.4	The
                                            Schedules form part of the rules and shall have effect as if set out in full in the body
                                            of the rules. Any reference to the rules includes the Schedules.

 

	1.5	A
                                            reference to a company shall include any company, corporation or other body corporate,
                                            wherever and however incorporated or established.

 

	1.6	Unless
                                            the context otherwise requires, words in the singular shall include the plural and in the
                                            plural shall include the singular.

 

	1.7	Unless
                                            the context otherwise requires, a reference to one gender shall include a reference to the
                                            other genders.

 

	1.8	A
                                            reference to a statute or statutory provision is a reference to it as amended, extended or
                                            re-enacted from time to time.

 

	1.9	A
                                            reference to a statute or statutory provision shall include all subordinate legislation made
                                            from time to time under that statute or statutory provision.

 

	1.10	A
                                            reference to writing or written includes fax and email.

 

	1.11	A
                                            reference to the Plan or to any other agreement or document referred to in the Plan is a
                                            reference to the Plan or such other agreement or document as varied or novated (in each case,
                                            other than in breach of the provisions of the Plan) from time to time.

 

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	1.12	References
                                            to rules are to rules of the Plan.

 

	1.13	Any
                                            words following the terms including, include, in particular, for
                                            example or any similar expression shall be construed as illustrative and shall not limit
                                            the sense of the words, description, definition, phrase or term preceding those terms.

 

	2.	Grant
                                            of Awards

 

	2.1	Subject
                                            to the rules, the Company may grant an Award to any Employee it chooses during:

 

		(a)	the
                                            period after the Adoption Date;

 

		(b)	any
                                            period of 42 days immediately following the end of a Closed Period; and

 

		(c)	any
                                            other period in which the Board has decided to grant an Award due to exceptional circumstances
                                            which justify such a decision.

 

	2.2	The
                                            Company may not grant Awards:

 

		(a)	during
                                            a Closed Period; or

 

		(b)	after
                                            the fourth anniversary of the Adoption Date.

 

	2.3	The
                                            Company may not grant an Award that does not comply with any applicable directors’
                                            remuneration policy which may be in place among the Group.

 

	2.4	The
                                            Company shall grant an Award by executing an Award Certificate as a deed in a form approved
                                            by the Board. Each Award Certificate shall (without limitation):

 

		(a)	state
                                            the Grant Date of the Award;

 

		(b)	state
                                            the number of Shares in relation to which the Award is granted;

 

		(c)	state
                                            whether the award is a Nominal Cost Option or a Phantom Share Option;

 

		(d)	if
                                            the Award is a Nominal Cost Option, state the Exercise Price;

 

		(e)	if
                                            the Award is a Phantom Share Option, state the Base Price;

 

		(f)	state
                                            the date when the relevant Option will lapse, assuming that no event occurs to cause it to
                                            lapse earlier. This date may not be later than the tenth anniversary of the Grant Date;

 

		(g)	specify
                                            the Performance Conditions set under rule 3, any other conditions to which the Award is subject
                                            and the Performance Period;

 

		(h)	specify
                                            the Employment Period;

 

		(i)	if
                                            the Award is a Share-settled Award, specify the Holding Period (if any);

 

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		(j)	include
                                            a statement that the Award is subject to the rules (which shall be incorporated in the Award
                                            Certificate by reference);

 

		(k)	state
                                            any Relevant Restriction;

 

		(l)	state
                                            that the Exercise Notice shall include the terms required by rule 8.9 and rule 20; and

 

		(m)	include
                                            summaries of rule 14 and rule 20.

 

	2.5	No
                                            amount shall be paid by an Employee for the grant of an Award.

 

	3.	Performance
                                            Condition

 

	3.1	On
                                            the Grant Date of any Award, the Board shall include the Agreed Performance Targets as Performance
                                            Conditions for the Award and shall specify any further appropriate Performance Conditions
                                            for the Award as the Board deems necessary.

 

	3.2	The
                                            Board may vary or waive any Performance Condition, provided that any varied Performance Condition
                                            shall be (in the reasonable opinion of the Board):

 

		(a)	a
                                            fairer measure of performance than the original Performance Condition, as judged at the time
                                            of the variation;

 

		(b)	no
                                            more difficult to satisfy than the original Performance Condition was at the Grant Date;
                                            and

 

		(c)	not
                                            materially easier to satisfy than the original Performance Condition was at the Grant Date,
                                            unless the variation of the Performance Condition has been approved in advance by the Company
                                            in general meeting.

 

	3.3	rule
                                            3.2 shall not permit the general waiver by the Board of Performance Conditions on:

 

		(a)	cessation
                                            of employment;

 

		(b)	the
                                            occurrence of any event permitting the Release of Awards under rule 16; or

 

		(c)	the
                                            exchange of Awards for New Awards under rule 18.

 

	3.4	The
                                            Board shall determine whether, and to what extent, the Performance Condition has been satisfied:

 

		(a)	on
                                            the Performance Measurement Date, which shall be as soon as reasonably possible after the
                                            end of the Performance Period;

 

		(b)	as
                                            soon as reasonably possible following the death of an Award Holder in order to apply the
                                            reduction required by rule 15.3(b); or

 

		(c)	in
                                            order to determine the Releasable Number in accordance with rule 16.1.

 

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	3.5	The
                                            Board shall notify the Award Holder within a reasonable time after the Board becomes aware
                                            of the relevant information:

 

		(a)	whether
                                            (and, if relevant, to what extent) the Performance Condition has been satisfied;

 

		(b)	of
                                            any subsequent change in whether, or the extent to which, the Performance Condition has been
                                            satisfied;

 

		(c)	when
                                            that Performance Condition has become incapable of being satisfied, in whole or in part;
                                            and

 

		(d)	of
                                            any waiver or variation of that Performance Condition under rule 3.2.

 

	3.6	If
                                            the Board considers that a Performance Condition has become incapable of being satisfied,
                                            in whole or in part, that Award, or the appropriate part of it, shall lapse immediately.

 

	4.	Overall
                                            grant limits

 

	4.1	The
                                            Company may not grant an Award if that grant would result in the total number of Dilutive
                                            Shares exceeding 10% of the issued share capital of the Company.

 

	4.2	The
                                            Company shall at all times keep available for issue sufficient authorised but unissued Shares
                                            to permit the exercise of all unexercised Options under which Shares may be issued and allotted
                                            in satisfaction of the exercise of Options.

 

	5.	Release
                                            Date

 

	5.1	The
                                            Board shall specify in the Award Certificate the Employment Period, the Performance Period
                                            and the Holding Period (in relation to Share-settled Awards which may require a Holding Period
                                            under any applicable Listing Rules).

 

	5.2	As
                                            soon as reasonably practicable after the end of the Performance Period, the Board will determine
                                            the extent to which the Performance Conditions have been satisfied. The date of that determination
                                            is the Performance Measurement Date and (subject to rule 5.3 and rule 6.1), the Awards will
                                            be Released on the Release Date or lapse accordingly, in whole or in part.

 

	5.3	The
                                            Release Date shall be the later of the Performance Measurement Date, and the first Dealing
                                            Day following the end of the Employment Period. However, if that date falls in a Closed Period,
                                            the Release Date will be the first Dealing Day following the end of that Closed Period.

 

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	6.	Suspension
                                            of Awards

 

	6.1	Subject
                                            to rule 6.2, an Award shall not be Released, and an Award Holder may not exercise an Option,
                                            at any time:

 

		(a)	while
                                            disciplinary proceedings by any Group Company are underway against the Award Holder; or

 

		(b)	while
                                            any Group Company is investigating the Award Holder’s conduct and may as a result begin
                                            disciplinary proceedings.

 

	6.2	The
                                            Company shall not unfairly frustrate a valid Release of an Award or exercise of an Option
                                            by the inappropriate application of any provision of rule 6.1.

