# EDGAR Filing Document

**Accession Number:** 0001418135
**File Stem:** 0000950142-25-002257
**Filing Date:** 2025-8
**Character Count:** 803097
**Document Hash:** cd7bae4e4056a153ff959866ea44529d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950142-25-002257.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0000950142-25-002257

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250824

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Keurig Dr Pepper Inc.
- **CENTRAL INDEX KEY:** 0001418135
- **STANDARD INDUSTRIAL CLASSIFICATION:** BEVERAGES [2080]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 753258232
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33829
- **FILM NUMBER:** 251247827

**BUSINESS ADDRESS:**
- **STREET 1:** 53 SOUTH AVENUE
- **CITY:** BURLINGTON
- **STATE:** MA
- **ZIP:** 01803
- **BUSINESS PHONE:** 877-208-9991

**MAIL ADDRESS:**
- **STREET 1:** 53 SOUTH AVENUE
- **CITY:** BURLINGTON
- **STATE:** MA
- **ZIP:** 01803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dr Pepper Snapple Group, Inc.
- **DATE OF NAME CHANGE:** 20080108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CSAB Inc.
- **DATE OF NAME CHANGE:** 20071109

?xml version='1.0' encoding='ASCII'? FORM 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **August 24, 2025**

![KDP_LOGO_Full_Color.jpg](logo.jpg)

**Keurig Dr Pepper Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33829** | **98-0517725** |
| (State or other jurisdiction of <br> incorporation) | (Commission File <br> Number) | (IRS Employer <br> Identification Number) |

---

**53 South Avenue** **, Burlington, Massachusetts01803**

(Address of principal executive offices, including zip code)

**877-208-9991**

(Registrant's telephone number including area code)

**Not Applicable**

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock | KDP | The Nasdaq Stock Market LLC |

---

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

---

 

*Merger Protocol*

On August 24, 2025, Keurig Dr Pepper Inc. ("<u>KDP</u>" or the "<u>Company</u>") and JDE Peet's N.V. ("<u>JDE Peet's</u>") entered into a merger protocol (the "<u>Merger Protocol</u>"). Pursuant to the Merger Protocol, KDP will commence a tender offer to acquire all of the issued ordinary shares, excluding ordinary shares held in treasury (the "<u>Shares</u>") of JDE Peet's (the "<u>Offer</u>"), for a cash offer price of €31.85 per Share, without interest (the "<u>Offer Price</u>"). In addition, JDE Peet's will pay a previously declared dividend of €0.36 prior to closing, with no reduction to the Offer Price.

The board of directors of JDE Peet's (the "<u>JDEP Board</u>") considers the Offer to be in the best interest of JDE Peet's, promoting the sustainable success of the business of JDE Peet's, taking into account the interests of its stakeholders, and has unanimously approved the terms of the Merger Protocol. Subject to the terms of the Merger Protocol, the JDEP Board has agreed to recommend the Offer for acceptance by JDE Peet's' shareholders, and to recommend that JDE Peet's' shareholders vote in favor of the resolutions relating to the Offer at the upcoming extraordinary general meeting of JDE Peet's to be held during the acceptance period of the Offer (the "<u>EGM</u>"), each in accordance with the terms set out in the Merger Protocol.

KDP and JDE Peet's have acknowledged the importance of KDP acquiring 100% of the Shares or the entirety of JDE Peets's' assets and operations, and KDP and JDE Peet's intend to terminate the listing of the Shares on Euronext Amsterdam as soon as possible after the settlement of the Offer. If, after the settlement of the Offer or settlement of the Shares tendered during the post-acceptance period (if applicable), KDP acquires at least 95% of the Shares, KDP shall commence statutory buy-out proceedings to obtain 100% of the Shares, which may be preceded by implementing a post-closing demerger to acquire the entirety of JDE Peets's' assets and operations (the "<u>Post-Closing Demerger</u>"). If, after the settlement of the Offer or settlement of the Shares tendered during the post-closing acceptance period (if applicable), KDP holds less than 95% but at least 80% of the Shares, KDP and JDE Peet's will execute a legal triangular merger involving JDE Peet's and two newly-to-be-incorporated subsidiaries of JDE Peet's ("<u>Company Holdco</u>" and "<u>Company Sub</u>"), following which Company Holdco sells its shares in Company Sub to KDP and is subsequently liquidated to deliver the consideration by way of an advance liquidation distribution to the remaining shareholders. The advance liquidation distribution to the shareholders of Company Holdco will be an amount that is to the fullest extent possible equal to the tender offer price, without any interest and less any applicable withholding taxes (the "<u>Post-Closing Merger</u>"). Subject to the terms of the Merger Protocol, the JDEP Board has agreed to unanimously recommend to the shareholders to vote in favor of the Post-Closing Demerger and the Post-Closing Merger.

KDP and JDE Peet's each made customary representations, warranties and covenants in the Merger Protocol, including, certain non-financial covenants with regard to strategy and structure, development and sourcing, employees, minority shareholders, and financing matters.

Under the terms of the Merger Protocol, commencement of the Offer is subject to satisfaction or waiver of certain commencement conditions, including: (i) no material adverse change having occurred; (ii) performance by the parties in all material respects of its covenants and obligations; (iii) the parties' representations and warranties being true and correct (subject to certain materiality qualifiers); (iv) compliance with the consultation procedure pursuant to the Dutch Works Council Act, Dutch Merger Code and European Works Council; (v) receiving Dutch regulatory approval of the offer memorandum; (vi) no withdrawal of, modification to, qualification of or contradictory statement as to the recommendation by the JDEP Board (an "<u>Adverse Recommendation Change</u>"); (vii) no breach of any of the Irrevocables (as defined below); (viii) no Competing Offer (as defined below) agreed upon or launched; (ix) no issuance of an order or laws prohibiting the transaction; (x) no notification from the Dutch Authority for the Financial Markets that investment firms are not allowed to cooperate with the Offer due to a breach of Dutch offer rules; and (xi) no trading suspension of the Shares as a result of a listing measure.

The Merger Protocol further provides that the consummation of the Offer will be subject to the satisfaction or waiver of certain offer conditions, including: (i) generally, the commencement conditions listed above; (ii) minimum acceptance level of at least 95% of the Shares, which will be reduced to 80% if the resolutions for the implementation of certain post-closing restructuring measures (including the Post-Closing Merger) are passed and in full force and effect on the tender closing date; (iii) the receipt of certain domestic and foreign competition clearances; and (iv) resolutions relating to the Offer being passed at the EGM.

The Merger Protocol contains certain termination rights for KDP and JDE Peet's, including that either party may terminate the Merger Protocol if the tender offer has not been declared unconditional by the date that is eighteen months following the date of signing of the Merger Protocol. Additionally, upon termination of the Merger Protocol by KDP on account of an Adverse Recommendation Change or in the event that a bona fide third-party offeror makes an offer per the terms of the Merger Protocol (a "<u>Competing Offer</u>"), JDE Peet's will pay KDP a termination fee of approximately €156.7 million. A Competing Offer must be (i) considered by the JDEP Board to be more beneficial to JDE Peet's and the sustainable success of its business, taking into the account, among other things, the interests of its shareholders, employees and other stakeholders, than the Offer, and (ii) an all-cash offer exceeding the Offer Price by at least 10%.

In the event of a Competing Offer, KDP will be given the opportunity to match such offer, in which case the Merger Protocol may not be terminated by JDE Peet's. JDE Peet's has undertaken not to solicit third party offers.

The foregoing description of the Merger Protocol is qualified in its entirety by reference to the full text of the Merger Protocol, which is filed herewith as Exhibit 2.1 and incorporated by reference herein.

In connection with the Offer and the related transactions, KDP may enter into currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange rate of Euro.

A copy of the Merger Protocol has been included as an exhibit to this Current Report on Form 8-K to provide investors with information regarding its terms. It is not intended to provide any other factual information about KDP, JDE Peet's or any of their respective subsidiaries or affiliates. The representations, warranties and covenants contained in the Merger Protocol were made only for purposes of that agreement and as of specific dates; were made solely for the benefit of the parties to the Merger Protocol; may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures; may not have been intended to be statements of fact, but rather, as a method of allocating contractual risk and governing the contractual rights and relationships between the parties to the Merger Protocol; and may be subject to standards of materiality applicable to contracting parties that differ from those applicable to investors. Investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of KDP, JDE Peet's or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the date of the Merger Protocol, which subsequent information may or may not be fully reflected in KDP's or JDE Peet's' public disclosures.

*Irrevocable Undertakings*

On August 24, 2025, KDP obtained irrevocable undertakings (collectively, the "<u>Irrevocables</u>") from Acorn Holdings B.V. ("<u>Acorn</u>"), an affiliate of JAB Holding Company s.a r.l., and certain directors of JDE Peet's, who collectively hold in the aggregate, as of the date of the Irrevocable, approximately 69% in the aggregate of the Shares. Pursuant to the terms of the Irrevocables, Acorn and the JDE Peet's directors have committed to tender their shares under the Offer, if and when made, and to vote in favor of the resolutions proposed at the EGM. The Irrevocables contain certain customary conditions.

The foregoing description of the Irrevocables is qualified in its entirety by reference to the full text of the form of Irrevocable, which is filed herewith as Exhibit 2.2 and incorporated by reference herein.

*Bridge Credit Agreement*

In connection with, and concurrently with the entry into the Merger Protocol, KDP entered into a Bridge Credit Agreement, dated August 24, 2025 (the "<u>Bridge Credit Agreement</u>"), with the lenders party thereto and Morgan Stanley Senior Funding, Inc. ("<u>MSSF</u>"), as administrative agent, pursuant to which each lender has committed, subject to satisfaction of certain conditions set forth in the Bridge Credit Agreement, to provide KDP with financing under a 364-day senior unsecured bridge loan facility in an aggregate amount not to exceed €16.2 billion.

Borrowings under the Bridge Credit Agreement will bear interest at a rate per annum equal to the EURIBO rate plus a margin of 0.750% to 2.500% depending on the rating of certain index debt of KDP and the period for which the bridge loans remain outstanding after the initial funding date. The undrawn commitments under the bridge loan facility will be subject to a commitment fee commencing on the 121<sup>st</sup> day after the date the Bridge Credit Agreement became effective at a per annum rate of 0.060% to 0.200% depending on the rating of certain index debt of KDP. Obligations under the Bridge Credit Agreement are guaranteed by the Company's subsidiaries that guarantee its revolving credit facility and outstanding senior notes.

The commitments under the Bridge Credit Agreement will be mandatorily reduced, or the bridge loans will be prepaid, with net cash proceeds of non-ordinary course asset sales and certain debt issuances and equity issuances, subject to qualifications and exceptions specified in the Bridge Credit Agreement.

The Bridge Credit Agreement contains customary representations and warranties for investment grade Dutch certain funds financings. The Bridge Credit Agreement also contains (i) certain affirmative covenants, including those that impose reporting and/or operating obligations on the Company and its subsidiaries, (ii) certain negative covenants that generally limit, subject to exceptions, the Company and its subsidiaries from taking certain actions, including incurring liens and consummating certain fundamental changes, (iii) financial covenants in the form of (x) a minimum interest coverage ratio of 3.25 to 1.00 that will apply after the initial funding date and (y) a maximum total net leverage ratio of 6.25 to 1.00 that will apply after the initial funding date only upon a downgrade in the ratings of certain index debt of the Company and (iv) events of default customary for financings of this type.

The proceeds of the Bridge Credit Agreement may be used to fund the contemplated acquisition of JDE Peet's. The Company may use the proceeds from one or more debt or other financings, in lieu of proceeds from the Bridge Credit Agreement, to fund the transaction.

The foregoing description of the Bridge Credit Agreement is qualified in its entirety by reference to the full text of the Bridge Credit Agreement, which is filed herewith as Exhibit 10.1 and incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

---

The information in Item 1.01 regarding the Bridge Credit Agreement is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD.** |

---

*Market Communications*

On August 25, 2025, KDP and JDE Peet's issued a joint press release announcing the Offer, KDP's plans to subsequently separate into two independent, publicly traded companies (the "<u>Separation</u>") and related transactions, a copy of which is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

On August 25, 2025, KDP will hold an investor conference call to discuss the Offer, the Separation and the related transactions. A copy of the investor presentation is furnished herewith as Exhibit 99.2 and incorporated by reference herein.

The foregoing (including Exhibit 99.1 and Exhibit 99.2) is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Exchange Act, or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act, or the Exchange Act.

*Forward-Looking Statements*

Certain statements in this report may be considered "forward-looking statements," such as statements relating to the Offer, the Separation and the sources of capital used to fund the Offer. Forward-looking statements include those preceded by, followed by or that include the words "anticipate," "expect," "believe," "could," "continue," "ongoing," "estimate," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would" and similar words. These forward-looking statements speak only as of the date of this report. Although the Company believes that its assumptions upon which such forward-looking statements are based are reasonable, the Company can give no assurance that these forward-looking statements will prove to be correct. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include,

but are not limited to, (i) risks relating to completing the Offer and subsequent Separation in the anticipated timeframe, or at all; (ii) risks related to the ability to realize the anticipated benefits of the Offer and Separation; (iii) risks relating to the receipt of regulatory approvals without unexpected delays or conditions and possibility of regulatory action; (iv) risks relating to significant costs related to the proposed transactions; (v) the expected financial and operating performance and future opportunities following the acquisition and Separation; (vi) disruption from the acquisition and subsequent Separation making it more difficult to maintain business and operational relationships; (vii) diverting the Company's and JDE Peet's' respective management's from business operations; (viii) risks relating to potential litigation that arises as a result of the proposed transactions; and (ix) risks and uncertainties discussed in the Company's press releases and public filings. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law.

*Further Information*

The offer memorandum will contain details of the Offer. For further information, reference is made to the offer memorandum that will be made available to all JDE Peet's' shareholders. JDE Peet's' shareholders are advised to review the offer memorandum in detail and to seek independent advice where appropriate in order to reach a reasoned judgment in respect of the content of the offer memorandum and the Offer itself.

This disclosure is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. This disclosure does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire the securities of KDP or JDE Peet's in any jurisdiction.

The distribution of this information may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, KDP disclaims responsibility or liability for the violation of any such restrictions by any person. Failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. None of KDP, JDE Peet's, or any of their advisors assumes responsibility for violation by any person of any of these restrictions. Any JDE Peet's shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Document Description** |
| 2.1\* | [Merger Protocol, dated August 24, 2025, between Keurig Dr Pepper Inc. and JDE Peet's N.V.](eh250670939_ex0201.htm) |
| 2.2 | [Form of Irrevocable Undertaking](eh250670939_ex0202.htm) |
| 10.1\*\* | [Bridge Credit Agreement, dated as of August 24, 2025, among Keurig Dr Pepper Inc., as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent, and the lenders from time to time party thereto](eh250670939_ex1001.htm) |
| 99.1 | [Press Release, dated August 25, 2025](eh250670939_ex9901.htm) |
| 99.2 | [Investor Presentation, dated August 25, 2025](eh250670939_ex9902.htm) |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

\* Certain schedules to the Merger Protocol have been omitted pursuant to Item 601(b)(2) of Regulation S-K. KDP agrees to furnish supplementally a copy of any omitted materials to the SEC upon its request.

\*\* Schedules and certain portions of this exhibit have been omitted pursuant to Item 601(a)(5) and Item 601(b)(10)(iv) of Regulation S-K.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **KEURIG DR PEPPER INC.** | **KEURIG DR PEPPER INC.** | **KEURIG DR PEPPER INC.** |
| Dated: August 25, 2025 |  |  |  |
|  | By: | /s/ Anthony Shoemaker | /s/ Anthony Shoemaker |
|  |  | Name: | Anthony Shoemaker |
|  |  | Title: | Chief Legal Officer, General Counsel and Secretary |

---

## Exhibit 2.1

**EXHIBIT 2.1**

**EXECUTION VERSION** 

**DATED 24 August 2025**

**Keurig Dr Pepper Inc.**

and

**JDE Peet's N.V.**

**MERGER PROTOCOL**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Clause | Headings | Page |
| 1. | INTERPRETATION | 3 |
| 2. | THE TRANSACTION | 4 |
| 3. | THE OFFER | 4 |
| 4. | FINANCING | 13 |
| 5. | CONDITIONS | 24 |
| 6. | INFORMATION PROVISION | 31 |
| 7. | COMPETITION | 32 |
| 8. | INVESTOR RIGHTS AGREEMENT | 34 |
| 9. | WARRANTIES | 35 |
| 10. | INTERIM PERIOD | 35 |
| 11. | POST-SETTLEMENT ORGANISATION, CORPORATE GOVERNANCE AND NON-FINANCIAL COVENANTS | 42 |
| 12. | EXCLUSIVITY | 53 |
| 13. | COMPETING OFFER | 55 |
| 14. | CONFIDENTIALITY AND ANNOUNCEMENTS | 57 |
| 15. | COSTS AND EXPENSES | 58 |
| 16. | TERMINATION | 58 |
| 17. | NOTICES | 61 |
| 18. | MISCELLANEOUS | 61 |
| 19. | GOVERNING LAW AND JURISDICTION | 64 |
| 20. | LANGUAGE | 65 |
| 21. | REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 65 |
| 22. | OFFEROR REPRESENTATIONS AND WARRANTIES | 69 |
| 23. | NO RECOURSE | 71 |
| SCHEDULE 1 | (COMPANY EQUITY INCENTIVES) | 74 |
| SCHEDULE 2 | (PRESS RELEASE) | 75 |
| SCHEDULE 3 | (DEBT FINANCING DOCUMENTS) | 76 |
| SCHEDULE 4 | (ARTICLES OF ASSOCIATION) | 77 |

---

i

---

| | | |
|:---|:---|:---|
| SCHEDULE 5 | (NON-FINANCIAL COVENANTS) | 79 |
| 1. | STRATEGY AND STRUCTURE | 79 |
| 2. | DEVELOPMENT AND SOURCING | 79 |
| 3. | EMPLOYEES | 79 |
| 4. | MINORITY SHAREHOLDERS | 79 |
| 5. | FINANCING | 80 |
| SCHEDULE 6 | (BINDING ADVICE) | 81 |
| DEFINITIONS SCHEDULE | DEFINITIONS SCHEDULE | 82 |

---

ii

**THIS MERGER PROTOCOL** (the "**Merger Protocol**") is made on 24 August 2025,

**BETWEEN**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **JDE Peet's N.V.**, a public limited company incorporated under the laws of the Netherlands
with its corporate seat in Amsterdam, the Netherlands (the "**Company** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Keurig Dr Pepper, Inc.**, a company incorporated under the laws of Delaware with its corporate seat
in Burlington, Massachusetts, United States of America (the "**Offeror** ").

The parties to this Merger Protocol are hereinafter collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company is a public company listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam
N.V. ()"**Euronext Amsterdam** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company is engaged in the business of developing, producing, marketing and distributing coffee and
tea products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) On the date of this Merger Protocol, the authorised share capital of the Company amounts to EUR 20,000,000
and comprises 1,000,000,000 ordinary shares (the "**Ordinary Shares**") with a nominal value of EUR 0.01 each and 1,000,000,000
preference shares (the "**Preference Shares**") with a nominal value of EUR 0.01 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) On the date of this Merger Protocol, a total number of 488,178,642 Ordinary Shares are issued (the "**Issued Shares** "), of which 4,415,383 are held by the Company (the "**Treasury Shares** "). On the date of this Merger Protocol,
no Preference Shares are issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Attached as Schedule 1 (Company Equity Incentives) is an overview of the vested and unvested share- and
option-based compensation for Ordinary Shares granted under the Company Equity Plans as outstanding on the date of this Merger Protocol
(the "**Equity Incentives** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Issued Shares (excluding any Treasury Shares) plus any shares issued by the Company pursuant to the
Company Equity Plans prior to or at the Tender Closing Date (as defined in Clause 3.5.1), are for the purposes of this Merger Protocol
collectively referred to as the "**Shares** ", and the holders of such Shares from time to time to be collectively referred
to as the "**Shareholders** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) On the date of this Merger Protocol, neither the Offeror nor any member of the Offeror Group holds any
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The Offeror and the Company wish to enter into a transaction that will result in the Offeror acquiring
the Company and its business to be effected through a full public offer to be made by the Offeror in cash for all Shares (the "**Offer** "
and, together with the transactions contemplated in connection therewith as described in this Merger Protocol, including to the extent
applicable, the Buy-Out Proceedings and the Post-Closing Restructuring Measures, the "**Transaction** "). The Company has
carefully considered the interests of its stakeholders

and the rationale for the Transaction, including the importance of the Offeror owning 100% of the Shares or the Company's assets and operations following completion of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Offeror and the Company entered into a reciprocal non-disclosure agreement on 24 July 2025 (the "**Confidentiality Agreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The Offeror, together with its advisors, performed a due diligence investigation into, inter alia, the
commercial, operational, financial, treasury, IP, Tax, HR and legal aspects of the Group and its businesses to its satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) The board of the Company (the "**Board**") has received a fairness opinion from its financial
advisor Bank of America Europe DAC, Amsterdam branch, to the effect that, as of such date and based upon and subject to the qualifications,
limitations and assumptions set forth in such Fairness Opinion (i) the Offer Price (as defined in Clause 3.4.1) to be paid to the Shareholders
pursuant to the Offer, is fair from a financial point of view, to the Shareholders, and (ii) the purchase price for the shares in the
capital of (a) Company Sub under the Merger Share Sale is fair to Company Holdco and (b) Company Splitco under the Demerger Share Sale
is fair to the Company, in each case from a financial point of view (the "**Fairness Opinion** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) The non-executive directors and the executive director of the Board have, on or about the date hereof,
executed irrevocable undertakings (the "**Board Irrevocables**") pursuant to which they have agreed with the Offeror, subject
to the terms of the Board Irrevocables, to tender their Shares held by them in the Offer and tender their resignation subject to Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) The Company's major shareholder, Acorn Holdings B.V. (the "**Major Shareholder** "), has,
on or about the date hereof, executed an irrevocable undertaking (the "**Shareholder Irrevocable**" and together with the
Board Irrevocables, the "**Irrevocable Undertakings**") pursuant to which it agreed with the Offeror that it will accept
the Offer in respect of all Shares that it held at the date of such Shareholder Irrevocable and/or will acquire after the date thereof
and that it shall tender such Shares to the Offeror in accordance with the terms and conditions of the Offer and the Shareholder Irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) The Company has received from the Offeror the fully executed Debt Financing Documents, copies of which
are attached to this Merger Protocol as Schedule 3 (Debt Financing Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) With due observance of its fiduciary duties and after due and careful consideration, the Board has (i)
unanimously approved the terms of this Merger Protocol, and (ii) resolved to, subject to and in accordance with the terms and conditions
of this Merger Protocol, take such action as is required for the Company to enter into and execute this Merger Protocol and to fully support
and unanimously recommend the Offer to the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) The board of directors of the Offeror has (i) determined that this Merger Protocol and the Transaction
are fair to, and in the best interests of, the Offeror and the Offeror's shareholders, (ii) approved and declared advisable the
terms of this Merger Protocol and the Transaction, (iii) resolved to, subject to and in accordance with the terms and conditions of this
Merger Protocol, take such action as is required for the Offeror to enter

into and execute this Merger Protocol, and (iv) confirmed that, to the extent not already obtained prior to the date of this Merger Protocol, no internal approval of the Offeror is required in connection with the entry into and the execution of this Merger Protocol by the Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) The Offeror and the Company have reached conditional agreement (*voorwaardelijke overeenstemming*)
on the terms and conditions of the Transaction and wish to set out in this Merger Protocol their respective rights and obligations to
make and effectuate the Offer and to implement the Transaction.

**IT IS AGREED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Interpretation

In this Merger Protocol, capitalised terms have the meaning set out in the Definitions Schedule and, unless the context dictates otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. the masculine gender shall include the feminine and the neuter and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. references to a person shall include a reference to any individual, corporation (including not-for-profit),
general or limited partnership, limited liability company, joint venture, estate, trust, association, unincorporated association, organization,
including a government or political subdivision or an agency or instrumentality thereof or other entity of any kind or nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3. references to a "Party" shall also refer to its successors in title, permitted assignees and
permitted transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.4. the words "hereof", "hereunder" and "herein" when used in this Merger Protocol,
shall refer to this Merger Protocol as a whole, and not any particular provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.5. references to "include" and "including" shall be treated as references to "include
without limitation" or "including without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.6. words in the singular shall include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.7. references to "€" or "Euros" shall mean European Union Euros;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.8. reference to "$" or "USD" shall mean the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.9. references to Clauses and Schedules are references to clauses and schedules to this Merger Protocol and
include the matters referred to in such clauses and schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10. the Schedules to this Merger Protocol constitute an integral part of this Merger Protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.11. references to "law" and "laws" shall be treated as references to any law, regulation,
rule, regulation, directive, covenant, guideline, standard, circular or general policy rule of any governmental or regulatory body in
any jurisdiction in force from time to time, as amended, modified, codified, re-enacted,

supplemented or superseded in whole or in part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.12. the headings are for identification only and shall not affect the interpretation of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Transaction

Each Party shall fully cooperate with the other Party in progressing and pursuing the Transaction and shall use its reasonable best efforts to facilitate and procure the implementation of the Transaction and the Offer, in each case in accordance with the terms and subject to the conditions of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The OFFER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. First Announcement

Promptly upon execution of this Merger Protocol and in any event prior to the opening of the first (1<sup>st</sup>) trading day on Euronext Amsterdam following the execution of this Merger Protocol, the Parties will jointly issue a press release (the "**First Announcement**"), a copy of which is attached as Schedule 2 (Press Release), announcing that the Offeror and the Company have reached conditional agreement (*voorwaardelijke overeenstemming*) on the terms of the Transaction. At such time, the Parties shall make the First Announcement available on their respective websites, and shall also provide the First Announcement to (i) Euronext Amsterdam, (ii) NASDAQ Global Select Market, (iii) the Netherlands Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*) (the "**AFM**"), (iv) the relevant (international) press agents, (v) the Social Economic Council (*Sociaal Economische Raad*), (vi) the Dutch Works Council, the European Works Council and the Trade Unions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Offer

In accordance with the terms and subject to the conditions of this Merger Protocol, including the satisfaction or waiver of the Commencement Conditions (as defined in Clause 5.1), the Offeror shall make the Offer (*het bod uitbrengen*) within three (3) Business Days after it has been notified in writing by the AFM of the approval of the Offer Memorandum (as defined in Clause 3.6.1) (the date on which the Offer is actually made, the "**Commencement Date**"), provided that if by noon CET on the third (3<sup>rd</sup>) Business Day before the Ultimate Launch Date (i) the Parties do not agree on the Commencement Condition set out in Clause 5.1.12 being satisfied, (ii) a Party has initiated the Binding Advice procedure pursuant to Clause 19.3 and Schedule 6 (Binding Advice), (iii) it is reasonably likely that the Binding Advice will not have been obtained ultimately on the Ultimate Launch Date, and (iv) the Offeror has not waived such Commencement Condition in accordance with the terms and subject to the conditions of this Merger Protocol, the Offeror shall promptly submit an emergency exemption request to the AFM to suspend the Offeror from having to make the Offer (*het bod uitbrengen*) until the Business Day after the Binding Advice is rendered. The Company shall provide all reasonable assistance and cooperation in relation to such exemption request. The Offeror may not, and will procure that none of its Group Companies will, make any public offer for the Shares other than in conformity with this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Laws applicable to the Offer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1. Each of the Parties shall comply with, and the Offer shall be prepared, made and effectuated in accordance
with the European Market Abuse Regulation (596/2014) ()"**MAR** "), the Dutch Act on Financial Supervision (*Wet op het financieel toezicht* or "**Wft** "), the Decree on Public Takeover Bids (*Besluit Openbare Biedingen Wft* or the "**Decree** "
and together with the MAR and the Wft, the "**Bidding Rules**") *,* the policy rules and instructions of the AFM as well
as Euronext Amsterdam, NASDAQ Global Select Market, the Dutch Civil Code (the "**DCC**") and any other laws, rules and regulations,
including any Competition Laws, foreign securities laws and laws on the co-determination of employees or their representatives (including
the Dutch Works Council Act (*Wet op de Ondernemingsraden* or the "**WCA**") and the Dutch Merger Code (*SER Fusiegedragsregels 2015* or the "**Merger Code** ")), that apply to the Offer (collectively, the "**Applicable Rules** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2. The Parties will co-operate in ensuring that all filings and notices required by the Applicable Rules,
or as otherwise required by the AFM, Euronext Amsterdam, NASDAQ Global Select Market or the SEC are timely and properly made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Offer Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1. In accordance with the terms and subject to the conditions of this Merger Protocol, the price payable
by the Offeror for each Share validly tendered (or defectively tendered, if the Offeror accepts such defective tender) and delivered under
the Offer shall be EUR 31.85 in cash without interest (such amount, as adjusted pursuant to Clause 3.4.2 where applicable, the "**Offer Price** "), provided that the Offeror shall at any time be entitled, but under no obligation whatsoever, to increase the Offer Price
in accordance with the Bidding Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2. The Company shall ensure that between the date hereof and the Settlement Date (as defined in Clause 3.5.5),
no dividend or other distribution is declared on the Shares, other than the prior to the date of this Merger Protocol declared EUR 0.36
dividend per share scheduled to be paid on 23 January 2026 (the "**Declared Dividend** "), which the Company may pay at any
time of its choosing ahead of Settlement. In the event that prior to the Settlement Date, any dividend other than the Declared Dividend,
or any other distribution is declared or paid on the Shares, the Offer Price per Share will be decreased by the declared or paid amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3. In the event that, during the period between the date hereof and the Tender Closing Date, the number of
Shares is changed into a different number of Shares as a result of reclassification, stock split, including a reverse stock split, capital
increase through company funds, stock dividend or distribution, recapitalization or other similar transaction, except equity incentives
settled in stock pursuant to the terms thereof in accordance with the terms of this Merger Protocol, then the Offer Price and any other
amounts payable pursuant to this Merger Protocol shall be equitably adjusted, without duplication, to reflect such change, provided that,
in any case, nothing in this Clause 3.4.3 shall be construed to permit the Company to take any action with respect to the Shares that
is otherwise prohibited by the terms of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Offer Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1. The Offeror shall procure that the Offer shall be open for acceptance for a period of at least eight (8)
weeks and not more than ten (10) weeks starting the first (1<sup>st</sup>) Business Day after the Commencement Date (such period, as may
be extended in accordance with this Merger Protocol, the "**Offer Period** "). The Offeror shall, subject to the satisfaction
or waiver of the Offer Conditions (as defined in Clause 5.6) in accordance with this Merger Protocol, declare the Offer unconditional
(*gestand doen*) within three (3) Business Days from the Tender Closing Date (the "**Unconditional Date** "). For purposes
of this Merger Protocol, the "**Tender Closing Date**" shall be the last day, after extensions if any, of the Offer Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2. If one or more of the Offer Conditions is not satisfied or waived in accordance with Clause 5.7,
on the initial or any subsequent Tender Closing Date, the Offeror may, after reasonable consultation with the Company, extend the Offer
Period once by no less than two (2) weeks and no more than ten (10) weeks, subject to the provisions of section 15 of the Decree or pursuant
to an exemption by the AFM, provided that, if the Offer Condition relating to the Competition Condition set out in Clause 5.6.2 is not
satisfied or waived, in accordance with Clause 5.7, on the Tender Closing Date, the Offeror shall, extend the Offer Period with a period
that the Offeror reasonably believes is necessary to cause such Offer Condition to be satisfied, with a maximum period of ten (10) weeks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3. If one or more of the Offer Conditions is not satisfied or waived in accordance with Clause 5.7,
on the extended Tender Closing Date (as extended pursuant to Clause 3.5.2), the Offeror may, after reasonable consultation with the Company,
subject to receipt of an exemption granted by the AFM, extend the extended Offer Period for more periods of time, until such time as the
Offeror reasonably believes is necessary to cause such Offer Conditions to be satisfied or waived, provided that, if the Offer Condition
relating to the Competition Condition set out in Clause 5.6.2 is not satisfied or waived, in accordance with Clause 5.7, on the extended
Tender Closing Date (as extended pursuant to Clause 3.5.2), the Offeror shall, subject to receipt of an exemption granted by the AFM,
extend the Offer Period until such time as Offeror reasonably believes is necessary (subject to reasonable consultation with the Company)
to cause such Offer Condition to be satisfied but shall not extend the Offer Period beyond the Long Stop Date. At the Offeror's request,
the Company shall express in writing to the AFM its full support for the exemption request in relation to such extension, subject to the
terms and conditions of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.4. If a Party has initiated the Binding Advice procedure pursuant to Clause 19.3 and Schedule 6 (Binding
Advice), the Offeror shall extend the Offer Period until such time as the Parties reasonably believe is necessary to obtain the Binding
Advice, if on the Tender Closing Date (i) the Parties do not agree on the Offer Condition set out in Clause 5.6.12 being satisfied, (ii)
the Offeror has not waived such Offer Condition in accordance with the terms and subject to the conditions of this Merger Protocol, and
(iii) the Binding Advice has not been rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.5. Transfer of the Shares validly tendered (or defectively tendered, if the Offeror accepted such defective
tender) and delivered under the Offer against payment of the Offer Price (the "**Settlement**") shall take place within five
(5) Business Days after the Unconditional Date (the "**Settlement Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.6. The Offeror may, if it declares the Offer unconditional, in accordance with market practice and the Applicable
Rules, publicly announce a post-closing acceptance period (*na-aanmeldingstermijn*) of no more than two (2) weeks starting the first
(1<sup>st</sup>) Business Day after it has publicly announced such post-closing acceptance period on the same terms and conditions as
described in the Offer Memorandum (the "**Post-Closing Acceptance Period** "), provided that the Company is only required
to cooperate with the implementation of the Post-Closing Restructuring Measures if and when the Offeror announces such Post-Closing Acceptance
Period. The Offeror shall accept each Share that is validly tendered in the Post-Closing Acceptance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. Offer Memorandum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1. The Offeror shall prepare an offer memorandum (*biedingsbericht*) regarding the Offer (including
all amendments and supplements thereto, the "**Offer Memorandum**") which, subject to the terms and conditions of this Merger
Protocol, shall set forth the final agreement between the Parties in respect of the Offer and the Offeror shall procure that the Offer
Memorandum complies with the Bidding Rules and shall be consistent with current Dutch market practice and this Merger Protocol. The Company
shall promptly provide the Offeror all information with respect to the Group as reasonably required by the Offeror for the preparation
of the Offer Memorandum. The Offeror shall give the Company reasonable opportunity to review and comment on drafts of the Offer Memorandum
and the Offeror shall incorporate and reflect all comments reasonably made by the Company or any of its advisors in respect of any parts
relating to the Group, this Merger Protocol or the Transaction. The Offeror shall not file the Offer Memorandum for approval with the
AFM before written approval from the Company has been obtained with respect (and only with respect) to the sections relating to the Group
(which approval shall not unreasonably be withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.2. The Parties shall provide each other and their respective advisors with (i) any comments or other communications,
whether written or oral, that a Party or its advisors may receive from time to time from the AFM with respect to the Offer Memorandum
and requests for additional information promptly after receipt of those comments and other communications, (ii) a reasonable opportunity
to review and comment upon the response of the Offeror (to the extent that they are not solely relating to the Offeror) or the Company,
as the case may be, to those comments, and (iii) an opportunity to participate with the other Party or its advisors in any discussions
or meetings with the AFM, except for discussions that are of minor significance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3. Each Party shall promptly inform the other Party if any of the information in the Offer Memorandum, or
any other document pursuant to which the Offer will be made in any jurisdiction, has become incomplete, inaccurate or misleading and shall
fully co-operate with any requests for additional information the AFM (or any other applicable Governmental Entity) may have, and shall
take all appropriate steps to correct the Offer Memorandum (or the other relevant document) or to enable the Offeror to do so, including
causing, or enabling the Offeror to cause, such document, as so corrected, to be filed with the relevant stock market authorities and
Governmental Entities and, at such time as to be

reasonably agreed by the Parties, disseminated or made generally available, as and to the extent required by the Bidding Rules or Applicable Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.4. The Offeror is responsible for the information contained in the Offer Memorandum except for the information
provided by the Company or on the Company's behalf by external parties such as auditors, and the Company is responsible for information
contained in the parts of the Offer Memorandum relating to the Group to the extent it was provided by or on behalf of the Company. The
Parties shall not be responsible for the content of the Fairness Opinion or any auditors' statements to be included in the Offer Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5. The Offeror shall publicly announce no later than four (4) weeks after the First Announcement that the
Offer Memorandum will be filed with the AFM for approval within a to be determined timeframe and shall procure that the Offer Memorandum
is filed with the AFM for approval as soon as reasonably practicable and no later than twelve (12) weeks after the First Announcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.6. The Offeror shall draw up the Offer Memorandum in the English language and draw up a summary of the Offer
Memorandum in the Dutch language, whereby the English text of the Offer Memorandum shall prevail over the Dutch summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.7. The Offer Memorandum shall contain one or more provisions to the effect that those Shareholders tendering
their Shares under the Offer shall, as from and subject to Settlement, automatically cease to have and – by tendering their Shares
under the Offer – waive any and all rights or entitlements they may have in their capacity as Shareholders or otherwise in connection
with their shareholding in the Company vis-à-vis any member of the Group and any and all past and current members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.8. Subject to the satisfaction or waiver, in accordance with this Merger Protocol, of the Commencement Conditions,
the Company and the Offeror shall publicly announce the availability of the Offer Memorandum and the commencement of the Offer on the
Commencement Date, and shall disseminate the Offer Memorandum in the jurisdictions on which the Offeror and the Company agree or are obliged
pursuant to the Applicable Rules to make the Offer in accordance with applicable laws and regulations in such jurisdictions. The Parties
shall also post the Offer Memorandum on their respective websites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. U.S. aspects of the Offer

The Parties acknowledge and agree that the Offer shall be made in compliance with Section 14(e) of, and Regulation 14E under, the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**") subject to any available exemptions, including exemptions provided by Rule 14d-1(d) under the Exchange Act for a "Tier II" tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. Recommendation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1. The Company confirms that the Board, taking into account its fiduciary duties, has carefully considered
the rationale for the Transaction, the provisions of this Merger Protocol and all other relevant facts and circumstances, and that the

Board, having received appropriate financial and legal advice, unanimously considers the Offer, the Transaction and the related actions as contemplated in this Merger Protocol to be in the best interest of the Company, promoting the sustainable success of the business of the Company, taking into account the interests of its stakeholders, and has unanimously resolved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to approve the terms and conditions of this Merger Protocol, the execution and entering into of this Merger
Protocol by the Company, and the performance by the Company of its obligations under this Merger Protocol (including the Post-Closing
Restructuring Measures, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to the terms and conditions of this Merger Protocol, to support the Transaction and recommend
the Offer for acceptance by the Shareholders and to recommend the Shareholders to vote in favour of the Resolutions (the "**Recommendation** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject to the terms and conditions of this Merger Protocol, to include the Recommendation in the First
Announcement, the joint press release regarding the making of the Offer, the Offer Memorandum, the Position Statement, the EGM Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.2. Subject to Clause 12 and Clause 13, the Company shall ensure that neither the Board nor any of its members
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) withdraw, modify, amend or qualify, or publicly propose to withdraw, modify, amend or qualify, the Recommendation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) make any contradictory statements as to the Recommendation with respect to the Offer and the Transaction,

any of the actions described in sub (A)–(B), an "**Adverse Recommendation Change**", provided that if one or more members of the Board are misquoted or inadvertently or without intent make a contradictory (public) statement, this shall not constitute an Adverse Recommendation Change if the Board publicly reconfirms the Recommendation of (the relevant member(s) of) the Board within twenty-four (24) hours following such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. Position Statement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1. The Company shall prepare a position statement (*standpuntbepaling*) regarding the Offer (including
all amendments and supplements thereto, the "**Position Statement**") pursuant to section 18(2) and schedule G of the Decree,
which, subject to the terms and conditions of this Merger Protocol, shall set forth the Recommendation and the Company shall procure that
the Position Statement complies with the Bidding Rules and shall be consistent with current Dutch market practice, this Merger Protocol
and the Offer Memorandum. The Offeror and its advisors shall be given reasonable opportunity to review and comment upon drafts of the
Position Statement and the Company shall incorporate and reflect all comments reasonably made by the Offeror or any of its advisors in
respect of any parts relating to the Offeror, this Merger Protocol or the

Transaction. The Company will make the Position Statement publicly available to its Shareholders simultaneously with the Offer Memorandum becoming publicly available and shall take all further actions with respect to the Position Statement as required by the Bidding Rules. The Position Statement shall include the Fairness Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2. Each Party shall promptly inform the other Party if any of the information in the Position Statement has
become incomplete, inaccurate or misleading and shall fully co-operate with any requests for additional information the AFM may have,
and shall take all appropriate steps to correct the Position Statement or enable the Company to do so, including causing, or enabling
the Company to cause, such document, as so corrected, to be filed with the relevant stock market authorities and Governmental Entities
and, at such time as to be reasonably agreed by the Parties, disseminated or made generally available, as and to the extent required by
the Bidding Rules or Applicable Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. EGM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1. The Company shall on the Commencement Date convene an extraordinary Shareholders' meeting with a 42 day
convocation period or such longer period as agreed between the Parties in writing to be held at least six (6) Business Days prior to the
Tender Closing Date (the "**EGM** "), in order to provide the Shareholders with the necessary information concerning the Transaction
and to vote on the Resolutions. Unless this Merger Protocol is terminated in accordance with the terms hereof, the Company shall not cancel
or postpone the EGM (or any Subsequent EGM) without prior written consent of the Offeror. Subject to the terms of this Merger Protocol,
the Company shall procure that the Board unanimously recommends the Offer to the Shareholders and recommends the Shareholders to vote
in favour of the Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2. At the EGM, the Shareholders shall be requested to, subject to the Offer being declared unconditional:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) adopt such resolutions as are required for the implementation of the Post-Closing Restructuring Measures
(the "**Post-Closing Restructuring Resolutions** "), which shall be:

subject to (i) the Offeror holding at least 80% of the Outstanding Capital at the Tender Closing Date (the "**Post-Closing Restructuring Threshold**"), (ii) the Statutory Buy-Out Threshold not having been met, (iii) the Post-Closing Acceptance Period having expired, and (iv) the Offeror having notified the Company that it wishes to implement the Post-Closing Merger,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to enter into the Triangular Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to approve the Merger Share Sale, subject to the Triangular Merger being effected,

(the "**Post-Closing Merger Resolutions**"), and

subject to (i) the Statutory Buy-Out Threshold having been met at the Tender Closing Date, (ii) the Post-Closing Acceptance Period having expired, and (iii) the Offeror having notified the Company that it wishes to implement the Post-Closing Demerger,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to enter into the Demerger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to approve, to the extent required under law, the Demerger Share Sale, subject to the Demerger being effected,

(the "**Post-Closing Demerger Resolutions**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) appoint the persons nominated to the Board in accordance with Clause 11.5, with effect as per the Settlement
Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) accept the resignation and grant full and final discharge and release of liabilities in respect of the
duties of the current members of the Board as identified under Clause 11.5 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) resolve on (i) the conversion of the Company into a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) and (ii) the amendment of the Articles of Association, as set out in Clause 11.1.1, effective
as from Settlement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) resolve on a further amendment of the Articles of Association, as set out in Clause 11.1.4, effective
as from the delisting of the Shares from Euronext Amsterdam ()"**Delisting** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) cancel (*intrekken*) the Treasury Shares held by the Company effective as from Settlement,

(the "**Resolutions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3. The Company shall reasonably do all those things necessary and within its control to enable the passing
of the Resolutions at the EGM. If, however, either (a) one or more of the Resolutions is not approved at the EGM or (b) the Post-Closing
Restructuring Resolutions are approved at the EGM but it is reasonably expected that it will not be possible to effectuate such Post-Closing
Restructuring Measures on the basis of the adopted Post-Closing Restructuring Resolutions in view of the timing constraints included in
articles 2:318 paragraph 1 DCC and 2:334n paragraph 1 DCC, the Company will at the Offeror's request convene a new meeting of Shareholders
at which the relevant Resolution(s) will be put to a vote (any such meeting of Shareholders, a "**Subsequent EGM** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.4. As promptly as practicable following the date of this Merger Protocol, the Company shall prepare appropriate
materials for the EGM in accordance with the provisions of this Merger Protocol (together with any amendments and supplements thereto,
the "**EGM Documentation** "). The Offeror shall promptly furnish the Company with all information concerning the Offeror
and the Offeror Group reasonably required to be set forth in the EGM Documentation. The Offeror and its advisors shall be given reasonable
opportunity to review and

comment on drafts of the EGM Documentation and the Company shall incorporate and reflect all comments reasonably made by the Offeror or any of its advisors in respect of any parts relating to the Offeror, this Merger Protocol or the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. Employee Equity Incentives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.1. <u>Existing Company Equity Plans</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) As at the date of this Merger Protocol, the Group has implemented, and made awards to members of the Board
and certain individuals (currently or previously) engaged by or (current and former) individual employees of the Group under, the following
equity-based plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) conditional grants of restricted stock units, performance stock units and/or stock options under the Company's
Long-Term Incentive Plans (which, for purposes of this Merger Protocol, shall include the JDE Peet's Long-Term Incentive Plan, and
conditional grants of restricted stock units under the Jacobs Douwe Egberts B.V. Long-Term Incentive Plan 2016, as amended August 2020)
(respectively, "**Company RSUs** ", "**Company PSUs**" and "**Company Options** ", and whichever
version of the Company's and Jacobs Douwe Egberts B.V.'s Long-Term Incentive Plan is applicable to each such grant, the "**Company LTIP** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in relation to members of the Company's executive committee who have invested through the Group's
Equity Ownership Programs as laid down in individual investment agreements ()"**Company EOP Equity** ", and whichever version
of such Equity Ownership Program is applicable to each such grant, the "**Company EOP**" (which, for purposes of this Merger
Protocol, shall include the individual investment agreements));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) conditional grants of restricted stock units in a ratio of one awarded restricted stock unit for every
three shares purchased under Company's Share Purchase Plan and conditional grants of restricted stock units awarded for purchases made
under the Jacobs Douwe Egberts B.V. Share Purchase Plan (as last dated 31 January 2023) ()"**Company Matching RSUs** ", and
whichever version of the Company's or Jacobs Douwe Egberts B.V.'s Share Purchase Plan is applicable to each such grant, the "**Company SPP** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) conditional grants of restricted stock units, performance stock units and/or stock options under Peet's
Coffee, Inc. Long-Term Incentive Plan (as last amended and restated on 28 June 2025) (respectively, "**Peet's RSUs** "
(which, for purposes of this Merger Protocol, shall include grants of cash-based award units under the Peet's Coffee (Shanghai)
Co., Ltd. Long-Term Incentive Plan, as effective as of 12 March 2021), "**Peet's PSUs**" and "**Peet's** 

**Options**", and whichever version of the Peet's Coffee, Inc., or Peet's Coffee (Shanghai) Co., Ltd. Long-Term Incentive Plan is applicable to each such grant, the "**Peet's LTIP**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) conditional grants of restricted stock units as a form of matching award in respect of a purchase of shares
under Peet's Coffee, Inc. Executive Ownership Program (as last amended and restated on 28 June 2025) ()"**Peet's Matching RSUs** ", and whichever version of the Peet's Coffee, Inc. Executive Ownership Program is applicable to each such grant, the
" **Peet's EOP** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) through (5) together, the "**Company Equity Plans**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Further to the Company Equity Plans, as at the date of this Merger Protocol, the Group has incurred obligations
and specific commitments regarding equity-based incentives, including individual commitments with current and prospective employees of
the Group (such specific commitments hereinafter referred to as the "**Incentive Obligations** "), as further described and
quantified in Section 3.11.1(B) of the Company Disclosure Letter. The Company and the Offeror acknowledge and agree that all the Incentive
Obligations outstanding on the date hereof shall be respected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Offeror acknowledges and agrees that until the Offer is declared unconditional, the Company may continue
to award grants pursuant to the Company Equity Plans in accordance with past practice in September 2025 and March 2026, in each case,
subject to the limits set forth in Section 3.11.1(C) of the Company Disclosure Letter (the "**Recurring Grants** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.2. <u>Treatment of grants</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Parties acknowledge that all grants made under the Company Equity Plans that are outstanding as of
the date of this Agreement and the Incentive Obligations, shall vest in full on an accelerated basis, and agree that the Company will
settle these grants accordingly, as further detailed in Section 3.11.2(A) of the Company Disclosure Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Company will treat the Recurring Grants in accordance with
the applicable "roll-over" provisions in the relevant Company Equity Plan. The Parties will cooperate to substitute the Recurring
Grants with rights to Offeror equity in conformity with the requirements of the respective Company Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <u>Withholding</u> 

Notwithstanding anything to the contrary in this Merger Protocol, each of the Offeror, the Group Companies and any of their respective Affiliates or agents (including any third-party paying agent) shall be entitled to deduct and withhold from any payments under the Merger Protocol and under the Company Equity Plans and under the Incentive Obligations and under the Recurring Grants such

amounts (including Tax) as the Offeror, the Group Companies or any of their respective Affiliates or agents are required to deduct and withhold with respect to any such payments under applicable law (including Tax law). To the extent that such amounts are so withheld and paid to the appropriate Governmental Entity, they shall be treated for all purposes of this Merger Protocol, the Company Equity Plans and the Incentive Obligations and the Recurring Grants as having been paid to such person in respect of which such deduction and withholding was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Financing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Settlement amounts

The Offeror will be able to and shall, subject to the Offer being declared unconditional and in accordance with the terms of this Merger Protocol:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. pay the aggregate Offer Price payable in respect of the Shares pursuant to the Offer, the Buy-Out Proceedings
and the aggregate purchase price under the Merger Share Sale or Demerger Share Sale (as applicable), in each case when due pursuant to
the terms of this Merger Protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. pay all fees and expenses incurred by the Offeror in connection with this Merger Protocol and the Transaction;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. satisfy all other payment obligations of the Offeror required to be satisfied at Settlement on the terms
and conditions of this Merger Protocol,

**(the amounts of cash needed for such payments referenced in this Clause 4.1, the "Settlement Amounts").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Financing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. The Offeror has received from the Debt Financing Sources and delivered to the Company customary fully
executed long-form financing documentation on a European certain funds basis insofar as a provision relates to certainty of funding, in
form and substance satisfactory to the Company, for an aggregate amount of not less than EUR 15,700,000,000 (the "**Debt Financing**") dated on or about the date hereof, together with any fee or flex or syndication letter referred
to therein (collectively, such long-form financing documentation and such letters, the "**Debt Financing Documents** "), the
true, complete and correct copies executed by the applicable Debt Financing Sources of which are included in Schedule 3 (Debt Financing
Documents), provided that fees, "market flex" provisions, pricing terms or other economic provisions or commercially sensitive
terms may be redacted so long as none of the redacted terms include, modify or otherwise affect any condition precedent under the Debt
Financing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. As at the date of this Merger Protocol, the obligations of the Debt Financing Sources under the Debt Financing
Documents are not subject to any condition precedent other than the conditions expressly set forth in the Debt Financing Documents, and
there are no other agreements, side letters or arrangements relating to the Debt Financing (other than the Debt Financing Documents) that

would adversely affect the enforceability, availability of, or impose additional conditions or expand any existing conditions to, funding the full amount of the Debt Financing necessary for the Offeror to pay the Settlement Amounts in accordance with Clause 4.1 at such time such Settlement Amounts are required to be paid hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3. As at the date of this Merger Protocol, (a) the Debt Financing Documents are in full force and effect
and are legal, valid, binding and enforceable obligations of the Offeror and, to the knowledge of the Offeror, each other party thereto
(subject to applicable Bankruptcy and Equity Exceptions), and (b) to the knowledge of the Offeror and assuming satisfaction of the conditions
set forth in Clause 5, no event has occurred that, with or without notice, lapse of time, or both, would reasonably be expected to constitute
a default or breach, give rise to the Debt Financing Sources having a termination right or a failure to satisfy a condition precedent
on the part of the Offeror under the terms and conditions of the Debt Financing Documents that would adversely affect the availability
of the full amount of the Debt Financing. As at the date hereof, the Debt Financing Documents (and the commitments of the Debt Financing
Sources thereunder) have not been modified, amended or altered and the Debt Financing Documents (or the commitments of the Debt Financing
Sources thereunder) have not been withdrawn or rescinded, in each case, in a way that would adversely affect the Offeror's ability
to pay the Settlement Amounts in accordance with Clause 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4. The Offeror affirms that it is not a condition to the closing of the Transaction or to any of its obligations
in connection with the Transaction that Offeror obtain the Debt Financing or any other financing for or related to any of the transactions
contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5. The Offeror undertakes to comply with the matters set forth in Section 4.2.5 of the Company Disclosure
Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Amendments and alternative Debt Financing

The Offeror shall not, without the prior written consent of the Company, terminate or amend the terms of the Debt Financing Documents if any such termination or amendment would adversely affect the Offeror's ability to pay the Settlement Amounts in accordance with Clause 4.1 at such time such Settlement Amounts are required to be paid hereunder or otherwise enforce its rights against the Debt Financing Sources under the Debt Financing Documents, provided that notwithstanding the foregoing, the Offeror shall be allowed to (i) terminate and/or replace the Debt Financing Document(s) with new fully executed long-form financing documentation (including a customary conditions precedent status letter provided by or on behalf of the Debt Financing Sources in relation to the financing documentation, if applicable) with the same or other Debt Financing Sources, (ii) amend the Debt Financing Documents to add additional Debt Financing Sources or remove any Debt Financing Sources, but in each case of clauses (i) and (ii) only if and to the extent that the terms of the financing in the new debt financing documentation described above or the amended Debt Financing Documents are on terms and conditions in respect of availability and conditionality, taken as a whole, that would not reasonably be expected to prevent, materially delay or materially impede the Offeror's ability to pay the Settlement Amounts in accordance with Clause 4.1 at such time such Settlement Amounts are required to be paid hereunder and/or (iii) terminate or reduce commitments under any Debt Financing

Document so long as such termination or reduction in commitments occurs in accordance with the express terms of the Debt Financing Documents as a result of any incurrence of indebtedness, equity offering or sale or other disposition of assets or properties meeting specified criteria set forth in the Debt Financing Documents or to the extent the Offeror replaces such commitments with actual cash proceeds thereof. For the purposes of this Merger Protocol, the term "Debt Financing Documents" shall be deemed to include any financing documentation (or similar agreement) with respect to any alternative or replacement Debt Financing arranged in compliance with this Merger Protocol (and any Debt Financing Document remaining in effect at the time in question). True, complete and correct copies of any (i) amendments to the Debt Financing Documents and (ii) any long-form financing documentation replacing any of the Debt Financing Documents (with all customary conditions precedent status letters and fee and/or flex and/or syndication letter related thereto provided that fees, "market flex" provisions, pricing terms and other economic provisions or commercially sensitive terms may be redacted so long as none of the redacted terms include, modify or otherwise affect any condition precedent under the Debt Financing Documents) shall be promptly delivered to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. Cooperation by the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. The Company, at the sole cost and expense of the Offeror, shall, and shall cause its Group Companies to,
use commercially reasonable efforts to cooperate with the Offeror and any of its Affiliates in connection with any Financing, including
by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as promptly as reasonably practicable, preparing and furnishing (i) Required Financial Information and
(ii) any other pertinent and customary information regarding the Company and the Company Subsidiaries, in each case as may be reasonably
requested by the Offeror in connection with any Financing and customary in such Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) responding to any reasonable information requests from the Offeror, the Equity Investor or any Financing
sources, as soon as reasonably practicable that is required in connection with the any Financing by U.S. regulatory authorities under
applicable "know-your-customer" and anti-money laundering rules and regulations, including the USA Patriot Act of 2001, and
the requirements of 31 C.F.R. §1010.230;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) reasonably cooperating in satisfying the conditions precedent set forth in the Debt Financing Documents
or any definitive document relating to any Financing, to the extent the satisfaction of such condition requires the cooperation of, or
is within the control of, the Company and the Company Subsidiaries and subject only to any required Company consents, (employee) codetermination
procedure or process and a consultation procedure in connection with the Financing pursuant to the WCA (if applicable), but using commercially
reasonable efforts to facilitate, support and promptly advance such consultation procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (i) upon reasonable advance notice and at reasonable times and locations, participating in a reasonable
number of meetings and presentations with arrangers or agents, prospective lenders and other investors and sessions with rating agencies,
due diligence sessions and drafting sessions (in each

case which may be telephonic meetings or virtual sessions at the Company's request) and otherwise cooperate with the marketing and due diligence efforts for the Financing (including use of commercially reasonable efforts to ensure that the Offeror, Financing sources, the Equity Investor and their respective advisors and consultants shall have sufficient access to the Company and the Company Subsidiaries and their respective advisors and consultants), in each case to the extent reasonably required for the Financing, (ii) assisting the Offeror in obtaining ratings in connection with the Debt Financing and the Permanent Debt Financing, (iii) reasonably cooperating in the preparation of materials for registration statements, prospectuses, private placement memoranda, rating agency presentations, offering memoranda, marketing materials, information memoranda, presentations or similar documents in connection with the Financing (collectively, the "**Offering Documents**") (including (x) confirming the absence of material non-public information relating to the Company and the Company Subsidiaries or their securities contained therein upon request by the Offeror and (y) the delivery of customary authorization letters authorizing the distribution of information relating to the Company and the Company Subsidiaries to prospective lenders or investors), (iv) assisting the Offeror with the preparation of pro forma financial information and pro forma financial statements to the extent reasonably requested by the Offeror or the Financing sources to be included in any Offering Documents (*provided* that the Company and the Company Subsidiaries shall not be responsible for the preparation of any such pro forma financial information or pro forma financial statements), and (v) requesting and facilitating the Company's independent accountants (including by providing customary representation letters) to (1) provide (x) auditors' consents and reports reasonably required for the Offering Documents and (y) customary comfort letters (including customary "negative assurance" comfort and change period comfort) or similar agreed upon procedures letters with respect to the financial information (including, for the avoidance of doubt, financial information for the first three months, six months or nine months of a fiscal year if included within such Offering Documents) relating to the Company and its Company Subsidiaries contained in the Offering Documents that are customary in connection with offerings of equity or debt securities of the type contemplated to be offered as part of the Financing and (2) attend a reasonable number of accounting due diligence and drafting sessions, upon reasonable advance notice and at reasonable times and locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) and cooperating with the Offeror and its advisors by responding to reasonable information requests from
the Offeror that may be required to determine the nature of the actions, reorganizations or other transactions as that might be undertaken
and the manner in which they would most effectively be undertaken in connection with the Equity Financing;

provided that such cooperation does not materially and adversely affect the business of the Group prior to Settlement or unreasonably disturb or interfere with the business of the Group prior to Settlement. Notwithstanding anything to the contrary in this Clause 4.4.1, nothing in this Clause 4.4.1 will require the Company to provide (or be deemed to require the Company to prepare) any (1) pro forma

financial information or pro forma financial statements, (2) information regarding any post-closing or pro forma cost savings, synergies, capitalization, ownership or other post-closing pro forma adjustments, (3) description of all or any portion of the Financing, including any "description of notes" or any information customarily provided by a lead arranger, underwriter, initial purchaser or their counsel or advisors in a customary information memorandum, registration statement, prospectus or offering memorandum for a bank financing or debt or equity securities offering, as applicable, including sections customarily drafted by a lead arranger or an initial purchaser or underwriter or their counsel or advisors, such as those regarding confidentiality, timelines, syndication process, limitations of liability and plan of distribution, (4) risk factors relating to all or any component of the Financing, (5) any Compensation Discussion and Analysis or other information required by Item 402 of Regulation S-K under the Securities Act, or (6) any information with respect to any person other than the Company Subsidiaries.

