Document:

Exhibit 10.11

 

	REVISED PARTNERSHIP AGREEMENT

 

BETWEEN THE FARMS OF TERANGA S.A.

 

and

 

THE MUNICIPALITY OF FASS NGOM

 

January 2021

 

     

     

    

 

reminder

 

Having regard to the Constitution;

 

Having regard to Law 96-06 on the Code of Local Authorities;

 

Having regard to Law No. 96-07
of 22 March 1996 on the transfer of powers to the regions, municipalities and rural communities;

 

Having regard to Law No. 2013-10 of 28
December 2013 on the General Code of Local Authorities;

 

Having regard to Law 64-46 of 17 June 1964 on the national domain;

 

Having regard
to the 2001 Law of 15 January 2001 on the Environment Code;

 

Having regard to Law 65-557 of 21 July 1965 on the Code of Contraventions;

 

Having regard to Decree No. 64-573 laying down the conditions for the application of Law 64-46 on the national domain;

 

Having regard to
Decree No. 80-268 of 10 March 1980 on the organization of livestock routes and laying down the conditions for grazing;

 

Having regard to
the Senegal River Water Charter adopted in Nouakchott on 28 May 2002;

 

Having regard to the primatoral decree of 25 July 2007 on the Charter
of the Irrigate Domain of the Senegal River Valley and falémé

 

context

 

The political will of the State of Senegal in the
area of decentralization is demonstrated through the reform of Act II, whose vision is to promote viable, competitive territories that
will bring sustainable development. This ambition is based on strengthening the financial and institutional resources of local and regional
authorities so that it can, in addition to the state’s actions, boost national economic growth. This expectation of the State vis-à-vis
local authorities imposes on them a new posture in the management and valorization of the resources of the territories, especially those
relating to land. The improvement of productivity and competitiveness levels in the territories depends to a large extent on major investments
requiring the promotion of partnership with private investors, taking into account the limited means of local actors.

 

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This new posture has always been supported by the administrative authorities and local technical services such as the ARD, the CADL and
the SAED, among others. It is within the framework that he has developed, under the impetus of the SAED, land use and use plans and a
charge of the irrigated domain. Through these tools, local and regional authorities are committed to ensuring the rational and sustainable
exploitation of land and water resources in the region.

 

The company “SENHUILE”, now “LES FERMES DE LA TERANGA” S.A. is a public limited company under Senegalese law,
specialized in agro-industry. It is present in the region to develop partnerships with local authorities in order to make large investments
in the development of the hydro-agrocultural potential of the area.

 

This company aims to contribute to the reduction of Senegal’s trade balance deficit and the achievement of national food self-sufficiency.
Through its commitments, the company intends to be part of the dynamics of territorial development that derives its foundations from the
Emerging Senegal Plan(PSE) and its local declination, namely the Communal Development Plan (PDC).

 

Thus, in perfect harmony with the political orientations of the State, the municipality of
Fass Ngom and the company “LES FERMES DE LA TERANGA” decide to establish a win-win partnership subject to this revised
convention. Indeed, following the revised agreement on 18 March 2018 granting the “FERMES DE LA TERANGA” an area of 5000
ha, it appeared the need to further explain certain terms of the agreement by defining their application modalities.

 

This revised Convention shall be drawn up for this purpose in order to specify the procedures for the operationalisation of certain commitments
and the conditions for the progressive development of holdings.

 

Come in

 

The company “LES FERMES DE LA TERANGA” S.A. having its registered
office in NGnith YETTIYONE Richard-Toll, Arrondissement of Ndiaye, Dagana Department, registered in the Trade and Credit Register
Mobilier of Saint-Louis under the number SN-STL-2018 M 0507, represented by its General Manager, Mr. Amadou FADIGA

 

Hereinafter referred to as the “company”

 

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On the one hand;

 

and

 

The Commune of Fass Ngom Arrondissement of Rao, Department of Saint-Louis, represented by its Mayor, Mr Aliou
SARR domiciled in FAss Ngom, hereinafter referred to as the “commune”

 

moreover

 

It was agreed and agreed that:

 

Article I: Modification of the name of the company

 

“SENHUILE” S.A. has become “LES FERMES DE LA TERANGA” S.A. The minutes containing the deliberation on the modification
of the company name will be given to the municipality for regularization in its archives.

 

Article II: Purpose of the Convention

 

On the basis of the old Agreement, the Parties agreed to incorporate the elements highlighted at the evaluation meeting on 19 March 2018
and 11 December 2020 in order to relaunch the momentum of the implementation of the Partnership Framework between the Parties.

 

The project will cover the exploitation of several agricultural crops such as groundnuts, sweet potatoes, maize, onions and potatoes,
among others, on an area of 5000 ha, of which 350 ha are returned to the populations under the PDIDAS project and 500 ha to be developed
for the benefit of the populations for market gardening and fodder crops.