 

	6.3	For
                                            the avoidance of doubt, and subject to rule 5.3, an Award that was not Released on its expected
                                            Release Date due to the application of rule 6.1 shall be Released if the Board so determines
                                            following the conclusion of the disciplinary proceedings or investigation. The Release Date
                                            of that Award shall be the date of the Board’s determination, or, if that date falls
                                            in a Closed Period, the first Dealing Day following the end of that Closed Period.

 

	6.4	An
                                            Award Holder who gives or receives notice of termination of employment before the Release
                                            Date (whether or not lawful) may not exercise an Option at any time while the notice remains
                                            effective.

 

	6.5	No
                                            Award shall be Released during a period when the Award Holder is on notice of termination
                                            of employment (whether or not lawful). An Award that would otherwise have been Released during
                                            such a period shall instead be Released when and if the notice ceases to be effective.

 

	7.	Circumstances
                                            in which malus and clawback can apply

 

	7.1	rule
                                            7 applies in relation to an Award if:

 

		(a)	either
                                            or both rule 7.2 and rule 7.3 apply; and

 

		(b)	rule
                                            7.4 applies.

 

	7.2	This
                                            rule 7.2 applies in relation to an Award if the Board, at its discretion, determines that
                                            any of the following circumstances exist:

 

		(a)	the
                                            Award Holder has participated in or was responsible for conduct which resulted in significant
                                            losses to a Group Company;

 

		(b)	the
                                            Award Holder has failed to meet appropriate standards of fitness and propriety;

 

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		(c)	the
                                            Company has reasonable evidence of fraud or material dishonesty by the Award Holder;

 

		(d)	the
                                            Company has become aware of any material wrongdoing on the part of the Award Holder;

 

		(e)	the
                                            Award Holder has acted in any manner which in the opinion of the Board has brought or is
                                            likely to bring any Group Company into material disrepute or is materially adverse to the
                                            interests of any Group Company;

 

		(f)	there
                                            is a breach of the Award Holder’s employment contract that is a potentially fair reason
                                            for dismissal;

 

		(g)	the
                                            Award Holder is in breach of a fiduciary duty owed to any Group Company;

 

		(h)	an
                                            Award Holder who has ceased to be an Employee was in breach of their employment contract
                                            or fiduciary duties in a manner that would have prevented the grant or Release of the Award
                                            had the Company been aware (or fully aware) of that breach, and of which the Company was
                                            not aware (or not fully aware) until after both:

 

		(i)	the
                                            Award Holder’s ceasing to be an Employee; and

 

		(ii)	the
                                            time (if any) when the Board decided to permit the Release of the Award or the exercise of
                                            the Option; or

 

		(i)	there
                                            was a material error in:

 

		(i)	determining
                                            whether the Award should be made;

 

		(ii)	determining
                                            the size and nature of the Award; or

 

		(iii)	assessing
                                            the extent to which any Performance Condition was satisfied on the Performance Measurement
                                            Date.

 

	7.3	This
                                            rule 7.3 applies in relation to an Award if the Board, at its discretion, determines that
                                            either of the following circumstances exist:

 

		(a)	a
                                            Group Company mis-stated any financial information (whether or not audited) for any part
                                            of any Year that was taken into account in:

 

		(i)	determining
                                            whether the Award should be made;

 

		(ii)	determining
                                            the size and nature of the Award; or

 

		(iii)	assessing
                                            the extent to which any Performance Condition was satisfied on the Performance Measurement
                                            Date; or

 

		(b)	a
                                            Group Company or business unit that employs or employed the Award Holder, or for which the
                                            Award Holder is responsible, has suffered a material failure of risk management.

 

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	7.4	This
                                            rule 7.4 applies in relation to an Award if the Board, at its discretion, determines that,
                                            if the circumstances mentioned in rule 7.2 or rule 7.3 had existed, and the Board had been
                                            fully aware that they existed:

 

		(a)	at
                                            the Grant Date, or

 

		(b)	in
                                            the case of an Award that has already been Released, at the Release Date,

 

then:

 

		(c)	the
                                            Board would not have granted the Award;

 

		(d)	the
                                            Board would have granted the Award in relation to a smaller number of Shares; or

 

		(e)	in
                                            the case of an Award that has already been Released:

 

		(i)	it
                                            would not have been Released at all, or

 

		(ii)	it
                                            would have been Released in relation to a smaller number of Shares.

 

	7.5	If
                                            the Board makes a determination in relation to an Award under rule 7, it must do so within
                                            three years of its becoming aware of the circumstances mentioned in rule 7.2 or rule 7.3.

 

	8.	Operation
                                            of malus and clawback

 

	8.1	This
                                            rule 8 applies to an Award if rule 7 applies to the Award.

 

	8.2	If
                                            at the date of the determination under rule 7.4, an Option comprising an Award has not yet
                                            been exercised, the Board may determine to cancel the Award or reduce it by such number of
                                            Shares as the Board considers to be fair and reasonable, taking account of all circumstances
                                            that the Board considers to be relevant.

 

	8.3	If
                                            at the date of the determination under rule 7.4, an Option comprising an Award has been exercised,
                                            the Board may determine a Clawback Amount in relation to the Award.

 

	8.4	The
                                            Clawback Amount shall be such amount as the Board considers to be fair and reasonable, taking
                                            account of all circumstances that the Board considers to be relevant, but shall not be more
                                            than, in relation to an Option that has been exercised, the greater of:

 

		(i)	the
                                            Market Value of the Shares measured on the date the Option was exercised, and

 

		(ii)	the
                                            Market Value of the Shares measured on the date of the determination

 

minus
the Base Price or Exercise Price (as the case may be).

 

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	8.5	If
                                            the Award Holder has paid or is liable to pay any income tax or SICs in relation to the Award
                                            or the Shares and which cannot be recovered from or repaid by the Tax Authority (whether
                                            directly or indirectly), the Board may in its discretion decide to reduce the Clawback Amount
                                            to take account of this amount. In deciding whether to reduce the Clawback Amount, the Board
                                            shall take account of such factors it thinks fit, which may include market practice, corporate
                                            governance rules and guidelines, and the expectations of shareholders.

 

	8.6	For
                                            the avoidance of doubt, the Board is not obliged to determine a Clawback Amount in relation
                                            to any particular Award, even if the Board does determine a Clawback Amount in relation to
                                            other Awards to the same or other Award Holders which had the same Grant Date or Release
                                            Date.

 

	8.7	The
                                            Award Holder shall reimburse the Company for the Clawback Amount, in any way acceptable to
                                            the Board, on or as soon as possible after the Board determines a Clawback Amount in relation
                                            to the Award. If the Award Holder fails to reimburse the Company within 30 days after the
                                            determination, the Company shall obtain reimbursement from the Award Holder in any (or any
                                            combination) of the following ways:

 

		(a)	by
                                            reducing or cancelling any Options that the Award Holder has not exercised;

 

		(b)	by
                                            reducing or cancelling any cash bonus payable to the Award Holder by any Group Company;

 

		(c)	by
                                            reducing or cancelling any future or existing award made or option granted to the Award Holder
                                            under any other Share Incentive Scheme or bonus scheme operated by any Group Company;

 

		(d)	by
                                            requiring the Award Holder to make a cash payment to a Group Company; or

 

		(e)	by
                                            reducing the Award Holder’s Salary.

 

	8.8	If
                                            the Award Holder participates in another Share Incentive Scheme or bonus scheme operated
                                            by a Group Company, and that other scheme contains a provision that has a similar effect
                                            to this rule 8, the Board may give effect to that provision by reducing or cancelling any
                                            Options that the Award Holder has not exercised.

 

	8.9	It
                                            is a condition of the exercise of an Option that the Award Holder sign an Exercise Notice
                                            declaring an irrevocable agreement to the terms of rule 8.