In addition, notwithstanding anything to the contrary in this Clause 4.4.1, nothing in this Clause 4.4.1 shall require any such cooperation or efforts from the Company or the Company Subsidiaries in connection with the Financing to the extent that it would or would reasonably be expected to (1) cause any representation, warranty or covenant in this Merger Protocol to be breached by the Company or any of the Company Subsidiaries, require any waiver or amendment of any term of this Merger Protocol or cause any condition to the Settlement to fail to be satisfied, (2) prior to Settlement, require the Company or any of the Company Subsidiaries to pay any commitment fee or similar fee or agree to pay any other fees or reimburse any expenses, costs, liabilities or obligations or otherwise issue or provide or agree to any indemnities in connection with the Financing, (3) require the Company or any of the Company Subsidiaries to enter into, execute, deliver, approve, modify or perform any agreement, instrument, certificate (including solvency or similar certificates from a financial or similar officer) or other documentation (other than customary authorization and representation letters described in Clause (D) above or Clause 4.4.3 below) effective prior to Settlement, (4) unreasonably interfere with the conduct or ongoing business of the Company or any of the Group, (5) change any fiscal period, (6) require the Company or any of the Company Subsidiaries to adopt any resolutions, execute any consents or otherwise take any corporate or similar action in connection with the Financing unless such resolutions, consents or actions are contingent upon the occurrence of, or only effective as of Settlement, (7) require the Company or any Company Subsidiary or any of its or their respective Representatives to deliver any legal opinion or reliance letters or comfort letter or opinion of any of its Representative except as described in Clause (D) above or Clause 4.4.3 below, (8) after using commercially reasonable efforts to provide such access or disclose such information in a manner that does not jeopardize such attorney-client privilege, attorney work product protections or other applicable privilege or confidentiality obligations, provide access to or disclose any information that the Company determines in good faith would reasonably be expected to jeopardize attorney-client privilege, attorney work product protections or other applicable privilege or confidentiality obligations binding on the Company or any of the Company Subsidiaries, (9) take any action that the Company determines in its reasonable judgment would reasonably be expected to conflict with or violate the organizational documents of the Company or any of the Company Subsidiaries or any applicable laws or fiduciary duties or would result in a contravention, violation

or breach of, or default under, any material contract or material permit to which the Company or any of the Company Subsidiaries is a party or by which Company or any of the Company Subsidiaries or any of their respective property is bound, (10) cause any officers, directors, manager or employees, advisors of the Company or any of the Company Subsidiaries to incur or take any other action that would reasonably be expected to result in any actual or potential personal liability, (11) other than to the extent set forth in customary authorization and representation letters described in clause (D) above or Clause 4.4.3 below, require the Company or any Company Subsidiary to make any representations, warranties or certifications effective prior to Settlement or (12) require the Company or any of the Company Subsidiaries to cause or permit any liens to be placed on any of their property or to be an issuer or obligor with respect to the Debt Financing or the Permanent Debt Financing, in each case prior to Settlement, or (13) require the Company, any Company Subsidiary or any of their respective Representatives to provide any budgets or projections (which shall be the sole responsibility of the Offeror to prepare) or update any projections that the Company or its Representatives previously provided to the Offeror, except to the extent reasonably necessary to obtain valuation of the Company, any Company Subsidiaries or assets, or to prepare and file any documentation with a Governmental Entity to gain approval for or to implement the Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. During the period from the date of this Merger Protocol until the Settlement, the Company hereby consents
to the use of its and the Group Companies' logos solely to the extent customary and necessary in connection with the Financing so long
as the Company has a reasonable opportunity to review the materials in which such logos are included, provided that the Offeror shall
ensure that such logos are used solely (i) in a manner that is not intended to or reasonably likely to harm or disparage the Company or
the Company's reputation or goodwill, and (ii) in connection with a description of the Company or its business or the Transaction.

4.4.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Offeror will be permitted to commence and conduct, or cause the Company to commence and conduct, in
accordance with the terms of the Company Senior Notes Documentation, one or more offers to purchase, and/or any tender offer, exchange
offer, or consent solicitation, with respect to (each, a "**Debt Offer**" and collectively, the "**Debt Offers** "),
any or all of the outstanding aggregate principal amount of the Company Senior Notes identified by the Offeror to the Company in writing
after the date of this Merger Protocol on terms that are acceptable to the Offeror; provided that any such Debt Offer shall be (A) in
compliance with Applicable Rules (which, for purposes of this Clause 4.4.4, includes the rules and regulations of the relevant stock exchange),
the terms of the Company Senior Notes Documentation, and any other rights of any holder of the Company Senior Notes and the terms of this
Clause 4.4.3, (B) at the sole expense of the Offeror, and (C) consummated using funds provided by the Offeror. The Offeror shall not be
permitted to commence, and shall not cause the Company to commence, any applicable Debt Offer until the Offeror shall have provided the
Company with the necessary offer to purchase, offer to exchange, consent solicitation

memorandum, letter of transmittal, related notice(s) and press release(s), in each case if any, in connection therewith and each other document relevant to such transaction that will be distributed by the Offeror or the Company, as applicable, to holders of the Company Senior Notes in the applicable Debt Offer (collectively, the "**Debt Offer Documents**") a reasonable period of time in advance of commencing the applicable Debt Offer to allow the Company and its counsel to review and comment on the related Debt Offer Documents (in each case, at the Offeror's sole expense), which comments shall be considered by the Offeror in good faith. The Offeror will reasonably consult with the Company regarding the material terms and conditions of any Debt Offer (other than financial terms), including the timing and commencement of any Debt Offer and any relevant tender or consent deadlines. The Offeror or the Company, as applicable, shall expressly condition the closing (or, if applicable, effectiveness) of any of the Debt Offers on the occurrence of Settlement, and the Company will use commercially reasonable efforts to cooperate with the Offeror, at the Offeror's request and sole expense, to facilitate the settlement of each applicable Debt Offer by the Offeror on the applicable settlement date pursuant to the applicable Debt Offer Documents. Subject to the terms and conditions of this Clause 4.4.3, at the Offeror's sole expense, the Company shall, and shall cause the Company Subsidiaries and their respective Representatives to, in each case, use their commercially reasonable efforts to provide all cooperation reasonably requested by the Offeror in connection with the Debt Offers, including, the Company delivering customary officer's certificates, to the extent required, and to using reasonable best efforts to cause counsel for the Company to deliver customary legal opinions to the extent required (which opinions shall include customary reliance provisions permitting any solicitation agents retained by the Offeror in connection with the Debt Offer to rely on the matters set forth in such opinions), respectively, to the trustee for the Company Senior Notes, to the extent such certificates and opinions would not (in the reasonable opinion of the Company, its counsel and the trustee or the agent, as applicable) conflict with Applicable Rules, the applicable terms of the Company Senior Notes, or the Company Senior Notes Documentation, and would be accurate in light of the facts and circumstances at the time delivered) and requesting and facilitating the Company's independent accountants (including by providing customary representation letters) to provide auditors' consents and reports reasonably required for the Debt Offer Documents and customary comfort letters (including customary "negative assurance" comfort and change period comfort) or similar agreed upon procedures letters with respect to the financial information (including, for the avoidance of doubt, financial information for the first three months, six months or nine months of a fiscal year if included within such Debt Offer Documents) relating to the Company and its Company Subsidiaries contained in the Debt Offer Documents that are customary in connection with Debt Offers; provided that, prior to Settlement, neither the Company nor any of the Company Subsidiaries, nor Representatives for the Company or any of the Company Subsidiaries shall be required to furnish any officer's certificates, legal opinions or negative assurance letters, as applicable, in connection with the Debt Offers (other than in connection

with the execution of a supplemental indenture and/or an amendment relating to any consent solicitation of the type described in clause (B) below) or execute any other instruments or agreements in connection therewith other than the supplemental indenture and/or amendment described in clause (B) below. The Offeror shall keep the Company informed on a timely basis in reasonable detail regarding any material developments related to any Debt Offer. The consummation of any or all Debt Offers shall not be a condition to the consummation of the transactions contemplated by this Merger Protocol. The Company will not be required to cooperate with respect to any Debt Offer that would reasonably be expected to be inconsistent with the terms of the Company Senior Notes Documentation, the Company Credit Facility or Applicable Rules, would reasonably be expected to result in a breach under any material contract or agreement of the Company or the Company Subsidiaries, would reasonably be expected to cause any covenant, representation or warranty in this Merger Protocol to be breached by the Company or any of the Company Subsidiaries or would become operative before Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) To the extent any Debt Offer includes a consent solicitation, subject to the receipt of any requisite
consents, the Company and the Company Subsidiaries will execute one or more supplemental indentures, amendments or other similar instruments
to the applicable Company Senior Notes Documentation amending the terms and provisions of the applicable Company Senior Notes Documentation,
as described in the Debt Offer Documents and as reasonably requested by the Offeror (and at the Offeror's sole expense), and will (at
the Offeror's sole expense) use commercially reasonable efforts to cause the applicable trustee or agent, on behalf of the applicable
holders party to the applicable Company Senior Notes Documentation, to enter into such supplemental indenture and/or amendment, in each
case, promptly upon receipt of the requisite consents under such consent solicitation, with such supplemental indenture or amendment only
to become operative substantially simultaneously with the consummation of Settlement and the transactions contemplated by this Merger
Protocol; provided, however, that in no event will the Company or any of its officers, directors or other Representatives have any obligation
to authorize, adopt or execute any amendment or other agreement that would be (or reasonably be expected to be) inconsistent with the
terms of the Company Senior Notes Documentation, the Company Credit Facility or Applicable Rules, would be (or reasonably be expected
to result in) a breach under any material contract or agreement of the Company or the Company Subsidiaries, would cause (or reasonably
be expected to cause) any covenant, representation or warranty in this Merger Protocol to be breached by the Company or any of the Company
Subsidiaries or would become operative before Settlement. Subject to the terms and conditions of this Clause 4.4.3, the Company shall,
and shall cause the Company Subsidiaries and their respective Representatives to, in each case, use their commercially reasonable efforts
to provide all cooperation reasonably requested by the Offeror (in each case, at the Offeror's sole expense) in connection with the execution
of supplemental indentures and

amendments, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If requested by the Offeror, in lieu of or in addition to the Offeror commencing Debt Offers for the Company
Senior Notes, subject to Applicable Rules, the terms of the Company Senior Notes Documentation, and any other rights of any holder of
the Company Senior Notes, the Company shall, at the Offeror's sole expense, use commercially reasonable efforts to (i) send any notices
of redemption or similar call notices with respect to all or a portion of the outstanding aggregate principal amount of the Company Senior
Notes (which shall be in form required under the applicable Company Senior Notes Documentation, and conditioned upon the consummation
of Settlement, if sent prior to the Settlement Date, and shall become irrevocable upon the consummation of Settlement) to the relevant
trustee or agent, as applicable, (ii) take such actions as may be required under the Company Senior Notes Documentation, to cause the
relevant trustee or agent, as applicable, to proceed with the redemption of the applicable Company Senior Notes under such applicable
Company Senior Notes Documentation and to provide the notice of redemption (conditioned upon consummation of Settlement, if provided prior
to Settlement) to the holders of such Company Senior Notes pursuant to the applicable Company Senior Notes Documentation, and (iii) prepare
and deliver all other documents required under the applicable Company Senior Notes Documentation to issue notices of redemption (conditioned
upon consummation of Settlement, if provided prior to Settlement) for such Company Senior Notes in accordance with the applicable Company
Senior Notes Documentation, providing (x) for the redemption on the Settlement Date or such later date as shall be specified by the Offeror
of such Company Senior Notes or (y) for satisfaction and discharge of the applicable Company Senior Notes Documentation pursuant to the
applicable requisite provisions of such Company Senior Notes Documentation (subject to the consummation of Settlement, if sent prior to
Settlement) (the "**Redemption** "); provided that prior to Settlement, neither the Company nor any of the Company Subsidiaries,
nor Representatives for the Company or any of the Company Subsidiaries shall be required to furnish any officer's certificates, legal
opinions or negative assurance letters in connection with the Redemption (other than the Company delivering customary officer's certificates
and using commercially reasonable efforts to cause counsel for the Company to deliver customary legal opinions, respectively, to the applicable
trustee or agent, to the extent such certificates and opinions are required and would not (in the reasonable opinion of the Company, its
counsel and the applicable trustee or agent) conflict with Applicable Rules, the applicable terms of the Company Senior Notes, the Company
Senior Notes Documentation and would be accurate in light of the facts and circumstances at the time delivered). The notices of redemption
delivered to the applicable trustee or agent and holders of the Company Senior Notes (if delivered prior to Settlement) may state that
the redemption date may be delayed until such time as any condition to redemption stated therein shall be satisfied or such Redemption
may not occur and such notice may be rescinded in the event such condition shall not have been

satisfied. At Settlement, the Offeror shall make, or cause to be made, a deposit with the applicable trustee or agent of funds sufficient to pay in full the outstanding aggregate principal amount of, accrued and unpaid interest through the applicable redemption date on, and applicable make-whole and redemption premiums related to, the Company Senior Notes so redeemed, together with payment of other fees and expenses payable by the Company under the applicable Company Senior Notes Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Company shall, and shall cause the Company Subsidiaries and direct their respective Representatives
to, in each case, use their commercially reasonable efforts to provide all customary cooperation, at the Offeror's sole cost and
expense, reasonably requested by the Offeror in accordance with this Clause 4.4.3. Notwithstanding anything to the contrary in this Merger
Protocol or otherwise, (x) the Company's and the Company Subsidiaries' and Representatives' obligations under this Clause 4.4.3 shall
terminate and be of no further force and effect upon the termination of this Merger Protocol and (y) neither the Company nor any of the
Company Subsidiaries or Representatives shall be required, nor shall the Offeror or any of its subsidiaries or Representatives be permitted
to take any action pursuant to this Clause 4.4.3 that would cause any covenant, representation or warranty in this Merger Protocol to
be breached by the Company or any of the Company Subsidiaries. For the avoidance of doubt, nothing in this Clause 4.4.3 shall be deemed
to require the Offeror to conduct any Debt Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4. The Company shall (x) deliver notices of prepayment and commitment termination within the time periods
required by the Company Credit Facility (which may be conditional upon Settlement) and (y) use reasonable best efforts to deliver to the
Offeror at least two (2) Business Days prior to the Settlement Date an appropriate and customary final version of a payoff letter with
respect to the Company Credit Facility (the "**Payoff Letter** "), specifying the aggregate payoff amount of the Company's
obligations (including principal, interest, fees, expenses, premium (if any) and other amounts payable in respect of such indebtedness)
that will be outstanding under such indebtedness as of Settlement and providing for (A) a release of all guarantees thereunder and (B)
a confirmation that all indebtedness and other obligations thereunder (other than contingent obligations not then due and payable) have
been paid in full, in each case, upon the receipt of the payoff amounts specified in the Payoff Letter in accordance with the terms of
the Payoff Letter or a separate release letter (the "**Release Letter**") (it being understood and agreed that the Offeror
shall be responsible for paying all amounts under the Payoff Letter on or prior to the Settlement Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.5. The Company shall use its reasonable best efforts, and shall cause the Company Subsidiaries to, at the
written request of the Offeror, periodically update any information provided to the Offeror under Clause 4.4.1(A) as may be necessary
or advisable in connection with any Financing. The Offeror shall keep the Company, the Company Subsidiaries and their respective Representatives
reasonably informed regarding the status of the Financing. For the avoidance of doubt, subject to the terms and provisions of this Clause
4.4, the Offeror may, to

most effectively access the financing markets, request the cooperation of the Company and the Company Subsidiaries under this Clause 4.4 at any time, and from time to time and on multiple occasions, between the date of this Merger Protocol and Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.6. The Offeror agrees to indemnify, hold harmless and reimburse the Company, the Company Subsidiaries and
their respective Representatives prior to Settlement or the termination of this Merger Protocol (and thereafter, promptly upon demand
and in each case directly to the applicable Representative of the Company) from and against all reasonable documented out-of-pocket costs,
expenses, fees, losses, damages, claims, judgments, fines, penalties, interest, awards and liabilities and Taxes such persons may directly
or indirectly incur in connection with any Financing, any Debt Offers, any Redemption, the Release Letter and the performance of their
respective obligations under this Clause 4.4 and the provision of any information utilized in connection therewith including reasonable
and documented costs, fees and expenses of counsel and advisors), except to the extent incurred as a result of the fraud (*bedrog*),
gross negligence (*grove schuld*) or willful misconduct (*opzet*) of the Company, the Company Subsidiaries and their respective
Representatives, and except to the extent caused by the information provided by the Company or the Company Subsidiaries being inaccurate
or misleading, and such Company Subsidiaries and Representatives shall be express third party beneficiaries of this sentence. The Offeror's
obligations in this Clause 4.4.6 shall survive any termination or expiration of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.7. Notwithstanding anything to the contrary herein, it is understood and agreed that any late, incomplete
or non-compliance with the cooperation obligations of the Company set forth in this Clause 4.4 (in whole or in part) shall not be deemed
to constitute a material breach by the Company of the terms of this Merger Protocol for the purposes of the Commencement Condition set
forth in Clause 5.1.1 and/or the Offer Condition set forth in Clause 5.6.3, unless (i) the Company has willfully and materially breached
the terms of this Clause 4.4, (ii) the Offeror has notified the Company of such breach in writing, detailing reasonable steps that comply
with this Clause 4.4 in order to cure such breach, (iii) the Company has not taken such steps or otherwise cured such breach
within 10 Business Days of receipt of such notice and (iv) such breach has resulted in, or would reasonably be expected to result in the
Offeror being unable to consummate the Permanent Debt Financing or Equity Financing prior to the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CONDITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Commencement Conditions

The Offeror shall make the Offer (*het bod uitbrengen*) subject to the following conditions precedent (the "**Commencement Conditions**") being satisfied or waived in accordance with this Clause 5 no later than three (3) Business Days prior to the Ultimate Launch Date and, to the extent not waived, continuing to be satisfied until the Offer is made:

*No material breach by the Company*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. (i) the Company having performed and complied in all material respects with all

covenants and obligations to be performed by it at or prior to the Commencement Date, and in case of a breach of such covenant or obligation that is capable of being remedied, such breach having been remedied by the Company, in each case before the date that is the earlier of (A) ten (10) Business Days after receipt by the Company of a written notice from the Offeror, which the Offeror shall send promptly after becoming aware of such breach, and (B) three (3) Business Days prior to the Ultimate Launch Date and (ii) (A) the representations and warranties of the Company set forth in the Clause 21.3.1 , Clause 21.3.4 and Clause 21.8 shall be true and correct at and as of the Commencement Date as though made at and as of the Commencement Date, except for *de minimis* inaccuracies, (B) the representations and warranties of the Company described in Clause 21 other than those described in the preceding clauses (ii)(A) shall be true and correct at and as of the date of this Merger Protocol and at and as of the Commencement Date as though made at and as of the Commencement Date except where the failure to be so true and correct (disregarding all qualifications or limitations as to "material," "materiality" or "Company Material Adverse Change") would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Change; provided, however, that, with respect to clauses (ii)(A) and (ii)(B) above, representations and warranties that are made as of a particular date or period shall be true and correct (consistent with the respective thresholds set forth in clause (ii)(A) and (ii)(B) as applicable) only as of such date or period;

*No material breach by the Offeror*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. (i) the Offeror having performed and complied in all material
respects with all covenants and obligations to be performed by it at or prior to the Commencement Date, and in case of a breach of such
covenant or obligation that is capable of being remedied, such breach having been remedied by the Offeror, in each case before the date
that is the earlier of (A) ten (10) Business Days after receipt by the Offeror of a written notice from the Company, which the Company
shall send promptly after becoming aware of such breach, and (B) three (3) Business Days prior to the Ultimate Launch Date and (ii) the
representations and warranties of the Offeror set forth in Clause 22 shall be true and correct at and as of the date of this Merger Protocol
and at and as of the Commencement Date as though made at and as of the Commencement Date except where the failure to be so true and correct
(disregarding all qualifications or limitations as to "material," "materiality" or "Offeror Material Adverse
Change") would not, individually or in the aggregate, reasonably be expected to have a Offeror Material Adverse Change; provided,
however, that representations and warranties that are made as of a particular date or period shall be true and correct (consistent with
the respective thresholds as applicable) only as of such date or period;

*WCA compliance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3. the consultation procedure pursuant to the WCA with respect to the advice of the works council at the
level of Koninklijke Douwe Egberts B.V. (the "**Dutch Works Council** "), in relation to the Transaction having been complied
with (the "**Consultation Matter** "), such that in respect of the Consultation Matter one of the situations described in
Clause 5.1.3(A) or 5.1.3(B) has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) receipt by the Company of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an unconditional advice permitting the Parties to pursue the Consultation Matter in line with the proposed
resolution (*het voorgenomen besluit*) for which advice was requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a conditional advice with conditions reasonably acceptable to the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an unconditional and irrevocable waiver in writing of the right of the Dutch Works Council to render advice
with respect to the Consultation Matter, and

in the cases described in Clauses 5.1.3(A)(1) and 5.1.3(A)(2), (x) the Company having adopted a resolution in respect of the Consultation Matter that is compliant with the Dutch Works Council's advice, or (y) in the case described in Clause 5.1.3(A)(3), the Company having adopted a resolution in respect of the Consultation Matter that is in line with its proposed resolution (*het voorgenomen besluit*) for which the Dutch Works Council waived its right to advice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the extent none of the situations described under Clause 5.1.3(A) occur, the adoption of a resolution
by the Company in respect of the Consultation Matter that deviates from the Dutch Works Council's advice, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable waiting period as set out in Article 25 paragraph 6 of the WCA has lapsed, without the
Dutch Works Council having initiated legal proceedings as set out in Article 26 of the WCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) receipt by the Company from the Dutch Works Council of an unconditional and irrevocable waiver in writing
of (x) the applicable waiting period as set out in Article 25 paragraph 6 of the WCA, and (y) its right to initiate legal proceedings
as set out in Article 26 of the WCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) following the initiation of legal proceedings by the Dutch Works Council as set out in Article 26 of the
WCA, the Enterprise Section of the Amsterdam Court of Appeal (*Ondernemingskamer*) has either rendered a judgment dismissing the
Dutch Works Council's appeal or a judgment allowing the transactions contemplated by this Merger Protocol with immediate effect (*uitvoerbaar bij voorraad*);

*Merger Code and European Works Council compliance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4. the Offeror and the Company having complied with the applicable notification and consultation procedures
pursuant to the Merger Code and in relation to the European works council of the Group (the "**European Works Council** ")
in respect of the transactions contemplated by this Merger Protocol;

*AFM approval*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5. the Offeror having received written confirmation from the AFM that the AFM has approved the Offer Memorandum;

*No adverse recommendation change*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.6. no Adverse Recommendation Change having occurred;

*Irrevocable Undertakings in effect*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.7. each of the Irrevocable Undertakings being in full force and effect and not having been breached, terminated
or modified, except as approved in writing by the Offeror;

*No Competing Offer*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.8. no public announcement having been made of a Competing Offer as
described in Clause 13;

*No AFM notification*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.9. no notification having been received from the AFM stating that pursuant to section 5:80 of the Wft, investment
firms (*beleggingsondernemingen*, as defined in the Wft) would not be allowed to cooperate with the Settlement;

*No prohibition of the Offer*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.10. no final and non-appealable order, stay, injunction, judgment, decision, guidance, ruling or decree (an
" **Order**") having been issued by any Governmental Entity and being in effect, or any statute, law, subordinate legislation,
treaty, ordinance, rule or regulation, having been enacted and being in effect, any of which prohibits or makes illegal the consummation
of the Offer or the Transaction;

*No ending of trading*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.11. trading in Shares on Euronext Amsterdam not having been permanently suspended or ended as a result of
a listing measure (*noteringsmaatregel*) taken by Euronext Amsterdam in accordance with Article 6901/2 or any other relevant provision
of the Euronext Rulebook I (Harmonised Rules); and

*No Company Material Adverse Change*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.12. no Company Material Adverse Change having occurred or become known after the date hereof that is continuing
on the Ultimate Launch Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Waiver

The Commencement Conditions in Clause 5.1.1 (*no material breach by the Company*), Clause 5.1.6 (*no Adverse Recommendation Change*), Clause 5.1.7 (*Irrevocable Undertakings in effect*), Clause 5.1.8 (*no Competing Offer*) and Clause 5.1.12 (*no Company Material Adverse Change*) are for the benefit of the Offeror and may be waived by the Offeror in whole or in part at any time by written notice to the Company. The

Commencement Condition in Clause 5.1.2 (*no material breach by the Offeror*) is for the benefit of the Company and may be waived by the Company in whole or in part at any time by written notice to the Offeror. The Commencement Conditions in Clause 5.1.3 (*WCA Compliance*), Clause 5.1.4 (*Merger Code and European Works Council compliance*), Clause 5.1.10 (*no prohibition of the Offer*) and Clause 5.1.11 (*no ending of trading*) are for the benefit of both the Offeror and the Company and may only be waived by the Offeror and the Company jointly. The Commencement Conditions in Clause 5.1.5 (*AFM approval*) and Clause 5.1.9 (*no AFM notification*) cannot be waived. No Party may invoke any of the Commencement Conditions if the non-satisfaction of such condition(s) is caused by a breach of that Party of any of its obligations under this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Satisfaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. Each of the Parties shall use its reasonable best efforts to procure the satisfaction of the Commencement
Conditions as soon as reasonably practicable in accordance with the terms of this Merger Protocol. Without limiting the generality of
the preceding sentence, each of the Parties will make all applications and notifications required by, or to ensure satisfaction of, the
Commencement Conditions and will use its reasonable best efforts to procure that all such information as is requested by the relevant
authorities in connection with such applications and notifications is provided as promptly as reasonably practicable. If at any time a
Party becomes aware of a fact or circumstance that might prevent a Commencement Condition from being satisfied, it shall immediately notify
the other Party thereof in writing and supply reasonably relevant information about such fact or circumstance. If at any time a Party
becomes aware that a Commencement Condition is satisfied, it shall immediately notify the other Party thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. To the extent that the Parties do not agree on the Commencement Condition set out in Clause 5.1.12 (*no Company Material Adverse Change*) being satisfied, the Parties have agreed on a binding advice procedure as set out in Clause 19.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. Works Council Commencement Condition

The Company shall take all actions reasonably necessary to finalise and satisfy the Commencement Conditions set out in Clause 5.1.3 (*WCA Compliance*) (whether under (A) or (B) of Clause 5.1.3 (*WCA Compliance*)) and Clause 5.1.4 (*Merger Code and European Works Council Compliance*) in relation to the procedures with the Dutch Works Councils and the European Works Council as soon as possible after the date hereof and in any event prior to the Commencement Date. The Company and the Offeror will consult with each other closely with a view to seeking and obtaining the advice of the Dutch Works Council and the European Works Council, and to resolve any issues in connection therewith in an expeditious manner and as may reasonably be required to accept the advice of the Works Council, in a manner satisfactory to the Company and the Offeror, acting reasonably. The Company will keep the Offeror informed on a continuing basis on all correspondence and consultations in respect thereof, will provide the Offeror with copies of any material communication in connection therewith and permit the Offeror to review and to provide reasonable comments on such proposed material communication with either the Dutch Works Council or the European Works Council (such comments to be delivered to the Company within two (2) Business Days of the Offeror having received such material communication). If deemed desirable by a works council of the Group, the Offeror will (i)

give a presentation to such works council, which presentation shall be prepared in close consultation with the Company, and (ii) have representatives of the Offeror attend meetings with representatives of such works council, next to representatives of the Company attending such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. Merger Code Commencement Condition

The Parties shall take all actions necessary and reasonable to finalise and satisfy the Commencement Conditions set out in Clause 5.1.4 (*Merger Code and European Works Council Compliance*) in relation to the notification and consultation procedures under the Merger Code. The Parties shall consult with each other closely with a view to finalising such notification and consultation procedures. The Company shall provide the Offeror with copies of all material correspondence with the Social Economic Council (*Sociaal Economische Raad*) and the relevant Dutch trade unions within the meaning of the Merger Code (the "**Trade Unions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. Offer Conditions

The Offeror shall declare the Offer unconditional (*het bod gestand doen*) subject to the following conditions precedent (the "**Offer Conditions**") being satisfied or waived in accordance with Clause 5.6 on the Unconditional Date or, in case of Clause 5.6.1 (*Acceptance threshold*) and 5.6.7 (*Resolutions*), the Tender Closing Date:

*Acceptance threshold*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1. the number of Shares having been tendered for acceptance in the Offer (including those, for the avoidance
of doubt, tendered following an extended Tender Closing Date), together with any Shares irrevocably committed to the Offeror, in writing
or otherwise held by the Offeror subject only to the Offer being declared unconditional (the "**Tendered, Owned and Committed Shares** ")
shall represent at least the Acceptance Threshold, where "**Acceptance Threshold**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 95% of the Outstanding Capital at the Tender Closing Date (the "**Statutory Buy-Out Threshold** ");
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the general meeting of the Company having adopted the Post-Closing Restructuring Resolutions
in accordance with Clause 3.10.2 and such Post-Closing Restructuring Resolutions being in full force and effect as at the Tender Closing
Date, 80% of the Outstanding Capital at the Tender Closing Date;

*Competition clearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2. (i) any applicable waiting period (and any extension thereof) under the HSR Act shall have expired or
been terminated, and (ii) the approvals set forth on Section 5.6.2 of the Company Disclosure Letter shall have been obtained (the "**Competition Condition** ");

*No material breach by the Company*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3. (i) the Company having performed and complied in all material respects with all

covenants and obligations to be performed by it at or prior to the Tender Closing Date, and in case of a breach of such covenant or obligation that is capable of being remedied, such breach having been remedied by the Company, in each case before the date that is the earlier of (A) ten (10) Business Days after receipt by the Company of a written notice from the Offeror, which the Offeror shall send promptly after becoming aware of such breach, and (B) one (1) Business Day prior to the Tender Closing Date and (ii) (A) the representations and warranties of the Company set forth in the Clause 21.3.1, Clause 21.3.4 and Clause 21.8 shall be true and correct at and as of the Tender Closing Date as though made at and as of the Tender Closing Date, except for *de minimis* inaccuracies and (B) the representations and warranties of the Company described in Clause 21 other than those described in the preceding clause (ii)(A) shall be true and correct at and as of the date of this Merger Protocol and at and as of the Tender Closing Date as though made at and as of the Tender Closing Date except where the failure to be so true and correct (disregarding all qualifications or limitations as to "material," "materiality" or "Company Material Adverse Change") would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Change; provided, however, that, with respect to clauses (ii)(A) and (ii)(B) above, representations and warranties that are made as of a particular date or period shall be true and correct (consistent with the respective thresholds set forth in clause (ii)(A) and (ii)(B) as applicable) only as of such date or period;

*No material breach by the Offeror*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.4. (i) the Offeror having performed and complied in all material respects with all covenants and obligations
to be performed by it at or prior to the Tender Closing Date, and in case of a breach of such covenant or obligation that is capable of
being remedied, such breach having been remedied by the Offeror, in each case before the date that is the earlier of (A) ten (10) Business
Days after receipt by the Offeror of a written notice from the Company, which the Company shall send promptly after becoming aware of
such breach, and (B) one (1) Business Day prior to the Tender Closing Date and (ii) the representations and warranties of the Offeror
set forth in Clause 22 shall be true and correct at and as of the date of this Merger Protocol and at and as of the Tender Closing Date
as though made at and as of the Tender Closing Date except where the failure to be so true and correct (disregarding all qualifications
or limitations as to "material," "materiality" or "Offeror Material Adverse Change") would not, individually
or in the aggregate, reasonably be expected to have a Offeror Material Adverse Change; provided, however, that representations and warranties
that are made as of a particular date or period shall be true and correct (consistent with the respective thresholds as applicable) only
as of such date or period;

*No adverse recommendation change*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.5. no Adverse Recommendation Change having occurred;

*Irrevocable Undertakings in effect*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.6. each of the Irrevocable Undertakings being in full force and effect and not having been breached, terminated
or modified, except as approved in writing by the Offeror;

*Resolutions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.7. the EGM and, if applicable, the Subsequent EGM, shall have adopted the Resolutions in accordance with
Clause 3.10 and such resolutions are in full force and effect as at the Tender Closing Date;

*No Competing Offer*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.8. no public announcement having been made of a Competing Offer as described in Clause 13;

*No AFM notification*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.9. no notification having been received from the AFM stating that pursuant to section 5:80 of the Wft, investment
firms (*beleggingsondernemingen*, as defined in the Wft) would not be allowed to cooperate with the Settlement;

*No prohibition of the Offer*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.10. no final and non-appealable Order having been issued by any Governmental Entity and being in effect, or
any statute, law, subordinate legislation, treaty, ordinance, rule, regulation, having been enacted and being in effect which prohibits
or makes illegal the consummation of the Offer or the Transaction;

*No ending of trading*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.11. trading in Shares on Euronext Amsterdam not having been permanently suspended or ended as a result of
a listing measure (*noteringsmaatregel*) taken by Euronext Amsterdam in accordance with Article 6901/2 or any other relevant provision
of the Euronext Rulebook I (Harmonised Rules); and

*No Company Material Adverse Change*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.12. no Company Material Adverse Change having occurred or become known after the date hereof that is continuing
on the Tender Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. Waiver

The Offer Conditions in Clause 5.6.3 (*no breach by the Company*), Clause 5.6.5 (*no Adverse Recommendation Change*), Clause 5.6.6 (*Irrevocable Undertakings*), Clause 5.6.7 (*Resolutions*), Clause 5.6.8 (*no Competing Offer*) and Clause 5.6.12 (*no Company Material Adverse Change*) are for the benefit of the Offeror and may, to the extent permitted by applicable law, be waived by the Offeror in whole or in part at any time by written notice to the Company. The Offer Condition in Clause 5.6.4 (*no breach by the Offeror*) is for the benefit of the Company and may be waived by the Company at any time by written notice to the Offeror. The Offer Conditions in Clause 5.6.1 (*Acceptance threshold*), Clause 5.6.2 (*Competition Clearance*), Clause 5.6.10 (*no prohibition of the Offer*) and Clause 5.6.11 (*no ending of trading*) are for the benefit of both the Offeror and the Company and may only be waived by the Offeror and the Company jointly. The Offer Condition in Clause 5.6.9 (*no AFM notification*) cannot be waived. No Party may invoke any of the Offer Conditions if the non-satisfaction of such condition(s) is caused by a breach of that Party of any of its

obligations under this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. Satisfaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.1. Each of the Parties shall use its reasonable best efforts to procure the satisfaction of the Offer Conditions
as soon as reasonably practicable in accordance with the terms of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.2. If at any time a Party becomes aware of a fact or circumstance that might prevent an Offer Condition from
being satisfied, it shall immediately notify the other Party thereof in writing and supply reasonably relevant information about such
fact or circumstance. If at any time a Party becomes aware that an Offer Condition is satisfied, it shall immediately notify the other
Party thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.3. In accordance with Applicable Rules, if the Company or the Offeror ascertains that an Offer Condition
is not, or is incapable of being, satisfied and it has determined not to exercise its right to waive the relevant Offer Condition, it
must make a public announcement to that effect. Prior to making any such announcement, the Company and the Offeror shall consult with
each other regarding the content of such announcement, to the extent lawfully permitted and as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.4. To the extent that the Parties do not agree on the Offer Condition set out in Clause 5.6.12 (*no Company Material Adverse Change*) being satisfied, the Parties have agreed on a binding advice procedure as set out in Clause 19.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Information Provision

During the Interim Period and to the extent permitted by applicable laws (including Competition Laws), the Company shall, upon reasonable written notice by the Offeror and during normal business hours, afford the Offeror and its Representatives reasonable access to the Company's and its Company Subsidiaries' directors, senior employees, consultants, premises, information, documents and advisors (provided that the Company shall be provided with the opportunity to participate in any meetings with such consultants and advisors) as reasonably requested by the Offeror in connection with the Offer, any Financing and the Transaction (including for reasonable business purposes relating to the Transaction, including planning of any post-Settlement restructuring, post-Settlement operations or integration), unless this unreasonably disrupts the day-to-day operations of the Company and Company Subsidiaries and shall without delay inform the Offeror of any material facts or developments with regard to the profitability, reputation, financial, tax or trading position or the prospects of the Group which may affect the Offer, any Financing or the Transaction, or that are otherwise important for investors or potential investors in the business of the Group, and instruct its Representatives and advisors to reasonably cooperate with the Offeror. Notwithstanding the foregoing, the Company shall not be required to provide any such access or information if it would constitute a violation of applicable laws (including Competition Laws), provided that, if the Company withholds information or access on the basis of the foregoing it shall use reasonable best efforts (including by entering into clean team arrangements) to make appropriate substitute arrangements to permit such access or disclosure of information that does not constitute a violation of applicable laws (including Competition Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Competition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Competition Clearances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1. During the Interim Period, each of the Offeror and the Company
shall, and the Company shall cause the Group Companies to, use reasonable best efforts to take, or cause to be taken, all actions and
to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable law to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to cause the applicable waiting period (and any extension thereof) under the HSR Act to terminate or expire
and to obtain, or cause to be obtained, the approvals, consents, registrations, permits, expirations or terminations of waiting periods,
authorizations and other confirmations required to be obtained under any other applicable law, including Competition Laws applicable to
the Transaction (collectively, "**Consents** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) respond to any requests for information made by any Governmental Entity, including the United States Federal
Trade Commission (the "**FTC**") or the United States Department of Justice (the "**DOJ** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take the actions set forth on Section 7.1.1 of the Company Disclosure Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) reasonably cooperate with the other Party in seeking to obtain all such Consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2. The Offeror and the Company shall, (i) within twenty (20) U.S. business days after the date of this Merger
Protocol, prepare and file required Notification and Report Forms under the HSR Act with the FTC and the DOJ and (ii) as promptly as reasonably
practicable after the date of this Merger Protocol, prepare and file notifications, filings, registrations, submissions or other materials
required or necessary as set forth on Section 7.1.2 of the Company Disclosure Letter in each case of clauses (i) and (ii), all in compliance
with the requirements of applicable law, including Competition Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3. To the extent not prohibited by applicable law, each of the Offeror and the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) promptly notify and furnish the other Party copies of any substantive correspondence or communication
(including, in the case of any oral correspondence or communication, a summary thereof) between it or any of its Affiliates or any of
their respective Representatives, on the one hand, and any Governmental Entity, on the other hand, or any filing such Party submits to
any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) consult with and permit the other Party to review in advance any proposed filing and any written or oral
communication or correspondence by such Party to any Governmental Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) consider in good faith the views of such other Party in connection with any proposed filing and any written
or oral communication or

correspondence to any Governmental Entity,

in each case, to the extent relating to the subject matter of this Clause 7.1 or the transactions contemplated by this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4. Neither the Offeror nor the Company shall agree to, or permit any of its Affiliates or Representatives
to, participate in any meeting or discussion with any Governmental Entity in respect of any filings, investigation, inquiry or any other
matter contemplated by this Clause 7.1 or any transaction contemplated by this Merger Protocol unless it consults with the other Party
in advance and, to the extent permitted by such Governmental Entity, gives the other Party the opportunity to attend and participate in
such meeting or discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5. Notwithstanding anything herein to the contrary, the Offeror shall, after reasonable consultation with
the Company and consideration in good faith of the views and comments of the Company, have the right to direct, devise and implement the
strategy for obtaining any necessary approval of, for responding to any request from, inquiry or investigation by (including coordinating
with the Company with respect to the timing, nature and substance of all such responses), and in connection with all meetings and communications
(including any negotiations) with, any Governmental Entity that has authority to enforce any Competition Laws; provided that the Offeror
will not, without first consulting with the Company and in good faith consider the Company's views,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) withdraw any filing made under the HSR Act or any other Competition Law in connection with the transactions
contemplated by this Merger Protocol; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) enter into any timing or similar agreement, or otherwise agree to commit or enter into any arrangement,
that would have the effect of extending, suspending, lengthening or otherwise tolling the expiration or termination of any waiting period
applicable to consummate the transactions contemplated by this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6. Notwithstanding anything in this Merger Protocol to the contrary
and in furtherance of and consistent with the Offeror's obligations under this Clause 7.1, and other than the Company's independent
obligations under the HSR Act, the Offeror and its Affiliates, and the Company and its Affiliates, (subject to and without limiting the
proviso in this Clause 7.1.6) shall take, and shall cause to be taken, all actions, and shall do, or cause to be done, all things necessary,
proper or advisable to eliminate each and every impediment under any Competition Law, and to permit and cause the satisfaction of the
Offer Condition set out in Clause 5.6.2 to occur as promptly as reasonably practicable and in any event prior to the Long Stop Date,
including by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) defending through litigation on the merits or otherwise, including appeals, any proceeding asserted by
any Governmental Entity with respect to this Merger Protocol that seeks or would reasonably be expected to prevent, prohibit, interfere
with or delay the satisfaction of the Offer Condition set out in Clause 5.6.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) agreeing to, committing to, proffering, proposing or taking any action required to sell, divest, hold
separate, lease, license, transfer, dispose of or otherwise encumber or impair or take any other action with respect to the assets, properties,
businesses or product lines of the Company, or its respective Affiliates, or its or their ability to own or operate any of the foregoing,
or any other restriction, limitation or condition on or with respect to the foregoing or with respect to the Company's, or any of
its respective Affiliate's freedom to operate (collectively, "**Remedies** ");

provided, that notwithstanding the foregoing clauses (A) or (B), or anything in this Merger Protocol to the contrary, (x) none of the Offeror or any of its Affiliates shall be required to, and the Company may not, without the prior written consent of the Offeror, agree to take or take any Remedies set forth in Section 7.1.6 of the Company Disclosure Letter, and (y) the consummation of any such Remedies shall be conditioned upon the Offer being declared unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.7. The Offeror will not take, and will cause its Affiliates not to enter into (or agree to enter into) any
acquisition, investment or similar arrangement, or any letter of intent or similar document contemplating, any acquisition, investment
or similar arrangement, that would be reasonably expected to materially delay, hinder, impede or prejudice satisfaction of the Offer Condition
set out in Clause 5.6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Investor Rights agreement

