Document:

Exhibit 10.69

 

Certain
identified information has been excluded from the exhibit because it is both not material and would likely cause competitive harm
to the registrant if publicly disclosed.

 

 

 

 

 

 

Brooge
Petroleum And Gas Investment Company FZE

 

- and -

 

Al
brooge international advisory llc

 

Main
Terminal Lease and Offtake Agreement

 

 

 

 

 

 

 

 

 

     

     

    

  

This Agreement
is made this 01st day of August 2019 

 

Between

 

	(1)	Brooge Petroleum and Gas Investment Company (BPGIC), a company incorporated under the laws of the Fujairah Free Zone (commercial registration no. 13-FZC-1117) whose registered office is at P.O. Box 50170, Fujairah Free Zone, United Arab Emirates, referred to hereinafter as (the “Lessor”), and

 

	(2)	Al Brooge International
    Advisory LLC, a company incorporated under the laws of United Arab Emirates, having its
    registered office at P.O. Box 29939, Abu Dhabi, United Arab Emirates, referred to hereinafter as (the “Lessee”)
    ;

 

(each a “Party”
and together the “Parties”)

 

		A)	Interpretation

 

Words
importing the singular only also include the plural and vice versa where the context requires; words and expressions importing
the masculine gender include the feminine; reference to person includes any public body and any body of persons incorporate or
unincorporated. References to Clauses and to Schedules are references to clauses and schedules of this Agreement.

 

		B)	Headings

 

Clause
headings shall be deemed not to be part of the Agreement and shall not be taken into account in the interpretation thereof.

 

RECITALS

 

WHEREAS,
the Lessor is having an oil storage facility located in Fujairah, UAE (the “Terminal”) with a total capacity of 399,324
cubic meters which is allocated for Fuel Oil and Clean Products (“Phase I”).

 

WHEREAS, the Lessee
is interested in leasing the full capacity of the Lessor mentioned above.

 

Therefore,
in consideration of the mutual covenants, undertakings and conditions set forth below, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereby agree as follows:

 

		1.	Definitions

 

Unless expressly
provided otherwise, the capitalized terms as used in this

 

Agreement shall
have the following meaning:

 

		-	“Agreement” means
this main lease and offtake management Agreement

 

     

     

    

  

		-	“Applicable Laws” means
any federal, emirate, municipal or authority statute, ordinance, regulation, guideline, rule, code, direction or any license,
consent, permit, authorisation or other approval, including any conditions attached thereto, of the United Arab Emirates, the
Emirate of Fujairah or any public body or authority, local or federal agency, department, inspector, ministry, official or public
or statutory person which has appropriate jurisdiction;

 

		-	“Business Day” means
a day (other than Friday or any other day that shall be legal holiday in the United Arab Emirates) which banks are open for general
business in the United Arab Emirates;

 

		-	“Confidential Information” means
any and all information of any kind and nature whatsoever, written or oral, including, without limitation, financial information,
trade secrets, client, customer or supplier lists or other proprietary business information about the Parties and the Terminal,
which Information is not known to the general public or to the persons unaffiliated to the Parties;

 

		-	“DIFC” means
the Dubai International Financial Centre;

 

		-	“Dispute”
has the meaning given to it in Clause 20;

 

		-	“Due Date” has
the meaning given to it in Clause 11.3;

 

		-	“Effective
Date” has the meaning given to it in Clause 14.1;

 

		-	“Fee
                                         Threshold” means            per
                                         cubic meter per month;

 

		-	“Effective Date” means
the date of signature of this agreement;

 

		-	“Fees” means
such fee paid by the Lessee to the Lessor during each contractual month in accordance with the terms of this Agreement;

 

		-	“LCIA” means
the London Court of International Arbitration;

 

		-	“LIBOR”
                                         means the London interbank offered rates for deposits
                                         in US Dollars administered by ICE Benchmark Administration Limited (“ICE”)
                                         (or any other applicable entity which takes over administration of those rates) which
                                         appear on the relevant pages of the Reuters Service (currently page LIBOR01) or, if not
                                         available, on the relevant pages of any other service (such as Bloomberg Financial Markets
                                         Service) that displays such rates; provided that if ICE (or any other applicable entity
                                         which takes over administration of those rates) for any reason ceases (whether permanently
                                         or temporarily) to publish London interbank offered rates for deposits in US Dollars,
                                         “LIBOR” shall be determined by the
                                         Parties based

 

		-	“Phase I” means
the Lessor’s oil storage terminal of 399,324 cubic meters located in Fujairah Port, United Arab Emirates;

 

    -2-

     

    

 

		-	“Storage Fees” means
the price in United States Dollars per cubic meter per month of storage at which the Lessee pays the Lessor for the lease of storage
capacity and being in respect of each calendar month and as adjusted thereafter.