 

	9.	Exercise
                                            of Options

 

	9.1	An
                                            Award Holder may not exercise an Option before the later of:

 

		(a)	its
                                            Release Date;

 

		(b)	the
                                            time when it becomes exercisable under rule 15; and

 

		(c)	the
                                            time when it becomes exercisable under rule 16.

 

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	9.2	An
                                            Award Holder may only exercise an Option to the extent that the relevant Performance Conditions
                                            are achieved, and any other condition stated in the Award Certificate is satisfied.

 

	9.3	An
                                            Award Holder may not exercise an Option at a time when its exercise is prohibited by, or
                                            would be a breach of, any applicable Listing Rules or GIB MAR or any other law or regulation
                                            with the force of law, or other rule, code or set of guidelines (such as a personal dealing
                                            code adopted by the Company).

 

	9.4	An
                                            Award Holder may not exercise an Option without having signed the Exercise Notice and made
                                            any arrangements, or entered into any agreements, that may be required and are referred to
                                            in rule 8 and rule 20.

 

	10.	Manner
                                            of exercise of Options

 

	10.1	The
                                            Award Holder shall exercise an Option by giving an Exercise Notice to the Company setting
                                            out the number of Shares over which the Award Holder wishes to exercise the Option. If that
                                            number exceeds the number over which the Option may be validly exercised at the time, the
                                            Company shall:

 

		(a)	treat
                                            the Option as exercised only in respect of that lesser number; and

 

		(b)	refund
                                            any excess amount paid to exercise the Option or meet any Tax Liability.

 

	10.2	The
                                            Exercise Notice shall be accompanied by both of the following:

 

		(a)	in
                                            relation to a Nominal Cost Option payment of an amount equal to the Exercise Price multiplied
                                            by the number of Shares specified in the notice;

 

		(b)	any
                                            payment required under rule 20,

 

unless
the Award Holder has entered into binding alternative arrangements to secure the payment of those amounts which are satisfactory to the
Board.

 

	10.3	The
                                            Exercise Notice shall contain or be accompanied by:

 

		(a)	(if
                                            the Option is exercised before the end of an applicable Holding Period), the Nominee Agreement;
                                            and

 

		(b)	any
                                            documents relating to arrangements or agreements required under rule 8 and rule 20.

 

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	10.4	Any
                                            Exercise Notice shall be invalid:

 

		(a)	to
                                            the extent that it is inconsistent with the Award Holder’s rights under these rules
                                            and the Award Certificate;

 

		(b)	if
                                            any of the requirements of rule 10.1, rule 10.2 or rule 10.3 are not met; or

 

		(c)	if
                                            any payment referred to in rule 10.2 is made by a cheque that is not honoured on first presentation
                                            or that fails in any other manner to transfer the expected value to the Company.

 

The
Company may permit the Award Holder to correct any defect referred to in rule 10.4 (but shall not be obliged to do so). The date of any
corrected Exercise Notice shall be the date of the correction rather than the original notice date for all other purposes of the Plan.

 

	11.	Settlement
                                            of Awards

 

	11.1	This
                                            rule 11 is subject to rule 13.

 

	11.2	Within
                                            30 days after the valid exercise of a Nominal Cost Option, the Company shall allot and issue
                                            the relevant Shares to the Award Holder (or to the Nominee in the event that an Option is
                                            exercised prior to the expiry of an applicable Holding Period).

 

	11.3	If
                                            the Shares are listed or traded on any stock exchange, the Company shall apply to the appropriate
                                            body for any newly issued Shares allotted to be listed or admitted to trading on that exchange
                                            as soon as practicable.

 

	11.4	Within
                                            30 days after the valid exercise of a Phantom Option, the Company shall pay (or procure the
                                            payment) to the Award Holder of the amount of cash due under the Award. The Company shall
                                            make such deductions from the payment as are required by law, including any withholding taxes,
                                            in accordance with rule 20.

 

	12.	Holding
                                            Period

 

During
a Holding Period, the Award Holder may not transfer, assign, charge or otherwise dispose of the beneficial interest in the Shares Released
under a Share-settled Award (including any Shares acquired on the exercise of an Option) except:

 

		(a)	with
                                            the permission of the Board;

 

		(b)	in
                                            order to raise sufficient funds to pay a Tax Liability in relation to the Shares so Released;

 

		(c)	in
                                            order to raise sufficient funds to pay the Exercise Price of a Nominal Cost Option; or

 

		(d)	where
                                            rule 8, rule 16 or rule 18 apply.

 

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	13.	Alternative
                                            methods of settlement of Awards

 

	13.1	Instead
                                            of delivering the number of Shares specified in the relevant Exercise Notice the Company
                                            may settle the exercise of a Nominal Cost Option in cash in the following manner:

 

		(a)	multiply
                                            the number of Shares in relation to which the Award has been Released by the Market Value
                                            of a Share on the Release Date;

 

		(b)	deduct
                                            any Tax Liability and pay the resulting amount to the Award Holder; and

 

		(c)	refund
                                            the amount of any payment the Award Holder may have made in respect of the Tax Liability.

 

	14.	Lapse
                                            of Awards

 

	14.1	Other
                                            than pursuant to rule 12, an Award Holder may not transfer or assign, or create any charge
                                            or other security interest over an Award (or any right arising under it). An Award shall
                                            lapse if the Award Holder attempts to do any of those things. However, this rule 14.1 does
                                            not prevent the transmission of an Award to an Award Holder’s personal representatives
                                            on the death of the Award Holder.

 

	14.2	An
                                            Award shall lapse on the earliest of the following:

 

		(a)	any
                                            attempted action by the Award Holder falling within rule 14.1;

 

		(b)	when
                                            the Board decides in accordance with rule 3.6, to the extent that the Performance Condition
                                            has become wholly or partly incapable of being met;

 

		(c)	any
                                            date on which the Award shall lapse, as specified in the Award Certificate;

 

		(d)	to
                                            the extent necessary to give effect to any reduction or cancellation under rule 8;

 

		(e)	to
                                            the extent required by rule 15, the date the Award Holder dies or ceases employment;

 

		(f)	the
                                            first anniversary of the Award Holder’s death;

 

		(g)	the
                                            end of the 90-day period, if rule 15.4 or rule 15.6 applies;

 

		(h)	if
                                            the Board decides under rule 15.5 that it will not permit the Award Holder to exercise the
                                            Option, the date the Board so decides;

 

		(i)	the
                                            end of the 90-day period during which exercise is permitted, if the Board decides under rule
                                            15.5 that it will permit the Award Holder to exercise the Option;

 

		(j)	if
                                            the Award Holder ceases to be an Employee during the Employment Period in circumstances where
                                            rule 15.5 applies, 90 days after the Award Holder so ceases to be an Employee, if the Board
                                            makes no decision under the applicable rule;

 

    	16

     

    

 

		(k)	if
                                            the Award Holder ceases to be an Employee after the end of the Employment Period, 90 days
                                            after the later of:

 

		(i)	the
                                            date of so ceasing; and

 

		(ii)	the
                                            Release Date;

 

		(l)	the
                                            time specified for the lapse of the Award under rule 16 if any part of that rule 16 applies;

 

		(m)	If
                                            the Board so determines under rule 19.3; or

 

		(n)	when
                                            the Award Holder becomes bankrupt, applies for an interim order, proposes or makes a voluntary
                                            arrangement under the Insolvency Act 2011 of Gibraltar, or takes similar steps or is similarly
                                            affected under the laws of any jurisdiction.

 

	15.	Termination
                                            of employment (Options)

 

	15.1	rule
                                            15 applies to Options.

 

	15.2	If
                                            an Award Holder:

 

		(a)	dies
                                            while an Employee; or

 

		(b)	ceases
                                            to be an Employee (whether or not following notice and for whatever reason)

 

before
the end of the Employment Period, the Option shall lapse immediately in respect of a number of Shares. That number is calculated in accordance
with the formula N x (X/Y) where:

 

		(c)	N
                                            = the number of Shares in relation to which the Option was originally granted, less any Shares
                                            in respect of which it has already been exercised or has lapsed;

 

		(d)	X
                                            = the number of days between the date of death or cessation and the end of the Employment
                                            Period; and

 

		(e)	Y
                                            = the number of days in the Employment Period.