The Company agrees to terminate in full without any liability or obligation of the Group or the Offeror or its Affiliates the 'Investor Rights Agreement' dated 25 May 2020, by and among the Company and the Major Shareholder, conditional upon and effective as of the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Company hereby represents and warrants to the Offeror that each
of the statements set out in Clause 21 (the " Company Representations and Warranties ")
is true and accurate. If the Offer is declared unconditional, the Company Representations and Warranties shall lapse and the Offeror will
have no further rights under this Clause 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. The Offeror hereby represents
and warrants to the Company that each of the statements set out in Clause 22 (the " Offeror Representations and Warranties ")
is true and accurate. If the Offer is declared unconditional, the Offeror Representations and Warranties shall lapse and the Company
will have no further rights under this Clause 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Interim period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Subject to applicable laws (including Competition Laws), as of the date of this Merger Protocol until
the earlier of the Settlement Date and the date on which this Merger Protocol is terminated in accordance with Clause 16 (the "**Interim Period** "), the Company shall, and shall procure that each Group Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. conduct its business and operations as a going concern in the ordinary course of business and consistent
with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. to the extent consistent with the foregoing, use respective reasonable efforts to preserve their respective
business organisation and assets in a state of operation at least as good as their current state of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. to the extent consistent with the foregoing, use respective reasonable efforts to maintain relationships
with suppliers, customers and other persons having business or professional relationships with the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. During the Interim Period, except (a) as required by law, the rules and regulations of Euronext Amsterdam
or IFRS, (b) as expressly contemplated or permitted by this Merger Protocol, (c) as set forth in Section 10.2 of the Company Disclosure
Letter, or (d) as consented to in writing by the Offeror (such consent not to be unreasonably withheld, conditioned or delayed), the Company
shall not, and shall not permit any Company Subsidiary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1. incur any borrowings or any other indebtedness or make any loan or advance, other than any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) indebtedness incurred in the ordinary course of business, provided that the aggregate indebtedness incurred
under this Clause 10.2.1(A) shall not exceed EUR 200,000,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) indebtedness incurred to refinance, prepay, repurchase or redeem any indebtedness falling due within six
(6) months after the Long Stop Date on then-current market terms substantially consistent with indebtedness being refinanced, prepaid,
repurchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) loans or advances made in the ordinary course of business consistent with past practice between the Company
and any Company Subsidiary or between Company Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) loans or advances made to, or given by, any Key Employee pursuant to and solely to the extent of advancement
obligations in the Company or any Company Subsidiaries organizational documents, this Merger Protocol or any indemnification agreement
existing at the time of this Merger Protocol between the Company or any Company Subsidiary, on the one hand, and any Key Employee, on
the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2. adjust, reclassify, split, combine or subdivide, redeem, purchase or otherwise acquire, directly or indirectly
any Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3. merge or consolidate the Company or any Company Subsidiaries with any other person or business or adopt
a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization
of the Company or any member of the Group, except for any such transactions solely among wholly owned Company Subsidiaries not in violation
of any instrument binding on the Company or any Company Subsidiaries and that would not reasonably be expected to result in a net Tax
liability in excess of EUR 5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4. declare, authorize, set aside, make or pay any dividend or other distribution,

payable in cash, stock, property or otherwise, with respect to any of its capital stock, except for (i) dividends paid by any Company Subsidiary and (ii) the Declared Dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5. issue, deliver, sell, grant, pledge or otherwise encumber or subject to any lien (i) any equity interests
or securities convertible into shares or equity interests in respect of the Company or any Company Subsidiary or (ii) any rights that
are linked in any way to the price of any capital stock of, or to the value of or of any part of, or to any dividends or distributions
paid on any capital stock of, the Company or any Company Subsidiary, other than as set forth in Section 3.11 of the Company Disclosure
Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.6. (i) increase in any manner the compensation or benefits of any Key Employee, other than annual merit,
wage inflation or promotion-related adjustments of base salaries for persons who are not on the Company's executive committee (provided
standing practice inflation in base pay and merit increases will be considered by the Offeror), in each case in the ordinary course of
business consistent with past practice, (ii) enter into, establish, amend or terminate any Company Benefit Plan exclusively or predominantly
applicable for Key Employees, other than as required pursuant to the terms of such Company Benefit Plans in effect on the date of this
Merger Protocol, (iii) accelerate the time of payment or vesting of, or the lapsing of restrictions with respect to, or fund or otherwise
secure the payment of, any compensation or benefits under any material Company Benefit Plan other than as set forth in Section 3.11 of
the Company Disclosure Letter, (iv) hire or promote any person to be employed by the Group who would be a Key Employee, unless to replace
a departing Key Employee with substantially similar remuneration and benefits to that of the departing individual, or terminate the employment
of any Group employee who is a Key Employee (other than for cause), (v) grant or provide any severance, retention, change in control or
termination payments or benefits to (x) any member of the Company's Executive Committee other than payment of severance or termination
benefits pursuant to existing contractual entitlements; and (y) any other Key Employee other than payment of severance or termination
benefits in the ordinary course of business consistent with past practice or pursuant to existing contractual entitlements, (vi) award
rights, grants and other entitlements (including severance enhancements and tax grossups) that become due or payable, vest or accelerate
contingent on Settlement, other than as set forth in Section 3.11 of the Company Disclosure Letter, or (vii) enter into, modify or amend
any Collective Bargaining Agreement, except in the ordinary course of business consistent with past practice, *provided that* each
of the matters under (i) through (vii) are permissible if such is required by the terms of the applicable Company Benefit Plan or applicable
law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.7. with respect to any Company Benefit Plan that is a defined benefit plan, (i) materially change any actuarial
or other assumption used to calculate funding obligations or liabilities with respect to any such Company Benefit Plan, (ii) materially
modify any policy, rule, structure or regulation applicable to any such Company Benefit Plan, (iii) take any other action with respect
to any such Company Benefit Plan that would materially increase the liabilities under such plan, other than any actions taken in the ordinary
course of business consistent with past practice (determined by reference to the change in individual participant

benefit levels or benefit accruals and not by reference to the plan liabilities taken as a whole) or (iv) change the manner in which contributions to any such Company Benefit Plan are made or the basis on which such contributions are determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.8. (i) sell, lease, license, mortgage, pledge, surrender, encumber, divest, cancel, abandon, create or incur
any lien or allow to lapse or otherwise dispose of any of its properties or assets in any transaction or series of transactions to any
person other than the Company or any wholly owned Company Subsidiary of an amount in excess of EUR 40,000,000 in the aggregate, other
than in the ordinary course of business consistent with past practice, or (ii) cancel, release or assign to any such person any material
indebtedness or any material claim held by the Company or any Company Subsidiary, other than in the ordinary course of business consistent
with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.9. enter into any new line of business that is material to the Company and the Company Subsidiaries, taken
as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.10. settle any claim, action or proceeding if such settlement would require any payment by the Company or
any of the Company Subsidiaries of an amount in excess of EUR 5,000,000 individually or EUR 10,000,000 in the aggregate (other than in
respect of any Tax liability, for which Clause 10.2.14 shall apply), or would obligate the Company or any of the Company Subsidiaries
to take any material action or impose any material restrictions on the business of the Company or any of the Company Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.11. directly or indirectly make, or agree to directly or indirectly make, any acquisition or investment either
by merger, consolidation, purchase of stock or securities, contributions to capital, property transfers, or by purchase of any property
or assets of any other person, or make any capital expenditures, in each case other than (i) investments in the Company Subsidiaries,
(ii) acquisitions of, or improvements to, assets used in the operations of the Company and the Company Subsidiaries in the ordinary course
of business, (iii) short-term investments of cash in the ordinary course of business, (iv) capital expenditures in accordance with the
capital expenditures plan, set forth in Section 10.2 of the Company Disclosure Letter, (v) in addition to (i)-(iv) above, any other acquisitions,
investments or purchases of any equity, property or assets with a value or purchase price (including the value of assumed liabilities)
not in excess of EUR 10,000,000 in any transaction or related series of transactions or EUR 25,000,000 in the aggregate, in each case
except as set forth in Section 10.2.11(v) of the Company Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.12. amend the Articles of Association or similar constitutional documents (other than for purposes of the
EGM consistent with the terms and conditions of the Merger Protocol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.13. amend or modify, in any material respect, or terminate any material agreement that has a duration of more
than five (5) years and which involves an aggregate cost or exposure in excess of EUR 40,000,000 (each, a "**Material Contract** ")
other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.14. (i) make or change any income or other material Tax election, (ii) change any Tax accounting period, (iii)
implement or adopt any material change in its Tax accounting or financial accounting policies, practices or methods, (iv) enter into any
agreement or seek any ruling from any Governmental Entity in respect of a material amount of Taxes other than as set forth in the Company
Disclosure Letter, (v) initiate, waive, settle or compromise any material claim, litigation, dispute or other proceeding in relation to
Taxes for an amount exceeding an actual or potential value net Tax liability of EUR 5,000,000 per matter individually or EUR 25,000,000
in the aggregate, or (vi) prematurely terminate or vary any existing material agreement in respect of Tax or change its Tax residency,
in each case other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.15. implement or adopt any material change to its policies, practices and methods in respect of revenue recognition,
payment (or acceleration or deferral thereof) of accounts payable, accrual of expenses, and collection (or acceleration or deferral thereof)
of accounts receivable or other receivables; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.16. agree, commit, or resolve to take any of the actions prohibited by this Clause 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. The Company shall use reasonable best efforts to notify the Offeror as soon as reasonably practicable
after it becomes known to it that a Group Company has breached or is in breach of its obligations pursuant to Clause 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. When requested to grant its consent pursuant to Clause 10.2, the Offeror shall as soon as reasonably practicable,
and in any event within ten (10) Business Days after having received a written request for consent containing all information reasonably
required in connection with such request, inform the Company whether or not it consents to the proposed action, and if the Offeror fails
to respond within such ten (10) Business Days, the Offeror's consent shall be deemed to have been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. Nothing in this Merger Protocol, including any restriction on the Company or any Group Company to act
without the prior written consent of the Offeror as set forth in Clause 10.2, shall require the Company or any of its Group Companies
to reduce, or take any action resulting in the reduction of, the individual total annual compensation of the employees of the Company
or any of the Company Subsidiaries as of the date of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. The Company acknowledges that the Offeror intends to separate the Offeror's coffee business and the Company's
business from the Offeror's other businesses following the consummation of the Transaction, by way of a Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. During the Interim Period, the Company shall, and shall cause its Group Companies to use commercially
reasonable efforts to, at the sole cost and expense of the Offeror, cooperate, with the Offeror and any of its Affiliates in the Offeror's
preparation for (i) the internal restructuring of the Offeror's post-Settlement Date holding structure for the purpose of transferring
any applicable U.S. Group Company within such holding structure such that any such U.S. Group Company is no longer owned by a non-U.S.
Group Company, (ii) the post-Settlement integration of the Group Companies into the holding structure of the Offeror, and (iii) implementing
the Spin-Off as promptly as practicable, in each case of the foregoing clauses (i) through (iii) (and subject to Clause 10.8) by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.1. (i) cooperating with any reasonable due diligence requested in
writing by Offeror, including providing available or reasonably attainable information regarding the Group Companies, their business
and operations, current and historical financial and Tax information, copies of agreement and materials, instructing appropriate members
of senior management, other personnel and advisors of the Group Companies to participate in videoconferences upon reasonable advance
notice and at mutually agreeable dates and times, and otherwise cooperating with the due diligence and planning efforts of Offeror in
connection with the Spin-Off and (ii) providing pertinent historical financial and Tax information as is reasonably available to the
Group Companies and requested in writing by the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.2. as promptly as practicable, preparing and furnishing (i) Required Financial Information and (ii) any other
pertinent and customary information regarding the Company and the Company Subsidiaries, in each case as may be reasonably requested by
the Offeror in connection with the Spin-Off and customary in such Spin-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.3. (i) upon reasonable advance notice and at reasonable times and locations, participating in a reasonable
number of meetings and presentations with arrangers or agents, prospective lenders and other investors and sessions with rating agencies,
and a reasonable number of due diligence sessions and drafting sessions (in each case which may be telephonic meetings or virtual sessions
at the Company's request) and otherwise cooperate with the marketing and due diligence efforts for the Spin-Off (including use of
commercially reasonable efforts to ensure that the Offeror and its advisors and consultants shall have sufficient access to the Company
and the Company Subsidiaries and their respective advisors and consultants), in each case to the extent reasonably required for the Spin-Off,
(ii) reasonably cooperating in the preparation of materials for registration statements, information statements, prospectuses, private
placement memoranda, rating agency presentations, marketing materials, information memoranda, presentations or similar documents in connection
with the Spin-Off (collectively, the "**Spin-Off Documents**") (including (x) confirming the absence of material non-public
information relating to the Company and the Company Subsidiaries or their securities contained therein upon request by the Offeror and
(y) the delivery of customary authorization letters authorizing the distribution of information relating to the Company and the Company
Subsidiaries to prospective lenders or investors), (iii) assisting the Offeror with the preparation of pro forma financial information
and pro forma financial statements to the extent reasonably requested by the Offeror to be included in any Spin-Off Document (*provided* that the Company and the Company Subsidiaries shall not be responsible for the preparation of any such pro forma financial information
or pro forma financial statements), and (v) requesting and facilitating the Company's independent accountants (including by providing
customary representation letters) to (1) provide (x) auditors' consents and reports reasonably required for the Spin-Off Documents and
(y) customary comfort letters (including customary "negative assurance" comfort and change period comfort) or similar agreed
upon procedures letters with respect to the financial information (including, for the avoidance of doubt, financial information for the
first three months, six months or nine months of a fiscal year if included within such Spin-Off Documents) relating to the Company and
its Company Subsidiaries contained in the Spin-Off Documents that are customary in connection therewith and (2)

attend a reasonable number of accounting due diligence and drafting sessions, upon reasonable advance notice and at reasonable times and locations and (iv) preparing customer communications and notices to be sent upon consummation of the Transaction and the Spin-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.4. to the extent reasonably requested in writing by the Offeror and necessary or advisable for the Spin-Off,
cooperating with and assisting the Offeror in obtaining any necessary or desirable authorization, consent and approval in connection with
the actions or transactions described in the foregoing Clause 10.7(i) through (iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.5. cooperating with and assisting the Offeror in preparing for, and preparing for, any necessary or desirable
assignments or transfers in connection with the transactions described in the foregoing Clause 10.7(i) through (iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.6. preparing any resolutions or consents necessary or desirable to approve or authorize the implementation
of the transactions described in the foregoing Clause 10.7(i) through (iii), or preparing any certificate, document, instrument or agreement
or any change or modification of any existing certificate, document, instrument or agreement to effect the transactions described in the
foregoing Clause 10.7(i) through (iii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.7. assisting the Offeror in developing a step plan for the implementation of the transactions described in
the foregoing Clause 10.7(i) through (iii), including providing information reasonably requested by the Offeror and reasonable access
to personnel and advisors in connection therewith, and cooperating with the Offeror and its advisors to reasonably assist in connection
with the appropriate implementation of any reorganizations of the corporate structure, capital structure, business, operations and assets
in the context of the Spin-Off that might be undertaken and the manner in which they would most effectively be undertaken,

provided that such cooperation or actions (i) is requested in writing with reasonable notice and (ii) does not materially and adversely affect the business of Company or any of the Group Companies prior to Settlement or unreasonably disturb or interfere with the business of the Group prior to Settlement.

The Company shall use its reasonable best efforts, and shall cause the Company Subsidiaries to, at the written request of the Offeror, periodically update any information provided to the Offeror under Clause 10.7.1 as may be necessary in connection with the Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. Notwithstanding anything to the contrary in Clause 10.7, nothing in
Clause 10.7 will require the Company to provide (or be deemed to require the Company to prepare) any (1) pro forma financial information
or pro forma financial statements, (2) information regarding any post-closing or pro forma cost savings, synergies, capitalization, ownership
or other post-closing pro forma adjustments, (3) description of all or any portion of the Spin-Off, including the reasons for or background
thereof, (4) risk factors relating to all or any component of the Spin-Off, (5) any Compensation Discussion and Analysis or other information
required by Item 402 of Regulation S-K under the Securities Act, or (6) any information with respect to any person other than the Company
Subsidiaries.

In addition, notwithstanding anything to the contrary in Clause 10.7, nothing in Clause 10.7 shall require any such cooperation or efforts from the Company or the Company Subsidiaries in connection with the Spin-Off to the extent that it would or would reasonably be expected to (1) cause any representation, warranty or covenant in this Merger Protocol to be breached by the Company or any of the Company Subsidiaries, require any waiver or amendment of any term of this Merger Protocol or cause any condition to the Settlement to fail to be satisfied, (2) prior to Settlement, require the Company or any of the Company Subsidiaries to pay any commitment fee or similar fee or agree to pay any other fees or reimburse any expenses, costs, liabilities or obligations or otherwise issue or provide or agree to any indemnities in connection with the Spin-Off, (3) require the Company or any of the Company Subsidiaries to enter into, execute, deliver, approve, modify or perform any agreement, instrument, certificate (including solvency or similar certificates from a financial or similar officer) or other documentation (other than customary authorization and representation letters described in Clause 10.7.2 above effective prior to Settlement, (4) unreasonably interfere with the conduct or ongoing business of the Company or any of the Group, (5) change any fiscal period, (6) require the Company or any of the Company Subsidiaries to adopt any resolutions, execute any consents or otherwise take any corporate, reorganization, restructuring or similar action in connection with the Spin-Off unless such resolutions, consents or actions are contingent upon the occurrence of, or only effective as of Settlement, (7) require the Company or any Company Subsidiary or any of its or their respective Representatives to deliver any legal opinion or reliance letters or comfort letter or opinion of any of its Representative except as described in Clause 10.7.2 above, (8) after using commercially reasonable efforts to provide such access or disclose such information in a manner that does not jeopardize such attorney-client privilege, attorney work product protections or other applicable privilege or confidentiality obligations, provide access to or disclose any information that would reasonably be expected to jeopardize attorney-client privilege, attorney work product protections or other applicable privilege or confidentiality obligations binding on the Company or any of the Company Subsidiaries, (9) take any action that would reasonably be expected to conflict with or violate the organizational documents of the Company or any of the Company Subsidiaries or any applicable laws or fiduciary duties or would result in a contravention, violation or breach of, or default under, any material contract or material permit to which the Company or any of the Company Subsidiaries is a party or by which Company or any of the Company Subsidiaries or any of their respective property is bound, (10) cause any officers, directors, manager or employees, advisors of the Company or any of the Company Subsidiaries to incur or take any other action that would reasonably be expected to result in any actual or potential personal liability, (11) other than to the extent set forth in customary authorization and representation letters described in clause 10.7.2 above, require the Company or any Company Subsidiary to make any representations, warranties or certifications effective prior to Settlement, (12) require the Company or any of the Company Subsidiaries to cause or permit any liens to be placed on any of their property or to be an issuer or obligor with respect to the Debt Financing or the Permanent Debt Financing, in each case prior to Settlement, or (13) require the Company, any Company Subsidiary or any of their respective Representatives to provide any budgets or projections (which shall be the sole responsibility of the Offeror to prepare) or update any projections that the Company or its Representatives previously provided to the Offeror, except to the extent reasonably necessary to obtain valuation of the Company, any Company Subsidiaries or assets, or to prepare and file any documentation with a Governmental Entity required to gain approval for or to implement the Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. The Offeror agrees to indemnify, hold harmless and reimburse the Company,
the Company

Subsidiaries and their respective Representatives prior to Settlement or the termination of this Merger Protocol (and thereafter, promptly upon demand and in each case directly to the applicable Representative of the Company) from and against all reasonable documented out-of-pocket costs, expenses, fees, losses, damages, claims, judgments, fines, penalties, interest, awards and liabilities and Taxes such persons may directly or indirectly incur in connection with the Spin-Off, the actions taken pursuant to Clause 10.7 and the performance of their respective obligations under Clause 10.7 and the provision of any information utilized in connection therewith (including reasonable and documented costs and expenses of counsel and advisors), except to the extent incurred as a result of the fraud (*bedrog*), gross negligence (*grove schuld*) or willful misconduct (*opzet*) of the Company, the Company Subsidiaries and their respective Representatives, and such Company Subsidiaries and Representatives shall be express third party beneficiaries of this sentence, and the Offeror's obligation in this sentence shall survive any termination or expiration of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10. Notwithstanding anything to the contrary herein, it is understood and
agreed that any late, incomplete or non-compliance with the cooperation obligations of the Company as set forth in Clause 10.7 (in whole
or in part) shall not be deemed to constitute a material breach by the Company of the terms of this Merger Protocol for the purposes of
the Commencement Condition set forth in Clause 5.1.1 and/or the Offer Condition set forth in Clause 5.6.3, unless (i) the Company has
wilfully and materially breached the terms of Clause 10.7, (ii) the Offeror has notified the Company of such breach in writing, detailing
reasonable steps that comply with this Clause 10.7 in order to cure such breach, (iii) the Company has not taken such steps
or otherwise cured such breach within 10 Business Days of receipt of such notice and (iv) such breach has materially delayed, or would
reasonably be expected to materially delay the Spin-Off, or materially impair, or would reasonably be expected to impair, the ability
to consummate the Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. post-settlement organisation, corporate governance and non-financial covenants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Delisting and Minority Shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. In the event that the Offer is declared unconditional (*gestand wordt gedaan*), it is intended that
the listing of the Shares on Euronext Amsterdam will be terminated as soon as possible after the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. The Parties acknowledge that it is desirable that the Offeror acquires full ownership of the Company and
its business and that the Offeror may, to the extent possible under applicable law, acquire the Shares that have not been tendered in
the Offer pursuant to a squeeze-out or buy-out (*uitstoting* or *uitkoop*) or obtain full ownership of the business of the Company
by virtue of any Post-Closing Restructuring Measure or other procedures or legal actions, in accordance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. It is envisaged that as per the Settlement Date until the date of Delisting, the articles of association
of the Company (the "**Articles of Association**") will be amended based on the principles as set out in Part I of Schedule
4 (Articles of Association).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. It is envisaged that as from the date of Delisting, if deemed desirable by the

Offeror, the Articles of Association will be amended based on the principles as set out in Part II of Schedule 4 (Articles of Association).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Statutory Buy-Out Proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1. The Company acknowledges that it is the intention of the Offeror to acquire 100% of the Shares or the
entirety of the Company's assets and operations. If, following the Settlement Date, the Offeror and its Affiliates (i) hold at least
95% of the Shares (calculated in accordance with the DCC), the Offeror shall commence a compulsory acquisition procedure (*uitkoopprocedure*)
in accordance with section 2:92a or 2:201a of the DCC, or (ii) hold (A) at least 95% of the Shares, and (B) at least 95%
of the voting rights in respect of the Shares (calculated in accordance with the DCC), the Offeror shall commence the takeover buy-out
procedure in accordance with section 2:359c of the DCC to buy out the remaining holders of Shares (the procedures under (i) and (ii) collectively,
the "**Buy-Out Proceedings** "), provided that, at the request of the Offeror, the Company shall implement the Post-Closing
Demerger at the Offeror's discretion either prior to or after commencing such Buy-Out Proceedings, in accordance with Clauses 11.3.8,
11.3.9 and 11.3.10. The Company shall provide the Offeror with any assistance as may be required for the Buy-Out Proceedings, including,
if needed, joining such proceedings as co-claimant. In any Buy-Out Proceeding, any remaining minority Shareholders will be offered the
Offer Price for their Shares unless there would be financial, business or other developments or circumstances that would justify a different
price in accordance with, respectively, section 2:92a, paragraph 5, section 2:201a, paragraph 5 or section 2:359c, paragraph 6 of the
DCC. The Parties agree that the Offeror may, irrespective of whether it is entitled pursuant to applicable law to commence the Buy-Out
Proceedings, instead elect (in its discretion) to acquire full ownership of the Company's assets and operations following the Settlement
Date by implementing an Other Post-Closing Restructuring Measure, in accordance with the terms and conditions of Clause 11.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. Post-Closing Restructuring Measures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1. The Company and the Offeror acknowledge the importance of the Offeror acquiring, directly or indirectly,
100% of the Shares or the entirety of the Company's assets and operations. This importance is based, inter alia, on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the fact that having a single shareholder and operating without a public listing increases the Group's
ability to achieve the goals and implement the actions of its strategy and reduces the Group's costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the ability of the Company and the Offeror to terminate the listing of the Shares from Euronext Amsterdam,
and all resulting cost savings therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the ability to achieve an efficient capital structure (both from a tax and financing perspective), which
would, among other things, facilitate the Transaction, intercompany and dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the ability to implement and focus on achieving long-term strategic goals

of the Company, as opposed to short-term performance driven by quarterly reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) as part of long-term strategic objectives, the ability to focus on pursuing and supporting (by providing
access to equity and debt capital) continued buy-and-build acquisition opportunities as and when they arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the ability of the Offeror and the Company to implement the planned Spin-Off and to obtain the strategic
benefits of the Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2. In light of the above and the fact that the Offeror's willingness to pay the Offer Price and pursue the
Offer is predicated on the direct or indirect acquisition of all of the Shares or all of the Company's assets and operations, and the
willingness of the Offeror to reduce the Acceptance Threshold from 95% to 80% in case the Post-Closing Restructuring Resolutions are adopted
in accordance with Clause 3.10.2 and such Post-Closing Restructuring Resolutions are in full force and effect as at the Tender Closing
Date, the Company expresses an interest in and its support for the Post-Closing Restructuring Measures, which are to be executed in accordance
with this Clause 11, subject to the terms and conditions of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.3. As soon as reasonably practicable after the date of this Merger Protocol, and upon the Offeror's
request, the Parties shall cooperate in good faith to prepare and finalise all documents and ancillary materials required to effect the
Post-Closing Restructuring Measures, which shall, without limitation, comprise (a) Company Holdco Articles, (b) Company Sub Articles,
(c) the Merger Proposal for the Triangular Merger, including the Explanatory Notes, (d) the Merger Share Purchase Agreement, (e) the Demerger
Proposal, including the Demerger Explanatory Notes, (f) the articles of association of Company Splitco, and (g) the Demerger Share Purchase
Agreement (collectively, the "**Post-Closing Restructuring Documentation** "). The Post-Closing Restructuring Documentation
shall be prepared in accordance with the provisions of this Merger Protocol and consistent with market practice for voluntary recommended
public offers involving Dutch target companies listed on Euronext Amsterdam.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.4. Notwithstanding the foregoing, at the request of the Offeror, the Parties will in good faith discuss in
the Interim Period an alternative transaction structure having the same or similar effect as the Post-Closing Restructuring Measures (which
may include any, or a combination of, the Other Post-Closing Restructuring Measures) (an "**Alternative Transaction Structure** "),
and if the Parties reach agreement in the Interim Period (but in any event five (5) Business Days prior to the EGM Documentation being
disseminated to the Shareholders) on such Alternative Transaction Structure as the measure to be pursued (i) the Alternative Transaction
Structure will instead be the preferred Post-Closing Restructuring Measure, (ii) the Post-Closing Restructuring Resolutions will be replaced
with such resolutions as are required for the implementation of such Alternative Transaction Structure and (iii) Clause 11.3.5, 11.3.6(D),
11.3.8 and 11.3.9(C) shall apply *mutatis mutandis* to such Alternative Transaction Structure.

*Post-Closing Merger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.5. The Parties acknowledge and agree that the Post-Closing Merger is the preferred measure for the Offeror
to (indirectly) acquire 100% of the Company's assets and operations if the Statutory Buy-Out Threshold has not been achieved following
the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.6. In preparation for the Post-Closing Merger, the Offeror and the Company agree that the Company shall perform
or cause to be performed the following acts during the Interim Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) incorporate a Dutch private limited liability company to be fully and directly owned by the Company ()"**Company Holdco**") having articles of association prepared in accordance with Clause 11.3.3 (the "**Company Holdco Articles** ")
and a Dutch private limited liability company to be fully and directly owned by Company Holdco ()"**Company Sub**") having
articles of association prepared in accordance with Clause 11.3.3 (the "**Company Sub Articles** "), and cause that no amendment
of the Company Holdco Articles and the Company Sub Articles and no adoption of a resolution or agreement to amend the same will occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) ensure that (A) the Board, and the boards of Company Holdco and Company Sub will unanimously adopt and
sign a merger proposal prepared in accordance with Clause 11.3.3 (the "**Merger Proposal**") for a legal triangular merger
(*juridische driehoeksfusie*) of the Company (as disappearing company) with and into Company Sub (as acquiring company), with Company
Holdco allotting shares to the Company's shareholders in accordance with article 2:309 et seq. and 2:333a DCC (the "**Triangular Merger**") and in which Company Holdco cancels the share(s) that formed its issued share capital immediately prior to the completion
of the Triangular Merger and (B) the Board and the boards of Company Holdco and Company Sub will unanimously adopt and sign explanatory
notes to the Merger Proposal prepared in accordance with Clause 11.3.3 (the "**Explanatory Notes** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) on such date as the Offeror requests (and ultimately one month before the EGM), file the Merger Proposal
and all ancillary documents, including the relevant audit statements, required by applicable laws with the trade register of the Netherlands
Chamber of Commerce (*Kamer van Koophandel*), make copies of the Merger Proposal, the Explanatory Notes and all ancillary documents,
including the relevant audit statements and reports, required by applicable laws available at the offices of the Company and announce
the foregoing in a Dutch national newspaper (the "**Merger Publication** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) cooperate with the Offeror, provide such assistance to the Offeror and sign all documents and undertake
and perform all acts as reasonably necessary to prepare the effectuation of the Post-Closing Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) at the request of the Offeror, which request cannot be made prior to the last day of the fourth (4th)
month after the initial filing of the Merger Proposal, take all required steps (to the extent within the control of the Company) to file
a new Merger Proposal and all ancillary documents,

including the relevant audit statements, required by applicable laws with the trade register of the Netherlands Chamber of Commerce (*Kamer van Koophandel*), make copies of such Merger Proposal, the Explanatory Notes and all ancillary documents, including the relevant audit statements and reports, required by applicable laws available at the offices of the Company and announce the foregoing in a Dutch national newspaper and convene a Subsequent EGM in accordance with Clause 3.10.3 at which the Post-Closing Merger will be re-resolved upon in accordance with the new Merger Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.7. Subject to (i) the Offeror having declared the Offer unconditional, (ii) Settlement having occurred, (iii)
the Post-Closing Restructuring Threshold having been met, (iv) the Post-Closing Acceptance Period having expired, (v) the Statutory Buy-Out
Threshold not having been achieved following the Settlement Date, and (vi) the Post-Closing Merger Resolutions having been adopted and
being in full force and effect, the Offeror may notify the Company that it wishes to implement the Post-Closing Merger, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Company shall effect, and shall procure that Company Holdco and Company Sub shall effect, the Triangular
Merger in accordance with the provisions set forth in the Merger Proposal and the Explanatory Notes pursuant to the execution of a notarial
deed of merger as soon as reasonably and practicably possible after the Offeror's decision to pursue the Post-Closing Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Company shall procure that immediately after the Triangular Merger becoming effective, Company Holdco
enters into a share purchase agreement with the Offeror, prepared in accordance with Clause 11.3.3 (the "**Merger Share Purchase Agreement** "), pursuant to which all issued shares in the capital of Company Sub (the "**Company Sub Shares**") will
be sold and, by means of the execution of a notarial deed of transfer, substantially in the form as included as an Annex to the Merger
Share Purchase Agreement (the "**Merger Share Transfer Deed** "), immediately after the Triangular Merger becoming effective,
be transferred to the Offeror (or its nominee nominated in accordance with the Merger Share Purchase Agreement) (the "**Merger Share Sale** "). The aggregate purchase price for the Company Sub Shares shall be an amount equal to (i) the Offer Price multiplied by
(ii) the total number of Shares issued and outstanding immediately prior to the Triangular Merger becoming effective (the "**Merger Share Sale Purchase Price** "). The Merger Share Sale Purchase Price shall be payable immediately following the execution of the
Merger Share Transfer Deed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an amount equal to (x) the Offer Price multiplied by (y) the total number of Shares held by holders of
Shares other than the Offeror prior to the Triangular Merger becoming effective (such amount, the "**Merger Aggregate Minority Cash Out Amount**") will be paid either in cash or by the Offeror's execution and delivery of a loan note to Company Holdco payable
on demand by Company Holdco at arm's length terms (which shall take into account that such note is payable on demand by Company

Holdco) in an aggregate principal amount equal to the Merger Aggregate Minority Cash Out Amount ("**Minority Cash Note**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an amount equal to (x) the Merger Share Sale Purchase Price minus (y) the Merger Aggregate Minority Cash
Out Amount (such difference, the "**Merger Offeror Net Amount**") will be paid by the Offeror's execution and delivery of
a loan note to Company Holdco payable on demand by Company Holdco at arm's length terms (which shall take into account that such note
is payable on demand by Company Holdco) in an aggregate principal amount equal to the Merger Offeror Net Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) prior to the Settlement Date, the Company shall adopt, in its capacity as sole shareholder of Company
Holdco, a resolution to, subject to and immediately following completion of the Merger Share Sale, (A) dissolve Company Holdco in accordance
with article 2:19 DCC (the "**Holdco Dissolution** "), (B) appoint a special purpose foundation or other third party as the
liquidator of Company Holdco (the "**Liquidator** "), (C) approve reimbursement of the Liquidator's reasonable salary
and costs and (D) appoint Company Sub as the custodian of the books and records of Company Holdco in accordance with article 2:24 DCC;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) as soon as reasonably practicable following the execution of the Merger Share Transfer Deed, the Company
shall demand payment of the Minority Cash Note and cause the effectuation of the Holdco Dissolution and the making of an advance liquidation
distribution per ordinary share in the capital of Company Holdco, whereby such advance liquidation distribution is intended to take place
on or about the date of the execution of the Merger Share Transfer Deed and in an amount per ordinary share that is to the fullest extent
possible equal to the Offer Price, without any interest and less any applicable Taxes to be withheld in connection with the contemplated
liquidation,

(the steps under Clauses 11.3.5, 11.3.6 and 11.3.7, together, the "**Post-Closing Merger**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The parties hereto intend and agree that, solely for U.S. federal and applicable U.S. state and local
income tax purposes (i) the Post-Closing Merger shall be treated as a reorganization pursuant to Section 368(a)(1)(F) of the Code and
(ii) this Merger Protocol shall constitute and is hereby adopted as a "plan of reorganization" within the meaning of Treasury
Regulations Section 1.368-2(g).

*Post-Closing Demerger*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.8. The Parties acknowledge and agree that the Post-Closing Demerger is the preferred measure for the Offeror
to (indirectly) acquire 100% of the Company's assets and operations if the Statutory Buy-Out Threshold has been achieved following the
Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.9. In preparation for the Post-Closing Demerger, the Offeror and the Company agree that the Company shall
perform or cause to be performed the following acts during the Interim Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) ensure that (i) the Board will unanimously adopt and sign a demerger proposal prepared in accordance with
Clause 11.3.3 (the "**Demerger Proposal**") for a legal demerger (*juridische afsplitsing*) of the Company (the "**Demerger** "),
whereby the Company, at the occasion of the Demerger, will incorporate a Dutch private limited liability company to be fully and directly
owned by the Company ()"**Company Splitco** "), having articles of association prepared in accordance with Clause 11.3.3 and
(ii) the Board will unanimously adopt and sign explanatory notes to the Demerger Proposal prepared in accordance with Clause 11.3.3 (the
" **Demerger Explanatory Notes** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on such date as the Offeror requests (and ultimately one month before the EGM), file the Demerger Proposal
and all ancillary documents, including the relevant audit statements, required by law with the trade register of the Netherlands Chamber
of Commerce, make copies of the Demerger Proposal, the Demerger Explanatory Notes and all ancillary documents, including the relevant
audit statements and reports, required by law available at the offices of the Company and announce the foregoing in a Dutch national newspaper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Parties shall provide such assistance and sign all documents and undertake and perform all acts as
reasonably necessary to prepare the effectuation of the Post-Closing Demerger as reasonably necessary or requested by either Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) at the request of the Offeror, which request cannot be made prior to the last day of the fourth (4th)
month after the initial filing of the Demerger Proposal, the Company shall take all required steps (to the extent within the control of
the Company) to file a new Demerger Proposal and all ancillary documents, including the relevant audit statements, required by law with
the trade register of the Netherlands Chamber of Commerce, make copies of such Demerger Proposal, the Demerger Explanatory Notes and all
ancillary documents, including the relevant audit statements and reports, required by law available at the offices of the Company and
announce the foregoing in a Dutch national newspaper and convene a Subsequent EGM in accordance with Clause 3.10.3 in which the Post-Closing
Demerger will be re-resolved upon in accordance with the new Demerger Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.10. Subject to (A) the Offeror having declared the Offer unconditional, (B) Settlement having occurred, (C)
the Statutory Buy-Out Threshold having been met, and (D) the Post-Closing Demerger Resolutions having been adopted and being in full force
and effect, the Offeror may notify the Company that it wishes to implement the Post-Closing Demerger, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Company shall effect the Demerger in accordance with the provisions set forth in the Demerger Proposal
and the Demerger Explanatory Notes

pursuant to the execution of a notarial deed of demerger, as soon as reasonably possible after the Offeror's notification to pursue the Post-Closing Demerger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) immediately after the Demerger becoming effective and Company Splitco having been incorporated at the
occasion thereof, the Offeror shall, and the Company (or any of its successors) shall procure that the Company shall enter into a share
purchase agreement, prepared in accordance with Clause 11.3.3 (the "**Demerger Share Purchase Agreement** "), pursuant to
which the issued and outstanding share in the capital of Company Splitco (the "**Company Splitco Share**") will be sold and,
by means of the execution of a notarial deed of transfer, in the mutually agreed form as included as an Annex to the Demerger Share Purchase
Agreement (the "**Demerger Share Transfer Deed** "), immediately after the Demerger becoming effective, be transferred to
the Offeror (or its nominee nominated in accordance with the Demerger Share Purchase Agreement) (the "**Demerger Share Sale** ").
The aggregate purchase price for the Company Splitco Share shall be an amount equal to (i) the Offer Price multiplied by (ii) the total
number of Shares issued and outstanding immediately prior to the Demerger becoming effective (the "**Demerger Share Sale Purchase Price** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Demerger Share Sale Purchase Price shall be payable immediately following the execution of the Demerger
Share Transfer Deed by the Offeror's execution and delivery of the Offeror Note (as defined in the Demerger Share Purchase Agreement)
and the Minority Note (as defined in the Demerger Share Purchase Agreement) each payable by the Offeror on demand by the Company at arm's
length terms (which shall take into account that such note is payable by the Offeror on demand by the Company) in an aggregate principal
amount equal to the Demerger Share Sale Purchase Price, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Parties will discuss and implement appropriate steps to repatriate the Offeror Note in an efficient
manner from a corporate, tax and financing perspective, while ensuring that the minority Shareholders will receive the Offer Price in
the Buy-Out Proceedings,

(the steps under Clauses 11.3.8, 11.3.9 and 11.3.10 together, the "**Post-Closing Demerger**").

*Indemnification*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.11. Subject to applicable laws, the Offeror hereby indemnifies and holds harmless, by way of irrevocable third-party
stipulation for no consideration (*onherroepelijk derdenbeding om niet*), the Company, each current and future member of the Board,
any member of the Group and Company Holdco and their respective board members, employees, officers and, if the Holdco Dissolution is implemented
as part of the Post-Closing Merger in accordance with this Merger Protocol, the Liquidator and managing directors of the Liquidator (each
of them an "**Indemnified Party**") against any present or future, actual or contingent, ascertained or unascertained or
disputed, known or unknown, reported and

unreported or other damages, liabilities, losses, Taxes, costs (including reasonable advisor fees and expenses) and fines (collectively "**Losses**"), including by replacing any financing or hedging arrangement lost by any member of the Group with an alternative arrangement on substantially the same terms, arising, accruing or (to be) incurred by any Indemnified Party in that capacity arising from the preparation, proposal or implementation of the Post-Closing Restructuring Measures, and any acts or omissions in connection with preparing, proposing or implementing the resolutions required for the implementation of the Post-Closing Restructuring Measures, in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) excluding any Losses arising, accruing or incurred as a result of a material breach of the Company's obligations
for which he or she was responsible or his or her obligations under this Merger Protocol or any other document contemplated thereby (including
the Merger Share Purchase Agreement), provided the Indemnified Party was or reasonably should have been aware of such obligations, or
fraud (*bedrog*), gross negligence (*grove schuld*) or willful misconduct (*opzet*) by such Indemnified Party, as finally
established by a court decision or settlement agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except to the extent covered by insurance and actually paid out pursuant to any insurance taken out for
the benefit of an Indemnified Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) excluding any Losses exclusively incurred by such Indemnified Party in his or her capacity as a Shareholder,
including, without limitation, any Tax, including any Dutch dividend withholding tax, on any liquidation distributions to such Indemnified
Party as part of a liquidation that is part of the Post-Closing Restructuring Measures,

provided that the Indemnified Party will not take any action that may prejudice or affect his or her or the Offeror's position in litigation without the Offeror's consent, which shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.12. The Offeror will have sole control over any litigation relating to any Losses for which the Indemnified
Party is seeking to be indemnified hereunder, including over any correspondence, negotiations and other communications with third parties
that could potentially result in litigation. If so reasonably requested in writing, the Offeror shall keep the Indemnified Party reasonably
informed and provide the Indemnified Party the opportunity to review and comment upon any material correspondence, material negotiations
and other material communications by the Offeror with third parties in connection with such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.13. The Offeror shall support the Company in and refrain from carrying out any action that is reasonably likely
to hinder, impede or prejudice the Company from maintaining or taking out an adequate directors' and officers' insurance in line with
market practice (including coverage for claims from Shareholders) for the benefit of the Indemnified Parties providing for coverage for
conduct up to and including completion of the Transaction (including in the Post-Closing Restructuring Measures, if implemented) and allowing
for notice of claims and circumstances for a period of at least six (6) years thereafter, and which policy in all other respects provides
terms substantially equivalent to the Company's

current insurance policy in force as at the date of this Merger Protocol, provided that the Offeror shall not be required to pay an aggregate price for such insurance in excess of 300% of the last annual premium paid prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. Other Post-Closing Restructuring Measures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1. Subject to the Offer being declared unconditional, the Offeror may, following the Settlement Date, effect,
or cause to effect, any other restructuring of the Company and the Group for the purpose of achieving an optimal operational, legal, financial
and/or fiscal structure in accordance with applicable laws, some of which may have the effect of diluting the interest of any remaining
minority Shareholders (the "**Other Post-Closing Restructuring Measures** "), including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an issue of shares by the Company against a contribution of cash and/or assets to the Company, in which
circumstances the pre-emptive rights (*voorkeursrechten*), if any, of Shareholders other than the Offeror may be excluded;

a sale and transfer of assets and liabilities by the Offeror or by a member of the Offeror Group to the Company or any Group Company, or a sale and transfer of assets and liabilities by the Company or a Group Company to the Offeror or to any other member of the Offeror Group, potentially followed by a liquidation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a statutory cross-border or domestic (bilateral or triangular) legal merger (*juridische (driehoeks-)fusie*)
in accordance with sections 2:309 et seq DCC between the Company, the Group, the Offeror and/or one or more other members of the Offeror
Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a statutory legal demerger (*juridische splitsing*) of the Company in accordance with sections 2:334a
et seq DCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a conversion of the Company into a private limited company (*besloten vennootschap met beperkte aansprakelijkheid*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a subsequent public offer by the Offeror for any Shares not held by the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a distribution by the Company of any proceeds, cash and/or assets to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any transaction, including a sale and/or transfer of any material asset, between the Company and its Affiliates
or between the Company and the Offeror or their respective Affiliates with the objective of utilising any Tax Loss Carry Forwards available
to the Company, the Offeror or any of their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make any changes to the dividend policy of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any combination of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any other transactions, restructurings, share issues, procedures and/or proceedings in relation to the
Company and/or one or more members of its Group required to effect the above-mentioned objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2. The Other Post-Closing Restructuring Measures may be subject to any applicable Tax, including any Dutch
dividend withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.3. The Offeror agrees to only effect or cause to effect any Other Post-Closing Restructuring Measure, for
the avoidance of doubt, excluding the Post-Closing Restructuring Measures, (i) in accordance with the terms and subject to the conditions
of this Merger Protocol, and (ii) after the Post-Closing Acceptance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.4. In the implementation of any Other Post-Closing<br>
Restructuring Measure, due consideration will be given to the requirements of applicable laws and the Bidding Rules, including the requirement
to consider the interests of all stakeholders including any minority Shareholders, and the requirement for the members of the Board to
form their independent view of the relevant matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. Composition of the Board

The Parties acknowledge and agree that as of the Settlement Date the members of the Board will be determined by the Offeror, and the Offeror shall confirm in writing to the Company no later than two (2) weeks prior to the Commencement Date, the persons who shall comprise the Board as of the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. Non-Financial Covenants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.1. The Offeror shall, for a duration of twenty-four (24) months as of the Settlement Date (the "**Non-Financial Covenants Term** "), comply with the non-financial covenants set out in Schedule 5 (Non-financial Covenants) (the "**Non-Financial Covenants** "), save for the Non-Financial Covenant included in paragraph 1.3 and 4 of Schedule 5 (Non-financial Covenants), which
shall expire at the date included in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.2. The Non-Financial Covenants are made to and for the benefit of the Company and its successors and assigns,
for these purposes solely represented by an individual jointly selected by the Parties before the Commencement Date (the "**Independent Director** "). The Independent Director will be particularly tasked with monitoring the compliance with the Non-Financial Covenants.
Any deviation from the Non-Financial Covenants will require the affirmative vote of the Independent Director. As long as the Company remains
listed the Independent Director will be a member of the board of the Company; thereafter the Offeror will determine the group company
where the Independent Director will sit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.3. The Parties acknowledge and agree that the Non-Financial Covenants will be disclosed (i) in full to the
Dutch Works Council, and in the Offer Memorandum and the Position Statement, and (ii) in adequate summary in the First Announcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. EXCLUSIVITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. Exclusivity Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1. Without prejudice to the provisions of Clause 12.1.2 of this Merger Protocol, as of the date of this Merger
Protocol until the earliest of either the Settlement Date or the termination of this Merger Protocol pursuant to Clause 16.1 of this Merger
Protocol (the "**Exclusivity Period** "), the Company shall not, and shall procure that no Group Company or directors, officers
and advisors acting on its or their behalf (together "**Relevant Persons**") shall, or shall publicly announce the intention
to, directly or indirectly, solicit, initiate, encourage, knowingly facilitate or engage in discussions or negotiations with, provide
any non-public and/or confidential information relating to the Group or its business to, or afford access to properties, books or records
to any party other than the Offeror or any of its Affiliates regarding an offer or proposal for, or that would reasonably be expected
to lead to a potential offer or proposal for more than 20% of the Shares or assets of the Group, whether by direct or indirect acquisition,
tender offer, reverse takeover or purchase, subscription, merger, demerger, reorganisation, contribution, joint-venture, share exchange,
consolidation, business combination, recapitalisation, liquidation, dissolution or other transaction structure (an "**Alternative Proposal** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2. The Company shall not during the Exclusivity Period approve or recommend, or authorize, execute or enter
into any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement, option agreement,
joint venture agreement, partnership agreement or similar agreement with respect to an Alternative Proposal, or propose publicly or agree
to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3. The Company will notify the Offeror promptly (and in any event within forty-eight (48) hours) if any communication,
invitation, approach or enquiry, or any request for information is received by the Company, any member of the Group or any of their Relevant
Persons, from any third party in relation to an Alternative Proposal, it being understood that in any case the Company shall notify the
Offeror of its knowledge of the identity of such third party, the proposed consideration, the conditions to (the making of) the Alternative
Proposal and other proposed principal terms and conditions of such Alternative Proposal (including any subsequent developments or modifications
thereof) to the extent available to the Company, and (i) provide the Offeror (or its outside legal counsel) with a copy of the applicable
written Alternative Proposal that describes any of the material terms and conditions (including any price or similar economic terms) (or,
if oral, with a summary of the material terms and conditions of any such Alternative Proposal) which could reasonably be expected to lead
to a Potential Competing Offer, and (ii) shall provide the Offeror promptly (and in any event within forty-eight (48) hours of the Company
becoming aware) with written notice of any material developments in relation to such Alternative Proposal, including material amendments
or proposed amendments of any such Alternative Proposal, approach, inquiry or request (clauses (i) and (ii), the "**Update Obligation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. Potential Competing Offer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1. The Company hereby confirms that, at the date of this Merger Protocol, (i) it is not in negotiations,
activities or discussions with any third party that may lead to an Alternative Proposal, a Potential Competing Offer or a Competing Offer
and (ii) it has terminated all previous negotiations, activities or discussions with any third party that may lead to an Alternative Proposal,
Potential Competing Offer or a Competing Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2. If the Company receives a credible, written and unsolicited proposal that did not result from a breach
of Section 12.1.1 with respect to an Alternative Proposal that, the Board concludes in good faith, taking into account its fiduciary duties
under Dutch law and after receipt of the advice of the Company's outside financial advisor and outside legal counsel, that such Alternative
Proposal constitutes or could reasonably be expected to constitute a Competing Offer and failure to do so would be inconsistent with its
fiduciary duties towards the Company and its stakeholders (a "**Potential Competing Offer** ", provided that for purposes
of this definition of "Potential Competing Offer", each reference in the definition of Alternative Proposal to "twenty
percent (20%)" shall be deemed to be a reference to "fifty percent (50%)"), the Company shall promptly (and in any event
within forty-eight (48) hours of receipt by the Company of such Potential Competing Offer) notify the Offeror thereof. Such notice to
the Offeror will specify (i) the identity of the relevant third party, (ii) the proposed consideration, and (iii) other material terms
of the Potential Competing Offer to the extent available to the Company, and will inform the Offeror of the Company's intention to enter
into discussions with such third party. Commencing upon the provision of any notice referred to above and continuing until such Potential
Competing Offer is withdrawn, the Company shall continue to comply with the Update Obligations with respect to any such Potential Competing
Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3. Notwithstanding Clause 12.1.1 and 12.1.2, after having given the notice specified in Clause 12.2.2 and
subject to compliance with this Clause 12 (*Exclusivity*), the Company or any of its Relevant Persons may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) provide confidential information relating to the Group to such third party, provided that such third party
shall receive the same information as provided to the Offeror, except if and to the extent that the Board is of the reasonable opinion,
taking into account its fiduciary duties and after having consulted their financial and legal advisors, that the third party reasonably
requires additional information to be able to make a Competing Offer, provided, further, that the Company shall not provide to a third
party any confidential information that it has not provided to the Offeror except to the extent that such information is provided to the
Offeror prior to or substantially concurrently with the time it is provided to such third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) engage in discussions or negotiations in relation to the Potential Competing Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) consider such Potential Competing Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) make public announcements in relation to a Potential Competing Offer, solely to the extent required under
applicable laws,

provided that the Company shall continue to comply with the terms of this Merger Protocol, including its Update Obligations with respect to such Potential Competing Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.4. If the Board is of the reasonable opinion, taking into account its fiduciary duties and after having consulted
their outside financial and outside legal advisors, that the Potential Competing Offer does not constitute a Competing Offer, (i) the
Company shall inform the Offeror promptly (but, in any event, within forty-eight (48) hours) thereof and shall confirm to the Offeror
that it continues to fully support the Offer, (ii) the Board and its relevant members will continue to fully support and maintain the
Recommendation, and (iii) the Company has terminated or shall terminate discussions or negotiations regarding that Potential Competing
Offer for the Company with such third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.5. Before engaging in discussions or negotiations with a third party regarding a Potential Competing Offer
or disclosing confidential information to a third party, the Company shall first enter into a confidentiality agreement with such third
party on substantially similar terms as the terms of the Confidentiality Agreement between the Company and the Offeror. Unless this Merger
Protocol is terminated, where confidential information regarding the Company and its subsidiaries has been provided to any third party
in relation to a Potential Competing Offer that, in accordance with 12.2.4, has not been determined to constitute a Competing Offer, the
Company shall promptly request the return or destruction of all such confidential information provided to any such persons, in accordance
with and subject to the terms and conditions of the confidentiality agreement entered into with such third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. COMPETING OFFER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. Competing Offer

For purposes of Clause 12 and this Clause 13, a "**Competing Offer**" is a written proposal meeting all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1. the Potential Competing Offer is a bona fide unsolicited written Alternative Proposal comprising (i) a
(public) offer for (i) all or substantially all (representing more than 80%) of the Shares, (ii) all or substantially all (representing
more than 80%) of the Group's business or assets, (iii) a legal merger (or reverse takeover) of the Company with a third party resulting
in the control over all or substantially all (representing more than 80%) of the Shares or the Group's business or assets or (iv)
another unsolicited, written proposal made by a bona fide third party that would result in a change of control of the Company or involve
all or substantially all (representing more than 80%) of the Group's business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2. in the reasonable opinion of the Board, taking into account its fiduciary duties and having consulted
with, and taking into account the advice of, its outside financial advisor and outside legal advisors, the Alternative Proposal is, on
balance, a more beneficial offer or transaction for the Company and the sustainable success of its business, taking into the interests
of its shareholders, employees and other stakeholders than the Transaction as contemplated in this Merger Protocol, specifically taking
into account the identity and track record of

such third party, the consideration to be received by the holders of Shares, certainty of execution (including, but not limited to, certainty of funding and anti-trust clearances), conditionality and non-financial covenants) and other terms and conditions of the offer, taking into account any terms proposed by the Offeror after being notified pursuant to 13.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3. the total consideration payable to the holders of Shares in connection with such Potential Competing Offer
exceeds the Offer Price by at least ten percent (10%) and is fully in cash, and to the extent that the Competing Offer is an offer for
all or substantially all of the business or assets of the Group, the calculation shall be made on the basis of the net proceeds (before
any applicable taxes) to be distributed to the Shareholders resulting from such a transaction (to be valued as at the first trading day
on Euronext Amsterdam following the execution of the Merger Protocol) calculated on a per Share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. Procedure

If the Board is of the reasonable opinion, taking into account their fiduciary duties and after having consulted their outside financial and outside legal advisors, that a Potential Competing Offer constitutes a Competing Offer, the following steps shall be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1. The Company shall inform the Offeror upon such determination promptly (in any event within twenty-four
(24) hours) and shall provide the Offeror with all relevant details of the Competing Offer, insofar the Company is aware of such details,
(the "**Competing Offer Notice**") and shall provide the Offeror, with its knowledge of the identity of such third party,
the proposed consideration and the conditions to (the making of) the Competing Offer and all other material terms and conditions of such
Competing Offer to the extent available to the Company, as well as the Company's reasons for determining that such offer is a Competing
Offer, and otherwise comply with its Update Obligations with respect to such Competing Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2. The Offeror may within five (5) Business Days following the date on which it has received the Competing
Offer Notice submit to the Board in writing a revision of its Offer (the "**Matching Offer Period** "). If such revised offer
is, in the good faith opinion of the Board, having consulted their financial and legal advisors and acting in good faith and observing
its fiduciary duties, on terms and conditions which at least matches, on balance, the terms and conditions of the Competing Offer as set
out in the Competing Offer Notice, such revised offer shall qualify as a "**Matching Offer** ". During the Matching Offer
Period the Company shall continue to co-operate with the Offeror in accordance with the terms of this Merger Protocol and continue to
comply with the Update Obligations, and shall use its reasonable best efforts to make its Representatives reasonably available to negotiate
with the Offeror (to the extent the Offeror has expressed to the Company that it wishes to negotiate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.3. If the Offeror (i) fails to timely submit a Matching Offer in accordance with 13.2.2 or (ii) has indicated
that it will not communicate a Matching Offer, then the Company shall be entitled to (conditionally) agree to the Competing Offer and
the Board shall have the right to effect an Adverse Recommendation Change and to withdraw or, as applicable, modify the Position Statement.
If the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(conditionally) agrees to the Competing Offer, which shall be communicated to the Offeror within five (5) Business Days following the last day of the Matching Offer Period, each of the Parties shall be entitled, but will not be obliged, to terminate this Merger Protocol with immediate effect in accordance with Clause 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4. If the Offeror has submitted a Matching Offer in accordance with Clause 13.2.2 and the Board has qualified
it as a Matching Offer, the Parties shall not terminate this Merger Protocol and shall continue to be bound by their respective rights
and obligations of this Merger Protocol, including with respect to future Potential Competing Offer(s) or Competing Offer(s) and the Company
shall not be entitled to accept the Competing Offer. If the Offeror has communicated a Matching Offer in accordance with this Clause 13.2,
then the provisions of this Merger Protocol apply as if that Matching Offer is the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. Consecutive Competing Offers

This Clause 13 applies *mutatis mutandis* to any consecutive Competing Offer, it being understood that if the Offeror has matched any Competing Offer in accordance with Clause 13.2.2, the consecutive Competing Offer must exceed the most recent Matching Offer by at least ten percent (10%) in order for any such consecutive Competing Offer to potentially qualify as a Competing Offer for the purpose of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. CONFIDENTIALITY and announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. Confidentiality

Subject to the provisions of this Merger Protocol, no Party shall, without the prior written approval of the other Party, disclose the existence and content of this Merger Protocol and the discussions and negotiations in respect of the Transaction to any third party, except to the extent that (a) the substance of this Merger Protocol may be disclosed in the First Announcement, the Offer Memorandum and the Position Statement, (b) it is obliged to make such a disclosure pursuant to any applicable laws, rules or regulations (including the Applicable Rules and the Exchange Act and the rules and regulations promulgated thereunder and, for the avoidance of doubt, disclosure of the substance of this Merger Protocol in the First Announcement, the Offer Memorandum and the Position Statement and the required disclosures and filings with respect to any Current Report on Form 8-K of the Offeror) or a binding decision by a court or other Governmental Entity, including the AFM, (c) disclosure takes place on the basis of a requirement of a competent financial regulator, (d) disclosure is necessary to enforce this Merger Protocol in court proceedings, (e) the information has come into the public domain in a manner other than as a result of a breach of the confidentiality obligations of the Parties under this Merger Protocol, and/or (f) disclosure is necessary to obtain the advice of any professional advisor, provided such advisor is bound by a confidentiality agreement. The Confidentiality Agreement will remain in full force and effect subject to and in accordance with its terms, until the earlier of (a) the Settlement Date and (b) the later of (i) the date on which this Merger Protocol terminates in accordance with its terms and (ii) with respect to the Confidentiality Agreement, the date on which the confidentiality undertakings cease to apply in accordance with the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. Public Announcements

Notwithstanding Clause 14.1, the Parties shall obtain prior written approval from the other Party (such approval not to be unreasonably withheld, conditioned or delayed), and consult each other (in advance to the extent legally permitted), and provide meaningful opportunity for review and give due consideration to reasonable comments by the other Party, prior to making any public announcements (other than the First Announcement), public statements and with respect to this Merger Protocol or the Transaction, except for (a) any consultation that would not be reasonably practicable as a result of requirements of applicable laws or the rules of Euronext Amsterdam, if the Party making the announcement or statement has used its reasonable best efforts to consult with the other Party, or (b) public statements that are not inconsistent with previous statements made jointly by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. costs and EXPENSES

Except as explicitly stated otherwise in this Merger Protocol or any document entered into pursuant to this Merger Protocol, each Party shall pay its own costs and expenses incurred in respect of the preparation, execution and performance of this Merger Protocol and any documents executed pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. Termination

This Merger Protocol will immediately terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1. by mutual written consent of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2. by notice in writing given by a Party (the "**Terminating Party**") to the other Party if
by the third (3<sup>rd</sup>) Business Day prior to the Ultimate Launch Date any Commencement Condition for the benefit of the Terminating
Party under this Merger Protocol has not been satisfied or waived, or if it is apparent that such Commencement Condition cannot be satisfied
and will not be waived before that date, provided that the non-satisfaction of the relevant Commencement Condition is not due to the Terminating
Party breaching any of its obligations under this Merger Protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.3. by notice in writing given by the Terminating Party to the other Party if by the third (3<sup>rd</sup>)
Business Day after the Tender Closing Date any Offer Condition (other than the Competition Condition) for the benefit of the Terminating
Party under this Merger Protocol has not been satisfied or waived, or if it is apparent that such Offer Condition cannot be satisfied
and will not be waived before that date (or such extended date if extended in accordance with Clauses 3.5.2 or 3.5.3), provided that the
non-satisfaction of the relevant Offer Condition is not due to the Terminating Party breaching any of its obligations under this Merger
Protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.4. by notice in writing given by the Terminating Party to the other Party in the event of a material breach
by the other Party of its obligations under this Merger Protocol such that the Offer Condition set out in Clause 5.6.3 and Clause 5.6.4
(as applicable) is incapable of being satisfied by the Unconditional Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.5. by notice in writing given by the Offeror to the Company in case
of an Adverse Recommendation Change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.6. by notice in writing given by the Terminating Party to the other Party pursuant to Clause 13.2.3; provided,
that if the notice is given by the Company, the Company shall only be permitted to terminate the Merger Protocol pursuant to this Clause
16.1.6 if (i) substantially concurrently with such termination (and in any event with two (2) Business Days of such termination), the
Company pays the Break Fee pursuant to Clause 16.3, and (ii) the Company shall not have breached any of its material obligations under
Clauses 12-13;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.7. by notice in writing by the Company to the Offeror if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Commencement Conditions have been satisfied or waived and the Offeror has failed to commence the Offer
on the Commencement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Offer Conditions have been satisfied or waived and Settlement has not taken place on the Settlement
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.8. by notice in writing given by the Terminating Party to the other Party if the Unconditional Date has not
occurred on or before 11:59 p.m. (Central European Time) on the Long Stop Date, provided that the right to terminate this Merger Protocol
pursuant to this Clause 16.1.8 shall not be available to a Party if such Party is then in breach of this Merger Protocol and such breach
caused the failure of the Unconditional Date to occur prior to the Long Stop Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. Effect of termination

If this Merger Protocol is terminated in accordance with Clause 16.1, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1. the Offeror will publicly announce the termination of this Merger Protocol and the withdrawal of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2. all rights and obligations of the Parties under this Merger Protocol shall end, except for Clause 1 and
Clauses 14 up to and including 19, and except for any provision that expressly states to survive termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.3. each Party will be relieved from all its liabilities to the other Party, except for any liability as a
result of (i) a breach of this Merger Protocol that occurred prior to the termination of this Merger Protocol, (ii) fraud (*bedrog*),
gross negligence (*grove schuld*) or willful misconduct (*opzet*) that occurred prior to the termination of this Merger Protocol,
and (iii) liability of the Offeror pursuant to Clauses 4.4.6, 10.9 and 11.3.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3. Break Fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.1. The Company shall pay to the Offeror an amount equal to EUR 156,694,839, excluding VAT, without defences
or set-off of any kind (the "**Break Fee** "), as compensatory damages, in the event that this Merger Protocol is terminated
by the Offeror pursuant to Clauses 16.1.5 or 16.1.6. The Company shall promptly, but in no event later than five (5) Business Days after
the date of valid

termination pursuant to Clauses 16.1.5 or 16.1.6, pay the Break Fee to the Offeror by wire transfer of immediately available cash funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.2. If (A) a Competing Offer has been publicly made or otherwise becomes generally known to the public prior
to the Tender Closing Date, (B) this Merger Protocol is thereafter validly terminated by (i) the Company or the Offeror pursuant to Clause
16.1.3 and, at the time of such termination, the Acceptance Threshold has not been satisfied (or shall have ceased to be satisfied) (but
in the case of a termination by the Company, only if at such time the Offeror would not be prohibited from terminating this Merger Protocol
pursuant to Clause 16.1.3) or (ii) the Offeror pursuant to Clause 16.1.4 and (C) prior to the date that is twelve (12) months following
the date of such termination, the Company enters into a definitive contract with respect to any transaction that would be a Competing
Offer under this Merger Protocol or any transaction that would be a Competing Offer is consummated, the Company shall pay to the Offeror
an amount equal to the Break Fee, which payment shall be made to the Offeror concurrently with the earlier of the date on which the Company
enters into such contract and the date on which such Competing Offer is consummated, unless at such time the Break Fee has already been
paid by the Company to the Offeror in accordance with Clause 16.3.1, in which case the Offeror will no longer have any entitlement to
the payment under this Clause 16.3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.3. Following the Offeror's receipt of the Break Fee under this Clause 16.3, the Offeror shall not have any
other claim under this Merger Protocol against the Company or any of the (members of the) Board under this Merger Protocol, except to
the extent arising from fraud (*bedrog*), gross negligence (*grove schuld*) or willful misconduct (*opzet*) of the Company
or of the (members of the) Board. Notwithstanding anything to the contrary contained in this Merger Protocol, in no event shall the Company
be required to pay the Break Fee on more than one occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4. General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.1. The Parties shall, to the extent permitted under applicable laws, take the position that no VAT is due
on the Break Fee. Each Party shall act in a manner consistent with the foregoing and shall use reasonable best efforts to contest any
contrary position. If, contrary to the position taken by the Parties, a Tax Authority takes the position that VAT is chargeable on the
Break Fee, such VAT shall be borne by the payer of the Break Fee. If the recipient of the Break Fee is required to account to the Tax
Authority for such VAT, the recipient shall provide the payer with a valid VAT invoice describing the amount of VAT chargeable on this
Break Fee and the payer shall pay to the recipient (in addition to the Break Fee) an amount equal to the VAT due to the recipient within
ten (10) Business Days after receiving such invoice. The recipient shall remit the VAT to the relevant Tax Authority. If, however, such
VAT is payable by the payer as the VAT liable person pursuant to a reverse charge mechanism, the payer shall account for and pay such
VAT to the competent Tax Authority without additional payment of such VAT to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.2. The Parties acknowledge and agree that any entitlement to the Break Fee pursuant to this Clause 16 is
without prejudice to, and not in lieu of any right of

the Offeror and the Company to demand specific performance (*nakoming vorderen*) of the provisions of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.3. The Parties acknowledge and agree that the provisions of section 6:92, paragraphs 1, 2 and 3 of the DCC
shall, to the maximum extent possible, not apply. Each Party hereby waives any (potential) right it might have to request mitigation of
such liability in any manner (in legal proceedings or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. NOTICES

All notices, consents, waivers and other communications under this Merger Protocol must be in writing in English and delivered by hand or sent by registered mail, express courier, fax or a PDF-document sent by e-mail to the appropriate addresses and fax numbers set out below. A notice shall be effective upon receipt and shall be deemed to have been received at the time of delivery, if delivered by hand, registered mail or express courier, or at the time of successful transmission, if delivered by fax or e-mail.