 

		-	“Sublease Agreements” means
any sublease agreement signed between Lessee and a sub lessee pursuant to this Agreement, which, with the mutual agreement of
the Parties, may be executed with respect to Phase I;

 

		-	“Storage Capacity” means
399,324 cubic meters of the total storage capacity at the Lessor’s Terminal to be used for the storage of the Lessee’s
Products;

 

		-	“Services” has
the meaning set forth in Article 4;

 

		-	“Rules” means
the DIFC-LCIA Arbitration Centre Rules as referred to in Clause 20.1;

 

		-	“Throughput Fees” means
the price in United States Dollars per cubic meter per month of throughput at which the Lessee pays the Lessor for each throughput
of products and being in respect of each calendar month;

 

		-	“Inter-Tanks Fees” means
the price in United States Dollars per cubic meter per month for each transfer of the Lessee’s products in between tanks
and being in respect of each calendar month;

 

		-	“Blending Fees” means
the price in United States Dollars per cubic meter per month of each product blending of the Lessor and being in respect of each
calendar month;

 

		-	“USD” means
United States Dollars.

 

The
definitions contained in this Agreement are an integral part of this Agreement and shall be read and interpreted with it. Reference
to the Agreement includes any Appendices as added or amended from time to time in accordance with the terms of this Agreement.

 

		2.	Agreement

 

		2.1	According to the
terms and conditions of this Agreement, and in accordance with both Parties desire and agreement, the Lessor hereby consents to
lease to the Lessee its oil storage capacity of 399,324 cubic meters in order to serve the Lessee’s oil trading activities as
per the terms herein.

 

    -3-

     

    

 

		3.	Agreement
                                         Duration

 

		3.1	The term of this
Agreement shall be for a period of 4 (four) years which commences on the date mentioned here above and shall expire on the last
day of the month of April of the year 2023;

 

		3.2	Upon the Agreement
expiry date the period shall be automatically extended by a further 5 (five) years unless either Party notifies the other in writing
not less than six months prior to any such expiry date of its intention not to extend the validity of this Agreement, in such
case this Agreement shall expire upon the then forthcoming expiry date.

 

		4.	Services

 

		4.1	the Lessor shall
allocate the storage tanks described in the Terminal layout annexed to this Agreement at Annexure A to store the Lessee’s oil
products;

 

		4.2	The Lessee’s products
specifications should always be approved by the Lessor prior to uploading and should always be incompliance with the Port of Fujairah
Environmental Standards and the Lessor’s tanks specifications, and should not be considered as hazardous products;

 

Lessee hereby further
undertakes not to store any sanctioned products at the Lessor’s Terminal.

 

		4.3	the Lessor shall provide the Lessee with oil storage,
                                                                                 throughput, blending, heating and inter tanks transfer services (the “Services”);

 

		4.4	In case the Lessee’s
products were proven to be sanctioned and/or of poor quality and/or hazardous; then the Lessor will be entitled to refuse provide
the Services

 

		4.5	The Lessor is hereby
entitled to move the Lessee’s products in case of maintenance and/or emergency.

 

		5.	Fees
                                         and Payment

 

		5.1	Fees:
                                         In consideration of the Services; the Lessee shall
                                         pay the below fees to the Lessor’s designated bank account designated for the Terminal
                                         purposes.

 

		5.1.1	Storage Fee:
                                         in consideration of the leased storage tanks described
                                         at Article 4 above; the Lessee shall pay the Lessor a Storage Fee of            per
                                         cubic meter per month.

 

The Lessee shall
pay the Lessor all Storage Fees due amounts in advance on a monthly basis.

 

		5.1.2	Throughput Fee: in consideration of the Lessee’s
                                                                                 throughput of products, the Lessee shall pay the Lessor Throughput Fees of             per cubic meter per month.

 

The
Lessee shall pay the Lessor all due amounts pertaining to the Throughput Fees within 14 calendar days as of receiving the Lessor’s
Invoice at the end of each calendar month.