 

	15.3	The
                                            personal representatives of a deceased Award Holder may exercise the Option over a number
                                            of Shares during the period ending 12 months after the death. If the Option is not exercised,
                                            it will lapse at the end of that period. That number of Shares shall be determined as follows:

 

		(a)	take
                                            the number of Shares that remain after part of the Option has lapsed under rule 15.2;

 

		(b)	if
                                            the Award Holder dies during the Performance Period, the Board shall apply a further reduction
                                            to reflect the likelihood as at the date of death of the Performance Condition not being
                                            achieved by the end of the Performance Period and the Option shall lapse to that extent;
                                            and

 

		(c)	if
                                            the Award Holder dies after the end of the Performance Period, the number shall be equal
                                            to the number of Shares that the Award Holder could have acquired on exercising the Option
                                            immediately before the death.

 

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	15.4	This
                                            rule 15.4 applies if an Award Holder ceases to be an Employee before the Release Date due
                                            to any of the following reasons:

 

		(a)	injury;

 

		(b)	ill
                                            health;

 

		(c)	disability;
                                            or

 

		(d)	the
                                            Employer Company ceasing to be a Group Company.

 

An
Award Holder who so ceases to be an Employee may exercise the remainder of the Option (after the application of rule 15.2 and subject
to achieving the Performance Conditions) during the 90-day period beginning on the earlier of:

 

		(e)	the
                                            Release Date; and

 

		(f)	the
                                            date on which the Option becomes exercisable under rule 16.

 

If
the Option is not exercised during the relevant 90-day period, it will lapse at the end of that period.

 

	15.5	This
                                            rule 15.5 applies if an Award Holder ceases to be an Employee before the Release Date for
                                            any reason other than death and the reasons set out in rule 15.4.

 

The
Board may in its absolute discretion permit the Award Holder to exercise the remainder of the Option (after the application of rule 15.2)
during the 90-day period beginning on the earlier of:

 

		(a)	the
                                            Release Date; and

 

		(b)	the
                                            date on which the Option becomes exercisable under rule 16.

 

If
the Option is not exercised during the relevant 90-day period, it will lapse at the end of that period.

 

Any
decision by the Board to grant permission under this rule 15.5 shall be made in the 90-day period following the cessation of employment
and if the Board does not make such a decision within that period, the Option will lapse immediately and in accordance with rule 14.
The Award Holder may not exercise the Option before the Board makes such a decision.

 

    	18

     

    

 

	15.6	An
                                            Award Holder who ceases to be an Employee on or after the Release Date may exercise the Option
                                            during the 90-day period following the date of cessation.

 

	15.7	The
                                            Board shall notify the relevant Award Holder of any decision made under rule 15, including
                                            any decision not to permit the exercise of an Option, within a reasonable time after making
                                            it.

 

	15.8	If
                                            the relevant Award Certificate specifies different Performance Periods or Employment Periods
                                            for different parts of an Option, each part of that Option shall be treated as a separate
                                            Option for the purposes of rule 15.

 

	15.9	An
                                            Award Holder who continues to be an employee or director of any Group Company shall not be
                                            regarded as ceasing to be an Employee.

 

	16.	Takeovers
                                            and liquidations

 

	16.1	The
                                            Releasable Number of Shares in relation to an Award is the number of Shares that the
                                            Board shall determine as follows:

 

		(a)	If
                                            the change of Control occurs during the Employment Period, multiply the number of Shares
                                            in relation to which the Award was originally granted, less any Shares in respect of which
                                            it has already been Released (or, in the case of an Option, has already been exercised) or
                                            has lapsed, by X/Y where:

 

		(i)	X
                                            = the number of days between the Grant Date and the date (or expected date) of the change
                                            of Control; and

 

		(ii)	Y
                                            = the number of days in the Employment Period.

 

		(b)	If
                                            the change of Control occurs during the Performance Period, apply a further reduction to
                                            reflect the likelihood as at the date (or expected date) of the change of Control of the
                                            Performance Condition not being achieved by the end of the Performance Period.

 

	16.2	Where
                                            the Board is required by rule 16.1 to determine the Releasable Number, and the relevant Award
                                            Certificate specifies different Performance Periods or Employment Periods for different parts
                                            of an Award, the Board shall treat each part of that Award as a separate Award.

 

    	19

     

    

 

	16.3	If
                                            the Board considers that a change of Control is likely to occur, the Board may in its absolute
                                            discretion decide that:

 

		(a)	all
                                            Awards shall be Released in relation to the Releasable Number of Shares; and

 

		(b)	an
                                            Award Holder may exercise all or any part of any Option (but not in respect of more than
                                            the Releasable Number of Shares) within a reasonable period to be specified by the Board
                                            for that purpose and ending immediately before the Acquiror obtains Control of the Company.
                                            The Board shall have discretion to determine that an Option that is not exercised by the
                                            end of that period shall lapse.

 

The
Board may decide that the Release of Awards and exercise of Options shall be conditional on the change of Control actually occurring
and shall be treated as having no effect if the change of Control does not occur.

 

	16.4	rule
                                            16.5, rule 16.6 and rule 16.7 apply if a change of Control occurs and the Acquiror declares
                                            that it is willing to make an agreement under rule 18.

 

	16.5	The
                                            Board may in its absolute discretion decide that an Award Holder may exercise all or any
                                            part of any Option (but not in respect of more than the Releasable Number of Shares) within
                                            a reasonable period to be specified by the Board for that purpose. Any part of an Option
                                            that is not either exchanged under rule 18 or exercised by the end of that period shall lapse.

 

	16.6	The
                                            Board may at any time during the Rollover Period exchange the Award under rule 18.

 

	16.7	The
                                            Board has discretion to determine at any time before the end of the Rollover Period that
                                            some or all of any Awards that are not so exchanged shall lapse at the end of the Rollover
                                            Period.

 

	16.8	If
                                            the Acquiror is not willing to exchange the award under rule 18:

 

		(a)	all
                                            Awards shall be Released immediately following the change of Control in relation to the Releasable
                                            Number of Shares and lapse in relation to the balance; and

 

		(b)	an
                                            Award Holder may exercise all or any part of any Option (but not in respect of more than
                                            the Releasable Number of Shares) within the period of 30 days following the change of Control.
                                            Any part of an Option that is not exercised by the end of that period shall lapse.

 

	16.9	If
                                            the court sanctions a compromise or arrangement under part VIII of the Companies Act 2014,
                                            the Board may decide that:

 

		(a)	all
                                            Awards shall be Released in relation to the Releasable Number of Shares; and

 

		(b)	an
                                            Award Holder may exercise all or any part of any Option (but not in respect of more than
                                            the Releasable Number of Shares) within a reasonable period to be specified by the Board
                                            for that purpose. The Board shall have discretion to determine that an Option that is not
                                            exercised by the end of that period shall lapse.

 

    	20

     

    

 

	16.10	If
                                            any Shares, in one or a series of transactions, are sold resulting in the buyer and persons
                                            acting in concert with the buyer together acquiring Control of the Company, but the buyer
                                            is a company and its shareholders and the proportion of its shares held by each of them following
                                            completion of the sale are substantially the same as the shareholders and their shareholdings
                                            in the Company immediately before the sale, the Board may determine that this does not constitute
                                            a change of Control.

 

If
the buyer offers to make such arrangements as the Board, in its reasonable opinion, considers to be fair, for new awards to be offered
under rule 18 in exchange for Awards, then the Board may decide that any Awards that are not so exchanged shall lapse on such date as
the Board shall specify.