To the **Company**:

Name: JDE Peet's N.V.

For the attention of: [\*\*\*]

Address: [\*\*\*]

E-mail: [\*\*\*]

*With a copy to (which does not constitute notice)*:

Firm: Allen Overy Shearman Sterling LLP

Name: Tim Stevens and Olivier Valk

E-mail: <u>tim.stevens@aoshearman.com</u> and <u>olivier.valk@aoshearman.com</u>

To the **Offeror**:

Name: Keurig Dr Pepper Inc.

For the attention of: [\*\*\*]

Address: [\*\*\*]

E-mail: [\*\*\*]

*With a copy to (which does not constitute notice)*:

Firm: Paul, Weiss, Rifkind, Wharton & Garrison LLP

Name: James E. Langston and Chelsea N. Darnell

E-mail: <u>jlangston@paulweiss.com</u> and <u>cdarnell@paulweiss.com</u>

*and*

 

Firm: Stibbe N.V.

Name: Heleen H. Kersten and Marc D.A. Habermehl

E-mail: <u>heleen.kersten@stibbe.com</u> and <u>marc.habermehl@stibbe.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. Assignment

Except as otherwise expressly provided in the Merger Protocol, none of the Parties may assign or procure the assumption of its rights and obligations under this Merger Protocol, either in whole or in part, to any other person without the prior written consent of the other Party; provided that the Offeror has the right to assign or procure the assumption of any rights and obligations under this Merger Protocol to any controlled Affiliate or wholly-owned subsidiary of the Offeror without any consent being required. The Company hereby grants its consent and its full cooperation to such assignment and/or transfer. In the event of such an assignment and/or transfer, this Merger Protocol shall, insofar as it refers to Offeror, apply *mutatis mutandis* to such assignee or transferee. The Offeror shall remain jointly and severally liable with the assignee or transferee for the proper performance of any and all obligations assigned or transferred to the designated assignee or transferee under this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2. No Rescission

Without prejudice to the provisions of Clause 16, to the extent permitted by applicable law, each Party waives its right to (i) annul (*vernietigen*), rescind (*ontbinden*) or partially rescind (*gedeeltelijk ontbinden*) this Merger Protocol on the basis of section 6:228 or section 6:265 to section 6:272 of the DCC, or (ii) request a competent court to amend, in whole or in part, this Merger Protocol on the basis of section 6:230(2) of the DCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3. Partial Invalidity

The invalidity or unenforceability of any provision of this Merger Protocol shall not affect the validity or enforceability of any other provision of this Merger Protocol. Any such invalid or unenforceable provision shall be replaced or be deemed to be replaced by a provision that is considered to be valid and enforceable. The interpretation of the replacing provisions shall be as close as possible to the intent of the invalid or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4. Entire Agreement

This Merger Protocol constitutes the entire agreement between the Parties with respect to the subject matter contained herein. This Merger Protocol supersedes any and all earlier agreements, either verbally or in writing, between the Parties in relation to the subject matter contained herein, with the exception of the terms of the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5. Further Assurances

Each of the Parties shall sign any documents and perform any further acts as reasonably necessary to satisfy their respective obligations in this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6. Amendment

This Merger Protocol may only be amended by written agreement between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7. Counterparts

This Merger Protocol may be executed in any number of counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8. No third-party stipulation

Unless expressly stated otherwise in this Merger Protocol, no provision of this Merger Protocol shall be construed as creating a third-party stipulation (*derdenbeding*) within the meaning of article 6:253 DCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9. **Financing Provisions** 

Notwithstanding anything to the contrary in this Merger Protocol, each of the Parties hereto and each of its controlled Affiliates hereby: (a) agrees that any proceeding, whether in law or in equity, whether in contract or in tort or otherwise, against the financial institutions that have committed to provide or arrange or otherwise entered into agreements in connection with the Debt Financing, including the parties to any joinder agreements, indentures or credit agreements entered pursuant thereto or relating thereto, together with their respective Affiliates involved in any such financing, and their and their Affiliates' respective officers, directors, managers, controlling persons, employees, agents and Representatives and their respective successors and assigns (collectively, the "**Debt Financing Sources**"), shall be subject to the exclusive jurisdiction of any federal or state court in the Borough of Manhattan, New York, New York so long as such forum is and remains available, and any appellate court thereof and each party hereto irrevocably submits itself and its property with respect to any such proceeding to the exclusive jurisdiction of such court, (b) agrees that any such proceeding shall be governed by the laws of the State of New York (without giving effect to any conflicts of law principles that would result in the application of the laws of another state), except as otherwise provided in the Debt Financing Documents, (c) agrees not to bring or support or permit any of its controlled Affiliates to bring or support any proceeding of any kind or description, whether in law or in equity, whether in contract or in tort or otherwise, against any Debt Financing Sources in any way relating to, arising out of or resulting from the Debt Financing or the performance of any services thereunder in any forum other than any federal or state court in the Borough of Manhattan, New York, New York, (d) agrees that service of process upon the Company or its controlled Affiliates in any such proceeding shall be effective if notice is given in accordance with Clause 17, (e) irrevocably waives, to the fullest extent that it may effectively do so, the defense of an inconvenient forum to the maintenance of such proceeding in any such court, (f) knowingly, intentionally and voluntarily waives to the fullest extent permitted by applicable law trial by jury in any proceeding brought against the Debt Financing Sources in any way relating to, arising out of or resulting from the Debt Financing or any of the transactions contemplated hereby or thereby or the performance of any services thereunder, (g) agrees that none of the Debt Financing Sources will have any liability to the Company, any Company Subsidiaries, its Affiliates or any of their respective Representatives (in each case, other than the Offeror and its subsidiaries in accordance with the terms of the Debt Financing Documents to which the Offeror and its subsidiaries are a party) relating to, arising out of or resulting from this Merger Protocol, the Debt Financing, the Debt Financing Documents or any of the transactions contemplated hereby or thereby or the performance of any services thereunder, whether in law or in equity, whether in contract or in tort or otherwise (in each case of the foregoing, other than, following Settlement, claims of the Company or the Company Subsidiaries pursuant to definitive documentation to which the Company or the Company Subsidiaries are a party) and (h) agrees that the Debt Financing Sources are express third party beneficiaries of, and may enforce, any of the provisions of this Clause 18.9, and that such provisions shall not be amended in any way materially adverse to the Debt Financing Sources (without the prior written consent of the Debt Financing Sources party to the Debt Financing Documents).

Notwithstanding anything contained herein to the contrary, nothing in this Clause 18.9 shall in any way affect any party's or any of their respective Affiliates' rights and remedies under any binding agreement to which such party (or its Affiliate) and a Debt Financing Source is a party, including the Debt Financing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Governing Law and jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. Governing law

This Merger Protocol and any non-contractual obligations arising out of or in connection with it are governed by and are to be construed in accordance with Dutch law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2. Jurisdiction

All disputes arising in connection with this Merger Protocol, or any agreements resulting therefrom, unless the relevant agreement provides otherwise, will be settled under the rules of the Netherlands Arbitration Institute (*Nederlands Arbitrage Instituut* or NAI) (www.nai-nl.org) (the "**Rules**") and, unless the relevant agreement provides otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.1. the arbitral tribunal will consist of three (3) arbitrators, appointed in accordance with the Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.2. the place of arbitration will be Amsterdam, the Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3. the language of the proceedings will be English;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.4. the arbitrators will decide according to the rules of law (*regelen des rechts*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.5. the arbitral award will be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3. Binding advice in relation to Company Material Adverse Change

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.1. If the Offeror considers that the Commencement Condition set out in Clause 5.1.12 or the Offer Condition
set out in Clause 5.6.12, as the case may be, has not been satisfied, the Offeror may give written notice to the Company, together with
its explanations and, where practicable, supported by documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.2. If, following such notice, the Company disagrees with the Offeror's position, the Company shall respond
within three (3) Business Days in writing stating, in detail and supported by documents where possible, that it disagrees with such Commencement
Condition or such Offer Condition, as the case may be, not having been satisfied (a "**Notice of Disagreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.3. If the Company has sent a Notice of Disagreement to the Offeror in accordance with Clause 19.3.2, the
Offeror shall reply within three (3) Business Days in writing thereto responding to the arguments raised by the Company in its Notice
of Disagreement (a "**Counter-Notice of Disagreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.4. Either Party shall be entitled upon lapse of three (3) Business Days from the Counter-Notice of Disagreement
to submit the dispute in writing, with a copy to the other Party, to the Netherlands Arbitration Institute (*Nederlands Arbitrage* 

Instituut) (NAI), who shall subsequently share the dispute with a binding advisor ("**Binding Advisor**") who shall settle the matter by way of binding advice (*bindend advies*) ("**Binding Advice**") under articles 7:900 et seq. of the DCC and in accordance with the Binding Advice Rules of the Netherlands Arbitration Institute and the terms as set out in Schedule 6 (Binding Advice). To the extent that the terms as set out in Schedule 6 (Binding Advice) are inconsistent with the terms as set out in the Binding Advice Rules of the Netherlands Arbitration Institute, the terms agreed upon in Schedule 6 (Binding Advice) shall prevail. The Binding Advisor shall be appointed in accordance with Article 14 of the Binding Advice Rules of the Netherlands Arbitration Institute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.5. The Binding Advisor shall decide as binding advisor, not as arbitrator. The Parties shall fully cooperate
with the Binding Advisor and shall provide him or her promptly with all information that he or she reasonably requires. The Binding Advice
shall be rendered within ten (10) Business Days after the dispute having been referred to the Binding Advisor or such shorter period as
the Parties may agree. Notwithstanding the previous sentence, (i) if the Binding Advice relates to the Offer Condition set out in Clause
5.6.12, the Binding Advice shall be rendered no later than noon CET on the Business Day before the Unconditional Date, and (ii) if the
Binding Advice relates to the Commencement Condition set out in Clause 5.1.12, the Binding Advice shall be rendered no later than noon
CET on the Business Day before the Ultimate Launch Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.6. The Binding Advice shall be binding upon the Parties (save in the case of manifest error) and each of
the Parties shall fully comply with the Binding Advice and the content thereof in respect to the Commencement Condition set out in Clause
5.1.12 or the Offer Condition set out in Clause 5.6.12, as the case may be. If the Binding Advice is not rendered by noon CET on the Business
Day before (i) the Ultimate Launch Date in relation to the Commencement Condition set out in Clause 5.1.12 or (ii) the Unconditional Date
in relation to the Offer Condition set out in Clause 5.6.12, the Offeror may (x) invoke the Commencement Condition set out in Clause 5.1.12
subject to the extension requirement as set out in Clause 3.2, or (y) the Offer Condition set out in Clause 5.6.12 subject to the extensions
requirement as set out in Clause 3.5.2 or Clause 3.5.4, as the case may be (without prejudice to the Company's right to continue to challenge
the exercise of such right after the Offeror has invoked the relevant condition).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. language

All demands, requests, statements, certificates or other documents or communications to be provided in connection with this Merger Protocol must be in English or accompanied by an English translation; in this case the English translation prevails unless the document or communication is a statutory or other official document or communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Representations and warranties of the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1. Except as set forth in and as qualified by (i) the information and documentation
fairly disclosed by the Company in the Data Room (provided, that nothing in the Data Room shall modify the representations and warranties
set forth in Clause 21.3) or in the disclosure letter dated as of the date hereof, delivered to the Offeror by the Company on or prior
to

entering into this Merger Protocol (the "**Company Disclosure Letter**"), and (ii) (A) any report (including the annual report, the management board report and audited financial statements and interim financial statements), schedule, form, statement or other document of the Company published, filed with or furnished with Euronext Amsterdam or the AFM on or after 1 January 2022, (B) any of the Company's press releases and investor presentations currently available on the Company's website and made available on or after 1 January 2022, (C) the Company's filings and notifications made through the AFM on or after 1 January 2022, (D) any disclosures made on or after 1 January 2022 pursuant to applicable Dutch and European laws and regulations, including the MAR, the Transparency Directive (Directive 2004/109/EC), and the Prospectus Regulation (Regulation (EU) 2017/1129, and (E) any other public disclosures made on or after 1 January 2022 by or on behalf of the Company on the Company's website and the AFM's public register, in each case, publicly available at least two (2) Business Days prior to the date hereof (collectively, the "**Company Reports**") (but excluding any forward-looking disclosures set forth in any "risk factors" section, any disclosures in any "forward-looking statements" section and any other disclosures included therein to the extent they are cautionary, predictive or forward-looking in nature, it being understood that any factual information contained within such sections shall not be excluded), the Company hereby represents and warrants to the Offeror, as at the date hereof, as set forth in this Clause 21, subject to the limitations set forth in Clause 23.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2. Organization and Good Standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.1. The Company, and each of the Group Companies, is an entity duly organized, validly existing and in good
standing (where such concept is recognized under applicable law) under the laws of its respective jurisdiction of organization, except
where the failure to be so organized, existing or in good standing when taken together with all other such failures, individually or in
the aggregate, has not had and is not reasonably expected to have a Company Material Adverse Change. Each of the Company and its Company
Subsidiaries has all requisite corporate, company or similar power and authority to own and operate its properties and assets and to carry
on its business as presently conducted, except where the failure to have such power or authority when taken together with all other such
failures, individually or in the aggregate, has not had and is not reasonably expected to have a Company Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.2. To the Company's knowledge, no Group Company is or is reasonably expected to become subject to any form
of insolvency, bankruptcy, suspension of payments, dissolution, agreement with creditors or any other form of loss of free management
or forced disposal or liquidation of property in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3. **Capitalization.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.1. Recitals (3) and (4) correctly reflect the details of the Company's share capital as of the date
of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.2. Schedule 1 (Company Equity Incentives) correctly reflects the details of any outstanding Equity Incentives,
including outstanding Peet's RSUs, Peet's PSUs and Peet's Options as of the date of this Merger Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.3. The Issued Shares have been validly issued and fully paid up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.4. No person has the right to subscribe for, call for conversion, issue, sell or transfer any Shares or securities
in the share capital of the Company, except for any outstanding Equity Incentives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.5. No person has the right to subscribe for, call for conversion, issue, sell or transfer any Shares or securities
in the share capital of any Group Company, except for any outstanding Equity Incentives. Except for any outstanding equity incentives,
there are no issued (i) securities of the Company or any of the Company Subsidiaries convertible into or exchangeable for shares in the
share capital of the Company or any Company Subsidiaries or other voting securities of or ownership interests in the Company or any of
the Company Subsidiaries, (ii) warrants, calls, options, shares of phantom stock or phantom stock rights, stock purchase, stock appreciation
or other rights or obligations to acquire from the Company or the Company Subsidiaries any shares in the share capital or other voting
securities or ownership interests in or any securities convertible into or exchangeable for shares in the share capital or other voting
securities or ownership interests in the Company or any of the Company Subsidiaries or (iii) stock options, restricted shares, stock appreciation
rights, performance units or similar securities, phantom stock rights or other rights that are derivative of, or provide economic benefits
based, directly or indirectly, on the value or price of, any shares in the share capital or voting securities of or ownership interests
in the Company or any of its Company Subsidiaries, in each case issued by the Company or its Company Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.6. Other than the Declared Dividend, no dividends or other distributions of any kind are due and payable
by the Company to any of its Shareholders and, since 31 December 2024, no dividends or distributions of any kind have been declared or
proposed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4. **Corporate Authority.** 

The Company has taken all corporate action to approve the entering into of this Merger Protocol and the transactions contemplated by this Merger Protocol. Assuming due authorization, execution and delivery hereof by the Offeror, the execution and delivery of this Merger Protocol by the Company constitutes a legal and binding obligation of the Company, enforceable in accordance with its terms, subject, as to enforcement, the Bankruptcy and Equity Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5. **No Conflicts.** 

Neither the execution and delivery by the Company of this Merger Protocol, the compliance by it with all of the provisions of and the performance by it of its obligations under this Merger Protocol, nor the consummation of the Transaction, will result in any breach or violation of, or a default under, the provisions of the organizational or other governing documents of the Company or any of the Company Subsidiaries or any law applicable to it, except, in each case, for such breaches, violations, or defaults that, individually or in the aggregate, does not constitute a Company Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6. **Governmental Approvals and Consents.** 

Except (i) as expressly contemplated by this Merger Protocol, (ii) the filings and/or notices

with competition authorities, (iii) compliance with any applicable requirements of the Securities Act, the Exchange Act, or any other applicable securities law, (iv) compliance with the rules and regulations of the NASDAQ Global Select Market, Euronext Amsterdam, and the AFM, no consent, waiver, approval, authorisation, exemption, registration, licence or declaration of or by, or filing with, any Governmental Entity is required to be made or obtained by the Company in connection with (x) the execution of this Merger Protocol, or (y) the consummation of the Transaction, except in all cases where such failure does not constitute a Company Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7. **Company Reports and Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.1. The Company has timely filed or furnished, as applicable, the Company Reports with Euronext Amsterdam
or the AFM. As of their respective dates, (or if amended prior to the date hereof, as of the date of such amendment), the Company Reports
complied in all material respects with requirements under applicable law as in effect at such time regarding the accuracy and completeness
of the disclosures contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.2. All of the audited consolidated financial statements and unaudited consolidated interim financial statements
of the Company included in the Company Reports (i) fairly present (except as may be indicated in the notes thereto and subject in the
case of unaudited statements to normal year-end audit adjustments and the absence of footnotes, none of which either individually or in
the aggregate are material) in all material respects the consolidated financial position and the results of operations, cash flows and
changes in Shareholders' equity of the Company as of the dates thereof, and (ii) have been prepared in all material respects in accordance
with IFRS, applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case
of interim financial statements, for normal and recurring year-end adjustments that are not material in amount or nature).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.3. The Company, at the date hereof, does not possess any price sensitive information which, pursuant to the
Applicable Rules it was required to publicly disclose or the disclosure of which it is postponing in accordance with such rules and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.4. The public disclosures made by or on behalf of the Company (including, but not limited to, financial statements)
are true and accurate in all material respects and do not require any further disclosure or update in order to avoid any such prior disclosure
being materially incorrect, misleading or incomplete by reference to the date of the relevant disclosure and the Company has not failed
to observe any obligation pursuant to the Applicable Rules to make any such public disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8. **No Brokers** 

No broker, investment banker, financial advisor or other person, other than Bank of America Europe DAC, Amsterdam branch, is entitled to any broker's, finder's, financial advisor's or other similar based fee or commission in connection with the Transaction as a result of being engaged by the Company or any Company Subsidiary or Affiliate of the Company. The Company has made available to the Offeror complete and correct copies of all agreements under which such fee, commission, or other like payment is payable and all

indemnification and other agreements under which any such fee or commission is payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9. **No Other Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9.1. Except for the representations and warranties made by the Company in this Clause 21 (as qualified by the
applicable items disclosed in the introduction to this Clause 21), neither the Company nor any other person makes or has made any representation
or warranty, expressed or implied, with respect to or on behalf of the Company or its Company Subsidiaries, their businesses, operations,
assets, liabilities, financial condition, results of operations, future operating or financial results, estimates, projections, forecasts,
plans or prospects (including the reasonableness of the assumptions underlying such estimates, projections, forecasts, plans or prospects)
or the accuracy or completeness of any information regarding the Company or its Company Subsidiaries or any other matter furnished or
provided to the Offeror or made available to the Offeror in the Data Room, management presentations or in any other form in expectation
of, or in connection with, this Merger Protocol or the transactions contemplated hereby or by the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9.2. The Offeror specifically disclaims that it is relying upon or has relied upon any such other representations
or warranties that may have been made by any person, and acknowledges and agrees that the Company and its Affiliates have specifically
disclaimed and do hereby specifically disclaim any such other representations and warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9.3. The Company acknowledges and agrees that, except for the representations and warranties made by the Offeror
in Clause 22 (as qualified by the applicable items disclosed in the introduction to Clause 22), neither the Offeror nor any other person
is making or has made any representations or warranty, expressed or implied, with respect to or on behalf of the Offeror, its business,
operations, assets, liabilities, financial condition, results of operations, future operating or financial results, estimates, projections,
forecasts, plans or prospects (including the reasonableness of the assumptions underlying such estimates, projections, forecasts, plans
or prospects) or the accuracy or completeness of any information regarding the Offeror or any other matter furnished or provided to the
Company or made available to the Company in the Data Room, management presentations or in any other form in expectation of, or in connection
with, this Merger Protocol, or the transactions contemplated hereby or thereby or by the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9.4. The Company specifically disclaims that it is relying upon or has relied upon any such other representations
or warranties that may have been made by any person, and acknowledges and agrees that the Offeror and its Affiliates have specifically
disclaimed and do hereby specifically disclaim any such other representations and warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Offeror representations and warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1. Except as set forth in and as qualified by (i) any report (including the management board report and audited
financial statements and interim financial statements), schedule, form, statement or other document of the Offeror filed with or furnished
to the SEC on or after 1

January 2022, and (ii) any of the Offeror's press releases and investor presentations currently available on the Company's website and made available on or after 1 January 2022 and any other public disclosures made on or after 1 January 2022 by or on behalf of the Offeror on the Offeror's website, in each case, publicly available at least two (2) Business Days prior to the date hereof (but excluding any forward-looking disclosures set forth in any "risk factors" section, any disclosures in any "forward-looking statements" section and any other disclosures included therein to the extent they are cautionary, predictive or forward-looking in nature, it being understood that any factual information contained within such sections shall not be excluded), the Offeror hereby represents and warrants to the Company, as at the date hereof, as set forth in this Clause 22, subject to the limitations set forth in Clause 23.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2. **Organization, Good Standing and Qualification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.1. The Offeror is duly organized, validly existing and in good standing under the Laws of the State of Delaware,
except where the failure to be so organized, existing or in good standing when taken together with all other such failures, individually
or in the aggregate, has not had and is not reasonably expected to have an Offeror Material Adverse Change. The Offeror has all requisite
corporate, company or similar power and authority to own and operate its properties and assets and to carry on its business as presently
conducted, except where the failure to have such power or authority when taken together with all other such failures, individually or
in the aggregate, has not had and is not reasonably expected to have an Offeror Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.2. The Offeror is not a party to any reorganization, dissolution, liquidation, wind-up or moratorium action,
claim, or similar proceeding against the Offeror in any jurisdiction, and no circumstances exist which would require the Offeror to apply
for the opening of such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3. **Corporate Authority.** 

The Offeror has taken all corporate action to approve the entering into of this Merger Protocol and the transactions contemplated by this Merger Protocol. Assuming due authorization, execution and delivery hereof by the Company the execution and delivery of this Merger Protocol by the Offeror constitutes a legal and binding obligation of the Company, subject to, as to enforcement, to the Bankruptcy and Equity Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4. **No Conflicts.** 

Neither the execution and delivery by the Offeror of this Merger Protocol, the compliance by it with all of the provisions of and the performance by it of its obligations under this Merger Protocol, nor the consummation of the Transaction and the Offer, will result in any breach or violation of, or a default under, the provisions of the organizational or other governing documents of the Offeror, or any law applicable to it, except, in each case, for such breaches, violations, or defaults that, individually or in the aggregate, have not had and are not reasonably expected to have an Offeror Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5. **Governmental Approvals and Consents.** 

Except (i) as expressly contemplated by this Merger Protocol, (ii) the filings and/or notices with competition authorities, (iii) compliance with any applicable requirements of the Securities Act, the Exchange Act, or any other applicable securities law, (iv) compliance with the rules and regulations of the NASDAQ Global Select Market and Euronext Amsterdam, no consent, waiver, approval, authorisation, exemption, registration, licence or declaration of or by, or filing with, any Governmental Entity is required to be made or obtained by the Offeror in connection with (x) the execution of this Merger Protocol, or (y) the consummation of the Transaction, except in all cases where such failure does not constitute an Offeror Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6. **Shareholding** 

At the date hereof, neither the Offeror nor any member of the Offeror Group holds any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7. **Absence of Certain Agreements** 

As of the date hereof, neither the Offeror nor any of its Affiliates has entered into any contract, or authorized, committed or agreed to enter into any contract, pursuant to which any Shareholder would be entitled to receive consideration in respect of their Shares of a different amount or nature than the Offer Price or pursuant to which any Shareholder agrees to tender its Shares into the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8. **Certainty of funds** 

At the date hereof, the Offeror has access to sufficient available funds in order to comply with the Offeror's financial obligations pursuant to this Merger Protocol, and will continue to have such access until and including the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. No Recourse

The Offeror acknowledges and agrees that Clause 21 is solely given for informational purposes and without recourse other than with respect to any matters which cannot be waived under applicable law. The Company acknowledges and agrees that Clause 22 is solely given for informational purposes and without recourse other than with respect to any matters which cannot be waived under applicable law.

**[*signature page on the next page*]**

**THUS AGREED AND SIGNED IN ON 24 August 2025**

---

| |
|:---|
| **Keurig Dr Pepper, Inc.** |
| /s/ Timothy Cofer |
| By: Timothy Cofer |
| Title: Chief Executive Officer |

---

---

| |
|:---|
| **JDE Peet's N.V.** |
| <br> /s/ Rafael De Oliveira Oliveira |
| By: Rafael De Oliveira Oliveira |
| Title: executive director / CEO |

---

**Schedule 1 (Company Equity Incentives)**

**Schedule 2 (Press Release)**

**Schedule 3 (Debt Financing Documents)**

**Schedule 4 (Articles of Association)**

**PART I – Amendments to the Company's Articles of Association from Settlement**

&nbsp;&nbsp;&nbsp;&nbsp;1. Deletion of all references to preference shares and meetings of a certain class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;2. Provide for the authority for the Offeror to convene a general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;3. Change the authority to adopt certain resolutions to the level of the general meeting instead of the Board,
such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The issue of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The restriction or exclusion of pre-emptive rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Deciding to make (interim) distributions,

unless the Offeror confirms that it is necessary or desirable for the Board to retain or acquire certain powers and authorities, to carry out the necessary steps of a Post-Closing Restructuring Measure in an efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;4. Remove the requirements that resolutions can only be adopted by the general meeting following a proposal
by the Board, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capital reduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The appointment of executive directors and non-executive directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Amendments of the Articles of Association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Decision to dissolve the Company and liquidation of the Company's affairs,

unless the Offeror confirms that it is necessary or desirable for the Board to retain or acquire the right to make certain proposals or to adopt certain resolutions, to carry out the necessary steps of a Post-Closing Restructuring Measure in an efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;5. Provide that the general meeting sets the applicable remuneration policy for directors of the Company,
without a proposal thereto by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;6. Provide that the general meeting will be authorized to rule that certain decisions by the Board must be
subject to the approval of the general meeting.

**PART II – Amendments to the Company's Articles of Association from Delisting**

&nbsp;&nbsp;&nbsp;&nbsp;1. Conversion of the Company into a private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) and all changes in relation thereto including but not limited to deletion of the authorised capital

&nbsp;&nbsp;&nbsp;&nbsp;2. Delete references to the registration date and amend the convocation period for general meetings to 8
days.

**Schedule 5 (Non-financial Covenants)**

&nbsp;&nbsp;&nbsp;&nbsp;1. Strategy AND STRUCTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Offeror confirms the growth
potential of the Group and intends to explore and invest in existing and new opportunities to expand the Group's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Offeror shall maintain the
Company's international headquarters and R&D center in the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. For as long as the Shares remain
listed on Euronext Amsterdam, the Company will continue to adhere to the Dutch Corporate Governance Code, except to the extent (i) agreed
otherwise in this Merger Protocol or (ii) the Company currently does not comply with the relevant best practice provision of the Dutch
Corporate Governance Code.

&nbsp;&nbsp;&nbsp;&nbsp;2. Development and sourcing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Offeror acknowledges the importance of sustainable development and
sourcing and, to the extent permitted by applicable law, intends to support the Group's continued efforts in these areas, including through
the "Common Grounds Programme" as set out on page 90 of the Company's 2024 Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;3. Employees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The existing rights and benefits of the Group's employees shall be respected
by the Offeror, including existing rights and benefits under their individual employment agreements, collective labour agreements, Company
Equity Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The social policies and social plans that are applicable to the Group
shall be respected by the Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The existing pension arrangements and the pension rights of the Group's
current and former employees shall be respected by the Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. The Group's current employee consultation structure shall be respected
by the Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. The Offeror recognises the existing rights of and arrangements with
works councils, trade unions and any employee representative body within the Group, and shall respect these rights and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. The Offeror intends to use reasonable efforts to retain key managers
and (other) employees of the Group as much as reasonably possible to the extent this fits within the Offeror's strategy and budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. The Offeror agrees that the Group intends to continue to strive for
a culture of excellence, where qualified employees are offered attractive training and career progression opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;4. Minority shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The Offeror shall procure that until the earlier of (i) completion of
the Post-Closing Merger, (ii) the Offeror otherwise having obtained 100% of the Shares, or (iii) the irrevocable commencement of any Buy-Out
Proceedings for at least the Offer Price, the Company will, save as otherwise provided in this Merger Protocol, not take any of the following
actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. issue additional shares for a cash consideration to any person
(other than members of the Group) without offering pre-emption rights to minority Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. agree, and procure that no members of the Group agrees, to and enter into a related party transaction
with any material Shareholder or other person which is not at arm's length; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. take any other action or vote in favour of any resolution which disproportionately prejudices the value
of, or the rights relating to the minority shareholding.

&nbsp;&nbsp;&nbsp;&nbsp;5. financing

The Offeror intends that the combined post-closing coffee business of the Offeror Group and the Group will be prudently capitalised and financed to safeguard business continuity.

**Schedule 6 (Binding Advice)**

1. These terms indicate the proceedings and the basis for the Binding Advice
in respect of the matters in dispute between the Parties (the " Matters in Dispute ").

2. The Matters in Dispute are to be set out in the Parties' respective
Notice of Disagreement and Counter-Notice of Disagreement and any notice delivered by the Offeror under Clause 19.3. The Parties agree
that such notices together set out all of the Matters in Dispute between the Parties which are to be the subject of the Binding Advice
process contemplated herein.

3. The Binding Advisor shall be entitled to make such additional enquiries
as he or she may determine in his or her discretion ("Enquiries") to assist with the Binding Advice. Any such Enquiries will
be made in writing jointly to the Parties setting out the issues that the Binding Advisor considers that either or both Parties should
address.

4. The Binding Advisor shall ensure that either Party has a reasonable
opportunity to present its arguments, taking into account the timeframe to render the Binding Advice, and shall treat the Parties equally.

5. The Binding Advisor may seek advice from experts where there is any
question or issue arising from any of the information submitted which require specialist expertise outside the scope of the Binding Advisor's
own expertise. In the event the Binding Advisor decides to obtain external advice, he or she will make the requirement known to the Parties.

6. The Parties require this dispute to remain confidential between them,
the Binding Advisor and any expert engaged by the Binding Advisor. The Binding Advisor agrees to observe and ensure such confidentiality
and to ensure that all documentation and correspondence remain confidential. The Binding Advisor will not disclose any confidential information
concerning the Parties' business to third parties without the relevant Party's prior written consent unless otherwise required by law,
a court of competent jurisdiction or any Governmental Entity.

7. The Binding Advisor shall render his or her Binding Advice as *amiable compositeur*. The Binding Advice shall be final and binding on the Parties as regards the fulfilment or waiver of the Commencement
Condition or Offer Condition, as the case may be.

8. The Binding Advice shall set out in writing, for each of the Matters
in Dispute, a decision as to the fulfilment or waiver of the relevant Commencement Condition, or Offer Condition, and a brief explanation
of the basis upon which the Binding Advisor reached his Binding Advice.

9. Costs of the Binding Advisor will be shared equally between the Parties
unless the Binding Advisor determines that either of the Offeror and the Company was unreasonable in its approach to the Matters in Dispute
in which case the Binding Advisor, in its sole discretion, may apportion such fees as he or she sees fit.

**Definitions Schedule**

"**Acceptance Threshold**" has the meaning given in Clause 5.6.1;

"**Adverse Recommendation Change**" has the meaning given in Clause 3.8.2;

"**Affiliate**" means, with respect to any person, any other person directly or indirectly Controlling, Controlled by or under Common Control with such person;

"**AFM**" has the meaning given in Clause 3.1;

"**Alternative Proposal**" has the meaning given in Clause 12.1.1;

"**Applicable Rules**" has the meaning given in Clause 3.3.1;

"**Articles of Association**" has the meaning given in Clause 11.1.3;

"**Bankruptcy and Equity Exceptions**" means any exceptions to the enforceability due to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability now or hereafter in effect, relating to or affecting creditors' rights generally and general principles of equity, whether considered in a proceeding at law or in equity;

"**Bidding Rules**" has the meaning given in Clause 3.3.1;

"**Binding Advice**" has the meaning given in Clause 19.3.4;

"**Binding Advisor**" has the meaning given in Clause 19.3.4;

"**Board**" has the meaning given in Recital (10);

"**Break Fee**" has the meaning given in Clause 16.3.1;

"**Business Day**" shall mean any day other than a Saturday, Sunday or legal holiday on which (i) Euronext Amsterdam is generally closed in the Netherlands for business or (ii) commercial banks in New York, New York, United States of America are required by applicable law to close, except where it is used to refer to terms set out in the Decree, in which case it means any working day designated as such in the *Algemene Bank-CAO*;

"**Buy-Out Proceedings**" has the meaning given in Clause 11.2.1;

"**Code**" means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder;

"**Collective Bargaining Agreement**" means each collective bargaining or labour agreement to which the Company or any of its Company Subsidiaries is a party that pertains to employees of the Group;

"**Commencement Conditions**" has the meaning given in Clause 5.1;

"**Commencement Date**" has the meaning given in Clause 3.2;

"**Company**" has the meaning given in the Preamble;

"**Company Benefit Plans**" means each employee benefit plan, and any other plan, policy, program, practice or agreement (whether written or unwritten, qualified or nonqualified, funded or unfunded, foreign or domestic) providing compensation or other benefits to any current or former employees, consultants or independent contractors (or to any dependent or beneficiary thereof) that is maintained, sponsored or contributed to by the Group, or under which the Group has any liability, including all incentive, bonus, pension, profit sharing, retirement or supplemental retirement, deferred compensation, severance, vacation, paid time off, holiday, relocation, repatriation, medical, disability, death benefit, workers' compensation, fringe benefit, change in control, employment, collective bargaining, cafeteria, dependent care, employee assistance program, education or tuition assistance programs, stock purchase, stock option, stock appreciation, phantom stock, restricted stock or other stock-based compensation plans, policies, programs, practices, agreements or arrangements.

"**Company Credit Facility**" means that certain Facilities Agreement, dated March 5, 2021 (as amended on June 28, 2021 and on November 15, 2021 and as amended and restated on March 7, 2022) made between, among others, the Company as company and J.P. Morgan SE as agent;

"**Company Disclosure Letter** has the meaning given in Clause 21.1;

"**Company Equity Plans** has the meaning given in Clause 3.11.1(A);

"**Company EOP**" has the meaning given in Clause 3.11.1(A)(2);

"**Company EOP Equity"** has the meaning given in Clause 3.11.1(A)(2);

"**Company Holdco**" has the meaning given in Clause 11.3.6(A);

"**Company Holdco Articles**" has the meaning given in Clause 11.3.6(A);

"**Company LTIP**" has the meaning given in Clause 3.11.1(A)(1);

"**Company Matching RSUs"** has the meaning given in Clause 3.11.1(A)(3);

"**Company Material Adverse Change**" means any change, event, development, occurrence or circumstance or effect (any such items an "**Effect**") that, individually or together with other Effects, has or could reasonably be expected to have a material adverse effect on the business, operations or financial condition of the Group, taken as a whole, as the case may be, provided, however, that for the purpose of determining whether there has been a Company Material Adverse Change, the following Effects will not be taken into account:

&nbsp;&nbsp;&nbsp;&nbsp;(a) changes or conditions generally affecting the industries in which the Group operates;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any natural disaster, pandemic, the outbreak or escalation of war or hostilities, sabotage, military action,
act of god, armed hostilities, acts of terrorism, or any escalation or worsening thereof;

&nbsp;&nbsp;&nbsp;&nbsp;(c) changes in economic, (geo)political or market conditions (including volatility in interest rates, disruption
of supply chain in one or more material markets, changes in exchange rates for the currencies of any country, any suspension of trading
in any type of securities,

trade disputes or the imposition of trade (counter)sanctions, restrictions or tariffs or the loss of licenses thereunder) or nationalizations, including any adverse development regarding the United States of America, the Russian Federation and the European Union, its member states (including member states leaving such union) and the Euro zone (including one or more member states leaving or forced to leave such zone);

&nbsp;&nbsp;&nbsp;&nbsp;(d) changes or prospective changes in applicable laws or regulations or generally accepted accounting principles,
or the interpretation or enforcement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any failure, in and of itself, by the Company or the Group to meet any internal or published projections,
forecasts or revenue or earnings predictions (provided, however, that, in the case of this paragraph the underlying cause for such failure
may be considered in determining whether there may be a Company Material Adverse Change);

&nbsp;&nbsp;&nbsp;&nbsp;(f) the credit, financial strength or other ratings of the Company or the Group (provided, however, that,
in the case of this paragraph, the underlying cause for such change, event, circumstance or effect relating to credit, financial strength
or other ratings may be considered in determining whether there may be a Company Material Adverse Change);

&nbsp;&nbsp;&nbsp;&nbsp;(g) any Effect resulting from any act or omission of the Offeror, whether before or after the date of execution
of this Merger Protocol, including any action taken or omitted to be taken by the Company or any other member of the Group with the Offeror's
written consent or at the Offeror's direction (or not taken where such consent has been withheld) or compliance by the Company with
the terms of, or that taking of any action required by, the Merger Protocol;

&nbsp;&nbsp;&nbsp;&nbsp;(h) any Effect resulting from (i) the entry into, execution, performance (including the taking of any action
required hereby or the failure to take any action prohibited hereby) of this Merger Protocol, (ii) the announcement of this Merger Protocol,
the Offer and the Transaction, or (iii) the making or implementation of the Offer; provided that this clause (h) shall not apply to any
representation or warranty set forth in Clause 21.5;

&nbsp;&nbsp;&nbsp;&nbsp;(i) a breach of this Merger Protocol or applicable law by the Offeror; or

&nbsp;&nbsp;&nbsp;&nbsp;(j) any litigation having been commenced by shareholders of the Company in relation to the Offer, the Post-Closing
Restructuring Measures or the Other Post-Closing Restructuring Measures;

and provided, however, that if any adverse Effect described in subparagraphs (a), (b), (c) and (d) has or would reasonably be expected to have a materially disproportionate adverse effect on the Group, taken as a whole, as compared to similarly situated companies in the industries in which the Group operates, the impact of such Effect shall be included for purposes of determining whether a Company Material Adverse Change has occurred or could reasonably be expected to occur in accordance with Clause 5.1.12 or Clause 5.6.12;

"**Company Options**" has the meaning given in Clause 3.11.1(A)(1);

"**Company PSUs**" has the meaning given in Clause 3.11.1(A)(1);

"**Company RSUs**" has the meaning given in Clause 3.11.1(A)(1);

"**Company Representations and Warranties**" has the meaning given in Clause 9.1;

"**Company Senior Notes**" means the Company's €750.0 million 0.000% Notes due 2026 (the "**2026 Notes**"), $750.0 million 1.375% Notes due 2027 (the "**2027 Notes**"), €600.0 million 0.625% Notes due 2028 (the "**2028 Notes**"), €750.0 million 0.500% Notes due 2029 (the "**2029 Notes**"), €500.0 million 4.125% Notes due 2030 (the "**2030 Notes**"), $500.0 million 2.250% Notes due 2031 (the "**2031 Notes**"), €500.0 million 1.125% Notes due 2033 (the "**2033 Notes**") and €500.0 million 4.500% Notes due 2034 (the "**2034 Notes**");

"**Company Senior Notes Documentation**" means the Agency Agreement, dated 28 May 2021, by and among the Company, Deutsche Bank AG, London Branch, as fiscal agent, paying agent, transfer agent and calculation agent and Deutsche Bank Luxembourg S.A., as registrar, relating to the Company's 2026 Notes, 2028 Notes, 2029 Notes and 2033 Notes, the Amended and Restated Agency Agreement, dated 12 May 2023, by and among Company, Deutsche Bank AG, London Branch, as fiscal agent, paying agent, transfer agent and calculation agent and Deutsche Bank Luxembourg S.A., as registrar, relating to the Company's 2030 Notes and 2034 Notes, and the Fiscal and Paying Agency Agreement, dated 24 September 2021, by and among the Company, Deutsche Bank Trust Company Americas, as fiscal agent, paying agent, transfer agent and registrar, relating to the Company's 2027 Notes and 2031 Notes;

"**Company Splitco**" has the meaning given in Clause 11.3.9(A);

"**Company Splitco Share**" has the meaning given in Clause 11.3.10(B);

"**Company SPP**" has the meaning given in Clause 3.11.1(A)(1);

"**Company Sub**" has the meaning given in Clause 11.3.6(A);

"**Company Sub Articles**" has the meaning given in Clause 11.3.6(A);

"**Company Sub Shares**" has the meaning given in Clause 11.3.6(B);

"**Company Subsidiaries**" means any and all persons with respect to which now or hereafter the Company, directly or indirectly, holds more than fifty percent (50%) of the voting power at general meetings, or has the power to appoint and to dismiss a majority of the directors or otherwise to direct the activities of such person;

"**Company Representations and Warranties**" has the meaning given in Clause 9.1;

"**Competing Offer Notice**" has the meaning given in Clause 13.2.1;

"**Competition Authority**" means any national competition authority in any country in which the Offeror determines a notification is required and should be made in respect of the Offer;

"**Competition Condition**" has the meaning given in Clause 5.6.20;

"**Competition Laws**" means the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended and all other applicable laws issued by any Governmental Entity that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition, including such laws of any jurisdiction;

"**Competing Offer**" has the meaning given in Clause 13.1;

"**Confidentiality Agreement**" has the meaning given in Recital (7);

"**Consents**" has the meaning given in Clause 7.1.1;

"**Control**" means, with respect to the relevant person, (i) the direct or indirect ownership or control of more than 50% (fifty percent) of the (a) ownership interests or (b) voting power at the general meeting or a similar body, of that body, or (ii) the right or ability to (a) appoint or remove or (b) direct the appointment or removal of, such number of the members of the management board or similar body of that person with the decisive voting power in such body, and the terms "**Controlled by**", "**Controls**" and "**under Common Control**" shall be construed accordingly;

"**Counter-Notice of Disagreement**" has the meaning given in Clause 19.3.3;

"**Data Room**" means the online data room hosted by Ansarada made available to the Offeror from August, 1 2025 up to and including August 24, 2025, named 'Project Juncture';

"**DCC**" has the meaning given in Clause 3.3;

"**Debt Financing**" has the meaning given in Clause 4.2.1;

"**Debt Financing Documents**" has the meaning given in Clause 4.2.1;

"**Debt Financing Sources**" has the meaning given in Clause 18.9;

"**Decree**" has the meaning given in Clause 3.3.1;

"**Delisting**" has the meaning given in Clause 3.10.2(E);

"**Demerger**" has the meaning given in Clause 11.3.9(A);

"**Demerger Explanatory Notes**" has the meaning given in Clause 11.3.9(A);

"**Demerger Proposal**" has the meaning given in Clause 11.3.9(A);

"**Demerger Share Purchase Agreement**" has the meaning given in Clause 11.3.10(B);

"**Demerger Share Sale Purchase Price**" has the meaning given in Clause 11.3.10(B);

"**Demerger Share Sale**" has the meaning given in Clause 11.3.10(B);

"**Demerger Share Transfer Deed**" has the meaning given in Clause 11.3.10(B);

"**Dutch Corporate Governance Code**" means the Dutch Corporate Governance Code dated 24 June 2025;

"**Dutch Works Council**" has the meaning given in Clause 5.1.3;

"**EGM**" has the meaning given in Clause 3.10.1;

"**EGM Documentation**" has the meaning given in Clause 3.10.4;

"**Enquiries**" has the meaning given in paragraph 3 of Schedule 6 (Binding Advice);

"**Equity Financing**" means any equity financing by the Offeror or any of its Affiliates or in connection with or in contemplation of the Transaction and/or the Spin-Off, including any Structured Equity Financing;

"**Equity Incentives**" has the meaning given in Recital (5);

"**Equity Investor**" means the investor(s) named in any structured equity commitment letter by and between the Offeror and/or any of its Affiliates and the Equity Investor;

"**Euronext Amsterdam**" has the meaning given in Recital (1);

"**European Works Council**" has the meaning given in Clause 5.1.4;

"**Exclusivity Period**" has the meaning given in Clause 12.1.1;

"**Explanatory Notes**" has the meaning given in Clause 11.3.6(B);

"**Fairness Opinion**" has the meaning given in Recital (11);

"**Financing**" means any Debt Financing, Permanent Debt Financing or any Equity Financing;

"**First Announcement**" has the meaning given in Recital 3.1;

"**Governmental Entity**" means a multinational, national, state, provincial or local authority, quasigovernmental authority, court, government, commission, tribunal, or any regulatory, taxing, administrative or other agency, or any political or other subdivision, department or branch of any of the foregoing in the Netherlands, the United States, the European Union or any other country;

"**Group**" or "**Group Companies**" means the Company and the Company Subsidiaries;

"**Holdco Dissolution**" has the meaning given in Clause 11.3.7(C);

"**HSR Act**" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended;

"**IFRS**" means International Financial Reporting Standards, as in effect from time to time and as issued by the International Accounting Standards Board and as endorsed for use in the European Union by the European Commission; "**Independent Director**" has the meaning given in Clause 11.6.2;

"**Interim Period**" has the meaning given in Clause 10.1;

"**Irrevocable Undertakings**" has the meaning given in Recital (13);

"**Issued Shares**" has the meaning given in Recital (4);

"**Key Employee**" means (i) members of the Company's executive committee, (ii) persons at the level of the Company's executive committee minus 1 with the bands A to D (inclusive), or (iii) persons with the title of senior director or above at the level of Peet's Coffee, Inc.;