 

    -4-

     

    

 

		5.1.3	Supplementary Fee: In
the event that the throughput in any year exceeds agreed volume, a supplementary fee at the rate of              per metric ton of
throughput shall apply and paid annually in arrears at the end of each year against the Lessor’s invoice.

 

		5.1.4	Blending Fee: in
consideration of the Lessee’s products blending, the Lessee shall pay the Lessor Blending Fees of              per cubic meter per
month.

 

The
Lessee shall pay the Lessor all due amounts pertaining to the Blending Fee within 14 calendar days as of receiving the Lessor’s
Invoice at the end of each calendar month.

 

		5.1.5	Inter Tank Transfer Fee: in consideration of the
                                                                                 Lessee’s products transfer in between tanks, the Lessee shall pay the Lessor Inter Tank Transfer Fees of              per cubic meter per month.

 

The
Lessee shall pay the Lessor all due amounts pertaining to the Inter Tank Transfer Fee within 14 calendar days as of receiving the
Lessor’s Invoice at the end of each calendar month.

 

		5.1.6	Heating Fee: in consideration of the Lessee’s
                                                                                 products heating, the Lessee shall pay the Lessor Heating Fees of              per cubic meter per month.

 

The
Lessee shall pay the Lessor all due amounts pertaining to the Blending Fee within 14 calendar days as of receiving the Lessor’s
Invoice at the end of each calendar.

 

		5.2	Port of Fujairah Additional Charges: Any
tariffs charged by the Port of Fujairah in respect to the Lessee’s Products including (but not limited) transportation, loading,
unloading, use of berths, marine charges, administration charges, penalties and/or use of any of the Port’s facilities shall be
paid by the Lessee.

 

		5.2.1	the Lessee shall
pay the Lessor any additional charges or penalties invoiced by the Port of Fujairah in respect to the Lessee’s use. The Lessor
shall submit the invoices to the Lessee on prompt bases.

 

		5.2.2	The Lessee shall
pay the Lessor such invoices within 14 calendar days from the date of the receipt of the invoice.

 

		5.3	Fair Market Value Adjustment: Starting
from the second year and every two years thereafter (the” Review Date”) the Lessor may elect to review and amend the
Fees to the fair market rate of the Services at such point of time.

 

Such
election shall be made by giving the Lessee at least thirty (30) days written notice prior to such date and subject to mutual agreement.

 

		5.3.1	the market rate shall
be reviewed to equal:

 

		a.	the Fees payable
immediately before the Review Date; or

 

		b.	the market rate agreed
between the Parties (if higher than the current Fees)

 

    -5-

     

    

 

		6.	Limitations
                                         on Authority

 

		6.1	The Lessee is prohibited
from, and restricted to carry out any of the following:

 

		(a)	Disposition
of Assets: Sell, pledge, mortgage, convey, or make any license, exchange or other transfer or disposition of any property or assets
of the Lessor, including any property or assets purchased by Lessor:

 

		(b)	Contract:
Make, enter into, execute, amend, modify or supplement any contract or agreement (i) on behalf of, or in the name of, or purporting
to bind the Lessor or (ii) assign such contract or agreement to the Lessor at any time or for any purpose;

 

		(c)	Liens:
Create, incur or assume any lien upon the Terminal;

 

		(d)	Transactions
on Behalf of Others: Engage in any other transaction on behalf of the Lessor or any other person or entity not expressly authorized
under this Agreement and/or that violates applicable Laws and/or this Agreement and/or any further agreed amendments to this Agreement;

 

		7.	Title
                                         to Materials and Equipments

 

		7.1	The Lessee shall return
vacant possession of the Leased Storage Tanks to the Lessor on the expiration date of the agreement.

 

		8.	Default

 

		8.1	the occurrence of any
of the following shall be deemed a default:

 

		a)	If a request or petition for liquidation,
                                                                                                                                            reorganization, adjustment of debts, arrangement, or similar relief under the bankruptcy, insolvency or similar laws of the
                                                                                                                                            UAE, or any foreign jurisdiction shall be filed by or against Lessee, or any formal or informal proceeding for the
                                                                                                                                            reorganization, dissolution or liquidation or settlement of claims against, or winding up of affairs of Lessee.

 

		b)	Failure
of Lessee to pay Lessor any due payments in timely manner under this Agreement.