 

If
the buyer does not offer to make arrangements that the Board considers to be fair within 30 days after the buyer has acquired Control,
then:

 

		(a)	all
                                            Awards shall be Released on the 31st day following the buyer acquiring Control in relation
                                            to the Releasable Number of Shares and lapse in relation to the balance; and

 

		(b)	an
                                            Award Holder may exercise all or any part of any Option (but not in respect of more than
                                            the Releasable Number of Shares) within the period starting 31 days and ending 90 days following
                                            the buyer acquiring Control. Any part of an Option that is not exercised by the end of that
                                            period shall lapse.

 

	16.11	In
                                            rule 16 and rule 18, a person shall be deemed to have obtained Control of a company if that
                                            person, and others acting in concert with that person, have obtained Control of it together.

 

	16.12	If
                                            the shareholders of the Company receive notice of a resolution for the voluntary winding
                                            up of the Company, any Award Holder may exercise an Option in respect of the Releasable Number
                                            of Shares at any time before that resolution is passed, conditional upon the passing of that
                                            resolution, and if the Award Holder does not exercise the Option, it shall lapse when the
                                            winding up begins.

 

	16.13	The
                                            Board shall notify Award Holders of any event that is relevant to Awards under this rule
                                            16 within a reasonable period after the Board becomes aware of it.

 

	16.14	For
                                            the avoidance of doubt, rule 16 is subject to rule 6.4 and rule 6.5.

 

    	21

     

    

 

	17.	Forafric
                                            2021 Long Term Employee Share Incentive Plan

 

	17.1	The
                                            Board may at any time by notice in writing given to the holder require that the holders of
                                            an award made by Forafric Agro Holdings Limited under the Forafric 2021 Long Term Employee
                                            Share Incentive Plan adopted on 22 June 2022 (such holder a “2021 Award Holder”),
                                            to exchange the same for an Award under the Plan.

 

	17.2	If
                                            the Board gives notice under clause 17.1 to a 2021 Award Holder, the said 2021 Award Holder
                                            shall surrender the same by way of a notice to Forafric Agro Holdings Limited and the Company,
                                            in a form to be determined by the Board, in exchange for the grant by the Company to him
                                            of a replacement right on substantially the same terms and in relation to such number of
                                            shares of the Company as the Board shall determine.

 

	18.	Exchange
                                            of Awards

 

	18.1	The
                                            Board may within the Rollover Period require that an Award Holder surrender any Award (“Old
                                            Award”) in exchange for a replacement
                                            right (“New Award”).

 

	18.2	A
                                            New Award shall be granted on substantially the same terms as the Old Award and in relation
                                            to such shares of such company as the Board and Acquiror shall determine.

 

	18.3	The
                                            Rollover Period is a period specified by the Board within which Award Holders may be required
                                            to surrender their Awards.

 

	19.	Variation
                                            of share capital

 

	19.1	This
                                            rule 19 applies where there is:

 

		(a)	a
                                            variation of share capital; or

 

		(b)	an
                                            extraordinary distribution to shareholders.

 

	19.2	In
                                            this rule 19:

 

		(a)	A
                                            variation of share capital includes a capitalisation issue, rights issue, consolidation,
                                            subdivision or reduction of capital, a vendor placing with clawback, a vendor rights offer
                                            or a cash open offer. However, a scrip dividend is not a variation of share capital.

 

		(b)	An
                                            extraordinary distribution to shareholders includes a demerger or special dividend.

 

    	22

     

    

 

	19.3	If
                                            notice is given to shareholders of the Company of a proposed extraordinary distribution,
                                            the Board shall determine whether the interests of Award Holders would or might be substantially
                                            prejudiced by the proposed extraordinary distribution.

 

If
the Board does so decide, it may determine that:

 

		(a)	some
                                            or all Awards shall be Released in relation to the Releasable Number of Shares; and

 

		(b)	an
                                            Award Holder may exercise all or any part of any Option (but not in respect of more than
                                            the Releasable Number of Shares) within a reasonable period specified by the Board for that
                                            purpose and ending immediately before the record date for the extraordinary distribution.
                                            The Board shall have discretion to determine that an Option that is not exercised by the
                                            end of that period shall lapse.

 

The
Board may decide that the Release of Awards and exercise of Options shall be conditional on the extraordinary distribution actually occurring
and shall be treated as having no effect if the extraordinary distribution does not occur.

 

The
Releasable Number shall be determined in accordance with rule 16.1 as if the extraordinary distribution were a change of Control.

 

For
the avoidance of doubt, if the Board does not determine that Awards shall be Released and Options may be exercised, the Board may nevertheless
make an adjustment to the Awards under rule 19.4.

 

	19.4	If
                                            a variation of share capital or an extraordinary distribution occurs and the Board considers
                                            that it has affected the value of Awards, the Board shall consider whether it is fair to
                                            adjust the terms of the Awards and, if so, the Board shall make such adjustment as it considers
                                            appropriate to:

 

		(a)	the
                                            number of Shares subject to the Award;

 

		(b)	the
                                            class of Shares subject to the Award; and

 

		(c)	subject
                                            to rule 19.5, the Exercise Price.

 

	19.5	The
                                            Board may not reduce the Exercise Price of an Option below the nominal value of a Share,
                                            if the Option will or may be satisfied by the issue of Shares, unless the Board is able,
                                            and resolves, to capitalise from reserves an amount sufficient (when aggregated with the
                                            reduced Exercise Price payable) to pay up the Shares in full on the Option’s exercise.

 

	19.6	The
                                            Board shall notify all affected Award Holders of any decision made under rule 19 within a
                                            reasonable time after making it.

 

	20.	Tax
                                            liabilities

 

	20.1	The
                                            Award Holder shall, to the extent permissible under applicable law, indemnify the Employer
                                            Company in respect of any Tax Liability.

 

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	20.2	The
                                            Exercise Notice shall include the Award Holder’s irrevocable agreement to:

 

		(a)	pay
                                            the Tax Liability to the Employer Company; and

 

		(b)	enter
                                            into arrangements to the satisfaction of the Company or Employer Company to pay the Tax Liability.

 

	20.3	If
                                            an Award Holder does not pay the Tax Liability within seven days of any Taxable Event, the
                                            Company or Employer Company (as appropriate) may, to the extent permissible under applicable
                                            law:

 

		(a)	if
                                            the relevant Taxable Event is the exercise of an Option or the Release of an Award, and the
                                            Shares are readily saleable at the time, retain and sell such number of Shares on behalf
                                            of the Award Holder as is necessary to meet the Tax Liability, and any costs of sale; or

 

		(b)	deduct
                                            the amount of any Tax Liability from any payments of remuneration made to the Award Holder
                                            on or after the date on which the Tax Liability arose.

 

The
Award Holder’s obligations under rule 20.1 shall not be affected by any failure of the Company or Employer Company to withhold
shares or deduct from payments of remuneration under this rule 20.3.

 

	20.4	Each
                                            Award Holder agrees that it is their responsibility to settle their own tax affairs in connection
                                            with the exercise of an Option and, if required to do so by the Company or Employer Company,
                                            the Award Holder shall assist the Company or Employer Company in good faith for purposes
                                            of settling any tax matters relating to an Award Holder’s exercise of an Option (such
                                            assistance to include the signing of any relevant elections, documents or forms).

 

	20.5	The
                                            Exercise Notice in respect of a Share-settled Award shall include a power of attorney appointing
                                            the Company as the Award Holder’s agent and attorney for the purposes of rule 20.3.

 

	21.	Relationship
                                            with employment contract

 

	21.1	The
                                            rights and obligations of any Award Holder under the terms of an office or employment with
                                            any Group Company or former Group Company shall not be affected by being an Award Holder.

 

	21.2	The
                                            value of any benefit realised under the Plan by Award Holders shall not be taken into account
                                            in determining any pension or similar entitlements.