"**knowledge**" means the actual knowledge of any individual identified as an executive officer of such party in the Form 10-K filed most recently by the Offeror with the SEC (in the case of the knowledge of the Offeror) or in the annual report filed most recently by the Company with the AFM (in the case of knowledge of the Company);

"**Liquidator**" has the meaning given in Clause 11.3.7(C);

"**Long Stop Date**" means the date falling eighteen (18) months after the date of this Merger Protocol;

"**Major Shareholder**" has the meaning given in Recital (13);

"**MAR**" has the meaning given in Clause 3.3.1;

"**Material Contract**" has the meaning given in Clause 10.2.13;

"**Matters in Dispute**" has the meaning given in paragraph 1 of Schedule 6 (Binding Advice);

"**Merger Aggregate Minority Cash Out Amount**" has the meaning given in Clause 11.3.7(B)(1);

"**Merger Code**" has the meaning given in Clause 3.3.1;

"**Merger Offeror Net Amount**" has the meaning given in Clause 11.3.7(B)(2);

"**Merger Proposal**" has the meaning given in Clause 11.3.6(B);

"**Merger Publication**" has the meaning given in Clause 11.3.6(C);

"**Merger Share Purchase Agreement**" has the meaning given in Clause 11.3.7(B);

"**Merger Share Sale**" has the meaning given in Clause 11.3.7(B);

"**Merger Share Sale Purchase Price**" has the meaning given in Clause 11.3.7(B);

"**Merger Share Transfer Deed**" has the meaning given in Clause 11.3.7(B);

"**Minority Cash Note**" has the meaning given in Clause 11.3.7(B)(1);

"**Non-Financial Covenants**" has the meaning given in Clause 11.6.1;

"**Non-Financial Covenants Term**" has the meaning given in Clause 11.6.1;

"**Notice of Disagreement**" has the meaning given in Clause 19.3.2;

"**Offer**" has the meaning given in Recital (8);

"**Offer Conditions**" has the meaning given in Clause 5.6;

"**Offer Memorandum**" has the meaning given in Clause 3.6.1;

"**Offer Period**" has the meaning given in Clause 3.5.1

"**Offer Price**" has the meaning given in Clause 3.4.1;

"**Offeror**" has the meaning given in the Preamble;

"**Offeror Group**" means the Offeror and its Affiliates, but excluding the Group;

"**Offeror Material Adverse Change**" means any change, event, development, occurrence or effect that prevents or materially impairs the ability of the Offeror to consummate the Transaction;

"**Ordinary Shares**" has the meaning given in Recital (3);

"**Other Post-Closing Restructuring Measures**" has the meaning given in Clause 11.4.1;

"**Outstanding Capital**" means the Company's issued share capital (*geplaatst kapitaal*) on a fully diluted basis and reduced with any Shares for which Book 2 of the DCC provides that no votes can be cast on such Shares;

"**Party**" has the meaning given in the Preamble;

**"Peet's EOP"** has the meaning given in Clause 3.11.1(A)(5);

**"Peet's LTIP"** has the meaning given in Clause 3.11.1(A)(4);

**"Peet's Matching RSUs**" has the meaning given Clause 3.11.1(A)(5);

**"Peet's Options"** has the meaning given in Clause 3.11.1(A)(4);

**"Peet's PSUs"** has the meaning given in Clause 3.11.1(A)(4);

"**Peet's RSUs"** has the meaning given Clause 3.11.1(A)(4);

**"Permanent Debt Financing**" means any public offering or private placement of debt securities by the Offeror or any of its Affiliates in lieu of the Debt Financing or in connection with or in contemplation of the Transaction and/or the Spin-Off;

"**Position Statement**" has the meaning given in Clause 3.9;

"**Post-Closing Acceptance Period**" has the meaning given in Clause 3.5.6;

"**Post-Closing Demerger**" has the meaning given in Clause 11.3.10;

"**Post-Closing Demerger Resolutions**" has the meaning given in Clause 3.10.2(A);

"**Post-Closing Merger**" has the meaning given in Clause 11.3.7(D);

"**Post-Closing Merger Resolutions**" has the meaning given in Clause 3.10.2(A);

"**Post-Closing Restructuring Measures**" means the Post-Closing Merger and the Post-Closing Demerger;

"**Post-Closing Restructuring Resolutions**" has the meaning given in Clause 3.10.2(A);

"**Post-Closing Restructuring Threshold**" has the meaning given in Clause 3.10.2(A);

"**Potential Competing Offer**" has the meaning given in Clause 12.2.2;

"**Recommendation**" has the meaning given in Clause 3.8.1(B);

"**Regulation S-K**" means Regulation S-K under the Securities Act;

"**Regulation S-X**" means Regulation S-X under the Securities Act;

"**Relevant Persons**" has the meaning given in Clause 12.1.1;

"**Representative"** means, when used with respect to any person, its directors and officers, consultants, legal counsel, investment bankers, advisors, agents and other representatives;

"**Required Financial Information**" means (a) the financial statements of the Company and its consolidated subsidiaries, in each case (1) prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board applied on a consistent basis for the periods covered thereby and (2) that is required by Regulation S-X and other accounting rules and regulations of the SEC for inclusion in a registration statement to be filed with the SEC with respect to equity or debt securities of the Offeror or its Affiliates or in the Spin-Off Documents of the Spin-Off (as of and for the periods required thereby), including applicable comparison periods, which shall, in the case of financial statements for any fiscal year, have been audited and, in the case of financial statements for any fiscal quarter or year-to-date period (which, for the avoidance of doubt, shall cover the same fiscal quarter or year-to-date period that the Offeror is required to include in such offering documents or Spin-Off Document), shall have been reviewed, by the Company's independent public accountants in accordance with generally accepted auditing standards in the United States, and (b) such other financial statements, financial data and other information regarding the Company and the Company Subsidiaries of the type and form customarily included in Offering Documents for an offering of debt or equity securities, whether registered under the Securities Act or pursuant to Rule 144A, as applicable for the relevant Financing or in the Spin-Off Documents for the Spin-Off, as applicable; <u>provided</u>, that Required Financial Information shall not include any pro forma financial statements or other pro forma financial information of or relating to the Company or require the Company or any Company Subsidiaries to prepare or deliver any such pro forma financial statements or information;

"**Resolutions**" has the meaning given in Clause 3.10.2;

"**SEC**" means U.S. Securities and Exchange Commission;

"**Securities Act**" means the U.S. Securities Act of 1933, as amended;

"**Settlement**" has the meaning given in Clause 3.5.5;

"**Settlement Amounts**" has the meaning given in Clause 4.1;

"**Settlement Date**" has the meaning given in Clause 3.5.5;

"**Shareholders**" has the meaning given in Recital (6);

"**Shares**" has the meaning given in Recital (6);

"**Spin-Off**" means any transaction (to be undertaken as soon as practicable after the Settlement) involving a distribution by the Offeror of stock of any Affiliate or direct or indirect subsidiary of the Offeror (including any Group Company) that is intended to be governed in whole or in part by Section 355 of the Code;

"**Spin-Off Documents**" has the meaning given in Clause 10.7.3;

"**Statutory Buy-Out Threshold**" has the meaning given in Clause 5.6.1(i);

"**Structured Equity Financing**" means the transactions contemplated by any structured equity commitment letter by and between the Offeror and/or any of its Affiliates and any Equity Investor;

"**Subsequent EGM**" has the meaning given in Clause 3.10.3;

"**Tax**" or "**Taxes**" means any and all forms of taxes, levies, duties, tariffs, social security contributions, imposts and other similar charges and fees in the nature of tax imposed by any Governmental Entity and any repayment of unlawful state aid in relation thereto, including income, franchise, windfall or other profits, gross receipts, premiums, property, sales, use, net worth, capital stock, payroll, employment, workers' compensation, unemployment compensation, excise, withholding, ad valorem, stamp, transfer, value-added (including VAT), gains tax and license, registration and documentation fees, severance, occupation, environmental, escheat, customs duties, disability, real property, personal property, registration, alternative or add-on minimum, or estimated tax, together with any and all interest, penalties, additions, costs and expenses to tax and additional amounts imposed with respect thereto (whether disputed or not);

"**Tax Authority**" means any Governmental Entity or other authority of any country or jurisdiction competent to administer, impose or collect any Tax;

"**Tax Loss Carry Forwards**" means the amount of losses computed in accordance with the applicable Tax law and regulations, which are available to compensate, set off or otherwise reduce any Tax;

"**Tender Closing Date**" has the meaning given in Clause 3.5.1;

"**Tendered, Owned and Committed Shares**" has the meaning given in Clause 5.6.1;

"**Terminating Party**" has the meaning given in Clause 16.1.2;

"**Trade Unions**" has the meaning given in Clause 5.5;

"**Transaction**" has the meaning given in Recital (8);

"**Treasury Shares**" has the meaning given in Recital (4);

"**Triangular Merger**" has the meaning given in Clause 11.3.6(B);

"**Ultimate Launch Date**" means the date that is three (3) Business Days following notification by the AFM of the approval of the Offer Memorandum;

"**Unconditional Date**" has the meaning given in Clause 3.5.1;

"**Update Obligation**" has the meaning given in Clause 12.1.3;

"**VAT**" means within the European Union such Tax as may be levied in accordance with (but subject to derogations from) the Directive 2006/112/EC and outside the European Union any Tax levied by reference to added value, sales and/or consumption;

"**WCA**" has the meaning given in Clause 3.3.1; and

"**Wft**" has the meaning given in Clause 3.3.1.

## Exhibit 2.2

**EXHIBIT 2.2**

**DATED August 24, 2025**

**Keurig Dr Pepper Inc.**

and

**[Shareholder]**

**IRREVOCABLE UNDERTAKING**

**THIS IRREVOCABLE UNDERTAKING** (the "**Undertaking**") is made on August 24, 2025

BETWEEN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Keurig Dr Pepper Inc. (the "**Offeror** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [ *Shareholder* ] (the "**Shareholder** ").

**The parties to this Undertaking are hereinafter collectively referred to as the "Parties" and individually as a "Party".**

RECITALS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Offeror and JDE Peet's N.V., a public limited company incorporated under the laws of the Netherlands
with its corporate seat in Amsterdam, the Netherlands (the "**Company** "), may reach agreement on a recommended public offer
by the Offeror for all of the issued and outstanding ordinary shares in the capital of the Company from time to time (the "**Shares** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Offeror contemplates making (or having
a designated entity (each, a "**Designated Entity**") make) a public offer for the Shares on the terms and subject to the conditions
set out in the merger protocol entered into between the Offeror and the Company concurrently with the signing of this Undertaking (the
" **Merger Protocol**") and the offer memorandum (*biedingsbericht*) (including all amendments and supplements thereto,
the "**Offer Memorandum**") to be published by the Offeror in case the Offer is made (such offer, or any increase, revision
or renewal thereof, the "**Offer** "). In accordance with the terms and subject to the conditions of the Merger Protocol,
the price per Share payable by the Offeror shall be EUR 31.85 in cash without interest (such amount, as adjusted in accordance with the
Merger Protocol where applicable, the "**Offer Price** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Shareholder is supportive of the Offer and is willing to (i) tender and deliver the Shares held by
it under the Offer against the Offer Price and (ii) support the Offeror in taking the actions necessary for a successful completion of
the Offer, in accordance with the terms and subject to the conditions of this Undertaking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Shareholder is willing to vote in favour of the Resolutions (as defined in Clause 2.1 of this Undertaking),
subject to the Offer being declared unconditional.

**IT IS AGREED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. irrevocable undertaking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Subject to the Offer being made in accordance with the terms and subject to the conditions of the Merger
Protocol, the Shareholder irrevocably undertakes to accept the Offer in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. [the
 [•] <sup>1</sup> Shares
 directly or indirectly held by it or in relation to which it is able to control the exercise
 of all rights, including voting rights, on the date of this Undertaking; and]<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. any Shares that it will acquire or in which it will
acquire a direct or indirect interest

<sup>1</sup> **Note to Draft:** To equal total number of shares held by the shareholder.

<sup>2</sup> **Note to Draft:** Only included for shareholders who own shares as of the signing date.

(or otherwise become able to control the exercise of all rights, including voting rights, attached to such Shares) after the execution of this Undertaking and on or prior to the date the Offer closes for acceptance (together with the Shares referred to in Clause 1.1.1, but for the avoidance of doubt excluding any shares in the capital of the Company held by the Company itself, the "**Committed Shares**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. [Subject to the Offer being made in accordance with the terms and subject to the conditions of the Merger
Protocol, prior to the Settlement Date, the Shareholder shall deliver a letter of resignation confirming [his/her] resignation as a [Director]
of the Company, effective at the Settlement Date (as defined in the Merger Protocol) and in which the Company shall undertake to fully
release and discharge the Shareholder from its responsibilities as a member of the Board. Except for the foregoing sentence, nothing in
this Undertaking shall (i) restrict the Shareholder or (ii) be construed as creating or imposing any obligation, commitment, representation,
warranty, or covenant on the Shareholder, in any capacity other than as a shareholder of the Company.] <sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The Shareholder represents and warrants
to the Offeror that: <sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1. on the
date of this Undertaking the Shareholder (i) holds [ • ]
Committed Shares and such Committed Shares comprise all of the Shares in which it holds a direct or indirect interest; (ii) has the full
legal and beneficial ownership in respect of the Committed Shares, (iii) holds the Committed Shares free and clear of any and all liens,
claims, proxies, voting trusts or agreements, options, rights, understandings or arrangements or any other encumbrances or restrictions
whatsoever on title, transfer, voting or exercise of any rights of a shareholder in respect of such Committed Shares other than those

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2. it has full power and authority to enter into this
Undertaking and to tender, sell and deliver (*leveren*)
the Committed Shares and to control the exercise of all rights, including voting rights, in relation to the Committed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3. [it is duly organized, validly existing and in good
standing in accordance with the laws of its jurisdiction of formation;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.4. its execution and delivery of this Undertaking does
not, and its performance of its obligations under this Undertaking and its compliance with any provisions hereof does not and will not:
(i) conflict with or violate any laws applicable to it, (ii) [violate its organizational documents,] or (iii) result in any breach of
or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, or result in the creation of a lien on any of the Committed Shares pursuant
to any contract or obligation to which it is a party or by which it is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.5. it has not entered into any other agreement to tender,
sell or deliver the Committed Shares to any other party than the Offeror;

<sup>3</sup> Only included for director shareholders.

<sup>4</sup> Bracketed representations only included for Acorn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.6. [it has no rights or options to subscribe for or
acquire any Shares or securities convertible into Shares;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.7. no license, permit or consent is required from any
relevant authority of the jurisdiction in which the Shareholder is located to enter into this Undertaking and to tender, sell and deliver
the Committed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.8. [there are no contracts, transactions, arrangements
or understandings between the Company, on the one hand, and any (x) present officer or director of the Shareholder or (y) the Shareholder
or any of its Affiliates (as defined in the Merger Protocol), on the other hand, in each case, except as disclosed in the Data Room (as
defined in the Merger Protocol);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.9. [there are no contracts, transactions, arrangements
or understandings between the Shareholder, on the one hand, and any current or former shareholders of the Company, on the other hand,
that impose any obligations on the Company or that could require the Company or the Offeror to make any payments to any person; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.10. [no broker, investment banker, financial advisor
or other person is entitled to any broker's, finder's, financial advisor's or other similar based fee or commission in connection with
the Transaction (as defined in the Merger Protocol) as a result of being engaged by the Shareholder or any Affiliate of the Shareholder
(other than the Company).]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. The Shareholder shall accept the Offer and tender the Committed Shares under the Offer not later than
10:00am hours, Amsterdam time, on the third business day prior to the last day of the Offer Period (*aanmeldingstermijn*), or, if
the Shareholder acquires direct or indirect disposal power over any Committed Shares thereafter, as soon as possible after such acquisition
of power during the Offer Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. In tendering the Committed Shares for acceptance, the Shareholder irrevocably undertakes and warrants
to the Offeror that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1. the Committed Shares are being tendered upon and
subject to the terms and conditions of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2. subject to Clause 4, it shall not withdraw the acceptance
of the Offer in respect of any or all of the Committed Shares, notwithstanding any entitlement to do so by virtue of any applicable law
or the Offer Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.3. upon settlement of the Offer, the Offeror will acquire
the Committed Shares free from any third party rights and restrictions of any kind and together with all rights attached to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. With effect from the date of this Undertaking and until this Undertaking lapses or terminates in accordance
with its terms, the Shareholder shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.1. offer, sell, transfer or otherwise dispose of, tender
into any offer, create or permit to exist any lien, lend or encumber all or, deposit, encumber, assign, contract to sell, sell any option,
grant (whether by way of warrant, convertible or exchangeable

security or otherwise) any option to subscribe for or purchase any of the Committed Shares or effect any other transaction (whether conditionally or unconditionally) (collectively, "**Transfer**") in respect of the Committed Shares, other than pursuant to the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.2. acquire any Shares and exclude such Shares from
being considered as Committed Shares for purposes of Clause 1.1.2 of this Undertaking or acquire any securities convertible into Shares
[outside of the Company Equity Plans (as defined in the Merger Protocol] <sup>5</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.3. take any action or make any public announcement
or statement that may prejudice or frustrate the Offer or restrict or otherwise affect the Shareholder's legal power, authority and/or
right to vote in respect of any or all of the Shares as required by this Undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.4. accept any offer of any third party or give any
indication to any third party of an intention to accept any other offer in respect of any or all of the Committed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.5. prepare or make any offer to acquire the shares
or a substantial part of the assets or business of the Company or its group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.6. directly or indirectly, solicit, initiate, encourage,
knowingly facilitate or engage in discussions or negotiations with, provide any non-public and/or confidential information relating to
the Group (as defined in the Merger Protocol) or its business to, or afford access to properties, books or records to any person that
has made, or to the knowledge of the Shareholder is considering making, or enter into any transaction with any party other than the Offeror
regarding an offer or proposal for, or that would reasonably be expected to lead to, an Alternative Proposal (as defined in the Merger
Protocol) (it being understood, for the avoidance of doubt, that nothing in this clause shall prejudice the Company's rights under
clauses 12.2.3 to 12.2.5 of the Merger Protocol); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.7. agree to, or solicit, encourage or instruct any
other person to do any of the acts referred to in this Clause 1.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. [The Shareholder shall notify the Offeror promptly (and in any event within 48 (forty-eight) hours) if
any communication, invitation, approach or enquiry, or any request for information is received by the Shareholder or any of its Representatives
(as defined in the Merger Protocol), from any third party in relation to an Alternative Proposal, it being understood that the Shareholder
shall advise the Offeror of the identity of such party, the proposed consideration, conditionality, financing and any other principal
terms of such an Alternative Proposal.] <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. The Shareholder confirms that it, or its subsidiaries, affiliates, directors, employees, agents or advisers,
are at the date of signing of this Undertaking not, directly or indirectly, in discussions or negotiations with any third party that could
lead to such third party making an

<sup>5</sup> Only included for director shareholders.

<sup>6</sup> Only included for Acorn.

Alternative Proposal (as defined in the Merger Protocol).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. The Shareholder acknowledges and agrees that the making of the Offer is at the discretion of the Offeror,
subject to the Offeror's conditional commitment to launch the Offer in the Merger Protocol. Nothing in this Undertaking shall oblige the
Offeror to proceed with the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. voting rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. In accordance with the Merger Protocol, the Company's general meeting of shareholders may be asked to
vote on the following resolutions in connection with the Offer: (i) the amendment of the Company's articles of association and the conversion
of the Company into a private company with limited liability, (ii) the appointment of any new members of the Company's board (the "**Board** "),
(iii) the release and discharge of resigning members of the Board, (iv) cancellation (*intrekking*) of any Shares held by the Company,
and (v) any restructuring of the Company and/or any of its affiliates for purposes the Offeror acquiring full ownership of the Company's
business after settlement of the Offer (including, without limitation, by way of a triangular merger, a share sale and/or a demerger involving
(subsidiaries of) the Company) and any other resolutions proposed to the Company's general meeting of shareholders in connection
with the Offer (collectively, the "**Resolutions** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. With effect from the date of this Undertaking and until this Undertaking lapses or terminates in accordance
with its terms (or as otherwise specified in this Clause 2.2 herein), the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. shall exercise the voting rights attached to the
Committed Shares (x) in favour of the Resolutions (and not withdraw or revoke any such vote in favour) and (y) against any resolutions
in connection with any Alternative Proposal or Competing Offer (as defined in the Merger Protocol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. shall not initiate a general meeting of shareholders
of the Company with respect to an Alternative Proposal or Competing Offer (as defined in the Merger Protocol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3. shall not exercise or permit the exercise of the
voting rights attached to the Committed Shares in any manner that would prejudice or frustrate the Offer or prevent the Offer from being
declared unconditional (*gestand wordt gedaan*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4. shall not grant any proxies, consents or powers
of attorney or enter into any voting trust or other agreement or arrangement with respect to the voting of any Committed Shares or deposit
any Committed Shares in a voting trust, or create or permit to exist any liens, or take or agree to take any other action, that would
or would reasonably be expected to prevent the Shareholder from voting the Committed Shares at any general meeting of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5. shall be represented in person or by proxy at such
general meeting of shareholders (or cause the holders of record on any applicable record date to be represented in person or by proxy
at such general meeting of shareholders) in order for the Committed Shares to be counted as present for purposes of establishing a quorum
(if a quorum is required under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Investor Rights agreement

The Shareholder agrees to terminate in full without any liability or obligation of the Company Group (as defined in the Merger Protocol) or the Offeror or its Affiliates, the 'Investor Rights Agreement' dated 26 May 2020, by and among the Company and the Shareholder, conditional upon and effective as of the Settlement Date (as defined in the Merger Protocol).]<sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. This Undertaking terminates and shall cease to have effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. the Parties mutually agree in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. the
 Offer is not announced in accordance with article 5 of the Decree on Public Offers Act on the Financial Supervision (Besluit
 openbare biedingen Wft) within two weeks after the date of this Undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. the Offeror makes a public announcement that it
withdraws or will not make the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4. the Merger Protocol is terminated in accordance
with its terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5. the Committed Shares have been validly tendered
and delivered and settlement of the Offer has been effectuated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. If this Undertaking ends in accordance with this Clause 4, all rights and obligations of the Offeror and
the Shareholder shall end and no Party shall have any claim against the other Party, except that this Clause 4 (Termination), Clause 5
(Compliance), Clause 6 (Confidentiality), Clause 9 (Miscellaneous) and Clause 10 (Governing Law and Jurisdiction) will remain in full
force and effect, and a Party shall not be released from liability for a breach prior to termination of this Undertaking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Shareholder acknowledges and agrees that information it receives or has received in connection with
the Offer and/or this Undertaking may qualify as "price-sensitive information" or "inside information" under applicable
securities laws and regulations and as a result thereof the Shareholder may be prohibited from executing, effecting or recommending any
transaction involving financial instruments or rights thereto issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Shareholder undertakes and warrants to the Offeror that it is fully aware of and shall fully comply
with all applicable laws relevant to the possession, use or disclosure of inside information, including the Act on the Financial Supervision
(*Wet op het financieel toezicht*) and the EU Market Abuse Regulation (Regulation (EU) 596/2014 of the European Parliament and of
the Council dated 16 April 2014).

<sup>7</sup> Only included for Acorn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. confidentiality

The Shareholder hereby agrees in advance that (x) particulars of this Undertaking will or may be publicised by the Offeror and/or the Company in the Offer Memorandum and in other announcements that will be made by the Offeror or the Company, or both, in connection with the Offer and (y) the Offeror shall be permitted to include this Undertaking in its filings with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. costs and EXPENSES

Except as explicitly stated otherwise in this Undertaking, each Party shall pay its own costs and expenses incurred in respect of the preparation and execution of this Undertaking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. NOTICES

All notices, consents, waivers and other communications under this Undertaking must be in writing in English and delivered by hand or sent by registered mail, express courier or a PDF-document sent by e-mail to the appropriate addresses set out below. A notice shall be effective upon receipt and shall be deemed to have been received at the time of delivery, if delivered by hand, registered mail or express courier, or at the time of successful transmission, if delivered by e-mail.

**The Offeror**:

Name:

Address:

E-mail:

*With a copy to (which does not constitute notice)*:

Firm: Paul, Weiss, Rifkind, Wharton & Garrison LLP

Name: James E. Langston and Chelsea N. Darnell

E-mail: <u>jlangston@paulweiss.com</u> and <u>cdarnell@paulweiss.com</u>

*AND*

 

Firm: Stibbe N.V.

Name: Heleen H. Kersten and Marc D.A. Habermehl

E-mail: <u>heleen.kersten@stibbe.com</u> and <u>marc.habermehl@stibbe.com</u>

**The Shareholder**:

Name:

Address:

E-mail:

*[With a copy to (which does not constitute a notice):*

Firm: De Brauw Blackstone Westbroek N.V.

Name: Jaap Barneveld

E-mail: <u>jaap.barneveld@debrauw.com</u> and <u>debrauwma-notices@debrauw.com</u>]<sup>8</sup>

<sup>8</sup> Only included for Acorn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Amendments

This Undertaking shall only be amended or supplemented in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Entire agreement

This Undertaking represents the entire understanding and agreement between the Parties regarding the Offer and the Committed Shares and supersedes all previous agreements both in writing and oral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. Interpretation

In this Undertaking, references to the Offer shall include any improved or amended offer on behalf of the Offeror, except when the context requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. Assignment

None of the Parties may assign or procure the assumption of its rights and obligations under this Undertaking, neither in whole or in part, to any other person without the prior written consent of the other Party. The Shareholder, however, agrees in advance that the Offeror may assign or procure the assumption of any rights and obligations under this Undertaking to a Designated Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. No rescission

Without prejudice to the provisions of Clause 4, to the extent permitted by applicable law, each Party waives its right to terminate (*vernietigen*), rescind (*ontbinden*) or partially rescind (*gedeeltelijk ontbinden*) this Undertaking on the basis of section 6:228, section 6:265 to section 6:272 of the DCC or to request a competent court to amend this Undertaking on the basis of section 6:230(2) of the DCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. Partial invalidity

The invalidity or unenforceability of any provision of this Undertaking shall not affect the validity or enforceability of any other provision of this Undertaking. Any such invalid or unenforceable provision shall be replaced or be deemed to be replaced by a provision that is considered to be valid and enforceable. The interpretation of the replacing provisions shall be as close as possible to the intent of the invalid or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Governing Law and jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. This Undertaking and any non-contractual obligations arising out of or in connection with it are governed
by and are to be construed in accordance with Dutch law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. All disputes arising in connection with this Merger Protocol, or any agreements resulting therefrom, unless
the relevant agreement provides otherwise, will be settled under the Netherlands Arbitration Institute (Nederlands Arbitrage Instituut)
(NAI) (www.nai-nl.org) (the "**Rules**") and, unless the relevant agreement provides otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1. the arbitral tribunal will consist of 3 (three) arbitrators, appointed
in accordance with the Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2. the place of arbitration will be Amsterdam, the Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3. the language of the proceedings will be English;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4. the arbitrators will decide according to the rules of law (*regelen des rechts*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5. the arbitral award will be final and binding.

[*remainder of the page intentionally left blank*]

**THUS AGREED AND SIGNED ON THE DATE FIRST WRITTEN ABOVE,**

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| |
|:---|
| **Keurig Dr Pepper Inc.**<br>|
| By: |
| Title: |

---

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| |
|:---|
| **[*Shareholder*]**<br>|
| By: |
| Title: |

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## Exhibit 10.1

**EXHIBIT 10.1**

**Execution Version** 

BRIDGE CREDIT AGREEMENT

dated as of

August 24, 2025

among

KEURIG DR PEPPER INC.,<br> as Borrower

THE LENDERS PARTY HERETO

and

MORGAN STANLEY SENIOR FUNDING, INC.,<br> as Administrative Agent,

MORGAN STANLEY SENIOR FUNDING, INC.<br> and<br> MUFG BANK, LTD.<br> as Joint Lead Arrangers and Joint Bookrunner,

and<br>MUFG BANK, LTD.,<br> as Syndication Agent

**Table of Contents**

Page

---

| | |
|:---|:---|
| Article I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 Defined Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 [Reserved] | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.03 Terms Generally | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.04 Accounting Terms; GAAP | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.05 [Reserved] | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.06 Interest Rates | 31 |
| Article II THE CREDITS | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 Commitments; Loans | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 Loans and Borrowings | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 Requests for Borrowings | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 [Reserved] | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 [Reserved] | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 Funding of Borrowings | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 Interest Elections | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 Termination and Reduction of Commitments | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 Repayment of Loans; Evidence of Debt | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 Prepayment of Loans | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 Fees | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 Interest | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 Alternate Rate of Interest | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 Increased Costs | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.15 Break Funding Payments. | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.16 Taxes | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.18 Mitigation Obligations; Replacement of Lenders | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.19 Defaulting Lenders | 47 |
| Article III REPRESENTATIONS AND WARRANTIES | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 Organization; Powers | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 Authorization; Enforceability | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 Governmental Approvals; No Conflicts | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 Financial Condition; No Material Adverse Change | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 Litigation | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.06 Investment Company Status | 49 |

---

i

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.07 Margin Regulations | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.08 Affected Financial Institutions | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.09 Anti-Corruption Laws and Sanctions | 49 |
| Article IV CONDITIONS | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 Effective Date | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 Borrowings | 50 |
| Article V AFFIRMATIVE COVENANTS | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 Financial Statements; Ratings Change and Other Information | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 Notices of Material Events | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 Existence; Conduct of Business | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 Payment of Taxes | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.05 Maintenance of Properties; Insurance | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.06 Compliance with Laws | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.07 Use of Proceeds | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.08 Guarantors | 54 |
| Article VI NEGATIVE COVENANTS | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 Liens | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 Fundamental Changes | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 Consolidated Interest Coverage Ratio | 57 |
| Article VII EVENTS OF DEFAULT | 57 |
| Article VIII THE ADMINISTRATIVE AGENT; THE AGENTS | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 The Administrative Agent; the Agents | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 Administrative Agent's Reliance, Indemnification | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.03 Certain ERISA Matters | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.04 Erroneous Payments | 64 |
| Article IX MISCELLANEOUS | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 Notices | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 Waivers; Amendments | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 Expenses; Indemnity; Damage Waiver | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.04 Successors and Assigns | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.05 Survival | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.06 Counterparts; Integration; Effectiveness | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.07 Severability | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.08 Right of Setoff | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.09 Governing Law; Jurisdiction; Consent to Service of Process | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.10 WAIVER OF JURY TRIAL | 74 |

---

ii

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.11 Headings | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.12 Confidentiality | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.13 Interest Rate Limitation | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.14 Patriot Act | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.15 Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.16 No Advisory or Fiduciary Responsibility | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.17 Release of Guarantors | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.18 Acknowledgement Regarding Any Supported QFCs | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.19 Judgment Currency | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.20 Debt Syndication During Certain Funds Period. | 79 |

---

iii

**<u>SCHEDULES:</u>**

Schedule 2.01 Schedule 6.01 Commitments Existing Liens

**<u>EXHIBITS:</u>**

---

| | |
|:---|:---|
| Exhibit A | Form of Assignment and Assumption |
| Exhibit B | Form of Guaranty |
| Exhibit C | Form of Borrowing Request |
| Exhibit D-1 | Form of U.S. Tax Compliance Certificate<br> (Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit D-2 | Form of U.S. Tax Compliance Certificate<br> (Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit D-3 | Form of U.S. Tax Compliance Certificate<br> (Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit D-4 | Form of U.S. Tax Compliance Certificate<br> (Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit E | Form of Confidentiality and Front Running Letter |
| Exhibit F | Form of Closing Date Officer's Certificate |

---

iv

BRIDGE CREDIT AGREEMENT dated as of August 24, 2025 (as amended, restated, increased, extended, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), among KEURIG DR PEPPER INC., as Borrower, the LENDERS from time to time party hereto and MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent.

On or about the Closing Date, the Borrower will acquire the majority of the issued and outstanding ordinary shares in the capital of JDE Peet's N.V., a public limited company (*naamloze vennootschap*) incorporated under the laws of the Netherlands with its corporate seat (*zetel*) in Amsterdam, The Netherlands ("<u>Joshua</u>"), by way of the Acquisition.

The Borrower has requested that the Lenders and the Administrative Agent enter into this Agreement to provide a 364-day term loan credit facility to the Borrower for the purposes set forth herein, and the Lenders and the Administrative Agent are willing to do so on the terms and conditions set forth herein. In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

**Article I**

**<u>DEFINITIONS</u>**

Section 1.01 <u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>Acquisition</u>" means the acquisition by the Borrower of the Joshua Shares by means of the Offer, market purchases, any Irrevocable Undertaking, any Squeeze Out Procedure, or any Alternative Transaction Structure.

"<u>Adjusted Interest Expense</u>" means, with respect to any Person, for any period, the amount of adjusted interest expense reflected on the Borrower's Reconciliation of Certain Reported Items to Certain Non-GAAP Adjusted Items set forth in the Borrower's form 10-Q or form 10-K filed with the SEC.

"<u>Administrative Agent</u>" means Morgan Stanley Senior Funding, Inc., in its capacity as administrative agent for the Lenders hereunder, and any successor appointed pursuant to <u>Section 8.01(f)</u>.

"<u>Administrative Questionnaire</u>" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"<u>Agent Parties</u>" has the meaning assigned to such term in <u>Section 9.01(d)</u>.

"<u>Agents</u>" means, collectively, the Administrative Agent and the Syndication Agent.

"<u>Agreement</u>" has the meaning assigned to such term in the preamble.

"<u>Agreement Currency</u>" has the meaning assigned to such term in <u>Section 9.19</u>.

"<u>Alternative Transaction Structure</u>" means a transaction or a combination of transactions for the purpose of acquiring all or substantially all of the assets of the Joshua Group (including by way of a statutory (bilateral or triangular) legal merger (*juridische (driehoeks-)fusie*) in accordance with sections 2:309 et seq and 2:333a DCC, a statutory legal demerger (*juridische splitsing*) in accordance with sections 2:334a et seq DCC, an issue of shares by Joshua against a contribution of cash and/or assets to Joshua and/or a sale and transfer of liabilities)), as described in the relevant Offer Documents.

"<u>Anti-Corruption Laws</u>" means all laws, rules and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time that prohibit bribery or corruption.

"<u>Applicable Rate</u>" means, for any day, with respect to any Loan, the applicable rate per annum set forth below based upon the ratings by S&P and Moody's, respectively, applicable on such date to the Index Debt:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Index Debt Ratings:** | **Applicable Rate** | **Applicable Rate** | **Applicable Rate** | **Applicable Rate** |
| **Index Debt Ratings:** | Closing Date through 89 days after Closing Date | 90 days after Closing Date through 179 days after Closing Date | 180 days after Closing Date through 269 days after Closing Date | 270 days after Closing Date and thereafter |
| <u>Category 1</u><br> Index Debt ratings of at least A by S&P and/or A2 by Moody's | 0.750% | 1.000% | 1.250% | 1.500% |
| <u>Category 2</u><br> Index Debt ratings less than Category 1, but at least A- by S&P and/or A3 by Moody's | 0.875% | 1.125% | 1.375% | 1.625% |
| <u>Category 3</u><br> Index Debt ratings less than Category 2, but at least BBB+ by S&P and/or Baa1 by Moody's | 1.000% | 1.25% | 1.50% | 1.75% |
| <u>Category 4</u><br> Index Debt ratings less than Category 3, but at least BBB by S&P and/or Baa2 by Moody's | 1.125% | 1.375% | 1.625% | 1.875% |
| <u>Category 5</u><br> Index Debt ratings less than Category 4, but at least BBB- by S&P and/or Baa3 by Moody's | 1.250% | 1.500% | 1.750% | 2.000% |
| <u>Category 6</u><br> Index Debt ratings less than Category 5 | 1.750% | 2.00% | 2.250% | 2.500% |

---

For purposes of the foregoing, (i) if either Moody's or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 6; (ii) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next below that of the higher of the two ratings; and (iii) if the ratings established

or deemed to have been established by Moody's and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody's or S&P), such change shall be effective as of the date which is three (3) Business Days following the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders pursuant to <u>Section 5.01</u> or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody's or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Required Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.

"<u>Approved Fund</u>" has the meaning assigned to such term in <u>Section 9.04(b)(ii)</u>.

"<u>ASC</u>" has the meaning assigned to such term in <u>Section 1.04(a)</u>.

"<u>Asset Sale</u>" means the sale or other disposition of assets by the Borrower or any of its Subsidiaries outside the ordinary course of business as determined in good faith by the Borrower, including as a result of foreclosure, casualty, condemnation or other similar events and including issuances of Equity Interests by the Borrower's Subsidiaries (including pursuant to third party investments in a joint venture or other structured capital solutions involving the issuance of Equity Interests by the Borrower's Subsidiaries) (excluding (A) for the avoidance of doubt, the issuance of Equity Interests of the Borrower, (B) asset sales or other dispositions (including issuances of Equity Interests by the Borrower's Subsidiaries) between or among the Borrower and its Subsidiaries, (C) the sale or other disposition of cash and cash equivalents, (D) the sale, exchange or other disposition of accounts receivable in connection with compromise, settlement or collection thereof or in connection with factoring transactions, in each case, in the ordinary course of business and (E) asset sales and other dispositions (including issuance of Equity Interests by the Borrower's Subsidiaries, and any sale or disposition of assets in the context of the Acquisition or an Alternative Transaction Structure), the Net Cash Proceeds of which do not exceed $250,000,000 in any single transaction or related series of transactions or $500,000,000 in the aggregate (and only any amount in excess of such threshold amounts shall constitute Net Cash Proceeds)).

"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by <u>Section 9.04(b))</u>, and accepted by the Administrative Agent, in the form of <u>Exhibit A</u> or any other form approved by the Administrative Agent.

"<u>Availability Period</u>" means the period starting on (and including) the Closing Date and ending on the occurrence of a Mandatory Cancellation Event.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (e) of Section 2.13.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of a Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bankruptcy Event</u>" means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; *provided* that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof; *provided, further,* that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

"<u>Benchmark</u>" means, initially, the EURIBO Rate; *provided* that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to the EURIBO Rate, or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of <u>Section 2.13</u>.

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in Euros at such time in the United States and the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined in accordance with this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in Euro at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement and/or any Term Benchmark Loan, any technical, administrative or operational changes (including changes to the definition of "Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides, in consultation with the Borrower, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides, in consultation with the Borrower, is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; *provided*, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any such Benchmark (or component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be *provided* on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one (1) or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.13 and (y) ending at the time that a Benchmark Replacement has replaced such then- current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.13.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Bidding Rules</u>" means the EU Market Abuse Regulation, the Dutch Financial Supervision Act, and the <u>DDPB</u>.

"<u>Board</u>" means the Board of Governors of the Federal Reserve System of the United States of America (or any successor thereto).

"<u>Bookrunners</u>" means, collectively, Morgan Stanley Senior Funding, Inc. and MUFG Bank, Ltd., in their capacities as joint lead arrangers and joint bookrunners.

"<u>Borrowed Debt</u>" means any Indebtedness for borrowed money.

"<u>Borrower</u>" means Keurig Dr Pepper Inc., a Delaware corporation.

"<u>Borrowing</u>" means an advance of Loans made or continued on the same date and as to which a single Interest Period is in effect.

"<u>Borrowing Date</u>" means any day during the Certain Funds Period on which a Loan is made pursuant to Section 2.01.

"<u>Borrowing Minimum</u>" means €10,000,000.

"<u>Borrowing Multiple</u>" means €1,000,000.

"<u>Borrowing Request</u>" means a request by the Borrower for a Borrowing in accordance with <u>Section 2.03</u> substantially in the form of <u>Exhibit C</u>.

"<u>Bridge Facility</u>" means the Commitments and any Borrowing made thereunder.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed and (b) if such day relates to any interest rate setting as to a Term Benchmark Loan, any funding, disbursement, settlement and/or payment in Euros in respect of such Term Benchmark Loan or any other dealing in Euros to be carried out pursuant to this Agreement in respect of any such Term Benchmark Loan, any such day that is also a TARGET Day.

"<u>Certain Funds Announcement</u>" means the public announcement by the Borrower pursuant to article 7(4) of the DDPB and contained in the Initial Announcement.

"<u>Certain Funds Covenant</u>" means, with respect to the Borrower only and excluding any obligation of the Borrower to procure that any of its Subsidiaries or any other Person take, or refrain from taking any action, any covenant contained in <u>Section 5.09(a)</u>, <u>Section 6.01(a)</u> (solely with respect to intentional breaches thereof by the Borrower with respect to the creation of a new Lien) and <u>Section 6.02(a)</u> (solely with respect to intentional breaches thereof by the Borrower).

"<u>Certain Funds Default</u>" means, with respect to the Borrower only, an Event of Default described in <u>Article VII(a)</u> if such Event of Default shall remain unremedied for five (5) Business Days after the occurrence thereof (unless the Event of Default is due solely to an administrative or technical error); <u>Article VII(b)</u>, but only to the extent arising from non-payment of interest and fees set forth in the Fee Letter or Section 2.11 hereof (unless the Event of Default is due solely to an administrative or technical error); <u>Article VII (c)</u> (but only to the extent arising from a breach of a Certain Funds Representation); <u>Article VII(d)</u> or <u>(e)</u> (but only to the extent arising from a breach of a Certain Funds Covenant); <u>Article VII (h)</u> (but solely as it relates to the Borrower, and excluding any proceeding, petition or action that was not instituted by the Borrower or any of its Affiliates in respect of which no order or decree has been entered); <u>Article VII (i)</u> (but solely as it relates to the Borrower); or <u>Article VII(j)</u> (but solely as it relates to the Borrower).

"<u>Certain Funds Period</u>" means the period from (and including) the Effective Date to (and including) 11:59 p.m. on the date on which a Mandatory Cancellation Event occurs or exists.

"<u>Certain Funds Purposes</u>" means the financing, refinancing, repayment, release or discharge of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any purchase price, consideration, deferred payment, earn-out or any similar payment payable under or in connection with the Joshua Shares pursuant to the Offer, any Squeeze Out Procedure, any Irrevocable Undertaking, or any Alternative Transaction Structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Existing Joshua Indebtedness, shareholder or vendor loans and preference shares or any similar instrument or arrangement of Joshua and financing related broken funding costs, make whole payments and prepayment premia, purchase price adjustments, any payment of any original issue discount, fees, expenses, any foreign exchange adjustments and/or any other similar or related payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payment any holders of any options, awards or any other similar instrument or interest over any Joshua Shares or any payment in connection with the cancellation, redemption or surrender of such options, awards or other similar instrument or interest (or paying compensation (if any) in relation to any such options or awards) pursuant to the Acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) costs, fees, expenses or any other payment related to or in connection with the Acquisition, the other Transactions or any of the purposes specified under paragraphs (a)(i), (ii) and (iii) above.

"<u>Certain Funds Representation</u>" means with respect to the Borrower only and excluding any obligation of the Borrower to procure that any of its Subsidiaries take, or refrain from taking any action, the representations and warranties contained in <u>Section 3.01(a)</u>, <u>Section 3.02</u> and <u>Section 3.03(b)</u>.

"<u>CFC</u>" means a "controlled foreign corporation" within the meaning of Section 957(a) of the Code.

"<u>CFC Holdco</u>" means a Domestic Subsidiary substantially all of whose assets consist (directly or indirectly through entities that are disregarded for U.S. federal income tax purposes) of the voting Stock and/or Stock Equivalents of one or more CFCs.

"<u>Change in Control</u>" means the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on the date hereof) (other than any corporation owned, directly or indirectly, by the stockholders of the Borrower in substantially the same proportions as their ownership of stock in the Borrower), of Stock representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Stock of the Borrower.

"<u>Change in Law</u>" means the occurrence after the date of this Agreement or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement, (a) the adoption of any law, rule, regulation or treaty by any Governmental Authority, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender (or, for purposes of <u>Section 2.14(b),</u> by any lending office of such Lender or by such Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority; *provided* that, notwithstanding anything herein to the contrary (x) all requests, rules, guidelines or directives issued under, or in connection with, the Dodd-Frank Wall Street Reform and Consumer Protection Act and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or

similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

"<u>Charges</u>" has the meaning assigned to such term in <u>Section 9.13</u>.

"<u>Clean-up Date</u>" has the meaning set forth in <u>Section 7.01</u>.

"<u>Closing Date</u>" means the initial date on which each of the conditions set forth in <u>Section 4.02</u> have been satisfied (or waived in accordance with Section 9.02(b)).

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time.

"<u>Commitment</u>" means, as to each Lender, its obligation to make Loans to the Borrower pursuant to <u>Section 2.01</u>, in an aggregate principal amount not to exceed the Euro amount set forth opposite such Lender's name on <u>Schedule 2.01</u> under the caption "Commitment" or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Commitments as of the Effective Date is €16,200,000,000.

"<u>Commitment Fee</u>" has the meaning assigned to such term in <u>Section 2.11(a)</u>.

"<u>Commitment Fee Rate</u>" means, for any day, the applicable rate per annum set forth below based upon the ratings by S&P and Moody's, respectively, applicable on such date to the Index Debt:

---

| | |
|:---|:---|
| **Index Debt Ratings:** | **Commitment Fee Rate** |
| <u>Category 1</u><br> Index Debt ratings of at least A by S&P and/or A2 by Moody's | 0.060% |
| <u>Category 2</u><br> Index Debt ratings less than Category 1, but at least A- by S&P and/or A3 by Moody's | 0.070% |
| <u>Category 3</u><br> Index Debt ratings less than Category 2, but at least BBB+ by S&P and/or Baa1 by Moody's | 0.080% |
| <u>Category 4</u><br> Index Debt ratings less than Category 3, but at least BBB by S&P and/or Baa2 by Moody's | 0.100% |
| <u>Category 5</u><br> Index Debt ratings less than Category 4, but at least BBB- by S&P and/or Baa3 by Moody's | 0.150% |
| <u>Category 6</u><br> Index Debt ratings less than Category 5 | 0.200% |

---

For purposes of the foregoing, (i) if either Moody's or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 6; (ii) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall fall within different Categories, the Commitment Fee Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower than the other, in which case the Commitment Fee Rate

shall be determined by reference to the Category next below that of the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody's or S&P), such change shall be effective as of the date which is three (3) Business Days following the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the Commitment Fee Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody's or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Required Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Commitment Fee Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.

"<u>Communications</u>" has the meaning provided to such term in <u>Section 9.01(b)</u>.

"<u>Consolidated</u>" means, with respect to any Person, the consolidation of accounts of such Person and its subsidiaries in accordance with GAAP.

"<u>Consolidated EBITDA</u>" means, with respect to any Person, for any period, Consolidated Net Income of such Person for such period *plus* (A) without duplication and to the extent deducted in determining such Consolidated Net Income (other than with respect to clause (8) below), the sum of:

1) the aggregate amount of Consolidated Interest Expense for such period,

2) expense for income taxes paid or accrued for such period,

3) all amounts attributable to (i) the write-off or amortization of deferred financing costs and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness or (ii) depreciation, amortization (including amortization of goodwill and other intangible assets) or impairment of goodwill or other intangible assets for such period,

4) (i) any extraordinary, unusual or non-recurring charges, expenses and losses during such period (including costs, expenses and payments, in connection with actual or prospective litigation, legal settlements, fines, judgments or orders), (ii) any non-cash charges, expenses or losses and (iii) any costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings, synergies, operating expense reductions, business optimization initiatives, integration, transition, decommissioning, consolidation and other restructuring costs, charges, accruals, reserves or expenses (including costs related to the opening, pre-opening, expansion, closure and/or consolidation of stores, offices and facilities (including rent termination, moving and relocation costs), costs related to the termination of distributor and joint venture arrangements and discontinued operations, costs, expenses or charges associated with inventory obsolescence (including, resulting from discontinued products and excess inventory), retention charges, contract termination costs, recruiting, signing, retention or completion bonuses and expenses, severance expenses and any cost associated with any modification to any pension and post-retirement employee benefit plan, software and other systems development, establishment and implementation costs, costs relating to entry into a new market, project startup costs, costs relating to any strategic initiative or new operations and conversion costs and any business development, consulting or legal costs and fees relating to the foregoing),

5) the aggregate amount of all non-cash compensation charges incurred during such period arising from the grant of or the issuance of Stock or Stock Equivalents and any equity incentive plans, arrangements or programs,

6) any loss realized by such Person or any of its Subsidiaries in connection with any dispositions (other than sales of inventory in the ordinary course of business) or discontinued operations that occur during such period,

7) at the discretion of the Borrower, Transaction Costs (including those related to the Transactions) incurred or paid in cash in such period (whether or not such underlying transaction is successful),

8) the amount of pro forma cost savings, operating expense reductions and synergies related to any acquisitions or other investments, dispositions, restructurings, cost savings initiatives or other initiatives that are reasonably identifiable, factually supportable and projected by the Borrower in good faith to result from actions taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within 24 months after such acquisition or other investment, disposition, restructuring, cost savings initiative or other initiative, net of the amount of actual benefits realized prior to or during such period from such actions,

9) any earn-out obligation and contingent consideration obligations (including adjustments thereof and purchase price adjustments) incurred in connection with any acquisition or other investment (including any acquisition or other investment consummated prior to the Effective Date) which is paid or accrued during the applicable period,

10) the amount of any expense or deduction associated with any subsidiary of such Person attributable to non-controlling interests or minority interests of third parties,

11) the amount of any fee, cost, expense or reserve, including in respect of any product recall, to the extent actually reimbursed or reimbursable by third parties pursuant to indemnification, reimbursement, insurance or similar arrangements; *provided* that, the Borrower in good faith expects to receive reimbursement for such fee, cost, expense or reserve within the next four fiscal quarters (it being understood that to the extent not actually received within such fiscal quarters, such reimbursement amounts shall be deducted in calculating Consolidated EBITDA for such fiscal quarters),

12) (i) any unrealized or realized net foreign currency translation or transaction gains or losses, and (ii) any unrealized net losses, charges or expenses and unrealized net gains in the fair market value of any arrangements under any swap, cap, collar, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions, and

13) the amount of any charge, cost or expense in connection with a single or one-time event, including, without limitation, in connection with (x) any acquisition or other investment consummated before or after the Effective Date, (y) the consolidation, closing or reconfiguration of any facility during such period and (z) early extinguishment of Indebtedness, minus (B) without duplication and to the extent included in determining such Consolidated Net Income, the sum of (i) any extraordinary, unusual or non-recurring income or gains during such period, (ii) any credit for

income taxes paid or accrued in such period, (iii) any other gains realized by such Person or any of its Subsidiaries in connection with any dispositions (other than sales of inventory in the ordinary course of business) that occur during such period and (iv) any other non-cash income or gains during such period.

"<u>Consolidated Interest Coverage Ratio</u>" means, as of the last day of any fiscal quarter of the Borrower, the ratio of (a) Consolidated EBITDA for the most recently ended four fiscal quarter period of the Borrower for which financial statements have been (or were required to be) delivered pursuant to Section 5.01(a) or Section 5.01(b) to (b) Adjusted Interest Expense for the period ending on such date.

"<u>Consolidated Interest Expense</u>" means, with respect to any Person, for any period, the amount of interest expense reflected on the consolidated statement of income of such Person and its subsidiaries for such period in conformity with GAAP.

"<u>Consolidated Net Income</u>" means, with respect to any Person, for any period, the amount of net income reflected on the consolidated statement of income of such Person and its subsidiaries for such period in conformity with GAAP.

"<u>Consolidated Total Assets</u>" means, as of the date of determination, total assets of the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date.

"<u>Consolidated Total Debt</u>" means, as of the date of determination, (a) the aggregate amount of Indebtedness (other than clauses (c), (d), (e) and (i) thereof) reflected on the consolidated balance sheet of the Borrower and its Subsidiaries as of such date in conformity with GAAP minus (b) the aggregate amount of Unrestricted Cash as of such date.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Corresponding Tenor</u>" means with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Credit Party</u>" means the Administrative Agent or any other Lender.

"<u>DCC</u>" means the Dutch Civil Code (*Burgerlijk Wetboek*).

"<u>DDPB</u>" means the Dutch Decree on Public Takeover Bids (*Besluit openbare biedingen Wft*).

"<u>Debt Issuance</u>" means the incurrence of Borrowed Debt by the Borrower or any of its Subsidiaries (excluding (i) Indebtedness owed to the Borrower or any of its Subsidiaries, (ii) borrowings under (x) the Existing Credit Agreement (including pursuant to incremental facilities thereunder) and (y) any facility entered into to refinance or replace the Existing Credit Agreement; *provided* that the aggregate amount of commitments in respect of, and borrowings under, the Existing Credit Agreement and any facility described in clause (y) above shall not exceed $5,000,000,000 at any time outstanding, (iii) any ordinary course working capital facilities, cash management, letter of credit, factoring, surety bonds, local credit facilities or lines of credit or overdraft facilities, (iv) issuances of commercial paper and refinancings thereof, (v) purchase money indebtedness or equipment financing incurred in the ordinary course of business or consistent with past practice, (vi) capital leases incurred in the ordinary course of business or consistent with past practice, (vii) the Joshua Senior Notes and any other Existing Joshua Indebtedness permitted to be incurred or remain outstanding prior to the Closing Date in accordance with the Offer Documents, (viii) other Indebtedness to the extent the Net Cash Proceeds of which are utilized or to be utilized to refinance, replace or redeem any Borrowed Debt of the Borrower or any of its Subsidiaries or Joshua or any of its Subsidiaries to the extent the issuance or incurrence of such Indebtedness occurs within 12 months of the maturity of the applicable Borrowed Debt being refinanced, replaced or redeemed and pay any fees or other amounts in respect thereof (including any prepayment or redemption premiums and accrued interest thereon), and (x) other Borrowed Debt (other than any Borrowed Debt incurred to finance the Acquisition) in an outstanding principal amount not to exceed $500,000,000 in the aggregate).