 

		8.2	In the event Lessor considers
that Lessee is in default under this Agreement or that Lessee has not complied with its obligations hereunder, both express and
implied, including the non-payment of any due Fees, Lessor shall notify Lessee in writing, setting out specifically in what respects
Lessee is in default or Lessee has breached this Agreement. Lessee shall then have fifteen (15) days after date of receipt of
said notice, within which to meet or commence to meet all or any part of the breaches mentioned by Lessor, or to correct any default.
The service of said notice shall not restrict the right of the Lessor to take any immediate action or filing a claim on this Agreement
for any cause.

 

    -6-

     

    

 

		8.3	Upon the occurrence of
the event of default, and after notice thereof and opportunity but failure to cure or commence to cure as set forth above, the
Agreement shall be terminated without the need of any further notice to this effect, and the Lessee agrees to surrender possession
of the leased tanks to the Lessor immediately and any further presence to the Lessee in the Terminal shall be considered illegal.
If Lessee fails to surrender possession of the leased tanks as required under this Agreement, Lessor may institute proceedings
necessary to clear title or to take possession, and in that event, in addition to all other relief that may be granted to Lessor,
Lessor shall be entitled to recover against Lessee all attorney fees, investigation charges, court costs and expert fees thus
expended by Lessor.

 

		8.4	Upon default by Lessee,
Lessor shall be entitled to exercise any remedies available at law, in equity, products or otherwise, each such remedy being considered
cumulative. No single exercise of any remedy set forth herein shall be considered as a waiver to exercise any other remedy.

 

		8.5	Upon the Termination
for Default in accordance with Article 9.3, the Lessee shall be obligated to pay the agreed rate of fees for the coming one year
to be paid as an agreed penalty for the Lessee’s Default.

 

		9.	Indemnity

 

		9.1	Lessee agrees to defend,
indemnify and hold harmless Lessor and Lessor’s heirs, successors, representatives, employees, agents and assigns from and against
any and all claims, demands and causes of action for injury (including death) or damage to persons or property or fines or penalties,
or environmental matters arising out of, incidental to or resulting from the operations of or for Lessee or Lessee’s servants,
agents, employees, guests, licensees, invitees or independent contractors, and from and against all costs and expenses incurred
by the Lessor by reason of any such claim, including attorneys’ fees; and each assignee of this Agreement, or an interest therein.

 

		10.	Sublease

 

		10.1	Lessor hereby agrees
to give Lessor rights of Phase I sublease of part or all of the capacity of Phase I subject to Lessor prior approval of each sublease
on the term and conditions acceptable to Lessor

 

		10.2	Lessee is required to
conduct all needed due diligence for each sub lessee prior to engaging in any sub lease

 

		10.3	Lessee
hereby agrees to be liable for ensuring that Phase I capacity is always at 100% occupancy levels and to compensate the Lessor
of any loss of revenues which falls below the Fee Threshold and below the aforementioned occupancy levels

 

		10.4	In case any given sub lessee had the preference of signing
a lease agreement directly with Lessor; then such preference shall not be deemed as a release of Lessee’s obligations and
liabilities to compensate Lessor of any losses of revenues, and Lessee would be required to make the relevant storage capacity
available to sub lessee

 

    -7-

     

    

 

		11.	Guarantee

 

		10.1	Pursuant to the terms
of this Agreement, Lessee agrees to provide a Guarantee of Phase I income as referred to in Schedule A

 

		12.	Confidentiality

 

		a.	Save
where such disclosure is necessary for the purpose of carrying out its obligations under this Agreement, neither Party shall,
without the prior written consent of the other, disclose to any person any confidential or commercially sensitive information
which has come into its possession or which may in the course of this Agreement come into its possession relating to the other
Party.

 

		b.	The
Parties shall be bound by the provisions of this Clause 12 for the duration of this Agreement and a period of three years thereafter.

 

		c.	The
restriction on disclosure contained in Clause 12.1 shall not apply to the disclosure of information

 

		i.	to
the extent required by law, regulatory authority, stock exchange which the party is in process of listing in or being listing
at, or by an order of court;

 

		ii.	where
the relevant information is or has become available in the public domain (except as result of a breach of this Clause 12).

 

		13.	Assignment

 

		a.	Neither
Party shall assign its rights or transfer its obligations under this Agreement to any other person, firm or company without the
prior written consent of the other Party, subject to Clause 12.