 

Article III: Situation map of the agricultural perimeter “LES FERMES DE LA TERANGA” S.A.

 

With reference to the map to be attached, it will be delimited the contours of the affected area, listed the villages and hamlets polarizing
the affected area at the level of the Municipality of Fass Ngom and identified the livestock routes and production tracks impacted directly
by the company.

 

Article IV: Obligations of the municipality

 

The municipality of Fass Ngom undertakes to:

 

		v	Make available to the company “LES FERMES DE LA TERANGA”
SA. the area of 5000 ha allocated on deliberation for an agricultural holding;

 

		v	Extract the 850 ha (350 ha for PDIDAS and 500 ha for populations)
to be allocated to the rightholders;

 

		v	Facilitate the company’s collaboration with producer organisations
or any other entity that could contribute to the achievement of its production objectives;

 

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		v	Set up, by order of the Mayor, a monitoring committee to ensure
compliance with the provisions of this agreement. This committee produces an annual evaluation report that the city council can use to
decide on the future of the collaboration;

 

		v	The committee will be chaired by the Mayor or his representative
and will be composed of the office of the municipal council, two representatives of the “FERMES DE LA TERANGA”, and may at
any time request the assistance of the services of the SAED, the DRDR, livestock, the ARD, the Regional Directorate of the Environment
and Classified Establishments (DREEC) of the Regional Inspectorate of Waters and Forests. If necessary, it may be extended to other structures
or resource persons. It meets at the invitation of the Mayor every six months after a visit to the agricultural perimeter of THE FARMS
OF LA TERANGA. The follow-up activities are taken care of by the municipality and the resulting decisions are enforceable in accordance
with the laws and regulations in force.

 

Article V: Obligations of the company

 

The company “LES FERMES DE LA TERANGA S.A. undertakes to:

 

		v	Develop the area in compliance with the Occupancy and Land Use
Plan of the municipality (POAS), the Charter of the Irrigated Domain of the Senegal River Valley (CDI), the heritage area of 3 marigots
(APR 3M) and the law on the national domain;

 

		v	Fully develop
500 ha intended for the populations, in the three 1st years with at least 10% from the 1st year in accordance with modalities
agreed with the populations (consultation company and beneficiary populations);

 

		v	Technically support the populations in the exploitation of the
500 ha to practice fodder cultivation and vegetable cultivation;

 

		v	Develop grazing areas and water points for livestock at reasonable
distances allowing easy access to animals;

 

		v	Facilitate people’s access to new technologies enabling
them to improve their standard of living;

 

		v	Give priority to recruitment to the local workforce taking into
account the criterion of competence and promote local enterprises for the performance of certain tasks within their competence;

 

		v	Develop the opening tracks that will be regularly maintained
at its expense. These tracks will follow optimal trajectories in relation to the villages in the area covered by the project that benefit
from the right of way;

 

		v	Support the population in the implementation of social projects
(construction of classrooms, modern daaras, provision of school supplies, rehabilitation construction of places of worship, construction
and equipment health huts, equipped reference health center, drinking water points for the populations);

 

		v	Grant the municipality
a budget support of 24,000,000 CFA francs until June 2021. From this year, each amount to be paid in the following year (N+1) will be
equal to that paid in the previous year (N) plus 2% of the same amount. The payment is payable before the end of the 1st half
of the year to participate in the operation of the municipality and the annual investment plan.

 

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		v	In case of force majeure, for economic, agronomic, or natural
reasons, war or act of war, sabotage, insurrection, civil unrest or requisition, health scourge (pandemic) the company may negotiate
with the committee to review its commitment for the year concerned.

 

		v	Receive and make available to the Monitoring Committee for the
Implementation of the Convention any information and documents it may have requested in order to carry out its mission properly.

 

Article VI: Duration and entry into force of the revised Convention

 

This agreement is intended for a period of fifteen years (15 YEARS) renewable after evaluation of the project. It shall enter into force
on the date of signature.

 

Article VII: Acceptance of clauses / amendment / Termination

 

Both parties accept all of the above clauses which may not be amended or modified unilaterally unless there is written agreement and duly
signed by both parties. If such an agreement should come into being, it will be the subject of an amendment to the Convention.

 

In the event of non-compliance with the commitments by one of the parties, the other may terminate the contract after six (06) months’
notice.

 

Article VIII: Disputes

 

The municipality of Fass NGOM and the company “LES FERMES DE LA TERANGA” S.A. agree that disputes that may arise from the
interpretation of the provisions of this agreement are first settled amicably.

 

In the event of disagreement, the case will be brought before the court with territorial jurisdiction over the matter.