"<u>Default</u>" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulting Lender</u>" means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans under this Agreement; *provided* that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the receipt by the Administrative Agent or the Borrower, as applicable, of such certification in form and substance satisfactory to the requesting party and the Administrative Agent, or (d) has or has had a direct or indirect parent become the subject (i) of a Bankruptcy Event or (ii) Bail-In Action; *provided further* that a Lender shall not become a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or Person controlling such Lender or the exercise of control over such Lender or Person controlling such Lender by a Governmental Authority or an instrumentality thereof.

"<u>Disclosing Party</u>" has the meaning assigned to such term in <u>Section 9.12(a)</u>.

"<u>Dividing Person</u>" has the meaning assigned to it in the definition of "Division".

"<u>Division</u>" means the division of the assets, liabilities and/or obligations of a Person (the "<u>Dividing Person</u>") among two or more Persons (whether pursuant to a "plan of division" or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

"<u>Division Successor</u>" means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

"<u>Division Successor Borrower</u>" has the meaning assigned to such term in <u>Section 6.02(a)</u>.

"<u>dollars</u>" or "$" refers to lawful money of the United States of America.

"<u>Domestic Subsidiary</u>" means any Subsidiary that is organized under the laws of the U.S., any state thereof or the District of Columbia.

"<u>Dutch Financial Supervision Act</u>" means the Dutch Financial Supervision Act (*Wet op het financieel toezicht*).

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of a financial institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Date</u>" means the date on which the conditions set forth in <u>Section 4.01</u> are satisfied (or waived in accordance with <u>Section 9.02(b)</u>). The Effective Date of this Agreement is August 24, 2025.

"<u>Electronic System</u>" has the meaning provided to such term in <u>Section 9.01(b)</u>.

"<u>Environmental Laws</u>" means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or binding agreements issued, promulgated or entered into by any Governmental Authority, relating to the protection of the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or, as such relate to exposure to Hazardous Materials, to health and safety matters.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into

the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"<u>Equity Interests</u>" means all Stock and Stock Equivalents.

"<u>Equity Issuance</u>" means the issuance of any Equity Interests by the Borrower (including pursuant to third party investments in a joint venture or other structured capital solutions involving the issuance of Equity Interests by the Borrower) (excluding (A) issuances pursuant to employee stock plans or other benefit or employee incentive arrangements, retirement plans, any non-employee director compensation plan or pursuant to the exercise or vesting of any employee or director stock options, restricted stock, warrants or other equity awards or pursuant to dividend reinvestment programs, (B) issuances of directors' qualifying shares and/or other nominal amounts required to be held by persons other than Subsidiaries of the Borrower under applicable law, (C) issuances to any Subsidiary of the Borrower, (D) issuances as consideration for the Acquisition (including as a result of any increase in cash consideration after the Effective Date) or any other acquisition and (E) other issuance generating Net Cash Proceeds not to exceed $500,000,000 in the aggregate).

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(b), (c), (m), (n) or (o) of the Code "<u>ERISA Event</u>" means (a) any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) any failure to satisfy statutory minimum funding standards with respect to any Plan; (c) the filing pursuant to Section 412(c) of the Code of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any ERISA Affiliates of any liability with respect to the withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA.

"<u>Erroneous Payment</u>" shall have the meaning provided in <u>Section 8.04</u>.

"<u>Erroneous Payment Deficiency Assignment</u>" shall have the meaning provided in <u>Section 8.04</u>.

"<u>Erroneous Payment Return Deficiency</u>" shall have the meaning provided in <u>Section 8.04</u>.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>EU Market Abuse Regulation</u>" means Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.

"<u>EURIBO Rate</u>" means, for any Interest Period, the rate appearing on Reuters Screen EURIBOR01 (or on any successor or substitute page of Reuters, or any successor to or substitute for Reuters, providing

rate quotations comparable to those currently provided on such page of Reuters, as determined by the Administrative Agent with notice to the Borrower from time to time) at approximately 11:00 a.m., Brussels time on such date of determination, as the rate for deposits in Euro with a maturity comparable to such Interest Period or, if for any reason such rate is not available for the applicable Interest Period but is available for periods that are shorter than and longer than such Interest Period, the rate per annum that results from interpolating on a linear basis between the rate for the longest available period that is shorter than such Interest Period and the shortest available period that is longer than such Interest Period, then the EURIBO Rate shall be such interpolated screen rate. If the EURIBO Rate shall be less than zero, it shall be deemed zero for purposes hereof.

"<u>Euro</u>" or "€" refers to the lawful currency of the European Union as constituted by the Treaty of Rome which established the European Community, as such treaty may be amended from time to time and as referred to in the EMU legislation.

"<u>Event of Default</u>" has the meaning assigned to such term in <u>Article VII</u>.

"<u>Exchange Act</u>" means the United States Securities Exchange Act of 1934, as amended.

"<u>Excluded Subsidiary</u>" means (a) prior to Joshua becoming a wholly-owned Subsidiary of the Borrower, Joshua and any Subsidiary of Joshua, (b) any Foreign Subsidiary (including Joshua once it becomes a wholly-owned Subsidiary of the Borrower), (c) any Domestic Subsidiary (i) that is a direct or indirect subsidiary of a Foreign Subsidiary (including Joshua once it becomes a wholly-owned Subsidiary of the Borrower) or a CFC Holdco or (ii) that is a CFC Holdco or (d) any Subsidiary with respect to which the Guaranty would result in material adverse Tax consequences as reasonably determined by the Borrower in consultation with the Administrative Agent.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment or otherwise under a Loan Document pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or becomes a party to this Agreement (other than pursuant to an assignment request by the Borrower under <u>Section 2.18(b))</u> or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section 2.16(a),</u> amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with <u>Section 2.16(e)</u> and (d) any U.S. federal withholding Taxes imposed under FATCA.

"<u>Existing Credit Agreement</u>" means that certain Credit Agreement, dated as of March 31, 2025, among the Borrower, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

"<u>Existing Joshua Indebtedness</u>" means Indebtedness of Joshua existing on the Closing Date.

"<u>Facility Termination</u>" has the meaning assigned to such term in <u>Section 9.17(c)</u>.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the Federal Reserve Bank of New York's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate. If the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

"<u>Federal Reserve Bank of New York's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Fee Letter</u>" means the Fee and Syndication Letter, dated August 24, 2025, between the Borrower and the Bookrunners.

"<u>Final Settlement Date</u>" means, the earlier of (i) the date that is four (4) weeks after the Offer Unconditional Date and (ii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no post acceptance period is declared applicable by or on behalf of the Borrower, the Initial Settlement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the final date on which the tendered shares in Joshua under the Offer can be settled after the post acceptance period (*na-aanmeldingstermijn*) in accordance with the Offer Documents and article 17 of the DDPB,

in each case taking into account any extension of the offer period in accordance with the terms of article 15 of the DDPB.

"<u>Finance Lease Obligations</u>" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as finance leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; *provided, however,* that all obligations of any Person that are or would have been treated as operating leases (including for avoidance of doubt, any network lease or any operating indefeasible right of use) for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the "<u>ASU</u>") shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as Finance Lease Obligations in the financial statements to be delivered pursuant to <u>Section 5.01</u>.

"<u>Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country or the United Kingdom (to the extent that the United Kingdom is not an EEA Member Country) which is subject to the supervision of a Resolution Authority, (b) any entity established in an EEA Member Country or the United Kingdom (to the extent that the United Kingdom is not an EEA Member

Country) which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country or the United Kingdom (to the extent that the United Kingdom is not an EEA Member Country) which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>Financial Officer</u>" means, with respect to any Person, its chief financial officer, principal accounting officer, treasurer or controller.

"<u>Fitch</u>" shall mean Fitch Ratings (or any successor thereto).

"<u>Floor</u>" means 0%.

"<u>Foreign Lender</u>" means any Lender that is not a U.S. Person.

"<u>Foreign Subsidiary</u>" means any Subsidiary that is not organized under the laws of the United States, any state thereof or the District of Columbia.

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America, as in effect from time to time.

"<u>Governmental Authority</u>" means any supranational body, the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other payment obligation of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other payment obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other payment obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other payment obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or payment obligation; *provided,* that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Effective Date or entered into in connection with any acquisition or disposition of assets.

"<u>Guarantor</u>" means (a) each Subsidiary that is required to become (and is) a party to the Guaranty pursuant to <u>Section 5.08</u> and (b) any other Subsidiary that voluntarily becomes a party to the Guaranty, in each case, other than those Subsidiaries released from their obligations under the Guaranty pursuant to <u>Section 5.08, Section 9.17</u> or otherwise.

"<u>Guaranty</u>" means the Guaranty, executed and delivered by each Guarantor, in substantially the form of <u>Exhibit B</u>.

"<u>Hazardous Materials</u>" means all explosive or radioactive substances or wastes, petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,

infectious or medical wastes and all other substances, materials or wastes of any nature regulated as hazardous or toxic, or a pollutant or contaminant, pursuant to any Environmental Law.

"<u>Indebtedness</u>" of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (i) intercompany expenses and charges among such Person and its subsidiaries, (ii) accounts payable incurred in the ordinary course of business and (iii) any earn-out obligation until such earn-out obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid after becoming due and payable), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Finance Lease Obligations of such Person, (h) all obligations of such Person as an account party in respect of letters of credit and letters of guaranty (but only to the extent drawn and not reimbursed) and (i) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. The amount of Indebtedness of any Person for purposes of clause (e) above shall be deemed to be the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. Notwithstanding the foregoing, any Indebtedness that has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Permitted Investments (in an amount sufficient to satisfy all such obligations relating to such Indebtedness at maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the benefit of the holders of such Indebtedness, and subject to the other applicable terms of the instrument governing such Indebtedness, shall, to the extent so defeased, not constitute or be deemed "Indebtedness".

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Indemnitee</u>" has the meaning assigned to such term in <u>Section 9.03(b)</u>.

"<u>Index Debt</u>" means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person (other than, for the avoidance of doubt, a Subsidiary) or subject to any other credit enhancement.

"<u>Initial Announcement</u>" means the initial announcement by the Borrower and Joshua of the intended Offer in accordance with article 5 of the DDPB.

"<u>Initial Settlement Date</u>" means the first date on which the tendered Joshua Shares under the Offer can be settled after the Offer Unconditional Date.

"<u>Information</u>" has the meaning assigned to such term in <u>Section 9.12(a)</u>.

"<u>Interest Election Request</u>" means a request by the Borrower to convert or continue a Borrowing in accordance with <u>Section 2.07</u>.

"<u>Interest Payment Date</u>" means with respect to any Term Benchmark Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period.

"<u>Interest Period</u>" means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter; *provided,* that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Term Benchmark Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

"<u>Irrevocable Undertaking</u>" means any irrevocable undertaking or sale and purchase agreement executed by the Borrower with an existing Joshua shareholder, pursuant to which such shareholder has agreed with the offeror, on the terms and subject to the conditions of the Irrevocable Undertaking, to tender or otherwise sell its Joshua Shares held by it in the Offer.

"<u>Joshua</u>" is defined in the preamble hereto.

"<u>Joshua Group</u>" means Joshua and its Subsidiaries.

"<u>Joshua Senior Notes</u>" means the senior notes issued by Joshua which are existing before the Closing Date.

"<u>Joshua Shares</u>" means the issued and outstanding ordinary shares in the capital of Joshua (including any ordinary shares in Joshua issued pursuant to the exercise of any options or awards or other instruments convertible into or exchangeable for shares in Joshua).

"<u>Judgment Currency</u>" has the meaning assigned to such term in <u>Section 9.18</u>.

"<u>Launch</u>" means the publication (*algemene verkrijgbaarstelling*) of the Offer Memorandum in accordance with article 10 of the DDPB.

"<u>Lenders</u>" means the Persons listed on <u>Schedule 2.01</u> and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption<u>,</u> other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

"<u>Lien</u>" means any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge, security interest or similar preferential arrangement of any kind in the nature of security including any conditional sale agreement, finance lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing).

"<u>Loan Documents</u>" means, collectively, this Agreement, each Promissory Note, the Fee Letter, the Guaranty and, to the extent expressly designated as a "<u>Loan Document</u>" by the Borrower and the Administrative Agent, each certificate, agreement or document executed by the Borrower or any of its

Subsidiaries and delivered to the Administrative Agent or any Lender in connection with or pursuant to any of the foregoing.

"<u>Loan Parties</u>" means, as of any date, the Borrower and each Guarantor.

"<u>Loans</u>" means loans made pursuant to <u>Section 2.01</u>.

"<u>Long Stop Date</u>" means the date falling five (5) Business Days after the date that is 18 months after the date of the Merger Protocol.

"<u>Mandatory Cancellation Event</u>" means the occurrence of any of the following conditions or events in relation to the Offer: (i) the Offer lapses, terminates, or is withdrawn in writing in accordance with the Bidding Rules; (ii) the Merger Protocol is irrevocably and unconditionally terminated; (iii) the Long Stop Date occurs, unless the Offer Unconditional Date has occurred on or prior to such Long Stop Date in which case this clause (iii) shall not constitute a Mandatory Cancellation Event; (iv) the Maturity Date occurs and/or (v) the date that is 364 days after the Initial Settlement Date.

"<u>Material Adverse Amendment</u>" means a modification, amendment or waiver to or of the terms or conditions (including the treatment of a condition as having been satisfied) of the Offer Documents compared to the terms and conditions that are included in the drafts of the Offer Documents delivered to the Administrative Agent in accordance with <u>Section 4.01(g)</u> that is materially adverse to the interest of the Lenders, taken as a whole, under the Loan Documents; it being acknowledged that: (i) any increase in the purchase price for Joshua Shares will be deemed materially adverse to the interest of the Lenders unless such increase is 10% or less and such increase is funded through Equity Issuances; (ii) any decrease in the purchase price for Joshua Shares of less than 10% will be deemed not to be materially adverse (and any such decrease in in excess of such threshold will be deemed to be materially adverse) to the interests of the Lenders, so long as the Commitments are reduced on a dollar-for-dollar basis by the full amount of such decrease; and (iii) any decrease in the Minimum Acceptance Condition shall be deemed to be materially adverse to the interest of the Lenders.

"<u>Material Adverse Change</u>" means any material adverse change in the business, business operations, property or financial condition of the Borrower and its Subsidiaries taken as a whole.

"<u>Material Adverse Effect</u>" means a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, business operations, property or financial condition of the Borrower and its Subsidiaries taken as a whole,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Borrower and the Guarantors (taken as a whole) to perform their payment obligations under this Agreement or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the rights and remedies of the Lenders under this Agreement.

"<u>Material Indebtedness</u>" means Indebtedness (other than the Obligations) of the Borrower or a Material Subsidiary that is outstanding in an amount exceeding the Minimum Threshold.

"<u>Material Subsidiary</u>" means, at any date of determination, each Subsidiary which, as of the end of the most recent fiscal quarter of the Borrower occurring immediately prior to such date of determination, individually contributed greater than 10.0% of Consolidated Total Assets, after intercompany eliminations.

"<u>Maturity Date</u>" means, with respect to any Lender, the date that is 364 days after the Closing Date; *provided, however,* if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

"<u>Maximum Rate</u>" has the meaning assigned to such term in <u>Section 9.13</u>.

"<u>Minimum Acceptance Condition</u>" means that, on the Offer Unconditional Date, acceptances or tenders in the Offer have been received such that, when aggregated with all the Joshua Shares directly or indirectly owned by the Borrower, is at least 80% of all of the issued and outstanding Joshua Shares (or such lower percentage as approved by the Required Lenders).

"<u>Merger Protocol</u>" means the merger protocol dated as of August 24, 2025 between Joshua and the Borrower relating to the Offer, as amended, restated, amended and restated, supplemented or otherwise modified from time to time not in contravention of <u>Section 5.09(a)</u> and without giving effect to any Material Adverse Amendment.

"<u>Minimum Threshold</u>" means an outstanding aggregate principal amount exceeding $250,000,000.

"<u>Moody's</u>" means Moody's Ratings (or any successor thereto).

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate has any obligation to make contributions.

"<u>Net Cash Proceeds</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Asset Sale, the excess, if any, of (i) the cash received in connection therewith (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) payments made to retire any Indebtedness that is secured by such asset and that is required to be repaid in connection with the sale thereof, (B) the fees and expenses incurred by the Borrower and its Subsidiaries in connection therewith, (C) taxes paid or reasonably estimated to be payable by the Borrower and its Subsidiaries in connection with such transaction, (D) the funded escrow established pursuant to the documents governing such dispositions to secure indemnification and purchase price adjustments; *provided* that any amounts released from escrow shall constitute Net Cash Proceeds; and (E) the amount of reserves established by the Borrower or any of its Subsidiaries in good faith for adjustment in respect of the sale price of such asset or assets in accordance with GAAP; *provided* that if the amount of such reserves exceeds the amounts charged against such reserves, then such excess, upon the determination thereof, shall then constitute Net Cash Proceeds; *provided*, *further*, if no Event of Default exists and the Borrower shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Borrower to the Administrative Agent promptly following receipt of any such Net Cash Proceeds setting forth the Borrower and its Subsidiaries' intention to use any portion of such proceeds in assets useful in the business of the Borrower and its Subsidiaries or to acquire Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of), any Person engaged in a business of a type that the Borrower and its Subsidiaries would not be prohibited, pursuant to <u>Section 6.02(b)</u>, from conducting, in each case within the Reinvestment Period, such portion of such Net Cash Proceeds shall not constitute Net Cash Proceeds except to the extent not, within the Reinvestment Period, so used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Debt Issuance, the excess, if any, of (i) cash received by the Borrower and its Subsidiaries in connection with such incurrence, issuance, offering or placement over (ii) the sum of (A) payments made to retire any Indebtedness that is required to be repaid in connection with such issuance, offering or placement (other than the Borrowings) and (B) the underwriting discounts and commissions and

other fees and expenses incurred by the Borrower and its Subsidiaries in connection with such incurrence, issuance, offering or placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any Equity Issuance, the excess of (i) the cash received by the Borrower in connection with such issuance over (ii) the underwriting discounts and commissions and other fees and expenses incurred by the Borrower and its Subsidiaries in connection with such issuance;

provided that, notwithstanding anything to the contrary in this definition, Net Cash Proceeds shall not include any amounts that are not, in the reasonable opinion of the Borrower (acting in good faith) and as communicated to the Administrative Agent either: (i) unrestricted and free, clear and not subject to any restrictions or limitations on use (other than a customary use of proceeds requirement to use such cash for Certain Funds Purposes); or (ii) to the extent deposited into an escrow account or any similar arrangement, the conditions precedent to the release, discharge or drawdown with respect to such amounts are not more restrictive than the conditions set forth herein to the funding of the Bridge Facility and such escrow account or similar arrangement (and any conditions precedent relating to the release, discharge or drawdown with respect to such amounts) are on terms deemed by the Borrower to be consistent with public disclosures on certain funds prior to the Closing Date.

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means for any day, the greater of (a) the Federal Funds Effective Rate (which if less than zero shall be deemed to be zero) in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); *provided* that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds transaction quoted at 11:00 a.m. New York City time on such day received to the Administrative Agent from a federal funds broker of recognized standing selected by it; *provided, further,* that if any of the aforesaid rates shall be less than zero, such rates shall be deemed to be zero.

"<u>Obligations</u>" means the Loans and all other amounts owing by the Borrower to the Administrative Agent, any Lender, any Affiliate of any of them or any Indemnitee, of every type and description (whether by reason of an extension of credit, opening or amendment of a letter of credit or payment of any draft drawn thereunder, loan, guarantee, indemnification or otherwise), present or future, arising under this Agreement or any other Loan Document, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired and whether or not evidenced by any note, guarantee or other instrument or for the payment of money, including all fees, interest, charges, expenses, attorneys' fees and disbursements and other sums chargeable to the Borrower under this Agreement or any other Loan Document.

"<u>Offer</u>" means the Launch of the voluntary full public offer (*vrijwillig volledig openbaar bod*) for all of the issued and outstanding Joshua Shares to be made by the Borrower through the publication of the Offer Memorandum, in accordance with the terms of the Offer Memorandum and the Bidding Rules.

"<u>Offer Documents</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Initial Announcement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Irrevocable Undertaking(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Merger Protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Offer Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Press Release; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other document despatched to the shareholders of Joshua generally in relation to the Offer by or on behalf of the Borrower and/or Joshua, in accordance with the Bidding Rules.

"<u>Offer Memorandum</u>" means the offer document (*biedingsbericht*) issued or to be issued by the Borrower in its capacity as offeror in respect of the Offer setting out the terms of the Offer.

"<u>Offer Unconditional Date</u>" means the date on which the Offer is declared unconditional.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 2.18(b))</u>.

"<u>Overnight Bank Funding Rate</u>" means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

"<u>Participant</u>" has the meaning set forth in <u>Section 9.04(c)(i)</u>.

"<u>Participant Register</u>" has the meaning set forth in <u>Section 9.04(c)(ii)</u>.

"<u>Patriot Act</u>" means the USA Patriot Act of 2001 (31 U.S.C. 5318 et seq.) as amended from time to time.

"<u>Payment</u>" shall have the meaning assigned to such term in <u>Section 8.04</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Permitted Encumbrances</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens for Taxes (i) that are not overdue for a period of more than 30 days or that are being contested in compliance with <u>Section 5.04,</u> or (ii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carriers', warehousemen's, mechanics', materialmen's, repairmen's landlord's and other like Liens imposed by law, arising in the ordinary course of business and securing obligations

that are not overdue by more than 60 days (or if more than 60 days overdue, are unfiled and no other action has been taken to enforce such Liens) or are being contested in compliance with <u>Section 5.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens arising out of pledges or deposits to secure the performance of bids, tenders, insurance or other contracts (other than for the repayment of borrowed money), leases or to secure statutory obligations, surety or appeal bonds, or indemnity, performance or other similar bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations), in each case in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) judgment Liens in respect of judgments that do not constitute an Event of Default under <u>clause (k)</u> of <u>Article VII;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) easements, restrictions, rights-of-way and similar encumbrances and minor title defects on real property imposed pursuant to any law (including any Environmental Law) or arising in the ordinary course of business that do not secure any payment obligations and do not, in the aggregate, materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole, or (ii) secure any Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens (i) of a collection bank on the items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and (iii) in favor of a banking or other financial institution encumbering securities, deposits or other funds maintained with a financial institution (including the right of set off) and which are customary in the banking industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any interest or title of a lessor under leases entered into by the Borrower or any Subsidiaries and financing statements with respect to a lessor's right in and to property leased to such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens deemed to exist in connection with Permitted Investments and reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading

accounts or other brokerage accounts maintained in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other financial institutions not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower and the Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens solely on any cash earnest money deposits made by the Borrower or any Subsidiaries in connection with any letter of intent or purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) ground leases in respect of real property on which facilities owned or leased by the Borrower or any of its Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens on specific items of inventory or other goods and the proceeds thereof securing such Person's obligations in respect of documentary letters of credit or banker's acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens in connection with the sale or transfer of the Stock in a Subsidiary not prohibited under this Agreement and customary rights and restrictions contained in agreements relating to such sale or transfer, in each case, pending the completion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens arising by virtue of Uniform Commercial Code financing statement filings (or similar filings under applicable law) regarding operating leases entered into by the Borrower in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens on cash, cash equivalents or marketable securities of the Borrower or any Subsidiary securing obligations of the Borrower or any Subsidiary under Swap Agreements not incurred for speculative purposes.

"<u>Permitted Investments</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) investments in commercial paper maturing within 12 months from the date of acquisition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) investments in certificates of deposit, banker's acceptances and time deposits maturing within 12 months from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody's and (iii) have portfolio assets of at least $1,000,000,000.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any employee pension benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

"<u>Plan Asset Regulations</u>" means 29 CFR § 2510.3-101 *et seq.,* as modified by Section 3(42) of ERISA, as amended from time to time.

"<u>Press Release</u>" means (i) the Initial Announcement (including the Certain Funds Announcement) which shall be released by the Borrower and Joshua, and (ii) any other public announcement released by Borrower and/or Joshua in connection with or in relation to the intended Offer.

"<u>Promissory Note</u>" has the meaning assigned to such term in <u>Section 2.09(e)</u>.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>Qualifying Revolving Facility</u>" means a revolving credit facility entered into by the Borrower, the proceeds of which will be available to be drawn in full on or before the Final Settlement Date and which will be used to finance a portion of the Transactions and the commitments (or a portion thereof) under which are subject to conditions precedent to funding that are no more restrictive than the conditions set forth herein to the funding of the Bridge Facility and entered into on terms deemed by the Borrower to be consistent with public disclosures on certain funds prior to the Closing Date.

"<u>Qualifying Term Loan Facility</u>" means a term loan facility entered into by the Borrower, the proceeds of which will be available to be drawn in full on or before the Final Settlement Date and which will be used to finance a portion of the Transactions and that is subject to conditions precedent to funding that are no more restrictive than the conditions set forth herein to the funding of the Bridge Facility and entered into on terms deemed by the Borrower to be consistent with public disclosures on certain funds prior to the Closing Date.

"<u>Ratings Trigger Period</u>" means any period commencing on (and including) the date on which the Borrower's Index Debt Ratings from two or more of S&P, Moody's and Fitch is BBB- (by S&P or Fitch) and/or Baa3 (by Moody's) or lower and ending on (but excluding) the first date thereafter on which the Borrower's Index Debt Ratings from at least two of S&P, Moody's and Fitch is BBB+ (by S&P or Fitch) or Baa1 (by Moody's) or higher.

"<u>Recipient</u>" means the Administrative Agent and any Lender.

"<u>Reference Period</u>" has the meaning set forth in <u>Section 1.04(b)</u>.

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is EURIBO Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting or (2) if such Benchmark is not the EURIBO Rate, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Register</u>" has the meaning set forth in <u>Section 9.04(b)(iv)</u>.

"<u>Reinvestment Period</u>" means, with respect to any Net Cash Proceeds received in connection with any Asset Sale, the period of nine (9) months following the receipt of such Net Cash Proceeds; *provided* that, in the event that, during such nine (9)-month period, the Borrower or any of its Subsidiaries enters into a binding commitment to reinvest such Net Cash Proceeds, the Reinvestment Period with respect to such Net Cash Proceeds shall be the period of twelve (12) months following the receipt of such Net Cash Proceeds.

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective partners, directors, officers, employees, agents and advisors of such Person and such Person's Affiliates.

"<u>Relevant Governmental Body</u>" means the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto.

"<u>Relevant Rate</u>" means the EURIBO Rate.

"<u>Required Lenders</u>" means, at any time, Lenders having more than 50% in total of the aggregate outstanding amount of the unused Commitments and aggregate unpaid principal amount of Loans.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means, with respect to any Person, its president, Financial Officer or other executive officer.

"<u>S&P</u>" shall mean S&P Global Ratings (or any successor thereto).

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the subject or target of any comprehensive Sanctions (which, as of the date of this Agreement, are Cuba, Iran, North Korea, Syria, the Crimea, Zaporizhzhia and Kherson regions of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the

Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Country or (c) any Person owned 50% or more or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

"<u>Sanctions</u>" means any international economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom.

"<u>SEC</u>" means the United States Securities and Exchange Commission or any successor thereto.

"<u>Significant Subsidiary</u>" means any Subsidiary that would be a "significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act of 1933, as amended, as in effect on the Effective Date.

"<u>Solvent</u>" means, with respect to the Borrower and its Subsidiaries (a) the fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) the Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured and (d) the Borrower and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. For the purposes of the foregoing, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

"<u>Squeeze Out Procedure</u>" means the compulsory acquisition procedure (*uitkoopprocedure*) in accordance with section 2:92a or section 2:201a of the DCC or the takeover buy-out procedure in accordance with section 2:359c of the DCC, pursuant to which the Borrower can buy out the remaining holders of Joshua Shares.

"<u>Statutory Reserve Rate</u>" means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one *minus* the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the EURIBO Rate for eurocurrency funding (currently referred to as "<u>Eurocurrency Liabilities</u>" in Regulation D of the Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. Term Benchmark Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

"<u>Stock</u>" means shares of capital stock (whether denominated as common stock or preferred stock), partnership or membership interests, participations or other capital equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity, whether voting or non-voting.

"<u>Stock Equivalents</u>" means all securities convertible into or exchangeable for Stock and all warrants, options or other rights to purchase or subscribe for any Stock, whether or not presently convertible, exchangeable or exercisable.

"<u>subsidiary</u>" means, with respect to any Person (the "<u>parent</u>") at any date, any corporation, limited liability company, partnership, association or other business entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held.

"<u>Subsidiary</u>" means any direct or indirect subsidiary of the Borrower. For the avoidance of doubt, no member of the Joshua Group shall constitute a Subsidiary of the Borrower prior to the occurrence of the Closing Date.

"<u>Swap Agreement</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any obligations or liabilities under any such master; *provided* that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.

"<u>Syndication Agent</u>" means MUFG Bank, Ltd.

"<u>TARGET Day</u>" means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties, assessments, fees or similar charges imposed (including by deduction or withholding, including backup withholding) by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term Benchmark</u>" when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans, comprising such Borrowing, are bearing interest at a rate determined by reference to a Term Benchmark Rate.

"<u>Term Benchmark Rate</u>" means, for any Interest Period, an interest rate per annum equal to (x) the EURIBO Rate for such Interest Period, multiplied by (y) the Statutory Reserve Rate; *provided* that if the rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"<u>Threshold Indebtedness</u>" has the meaning assigned to such term in <u>Section 5.08</u>.

"<u>Transaction Costs</u>" means, with respect to any period, all non-recurring transaction fees, costs and expenses relating to (i) the pay-off, redemption, defeasance, repurchase, incurrence, assumption and/or establishment of any Indebtedness (including the Indebtedness evidenced by the Loan Documents) of the Borrower and/or its Subsidiaries and/or (ii) any acquisition or disposition by the Borrower and/or its Subsidiaries, in each case, including, without limitation, any non-recurring financing related fees, merger and acquisition fees, legal fees and expenses, due diligence fees or any other non-recurring transaction fees, costs and expenses in connection with any of the foregoing.

"<u>Transactions</u>" means, collectively, the transactions contemplated by the Loan Documents and the Offer Documents, including (a) consummation of the Acquisition, (b) the Borrower's incurrence, replacement, redemption, repayment, defeasance, discharge, constructive discharge or refinancing of Indebtedness of the Borrower, Joshua or their respective Subsidiaries in connection therewith, and (c) the payment of fees and expenses incurred in connection with the foregoing.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Unrestricted Cash</u>" means, on any date, cash and cash equivalents owned on such date by the Borrower and its Subsidiaries, as would be reflected on a consolidated balance sheet of the Borrower and its Subsidiaries prepared as of such date in conformity with GAAP, provided that such cash and cash equivalents do not appear (and would not be required to appear) as "restricted" on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in conformity with GAAP.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>U.S. Person</u>" means a "United States person" within the meaning of Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning assigned to such term in <u>Section 2.16(e)(ii)(B)(3)</u>.

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan under Section 4201 of ERISA.

"<u>Withholding Agent</u>" means any Loan Party and the Administrative Agent.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised

under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.02 <u>[Reserved]</u>

Section 1.03 <u>Terms Generally</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein", "hereof' and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time and (f) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 1.04 <u>Accounting Terms; GAAP</u>. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; *provided* that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith; notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Accounting Standards Codification ("<u>ASC</u>") 825-10-25 (or any other Accounting Standards Codification or Financial Borrower Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at "fair value", as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under ASC 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters of the Borrower (each such period, a "<u>Reference Period</u>"), (i) if during such Reference Period the Borrower or any Subsidiary shall have made any disposition, Consolidated EBITDA for such Reference Period shall be calculated after giving effect thereto on a pro forma basis, and (ii) if during such Reference Period the Borrower or any Subsidiary shall have made an acquisition (including, for the avoidance of doubt, the Acquisition), Consolidated EBITDA for such Reference Period shall be calculated after giving effect thereto on a pro forma basis; *provided*, that Borrower shall not be required to calculate Consolidated EBITDA on a pro forma basis with respect to any acquisition and disposition if the

Borrower determines in its sole discretion that it does not have reasonably and readily identifiable information to make such pro forma calculation. Notwithstanding the foregoing, if for SEC reporting purposes the Borrower is required to prepare pro forma financial statements in connection with an acquisition or disposition of the Borrower or its Subsidiaries (including, for the avoidance of doubt, the Acquisition), then the Borrower will calculate Consolidated EBITDA on a pro forma basis with respect to such acquisition and/or disposition.

Section 1.05 <u>[Reserved]</u>.

Section 1.06 <u>Interest Rates</u>. Upon the occurrence of a Benchmark Transition Event, Section 2.13(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

**Article II**

**<u>THE CREDITS</u>**

Section 2.01 <u>Commitments; Loans</u>. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans denominated in Euros to the Borrower from time to time in one or more draws on one or more Borrowing Dates during the Availability Period in an aggregate principal amount not to exceed such Lender's Commitment; *provided* that the aggregate number of Borrowings under this Section 2.01 shall not exceed five (5) during the term of this Agreement. Amounts paid, repaid or prepaid on the Loans may not be reborrowed.

Section 2.02 <u>Loans and Borrowings</u>. (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; *provided* that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.13</u>, each Borrowing shall be of Term Benchmark Loans. Each Lender at its option may make any Term Benchmark Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; *provided* that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement (it being understood that any such Affiliate that makes a Loan shall be entitled to the benefits of <u>Sections 2.14</u>, <u>2.15</u>

and <u>2.16</u> to the same extent as if it were a Lender and had acquired its interest in such Loan from such Lender by assignment pursuant to <u>Section 9.04(b))</u>; *provided further* that, as a result of the exercise of such option, such Lender, or such foreign branch or Affiliate of such Lender shall not be entitled to receive any greater payment under <u>Section 2.14</u> or <u>2.16</u> than such Lender is entitled to prior to exercising such option; and *provided further* that each such foreign branch or Affiliate agrees to comply with the requirements of <u>Section 2.16</u> and be subject to the provisions of <u>Section 2.18</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the commencement of each Interest Period for any Term Benchmark Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum; *provided* that any Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments; *provided* that there shall not at any time be more than a total of 10 Term Benchmark Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

Section 2.03 <u>Requests for Borrowings</u>. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone or, subject to <u>Section 9.01(b),</u> facsimile or electronic mail, not later than 12:00 noon, New York City time, three Business Days before the date of the proposed Borrowing (or such later time as may be agreed by the Administrative Agent). Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or, subject to <u>Section 9.01(b),</u> facsimile or electronic mail to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with <u>Section 2.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate amount of the requested Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of such Borrowing, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term "Interest Period"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the location and number of the Borrower's account to which funds are to be disbursed, which shall comply with the requirements of <u>Section 2.06</u>.

If no Interest Period is specified with respect to any requested Term Benchmark Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing.

Section 2.04 <u>[Reserved]</u>.

Section 2.05 <u>[Reserved]</u>.

Section 2.06 <u>Funding of Borrowings</u>. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 8:00 a.m., New York City time to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the aggregate amounts so received from the Lenders, in immediately available funds, to

an account of the Borrower pursuant to instructions of the Borrower on file with the Administrative Agent or otherwise designated by the Borrower in the applicable Borrowing Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the cost of funds incurred by the Administrative Agent in respect of such amount or (ii) in the case of the Borrower, the interest rate applicable to Term Benchmark Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

Section 2.07 <u>Interest Elections</u>. (a) It is understood and agreed that a Borrowing denominated in Euro must be made in the form of and continued as, a Term Benchmark Loan and shall have an initial Interest Period as specified in the applicable Borrowing Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone, subject to <u>Section 9.01(b),</u> facsimile or electronic mail by the time that a Borrowing Request would be required under <u>Section 2.03</u> if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or, subject to <u>Section 9.01(b),</u> facsimile or electronic mail to the Administrative Agent with a written Interest Election Request in a form approved by the Administrative Agent, such approval not to be unreasonably withheld or delayed, and signed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each telephonic and written Interest Election Request shall specify the following information in compliance with <u>Section 2.03</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period".

If any such Interest Election does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall have an Interest Period of one month's duration.

Section 2.08 <u>Termination and Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Commitment Reductions</u>. Without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that the Borrower actually receives any Net Cash Proceeds arising from any Equity Issuance or the Borrower or any of its Subsidiaries actually receives any Net Cash Proceeds arising from any Debt Issuance (other than a Debt Issuance under any Qualifying Term Loan Facility and/or any Qualifying Revolving Facility that has reduced the Commitments hereunder pursuant to clause (ii)(A) or (B) below) or Asset Sale, in each case during the period commencing on the Effective Date and ending on the date on which all Commitments are terminated, then the Commitments then outstanding shall, subject to <u>Section 2.10(c)(ii)</u>, be automatically reduced in an amount equal to the lesser of (i) 100% of such Net Cash Proceeds on the date of receipt by the Borrower or, as applicable, any of its Subsidiaries of such Net Cash Proceeds and (ii) the amount of Commitments then outstanding. The Borrower shall promptly notify the Administrative Agent (but in any event within 3 Business Days) of the receipt by the Borrower, or, as applicable, any of its Subsidiaries, of such Net Cash Proceeds from any Equity Issuance, Debt Issuance or Asset Sale, and such notice shall be accompanied by a reasonably detailed calculation of the Net Cash Proceeds received to the extent receipt thereof would result in a reduction of the Commitments in accordance with the foregoing. Notwithstanding the foregoing, mandatory commitment reductions with respect to Net Cash Proceeds from Debt Issuances or Asset Sales received by a Foreign Subsidiary shall not be required if and for so long as the Borrower has determined in good faith that repatriation to the Borrower of such Net Cash Proceeds would have material adverse tax consequences or would violate applicable local law or applicable organizational documents of such Subsidiary. Notwithstanding anything to the contrary in this <u>Section 2.08(a)(i)</u>, all Net Cash Proceeds described in this <u>Section 2.08(a)(i)</u> received by the Borrower or its Subsidiaries on or after the Closing Date are subject to the Borrower's election rights set forth in <u>Section 2.10(c)(ii)</u>, and to the extent any such Net Cash Proceeds are applied to prepay Loans pursuant to <u>Section 2.10(c)(i)</u>, then such Net Cash Proceeds will not be required to be applied to reduce Commitments pursuant to <u>Section 2.08(a)(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) In the event that the Borrower or any of its Subsidiaries enters into any Qualifying Term Loan Facility for the purpose of financing the Transactions during the period commencing on the Effective Date and ending on the date all of the Commitments hereunder are terminated, automatically upon the effectiveness of the definitive documentation for such Qualifying Term Loan Facility in accordance with all applicable "certain funds" requirements in relation to the Offer under applicable laws and regulations, the Commitments then outstanding shall be reduced in an amount equal to the lesser of (x) 100% of the commitments under such Qualifying Term Loan Facility that are subject to conditions precedent to funding that are no more restrictive than the conditions set forth herein to the funding of the Bridge Facility and (y) the amount of the Commitments then outstanding; <u>provided</u>, however, notwithstanding any provision to the contrary herein, after such reduction in Commitments, any Net Cash Proceeds received by the Borrower or any of its Subsidiaries with respect to such Qualifying Term Loan Facility that has reduced Commitments pursuant to this <u>clause (A)</u> shall not result in any requirement for a further reduction in Commitments or prepayment of Loans. The Borrower shall promptly (but in any event within 3 Business Days of the date thereof) notify the Administrative Agent of the entry into any Qualifying Term Loan Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the event that the Borrower or any of its Subsidiaries enters into any Qualifying Revolving Facility for the purpose of financing the Transactions during the period commencing on the Effective Date and ending on the date all of the Commitments hereunder are terminated, automatically upon the effectiveness of the definitive documentation for such Qualifying Revolving Facility in accordance with all applicable "certain funds" requirements in relation to the Offer under applicable laws and regulations, the Commitments then outstanding shall be reduced in an amount equal to the lesser of (x) 100% of the commitments under such Qualifying Revolving Facility that are subject to conditions precedent to funding that are no more restrictive than the conditions set forth herein to the funding of the Bridge Facility and (y) the amount of the Commitments then outstanding; <u>provided</u>, however, notwithstanding any provision to the contrary herein, after such reduction in Commitments, any Net Cash Proceeds received by the Borrower or any of its Subsidiaries with respect to such Qualifying Revolving Facility that has reduced Commitments pursuant to this <u>clause (B)</u> shall not result in any requirement for a further reduction in Commitments or prepayment of Loans. The Borrower shall promptly (but in any event within 3 Business Days of the date thereof) notify the Administrative Agent of the entry into any Qualifying Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On each Borrowing Date, after giving effect to any Loan made to the Borrower on such date, the Commitments shall be reduced by the principal amount of such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unless previously terminated, the Commitments shall automatically terminate at 11:59 p.m. (New York City time) on the date the Certain Funds Period terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Voluntary Commitment Reductions</u>. The Borrower may at any time optionally terminate, or from time to time optionally reduce, the Commitments; <u>provided</u> that each reduction of the Commitments shall be in an amount that is an integral multiple of €1,000,000 and not less than €10,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction (or such shorter notice as may be satisfactory to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; *provided* that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the occurrence of an event, in which case such notice may be revoked or delayed by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments pursuant to this Section 2.08 shall be permanent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each reduction of the Commitments pursuant to this Section 2.08 shall be made ratably among the Lenders in accordance with their respective Commitments.

Section 2.09 <u>Repayment of Loans; Evidence of Debt</u>. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender, the then unpaid principal amount of each Loan on the Maturity Date (or if earlier, the date of the termination of the Commitments in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); *provided* that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may request that Loans made by it be evidenced by a promissory note (a "<u>Promissory Note</u>"). In such event, the Borrower shall prepare, execute and deliver to such Lender a Promissory Note payable to such Lender and its registered assigns and in a form approved by the Administrative Agent.

Section 2.10 <u>Prepayment of Loans</u>. (a) The Borrower shall have the right at any time and from time to time to voluntarily prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall notify the Administrative Agent by telephone, facsimile or electronic mail (and, in the case of telephonic notice, promptly confirmed by hand delivery, facsimile or electronic mail) of any prepayment hereunder in the case of prepayment of a Term Benchmark Borrowing, not later than 2:00 p.m., New York City time, three Business Days before the date of prepayment (or such shorter notice as may be satisfactory to the Administrative Agent). Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; *provided* that, a notice of prepayment delivered by the Borrower may state that such notice is conditioned upon the occurrence of an event, in which case such notice may be revoked or delayed by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued and unpaid interest to the extent required by <u>Section 2.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without duplication, in the event that the Borrower actually receives any Net Cash Proceeds arising from any Equity Issuance or the Borrower or any of its Subsidiaries actually receives any Net Cash Proceeds arising from any Debt Issuance (other than a Debt Issuance under any Qualifying Term Loan Facility and/or any Qualifying Revolving Facility that has reduced the Commitments hereunder pursuant to <u>Section 2.08(a)(ii)</u> above) or Asset Sale, in each case, on and after the Closing Date, then the Borrower shall prepay the Loans in an amount equal to 100% of such Net Cash Proceeds not later than three Business Days following the receipt by the Borrower or any such Subsidiary of such Net Cash Proceeds. The Borrower shall promptly (and not later than 3 Business Days after the receipt thereof) notify the Administrative Agent of the receipt by the Borrower or, as applicable, any of its Subsidiaries, of such Net Cash Proceeds from any Equity Issuance, Debt Issuance or Asset Sale, and such notice shall be accompanied by a reasonably detailed calculation of the Net Cash Proceeds. Each prepayment of Loans shall be applied ratably and shall be accompanied by accrued interest and fees on the amount prepaid to the date fixed for prepayment. Notwithstanding the foregoing, mandatory repayments with respect to Net Cash Proceeds from Debt Issuances or Asset Sales received by a Foreign Subsidiary shall not

be required if and for so long as the Borrower has determined in good faith that repatriation to the Borrower of such Net Cash Proceeds would have material adverse tax consequences or would violate applicable local law or applicable organizational documents of such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding any provision to the contrary in <u>Section 2.08</u> or in this <u>Section 2.10</u>, upon receipt by the Borrower or any of its Subsidiaries of Net Cash Proceeds described in <u>Section 2.10(c)(i)</u> on or after the Closing Date, the Borrower may within three (3) Business Days, upon notification to the Administrative Agent, elect to apply all or any portion of such Net Cash Proceeds to reduce the unused Commitments in accordance with <u>Section 2.08(a)(i)</u> rather than applying such Net Cash Proceeds to prepay the Loans pursuant to <u>Section 2.08(c)(i)</u>, so long as 100% of such Net Cash Proceeds are applied to either so reduce outstanding Commitments or prepay Loans; <u>provided</u> if no such election is made within such period then such Net Cash Proceeds shall be applied <u>first</u>, to prepay Loans pursuant to Section 2.10(c)(i) until prepaid in full and <u>then</u>, the remainder to reduce unused Commitments in accordance with <u>Section 2.08(a)(i)</u>. It is understood and agreed that to the extent any Net Cash Proceeds were applied to reduce Commitments pursuant to <u>Section 2.08(a)(i)</u> pursuant to this <u>Section 2.10(c)(ii)</u>, then such Net Cash Proceeds will not be required to be applied to prepay Loans pursuant to <u>Section 2.10(c)(i)</u>.

Section 2.11 <u>Fees</u>. (a) *Commitment Fee*. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than a Defaulting Lender for such time as such Lender is a Defaulting Lender) a non-refundable commitment fee (the "<u>Commitment Fee</u>") in Euros, which shall accrue at the Commitment Fee Rate on the daily amount of the unused Commitment of such Lender during the period from and including the date that is one hundred twenty-one (121) days after the Effective Date to but excluding the date on which all of the Commitments hereunder have been terminated. Accrued Commitment Fees shall be payable in arrears on the Closing Date (with respect to all amounts accrued to such date) and the date of termination of the Commitments in full. All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Duration Fee*. The Borrower agrees to pay to the Administrative Agent for the ratable account of each Lender, fully-earned and non-refundable duration fees payable in Euro in amounts equal to the percentage, as determined in accordance with the grid below, of the aggregate principal amount of the Loans and Commitments outstanding at 5:00 P.M., New York City time, on each date set forth in the grid below, in each case payable on each such applicable date (or to the extent such day is not a Business Day, the next Business Day):

---

| | | |
|:---|:---|:---|
| 90<sup>th</sup> Day after the Closing Date<br>| 180<sup>th</sup> Day after the Closing Date | 270<sup>th</sup> Day after the Closing Date |
| 0.50%<br>| 0.75% | 1.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Fees.* The Borrower shall pay to the Administrative Agent and the Bookrunners for their accounts (or that of their applicable Affiliate) such fees set forth in the Fee Letter and as may from time to time be agreed in writing between the Borrower and the Administrative Agent and/or any Bookrunner.

Section 2.12 <u>Interest</u>. (a) The Loans comprising each Term Benchmark Borrowing shall bear interest at the Term Benchmark Rate for the Interest Period in effect for such Borrowing *plus* the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due (after giving effect to any applicable grace periods), whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Loan, 2% *plus* the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% *plus* the rate applicable to Term Benchmark Loans as provided in paragraph (a) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the Maturity Date; *provided* that (i) interest accrued pursuant to paragraph (b) of this Section shall be payable on demand, and (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

Section 2.13 <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d), (e) and (f) of this <u>Section 2.13</u>, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Term Benchmark Rate including the EURIBO Rate (including because the applicable rate is not available or published on a current basis), for Euros and such Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Required Lenders that prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Term Benchmark Rate, including the EURIBO Rate, for Euros and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for Euros and such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of <u>Section 2.07</u> or a new Borrowing Request in accordance with the terms of <u>Section 2.03</u>, for Loans denominated in Euros, any Interest Election Request that requests the continuation of any Borrowing as a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for a Borrowing that bears interest at a rate reasonably determined by the Administrative Agent and the Borrower. Furthermore, if any Term Benchmark Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this <u>Section 2.13(a)</u> with respect to a Relevant Rate applicable to such Term Benchmark Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of <u>Section 2.07</u> or a new Borrowing Request in accordance with the terms of <u>Section 2.03</u>, for Loans denominated in Euros, any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business

Day) be converted by the Administrative Agent to, and shall constitute, a Borrowing of Loans bearing interest at a rate reasonably determined by the Administrative Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5<sup>th</sup>) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <u>Section 2.13(b)</u> will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.13</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this <u>Section 2.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the EURIBO Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or continuation of Term Benchmark Loans to be made or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Borrowing denominated in Euros into a request for a Borrowing of Loans bearing interest at a rate

reasonably determined by the Administrative Agent and the Borrower. Furthermore, if any Term Benchmark Loan in Euros is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan, then until such time as a Benchmark Replacement for Euros is implemented pursuant to this <u>Section 2.13</u>, such Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day) bear interest at a rate reasonably determined by the Administrative Agent and the Borrower.

Section 2.14 <u>Increased Costs</u>. (a) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject any Administrative Agent or Lender to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) impose, modify or deem applicable any reserve, special deposit or similar requirement (including any compulsory loan requirement) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Term Benchmark Rate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on any Lender or any applicable interbank market (or any other market in which the funding operations of such Lender shall be conducted with respect to Euro) any other condition, cost or expense (other than with respect to Taxes) affecting this Agreement or Term Benchmark Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting or maintaining any Term Benchmark Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section, including in reasonable detail a description of the basis for such claim for compensation and an explanation of how such amount or amounts were determined (it being agreed that no Lender shall be required to disclose any of its proprietary or confidential information), shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; *provided*

that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; *provided further* that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. Any claim made by a Lender under this <u>Section 2.14</u> shall be generally consistent with such Lender's treatment of other customers of such Lender that such Lender considers, in its reasonable discretion, to (i) be similarly situated to the Borrower and (ii) have generally similar provisions in their credit agreements with such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to the occurrence of the Effective Date and <u>Section 4.04</u>, if any Lender determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund Term Benchmark Loans, or to determine or charge interest rates based upon the Term Benchmark Rate (including the EURIBO Rate), then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make Term Benchmark Loans shall instead be an obligation to make a Loan based on a benchmark rate reasonably determined by the Administrative Agent and the Borrower until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), convert all applicable Term Benchmark Loans of such Lender to a Loan based on a benchmark rate reasonably determined by the Administrative Agent and the Borrower, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term Benchmark Loans to such day, or promptly, or if such Lender may not lawfully continue to maintain such Term Benchmark Loans.

Section 2.15 <u>Break Funding Payments.</u> In the event of (a) the payment of any principal of any Term Benchmark Loan denominated in Euros other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the failure to borrow, convert, continue or prepay any Term Benchmark Loan denominated in Euros on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under <u>Section 2.10(b)</u> and is revoked in accordance therewith), (c) the assignment of any Term Benchmark Loan denominated in Euros other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to <u>Section 2.18</u>, or (d) the failure by the Borrower to make any payment of any Euro denominated Loan on its scheduled due date then, in any such event, the Borrower shall compensate each Lender (other than, in the case of a claim for compensation based on the failure to borrow as specified in clause (b) above, any Lender whose failure to make a Loan required to be made by it hereunder has resulted in such failure to borrow) for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Euro denominated Loan had such event not occurred, at the applicable Term Benchmark Rate, as applicable, that would have been applicable to such Euro denominated Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount denominated in Euros for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for a comparable amount and period from other banks in the applicable interbank market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof.

Section 2.16 <u>Taxes</u>. (a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.16(a)) the Administrative Agent or Lender (as applicable) receives an amount equal to the sum it would have received had no such deduction or withholding for Indemnified Tax been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without duplication of any Tax paid under <u>Section 2.16(a)</u>, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) The Loan Parties shall jointly and severally indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 2.16(c))</u> payable or paid by the Administrative Agent or such Lender (as the case may be) or required to be withheld or deducted from a payment to the Administrative Agent or such Lender (as the case may be), and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority (which demand shall be made within 180 days of the earlier of (x) if the Administrative Agent or such Lender received written notice from a Governmental Authority demanding payment of such Indemnified Taxes, the date the Administrative Agent or such Lender received such written notice or (y) the date the Administrative Agent or such Lender filed a tax return on which such Indemnified Taxes are reflected). A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Borrower determines in good faith that a reasonable basis exists for contesting an Indemnified Tax with respect to which it has made an indemnification payment under this subsection (c), the Administrative Agent or the relevant Lender shall cooperate with the Borrower in challenging such Tax at the Borrower's expense if requested by the Borrower in writing; *provided, however,* that neither the Administrative Agent nor any Lender shall be required to take any action pursuant to this <u>Section 2.16(c)(ii)</u> that, in the sole discretion of the Administrative Agent or such Lender, would cause the Administrative Agent or such Lender to suffer any material economic, legal or regulatory disadvantage and such disadvantage is communicated to the Borrower in writing; *provided further* that nothing contained in this <u>Section 2.16(c)(ii)</u> shall interfere with the right of the Administrative Agent or any Lender to arrange its tax affairs in whatever manner it thinks fit nor oblige the Administrative Agent or any Lender to make available its tax returns or disclose any information relating to its tax affairs or any computations in respect thereof to the Borrower or require the Administrative Agent or any Lender to do anything that would materially prejudice its ability to benefit from any other refunds, credits, reliefs, remissions or repayments to which it may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this <u>Section 2.16,</u> such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Any Lender (which, solely for purposes of this <u>Section 2.16(e),</u> shall include the Administrative Agent) that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 2.16(e)(ii)(A), (ii)(B)</u> and <u>(ii)(D)</u> below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), two (2) duly completed and executed copies of IRS Form W-9 (or successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, two (2) duly completed and executed copies IRS Form W-8BEN or IRS Form W-8BEN-E (or, in each case, any successor form) claiming eligibility for benefits of such treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) two (2) duly completed and executed copies of IRS Form W-8ECI (or successor form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit D-1</u> to the effect that such Foreign Lender is not (I) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (II) a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or (III) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and that no payment under any Loan Document is effectively connected with the Foreign Lender's conduct of a trade or business (a "<u>U.S. Tax Compliance Certificate</u>") and (y) two (2) duly completed and executed copies of IRS Form W- 8BEN or W-8BEN-E (or, in each case, any successor form); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent a Foreign Lender is not the beneficial owner, two (2) duly completed and executed copies of IRS Form W-8IMY (or successor form), accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S.