 

		b.	Lessor
shall be able to assign its rights under this Agreement to an affiliate, or a new entity created and owned by Lessor.

 

		14.	No
                                         Partnership or Agency

 

Nothing
in this Agreement shall constitute a partnership between Lessor and Lessee. Neither Lessor or its staff shall be agents or employees
of Lessee and neither it nor they shall be entitled to bind Lessee or to contract in its name or to create a liability against
Lessee save as expressly authorised in writing by Lessee from time to time.

 

		15.	Notices

 

Unless
otherwise provided for herein, any notice or other communication to be given under this Agreement shall be in writing and shall
be deemed to have been duly served on, given to or made if it is delivered by hand or sent by prepaid mail.

 

    -8-

     

    

  

In the case of Lessor to:

 

Brooge Petroleum
and Gas Investment Company

Address:

P.O. Box 50170,

Fujairah Free Zone

United Arab Emirates

 

In the case of Lessee
to:

 

Brooge International
Advisory LLC

Address: PO Box 29939

Abu Dhabi,

United Arab Emirates

 

		16.	Arbitration

 

		a.	Any
                                         Dispute shall be referred to and finally resolved by arbitration under the DIFC-LCIA
                                         Arbitration Centre Rules (the “Rules”)
                                         which (save as modified by this Clause 16) are deemed to be incorporated by reference
                                         into this Clause 20. Capitalised terms used in this Clause 16 and not otherwise defined
                                         in this Agreement have the meanings given to them in the Rules.

 

		b.	The
seat, or legal place, of arbitration shall be the Dubai International Financial Centre, Dubai, United Arab Emirates.

 

		c.	The number of arbitrators
shall be three. The claimant (or, if more than one claimant, the claimants jointly) shall nominate one arbitrator and the respondent
(or, if more than one respondent, the respondents jointly) shall nominate one arbitrator, in each case in accordance with the
Rules. The third arbitrator, who will act as a chairperson of the arbitral tribunal, shall be nominated jointly by the two co-arbitrators,
provided that if the third arbitrator has not been so nominated within 30 Business Days of the time-limit for service of the response,
the third arbitrator shall be appointed by the LCIA Court.

 

		17.	Applicable Law

 

This
Agreement and any dispute, difference, controversy or claim arising out of or relating to this Agreement including the negotiation,
existence, validity, invalidity, enforceability, breach or termination thereof regardless of whether the same shall be regarded
as contractual or not (a “Dispute”), shall be governed by the federal laws of the United Arab Emirates and the law of
the Emirate of Fujairah.

 

		18.	Severability

 

Should
any part, term or provision of this Agreement be judged illegal or in conflict with any law, by a court of competent jurisdiction,
the validity of the remaining portions or provisions shall not be affected thereby.

 

		19.	No Third Party Rights

 

No person other
than a Party may enforce this Agreement.

 

    -9-

     

    

 

		20.	Variation and Amendment

 

No
variation, supplement, deletion or replacement of or from this Agreement or any of its terms shall be effective unless made in
writing and signed by an authorised signatory of each Party.

 

		21.	Force Majeure

 

		21.1	Scope
                                         of Force Majeure

 

Any
delays in or failure of performance by either Party shall not constitute default hereunder or give liability for any claims if
and to the extent such delays in or failures of performance are, without the fault or negligence on the part of the affected Party,
caused by Force Majeure. “Force Majeure” shall mean any event or circumstances, which is not within the reasonable control
of the Party affected by the cause and which, by the exercise of diligence, such Party is unable to foresee or prevent and may
include, but shall not be limited to:

 

		(a)	war,
hostilities, revolution, riots, insurrection or other civil commotion, acts of terrorism or sabotage;

 

		(b)	nuclear
explosion, radioactive, biological or chemical contamination, ionizing radiation, or the discovery of such contamination or radiation;

 

		(c)	strikes
and/or lockouts except any such action by employees or subcontractors or agents of the Party claiming Force Majeure;

		 	 

		(d)	any
effect of the natural elements, including lightning, fire, earthquake, sandstorm, flood, storm, tsunami, cyclone, typhoon or tornado;

 

		(e)	explosion
(other than nuclear explosion or an explosion resulting from an act or war);

 

		(f)	epidemic
or plague;

 

		(g)	inability
to obtain necessary equipment or materials due to blockade, embargo or sanctions; and

 

		(h)	any
act of omission of any competent authority including any refusal to issue, withdrawal, non-renewal or non-extension of a license,
permit or approval.