 

    	24

     

    

 

	21.3	Award
                                            Holders and Employees shall have no rights to compensation or damages on account of any loss
                                            in respect of Awards or the Plan where this loss arises (or is claimed to arise), in whole
                                            or in part, from:

 

		(a)	termination
                                            of office or employment with; or

 

		(b)	notice
                                            to terminate office or employment given by or to,

 

any
Group Company or any former Group Company. This exclusion of liability shall apply however termination of office or employment, or the
giving of notice, is caused, and however compensation or damages are claimed.

 

	21.4	Award
                                            Holders and Employees shall have no rights to compensation or damages from any Group Company
                                            or any former Group Company on account of any loss in respect of Awards or the Plan where
                                            this loss arises (or is claimed to arise), in whole or in part, from:

 

		(a)	any
                                            company ceasing to be a Group Company; or

 

		(b)	the
                                            transfer of any business from a Group Company to any person that is not a Group Company.

 

This
exclusion of liability shall apply however the change of status of the relevant Group Company, or the transfer of the relevant business,
is caused, and however compensation or damages are claimed.

 

	21.5	An
                                            Employee shall not have any right to receive Awards, whether or not the Employee has previously
                                            been granted any.

 

	22.	Notices

 

	22.1	Except
                                            as maintained in rule 22.3, any notice or other communication given under or in connection
                                            with the Plan shall be in writing and shall be:

 

		(a)	delivered
                                            by hand or by prepaid first-class post or other next working day delivery service at the
                                            Appropriate Address;

 

For
the purposes of this rule 22.1, the Appropriate Address means:

 

		(i)	Unit
                                            5.3, Madison Building, Midtown, Queensway, Gibraltar;

 

		(ii)	an
                                            Award Holder’s home address; and

 

		(iii)	if
                                            the Award Holder has died, and notice of the appointment of personal representatives is given
                                            to the Company, any contact address specified in that notice.

 

		(b)	sent
                                            by fax to the fax number notified in writing by the recipient to the sender; or

 

		(c)	sent
                                            by email to the Appropriate Email Address.

 

For
the purposes of this rule 22.1, Appropriate Email Address means:

 

		(i)	in
                                            the case of the Company, swahnon@forafric.gi; and

 

		(ii)	in
                                            the case of an Award Holder, their relevant work email address or such personal email address
                                            agreed with the Company in writing.

 

    	25

     

    

 

	22.2	Any
                                            notice or other communication given under this rule 22 shall be deemed to have been received:

 

		(a)	if
                                            delivered by hand, on signature of a delivery receipt, or at the time the notice is left
                                            at the appropriate address;

 

		(b)	if
                                            sent by prepaid first-class post or other next working day delivery service, at 9.00 am on
                                            the second Business Day after posting, or at the time recorded by the delivery service;

 

		(c)	if
                                            sent by fax, at 9.00 am on the next Business Day after transmission; and

 

		(d)	if
                                            sent by email, at 9.00 am on the next Business Day after sending.

 

	22.3	This
                                            rule does not apply to:

 

		(a)	the
                                            service of any Exercise Notice; and

 

		(b)	the
                                            service of any proceedings or other documents in any legal action or, where applicable, any
                                            arbitration or other method of dispute resolution.

 

	23.	Administration
                                            and amendment

 

	23.1	The
                                            Board shall administer the Plan.

 

	23.2	The
                                            Plan is intended to comply with Listing Rules. Notwithstanding any other rule set out in
                                            this Plan and in the event that any rules of the Plan or the terms of an Award Certificate
                                            do not comply with applicable Listing Rules, the Board shall follow a course of action or,
                                            where required, be able to make the necessary minimum amendments to the rules or to an Award
                                            Certificate from time to time (including, if required, the introduction or amendment of a
                                            Holding Period) in order to ensure that the Plan or any actions under the Plan do not breach
                                            the applicable Listing Rules.

 

	23.3	The
                                            Board may amend the Plan from time to time, but:

 

		(a)	The
                                            Board may not amend the Plan if the amendment:

 

		(i)	applies
                                            to Awards granted before the amendment was made; and

 

		(ii)	materially
                                            adversely affects the interests of Award Holders,

 

except
that an Award Holder whose Awards would be adversely affected may consent to the application of the amendment to those awards.

 

    	26

     

    

 

		(b)	the
                                            Board may not make any amendment to the advantage of Award Holders if that amendment relates
                                            to:

 

		(i)	the
                                            definition of Employee;

 

		(ii)	rule
                                            4; or

 

		(iii)	rule
                                            19,

 

without
the prior approval of the Company in general meeting (except for minor amendments to benefit the administration of the Plan, to take
account of a change in legislation, or to obtain or maintain favourable tax, exchange control or regulatory treatment for Award Holders
or for a Group Company).

 

	23.4	The
                                            cost of establishing and operating the Plan shall be borne by the Group Companies in proportions
                                            determined by the Board.

 

	23.5	Any
                                            decision under rule 7, rule 8, or rule 15.5, and whether to consider making such a decision,
                                            shall be entirely at the discretion of the Board.

 

	23.6	The
                                            Board shall determine any question of interpretation and settle any dispute arising under
                                            the Plan, including determining whether anything is material. In these matters, the Board’s
                                            decision shall be final.

 

	23.7	In
                                            making any decision or determination, or exercising any discretion under the rules, the Board
                                            shall act fairly and reasonably and in good faith.

 

	23.8	The
                                            Company shall not be obliged to notify any Award Holder:

 

		(a)	if
                                            an Option is due to lapse; or

 

		(b)	when
                                            an Option is due to, or has, become exercisable.

 

	23.9	The
                                            Company shall not be obliged to provide Award Holders with copies of any materials sent to
                                            the holders of Shares.

 

	23.10	The
                                            Board may establish sub-plans to operate in overseas territories (“overseas sub-plans”),
                                            provided that:

 

		(a)	all
                                            overseas sub-plans are subject to the limitations set out in rule 4 ;

 

		(b)	no
                                            Employee has an entitlement to awards under any overseas sub-plan greater than the maximum
                                            entitlement of an Employee under the Plan.

 

Any
overseas sub-plan must be governed by rules similar to the rules of the Plan, but modified to take account of applicable tax, social
security, employment, company, exchange control, trust or securities (or any other relevant) law, regulation or practice.

 

    	27

     

    

 

	24.	Third
                                            party rights

 

	24.1	A
                                            person who is not a party to an Award shall not have any rights under or in connection with
                                            it except where these rights arise under any rule of the Plan for any Employer Company that
                                            is not a party to an Award.

 

	25.	Data
                                            protection

 

For
the purpose of operating the Plan, the Company will collect and process information relating to Employees and Award Holders in accordance
with the Company’s Data Protection Policy.

 

	26.	Governing
                                            law

 

The
Plan and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes
or claims) shall be governed by and construed in accordance with the laws of Gibraltar.

 

	27.	Jurisdiction

 

	27.1	The
                                            courts of Gibraltar shall have jurisdiction to settle any dispute or claim arising out of
                                            or in connection with the Plan or its subject matter or formation (including non-contractual
                                            disputes or claims). The jurisdiction agreement contained in this rule is made for the benefit
                                            of the Company and the Group only, which accordingly retains the right to bring proceedings
                                            in any other court of competent jurisdiction.

 

	27.2	Each
                                            party irrevocably consents to any process in any legal action or proceedings under rule 27.1
                                            being served on it in accordance with the provisions of the Plan relating to service of notices.
                                            Nothing contained in the Plan shall affect the right to serve process in any other manner
                                            permitted by law.

 

    	28

     

    

 

Schedule
1 – Agreed Performance Targets

 

    	29Exhibit
10.6

 

[CERTAIN
INFORMATION IN THIS EXHIBIT IDENTIFIED BY [***] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE REGISTRANT
CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.]