Tax Compliance Certificate substantially in the form of <u>Exhibit D-2</u> or <u>Exhibit D-3,</u> IRS Form W-9 and/or other certification documents from each beneficial owner, as applicable; *provided* that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit D-4</u> on behalf of such direct and indirect partner(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause <u>(D),</u> "<u>FATCA</u>" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Administrative Agent or a Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes (including any Tax credit in lieu of a refund) as to which it has been indemnified by a Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this <u>Section 2.16,</u> it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this <u>Section 2.16</u> with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (as applicable) and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); *provided,* that such Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party by the Administrative Agent or such Lender (as applicable) pursuant to this subsection <u>(f)</u> (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph <u>(f),</u> in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph <u>(f)</u> the payment of which would place the Administrative Agent or Lender, as applicable, in a less favorable net after-Tax position than such party would have been in if the Tax subject

to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to a Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Taxes and without limiting any obligation of the Loan Parties to do so) and (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 9.04(c)(ii)</u> relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable and documented expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection (g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this <u>Section 2.16</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of this <u>Section 2.16,</u> the term "applicable law" includes FATCA.

Section 2.17 <u>Payments Generally; Pro Rata Treatment; Sharing of Set-offs</u>. (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or of amounts payable under <u>Section 2.14, 2.15</u> or <u>2.16,</u> or otherwise) prior to 1:00 p.m., New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its applicable office as described in an Administrative Questionnaire provided by the Administrative Agent to the Borrower from time to time, except that payments pursuant to <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u> shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Euros.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender

receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; *provided* that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender shall fail to make any payment required to be made by it pursuant to <u>Section 2.06(b)</u>, <u>2.17(d)</u> or <u>9.03(c),</u> then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof) (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

Section 2.18 <u>Mitigation Obligations; Replacement of Lenders</u>. (a) If any Lender requests compensation under <u>Section 2.14</u> or delivers notice pursuant to <u>Section 2.14(e),</u> or if the Borrower is required to pay Indemnified Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.16,</u> then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.14</u> or <u>2.16,</u> as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i) any Lender requests compensation under <u>Section 2.14,</u> (ii) the Borrower is required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.16,</u> (iii) if any Lender becomes a Defaulting Lender or (iv) in connection with any proposed amendment, modification, waiver or termination requiring the consent of all the Lenders or all affected Lenders, the consent of the Required Lenders is obtained but the consent of any Lender whose consent is required is not obtained, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,

without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u> or pursuant to procedures agreed upon by the Administrative Agent and the Borrower), all its interests, rights (other than its rights to payments pursuant to <u>Section 2.14</u>, <u>Section 2.15</u>, <u>Section 2.16</u> or <u>Section 9.03</u> arising prior to the effectiveness of such assignment) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); *provided* that (i) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.14</u> or payments required to be made pursuant to <u>Section 2.16,</u> such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

Section 2.19 <u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement or any other Loan Document to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fees shall cease to accrue on the undrawn amount of the Commitment of such Defaulting Lender pursuant to <u>Section 2.11(a);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Commitments and Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders (or all Lenders, as the case may be) have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to <u>Section 9.02)</u>; *provided,* that this clause <u>(b)</u> shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby if such Defaulting Lender is an affected Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and *provided, further*, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights and remedies against, and with respect to, a Defaulting Lender under this <u>Section 2.19</u> are in addition to, and cumulative and not in limitation of, all other rights and remedies that the Administrative Agent, each Lender or the Borrower or any other Loan Party may have at any time against, or with respect to, such Defaulting Lender.

**Article III**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

To induce the Lenders and the Administrative Agent to enter into this Agreement, the Borrower makes each of the representations and warranties set forth below as of the Effective Date, the Closing Date

and each subsequent Borrowing Date (it being understood that the conditions to the Effective Date, the Closing Date and each subsequent Borrowing Date are solely those set out in Sections 4.01, 4.02 and 4.03 as applicable):

Section 3.01 <u>Organization; Powers</u>. (a) Each Loan Party is (i) duly organized (where relevant) and validly existing and (ii) in good standing (where relevant), in each case under the laws of the jurisdiction of its organization or formation, except in the case of a Subsidiary, where the failure to so be duly organized, validly exist or in good standing would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Loan Party has all requisite power and authority to carry on its business as now conducted and is qualified to do business in, and is in good standing (where relevant) in, every jurisdiction where such qualification is required, except, in each case, where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

Section 3.02 <u>Authorization; Enforceability</u>. Each Loan Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Loan Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party. Each of this Agreement and the other Loan Documents has been duly executed and delivered by each Loan Party party thereto and constitutes a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 3.03 <u>Governmental Approvals; No Conflicts</u>. The execution and delivery of each Loan Document by each Loan Party party thereto and performance thereof: (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect (except for (i) any reports required to be filed by the Borrower with the SEC pursuant to the Exchange Act or (ii) those that may be required from time to time in the ordinary course of business that may be required to comply with certain covenants contained in the Loan Documents), (b) will not violate the charter or by-laws (or equivalent organizational documents) of the Borrower or of any other Loan Party, (c) will not violate any applicable law (including ERISA and Environmental Laws) or regulation or any order of any Governmental Authority to which any Loan Party is subject, and (d) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any other Loan Party or its assets or result in the creation of a Lien on the assets of the Borrower or any of its Subsidiaries (other than Liens permitted by Section 6.01), except in the case of clauses (a), (c) and (d) above for any such violations or defaults that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

Section 3.04 <u>Financial Condition; No Material Adverse Change</u>. (a) The Borrower has heretofore furnished to the Lenders (x) the Borrower's consolidated balance sheet and consolidated statements of income, comprehensive income, stockholders' equity and cash flows as of and for the fiscal year ended December 31, 2024, reported on by Deloitte & Touche LLP and (y) the Borrower's unaudited consolidated balance sheet and consolidated statements of income, comprehensive income, stockholders' equity and cash flows as of and for the fiscal quarters ended March 31, 2025 and June 30, 2025. To the knowledge of the Borrower, such financial statements present fairly, in all material respects the consolidated financial position, results of operations and cash flows of the Borrower as of such date and for such period in accordance with GAAP, except in the case of quarterly financial statements, for normal year-end adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Effective Date, since December 31, 2024 there has been no Material Adverse Change.

Section 3.05 <u>Litigation</u>. There are no actions, suits or proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Responsible Officer of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries as to which there is a reasonable expectation of an adverse determination and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, except as disclosed in (i) filings made by the Borrower with the SEC on or before the date that is five days prior to the date hereof and (ii) filings made by Joshua with the Dutch Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*) on or before the date that is five days prior to the date hereof.

Section 3.06 <u>Investment Company Status</u>. No Loan Party is an "investment company" as such term is defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

Section 3.07 <u>Margin Regulations</u>. No part of the proceeds of any Loan have been used or will be used by the Borrower or any Subsidiary, whether directly or indirectly, for any purpose that entails a violation of Regulation U or X of the Board.

Section 3.08 <u>Affected Financial Institutions</u>. No Loan Party is an Affected Financial Institution.

Section 3.09 <u>Anti-Corruption Laws and Sanctions</u>. The Borrower has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with AntiCorruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and directors and to the knowledge of the Borrower its employees, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. None of the proceeds of this Agreement will be used by the Borrower directly or to the Borrower's knowledge indirectly, for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person or in any Sanctioned Country, to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state, will violate any Anti-Corruption Law or applicable Sanctions or will violate the Patriot Act or any other applicable terrorism or money laundering laws, rules, regulations or orders.

Section 3.10 <u>Offer Documents</u>. The Offer Documents contain all the material terms of the Acquisition.

**Article IV**

**<u>CONDITIONS</u>**

Section 4.01 <u>Effective Date</u>. This Agreement and the Commitments of the Lenders hereunder shall not become effective until the time and date (the "<u>Effective Date</u>") on which each of the following conditions is satisfied (or waived in accordance with <u>Section 9.02)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall have received a counterpart of this Agreement, duly executed by each party hereto, the Fee Letter, duly executed by each party thereto, and the Guaranty, duly executed by each party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received, for the Borrower and each Guarantor, a certificate of good standing (or the equivalent) from the appropriate governing agency of each

such Loan Party's jurisdiction of organization (to the extent the concept of good standing is applicable in such jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall have received a certificate, dated the Effective Date, of the Secretary or an Assistant Secretary of the Borrower and each Guarantor (or, if such Loan Party does not have a secretary or assistant secretary, any other Person duly authorized to execute such a certificate on behalf of such Loan Party) certifying as to (i) specimen signatures of the persons authorized to execute Loan Documents to which such Loan Party is a party, (ii) copies of such Loan Party's constituent organizational documents, and (iii) the resolutions of the board of directors or other appropriate governing body of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have received at least three Business Days prior to the Effective Date all documentation and other information regarding the Borrower and Guarantors required by bank regulatory authorities under applicable "know-your-customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation, to the extent reasonably requested at least ten Business Days prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent shall have received a customary written legal opinion dated the Effective Date (addressed to the Administrative Agent and the Lenders) of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel for the Loan Parties, and (ii) Lowenstein Sandler LLP, New Jersey counsel for the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Offer Documents</u>. The Administrative Agent shall have received a draft of the Merger Protocol and the Initial Announcement, each in form and substance reasonably satisfactory to the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Lenders, the Administrative Agent and the Bookrunners shall have received all fees and expenses (in the case of expenses, to the extent invoiced at least three Business Days prior to the Effective Date) required to be paid under this Agreement and the Fee Letter on or prior to the Effective Date.

Each of the parties hereto irrevocably confirm that the Effective Date has occurred on the date of this Agreement.

Section 4.02 <u>Conditions to Closing Date.</u>Subject to Section 4.04, the obligation of each Lender to make a Loan hereunder on the Closing Date is subject to the satisfaction (or the waiver in accordance with Section 9.02) of only the following conditions on or prior to the occurrence of any Mandatory Cancellation Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Effective Date shall have occurred (it being understood and agreed that the Effective Date occurred on the date of this Agreement, and this condition has been satisfied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received a certificate, dated the Closing Date and signed by a Responsible Officer of the Borrower substantially in the form set out in <u>Exhibit F</u>, certifying that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the condition set forth in Section 4.02(c) has been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Offer Unconditional Date shall have occurred without the Borrower having agreed to any Materially Adverse Amendment to the applicable Offer Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Closing Date, immediately before and after giving effect to the making of and application of proceeds of any applicable Borrowing on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Certain Funds Representations shall be true and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall not exist any Certain Funds Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have received a duly executed Borrowing Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Lenders, the Administrative Agent and the Bookrunners shall have received all fees and expenses (in the case of expenses, to the extent invoiced at least 3 Business Days prior to the Closing Date) required to be paid under this Agreement and the Fee Letter on or prior to the Closing Date (and for the avoidance of doubt, a direction by the Borrower to the Administrative Agent to deduct the full amount of such fees and expenses from the proceeds of the Loans to be funded on the Closing Date in the applicable request for a borrowing of Loans on the Closing Date or a closing funds flow demonstrating that such fees and expenses will be paid on the Closing Date shall each be sufficient to satisfy this condition).

Section 4.03 <u>Conditions to Each Borrowing Date</u>. Subject to <u>Section 4.04</u>, the obligation of each Lender to make a Loan on any Borrowing Date after the Closing Date (but prior to the occurrence of any Mandatory Cancellation Event) shall be subject to the satisfaction (or waiver in accordance with <u>Section 9.02</u>) of only the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closing Date shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On such Borrowing Date, immediately before and after giving effect to the making of and application of proceeds of any applicable Borrowing on such Borrowing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Certain Funds Representations shall be true and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall not exist any Certain Funds Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall have received a duly executed Borrowing Request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Lenders, the Administrative Agent and the Bookrunners shall have received all fees and expenses (in the case of expenses, to the extent invoiced at least 3 Business Days prior to the Closing Date) required to be paid under this Agreement and the Fee Letter on or prior to such Borrowing Date (and for the avoidance of doubt, a direction by the Borrower to the Administrative Agent to deduct the full amount of such fees and expenses from the proceeds of the Loans to be funded on such Borrowing Date in the applicable Borrowing Request or a closing funds flow demonstrating that such fees and expenses will be paid on such Borrowing Date shall each be sufficient to satisfy this condition).

Section 4.04 <u>Actions During Certain Funds Period</u>. During the Certain Funds Period and notwithstanding (i) any provision in this Agreement or any of the other Loan Documents contrary to or inconsistent with this Section 4.04 or (ii) that any condition set out in <u>Section 4.01</u> may subsequently be determined to not have been satisfied or any representation or warranty given on the Effective Date, Closing Date or any Borrowing Date was incorrect in any respect, none of the Lenders nor the Administrative Agent shall (unless (x) in the case of a particular Lender, in respect of clause (c) below, it has become illegal for

such Lender to participate in making the Loans since the date it first became a Lender; *provided*, that such Lender has used commercially reasonable efforts to make the Loan through an Affiliate of such Lender not subject to such legal restriction; *provided, further*, that the occurrence of such event in relation to one Lender shall not relieve any other Lender of its obligations hereunder or (y) a Certain Funds Default has occurred and is continuing or would result from such proposed Borrowing) be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) rescind, terminate or cancel any of its Commitments (subject to any Commitment reductions and terminations pursuant to Section 2.08);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (x) rescind, terminate, repudiate, claim invalidity of or cancel the Loan Documents or the Commitments, (y) exercise any similar right or remedy or (z) make or enforce any lien or any claim under the Loan Documents it may have;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) refuse to participate in the making of a Loan, subject to the satisfaction of the conditions set forth in <u>Section 4.02</u> and <u>4.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise any right of set-off or counterclaim (or any similar right or remedy) in respect of any Loan or Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel, accelerate or cause repayment or prepayment of any amounts owing under any Loan Document (subject to any prepayments pursuant to <u>Section 2.10</u>),

*provided* that, immediately upon the expiry of the Certain Funds Period, but subject to any limitations set forth herein, including with respect to the Borrower's remedies prior to the Clean-up Date, all such rights, remedies and entitlements shall be available to the Lenders and the Administrative Agent notwithstanding that they may not have been used or been available for use during the Certain Funds Period.

Section 4.05 <u>Determinations under this Section IV.</u> For the purposes of determining compliance with the conditions specified in this Article IV, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the applicable date referred to in this Article IV specifying its objection thereto.

**Article V**

**<u>AFFIRMATIVE COVENANTS</u>**

Until the Facility Termination, the Borrower covenants and agrees with the Lenders that:

Section 5.01 <u>Financial Statements; Ratings Change and Other Information</u>. The Borrower will furnish to the Administrative Agent (for distribution to each Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on or before the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) or, if such financial statements are not required to be filed with the SEC, on or before the date that is 90 days after the end of each such fiscal year, its audited consolidated balance sheet and consolidated statements of income, comprehensive income, stockholders' equity and cash flows as of the end of and for such year, all certified by Deloitte & Touche LLP or other independent public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results

of operations of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on or before the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) with respect to each of the first three quarterly accounting periods in each fiscal year of the Borrower or, if such financial statements are not required to be filed with the SEC, on or before the date that is 45 days after the end of each such quarterly accounting period, its consolidated balance sheet and consolidated statements of income, comprehensive income, stockholders' equity and cash flows as of the end of and for such fiscal quarter and the elapsed portion of the fiscal year ended with the last day of such quarterly period, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth reasonably detailed calculations demonstrating compliance with <u>Section 6.03;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower with the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly after Moody's or S&P shall have announced a change in the rating established or deemed to have been established for the Index Debt, written notice of such rating change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request; *provided,* that such financial information is otherwise prepared by the Borrower or such Subsidiary in the ordinary course of business, is of a type customarily provided to lenders in similar credit facilities and is not subject to attorney-client or similar privilege.

Information required to be delivered pursuant to <u>subsections (a)</u>, <u>(b)</u> and <u>(d)</u> of this <u>Section 5.01</u> shall be deemed to have been delivered if such information, or one or more annual or quarterly or other reports or proxy statements containing such information shall have been posted by the Administrative Agent on IntraLinks or similar site to which the Lenders have been granted access or posted and available on the website of the SEC at http://www.sec.gov.

Section 5.02 <u>Notices of Material Events</u>. The Borrower will furnish to the Administrative Agent (for distribution to each Lender) prompt written notice of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Responsible Officer of the Borrower obtaining knowledge of the existence of any Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Responsible Officer of the Borrower obtaining knowledge of the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority

against or affecting the Borrower or any Subsidiary that, if adversely determined, would reasonably be expected to have a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other Responsible Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

Section 5.03 <u>Existence; Conduct of Business</u>. The Borrower will, and will cause each of its Material Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect (a) its legal existence (in the case of the Borrower, to remain organized under the laws of the United States, any state thereof or the District of Columbia) except, solely in the case of a Material Subsidiary, where the failure to do so would not reasonably be expected to have a Material Adverse Effect and (b) the rights, licenses, permits, privileges and franchises material to the conduct of the business of the Borrower and its Material Subsidiaries, taken as a whole except to the extent that failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; *provided* that the foregoing shall not prohibit any transaction permitted under <u>Section 6.02</u>.

Section 5.04 <u>Payment of Taxes</u>. The Borrower will, and will cause each of its Material Subsidiaries to, pay its Tax liabilities, that, if not paid, would reasonably be expected to have a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and (b) the Borrower or such Material Subsidiary has set aside on its books adequate reserves with respect thereto.

Section 5.05 <u>Maintenance of Properties; Insurance</u>. The Borrower will, and will cause each of its Material Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted and casualty and condemnation excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance (which may include self-insurance and co-insurance) in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, except in the case of clauses (a) and (b), to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect or as otherwise not prohibited by this Agreement.

Section 5.06 <u>Compliance with Laws</u>. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws (including ERISA and Environmental Laws), rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions in all material respects.

Section 5.07 <u>Use of Proceeds</u>. The proceeds of the Loans will be used solely for (directly or indirectly) a Certain Funds Purpose. The Borrower will not directly or to the Borrower's knowledge, indirectly, (i) use the proceeds of any Loan or (ii) lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, in any other manner that would result in a violation of applicable Sanctions by any Person party hereto (including any Person participating in the Loans, whether as underwriter, investor, or otherwise), or for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person or in any Sanctioned Country, to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state, or will violate any Anti-Corruption Law.

Section 5.08 <u>Guarantors</u>. The Borrower shall cause (i) each of its Material Subsidiaries (other than an Excluded Subsidiary) that incurs or assumes any Indebtedness for borrowed money in the form of a debt security or a credit facility (other than this Agreement) with an outstanding principal amount in excess of $100,000,000 (such Indebtedness for borrowed money being herein referred to as "<u>Threshold Indebtedness</u>"), that is Guaranteed by the Borrower and (ii) each of its Subsidiaries (other than an Excluded Subsidiary) that Guarantees any Threshold Indebtedness of the Borrower, in each case, to become a party to the Guaranty as a Guarantor within 30 days of the date such Subsidiary so incurs or assumes such Threshold Indebtedness Guaranteed by the Borrower or Guarantees Threshold Indebtedness of the Borrower (or such longer period of time as is acceptable to the Administrative Agent). In the event a Subsidiary that is a Guarantor ceases to Guarantee or ceases to be the borrower of any such Threshold Indebtedness referenced in the immediately preceding sentence, the Borrower may provide written notice certifying to the occurrence of such event (which notice and certification may be provided in advance of the occurrence of such event) to the Administrative Agent, whereupon such Subsidiary shall automatically be released from the Guaranty and shall cease to be a Guarantor immediately upon the occurrence of such event. The Lenders hereby authorize the Administrative Agent to enter into any amendments, supplements or termination or release confirmations to effect the provisions of this <u>Section 5.08</u>.

Section 5.09 <u>The Offer</u>. The Borrower agrees that from and after the Effective Date, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at all times comply in all material respects with the Bidding Rules and all other applicable laws and regulations relevant to the Offer, except to the extent that any exemption, consents, waivers, or dispensations has been obtained from the Dutch Authority for the Financial Markets ("<u>AFM</u>") or any other applicable regulator. The Borrower shall promptly notify the Administrative Agent of any such exemptions, consents, waivers, or dispensations and provide copies of any correspondence or approvals received from the AFM or other relevant regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly provide the Administrative Agent with such information as it may reasonably request in writing regarding material changes to the status and progress of the Offer, including any regulatory and antitrust clearances required in connection with the Offer and any other information reasonably requested in relation to the Offer, subject only to confidentiality, regulatory, or other legal restrictions relating to the supply of such information and only to the extent such information is available to the Borrower. The Borrower shall take all reasonable steps to ensure that such information is provided in a timely and accurate manner. Notwithstanding the foregoing, the Borrower shall not be required to provide any information to the extent it has determined that such information cannot be provided without breaching applicable laws and regulations (including applicable securities and market abuse laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Borrower shall not (and shall cause its Subsidiaries and Affiliates to not) amend or waive (or consent to amend or waive) any provision of the Offer Documents, other than any amendment, waiver or consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) made with the consent of the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) required or requested by the AFM or reasonably determined by the Borrower (acting on the advice of its legal advisers) as being necessary or desirable to comply with the requirements of the AFM or any other relevant regulatory body or applicable law or regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the extent such amendment, waiver or consent would not constitute a Material Adverse Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) use commercially reasonable endeavours to implement any Squeeze Out Procedure, or Alternative Transaction Structure as soon as reasonably possible after the Final Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not declare the Offer unconditional unless the Minimum Acceptance Condition is achieved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall not execute the Merger Protocol without the prior written consent of the Administrative Agent with respect to any financing-related content or any other information of material relevance to the Lenders as a whole, in their capacity as such (it being understood and agreed that the Administrative Agent agrees to and provides its consent in advance to the execution of the Merger Protocol in substantially the form delivered to it pursuant to Section 4.01(g)) save for any changes, amendments or provisions which are not adverse to the interests of the Lenders (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall not issue the Initial Announcement without the prior written consent of the Administrative Agent with respect to any financing-related content or any other information of material relevance to the Lenders, in their capacity as such, including, without limitation, the Certain Funds Announcement (it being understood and agreed that the Administrative Agent agrees to and provides its consent in advance to the issuance of the Initial Announcement in substantially the form delivered to it pursuant to Section 4.01(g)) save for any changes, amendments or provisions which are not adverse to the interests of the Lenders (taken as a whole); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall, to the extent permitted under applicable laws and regulation, before issuing any Press Release or submitting the final version of the Offer Memorandum directly concerning any material commercial term of the financing of the Offer or the Transactions (the "Relevant Offer Documents") and only to the extent such Relevant Offer Document, (a) is materially inconsistent with the Initial Announcement (if applicable) and any disclosure contained in any Form 8-K filed on or around the date of this Agreement, in each case with respect to any disclosure concerning the financing of the Offer or the Transactions, including, without limitation, the Certain Funds Announcement, and/or (b) could reasonably be expected to materially and adversely affect the interests of the Lenders (in their capacity as such and taken as a whole), the Borrower shall use reasonable efforts to provide a copy of such Relevant Offer Documents to the Administrative Agent at least three (3) Business Days before such Relevant Offer Document is issued or submitted and take into account any reasonable comments with respect to such Relevant Offer Documents, provided further that: (i) there shall be no requirement to provide a copy of a Relevant Offer Document to the Administrative Agent in advance if the Borrower is required, under applicable laws and regulations, to issue or submit the Relevant Offer Document immediately or within a period of less than three (3) Business Days, in which case the Borrower shall use reasonable efforts to deliver a copy to the Administrative Agent as soon as practicable prior to issuance or submittance (and if not, as soon as practicable thereafter); (ii) the prior consent of the Administrative Agent shall at no time be required in order to issue a Relevant Offer Document; (iii) any comments by the Administrative Agent that is contrary to requirements of applicable laws and regulations shall not be deemed reasonable; and (iv) the Administrative Agent shall be deemed to have no comments on the Relevant Offer Document if such comments are not provided within two (2) Business Days of receipt of a copy of such Relevant Offer Document.

**Article VI**

**<u>NEGATIVE COVENANTS</u>**

From the Effective Date (with respect to the covenants set forth in Sections 6.01 and 6.02 only) or from the Closing Date (with respect to the covenants set forth in Section 6.03), until the Facility Termination, the Borrower covenants and agrees with the Lenders that:

Section 6.01 <u>Liens</u>. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof (with all such Liens securing Indebtedness of any Loan Party for borrowed money being set forth in <u>Schedule 6.01</u>); *provided* that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary (other than the proceeds or products of the property or asset originally subject to such Lien) and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof (except by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction costs and expenses in connection with such refinancing, refunding, extension, renewal or replacement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens of any Subsidiary in favor of any Loan Party or Liens of any Loan Party in favor of another Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens securing Indebtedness outstanding consisting of Finance Lease Obligations or purchase money obligations (including equipment leases); *provided* that such Liens do not encumber any property other than property financed by such Indebtedness or subject to such Finance Lease Obligations (other than the proceeds or products thereof (it being understood for purposes of this clause (d) that individual financings provided by a Person or its Affiliates may be cross collateralized to other financings provided by such Person or its Affiliates));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens on the assets of any Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Lien existing on any property or asset (including that of Joshua and its Subsidiaries) prior to the acquisition thereof by the Borrower or any Subsidiary (whether by merger or otherwise) or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; *provided* that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary (except improvements or proceeds of such property) and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and any refinancing, replacement, modification, repayment, redemption, refunding, renewal or extension thereof on such property or assets and do not increase the outstanding principal amount thereof (except by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction fees, costs and expenses in connection with such refinancing, replacement, modification, repayment, redemption, refunding, renewal or extension thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; *provided* that (i) such security interests and the Indebtedness secured thereby are incurred

prior to or within 270 days after such acquisition or the completion of such acquisition, construction or improvement, (ii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iii) such security interests shall not apply to any other property or assets of the Borrower or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Lien arising in connection with the financing of accounts receivable by the Borrower or any of its Subsidiaries, *provided* that the uncollected amount of account receivables subject at any time to any such financing shall not exceed the greater of (x) $750,000,000 and (y) 2% of the Consolidated Total Assets of the Borrower as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens securing industrial revenue bonds, pollution control bonds or other similar tax-exempt bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other Liens incidental to construction or maintenance of real property of the Borrower or any Subsidiary which were not incurred in connection with borrowing money or obtaining advances or credits or the acquisition of property or assets and in the aggregate do not materially impair the use of any property or assets or which are being contested in good faith by the Borrower or such Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens not otherwise permitted by clauses (a) through (j) above securing any Indebtedness, the aggregate outstanding principal amount of which as of the date of any incurrence thereof shall not exceed 7.5% of the Consolidated Total Assets of the Borrower as of such date.

Section 6.02 <u>Fundamental Changes</u>. (a) The Borrower will not merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, consummate a Division as the Dividing Person or sell, transfer, lease or otherwise dispose of (directly or indirectly through a Subsidiary) (in one transaction or in a series of transactions) all or substantially all of the assets of the Borrower and its Subsidiaries on a consolidated basis to any Person other than the Borrower or a Subsidiary, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, (i) any Person may merge into the Borrower in a transaction in which (x) the Borrower is the surviving corporation or (y) the surviving Person (1) is a corporation organized and validly existing under the laws of the United States of America or any State thereof or the District of Columbia, (2) has long-term senior unsecured, unguaranteed debt securities rated no lower than Baa2 by Moody's and BBB by S&P, (3) expressly assumes all of the Borrower's obligations under this Agreement and (4) provides such information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation, as is reasonably requested in writing by the Administrative Agent and such other approvals, opinions or documents consistent with the requirements in <u>Section 4.01</u> as the Administrative Agent (in consultation with the Lenders) may reasonably request and (ii) the Borrower may consummate a Division if (v) the Division Successor which holds the rights and liabilities under this Agreement ("<u>Division Successor Borrower</u>") is a corporation organized and validly existing under the laws of the United States of America or any State thereof or the District of Columbia, (w) the Division Successor Borrower has long-term senior unsecured, unguaranteed debt securities rated no lower than Baa2 by Moody's and BBB by S&P, (x) the Division will not result in a sale, transfer, lease or other disposition of all or substantially all of the assets held the Borrower and its Subsidiaries on a consolidated basis immediately prior to giving effect to such Division, (y) the Division Successor Borrower expressly assumes all of the Borrower's obligations under this Agreement and (z) the Division Successor Borrower provides such information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation, as is reasonably requested in writing by the Administrative Agent and such other approvals, opinions or

documents consistent with the requirements in <u>Section 4.01</u> as the Administrative Agent (in consultation with the Lenders) may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related, incidental or ancillary thereto or that is a reasonable extension thereof; it being understood that this <u>Section 6.02(b)</u> shall not prohibit (i) the Transactions or (ii) the Borrower or any of its Subsidiaries from conducting any business or business activities incidental or related to such business as carried on as of the Effective Date (in the case of the Borrower and its Subsidiaries other than Joshua and its Subsidiaries) or as of the Closing Date (in the case of Joshua and its Subsidiaries) or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto.

Section 6.03 <u>Consolidated Interest Coverage Ratio</u>. From and after the Closing Date, the Borrower will not permit the Consolidated Interest Coverage Ratio as of the last day of any fiscal quarter of the Borrower ending after the Closing Date to be less than 3.25 to 1.00.

Section 6.04 <u>Leverage Ratio</u>. From and after the Closing Date, during any Ratings Trigger Period, the Borrower will not permit the ratio (the "<u>Leverage Ratio</u>") of (i) Consolidated Total Debt of the Borrower as of the last day of any fiscal quarter of the Borrower to (ii) Consolidated EBITDA of the Borrower for the last four fiscal quarters ending on the last day of such fiscal quarter of the Borrower to be greater than 6.25 to 1.00 (the "<u>Existing Maximum Leverage Ratio</u>"); <u>provided</u>, that to the extent the Borrower's Existing Revolving Facility (or if it is refinanced or replaced by a new revolving facility, such new revolving facility) includes a financial covenant requiring, or otherwise requires, the maintenance of a maximum Leverage Ratio that is lower than the Leverage Ratio set forth in this <u>Section 6.04</u>, the Existing Maximum Leverage Ratio shall be automatically deemed to refer to such lower Leverage Ratio.

**Article VII**

**<u>EVENTS OF DEFAULT</u>**

If any of the following events ("<u>Events of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any other Loan Party that is a Material Subsidiary in or in connection with this Agreement or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in <u>Sections 5.02(a)</u>, <u>5.03</u> (with respect to the Borrower's existence), <u>5.07</u>, <u>5.09</u> or in <u>Article VI</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower or any other Loan Party that is a Material Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after the Administrative Agent gives notice thereof to the Borrower (which notice will be given at the request of any Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower or any Loan Party that is a Material Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, and such failure shall continue after any applicable grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity, *provided* that this <u>paragraph (g)</u> shall not apply to (i) secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement) or (ii) termination events or similar events occurring under any Swap Agreement that constitutes Material Indebtedness (it being understood that <u>paragraph (f)</u> of this <u>Article VII</u> will apply to any failure to make any payment required as a result of any such termination or similar event); *provided*, *further*, that any such breach or default by the Borrower or any other Loan Party that is a Material Subsidiary with respect to Material Indebtedness shall not constitute an Event of Default unless the agent and/or lenders thereunder have demanded repayment of, or otherwise accelerated, such Material Indebtedness or other obligations thereunder (and such amount remains unpaid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Significant Subsidiary (including any group of Subsidiaries considered collectively in the aggregate, that would constitute a Significant Subsidiary) or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any such Significant Subsidiary (including any group of Subsidiaries considered collectively in the aggregate, that would constitute a Significant Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed, undischarged or unbonded for 60 consecutive days or an order or decree approving or ordering any of the foregoing shall be entered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower or any Significant Subsidiary (including any group of Subsidiaries considered collectively in the aggregate, that would constitute a Significant Subsidiary), other than in the context of an Alternative Transaction Structure or on a Solvent basis, shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Significant Subsidiary (including any group of Subsidiaries considered collectively in the aggregate, that would constitute a Significant Subsidiary) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower or any Significant Subsidiary (including any group of Subsidiaries considered collectively in the aggregate, that would constitute a Significant Subsidiary) shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) one or more judgments for the payment of money in an aggregate amount in excess of $250,000,000 (to the extent not covered by independent third-party insurance or indemnity (other than standard deductibles) as to which the insurer or indemnitor has been notified of such judgment and has not denied coverage thereof) shall be entered against the Borrower or any Material Subsidiary and the same shall remain unpaid or undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or such Material Subsidiary to enforce any such judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) an ERISA Event shall have occurred that results in liability of the Borrower or any Material Subsidiary in an aggregate amount which would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a Change in Control shall occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Guaranty shall cease to be valid and enforceable against any Guarantor that is a Significant Subsidiary (including any group of Subsidiaries considered collectively in the aggregate, that would constitute a Significant Subsidiary), or any such Person or Persons shall so assert in writing;

then, and during the continuance of any Event of Default, but subject to <u>Section 4.04</u>, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate any outstanding Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any Event of Default with respect to the Borrower described in clause (h) or (i) of this Article, any outstanding Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

Notwithstanding anything in this Agreement to the contrary, for a period commencing on the Closing Date and ending on the date falling 120 days after the Closing Date (the "<u>Clean-up Date</u>"), notwithstanding any other provision of any Loan Document, any breach of covenants, misrepresentation or other default (other than a breach of or a default with respect to <u>Section 6.03</u>) which arises with respect to the Joshua Group will be deemed not to be a breach of representation or warranty, a breach of covenant or an Event of Default, as the case may be, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is capable of remedy and reasonable steps are being taken to remedy it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the circumstances giving rise to it have not knowingly been procured by or approved by the Borrower or its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is not reasonably likely to have a Material Adverse Effect.

If the relevant circumstances are continuing on or after the Clean-up Date, there shall be a breach of representation or warranty, breach of covenant or Event of Default, as the case may be, notwithstanding the above.

**Article VIII**

**<u>THE ADMINISTRATIVE AGENT; THE AGENTS</u>**

Section 8.01 <u>The Administrative Agent; the Agents</u>. (a) Each of the Lenders hereby irrevocably appoints the Administrative Agent and its successors and assigns as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and of the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Administrative Agent, the Agents or the Bookrunners shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing (i) none of the Administrative Agent, the Agents or the Bookrunners shall be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing, (ii) none of the Administrative Agent, the Agents or the Bookrunners shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby and in the other Loan Documents that such Person is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 9.02)</u> and, unless and until revoked in writing, such written directions shall be binding upon each Lender; *provided, however,* that no such Person shall be required to take any action that (x) it in good faith believes exposes it to liability unless it receives an indemnification satisfactory to it from the Lenders with respect to such action or (y) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; *provided, further,* that the Administrative Agent, the Bookrunners and the Agents, as applicable, may seek clarification or direction from the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 9.02</u>) prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided, and (iii) except as expressly set forth herein, none of the Administrative Agent, the Agents or the Bookrunners, shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by it or its Affiliates in any capacity. None of the Administrative Agent, the Agents or the Bookrunners shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 9.02)</u> or in the absence of its own gross negligence or willful misconduct (as finally determined by a court of competent jurisdiction). The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in or in connection with this Agreement, (B) the contents of any certificate, report or other document delivered

hereunder or in connection herewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (D) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (E) the satisfaction of any condition set forth in <u>Article IV</u> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the revolving credit facility provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the gross negligence or willful misconduct of any subagent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent may at any time resign by notifying the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Borrower (unless an Event of Default under clauses (a), (b), (h) or (i) of Article VII has occurred and is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (the "<u>Resignation Effective Date</u>"), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the earlier of (x) the occurrence of the Resignation Effective Date and (y) the acceptance of its appointment as Administrative Agent hereunder by a successor, the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and, in the case of clause (y), such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent. It is understood and agreed that whether or not a successor has been appointed, any such resignation by the Administrative Agent shall become effective in accordance with any such notice delivered in accordance with this <u>Section 8.01(f)</u> on the Resignation Effective Date and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent's resignation hereunder, the provisions of this Article and <u>Section 9.03</u> shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Lender expressly acknowledges that none of the Administrative Agent nor any Bookrunner nor any Agent has made any representation or warranty to it, and that no act by the Administrative Agent, any Bookrunner or any Agent hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent, such Bookrunner or such Agent to any Lender as to any matter, including whether the Administrative Agent, such Bookrunner or such Agent has disclosed material information in their (or their Related Parties') possession. Each Lender represents to the Administrative Agent, each Bookrunner and each Agent that it has, independently and without reliance upon the Administrative Agent, any Bookrunner, any Agent, any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Bookrunner, any Agent, any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender agrees not to assert a claim in contravention of the foregoing. Each Lender represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Anything herein to the contrary notwithstanding, none of the Agents or the Bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in their capacity, as applicable, as Agent or a Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In case of the pendency of any proceeding with respect to any Loan Party under any federal or state bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or other Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and

to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents. Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The parties hereto acknowledges that the Administrative Agent, together with its respective affiliated companies (collectively, the "<u>MS Group</u>"), is a member of a global financial services firm engaged in the securities, investment management, credit services businesses and individual wealth management businesses involving, without limitation, the provision of securities underwriting, hedging, trading, brokerage activities, foreign exchange, commodities and derivatives trading, as well as providing investment banking, financing and financial advisory services. As a result, members of the MS Group and their respective Related Parties may also at any time (i) invest on a principal basis or manage funds that invest on a principal basis, in the loans or debt or equity securities of the Borrower, the other Loan Parties or any other company that may be involved in any of the transactions contemplated herein, or in any currency, commodity or instrument that may be involved in any of the transactions contemplated herein, or in any related derivative instrument, (ii) carry out ordinary course investment and wealth management or brokerage activities for any the Borrower, the other Loan Parties or any other company (or their respective Related Parties) that may be involved in any of the transactions contemplated herein, and (iii) perform various investment banking, commercial banking and financial advisory services for other clients and customers who may have conflicting interests with respect to the Borrower, the other Loan Parties and their respective Related Parties. The parties hereto therefore acknowledge that (i) in the course of such activities and relationships, one or more members of the MS Group, other than the Administrative Agent performing its duties and responsibilities expressly set forth in this Agreement, may acquire information about the Borrower, the other Loan Parties, their respective Related Parties or other entities and persons which may be the subject of any transaction contemplated hereunder, and (ii) any such member of the MS Group are doing do in their respective capacities (including, without limitation, as investment manager, hedge counterparty, financial advisor, Lender or Bookrunner), which are separate from and independent of the function and duties of the Administrative Agent. The Lenders party hereto further acknowledge that no other member of the MS Group (or the Administrative Agent to the extent it receives any such information from another member of the MS Group) shall have any obligation to disclose (or any liability for failing to disclose) such information, or the fact that any of them are in possession of such information, to any Lender or to use such information on behalf of any of them.

Section 8.02 <u>Administrative Agent's Reliance, Indemnification</u>. Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by it under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (as determined by a court of competent jurisdiction by a final and nonappealable judgment) or (ii) responsible in any

manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

Section 8.03 <u>Certain ERISA Matters</u>. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Bookrunners and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of <u>subsections (b)</u> through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of <u>subsection (a)</u> of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Agents and the Bookrunners and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, any Agent or any Bookrunner or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in

connection with the reservation or exercise of any rights by the Administrative Agent, any Agent or any Bookrunner under this Agreement, any Loan Document or any documents related thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent, each Agent and each Bookrunner hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, arrangement fees, commitment fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker's acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

Section 8.04 <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender (each such recipient, a "<u>Payment Recipient</u>") that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this <u>Section 8.04(a)</u>, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an "<u>Erroneous Payment</u>"), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; *provided* that nothing in this Section shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify the Administrative Agent in writing of such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such

Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the Overnight Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an "<u>Erroneous Payment Return Deficiency</u>"), then at the sole discretion of the Administrative Agent and upon the Administrative Agent's written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent's applicable lending affiliate in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments), the "<u>Erroneous Payment Deficiency Assignment</u>") plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment. Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning Lender and upon such revocation all of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration. The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor (which, for the avoidance of doubt, does not waive the assignment fee in connection with such assignment), (2) the provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of <u>Section 8.04</u> and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this <u>Section 8.04</u> or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making for a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section 8.04</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a

Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing in this <u>Section 8.04</u> will constitute a waiver or release of any claim of any party hereunder arising from any Payment Recipient's receipt of an Erroneous Payment.

**Article IX**

**<u>MISCELLANEOUS</u>**

Section 9.01 <u>Notices</u>. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or, to the extent provided in paragraph (b) below, facsimile or electronic mail, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to the Borrower, to it at:

Keurig Dr Pepper Inc.

[\*\*\*]

Attention: [\*\*\*]

E-mail: [\*\*\*]

with a copy to:

Keurig Dr Pepper Inc.

[\*\*\*]

Attention: [\*\*\*]

E-mail: [\*\*\*]

and

Paul, Weiss, Rifkind, Wharton & Garrison LLP

2029 Century Park East

Suite 2000

Los Angeles, CA 90067<br> Attn: Eric Wedel, Matthew Leist and Mohammed Alvi<br> Email: <u>ewedel@paulweiss.com</u>; <u>mleist@paulweiss.com</u>; <u>malvi@paulweiss.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Administrative Agent from the Borrower, to the address or addresses separately provided to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to the Administrative Agent from the Lenders, to it at the address set forth in the Administrative Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if to any other Lender, to it at its address (or facsimile number or electronic mail address) set forth in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices and other communications to the Borrower, the Administrative Agent and the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; *provided* that the foregoing shall not apply to notices pursuant to <u>Article II</u> unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by facsimile or electronic communications pursuant to procedures approved by it; *provided* that approval of such procedures may be limited to particular notices or communications. The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications available to the other Lenders by posting the Communications on Debt Domain, Intralinks, SyndTrak, ClearPar or a substantially similar Electronic System. "<u>Communications</u>" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent or any Lender by means of electronic communications pursuant to this Section, including through an Electronic System. Any Electronic System used by the Administrative Agent is provided "as is" and "as available." The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. "<u>Electronic System</u>" means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, SyndTrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; *provided* that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) NONE OF THE ADMINISTRATIVE AGENT, THE BOOKRUNNERS, ANY OF THE LENDERS, OR ANY RELATED PARTY OF ANY OF THE FOREGOING PERSONS OR ANY OF THEIR OFFICERS, DIRECTORS, PARTNERS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, THE "<u>AGENT PARTIES</u>") SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND EACH SUCH PARTY EXPRESSLY DISCLAIMS LIABILITY

FOR ERRORS OR OMISSIONS IN SUCH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS OR THEREBY, EXCEPT TO THE EXTENT ARISING FROM THE BAD FAITH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH PARTY, OR THE MATERIAL BREACH BY SUCH PARTY OF <u>SECTION 9.12,</u> IN EACH CASE IN THE USE OF SUCH SYSTEMS, AS DETERMINED BY A FINAL, NON-APPEALABLE JUDGMENT OF A COURT OF COMPETENT JURISDICTION. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR CODE DEFECTS IS MADE BY THE AGENT PARTIES IN CONNECTION WITH SUCH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS.

Section 9.02 <u>Waivers; Amendments</u>. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.13</u> and <u>Section 9.02(c)</u> below, neither this Agreement nor any other Loan Document nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders (and acknowledged by the Administrative Agent) or by the Borrower and the Administrative Agent with the consent of the Required Lenders; *provided* that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon (other than (x) interest accruing pursuant to <u>Section 2.12(b)</u> or a waiver thereof and (y) amendments to the definition of "Applicable Rate" pursuant to the last sentence thereof), or reduce any fees payable hereunder (other than amendment to the definition of "Commitment Fee Rate" pursuant to the last sentence thereof), without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon (other than interest accruing pursuant to <u>Section 2.12(b)</u> or a waiver thereof), or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change <u>Section 2.17(b)</u> or <u>(c)</u> in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, or (vi) release all or substantially all of the Guarantors (other than in accordance with <u>Section 5.08</u> or <u>Section 9.17)</u> without the written consent of each Lender; *provided further* that no such agreement shall amend or otherwise modify the final sentence of <u>Section 4.01</u> or <u>Section 4.05</u> or otherwise amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender to the extent set forth in <u>Section 2.19(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement (including, without limitation, this <u>Section 9.02(b))</u> or any other Loan Document to the contrary, (i) guarantees or supplements or joinders to the Guaranty executed by Subsidiaries in connection with this Agreement or any terminations or releases thereof pursuant to <u>Section 5.09</u> or <u>Section 9.17</u> may be in a form reasonably determined by the Administrative Agent and may be, together with any other Loan Document, entered into, amended, supplemented or waived (without the consent of any other Person) by the applicable Subsidiary or Subsidiaries, Loan Party or Loan Parties and the Administrative Agent in its sole discretion, (ii) this Agreement and the other Loan Documents may be amended as set forth in <u>Section 2.13</u> and (iii) in the event that the terms of this Agreement are required to be modified as specified in the applicable provisions of the Fee Letter, then this Agreement may be amended (to the extent not adverse to the interests of the Lenders) by the Administrative Agent and the Borrower without the need to obtain the consent of any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Administrative Agent, with the prior written consent of the Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other error in any Loan Document and such amendment shall become effective without any further action or consent of any other party to any Loan Document, it being agreed that the Administrative Agent shall provide a copy thereof to the Lenders promptly after the effectiveness thereof.

Section 9.03 <u>Expenses; Indemnity; Damage Waiver</u>. (a) To the extent the Closing Date occurs, the Borrower shall pay (i) all reasonable and documented out-of-pocket expenses (including due diligence expenses, syndication expenses, consultant's fees and expenses, travel expenses, but in the case of legal fees limited to reasonable fees, charges and disbursements of one counsel and if reasonably required by the Administrative Agent, local counsel or specialist counsel, and, if there is an actual or perceived conflict of interest that requires separate representation for any Agent, any Bookrunner or any Lender, one additional counsel for each Person subject to such conflict of interest (in each case except allocated costs of in-house counsel)) incurred by the Bookrunners, the Administrative Agent, and their respective Affiliates, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) [reserved] and (iii) all reasonable and documented out-of-pocket expenses incurred by any Agent, any Bookrunner or any Lender, including the fees, charges and disbursements of one counsel for the Administrative Agent, any Bookrunner or any Lender in connection with the enforcement or protection of their rights (A) in connection with this Agreement, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall indemnify the Administrative Agent, each Bookrunner and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of one counsel for any Indemnitee and if reasonably required by the Administrative Agent, local counsel or specialist counsel, and, if there is an actual or perceived conflict of interest that requires separate representation for any Indemnitee, one additional counsel for each Person subject to such conflict of interest (in each case except allocated costs of in-house counsel), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any

Environmental Liability arising from any activities or operations of, or ownership of any property by, the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; *provided* that such indemnity shall not, as to any Indemnitee, be available to (A) the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to arise from the bad faith, gross negligence or willful misconduct of such Indemnitee or the material breach by such Indemnitee of the express terms of this Agreement, (B) to the extent that such losses, claims, damages, liabilities or related expenses arise out of, or in connection with, any proceeding that does not involve an act or omission by the Borrower or any of its Affiliates and that is brought by an Indemnitee against any other Indemnitee (other than in its capacity as an agent, arranger or bookrunner with respect to the credit facility evidenced hereby), or (C) to the extent of any settlement of any proceeding if the amount of such settlement was effected without the Borrower's consent (which consent shall not be unreasonably withheld), but if settled with the Borrower's written consent or if there is a final judgment for the plaintiff in any such proceeding, the Borrower agrees to indemnify and hold harmless each Indemnitee from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with this <u>Section 9.03(b)</u>. To the extent that the undertakings to defend, indemnify, pay and hold harmless as set forth in this <u>Section 9.03(b)</u> may be unenforceable in whole or in part because they are violative of any law or public policy, the Borrower shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all such losses, claims, damages, liabilities and related expenses incurred by the Indemnitees or any of them. This <u>Section 9.03(b)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or any Bookrunner under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or such Bookrunner, as the case may be, such Lender's ratable portion (determined by reference to the amount of Commitments and/or Loans held by the Lenders (or if no Loans or commitments are then outstanding, the amount held by the Lenders immediately prior to such termination or repayment) as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; *provided* that (i) the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or such Bookrunner in its capacity as such and (ii) no such payment shall release any of the Borrower's indemnity or reimbursement obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, and each Indemnitee shall not assert, and hereby waives, any claim against the Borrower, in each case on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof; *provided* that nothing contained in this paragraph shall limit the Borrower's obligations set forth in <u>Section 9.03(b)</u>.

Section 9.04 <u>Successors and Assigns</u>. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in

paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in paragraph (b)(i) below, any Lender may assign to one or more assignees (other than (i) the Borrower and its Subsidiaries, (ii) natural persons and investment vehicles of natural persons and (iii) any Defaulting Lender or any Subsidiary of a Defaulting Lender) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, delayed or conditioned (it being agreed that notwithstanding anything herein, during the Certain Funds Period, the Borrower may withhold such consent in its sole discretion unless a Certain Funds Default has occurred and is existing)) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower, *provided* that, other than during the Certain Funds Period, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten Business Days after having received a written request for its consent to such proposed assignment; *provided, further,* that no consent of the Borrower shall be required (w) for an assignment between Morgan Stanley Senior Funding, Inc. and Morgan Stanley Bank, N.A., (x) for an assignment to a Lender with a Commitment or Loan immediately prior to giving effect to such assignment, (y) other than during the Certain Funds Period, for an assignment to an Affiliate of a Lender or an Approved Fund or, (z) if an Event of Default under <u>Article VII(a), (b), (h)</u> or <u>(i)</u> (or during the Certain Funds Period, which is also a Certain Funds Default) has occurred and is continuing, for an assignment, any other assignee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent; *provided* that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender with a Commitment immediately prior to giving effect to such assignment, an Affiliate of a Lender or an Approved Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than €5,000,000 and shall be in minimum increments of €1,000,000 in excess thereof unless each of the Borrower and the Administrative Agent otherwise consent; *provided* that no such consent of the Borrower shall be required if an Event of Default under <u>Article VII(a), (b), (h)</u> or <u>(i)</u> has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public

information about the Borrower and any of its Subsidiaries, and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including federal and state securities laws.

For the purposes of this <u>Section 9.04(b),</u> the term "<u>Approved Fund</u>" means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to acceptance and recording thereof pursuant to paragraph (b) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u> to the extent that any claim thereunder relates to an event arising prior to such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 9.04</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and any interest thereon owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; *provided* that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to <u>Sections 2.06(b)</u>, <u>2.17(d)</u> or <u>9.03(c),</u> the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a "<u>Participant</u>") (other than (i) the Borrower and its Subsidiaries, (ii) natural persons and investment vehicles of natural persons and (iv) any Defaulting

Lender or any Subsidiary of a Defaulting Lender) in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); *provided* that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to <u>Section 9.02(b)</u> that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.14</u>, <u>2.15</u> and <u>2.16</u> (subject to the requirements and limitations therein, including the requirements under <u>Section 2.16(e),</u> it being understood that the documentation required under <u>Section 2.16(e)</u> shall be delivered to the participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; *provided* that such Participant agrees to be subject to the provisions of <u>Sections 2.17</u> and <u>2.18</u> as if it were an assignee under paragraph (b) of this Section. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of <u>Section 2.18(b)</u> with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 9.08</u> as though it were a Lender; *provided* that such Participant agrees to be subject to <u>Section 2.17(c)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant shall not be entitled to receive any greater payment under <u>Section 2.14</u> or <u>2.16</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless (x) the sale of the participation to such Participant is made with the Borrower's prior written consent or (y) such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of <u>Section 2.16</u> unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with <u>Section 2.16(e)</u> as though it were a Lender and in any event shall not be entitled to any greater payment than the applicable Lender that sold such participation to such Participant would have been entitled to receive. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, central bank or similar institution and this Section shall not apply to any such pledge or assignment of a security interest; *provided* that no

such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

Section 9.05 <u>Survival</u>. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u> and <u>Article VIII</u> shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement of any provision hereof.