 

		22.	Miscellaneous

 

		a.	Each
Party agrees to act in good faith in dealing with one another pursuant to this Agreement.

 

		b.	Subject
to the terms and conditions of this Agreement, each of the Parties will use its commercially reasonable efforts to take, or cause
to be taken, all actions, and to do, or cause to be done, all things necessary, proper or desirable, or advisable under applicable
laws, so as to permit consummation of this Agreement as promptly and shall use commercially reasonable efforts to cooperate with
the other Party to that end.

 

		c.	This Agreement shall form the entire agreement between the parties and shall supersede all prior
agreements and discussions. Any provision of this Agreement may be amended or waived if, in writing and is duly signed by both
parties.

 

		d.	Each party represents and warrants for the benefit of the other party from the Effective date of
this Agreement that:

 

		-	It has the legal capacity to enter into this Agreement;

 

		-	The execution by it of this Agreement has been duly authorized;

 

		-	It has and will at all times maintain all authorizations,
approvals and licenses required to enable it lawfully to perform its obligations under this Agreement.

 

    -10-

     

    

 

	Signed by  Mr. Nicolaas Paardenkooper 	 	/s/ Mr. Nicolaas
    Paardenkooper	)	 
	 	 	 	 	 
	for and on behalf of	 	 	)	 
	 	 	 	 	 
	BROOGE PETROLEUM AND GAS INVESTMENT COMPANY	 	 	)	 
	 	 	 	 	 
	Signed by  H.E Suhail Suhail Al Mazrouie	 	/s/ H.E Suhail Suhail Al
    Mazrouie	)	 
	 	 	 	 	 
	for and on behalf of	 	 	)	 
	 	 	 	 	 
	AL BROOGE INTERNATIONAL ADVISORY LLC	 	 	)	 

 

    -11-

     

    

 

In
witness whereof the Parties hereto have entered into this Guarantee on the day and year first above written.

 

	Signed by	)		 
	H.E Suhail Suhail Al Mazrouie	)	 	/s/ H.E Suhail Suhail Al Mazrouie
	for and on behalf of	)	 	 
	Al Brooge International Advisory LLC	)	 	 

 

	In the presence of	 	 
	 	 	 
	Name:	/s/ Ann Caramel de Vera	       	 
	Address:  	Ann Caramel de Vera	 	 
	 	Al Sayegh building, Hamdan 	 	 
	 	street 04 floor	 	 

 

	Signed by	)		 
	Mr. Nicolaas Pardenkooper	)	 	/s/ Mr. Nicolaas Pardenkooper
	for and on behalf of	)	 	 
	Brooge Petroleum and Gas Investment Company	)	 	 

 

	In the presence of	 	 
	 	 	 
	Name:	/s/ Ann Caramel de Vera	 	 
	Address:  	Ann Caramel de Vera	 	 
	 	Al Sayegh building, Hamdan 	 	 
	 	street 04 floor	 	 

 

 

-12-Exhibit 10.71

  

 

  

PRIVATE
& CONFIDENTIAL

 

Date:
10th September, 2019

 

Our
Ref.: SE/CB/EMAIL/UID-29349/2019

 

To:
Brooge Petroleum and Gas Investment Company FZC. (the Customer),

       P.O.
Box 50170,

       Fujairah, U.A.E.

 

Dear
Sirs,

 

AMENDMENT
TO FACILITY LETTER

 

We
(the Bank) refer to the Facility Offer Letter Ref. SE/CB/55-126/UID-29349/2018 dated 19th April, 2018 (the Facility
Letter) and its subsequent addendums (if any) under which we granted the Customer facilities (the Facility) and Capitalised
terms used in this amendment letter (the Amendment to Facility Letter) and Facility Offer Letter Ref: CAD/039/14 dated 06th
April, 2014 and its subsequent Facility Offer Letter (Addendums) and other ‘Transaction Docurnents’,(collectively the First
Facility Offer Letter) duly executed between the Customer and First Abu Dhabi Bank — Islamic Banking Division
(formerly referred to as “National Bank of Abu Dhabi, PJSC - Islamic Banking Division” / “Abu Dhabi National
Islamic Finance) shall have the meanings given to them in each respectively.

