Document:

Exhibit 4.80

 

DIVIDEND
WAIVER

 

Reference
is hereby made to that certain Business Combination Agreement, dated as of April 15, 2019 (as amended, the “Agreement”),
by and among Twelve Seas Investment Company (“Twelve Seas”), Brooge Merger Sub Limited, Brooge Holdings
Limited (“Pubco”), Brooge Petroleum And Gas Investment Company FZE, and the Seller party thereto. Capitalized
terms used herein but not defined shall have the meanings ascribed to them in the Agreement.

 

In
connection with the closing of the transactions contemplated by the Agreement (the “Closing”), Pubco
has announced its intention to declare and pay a dividend in favor of the holders of ordinary shares of par value $0.0001 each
of Pubco (“Ordinary Shares”) of $0.25 per Ordinary Share who are holders on or about the last business
day of each calendar quarter following the Closing (the “Dividends”), subject to the discretion and
approval of Pubco’s board of directors and applicable law, and assuming the Seller, the Sponsor, EarlyBirdCapital, Inc.
(“EBC”), the Initial Purchaser Shareholders, and MENA Energy Services Holdings Limited (“MENA”)
(collectively the “Waiving Shareholders” and together with Pubco, the “Interested Parties”)
agree to waive their rights to receive the Dividends for the first two years following the Closing (the “Waiver Term”)

 

The
undersigned, being a holder of Ordinary Shares upon the Closing, hereby acknowledges and agrees that it hereby irrevocably waives,
for the Waiver Term, any and all rights that it may otherwise have to any of the Dividends with respect to (i) the Exchange Shares
(including any Escrow Shares to which it otherwise has a direct or indirect interest and any Ordinary Shares received upon conversion
of securities held in Seller), (ii) the Ordinary Shares issued in exchange for the Founder Shares, and (iii) the Ordinary Shares
issued to EBC and its affiliates in connection with Twelve Seas’ initial public offering (collectively, the “Non-Dividend
Shares”).

 

The
undersigned hereby further agrees that upon any sale, transfer, or otherwise disposition of, or hypothecation or other grant of
any interest in or to, any of the Non-Dividend Shares prior to the conclusion of the Waiver Term, the transferee must acknowledge
in writing that they agree to be bound by the terms of this Dividend Waiver with respect to any Non-Dividend Shares transferred
to such transferee.

 

The
undersigned further agrees that a legend may be placed on any certificate representing the Non-Dividend Shares (if any) or instructions
placed on Pubco’s transfer agent’s records (including the register of members of Pubco) to record the restrictions
set forth in this Dividend Waiver.

 

No
rights, interests, or restrictions hereunder may be amended or released without the prior written consent of Pubco, and any action
taken in violation of the foregoing shall be null and void ab initio. This Dividend Waiver inure to the benefit of Pubco and shall
be binding on the undersigned and its successors and permitted assigns.

 

     

     

    

 

The
provisions of this Dividend Waiver shall terminate upon the earliest to occur of (i) the Agreement being terminated in accordance
with its terms prior to the Closing, (ii) the expiration of the Waiver Term, and (iii) with respect to the Initial Purchaser Shareholders
and EBC, if Pubco and/or the Seller or MENA modify their waiver of the rights to the Dividends in any way. Upon any such termination,
(a) this Dividend Waiver shall be null and void and of no effect whatsoever, (b) any restrictive legends on certificates or instructions
placed on Pubco’s transfer agent’s records (including the register of members of Pubco) relating to this Dividend
Waiver shall be automatically removed (and Pubco shall take all necessary actions to cause such legends and restrictions to be
removed), and (c) the undersigned shall have no obligations hereunder.

 

This
Dividend Waiver shall be governed by, construed and enforced in accordance with the Laws of the State of New York without regard
to the conflict of laws principles thereof.

 

Any
and all disputes, controversies and claims (other than applications for a temporary restraining order, preliminary injunction,
permanent injunction or other equitable relief or application for enforcement of a resolution under this paragraph) arising out
of, related to, or in connection with this Dividend Waiver (a “Dispute”) shall be governed by this paragraph.
The undersigned must, in the first instance, provide written notice of any Disputes to the other Interested Parties subject to
such Dispute, which notice must provide a reasonably detailed description of the matters subject to the Dispute. The Interested
Parties involved in such Dispute shall seek to resolve the Dispute on an amicable basis within ten (10) business days of the notice
of such Dispute being received by such other Interested Parties subject to such Dispute (the “Resolution Period”);
provided, that if any Dispute would reasonably be expected to have become moot or otherwise irrelevant if not decided within
sixty (60) days after the occurrence of such Dispute, then there shall be no Resolution Period with respect to such Dispute. Any
Dispute that is not resolved during the Resolution Period may immediately be referred to and finally resolved by arbitration pursuant
to the then-existing rules and procedures (including any expedited procedures) of the ICC (the “ICC Procedures”).
Any Interested Party involved in such Dispute may submit the Dispute to the ICC to commence the proceedings after the Resolution
Period. To the extent that the ICC Procedures and this Dividend Waiver are in conflict, the terms of this Dividend Waiver shall
control. The arbitration shall be conducted by one arbitrator nominated by the ICC promptly (but in any event within five (5)
business days) after the submission of the Dispute to the ICC and reasonably acceptable to each Interested Party subject to the
Dispute, which arbitrator shall be a commercial lawyer with substantial experience arbitrating disputes under shareholder and
similar agreements. The arbitrator shall accept his or her appointment and begin the arbitration process promptly (but in any
event within five (5) business days) after his or her nomination and acceptance by the Interested Parties subject to the Dispute.
The proceedings shall be streamlined and efficient. The arbitrator shall decide the Dispute in accordance with the substantive
law of the state of New York. Time is of the essence. Each Interested Party subject to the Dispute shall submit a proposal for
resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment of the arbitrator. The
arbitrator shall have the power to order any Interested Party subject to the Dispute to do, or to refrain from doing, anything
consistent with this Dividend Waiver and applicable Law, including to perform its contractual obligation(s) and providing injunctive
and other equitable relief; provided, that the arbitrator shall be limited to ordering pursuant to the foregoing power (and, for
the avoidance of doubt, shall order) the relevant Interested Party (or Interested Parties, as applicable) to comply with only
one or the other of the proposals. The arbitrator’s award shall be in writing and shall include a reasonable explanation
of the arbitrator’s reason(s) for selecting one or the other proposal. The seat of arbitration shall be in London, United
Kingdom. The language of the arbitration shall be English.