Section 9.06 <u>Counterparts; Integration; Effectiveness</u>. This Agreement may be executed in one or more counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective on the Effective Date, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic communication (including by electronic mail as a .pdf or .tif attachment) shall be effective as delivery of a manually executed counterpart of this Agreement. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 9.07 <u>Severability</u>. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 9.08 <u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all Obligations held by such Lender to the extent then due and owing, irrespective of whether or not such Lender shall have made any demand under this Agreement. Each Lender agrees to notify the Borrower promptly of its exercise of any rights under this Section, but the failure to provide such notice shall not otherwise limit its rights under this Section or result

in any liability to such Lender. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

Section 9.09 <u>Governing Law; Jurisdiction; Consent to Service of Process</u>. (a) This Agreement and any claim or controversy arising hereunder or related hereto shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without regard to conflict of law principles that would result in the application of any law other than the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan and of the United States District Court of the Southern District of New York sitting in New York County, Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in the first sentence of paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party to this Agreement irrevocably consents to service of process at the address provided for in <u>Section 9.01</u>. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 9.10 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.11 <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.12 <u>Confidentiality</u>. (a) Each of the Administrative Agent, the Agents, the Bookrunners and the Lenders (each, a "<u>Disclosing Party</u>") agrees to maintain the confidentiality of the Information (as defined below) in accordance with such Person's customary procedures for handling confidential information of such nature, except that Information may be disclosed (i) to Related Parties of

such Disclosing Party, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) upon the request or demand of any regulatory authority having jurisdiction over such Disclosing Party or its Affiliates (in which case such Disclosing Party shall, except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority (x) promptly notify the Borrower, in advance, to the extent permitted by law and (y) so furnish only that portion of such information which the applicable Disclosing Party is legally required to disclose), (iii) in any legal, judicial, administrative proceeding or other compulsory process or as required by applicable law or regulations (in which case such Disclosing Party shall except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority (x) promptly notify the Borrower, in advance, to the extent permitted by law and (y) so furnish only that portion of such information which the applicable Disclosing Party is legally required to disclose), (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions no less restrictive than those of this Section, and to the execution of a confidentiality and front running letter substantially in the form of Exhibit E (with only such changes thereto as may be approved by the Administrative Agent and the Borrower), to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the written consent of the Borrower, (viii) to any credit insurer or reinsurer (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ix) on a confidential basis to any rating agency in connection with rating the Borrower or any of its Subsidiaries or the Loans hereunder, (x) to the CUSIP bureau, solely to the extent such confidential information is necessary to obtain CUSIP numbers and in consultation with the Borrower or (xi) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to any Disclosing Party on a non-confidential basis from a source other than the Borrower or any of its Related Parties not known by such Disclosing Party to be disclosed by such source in breach of any legal or contractual obligation to the Borrower or any of its Related Parties). In addition, each Disclosing Party may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers in connection with the administration and management of this Agreement and the other Loan Documents; *provided* that, no such Disclosing Party shall disclose the identity of the Borrower. For the purposes of this Section, "<u>Information</u>" means all information that is made available to any Disclosing Party by or on behalf of the Borrower or any of its Related Parties in connection with this Agreement and the transactions contemplated hereby, other than any such information that is available to such Disclosing Party on a non-confidential basis prior to disclosure by the Borrower or any of its Related Parties, excluding any information which, to such Disclosing Party's actual knowledge, has been disclosed by the source of such information in violation of a duty of confidentiality to the Borrower or any of its Affiliates. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Each Lender acknowledges that its ability to disclose information concerning the Transactions is or may be restricted by the Bidding Rules and irrevocably and unconditionally undertakes to only disclose information concerning the Transaction in accordance with the provisions of this Agreement and the Bidding Rules. For the avoidance of doubt, nothing in this clause (a) prohibits or impedes any individual from communicating or disclosing Information regarding suspected violations of laws, rules, or regulations to a Governmental Authority or self-regulatory authority without any notification to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN <u>SECTION 9.12(a)</u> FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NONPUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS AND THE EU MARKET ABUSE REGULATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NONPUBLIC INFORMATION ABOUT THE BORROWER AND ITS SUBSIDIARIES, AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

Section 9.13 <u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Section 9.14 <u>Patriot Act</u>. Each Lender subject to the Patriot Act and the Beneficial Ownership Regulation hereby notifies the Borrower and each Guarantor that, pursuant to Section 326 of the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Borrower and each Guarantor, including the name and address of the Borrower and each Guarantor and other information that will allow such Lender to identify the Borrower and each Guarantor in accordance with the Patriot Act and the Beneficial Ownership Regulation.

Section 9.15 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

Section 9.16 <u>No Advisory or Fiduciary Responsibility</u>. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Agents and the Bookrunners are arm's-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Agents and the Bookrunners, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Agents, the Bookrunners and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person, (B) irrespective of whether any Lender, any Bookrunner, any Agent, the Administrative Agent or any of their Affiliates has advised or is advising the Borrower on other matters, the Borrower shall not claim any such fiduciary, advisory or agency relationship or services and the Borrower acknowledges that none of the Administrative Agent, any Agent, any Lender, any Bookrunner or any of their Affiliates owes a fiduciary or similar duty to the Borrower in connection with the Transactions or the process leading thereto and; and (iii) the Administrative Agent, the Lenders, the Agents and the Bookrunners and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Agent nor any Bookrunner or Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. In addition, the parties hereto acknowledge that that Morgan Stanley & Co. LLC has been retained by the Borrower as financial advisor (in such capacity, the "<u>Financial Advisor</u>") and structuring advisor (in such capacity, the "<u>Structuring Advisor</u>") for the Borrower in connection with the Acquisition and the spin-off of either the business identified to Morgan Stanley Senior Funding, Inc. (or its applicable affiliate) as "ColdCo" or "HotCo". The parties hereto agree to such retention, and further agree not to assert any claim any party might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from, on the one hand, the engagement of the Financial Advisor and, on the other hand, Morgan Stanley Senior Funding, Inc. and its Affiliates' relationships with the Borrower and the other parties hereto hereunder.

Section 9.17 <u>Release of Guarantors</u>. Notwithstanding anything to the contrary contained herein or in any other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Guarantor shall automatically be released and discharged in full from its obligations under the Guaranty upon the consummation of any transaction permitted by this Agreement as a result of which such Guarantor ceases to be a Subsidiary or becomes an Excluded Subsidiary. In connection with any termination or release pursuant to this Section, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party's expense, all documents that such Loan Party shall reasonably request to evidence such termination

or release. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Further, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to), upon the request of the Borrower, release any Guarantor from its obligations under the Guaranty if, as of the time such Guarantor is released and immediately after giving effect thereto, the Guaranty of such Guarantor is not required by <u>Section 5.08</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At such time as the principal and interest with respect to all Loans and all other monetary payment Obligations which are then due and payable (other than contingent indemnification obligations and other Obligations expressly stated to survive such payment and termination) have been paid in full and all Commitments have terminated or expired (such time, the "<u>Facility Termination</u>"), the Guaranty and all obligations (other than those expressly stated to survive such termination) of each Guarantor thereunder shall automatically terminate and be released and discharged in full, all without delivery of any instrument or performance of any act by any Person. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if within 180 days after such release (or such longer period under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect during which any payment in respect of the Obligations guaranteed thereby can be annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid) any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made; *provided, however,* that any such reinstated guarantee shall be released immediately upon the Obligations being indefeasibly paid in full.

Section 9.18 <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with

respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

Section 9.19 <u>Judgment Currency</u>. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the applicable Loan Party in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from any Loan Party in the Agreement Currency, each Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender agrees to return the amount of any excess to the applicable Loan Party (or to any other Person who may be entitled thereto under applicable law).

Section 9.20 <u>Debt Syndication During Certain Funds Period.</u>

Each of the Lenders and the Agents confirms that it is aware of, and agrees to comply in all respects with, the terms and requirements of the Bidding Rules in relation to debt syndication during the offer period under the Bidding Rules, including, but not limited to, with respect to the "certain funds" requirements as laid down in article 7(4) of the DDPB.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **KEURIG DR PEPPER INC.**, as Borrower | **KEURIG DR PEPPER INC.**, as Borrower | **KEURIG DR PEPPER INC.**, as Borrower |
| By: | /s/ Dan Morrell | /s/ Dan Morrell |
|  | Name: | Dan Morrell |
|  | Title: | Vice President & Treasurer |

---

[Signature Page to Bridge Credit Agreement]<br>

---

| | | |
|:---|:---|:---|
| **MORGAN STANLEY SENIOR FUNDING, INC.**, as Administrative Agent and Lender | **MORGAN STANLEY SENIOR FUNDING, INC.**, as Administrative Agent and Lender | **MORGAN STANLEY SENIOR FUNDING, INC.**, as Administrative Agent and Lender |
| By: | /s/ Katie Bodack | /s/ Katie Bodack |
|  | Name: | Katie Bodack |
|  | Title: | Authorized Signatory |

---

[Signature Page to Bridge Credit Agreement]<br>

---

| | | |
|:---|:---|:---|
| **MORGAN STANLEY BANK, N.A.**, as Lender | **MORGAN STANLEY BANK, N.A.**, as Lender | **MORGAN STANLEY BANK, N.A.**, as Lender |
| By: | /s/ Katie Bodack | /s/ Katie Bodack |
|  | Name: | Katie Bodack |
|  | Title: | Authorized Signatory |

---

[Signature Page to Bridge Credit Agreement]<br>

---

| | | |
|:---|:---|:---|
| **MUFG BANK, LTD.**, as Lender | **MUFG BANK, LTD.**, as Lender | **MUFG BANK, LTD.**, as Lender |
| By: | /s/ Meng Zhang | /s/ Meng Zhang |
|  | Name: | Meng Zhang |
|  | Title: | Director |

---

[Signature Page to Bridge Credit Agreement]<br>

## Exhibit 99.1

**EXHIBIT 99.1**

![](pr.jpg)

**Keurig Dr Pepper to Acquire JDE Peet's and Subsequently Separate into Two Independent Companies – a Leading Refreshment Beverage Player and a Global Coffee Champion**

*Acquisition to create global coffee leader serving 100+ countries with an unparalleled brand portfolio across all coffee segments, channels and price points* 

 

*Subsequent separation to establish a fast-growing and scaled North American refreshment beverage player and the world's #1 pure-play coffee company*

 

 

*Transformational transaction expected to create significant value for shareholders and unlock substantial run-rate synergies*

 

*Tim Cofer to be CEO of "Beverage Co." and Sudhanshu Priyadarshi to be CEO of "Global Coffee Co." upon separation*

 

BURLINGTON, Mass., FRISCO, Texas and AMSTERDAM, August 25, 2025 – Keurig Dr Pepper *(*NASDAQ: KDP) and JDE Peet's (EURONEXT: JDEP) today announced they have entered into a definitive agreement under which KDP will acquire JDE Peet's in an all-cash transaction. This exciting deal will create a global coffee champion through the complementary combination of KDP's Keurig®, North America's leading single-serve coffee platform, with JDE Peet's worldwide portfolio of beloved coffee brands. After the acquisition closes, KDP plans to separate into two independent, U.S.-listed publicly traded companies, creating a scaled growth challenger in North America's attractive refreshment beverages market ("Beverage Co.") and the world's #1 pure-play coffee company ("Global Coffee Co.").

Under the terms of the transaction, KDP will pay JDE Peet's shareholders €31.85 per share in cash, a 33% premium to JDE Peet's 90-day volume-weighted average stock price, representing a total equity consideration of €15.7 billion. JDE Peet's will also pay a previously declared dividend of €0.36 per share prior to closing, with no reduction to the offer price.

**Strategic Rationale: Transformational Next Step in KDP's Shareholder Value Creation Journey**

&nbsp;&nbsp;&nbsp;&nbsp;· Singular opportunity to establish a global coffee leader
by combining KDP's disruptive spirit, next-generation coffee innovations and single-serve leadership with JDE Peet's nearly
300-year legacy, global reach and top-tier portfolio of brands.

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisition of JDE Peet's expected to deliver compelling
synergies and generate significant value for KDP shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· Planned separation, via a tax-free spin-off of Global Coffee
Co., will position Beverage Co. and Global Coffee Co. to win in their respective markets by leveraging operating models optimized to unique
category dynamics.

&nbsp;&nbsp;&nbsp;&nbsp;· Creates two strategically focused, scaled beverage companies
with differentiated shareholder value propositions, featuring distinct growth and capital allocation frameworks designed to deliver sustained
and compelling long-term value.

The acquisition of JDE Peet's will significantly enhance KDP's coffee positioning, creating a strong, resilient and diversified global portfolio. It will also unlock incremental operating and financial benefits, including approximately $400 million in anticipated cost synergies to be realized over three years and EPS accretion expected to start in year one of the combination.

Upon separation, Global Coffee Co., with approximately $16 billion in combined annual net sales, will be the world's largest pure-play coffee company. With reach across more than 100 countries, including 40 in which the company holds the #1 or #2 market position by sales, Global Coffee Co. will enjoy an unparalleled portfolio across all coffee segments, channels and price points. Coffee is one of the most consumed beverages globally, representing a $400 billion category with rapid growth in emerging markets, and Global Coffee Co. will lead the next generation of coffee innovation worldwide. With the ability to rapidly scale winning ideas, strong profitability, and robust cash generation, Global Coffee Co. will be well positioned to deliver attractive, predictable growth, enhanced by steady cash returns.

Beverage Co., with more than $11 billion in annual net sales, will be a scaled challenger in the $300 billion North American refreshment beverage market. With a portfolio of iconic and emerging brands, a differentiated and expanding Direct-Store-Delivery (DSD) system, and a proven, capital-efficient growth model, Beverage Co. will benefit from multiple drivers to continue to win in its vast and fragmented industry. Strong free cash flow will support a dynamic approach to capital allocation and enhance optionality.

"Today's announcement marks a transformational moment in the beverage industry, as we build on KDP's disruptive legacy by creating two winning companies, including a new global coffee champion," said Tim Cofer, CEO, KDP. "Through the complementary combination of Keurig and JDE Peet's, we are seizing an exceptional opportunity to create a global coffee giant. This is the right time for this transaction, with KDP in a position of operational and financial strength, momentum across our evolved portfolio, and increasing coffee category resilience. By creating two sharply focused beverage companies with attractive and tailored growth propositions and capital allocation strategies, we are poised to generate significant shareholder value in both the near and long term."

"We are excited to join forces with Keurig to chart the future of global coffee by leveraging our combined portfolio of the world's most beloved coffee brands," said Rafa Oliveira, CEO, JDE Peet's. "This highly complementary transaction will deliver an attractive premium for our shareholders and will create compelling future growth opportunities for our employees, customers and other stakeholders. We are incredibly proud of the formidable global platform that we have built at JDE Peet's and, together with Keurig, we are looking forward to powering a new era of coffee innovation and leadership, building on JDE Peet's recently announced 'Reignite the Amazing' strategy."

**Creating Two Beverage Leaders** 

Both Global Coffee Co. and Beverage Co. will be positioned to deliver attractive returns to their unique investor bases through distinct financial profiles, with tailored growth and capital allocation frameworks, and optimized operating models calibrated to core categories and geographies.

***Global Coffee Co.: Pure-Play, Cash-Generative Global Coffee Powerhouse***

Global Coffee Co. will have the world's most expansive coffee portfolio, including $1 billion-plus revenue brands Keurig, Jacobs, L'OR and Peet's.<sup>1</sup> Global Coffee Co. will benefit from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Complementary geographic footprint across developed and emerging markets:** Joining together JDE Peet's global reach with KDP's single-serve coffee leadership in North America,
the world's largest coffee market.

<sup>1</sup> Brand size refers to retail sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Unparallelled portfolio across all coffee segments, channels and price points:** Focused strategy and diversified product mix position the platform for enhanced organic growth and resilience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Global manufacturing footprint of 40+ facilities and local route-to-market expertise:** Ability to rapidly scale next-generation coffee innovation
across more brands and markets by leveraging a sophisticated supply chain, breadth of talent and local market experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Attractive, reliable growth model:** Steady and resilient
revenue growth driven by focused execution and innovation, plus strong margins with upside potential, including approximately $400M in
expected cost synergies. Together with robust cash flow generation, Global Coffee Co. will be set up for strong and consistent EPS growth
and shareholder returns, including a compelling dividend.

***Beverage Co.: Growth-Oriented, Agile Beverage Challenger***

KDP has significantly evolved its refreshment portfolio and positioned it for fast growth, with a consumer-obsessed approach and leading innovation driving multi-year share gains. As an independent company, Beverage Co. will benefit from its:

&nbsp;&nbsp;&nbsp;&nbsp;· **Iconic mega-brands and rapid expansion into high-growth categories:** The United States' #1 flavored carbonated soft drink portfolio led by powerhouse $5 billion+ brand Dr Pepper®
and $1 billion+ brand Canada Dry®, iconic favorites like 7UP® and A&W®, and more than $3 billion in high-growth categories
like energy and functional beverages.<sup>1</sup> Plus, leading positions in Mexico, including Peñafiel®, the country's
#1 mineral water, and in Canada, across carbonated soft drinks and fast-growing ready-to-drink alcohol and low- and no-alcohol alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;· **Proven build, buy, partner model, propelled by preferred partner credentials:** A capital- efficient model and track record of successful partnerships with founders enables Beverage Co.'s
portfolio to evolve in response to changing consumer preferences.

&nbsp;&nbsp;&nbsp;&nbsp;· **A robust DSD platform with opportunities to expand:** Momentum to be supported by Beverage Co.'s critical DSD assets in the United States and Mexico, with continued future scaling opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Industry-leading revenue growth and strong margins:** Strong
free cash flow and capital-efficient growth model to support dynamic capital allocation, including investing in organic and inorganic
growth, a competitive dividend and other opportunistic cash returns to shareholders.

Upon completion of the acquisition of JDE Peet's and until the intended separation is complete, the combined company will be led by KDP's management team, including CEO Tim Cofer and CFO Sudhanshu Priyadarshi.

Upon completion of the separation, Cofer will become CEO of Beverage Co. and Priyadarshi will become CEO of Global Coffee Co. Rafa Oliveira will continue to serve as CEO of JDE Peet's until the closing of the acquisition. Additional members of leadership and Boards of Directors for both companies will be announced at a later date.

The global headquarters for Global Coffee Co. will be located in Burlington, Massachusetts, and its international headquarters will be in Amsterdam, the Netherlands. Beverage Co. will be headquartered in Frisco, Texas.

**JDE Peet's Transaction Details**

Under the terms of the agreement, KDP will commence an all-cash tender offer to purchase all outstanding ordinary shares of JDE Peet's. The tender offer values 100% of the ordinary shares of JDE Peet's at approximately €15.7 billion. An affiliate of JAB Holdings, Acorn Holdings B.V. ("Acorn"), and certain of JDE Peet's directors and officers have entered into agreements pursuant to which they have committed to tender their shares and vote in favor of the acquisition. As of August 22, 2025, these parties, in aggregate, held 69% of the voting power of JDE Peet's stock.

The transaction will be funded through a combination of new senior unsecured and junior subordinated debt and cash on hand.<sup>2</sup> KDP expects to remain investment grade-rated, and Beverage Co. and Global Coffee Co. will also be committed to investment grade credit profiles upon separation.

The commencement of the tender offer and the closing of the acquisition of JDE Peet's, which was unanimously approved by JDE Peet's Board of Directors, are expected to occur in the first half of 2026, subject to the satisfaction or waiver of customary pre-offer conditions and closing conditions as described in Annex A.

Additional details concerning the JDE Peet's Board of Directors' recommendation, the fairness opinion delivered to the JDE Peet's Board of Directors, the non-financial covenants, the routes to acquiring 100% of the JDE Peet's shares, the exclusivity provisions and procedures for a competing offer and termination are provided in Annex B to this press release.

**Separation Transaction Details**

The subsequent planned separation is expected to occur as soon as practicable following the close of the acquisition. The separation transaction is expected to be effected through a tax-free spin-off of Global Coffee Co. and is subject to final approval by KDP's Board of Directors and other customary conditions, including the receipt of opinions from tax advisors.

**Conference Call Information**

KDP will host a conference call on Monday, August 25, 2025 at 8:00 AM (ET) to discuss the announcement. A live webcast of the call and the replay will be available on the KDP website at <u>www.keurigdrpepper.com</u> and on the JDE Peet's website at <u>www.jdepeets.com</u>.

Participants interested in joining the conference call by phone can register at <u>https://dpregister.com/sreg/10202450/ffcd4ceb2c</u> and will receive dial-in details over email.

**Advisors**

Lazard and Morgan Stanley & Co. LLC are serving as financial advisors to KDP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stibbe N.V. are serving as legal advisors. KDP has secured fully underwritten financing commitments from affiliates of Morgan Stanley & Co. LLC and Mitsubishi UFJ Financial Group (MUFG). BofA Securities is serving as exclusive financial advisor to JDE Peet's, and A&O Shearman is serving as legal advisor.

**About KDP** 

Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company in North America, with a portfolio of more than 125 owned, licensed and partner brands and powerful distribution capabilities to provide a beverage for every need, anytime, anywhere. With annual revenue of more than $15 billion, we hold leadership positions in beverage categories including carbonated soft drinks, coffee, tea, water, juice and mixers, and have the #1 single serve coffee brewing system in the U.S. and Canada. Our innovative partnership model builds emerging growth platforms in categories such as premium coffee, energy, sports hydration and ready-to-drink coffee. Our brands include Keurig®, Dr Pepper®, Canada Dry®, Mott's®, A&W®, Peñafiel®, Snapple®, 7UP®, Green Mountain Coffee Roasters®, GHOST®, Clamato®, Core Hydration® and The Original Donut Shop®. Driven by a purpose to Drink Well. Do Good., our 29,000 employees aim to enhance the experience of every beverage occasion and to make a positive impact for people, communities and the planet. For more information, visit <u>www.keurigdrpepper.com</u> and follow us @KeurigDrPepper on LinkedIn and Instagram.

<sup>2</sup> KDP has entered into a definitive bridge credit agreement with affiliates of Morgan Stanley & Co. LLC and Mitsubishi UFJ Financial Group (MUFG) for an aggregate amount of €16.2B, which is fully committed on a "certain funds" basis. KDP will be able to fund the acquisition of 100% of the ordinary shares of JDE Peet's and the payment of fees and expenses related to the tender offer.

**About JDE Peet's** 

JDE Peet's is the world's leading pure-play coffee company, serving approximately 4,400 cups of coffee per second in more than 100 markets, with a portfolio of strong iconic brands including Peet's, L'OR, Jacobs, Douwe Egberts, Kenco, Pilao, OldTown, Super and Moccona. In 2024, JDE Peet's generated total sales of EUR 8.8 billion and employed a global workforce of more than 21,000 employees. Read more about our journey towards a coffee for every cup and a brand for every heart at <u>www.jdepeets.com</u>.

**KDP Media** 

Katie Gilroy

Keurig Dr Pepper

T: 781-418-3345 / <u>katie.gilroy@kdrp.com</u>

**KDP Investors**

Chethan Mallela

Keurig Dr Pepper

T: 888-340-5287 / <u>IR@kdrp.com</u>

---

| | |
|:---|:---|
| **JDE Peet's Media** | **FGS Global** |
| Laurent Sagarra | Frank Jansen |
| <u>Media@jdepeets.com</u> | +31 6 2154 2369 |
| +31 6 4143 3955 |  |

---

**JDE Peet's Investors**

Robin Jansen

<u>IR@jdepeets.com</u>

+31 6 1594 4569

***This is a joint press release by KDP and JDE Peet's. This joint press release is issued pursuant to the provisions of Section 17, paragraph 1 of the European Market Abuse Regulation (596/2014), as***

***well as Section 4, paragraphs 1 and 3, Section 5, paragraph 1 and Section 7, paragraph 4 of the***

***Netherlands Decree in Public Takeover Bids (Besluit openbare biedingen Wft) in connection with***

***the intended recommended public offer by KDP for all the issued and outstanding ordinary shares in the capital of JDE Peet's. This press release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in JDE Peet's. Any offer will be made only by means of an offer memorandum approved by the AFM. This press release is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, in any jurisdiction in which such release, publication, or distribution would be unlawful.***

**Notice to shareholders of JDE Peet's in the United States**

The tender offer will be made for the ordinary shares of JDE Peet's, a public limited liability company incorporated under the laws of the Netherlands with ordinary shares listed on Euronext Amsterdam. It is important that U.S. shareholders of JDE Peet's understand that the tender and any related offer documents are subject to Dutch disclosure and procedural requirements, which are different from those of the United States. U.S. shareholders of JDE Peet's are advised that JDE Peet's ordinary shares are not listed on a U.S. securities exchange and that JDE Peet's is not subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934 (the "Exchange Act"), and is not required to, and does not, file any reports with the Securities and Exchange Commission (the "SEC") thereunder.

The tender offer will be made in the United States in compliance with, and in reliance on, the exemption provided by Rule 14d-1(d), known as "Tier II" exemption, under the Exchange Act and otherwise in accordance with the requirements of Dutch law. Accordingly, the tender offer will be subject to certain disclosure and other procedural requirements, including with respect to the tender offer timetable and

settlement procedures that are different from those applicable under U.S. domestic tender offer procedures and laws.

The receipt of cash pursuant to the tender offer by a U.S. holder of JDE Peet's ordinary shares will be a taxable transaction for U.S. federal income tax purposes and under applicable state and local, as well as foreign and other tax laws. Each holder of JDE Peet's ordinary shares is urged to consult their independent professional advisor immediately regarding the tax consequences of acceptance of the tender offer.

It may be difficult for U.S. holders of JDE Peet's shares to enforce their rights and claims arising out of the U.S. federal securities laws, since JDE Peet's is located in a country other than the United States, and some or all of its officers and directors may be residents of country other than the United States. U.S. holders of JDE Peet's may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's judgment.

To the extent permissible under applicable law or regulation, including Rule 14e-5 of the Exchange Act, in accordance with normal Dutch practice, JDE Peet's and its affiliates or broker (acting as agents for JDE Peet's or its affiliates, as applicable) may from time to time after the date hereof, and other than pursuant to the tender offer, directly or indirectly purchase, or arrange to purchase, ordinary shares of JDE Peet's that are the subject of the tender offer or any securities that are convertible into, exchangeable for or exercisable for such shares. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. In no event will any such purchases be made for a price per share that is greater than the tender offer price. To the extent information about such purchases or arrangements to purchase is made public in The Netherlands, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of JDE Peet's of such information. No purchases will be made outside the tender offer in the United States by or on behalf of KDP. In addition, the financial advisors to KDP may also engage in ordinary course trading activities in securities of JDE Peet's, which may include purchases or arrangements to purchase such securities.

Neither the SEC nor any U.S. state securities commission has approved or disapproved the tender offer, passed upon the merits or fairness of the tender offer, or passed any comment upon the adequacy, accuracy or completeness of the disclosure in relation to the tender offer. Any representation to the contrary is a criminal offence in the United States.

**Restrictions**

The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, JDE Peet's and KDP disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither KDP nor JDE Peet's, nor any of their advisors, assumes any responsibility for any violation by any of these restrictions. Any JDE Peet's shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay.

**Forward Looking Statements**

Certain statements in this press release may be considered "forward-looking statements," such as statements relating to the impact of this transaction on KDP, JDE Peet's, and the combined business, the contemplated spin-off, future financial targets and results, anticipated credit ratings and expected cost savings and synergies. Forward-looking statements include those preceded by, followed by or that include the words "anticipate," "expect," "believe," "could," "continue," "ongoing," "estimate," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would" and similar words. These forward-looking statements speak only as of the date of this release.

Although KDP and JDE Peet's believe that the assumptions upon which their respective forward-looking statements are based are reasonable, they can give no assurance that these forward-looking statements will prove to be correct. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, (i) risks relating to the completion of the proposed acquisition and subsequent spin-off in the anticipated timeframe or at all; (ii) risks related to the ability to realize the anticipated benefits of the proposed acquisition and subsequent spin-off; (iii) risks relating to the receipt of regulatory approvals without unexpected delays or conditions and possibility of regulatory action; (iv) risks relating to significant costs related to the proposed transactions; (v) the expected financial and operating performance and future opportunities following the acquisition and subsequent spin-off; (vi) disruption from the acquisition and subsequent spin-off making it more difficult to maintain business and operational relationships; (vii) diverting KDP's and JDE Peet's respective management's from business operations; (viii) risks relating to potential litigation that arises as a result of the proposed transactions; and (ix) risks and uncertainties discussed in KDP's and JDE Peet's press releases and public filings.

Neither KDP nor JDE Peet's, nor any of their advisors, accepts any responsibility for any financial information contained in this press release relating to the business, results of operations or financial condition of the other or their respective groups. Each of KDP and JDE Peet's expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law.

**Annex A** 

**Additional Information Regarding the Support Agreements**

In accordance with the Dutch public offer rules, any information shared with Acorn and the JDE Peet's directors and officers about the tender offer will, if not published prior to the offer memorandum being made generally available, be included in the offer memorandum (if and when issued) and Acorn and such directors and officers will tender their shares on the same terms and conditions as the other holders of JDE Peet's ordinary shares.

**Tender Offer Conditions**

The commencement of the tender offer is subject to the satisfaction or waiver of pre-offer conditions customary for a transaction of this kind, being:

&nbsp;&nbsp;&nbsp;&nbsp;i. Each party having performed in all material respects its
covenants and obligations and the other party's representations and warranties being true and correct (subject to certain materiality
qualifiers).

&nbsp;&nbsp;&nbsp;&nbsp;ii. Compliance with the consultation procedure pursuant to the
Dutch Works Council Act.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Compliance with the notification procedures pursuant to the
Dutch Merger Code and in relation to the European works council of JDE Peet's.

&nbsp;&nbsp;&nbsp;&nbsp;iv. KDP having received confirmation from the Dutch Authority
for the Financial Markets (*Autoriteit Financiële Markten*, the "AFM") that the AFM has approved the offer memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;v. The JDE Peet's Board of Directors not having withdrawn,
modified, qualified, or made contradictory statements as to, their recommendation for the offer.

&nbsp;&nbsp;&nbsp;&nbsp;vi. Each of the irrevocable undertakings being in effect and
not having been breached, terminated or modified.

&nbsp;&nbsp;&nbsp;&nbsp;vii. No public announcement having been made of a *bona fide* unsolicited third-party offeror makes an offer which, in the reasonable opinion of the JDE Peet's Board of Directors, is a more
beneficial offer for JDE Peet's than KDP's offer, taking into account the identity of the third party, consideration, certainty
of execution, conditionality and non-financial covenants, which exceeds the offer price in all-cash by at least 10% (a "Competing
Offer").

&nbsp;&nbsp;&nbsp;&nbsp;viii. No order, enactment or legal action by a governmental entity
or any law prohibiting, restraining or delaying the transaction in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;ix. No notification having been received from the AFM that pursuant
to section 5:80 of the Dutch Financial Supervision Act, investment firms (*beleggingsondernemingen*) would not be allowed to cooperate
with the settlement of the offer.

&nbsp;&nbsp;&nbsp;&nbsp;x. Trading in the JDE Peet's ordinary shares on Euronext
Amsterdam not having been permanently suspended.

&nbsp;&nbsp;&nbsp;&nbsp;xi. No material adverse effect having occurred (collectively,
the "Commencement Conditions").

If and when made, the consummation of the tender offer, will be subject to the satisfaction or waiver of the following offer conditions customary for a transaction of this kind, being:

&nbsp;&nbsp;&nbsp;&nbsp;i. minimum acceptance level of at least 95% of Shares, which
will be reduced to 80% in the event shareholder resolutions allowing certain post-closing restructuring measures are passed at JDE Peet's
extraordinary general meeting,.

&nbsp;&nbsp;&nbsp;&nbsp;ii. the waiting period under the Hart-Scott Rodino Act having
expired or been terminated and certain other competition clearances having been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;iii. The resolutions to be proposed at JDE Peet's EGM having
been adopted and being in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;iv. The Commencement Conditions under i and v up to and including
xi apply *mutatis mutandis*.

**Annex B** 

**Recommendation**

Following a diligent and carefully executed process, the JDE Peet's Board of Directors believe that KDP has made a compelling offer representing an attractive cash premium to the JDE Peet's shareholders, as well as favourable non-financial terms and commitments in respect of deal certainty. The JDE Peet's Board of Directors conclude that the transaction is in the best interest of JDE Peet's and the sustainable, long-term success of its business, taking especially into account the interests of all of JDE Peet's stakeholders.

Taking all these considerations into account, the JDE Peet's Board of Directors unanimously supports the offer and recommends that the JDE Peet's shareholders tender their shares under the tender offer, if and when made and vote in favour of the resolutions relating to the offer at the upcoming extraordinary general meeting of JDE Peet's to be held during the acceptance period of the tender offer, each in accordance with the terms set out in the merger protocol.

**Fairness opinion**

On 24 August 2025, Bank of America Europe DAC, Amsterdam branch ("BofA Securities") issued a written fairness opinion to the JDE Peet's Board of Directors that, as of such date, and based upon and subject to the assumptions, qualifications and limitations set forth in the opinion, (a) the tender offer price to be paid to the JDE Peet's shareholders is fair from a financial point of view to the JDE Peet's shareholders, and (b) the purchase price for the share(s) in the capital of (i) Company Sub under the Merger Share Sale is fair to Company HoldCo, and (ii) Company SplitCo under the Demerger Share Sale is fair to the Company, from a financial point of view.

**Non-financial covenants**

JDE Peet's and KDP have agreed to certain covenants for a duration of 2 years after settlement of the tender offer. As part of these broader set of non-financial covenants, KDP has confirmed the growth potential of JDE Peet's and intends to explore and invest in both existing and new business opportunities, while maintaining the Company's international headquarters and R&D center in the Netherlands. KDP also recognizes the importance of sustainable development and sourcing, and intends to further support JDE Peet's initiatives in these areas. Employee rights and benefits, including those under individual employment and collective labour agreements, pension arrangements, and JDE Peet's equity plans, will be fully respected. KDP will respect JDE Peet's social policies and social plans, employee consultation structures, and existing arrangements with works councils and trade unions. Efforts will be made by KDP to retain key managers and (other) employees, and KDP agrees that the JDE Peet's group will continue to offer attractive training and career development opportunities.

**Acquisition of 100%**

JDE Peet's and KDP acknowledge the importance of acquiring 100% of the JDE Peet's shares and achieving a delisting. JDE Peet's and KDP intend to terminate the listing of the JDE Peet's shares on Euronext Amsterdam as soon as practicable after settlement of the tender offer.

If, after settlement of the tender offer or settlement of the JDE Peet's shares tendered during the post-acceptance period (if applicable), KDP holds at least 95% of the JDE Peet's shares, KDP will commence statutory buy-out proceedings to obtain 100% of the JDE Peet's shares or implement a post-closing legal demerger prior to commencing statutory buy-out proceedings (the "Post-Closing Demerger").

If, after settlement of the tender offer or settlement of the JDE Peet's shares tendered during the post-acceptance period (if applicable), KDP holds at least 80%, but less than 95% of the JDE Peet's shares, JDE Peet's and KDP may execute a legal triangular merger involving JDE Peet's and two newly to be

incorporated subsidiaries of JDE Peet's ("Company Holdco" and "Company Sub"), following which Company Holdco is liquidated to deliver such consideration to the remaining shareholders (the "Post-Closing Merger"). The advance liquidation distribution to the shareholders of Company Holdco will be an amount that is to the fullest extent possible equal to the tender offer price, without any interest and less any applicable withholding taxes. Instead of the Post-Closing Demerger and Post-Closing Merger, however, JDE Peet's and KDP may also agree to implement any other post-closing restructuring measure.

The Post-Closing Demerger and the Post-Closing Merger are subject to the adoption of certain shareholder resolutions at the upcoming extraordinary general meeting of JDE Peet's to be held during the acceptance period of the tender offer. JDE Peet's board has agreed to recommend to the shareholders to vote in favor of the Post-Closing Demerger and the Post-Closing Merger.

**Termination**

If the merger protocol is terminated because JDE Peet's made an adverse recommendation, change or in the event of a Competing Offer, JDE Peet's shall pay KDP a EUR156.7 million termination fee as compensation.

## Exhibit 99.2

**EXHIBIT 99.2**

![](slide001.jpg)

Unlocking Shareholder Value Through Transformational Change Acquisition of JDE Peet's to Create a Global Coffee Leader Planned Separation to Establish Two Pure-Play Powerhouses August 25, 2025

![](slide002.jpg)

Cautionary Statement Regarding Forward-Looking Information Certain statements in this Investor Presentation (this "Presentation") of Keurig Dr Pepper Inc. (the "Company") may be considered "forward-looking statements," such as statements relating to the impact of this transaction on the Company, JDE Peet's, and the combined business, the contemplated spin-off, future financial targets and results, anticipated credit ratings and expected cost savings and synergies. Forward-looking statements include those preceded by, followed by or that include the words "anticipate," "expect," "believe," "could," "continue," "ongoing," "estimate," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would" and similar words. These forward-looking statements speak only as of the date of this Presentation. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these forward-looking statements will prove to be correct. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, (i) risks relating to the completion of the proposed acquisition and subsequent spin-off in the anticipated timeframe or at all; (ii) risks related to the ability to realize the anticipated benefits of the proposed acquisition and subsequent spin-off; (iii) risks relating to the receipt of regulatory approvals without unexpected delays or conditions and possibility of regulatory action; (iv) risks relating to significant costs related to the proposed transactions; (v) the expected financial and operating performance and future opportunities following the acquisition and subsequent spin-off; (vi) disruption from the acquisition and subsequent spin-off making it more difficult to maintain business and operational relationships; (vii) diverting the Company's and JDE Peet's respective management's from business operations; (viii) risks relating to potential litigation that arises as a result of the proposed transactions; and (ix) risks and uncertainties discussed in the Company's and JDE Peet's press releases and public filings. Neither the Company nor JDE Peet's, nor any of their advisors, accepts any responsibility for any financial information contained in this Presentation relating to the business, results of operations or financial condition of the other or their respective groups. Each of the Company and JDE Peet's expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law. Non-GAAP Metrics This Presentation includes adjusted EBITDA and other non-GAAP financial measures. The non-GAAP measures provided herein may not be directly comparable to similar measures used by other companies in the Company's industry, as other companies may define such measures differently. While the Company believes these non-GAAP measures provide shareholders with additional insight into operating performance, the non-GAAP measures presented herein are not measurements of financial performance under GAAP, and should not be considered as alternatives to, and should only be considered together with, the Company's (or JDE Peet's, as applicable) financial results in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. The information presented is unaudited and provided for illustrative purposes only, and audited results could differ materially. See Appendix for additional information regarding non-GAAP financial measures. Additional Financial Notes Unless otherwise stated, financial information relating to (i) the Company have been derived from the audited results for the year ended December 31, 2024 and unaudited results for the six months ended June 30, 2025 and 2024, and (ii) JDE Peet's have been derived from the audited results for the year ended December 31, 2024 and unaudited results for the six months ended June 30, 2025 and 2024. Results for the combined business are calculated by adding the historical results of the Company and JDE Peet's. Information for the last twelve months ended June 30, 2025 are calculated by adding the historical amounts for the year ended December 31, 2024 and the six months ended June 30, 2025 and subtracting the historical amounts for the six months ended June 30, 2024. The Company's financial information is prepared under GAAP and JDE Peet's are prepared under International Financial Reporting Standards as adopted by the European Union. Certain adjustments have been made to prepare the estimated combined financial information. Industry & Market Data This Presentation also contains estimates and information concerning our industry, including market position, market size, and growth rates of the markets in which the Company participates, that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors. These and other factors could cause results to differ materially from those expressed in these publications and reports. Notice to shareholders of JDE Peet's in the United States The all-cash offer will be made for the ordinary shares of JDE Peet's (the "Offer"), a public limited liability company incorporated under the laws of the Netherlands with ordinary shares listed on Euronext Amsterdam. It is important that U.S. shareholders of JDE Peet's understand that the Offer and any related offer documents are subject to Dutch disclosure and procedural requirements, which are different from those of the United States. U.S. shareholders of JDE Peet's are advised that JDE Peet's ordinary shares are not listed on a U.S. securities exchange and that JDE Peet's is not subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is not required to, and does not, file any reports with the Securities and Exchange Commission (the "SEC") thereunder. The Offer will be made in the United States in compliance with, and in reliance on, the exemption provided by Rule 14d-1(d), known as "Tier II" exemption, under the Exchange Act and otherwise in accordance with the requirements of Dutch law. Accordingly, the Offer will be subject to certain disclosure and other procedural requirements, including with respect to the Offer timetable and settlement procedures that are different from those applicable under U.S. domestic tender offer procedures and laws. The receipt of cash pursuant to the Offer by a U.S. holder of JDE Peet's ordinary shares may be a taxable transaction for U.S. federal income tax purposes and under applicable state and local, as well as foreign and other tax laws. Each holder of JDE Peet's ordinary shares is urged to consult their independent professional advisor immediately regarding the tax consequences of acceptance of the Offer. It may be difficult for U.S. holders of JDE Peet's ordinary shares to enforce their rights and claims arising out of the U.S. federal securities laws, since JDE Peet's is located in a country other the United States, and some or all of its officers and directors may be residents of country other than the United States. U.S. holders of JDE Peet's may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's judgment. To the extent permissible under applicable law or regulation, including Rule 14e-5 of the Exchange Act, in accordance with normal Dutch practice, JDE Peet's and its affiliates or broker (acting as agents for JDE Peet's or its affiliates, as applicable) may from time to time after the date hereof, and other than pursuant to the Offer, directly or indirectly purchase, or arrange to purchase, ordinary shares of JDE Peet's that are the subject of the Offer or any securities that are convertible into, exchangeable for or exercisable for such shares. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. In no event will any such purchases be made for a price per share that is greater than the Offer price. To the extent information about such purchases or arrangements to purchase is made public in The Netherlands, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of JDE Peet's of such information. No purchases will be made outside the Offer in the United States by or on behalf of the Company. In addition, the financial advisors to the Company may also engage in ordinary course trading activities in securities of JDE Peet, which may include purchases or arrangements to purchase such securities. Neither the SEC nor any U.S. state securities commission has approved or disapproved the Offer, passed upon the merits or fairness of the Offer, or passed any comment upon the adequacy, accuracy or completeness of the disclosure in relation to the Offer. Any representation to the contrary is a criminal offence in the United States. Restrictions The distribution of this Presentation may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, JDE Peet's and the Company disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither the Company nor JDE Peet, nor any of their advisors, assumes any responsibility for any violation by any of these restrictions. Any JDE Peet's shareholder who is in any doubt as to his or her position should consult an appropriate professional advisor without delay. The information in the Presentation is not intended to be complete. This announcement is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. This announcement does not constitute an offer to sell or the solicitation of an offer to buy or acquire the securities of JDE Peet's in any jurisdiction.

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Transaction Overview

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Keurig Dr Pepper to acquire JDE Peet's, with planned separation to create two independent U.S.-listed companies

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Keurig Dr Pepper to acquire JDE Peet's, with planned separation to create two independent U.S.-listed companies Keurig Dr Pepper to acquire 100% of JDE Peet's for $23B Enterprise Value1,2 •Creation of a global coffee powerhouse by combining two complementary portfolios •Significant synergies expected •Subsequent separation to amplify focus through distinct positioning & growth models•"Global Coffee Co.", the world's #1 pure-play coffee company •"Beverage Co.", a growth-oriented, scaled challenger in refreshment beverages •Separated companies to offer differentiated shareholder value propositions & returns Keurig Dr Pepper to acquire JDE Peet's, with planned separation to create two independent U.S.-listed companies 1. Enterprise Value / 2026E Adj. EBITDA of 12.9x; 10.5x post-synergies. 2.Converted to USD using EUR:USD rate of 1.16.

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The Right Time for Keurig Dr Pepper •Accelerating growth •Reenergized portfolio •Enhanced capabilities The Right Target in JDE Peet's • Global reach & leading brands • Complementary portfolio • Robust cost synergies The Right Transaction • Immediately EPS accretive • Tax-free separation to unlock distinct standalone propositions • Near-term and long-term shareholder value creation Global Coffee Co. Beverage Co. LTM 1,2 Net Sales $B $27.0 1. LTM as of June 30, 2025. 2. JDE Peet's figures converted to USD using EUR:USD rate of 1.16.

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JDE Peet's is a Powerful, Diversified Platform of Iconic Coffee Brands Worldwide 1. LTM as of June 30, 2025; JDE Peet's figures converted to USD using EUR:USD rate of 1.16. 2.JDE Peet's addbacks have been adjusted to be in accordance with GAAP accounting standards. Adjusted EBITDA is a non-GAAP metric. See the Appendix. 3.Represents LTM split; assumes significant majority of Peet's sales in U.S.; may not sum to 100% due to rounding. 4.Brand list is not exhaustive. 5.JDE Peet's FY2024 annual report.

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Acquisition of JDE Peet's Creates a Stronger & More Resilient Coffee Platform Diversifies Brand Portfolio Extends Geographic Reach Unlocks Cost Synergies Generates Strong EPS Accretion New developed & emerging markets $400M in expected cost savings Immediate shareholder

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Two Distinct and Focused Beverage Leaders $27B $6.4B "Global Coffee Co."#1 Global Coffee Pure-Play "Beverage Co." Growth-Oriented Beverage Challenger •Leader in $400B Resilient Growth Category •Worldwide Portfolio Spanning All Coffee Formats, Channels and Price Points •Rapid Scaling of Next-Generation Innovation •Steady Growth, Strong Margins with Upside, Robust Cash Flow •Compelling Return of Capital Strategy •High Growth, Disruptive Platform in $300B Market •Iconic Mega-Brands & Rapid Expansion into Fast-Growth Categories •Proven & Capital-Efficient Build, Buy, Partner Model, with "Preferred Partner" Status •Differentiated DSD Network with More Opportunity to Scale •Compelling Growth, Strong Profitability and Cash Flow Combined LTM Net Sales1,2 LTM Adj. EBITDA1,2,3 1. LTM as of June 30, 2025. 2.JDE Peet's figures converted to USD using EUR:USD rate of 1.16. 3.JDE Peet's addbacks have been adjusted to be in accordance with GAAP accounting standards. Adjusted EBITDA is a non-GAAP metric. See the Appendix. Amazon.com: Senseo: LIGHT ROASTED PODS King Fish \| Keurig: Curating Brand Experiences Jacobs - Rob Clarke A logo with a crown on it AI-generated content may be incorrect. Green Mountain Coffee Roasters Updates Logo...Again - Springboard Amazon.com: Senseo: LIGHT ROASTED PODS

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Creation of unparalleled, global coffee company with robust cost synergy and growth potential Focused strategies and optimized models calibrated to core categories and markets Establishing pure-play, scaled challenger in refreshment beverages with significant runway and optionality Attractive shareholder returns driven by tailored growth and capital allocation frameworks Two advantaged and distinct U.S.-listed public companies that will attract additional investor capital

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Strong & Proven Leadership to Power the Next Chapter Global Coffee Co. Beverage Co. CEO: Sudhanshu Priyadarshi Current CFO & President, International, KDP25+ years of CPG & multinational experience Future global HQ: Frisco, TX Future global Additional leadership and Board appointments to be announced closer to separation

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Global Coffee Co. Overview

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Coffee Consumption Has Proven Resilient Over the Past 40+ Years 1 80s Economic Crisis 1. World Bank, USDA. 2. Euromonitor. 3. Figures converted to USD using EUR:USD rate of 1.16. 4. Top two: water, tea. Japan Crisis Asia Crisis 9/11 Global Financial Crisis Euro Crisis COVID-19 Inflation Crisis Coffee Has Powerful Dynamics to Fuel Industry Growth Highest Annual servings per capita 2vs. snacks, beer, spirits, confectionery $400B Global coffee industry size 2,3 #3 Most consumed beverage globally 4 #1 beverage Americans say they "can't live without" 1. Combined LTM as of June 30, 2025; numbers may not add due to rounding. JDE Peet's figures converted to USD using EUR:USD rate of 1.16. 2. Euromonitor; converted to USD using EUR:USD rate of 1.16. 3. Brand sizes by retail sales.

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Revenue upside through enhanced innovation, including next-gen solutions Global Coffee Co. Coffee Net Sales LTM $B 1 Keurig Logo and symbol, meaning, history, PNG, brand Jacobs logo and symbol, meaning, history, PNG Keurig Logo and symbol, meaning, history, PNG, brand $400BGlobal Category Market Size 2 Keurig Logo and symbol, meaning, history, PNG, brand $16BLTM 1Net Sales #1Pure-Play Global Coffee Player $3.1BLTM 1Adj. EBITDA Pre-synergies 100+Markets Leading Player in At-Home Coffee Led by Four Iconic$1B+ Brands3 Unparallelled portfolio across all coffee segments, channels, price points Keurig Logo and symbol, meaning, history, PNG, brand Jacobs logo and symbol, meaning, history, PNG Brands \| JDE Peet's Jacobs Kaffee Cronat Gold Mild Instant Coffee Large

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Rapid scaling of winning ideas leveraging global manufacturing & local route-to-market $400M in expected cost synergies from increased scale and stronger capabilities Global Scale and Leading Brands Create Unparalleled Reach Brands \| JDE Peet's Jacobs logo and symbol, meaning, history, PNG $1B+ Brands $500M+ Brands Keurig Dr Pepper Coffee Net Sales by Geography 1 Brands \| JDE Peet's North America:~40% Europe:~40% Rest of World:~20% United States Canada Jacobs logo and symbol, meaning, history, PNG Ready-to-Drink Global Coffee Co. Net Sales by Geography 1,2 Single-Serve Instant and Roast & Ground Formats Green Mountain Coffee Roasters Updates Logo... $15.9B 1. LTM as of June 30, 2025..2. JDE Peet's figures converted to USD using EUR:USD rate of 1.16. 3. Brand sizes by retail sales.

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Commitment to Investment Grade Net Sales Growth Low-Single Digit High-Single Digit Adjusted EPS Growth Compelling Dividend Regular Share Buybacks Modest Capex Investment Pure-Play, Cash-Generative Global Coffee Powerhouse Top-Tier Total Shareholder Returns 1. Growth outlook presented in constant FX.

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Beverage Co. Overview

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A Powerful Platform Challenging the Status Quo in Refreshment Beverages Differentiated DSD capabilities across the U.S. & Mexico •Pivotal beverage distribution asset with extensive market reach •Attracts high-potential brands •Future opportunities to extend advantages Enhanced DSD capabilities with additional scaling opportunities ahead 1. Euromonitor. 2. LTM as of June 30, 2025. 3. Circana; U.S. data as of Q2 2025. 4. Brand sizes by retail sales.

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Beverage Co. is in a Position of Strength and Poised to Win Vita Coco Original Coconut Water - 1 L Carton 1. LTM as of December 31, 2017. 2. LTM as of June 30, 2025. 3. LTM as of August 10, 2025 per Circana (MULO+ incl. convenience). Includes partners for KDP and peers. 4. Brand sizes by retail sales. Demonstrated Growth Momentum… … and the Right Portfolio to Win in Refreshment Beverages $500M+ Brands

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U.S. population reached through Company-owned DSD Advantaged DSD Platform Enhances Growth Potential States with KDP-owned DSD operations 250,000+ Retail Outlets Serviced 3,500 DSD Employees 10 Million Customer Sales Visits Annually 24,000+ Cold Drink Placements 190,000+ Retail Outlets Serviced 13,500+ DSD Employees 6 Million+ Customer Sales Visits Annually 180,000 Cold Drink Placements KDP-owned DSD operations

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Strong Track Record of Portfolio Transformation & Investments Acquired in July 2025 Long record of capital-efficient portfolio evolution leveraging partnerships, structured acquisitions, and minority investments Transaction list is not exhaustive. Brands listed in descending order of size (based on retail sales).

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High-Single Digit Commitment to Investment Grade Net Sales Growth Mid-Single Digit Adjusted EPS Growth Competitive Dividend Opportunistic Share Buybacks Growth Investments Top-Tier Total Shareholder Returns Net Sales Growth 1. Growth outlook presented in constant FX.

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Financial Considerations and Next Steps

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Key Acquisition Terms Acquisition Terms •€31.85 per share offer price, representing a total enterprise value of approximately $23B1 •12.9x Enterprise value to Adj. 2026E EBITDA multiple; 10.5x including $400M in expected cost synergies Financing Overview •Commitment to Investment Grade ratings at acquisition, and for each independent entity post separation •Transaction will be funded through a combination of:—New senior unsecured and junior subordinated debt—Keurig Dr Pepper cash-on-hand Timing and Key Steps to Completion •Expected acquisition close in 1H 2026, subject to approvals and regulatory clearance •Tender offer to launch as soon as practically possible —69% of JDE Peet's holders have irrevocably agreed to tender their shares 1. Converted to USD using EUR:USD rate of 1.16.

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Significant Cost Synergy Potential from Coffee Combination~$400M over 3 years Dissynergies expected

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Successful Track Record of Deleveraging Commitment to investment grade balance sheet and prudent capital allocation policy at KDP – and at Global Coffee Co. and Beverage Co. upon separation 1. Reflects KDP's "management leverage", a non-GAAP metric; see Appendix. 2. Represents 2026 year-end estimated management net leverage including year 1 cost synergy realization.

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Separation Overview Transaction Structure & Timing •Separation expected via a tax-free spin of Global Coffee Co. shares to KDP shareholders •Separation to be completed by the end of 2026 Management & Governance •Upon separation, Tim Cofer to become CEO of Beverage Co. and Sudhanshu Priyadarshi to become CEO of Global Coffee Co. •Two separate Boards of Directors to be named in advance of separation Next Steps •Filing Form 10 registration statement with the SEC •Other customary approvals •Final approval by KDP's Board of Directors The Company will share key milestones on the separation throughout the process

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Compelling Strategic Rationale Creation of unparalleled, global coffee company with robust cost synergy and growth potential Focused strategies and optimized models calibrated to core categories and markets Establishing pure-play, scaled challenger in refreshment beverages with significant runway and optionality Attractive shareholder returns driven by tailored growth and capital allocation frameworks Two advantaged and distinct U.S.-listed public companies that will attract additional investor capital

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Appendix

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