 

Framework
contract for the delegation of purchases and methods of application

 

Between
the undersigned:

 

The
company FORAFRIC MAROC, located at 29, rue Bab Mansour, Casablanca 20250, MOROCCO, representing the import companies CERELIS
SARL and FORAFRIC SA and validly represented for this purpose by Mr Mustapha JAMALEDDINE, in his capacity as General
Manager;

 

Hereinafter
referred to as “The Customer”, of the one part;

 

AND

 

MILLCORP
GENEVE, located at 118 Rue du Rhone, Geneva, Switzerland, validly represented for this purpose by Mr. Ouri Mimran, in his
capacity as Director of Operations;

 

Hereinafter
referred to as “The Supplier”, of the other part

 

IN
CONSIDERATION OF THE FOREGOING, THE PARTIES AGREE AS FOLLOWS:

 

1.PREAMBLE

 

The
purpose of this contract is to define the terms and conditions of supply by the Supplier and the Customer of the raw material.
This framework contract shall have the force of implementation and may not be contested by either of the Parties from the date of
signature.

 

The
main points of the contract relate to:

 

Ø
Contract term

Ø Merchandise

Ø Quantity

Ø Decision-making
mechanism

Ø Origin
of the merchandise

Ø Quality

Ø Price

Ø Payment

Ø Documents

Ø Marine
insurance

Ø Conditions
of unloading

Ø Import
Arbitration clause

Ø Obligation
of confidentiality

Ø Force
majeure

Ø Information

    	 

    	 

    

 

	29/03/2018	Page
    1 of 7

 

Ø
Reciprocal independence

Ø
Early termination following cessation of business

Ø
Law and language of contract

Ø
Disputes - attribution of competence

Ø
Election of domicile

 

The
Customer has two import companies: CERELIS SARL and FORAFRIC SA.

 

The
Customer entrusts the following tasks to the Supplier:

 

Ø
Analysis of the international raw material market
as well as local market offers and clarification regarding arbitration

Ø
Delivery of reports,

Ø
Contact and negotiation with the various shippers,

Ø
Purchase of the raw material, on behalf of the
Customer on the international stage

Ø
Participation in purchasing committees with the
Customer and third-party providers

Ø
Assistance in the design and execution of purchasing
strategies on behalf of the Customer

 

The
Customer undertakes to:

 

Ø
Guarantee the quality and quantity of the raw material,

Ø
Define risk management for the purchase of the raw material
and the foreign exchange market (FOREX)

Ø
Entrust the buying book of its subsidiaries in Morocco
and Africa to the Supplier

 

The
Customer and the Supplier form the buying committee which approves all decisions concerning the supply of the Group’s
raw material

 

The
Customer remains the sole decision-maker in terms of the quantities purchased, the purchasing schedule and the ports of unloading.

 

2.
DURATION OF THE CONTRACT

 

This
contract shall have an initial term of 5 years, starting on 01/04/2018. After the initial term, the contract shall remain in force for
one year, unless a party notifies the other party that it has been unilaterally terminated and such notice is sent in writing to the
other party, at least 6 months before the end of the initial term.

 

3.MERCHANDISE

 

Primarily
soft wheat (bulk) and durum wheat (bulk). As well as any other cereal requested by the Customer.

 

4.
QUANTITY

 

The
Customer undertakes to entrust at least 80% of its supply needs to the Supplier.

 

For
a full year the customer requires:

 

§
350,000.00 tons of soft wheat

§ 150,000.00
tons of durum wheat

 

Its
requirements will be determined annually at the beginning of each import year. As the year passes, the Customer undertakes to
communicate all details of any adjustment to its needs.

 

    	 

    	 

    

 

	29/03/2018	Page
    2 of 7

 

The
quantity of each vessel will be increased or reduced by 10 %, at the contract price and at the discretion of the Supplier.

 

The
Customer undertakes to notify the Moroccan port of destination 72 hours before the arrival of the ship in the first Moroccan port.

 

The Supplier agrees
to comply with the port of destination restrictions and to confirm that the named vessel will be operational for the port of
discharge.

 

The Supplier reserves
the right to operate a part cargo service at its discretion. However, it is required to inform the Customer.

 

5.
DECISION-MAKING MECHANISM

 

This
mechanism will enable the full decision-making process to be defined operationally and in detail (see Annex 1).

 

The
raw material procurement management process deals with all operations necessary to conclude a purchase contract by following the steps
below:

 

-
Coverage decision: Quantity and horizon

-
Validation of the availability of the financing lines

-
Validation of the specifications and the nature of the industrial need

-
Consultation of the Supplier

-
Study of the proposed offers

-
Confirmation and conclusion of contract

 

Purchases
must meet the industrial requirements of the production units in terms of quality and specifications; the customer also reserves the
right to make purchases for sale in the local market.

 

-
Industrial specifications and requirements could be adjusted in relation to the supply available on the international market (price,
origin, supply, logistics, etc.).

-
Any adjustments must be agreed in advance between the Supplier and the Customer.

 

6.
ORIGIN OF THE MERCHANDISE

 

As
requested by the Customer.

 

7.
QUALITY

 

Sound,
fair and marketable quality that meets the specifications of the Customer.

 

The
Customer reserves the right to request quality according to batch or arrival.

 

 8.
PRICE AND REMUNERATION 

 

[***]

 

9.
PAYMENT

 

The
original documents will be sent to a prime bank acceptable to the Supplier.

 

Payment
must be made within 72 hours of receipt of the documents by the bank in Morocco.

 

The
Customer has a choice between Documentary Remittance or Documentary Credit with the agreement of the Supplier.

 

Any
taxes or duties in the country of origin shall be for the benefit and/or the responsibility of the Supplier.

 

Any
taxes or duties in the destination country are for the benefit and/or the responsibility of the Customer.

 

All
bank charges in Morocco are the responsibility of the Customer. Costs abroad are borne by the Supplier.

 

10. DOCUMENTS

 

The
Supplier undertakes to provide the Customer for each import with the following documents:

 

Mandatory
import documents:

 

•
Commercial invoice (3 originals+3 copies) with FOB value, freight and country of origin.

•
Complete set of bills of lading (3 originals+ 3 non-negotiable copies) payable to order endorsement in blank marked ‘‘CLEAN
ON BOARD’’, ‘FREIGHT PREPAID’.

•
Certificate of Origin (1 original + 2 copies) issued by the Chamber of Commerce.

•
EUR1 certificate (1 original+2 copies).

•
Phytosanitary certificate (1 original + 2 copies) issued by the phytosanitary service of the country of loading.

•
Weight certificate (1 original + 2 copies) issued by a top-flight inspection company.

•
Copy of the charter-party.

 

Quality
Documents:

 

•
Quality certificate on loading (1 original + 2 copies) issued by a top-flight inspection company/top-flight laboratory.

•
Mycotoxin certificate: issued by the inspection company (1 original + 3 copies).

•
Vomitoxin certificate: (1 original+2 copies) issued by a top-flight laboratory.

•
Official fumigation certificate (1 original+2 copies) issued by a top-flight inspection company (when the inspector certifies that
fumigation is necessary).

 

    	 

    	 

    

 

	29/03/2018	Page
    3 of 7

 

●
Heavy metals certificate (cadmium, lead)

● 
Pesticide residues certificate issued by the inspection company (1 original + 3 copies / complying with the limits of the last
edition of the “Codex Alimentarius”).

●
Non-radiation certificate (1 original + 2 copies) issued by a top-flight inspection company/top-flight laboratory.

●
Non-GMO certificate (1 original + 2 copies) issued by a top-flight inspection company/top-flight laboratory.

 

Optional
documents (highly desirable):

 

● Certificate
of inspection and cleanliness of the vessel holds prior to the start of loading (1 original+2 copies).

● Phytosanitary
specification certificate issued by a top-flight company/laboratory (1 original and 2 copies). According to Moroccan phytosanitary regulations,
this certificate should stipulate that the cargo is completely free of: Trogoderma Granarium, Prostephanus Trincatus (large grain bore),
Anguina Tritici, Pyraus Nubilis Hubn, Tilletia controversa, Tilletia indica.