 

We
are pleased to confirm that with effect from the date of the Customer countersignature of this Amendment to Facility Letter, the
Facility Letter and the terms of the Facility shall be amended for the clause set out below:

 

		1)	Payment:
An additional Fixed Rental Payment dated 30th November, 2019 has been included in the existing payment schedule
to pay the outstanding Fixed Rental Payments along with all other upcoming Fixed Rental Payments to be paid on their corresponding
due dates as per the existing payment schedule of “Contract for Works & Forward Lease — I” Facility
extended to the Customer under the First Facility Offer Letter, as detailed below:

  

	Rental Payment Date	Fixed Rental Amount (AED)
	31-Oct-19	6,485,098.91
	30-Nov-19	21,044,150.46
	31-Jan-20	6,484,877.90
	30-Apr-20	6,484,359.12
	31-Jul-20	6,484,420.73
	31-Oct-20	6,484,189.03
	31-Jan-21	6,483,953.67
	30-Apr-21	6,483,303.80
	31-Jul-21	6,483,465.31
	31-Oct-21	6,483,218.55
	31-Jan-22	6,482,967.90
	30-Apr-22	6,482,335.14
	31-Jul-22	6,482,448.73
	31-Oct-22	6,482,185.95
	31-Jan-23	6,481,919.02
	30-Apr-23	6,481,304.48
	31-Jul-23	6,481,367.08
	31-Oct-23	6,481,087.25
	31-Jan-24	6,480,803.01
	30-Apr-24	6,480,309.99
	31-Jul-24	6,480,217.81
	31-Oct-24	6,479,919.86
	31-Jan-25	6,479,617.22

  

 

 

    Page
                                         1
                                         of 4

    

    

  

	Date: 10th September, 2019

Our Ref: SE/CB/EMAIL/UID-29349/2019	 

   

	Rental Payment Date	Fixed Rental Amount (AED)
	30-Apr-25	6,479,042.65
	31-Jul-25	6,478,993.36
	31-Oct-25	6,478,676.12
	31-Jan-26	6,478,353.88
	30-Apr-26	6,477,801.24
	31-Jul-26	6,477,690.54
	31-Oct-26	6,477,352.77
	31-Jan-27	6,477,009.67
	30-Apr-27	6,476,480.37
	31-Jul-27	6,476,304.33
	31-Oct-27	6,475,944.70
	31-Jan-28	6,475,579.42
	30-Apr-28	6,475,119.42
	31-Jul-28	6,474,830.08
	31-Oct-28	6,474,447.23
	31-Jan-29	6,474,058.34
	30-Apr-29	6,473,580.28
	31-Jul-29	6,473,260.78
	31-Oct-29	6,472,853.19
	31-Jan-30	6,472,439.18
	30-Apr-30	6,471,989.23
	30-Jul-30	6,469,012.50

 

All
other details including but not limited to the Pricing and Variable Rental Payments as per First Facility Offer Letter to remain
unchanged.

 

		2)	All other details including but not limited to the Pricing
and Variable Rental Payments to remain unchanged and to be paid on their corresponding due dates as per the existing payment schedule
of “Contract for Works & Forward Lease — II” Facility extended to the Customer under First Facility
Offer Letter, as detailed below:

  

	Rental Payment Date	Fixed Rental Amount (AED)
	31-Oct-19	1,980,000.00
	31-Jan-20	1,980,000.00
	30-Apr-20	1,980,000.00
	31-Jul-20	1,980,000.00
	31-Oct-20	1,980,000.00
	31-Jan-21	1,980,000.00,
	30-Apr-21	1,980,000.00
	31-Jul-21	1,980,000.00
	31-Oct-21	1,980,000.00
	31-Jan-22	1,980,000.00
	30-Apr-22	1,980,000.00
	31-Jul-22	1,980,000.00
	31-Oct-22	1,980.000.00
	31-Jan-23	1,980,000.00
	30-Apr-23	1,980,000.00
	31-Jul-23	1,980,000.00

  

 

 

    Page
                                         2
                                         of 4

    

    

  

 

 

Date: 10th September, 2019

 

Our Ref: SE/CB/EMAIL/UID-29349/2019

 

	3)	All other details, Pricing and Installment
                                         Payments to remain unchanged and to be paid on their corresponding due dates including
                                         its final Installment Payment due on 14th October, 2019 as per the existing
                                         payment schedule of “London Metal Exchange (LME) - Murabaha” Facility
                                         extended to the Customer under First Facility Offer Letter.