 

    2

     

    

 

THE
UNDERSIGNED HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT
TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS DIVIDEND WAIVER. THE UNDERSIGNED (A) CERTIFIES
THAT NO REPRESENTATIVE OF ANY OTHER INTERESTED PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER INTERESTED PARTY
WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER OF JURY TRIAL AND (B) ACKNOWLEDGES THAT IT HAS BEEN
INDUCED TO ENTER INTO THIS DIVIDEND WAIVER, AND THE OTHER WAIVING SHAREHOLDERS HAVE BEEN INDUCED TO ENTER INTO THEIR RESPECTIVE
DIVIDEND WAIVERS, BY AMONG OTHER THINGS, THE MUTUAL WAIVERS BY EACH OTHER WAIVING SHAREHOLDER OF ANY RIGHTS THEY MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS DIVIDEND WAIVER.

 

Dated:
December ___, 2019

 

Name
of Shareholder: ______________________________

 

	By:	         	 
	 	Name:	 
	 	Title:	 

 

 

3Exhibit 4.81

 

		Twelve Seas Sponsors I LLC 

135 E. 57th Street, 8th Floor

New York, NY 10022	 

 

December 20, 2019

 

CONFIDENTIAL

 

Twelve Seas Investment Company

135 E. 57th
Street, 8th Floor

New York, NY 10022

 

		Re:	Amendment of Promissory Notes

 

Dear Sirs;

 

Twelve Seas Investment Company, a Cayman
Islands exempted company (“Maker”), promised to pay to the order of Twelve Seas Sponsors I LLC or its registered
assigns or successors in interest or order (“Payee”), the amounts borrowed the certain Promissory Note dated
April 4, 2019 (the “$500k Note”) and the certain Promissory Note dated October 21, 2019 (the “$265k Note”),
and collectively the “Notes”. The terms of both Notes are contained within the Notes, and any defined terms
herein shall have the meaning as provided within the Notes themselves.

 

The parties hereby agree to amend the $500k Note, as
follows:

 

Section 1. Repayment.
The Maturity Date of the $500k Note is amended to be the earlier of (i) the Company’s completion of a follow-on offering
of its common stock, or (ii) June 30, 2020. The principal balance may continue to be prepaid at any time, at the election of Maker.

 

Section 2. Interest.
The $500k Note shall continue to be non-interest bearing through the revised Maturity Date.

 

Section 14. Assignment. Payee shall be permitted
to assign the $500k Note.

 

Section 15. Conversion.
This section is hereby deleted, and the $500k Note shall no longer have the option to convert into equity securities of
the Company.

 

The parties hereby agree to amend the $265k Note, as
follows:

 

Section 1. Repayment.
The Maturity Date of the $265k Note is amended to be January 31, 2020.

 

Section 2. Interest.
The $265k Note shall continue to be non-interest bearing through the revised Maturity Date.

 

Section 14. Assignment. Payee shall be permitted
to assign the $265k Note.

 

This agreement shall satisfy the waiver
requirements of Section 13 for both Notes with respect to all amendments and consents contained herein.

 

[Signature page follows]

 

     

     

    

 

		Twelve Seas Sponsors I LLC 

135 E. 57th Street, 8th Floor

New York, NY 10022	 

 

Please execute a copy of this letter of intent
to signify your agreement with the foregoing.

 

	 	Sincerely,
	 	 
	 	TWELVE SEAS SPONSORS I LLC
	 	 
	 	By:	/s/ Stephen A. Vogel
	 	 	Name:  	Stephen A. Vogel
	 	 	Title: 	Managing Member
	 	 	 
	 	By:	/s/ Bryant B. Edwards
	 	 	Name:	Bryant B. Edwards
	 	 	Title: 	Managing Member

 

Agreed to and accepted as of this 20th
day of December 2019:

 

	Twelve Seas Investment Company	 
	 	 	 
	By:	/s/ Stephen N. Cannon	 
	Name: 	Stephen N. Cannon 	 
	Title:	Chief Financial Officer

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