● Condition
certificate indicating that the product is free of live insects.

 

All
documents requested by the Customer will be included in the CFR price.

 

The
Customer undertakes to communicate the documentary instructions to the Supplier, as soon as the name of the ship is made
known.

 

The
Customer or its authorised representative (FINALOG or MAYMOUNA GRAIN) will be responsible for appointing and communicating the
marine agent at the port of discharge.

 

The
documents will be issued in the name of the final recipient (CERELIS SARL or FORAFRIC SA) under the responsibility and
guarantee of the Supplier. The original Phytosanitary certificate(s) and certificate(s) of origin and other documents must be
sent directly to the import company by express mail before the ship arrives at the port of unloading.

 

Copies
of the documents must be sent after loading the vessel.

 

Any
other certificate requested by the customer and not mentioned in the contract, will be invoiced at cost by the Supplier.

 

In
the event of an absence of documents upon arrival of the vessel at the port of discharge, the Supplier will be required to issue
a letter of indemnity/ bank guarantee acceptable to the ship-owner to obtain authorisation to unload the goods. Otherwise, the Supplier
will be charged for any waiting time.

 

11.
MARINE INSURANCE

 

Insurance
is covered by Customer at its own expense and risk; it must provide a certificate of insurance at the Supplier’s
request.

 

Additional
age and flag premiums will be payable by the Supplier according to the additional age premium scales established by Circular 013/98
of 1 August 1998 of the “Moroccan Committee for the Pricing of Maritime and Transport Insurance” (Comité Marocain
de Tarification de l’Assurance Maritime et Transports or “CMTAMT”). The Customer will provide supporting
documentation for any additional premiums paid to the insurer.

 

    	 

    	 

    

 

	29/03/2018	Page
    4 of 7

 

12.
CONDITIONS OF UNLOADING

 

At
the port of discharge, the buyer guarantees a salt water draft and a LOA according to the restrictions of each port:

 

CASABLANCA
Port:

 

-
MASS CEREAL TERMINAL

● LOA max 200 m

●
Draft max 9.75 m

 

-
SOSIPO TERMINAL

●
LOA max 200 m

●
Draft max 9.15 m

 

GENERAL
BERTH // in the event of port congestion and with the agreement of the authorities, the vessel may berth and unload at the following
docks:

 

● Pier
T3/T4: LOA max 225 m & Draft max 10.38 m

●
Pier 30 to 34: LOA max 225 m & DRAFT max 9.15 m

●
Pier 35 -36: LOA max 255 m & DRAFT max 9.75 m

●
Pier 22 to 24: LOA max 225 m & DRAFT max 9.15 m

 

JORFLASFAR
Port:

 

	 	● Mass
    Cereals: 	Max
    LOA = 230 m / Max Draft = 12.5 m
	 	●
    Pier / Berth 16 Marsa Morocco: 	Max
    LOA =230 m / Max Draft = 12.5 m
	 	●
    Pier / Berth 10 Marsa Morocco: 	Max
    LOA =100 m / Max Draft = 8.0 m
	 	●
    Pier / Berth 11 Marsa Morocco: 	Max
    LOA =100 m / Max Draft = 7.2 m
	 	●
    Pier / Berth 12 Marsa Morocco: 	Max
    LOA =100 m / Max Draft = 6.7 m
	 	●
    Pier / Berth 13 Marsa Morocco: 	Max
    LOA = 100 m / Max Draft = 5.0 m
	 	●
    Max LOA = 230m	 

 

SAFI
Port:

  

	 	● SOSIPO:	Max
    LOA = 185 m / Max Draft = 9.14 m
	 	●
    MARSA Morocco: 	Max
    LOA = 185 m / Max Draft = 9.14 m
	 	●
    Max LOA=185m	 

 

If
the original documents do not arrive at the customer’s bank before or at the same time as the ship’s arrival at the
port of destination and the ship-owners refuse to allow unloading of the goods, time will only start to run from the moment unloading
starts: that is, upon receipt of the original documents or the unconditional written agreement of the ship’s captain to authorise
the unloading of the ship.

 

The
demurrage/despatch rate: According to charter-party settled directly between the Supplier and the Customer. The Supplier
will report the demurrage rate when the name of the ship becomes known or at the Customer’s request. It should be noted
that final settlement/finalisation of any points that may be in abeyance between the Customer and the Supplier must take
place no later than 30 days after the departure of the vessel.

 

    	 

    	 

    

 

	29/03/2018	Page
5 of 7

 

The
ship’s age: maximum 25 years.

 

13.
IMPORT ARBITRATION CLAUSE

 

Any
dispute arising from this contract shall be resolved by arbitration in accordance with No. 125 of the Arbitration Rules of the “Grain
and Feed Trade Association”, (current edition). These rules shall form part of this Agreement and the Parties shall be deemed to
be aware of them. Arbitration is expected to take place in London.

 

Other
terms and conditions according to GAFTA 80 A.

 

14.
OBLIGATION OF CONFIDENTIALITY

 

It
is important that the Supplier is required not to disclose information to which it may have access to in the course of carrying
out its mission. The customer’s attention is drawn to the confidentiality of the documents, in particular when the documents in
question are marked “confidential”.

 

The
Supplier shall consider all information, documents, data or concepts which it may become aware of under this Agreement to be strictly
confidential, and shall not disclose them. The Customer, however, cannot be held responsible for any disclosure if the disclosed
material was in the public domain at the date of disclosure, or if it already had knowledge of it, or had obtained it from third parties
by legitimate means.

 

15.
FORCE MAJEURE

 

Any
unforeseen act or event, totally independent of the will of either of the Parties, opposing the normal performance of this contract,
is a case of force majeure as defined by the dahir of Moroccan obligations and contracts.

 

In
the event of force majeure, the contractual obligations shall be suspended for the duration of any inability to perform the contract
caused by such a situation, provided that the case of force majeure is reported to the other Party within the first week of its
occurrence, insofar as such obligations are affected by such an event.

 

However,
the Party concerned by the force majeure event shall be entitled to an extension of the term of this Agreement, which shall be
identical to the delay caused by the force majeure.

 

16.
INFORMATION

 

The
Parties undertake to always behave toward each other in a fair manner and in good faith and to inform each other of any difficulties
they may encounter during the performance of this contract.

 

17.
RECIPROCAL INDEPENDENCE

 

The
Parties represent and acknowledge that they are, and shall remain, independent business and professional partners throughout the term
of this Agreement, and that each will be responsible for the risks of its own business.

 

18.
EARLY TERMINATION FOLLOWING THE CESSATION OF BUSINESS

 

This
contract may also be terminated in advance in the event of a court-ordered reorganisation or liquidation of either Party under the legal
and regulatory conditions in force, and subject, where applicable, to applicable public order provisions.

 

    	 

    	 

    

 

	29/03/2018	Page
    6 of 7

 

19.
LAW AND LANGUAGE OF THE CONTRACT

 

By
express agreement between the Parties, this contract is governed by and subject to Moroccan law.

 

This
agreement is written in French. If it is translated into another language, the French version shall prevail in the event of a dispute.

 

20.
DISPUTES - ATTRIBUTION OF COMPETENCE

 

The
Parties shall endeavour to settle amicably, and in the spirit of their agreements, any difficulties which may arise during the performance,
interpretation or termination of the contract.

 

Otherwise,
the dispute will be brought before the Commercial Court of Casablanca.

 

21.
ELECTION OF DOMICILE

 

For
the performance of this Agreement, the Parties declare that they elect domicile at their respective addresses indicated above.

 

Done
in CASABLANCA, 29 March 2018

 

	FORAFRIC
    MAROC	MILLCORP
    GENEVE
	 	 
	[Signature]	[Signature]

 

    	 

    	 

    

 

	29/03/2018	Page
7 of 7

 

ANNEXES

 

MILLCORP
AND FORAFRIC RELATIONSHIP: Version01 032918

 

*

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