 

	4)	Late payment Charges whereby below provision 20
in the First Facility Offer Letter will be deleted and will be replaced with subsequent wording:

 

“20. You hereby commit yourself and undertake, in the event of any
delay by way of procrastination in the payment of any Rental Payment (advanced or normal) or any other amount due to ISD-NBAD
on its due date, to donate to charity an amount to be added by ISD-NBAD to any next Rental Payment and calculate for the delay
period on the basis of 2.0% p.a of the overdue amount. Any delay in payment from your side shall be deemed as procrastination
unless prove otherwise. The said amount shall be dispensed of for charitable purposes under the supervision of the Fatwa and Shariah’
Supervisory Board of National Bank of Abu Dhabi - Islamic banking Division. ISD-NBAD shall not retain such amount nor account
for its profits.”

 

20.1 If any sum due and payable by you pursuant to this Amendment to Facility
Letter and the Facility Letter is not paid on its due date in accordance with the provisions of the Facility (the balance for
the time being unpaid being an unpaid amount), you shall make a payment to the Bank in respect of the unpaid amount calculated
in accordance with clause 20.3 (such amount being the Late Payment Amount).

 

20.2 The Bank shall distribute the Late Payment Amount (after deducting the actual costs of the Bank)
to such charitable foundations as the Bank may select in its absolute discretion and in all cases under the supervision of
the Bank’s Internal Shariah Supervision Committee (ISSC).

 

20.3 The Late Payment Amount in respect of an unpaid amount for any period relating thereto shall be an
amount equal to the result obtained upon application of the formula:

 

A x (B + M + P) x (N/360)

 

where:

 

“A” is the unpaid amount;

 

“B” is the Benchmark Rate;

 

“M” is the Margin; 

 

“P” is the Late Payment Default Rate [of 3.5% p.a.]; and

 

“N” is the number of days in the period beginning on the
due date for payment of such unpaid amount and ending on the date that your obligation to pay the same is discharged.”

 

Conditions Precedent:

 

Each of the following shall be provided to the Bank in a form satisfactory to the Bank prior to
implementation of variation of payment terms on the Facility:

 

		1)	Duly accepted this Addendum Facility Letter.

 

		2)	Assignment Agreement of projects proceeds for the
projects financed by the Bank, in favour of First Abu Dhabi Bank PJSC.

 

		3)	Shareholders’ resolution committing to partially
pre-settle AED 100.0 Million of the outstanding exposure under the “Contract for Works & Forward Lease - I” and
“Contract for Works & Forward Lease - II” Facility from the listing proceeds by 31st December, 2019.

 

		4)	Execution and perfection of any other agreement including
but not limited to Addendum to Master Forward Lease Agreement as stipulated by the Bank from time to time.

 

All other terms and conditions of the Facility and the Facility Letter are unchanged, and the Facility
Letter shall, as amended by this Amendment to Facility Letter, remain in full force and effect.

 

This Amendment to Facility Letter is an amendment and forms an integral part of the Bank’s
Facility Letter.

 

 

   

    Page
                                         3
                                         of 4

    

    

 

 

 

Date: 10th September, 2019

 

Our Ref: SE/CB/EMAIL/UID-29349/2019

 

Please sign and return copy of this Amendment to Facility Letter as a token of your acceptance.

 

Yours faithfully,

 

	Signature:	/s/ Cristobal
    Figueroa	 	Signature:	/s/ Khalid Durra
	 	 	 	 	 
	Name:	Cristobal Figueroa	 	Name:	Khalid Durra

 

For and on behalf of

 

First Abu Dhabi Bank PJSC. {formerly known as National Bank of Abu Dhabi - Islamic Banking Division
“/“ Abu Dhabi National Islamic Finance”}

  

We agree and accept the offer contained in this Amendment to Facility Letter and to be bound by its
terms & conditions.

  

	Signature:	/s/ Nicolaas Paardenkooper	 	Signature:	
	 	 	 	 	 
	Name:	Nicolaas Paardenkooper

	 	Name:	
	 	 	 	 	 
	Date:	10 September 2019.	 	Date:	 

 

For and on behalf of

 

Brooge Petroleum and Gas Investment Company FZC.

 

(Company Stamp)

 

 

 

 

Page 4 of 4

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