 

	 	Done at Fass Ngom, 24 February 2021
	 	 
	 	In five original copies
	 	 
	For THE FARMS OF THE	For the Municipality of Fass Ngom
	 	 
	TERANGA	 
	 	 
	The Director General, Mr Le Maire, Mr Aliou SARR	
	 	 
	Amadou FADIGA	 

 

    6Exhibit 10.12

 

Execution Version

 

CONTRIBUTION AGREEMENT

 

This CONTRIBUTION AGREEMENT (this “Agreement”) is made
as of June 24, 2021, by and between the shareholders of Agro Industries Corp (the “Shareholders”) listed as signatories
to this Agreement (the “Contributing Party”), Agro Industries Corp., a Cayman Islands exempted company, with registered
offices at 2nd Floor, Strathvale House, 90 North Church Street, George Town, Grand Cayman, Cayman Islands, PO Box 1103, KY1-1102
(the “Company”) and African Agriculture, Inc., a Delaware corporation (the “Receiving Party”).
The Contributing Party, the Company and the Receiving Party are sometimes referred to herein together as the “Parties”
and each a “Party.”

 

W
I T N E S S E T H

 

WHEREAS, the Contributing Party desires to contribute to the Receiving Party 100% of its shareholding in the Company (the “Contribution”)
in exchange for the Contributing Party’s receipt of shares in the Receiving Party (the “Receiving Party Shares”).

 

NOW, THEREFORE, in order to consummate the Contribution, and in
consideration of the mutual covenants and agreements hereinafter set forth, the parties hereto agree as follows:

 

1. Contributed Assets. The Contributing Party shall transfer,
to the Receiving Party, all of the Contributing Party’s right, title and interest in shares of the Company. Following such
Contribution, the Shareholders shall become shareholders of the Receiving Party pro rata their existing ownership in the Company, as
particularized at Appendix A.

 

2. Assumed Liabilities. The Receiving Party, on behalf of
itself and each of its successors and assigns, jointly and severally, shall indemnify and hold harmless the Contributing Party,
against and in respect of any damages, liabilities, losses, claims, obligations, actions, suits, proceedings, demands, judgments,
decrees, injunctions, stays, orders, liens and other similar encumbrances, assessments, judgments, taxes, fines, penalties,
reasonable costs and expenses (whether or not arising out of third-party claims and including all reasonable amounts paid in
investigation, defense or settlement of the foregoing) incurred, suffered or sustained by the Contributing Party arising out of any
failure to perform or discharge any assumed liability in connection with the Company. The Receiving Party represents and warrants
that it has no present liabilities or obligations since the date of its incorporation.

 

3. Assignment of Contracts and Rights. Notwithstanding the
foregoing, to the extent any contract or agreement that to which the Company is party (each a “Contract”)
requires the waiver, consent or approval of any governmental authority or other third party in order for such Contract to be
assigned to the Receiving Party pursuant to the Contribution, or if the execution, delivery and performance of the Contributing
Party’s obligations under this Agreement would violate or constitute or result in a default (whether after the giving of
notice, lapse of time or both) under, accelerate any obligation under or give rise to a right of termination of, any Contract, then
this Agreement shall not constitute an agreement, or an attempt, to assign any such Contract, and following the execution of this
Agreement, the Contributing Party will use its reasonable best efforts to obtain the waiver, consent or approval of those third
parties that are required for the assignment of any such Contract to the Receiving Party. Unless and until such waiver, consent or
approval is obtained, or if an attempted assignment thereof would be ineffective or would adversely affect the rights of the
Contributing Party thereunder so that the Receiving Party would not in fact receive all rights under such Contract, from and after
the date of this Agreement, the Contributing Party and Receiving Party will cooperate in an arrangement (with all costs, fees and
expenses of such arrangement to be borne by the Contributing Party) under which the Receiving Party would obtain the benefits and
assume the obligations thereunder in accordance with this Agreement, including subcontracting. sub-licensing, or subleasing to the
Receiving Party, or under which the Contributing Party or the Receiving Party, as applicable, would enforce, for the benefit of the
Receiving Party, with the Receiving Party assuming the Contributing Party’s obligations, as applicable, any and all rights of
the Contributing Party, against a third party thereto.

 

     

     

    

 

4. Equity Interests. In consideration of the Contribution given
to the Receiving Party and the assumption of the assumed liabilities pursuant to the Contribution, the Receiving Party hereby
confirms that the Contributing Party will own 100% of the outstanding equity interests (all of the Shares) in the Receiving
Party.

 

5. Further Assurances. Each Party hereby agrees that at any
time, and from time to time, upon the reasonable request of the other Party, it will use commercially reasonable efforts to perform,
execute, acknowledge and deliver all such further acts, deeds, assignments, conveyances, instruments or powers of attorney as may be
necessary or appropriate to carry out the provisions of this Agreement with respect to the Contribution, including appropriate
instruments of transfer, bills of sale and deeds consistent with the terms of this Agreement in such form as may reasonably be
requested.

 

6. Captions. The captions and headings to the various sections,
paragraphs and schedules of this Agreement are for convenience of reference only and shall not affect or control the meaning or
interpretation of any of the provisions of this Agreement.

 

7. Integration. This Agreement contains the entire understanding of the parties hereto
with respect to the subject matter contained herein.

 

8. Severability. The invalidity of any provision or provisions of
this Agreement shall not affect the validity of any other provision or provisions of this Agreement, which shall remain in full force
and effect.

 

9. Interpretation. Unless a clear contrary intention appears:
(a) the singular number shall include the plural, and vice versa; (b) reference to any gender includes each other gender; (c)
reference to any agreement, document or instrument shall mean such agreement, document or instrument as amended or modified and in
effect from time to time in accordance with the terms thereof; (d) “include” and “including,” and variations
thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without
limitation”; (e) all references in this Agreement to “Schedules,” “Sections” and
“Exhibits” are intended to refer to Schedules, Sections and Exhibits to this Agreement, except as otherwise indicated;
(f) the headings in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement, and
shall not be referred to in connection with the construction or interpretation of this Agreement; (g) “or” is used in
the inclusive sense of “and/or”; (h) with respect to the determination of any period of time, “from” shall
mean “from and including” and “to” shall mean “to but excluding”; and (i)
“hereunder,” “hereof,” “hereto,” and words of similar import shall be deemed references to this
Agreement as a whole and not to any particular Section or other provision hereof.

 

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10. Amendment: Waivers. No provision of this Agreement may be waived
or amended except in a written instrument signed, in the case of an amendment, by the Parties or, in the case of a waiver, by the Party
against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of either Party to exercise any right hereunder in any manner
impair the exercise of any such right.

 

11. Governing Law. This Agreement, and any disputes, actions,
claims or causes of action arising out of or in connection with this Agreement, shall be governed by the laws of the State of
New York, without regard to the principles of conflicts of laws.

 

12. Counterparts. This Agreement may be executed in
counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when
counterparts have been signed by each Party and delivered to the other Party, it being understood that both Parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid
and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile signature page were an original thereof.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the undersigned have executed this Contribution Agreement as of the
date first set forth above.

 

	 	CONTRIBUTING PARTY:
	 	 
	 	GLOBAL COMMODITIES & INVESTMENTS LTD.
	 	 
	 	By:	/s/ Grainne Brady
	 	Name: 	GRAINNE BRADY
	 	Title:	DIRECTOR
	 	 
	 	CHRIS NARBOROUGH
	 	 
	 	By:	/s/ Chris Narborough
	 	 
	 	GRAINNE BRADY
	 	 
	 	By:	/s/ Grainne Brady
	 	 
	 	DEE HUSSAIN
	 	 
	 	By:	/s/ Dee Hussain
	 	 
	 	SERGEY MATVEEV
	 	 
	 	By:	/s/ Sergey Matveev

 

    

     

    

 

	 	PATRICE TIMIS
	 	 
	 	By:	/s/ Patrice Timis
	 	 
	 	FRANKY TIMIS
	 	 
	 	By:	/s/ Franky Timis
	 	 
	 	CARMEN TIMIS
	 	 
	 	By:	/s/ Carmen Timis
	 	 
	 	GORA SECK
	 	 
	 	By:	/s/ Gora Seck
	 	 
	 	RECEIVING PARTY:
	 	 
	 	AFRICAN AGRICULTURE, INC.
	 	 
	 	By:	/s/ Alan Kessler
	 	Name: 	ALAN KESSLER
	 	Title:	CHAIRMAN AND CEO
	 	 
	 	COMPANY:
	 	 
	 	AGRO INDUSTRIES CORP.
	 	 
	 	By:	/s/ Grainne Brady
	 	Name:	GRAINNE BRADY
	 	Title:	DIRECTOR

 

    

     

    

 

APPENDIX A

 

AGRO INDUSTRIES CORP

 

CURRENT SHAREHOLDINGS

 

	Shareholder Name	 	Number and Class of Shares Held	 	% Class Holding	 
	Global Commodities & investments Ltd	 	84.164 Ordinary Voting	 	 	84.164	%
	Gore Seck	 	8.836 Ordinary Voting	 	 	8.836	%
	Grainne Brady	 	1 Ordinary Voting	 	 	1.00	%
	Chris Narborough	 	1 Ordinary Voting	 	 	1.00	%
	Sergey Matveev	 	1 Ordinary Voting	 	 	1.00	%
	Dee Hussain	 	1 Ordinary Voting	 	 	1.00	%
	Carmen Timis	 	1 Ordinary Voting	 	 	1.00	%
	Patrice Timis	 	1 Ordinary Voting	 	 	1.00	%
	Frank Timis Jr.	 	1 Ordinary Voting	 	 	1.00	%

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